Today's Headlines:
- FTX Victims Consider Bankruptcy Proceedings as "Second Theft," Apply to Recover $8 Billion Seized Assets
- User Lists Evidence of "Insider Trading" in Zksync, Claims These "Insider Trading" Addresses Received Nearly 50 Million ZK Tokens
- HashKey Platform Coin HSK Plans to List in Q3 2024, Community Airdrop Imminent
- IO.NET: Daily Block Rewards for IO Workers to Begin Distribution on June 25
- X Platform to Introduce Payment Function, a Step Closer to "Universal Application"
- Ethena Updates Token Economics to Introduce General Re-staking Function for ENA, Airdrop Users Need to Lock Up at Least 50% ENA
- Azuro: To Launch AZUR Token This Week, 37.5% Allocated for Community and Ecosystem Growth
- Tether Announces Launch of "Alloy by Tether," First Token being aUSD₮
Regulatory News:
- US Supreme Court to Hear Shareholder Lawsuit Involving Nvidia's Cryptocurrency Mining Income According to Bloomberg, the US Supreme Court will hear a shareholder lawsuit involving Nvidia's cryptocurrency mining income, a decision that could have a significant impact on future securities fraud litigation. Shareholders accuse Nvidia of misleading the market during 2017 and 2018, concealing the fact that the growth of the company's GeForce GPU product sales relied heavily on cryptocurrency mining demand. Nvidia argues that shareholders have not provided enough internal evidence to prove its misleading behavior. If the Supreme Court ruling supports Nvidia, it will provide a new legal basis for early dismissal of shareholder lawsuits, reducing the expenses required for comprehensive defense.
Project Updates:
FTX Victims Consider Bankruptcy Proceedings as "Second Theft," Apply to Recover $8 Billion Seized Assets According to CoinDesk, based on documents filed in the Southern District of New York federal court last Friday, FTX bankruptcy victims are seeking a ruling to return approximately $8 billion in assets seized by this cryptocurrency exchange to customers, rather than including them in the bankruptcy estate. Last month, the bankruptcy estate proposed a restructuring plan to return 118% of claims to creditors in cash within 60 days of court approval, which angered FTX customers as their funds were trapped and they did not benefit from the rise in cryptocurrency prices.
The court documents indicate that FTX went bankrupt during the "crypto winter" when cryptocurrency prices plummeted. Since the bankruptcy filing, the price of Solana (SOL) has surged ninefold, and the price of Bitcoin has quadrupled, making it extremely unfair to measure customer claims at the value at that time. Lawyers for the victims, Adam Moskowitz and David Boies, stated that FTX customers feel robbed and consider the bankruptcy as a "second theft," and believe that the bankruptcy estate is no different from the business operated by SBF (former CEO), who was sentenced to 25 years in prison for fraud.
FTX collapsed in November 2022, with the jury finding that SBF had stolen at least $8 billion from customers. SBF has also been ordered to forfeit $11 billion and plans to appeal. The documents state that if not for SBF's wrongdoing, customers could have retained their cryptocurrency investments. In addition, the bankruptcy law prioritizes certain creditors, with FTX's FTT token holders being almost at the bottom of the priority list and unlikely to receive compensation from the bankruptcy estate. Moskowitz stated that the amount of damages is not yet determined due to incomplete accounting calculations, but compensation exceeding $8 billion is certain.
Mystiko.Network Opens XZK Token Airdrop Query Web3 infrastructure layer Mystiko.Network announced that the XZK token airdrop query is now open on the X platform. The XZK token was created as an operational utility and governance token for Mystiko.Network, with an initial total supply of 1 billion tokens.
User Lists Evidence of "Insider Trading" in Zksync, Claims These "Insider Trading" Addresses Received Nearly 50 Million ZK Tokens User @Easy17182589 (soEasy) on the X platform stated that in September last year, they discovered issues of insider trading within Zksync and have been tracking this issue. The user claimed to have published all the collected data on GitHub and Mirror, including on-chain hash values, addresses, ZKSync team members, and their actions of profiting from privileged access. Through these interactions, they obtained nearly 50 million ZK tokens.
