Today's Headlines:
- US judge approves Terraform's $4.47 billion settlement with SEC
- Paradigm raises $850 million for its third fund, focusing on early-stage crypto projects
- ZK Nation: Spent several days investigating and verifying airdrop data, no major issues found
- Tabi Chain releases TABI token economics: airdrop accounts for 8%, mining accounts for 40%
- NEAR Foundation establishes Nuffle Labs and secures $13 million in funding
- Manta Foundation launches a $50 million ecological fund, now open for applications
- Orderly Network is now live on the Ethereum mainnet and allocates 10% of ORDER tokens to early users
- zkSync Chinese community: Disappointed with Matter Labs leadership, will write a long article to disclose all known truths
- Cryptocurrency exchange BITAI announces completion of $20 million seed round financing, with participation from Jump Crypto
Regulatory News
US judge approves Terraform's $4.47 billion settlement with SEC
According to Cointelegraph, Judge Jed Rakoff of the Southern District of New York has approved the $4.47 billion settlement agreement reached between Terraform Labs and Do Kwon with the US Securities and Exchange Commission (SEC). Under the agreement, Terraform will forfeit $3.58 billion in illegal gains and pay a $420 million civil penalty and nearly $467 million in pre-judgment interest. Its co-founder Do Kwon will be prohibited from serving as an executive or director of a public company.
According to @tier10k, US Securities and Exchange Commission (SEC) Chairman Gary Gensler expects the S1 application for an Ethereum ETF to be approved at some point in the summer.
In addition, according to Fox reporter Eleanor Terrett, Gensler made this statement during a conversation with Senator Bill Hagerty. For clarification, Gensler said "during the summer of this year," while Hagerty said "before the end of this summer."
US SEC Chairman discusses challenges DeFi faces in enforcing anti-money laundering laws
According to Fox reporter Eleanor Terrett, US Securities and Exchange Commission (SEC) Chairman Gary Gensler has just discussed the challenges that DeFi faces in enforcing anti-money laundering laws due to the permissionless nature of blockchain.
According to CoinDesk, the Swiss Financial Market Supervisory Authority (FINMA) announced on Thursday the closure of the cryptocurrency bank FlowBank, stating that the bank "no longer has sufficient capital to maintain its banking operations" and has "seriously violated the minimum capital requirements." FINMA also stated that there are "good reasons to be concerned that the bank currently has excessive liabilities" and "no prospect of restructuring." The top Swiss law firm Walder Wyss has been appointed by FINMA as the liquidator for the bank.
FlowBank was established in 2020, and cryptocurrency asset management company CoinShares acquired 9% of the bank for $11.8 million in 2021. Earlier this year, there were reports that Binance would allow large traders to hold cryptocurrency assets at FlowBank or another Swiss crypto-friendly bank, Sygnum. According to a document published on the FINMA website, customers with deposits at FlowBank not exceeding 100,000 Swiss francs (approximately $111,710) will receive their funds within seven working days.
According to CoinDesk, the Federal Inland Revenue Service (FIRS) of Nigeria has withdrawn tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. FIRS has agreed to modify the charges, and Binance is now the sole defendant in the case. The money laundering case trial will proceed as planned, and Gambaryan and Nadeem Anjarwalla will continue to be responsible for the case. The next hearing for the case is scheduled for June 19, and Gambaryan is still being held at Kuje prison.
AI & NFT
OpenAI appoints former director of the US National Security Agency to its board
According to Bloomberg, OpenAI has appointed retired US Army General Paul Nakasone to its board of directors. Nakasone previously served as director of the US National Security Agency (NSA) and leader of the US Cyber Command. He will also join the newly established Security and Assurance Committee at OpenAI, which focuses on critical security decisions at OpenAI.
UEFA officially announced the launch of the "UEFA Euro Fan World" in 2024, where Chinese fans can search for Whale Explorer on Alipay to experience football games and participate in event predictions in the UEFA Euro Metaverse parallel space. In addition, UEFA Euro has released 132 official digital collectibles for Chinese fans, including digital blind boxes, SSR cards, and a series of trendy gameplay. Fans can use World Points to obtain some free digital collectibles to express their football sentiments.
Project Updates
Coinbase International Exchange to launch BOME and NOT perpetual contracts
Coinbase International Exchange announced on the X platform that Coinbase International Exchange and Coinbase Advanced will launch BOME and NOT perpetual contracts. The BOME-PERP and NOT-PERP markets will open for trading after 17:30 Beijing time on June 20, 2024.
Binance to support Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) token mergers
According to the official announcement, Binance will support the merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into the Artificial Superintelligence (ASI) plan. All FET, OCEAN, and AGIX tokens will be exchanged for ASI tokens at the following ratios:
- 1 FET = 1 ASI
- 1 OCEAN = 0.433226 ASI
- 1 AGIX = 0.433350 ASI
Binance will halt trading and delist all existing FET, OCEAN, and AGIX spot trading pairs on July 1 at 11:00 (GMT+8); and will open ASI/BNB, ASI/BTC, ASI/BRL, ASI/FDUSD, ASI/TRY, ASI/USDC, ASI/USDT spot trading on July 5 at 16:00 (GMT+8).