HashKey Platform Coin HSK Plans to List in Q3 2024, Community Airdrop Imminent
According to official announcements, the digital asset financial services group HashKey Group has announced that the HashKey platform coin HSK plans to list in Q3 2024. Upholding the "HSK for ALL" concept, HSK will be used in all core HashKey ecosystem applications and continuously expand external community co-construction to form a comprehensive Web3 value map. Prior to listing, HSK will initiate a community airdrop to reward ecosystem participants. In terms of the token economic model, HSK is an ERC-20 standard token with a total supply of 1 billion tokens, of which 65% is allocated for ecosystem construction, 30% for team allocation, and 5% as a reserve fund. Regarding the burning mechanism, HSK will have a burning mechanism to prevent dilution of holders' rights due to the increased circulation of rewarded HSK. HashKey will extract up to 20% from the profits of specific businesses for HSK repurchases and will burn a portion of the repurchased tokens. As the platform coin of HashKey, HSK will be applied in various scenarios such as community rewards within the ecosystem, exclusive token priority purchases, cross-platform ecosystem cooperation, fee deductions for Hong Kong-licensed virtual asset exchange HashKey Exchange and global flagship virtual asset exchange HashKey Global, and business growth activities. Additionally, HSK will also be used to incentivize contributors to the L2 "ecosystem chain" HashKey Chain. HSK is expected to commence a community airdrop through the core HashKey business in late June.
Trump's Prominent Supporter Bo Loudon Claims "DJT is the Only Real Trump Token"
Prominent Trump supporter Bo Loudon stated on the X platform that DJT is the only real Trump token. Public records show that Bo Loudon is only 17 years old this year and has tens of thousands of followers on X, Instagram, and Truth Social platforms as a Trump supporter. Market data shows that DJT is currently trading at $0.03561, with a 24-hour increase of 592.25%, and a current market value of approximately $347 million. Previously, Foxbusiness reported that the meme coin "Trump Coin" (DJT) on Solana has attracted industry attention, but there is no evidence to indicate its association with Trump. According to Pirate Wires citing unnamed sources, Trump's son Barron is leading the project. However, the chief editor of Pirate Wires later clarified that he "has not directly spoken to Trump" and stated that "Trump may beat around the bush and say this is not true." Data shows that approximately 67% of the token supply of DJT is located in a cluster.
IO.NET: Daily Block Rewards for IO Workers to Begin Distribution on June 25
The decentralized artificial intelligence computing and cloud platform IO.NET announced on the X platform that block rewards are about to go live. Starting on June 25, the daily rewards for IO Workers will begin distribution. Each day, verified normal operating time rewards will be automatically recorded in the "Income and Rewards" tab of IO Worker.
X Platform to Introduce Payment Function, a Step Closer to "Everything App"
X CEO Linda Yaccarino stated that the social media platform (formerly Twitter) is set to introduce a payment function for users and continue to move towards becoming an "everything app." She said, "There are too many new things to experience. Just think: once we launch the payment service - starting in the US - the financial system will appear on this platform." The upcoming financial ecosystem aims to integrate various technological functions to provide users with numerous new experiences. The media reported that the feature will initially focus on fiat currency but is under development and may support crypto payments in the future. X made significant progress last July, obtaining three money transfer licenses, laying the foundation for its new payment system.
Ethena Labs released an updated token economics for ENA, gradually introducing more practical functions for ENA within the Ethena ecosystem, starting with the introduction of a general re-staking function for ENA. Ethena will first trial the general re-staking framework with Symbiotic and LayerZero to ensure cross-chain transfers of assets based on Ethena (including USDe and sUSDe).
These transfers will be verified through the LayerZero DVN network, which is protected by ENA staked within Symbiotic. The module will also include building a general framework to initiate re-staking DVN for LayerZero ecosystem partners, using a consistent token to provide economic security and DVN operator selection. While cross-chain transfers based on Ethena will be protected by staked ENA, Ethena will provide unique value propositions for broad re-staking use cases through USDe and sUSDe, serving as underlying assets for other systems and protocols.
Regarding ENA Symbiotic staking rewards, after the ETH LST cap is filled within a few days, ENA and sUSDe will become eligible assets for staking in the next epoch. ENA staked within Symbiotic will receive the following rewards: 1. A maximum Ethena multiplier of 30x per ENA daily; 2. Symbiotic points; 3. Mellow points; 4. Potential future LayerZero RFP allocations (if allocated to Ethena). The ENA pool will go live on Wednesday, June 26.