ZK Nation: Spent several days investigating and verifying airdrop data, no major issues found
ZK Nation stated on Twitter that the 2024 airdrop faced significant challenges, as millions of robots operated by advanced industrial farms are difficult to distinguish from real users in behavior patterns, rendering traditional activity-based airdrops ineffective in building a sustainable community. While acknowledging shortcomings in the airdrop design, ZK Nation believes the trade-offs made were reasonable. The airdrop will benefit hundreds of thousands of people, providing life-changing opportunities for many.
ZK Nation also acknowledged some dissatisfaction with the airdrop quantity. To address these concerns, they spent several days investigating and verifying the data, finding no major issues, but also admitting to unclear communication on the details of the airdrop design. To address these issues, they have developed a series of Frequently Asked Questions (FAQ) to address community inquiries and will continue to improve the feedback mechanism to transparently address all issues. The formal claiming of the airdrop will begin on June 17.
Zapper announces the launch of Zapper Protocol, supported by the ZAP token to be released in Q4
DeFi asset management platform Zapper announced the launch of Zapper Protocol, an open protocol designed to incentivize users to interpret and interpret on-chain information. Zapper aims to enhance global users' on-chain interpretive abilities through the protocol, enabling everyone to understand the true potential of Ethereum. The protocol will be operated through the $ZAP token and is planned for release in Q4 2024.
The initial phase of Zapper Protocol will allow anyone to contribute to making the blockchain more readable. Users can add new DeFi protocol integrations through the index template, or transform complex on-chain transactions into human-readable outputs through the event interpreter.
Tabi Chain unveils TABI token economics: airdrop accounts for 8%, mining accounts for 40%
Tabi Chain, a Cosmos-based EVM-compatible gaming blockchain, announced the TABI token economics. The total supply of TABI tokens is 10 billion, with the following distribution: 40% for mining, 8% for airdrops, 14% for the team, 14% for investors, 15% for the ecosystem, 4% for public sale, and 5% for marketing and advisors.
BNB Chain announced on its official blog the launch of the BNB Incubation Alliance (BIA) in collaboration with Binance Labs to promote early blockchain innovation through partnerships with other venture capital firms and incubators. The incubator aims to support and accelerate the development of early-stage blockchain projects through a series of global activities. A key highlight of the program is that winning projects have the opportunity to quickly enter the prestigious "Most Valuable Builder" (MVB) program, receive funding from BNB Chain, access Launch-as-a-Service (LaaS) packages, and potential investment opportunities from Binance Labs.
Manta Foundation launches a $50 million ecological fund, now open for applications
Manta Foundation announced the official launch of the Manta Foundation Ecological Fund, a $50 million fund pool including direct investments and ecosystem funding programs. Applications are now open. Of the total, $35 million will be used for direct investments in projects on Manta Network; $10 million for funding in DeFi, AI, ZK, gaming, Memecoin, and other fields; $5 million for organizing hackathons and events to develop the Manta community. The $50 million allocation comes directly from the foundation's treasury.
NEAR Foundation establishes Nuffle Labs and secures $13 million in funding
According to CoinDesk, the NEAR Foundation has established Nuffle Labs and secured $13 million in funding. The fundraising also includes external investors such as Electric Capital, Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, and Lyrik Ventures, which will drive the development and decentralization of the NEAR ecosystem. Nuffle Labs will utilize NEAR's products to provide data availability and fast finality.
Curve founder Michael Egorov's $140 million CRV lending position has been liquidated
According to Arkham monitoring, the price of CRV fell below the liquidation price of Curve founder Michael Egorov, resulting in the liquidation of his entire nine-figure ($140 million) lending position across five protocols.
Curve founder states: Addressing liquidation risk issues, 93% of bad debts have been repaid and the remaining portion will be repaid as well.
Coinbase has listed Pirate Nation (PIRATE)
Coinbase Assets tweeted that Coinbase will add support for Pirate Nation (PIRATE) on the Ethereum network (ERC-20 tokens). They advised not to send this asset through other networks to avoid the risk of fund loss. Pirate Nation (PIRATE) is now listed on coinbase.com, Coinbase iOS, and Android apps with an experimental label. Coinbase customers can log in to buy, sell, convert, send, receive, or store these assets.
UwU Lend to offer a $5 million bounty to the first person to find the hacker
According to The Block, UwU Lend is taking another step to find the hacker after the attacker failed to return the funds. Based on the Input Data Message (IDM) on Ethereum, UwU Lend will offer a $5 million ETH bounty to the "first person to identify and locate" the hacker, adding that "no need to recover funds or fees." Previously, the protocol had messaged the hacker, stating that they only needed to return 80% of the funds, and the remaining 20% could be kept. The protocol will no longer pursue this matter further or involve law enforcement. The hacker must return the funds by 1 pm Eastern Time on Wednesday. However, in a message sent to the hacker on Thursday, UwU Lend stated that "the deadline for returning the stolen funds has passed."