For ENA re-staking within the Ethena Chain, the Ethena Chain will focus on building financial applications and infrastructure on USDe as the gas token and pivot asset within the system. Re-staked ENA will provide general security for each use case, including spot AMM, perpetual DEX, yield trading, money markets, low-collateral loans, on-chain brokers, options and structured products, as well as on-chain infrastructure solutions: cross-chain transfers, oracle providers, shared sequencers, and data availability solutions. In return, they may be eligible to benefit from potential airdrops from these protocols in the future.
Regarding ENA locking and ownership updates: Starting from June 17, any user who receives ENA through an airdrop (e.g., beneficiaries in the Shard Campaign airdrop) must lock up at least 50% of the received claimable ENA in one of the following three options: Ethena Lockup, PT-ENA on Pendle Finance (any chain), or Symbiotic Restaking. Users who fail to meet the locking requirements will have their unclaimed ENA reallocated to other users who meet the locking conditions.
Binance CEO Richard Teng stated on Bankless' YouTube channel that he expects Bitcoin to surpass $80,000 by the end of this year. Teng added that he believes 2025 will be even better for the entire cryptocurrency industry than 2024, as the overall macroeconomic situation will be better. He explained that we may see interest rate cuts later this year, which will lead to an increase in cryptocurrency prices in 2025.
Industry Attention on Meme Coin "Trump Coin" on Solana, No Evidence of Trump Association
According to Foxbusiness, participants in the cryptocurrency industry claim that Trump's increased campaigning for the November presidential election is currently a hot topic of discussion. Industry experts are trying to identify the origin of the so-called "meme coin," "Trump Coin," which has launched on the Solana blockchain platform with the symbol "DJT." DJT is the stock code for Donald Trump's social media platform, Truth Social. Since its listing in March this year, the stock has been a favorite meme stock, with DJT stock prices reaching as high as $79.38. The current trading price of the stock is approximately $35. Trump Coin's release has placed it alongside other popular meme coin projects on the Solana blockchain such as "Dogwifhat," "Jeo Boden," and "Mother Iggy." According to data from the Solana blockchain explorer SolScan, the token has begun trading on Solana, with a current market value of approximately $73 million.
While the media cannot confirm the token's direct or indirect association with Trump, industry insiders have revealed that individuals associated with the former president plan to launch a digital currency within at least two months. Spokespersons for Trump's campaign team and Truth Social have not responded to requests for comments. When asked about the release of Trump Coin, former Republican presidential candidate and advisor to Trump, Vivek Ramaswamy, stated, "I am pleased that President Trump and his campaign team are getting involved in cryptocurrency; he is at the forefront. Embracing cryptocurrency will help Trump continue to attract libertarians and non-traditional Republicans, which is a winning issue." Trump Coin is not the only one; there are also political meme coins such as MAGA and TROG in circulation. MAGA coin, based on Trump's "Make America Great Again" slogan, is one of the most popular political meme coins. Following the release of Trump Coin, the prices of MAGA and TROG coins have both declined.
Trump's cryptocurrency investment portfolio is valued at approximately $6 million, including NFT collections and MAGA and TROG coins. Analysts believe that cryptocurrency votes may play a crucial role in elections. Many industry participants will vote based solely on candidates' support for cryptocurrency. Trump is leveraging advisors to court these voters.
Additionally, according to Pirate Wires citing unnamed sources, Trump's son Barron is leading this project. However, the chief editor of Pirate Wires later clarified that he "has not directly spoken to Trump" and stated that "Trump may beat around the bush and say this is not true."
Bryan Pellegrino, CEO of LayerZero Labs, stated on the X platform that they plan to introduce an innovative initiative using the community pool (0.5%), with LayerZero roles at the core, to incentivize members, developers, and content creators to drive long-term community value. Multiple roles will be established, with rewards ranging from 50 ZRO to 100,000 ZRO, including community member, ZeroLayer, Intern (50 ZRO), Hero (200 ZRO), OG (1,000 ZRO), Legend (10,000 ZRO), and the highest level, LayerZeroGod (100,000 ZRO). More detailed plans will be announced in the next 4-6 weeks. Current community roles will transition to new levels as follows: LegendLayer will become Hero, and TwitterLayer, MemeLayer, and ContentLayer will become Intern. Additionally, they will collaborate with selected external communities to provide their members with the opportunity to directly become Interns.
Coinbase Pre-Launch Market to Launch EIGEN-PERP Contract
According to an official announcement, the Coinbase International Exchange and Coinbase Advanced's Pre-Launch market will add support for EIGEN. EIGEN-PERP will be available from 8:00 PM Beijing time on June 18, 2024, or later.
Digital Trading Company Cumberland Obtains New York BitLicense
According to CoinDesk, digital asset trader and liquidity provider Cumberland DRW announced on Monday that the New York State Department of Financial Services (NYDFS) has granted them a virtual currency license, BitLicense. Cumberland is a subsidiary of the Chicago-based high-frequency trading firm DRW. Earlier this year, Fidelity chose Cumberland to trade Bitcoin for its Bitcoin spot ETF.
Azuro: To Launch AZUR Token This Week, 37.5% Allocated for Community and Ecosystem Growth
On-chain prediction liquidity layer Azuro announced the launch of its native token AZUR on the Ethereum mainnet this week, detailing the token's issuance and distribution plan. The AZUR token will be listed on Uniswap v3 on the Ethereum mainnet and some centralized exchanges (CEX), with a total supply of 1 billion tokens. The specific allocation is as follows: 37.5% for community and ecosystem growth (9.2% unlocked at token generation event (TGE), 3% for Azuro Score airdrop, and 25.3% for incentive programs, DEX liquidity provision, and ecosystem fund, among others), 26% allocated to core contributors, 22% to investors, and 13.5% to the DAO treasury. At TGE, the initial circulating supply will be 15.2%, with an initial price of $0.075, and an estimated circulating market value of approximately $11.4 million. In addition, liquidity providers for the AZUR/ETH trading pair on Uniswap v3 will receive AZUR tokens as incentives.
Tether Announces Launch of "Alloy by Tether," First Token is aUSD₮
Tether Announces Launch of "Alloy by Tether" Open Platform
Tether's Alloy introduces a new category of digital assets called "tethered assets," aimed at tracking the price of reference assets through stability strategies such as using liquid assets and secondary market liquidity pools for over-collateralization. Alloy by Tether allows for the creation of different tethered assets with broader support mechanisms, potentially including yield products. Alloy by Tether is developed by Moon Gold NA, SA de CV, and Moon Gold El Salvador, SA de CV, both of which are members of the Tether Group. The first token in the Alloy by Tether series is aUSD₮, a digital currency designed to track the value of one US dollar. What sets aUSD₮ apart is that it is over-collateralized by Tether Gold (XAU₮), meaning it is backed by real physical gold stored in Switzerland.
Binance Launches MEW U Perpetual Contract
Binance Futures platform launched the MEW USDT perpetual contract at 22:00 (GMT+8) on June 17, 2024, with leverage of up to 50x.
Beercoin Team's Wallet Dump Causes Price to Drop Over 60%
According to Lookonchain monitoring, another wallet associated with the Beercoin team has sold a large amount of $BEER in the past two days, causing its price to drop by over 60% today. Reportedly, the wallet received 8.88 billion $BEER from the Beercoin team's wallet "8VY4LF…fDd5G2" and sold 8.7 billion $BEER in the last two days, resulting in a profit of $1 million.
Funding News
Avara Founder Seeking $50 Million Funding for Lens Protocol at $500 Million Valuation
According to DL News, sources revealed that Avara founder and CEO Stani Kulechov is in talks with a US venture capital firm to secure new funding for Lens Protocol. The founder of Avara is seeking to acquire the social media platform Lens Protocol for $50 million, valuing the platform at $500 million. Avara's spokesperson neither confirmed nor denied these figures and declined to comment further. When asked about the token issuance for Lens Protocol, Kulechov stated that they "haven't gone that far yet." He mentioned that the main focus is the upcoming launch of Lens Network, a native network built using the ZKsync technology stack. Avara is an umbrella company overseeing the Aave lending protocol, Lens Protocol, Family, its crypto wallet, and the stablecoin GHO.