NFT protocol Holograph tweeted that the operation contract was maliciously attacked, and the hacker used a vulnerability to mint an additional 1 billion HLG. The team has patched the initial vulnerability and is working with exchanges to block malicious accounts. The team has initiated an investigation and is in contact with law enforcement. This event caused the native token HLG of the Holograph protocol to temporarily drop by over 60%. On-chain data shows that the ENS wallet acc01ade.eth was involved in the attack. The Github page indicates that they are also contributors to the project.
Paradigm raises $850 million for its third fund, focusing on early-stage crypto projects
Starknet ecosystem DeFi protocol Nostra announced the standards and snapshot details for its first airdrop. The snapshot for the Nostra Points Program's first season aligns with the end of the NSTR token liquidity bootstrapping pool (LBP) on June 13 at 22:00 (Beijing time). The total airdrop amount is 10 million NSTR (10% of the total supply), to be distributed to 217,789 participants in the first season of the points program. Additionally, 1 million NSTR (1% of the total supply) will be rewarded to active Discord members, with 500,000 tokens evenly distributed among 308 users who have submitted their wallets, and the remaining 500,000 tokens awarded based on message count.
The second season of Nostra's plan will begin on June 13 at 22:00 and is expected to last at least 6 months. The final date, distribution, and standards will be decided through governance in the coming months. Additionally, the official Nostra airdrop claim portal will go live on June 17, allowing users to claim their airdrop rewards through the portal.
Upbit to list Ondo Finance (ONDO)
South Korean cryptocurrency exchange Upbit announced support for a new trading pair for Ondo Finance (ONDO), now available on the Korean won (KRW), Bitcoin (BTC), and USDT markets. ONDO is a Real World Asset (RWA) project based on the Ethereum network, and its deposit and withdrawal functions will be available within three hours of the announcement.
Orderly Network now live on Ethereum mainnet, allocates 10% of ORDER tokens to early users
The Near-based DeFi protocol Orderly Network announced its official launch on the Ethereum mainnet. Users can now trade directly from the base layer, providing a more seamless experience. Additionally, decentralized exchanges (DEX) on the Ethereum mainnet can now offer perpetual contract trading supported by Orderly Network.
Furthermore, Orderly Network announced the allocation of 10% of the $ORDER tokens, totaling 100 million tokens, to early users. This airdrop is aimed at traders in the NEAR ecosystem, and users need to bind their wallets before June 27 to claim the tokens.
Orderly is a full-chain derivative liquidity layer project aimed at integrating full-chain derivative liquidity and providing liquidity and settlement support for any asset, any public chain, and any product interface.
A user named zkSync Chinese Community posted, "Today, we are disappointed in the leadership of Matter Labs. The Chinese community cannot change anything, but we must be responsible to the contributors and community members who follow us. We will write a detailed article to explain all the experiences and publicly disclose everything we know, including specific evidence. This is not a threat. If no one speaks out, Matter Labs' uncompromising principles will ruin zkSync. Of course, you may think that I have fallen out with Matter Labs for personal gain, but that is not true. Matter Labs has given me the highest standards personally, but the zkSync Chinese community is not just one person. I refuse to accept."
Funding News
Web3 AI-powered crypto exchange BITAI announced the completion of a $20 million seed round on the X platform, led by First Round, with participation from Jump Crypto and Dragonfly. All funds raised will be used to drive the development of the BITAI exchange. BITAI aims to provide Web3.0-based digital financial trading solutions and has obtained cryptocurrency exchange licensing certification from the US MSB.
Key Data
JPMorgan: Cryptocurrency market net inflows reach $12 billion year-to-date
According to CoinDesk, JPMorgan (JPM) released a research report on Wednesday, stating that digital assets have seen a net inflow of $12 billion year-to-date, with a potential increase to $26 billion by the end of the year if the current pace is maintained. The spot Bitcoin ETF has been a major attraction, attracting a net inflow of $16 billion. Combined with the inflow of futures on the Chicago Mercantile Exchange (CME) and the fundraising of cryptocurrency venture capital funds, the total inflow into the digital asset market this year has reached $25 billion.
Adam, a macro researcher at Greeks.live, posted on the X platform that 20,000 BTC options are expiring with a Put Call Ratio of 0.49 and a maximum pain point of $68,500, with a notional value of $13.5 billion. Additionally, 200,000 ETH options are expiring with a Put Call Ratio of 0.36 and a maximum pain point of $3,600, with a notional value of $7.1 billion.
According to SoSoValue data, the Bitcoin spot ETF saw a total net outflow of $226 million yesterday (June 13, Eastern Time). The Grayscale ETF GBTC saw a net outflow of $61.5328 million, bringing the historical net outflow of GBTC to $18.155 billion.
The Bitcoin spot ETF with the highest net inflow yesterday was the BlackRock ETF IBIT, with a net inflow of $18.2273 million, bringing the historical total net inflow of IBIT to $17.64 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $58.535 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.45%, and a historical cumulative net inflow of $15.296 billion.
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