Key Data
According to CoinDesk, JPMorgan stated in a research report on Monday that the total market value of 14 US-listed Bitcoin (BTC) mining companies reached a historic high of $22.8 billion on June 15. JPMorgan also noted that miners' performance outperformed Bitcoin due to the news of Core Scientific's deal with the artificial intelligence company CoreWeave.
Justin Sun Deposits Crypto Assets Worth $14.3 Million, Including 3.45 Million ETHFI, into Binance
According to Spot On Chain monitoring, 15 hours ago, Justin Sun deposited 8 additional assets worth a total of $14.3 million into Binance, including 3.45 million ETHFI (approximately $12.05 million), 6.22 million CRV (totaling approximately $1.96 million, with 5 million CRV purchased at an average price of $0.4 from Curve's founder via OTC in August last year), and other 6 tokens totaling $333,000 (CVX, MATIC, GAL, WOO, PROS, and TRU). Overall, in the past week, Justin Sun has deposited 12 tokens into Binance, totaling $35 million, with most being DeFi tokens.
ETH ICO Whale Allegedly Sells 10,000 ETH Worth $35.39 Million in the Past Three Days
According to on-chain analyst @ai_9684xtpa, an ETH ICO whale that has been dormant for two years allegedly sold 10,000 ETH worth $35.39 million in the past three days. In 2015, this OG acquired 150,000 ETH at an average price of $0.31, then distributed it to multiple addresses, with address 0xF07…9d526 depositing 10,000 tokens in batches into Kraken, with the most recent deposit made two hours ago. Currently, five addresses still hold 75,000 ETH, with an unrealized profit of $257 million.
US Bitcoin Spot ETF Records Net Outflow of Approximately $145.9 Million Yesterday
According to Farside Investors data, the US Bitcoin spot ETF recorded a net outflow of approximately $145.9 million yesterday. Only Bitwise's BITB saw a net inflow of approximately $2.9 million, while Grayscale's GBTC recorded a net outflow of $3 million, Fidelity's FBTC recorded a net outflow of approximately $92 million, Ark 21Shares' ARKB recorded a net outflow of approximately $50 million, and VanEck's HODL recorded a net outflow of approximately $3.8 million. The net flow for other ETFs was zero.
Grayscale Transfers 2,211.5 BTC to Coinbase Prime and Other Addresses
According to Arkham monitoring, Grayscale transferred 422.668 BTC to the Coinbase Prime address one hour ago and a total of 1,788.84 BTC in three transactions to three new addresses. The 2,211.5 BTC has a total value of approximately $145 million.
Nansen: 41% of Top 10,000 Addresses Receiving ZK Airdrops Have Sold Their Entire Allocation
According to Cointelegraph, nearly half of the main recipients of the new zkSync (ZK) tokens have sold all the tokens received from the airdrop, leading to a 34.5% price plunge since ZK's listing. Data from the blockchain analytics company Nansen shows that almost 41% of tracked addresses have sold all airdropped tokens, and 29.2% have sold at least some tokens, totaling over 486 million ZK tokens being sold. Only 30% of the recipients have retained their ZK tokens. The data covers the "top 10,000 addresses" that received the ZK airdrop, accounting for only 1.4% of the 3.7 billion ZK tokens airdropped to 695,232 eligible wallets announced by zkSync last week. The non-profit organization zkSync Association stated that within less than two hours on June 17, 45% of the tokens were claimed, leading to initial network issues. According to Landon Gingerich, a data scientist at Matter Labs, as of the time of publication, over 491,000 main accounts have claimed nearly 75% of the airdropped ZK tokens. CoinGecko data shows that ZK has plummeted by 34.5% in the past day, dropping from a listing high of $0.32 to approximately $0.20. The token's total supply is 21 billion, with a market value of about $772 million, significantly down from its initial peak of over $1.1 billion. The major sell-off occurred after zkSync defended its airdrop criteria, with critics arguing that its anti-Sybil measures are too lax and susceptible to manipulation by multiple accounts. zkSync's updated documentation states that the unique airdrop design aims to reward genuine users while avoiding inadvertently harming them.
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