Today's Headlines:
US Marshals Service Selects Coinbase as its Digital Asset Custody and Trading Service Provider
Silvergate to Pay $63 Million to Settle with US SEC, Federal Reserve, and California Regulators
Circle Obtains E-Money Institution License from French Regulator
HashKey Platform Coin HSK Launches First Round Airdrop, Totaling 10 Million HSK
Regulatory News
US Marshals Service Selects Coinbase as its Digital Asset Custody and Trading Service Provider
According to a USMS announcement, the US Marshals Service, a subsidiary of the Department of Justice, has selected Coinbase Prime as the custodian and trading service provider for its "Class 1" high-value digital assets. Coinbase stood out for its strong security record and institutional-grade encryption service capabilities. Since its launch three years ago, Coinbase Prime has become the preferred platform for institutions and large cryptocurrency asset holders.
Nate Geraci, president of The ETF Store, tweeted that the US SEC has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF. The fund will hold both Bitcoin and Ethereum spot.
Silvergate to Pay $63 Million to Settle with US SEC, Federal Reserve, and California Regulators
According to CoinDesk, crypto-friendly bank Silvergate Bank's parent company, Silvergate Capital Corp., has agreed to pay $63 million to settle with the US SEC, Federal Reserve, and the Department of Financial Protection and Innovation (DFPI) of California. It is reported that Silvergate was fined $43 million by the Federal Reserve and $20 million by the California regulators. The SEC also imposed a $50 million fine, but it is not expected to increase the total amount of fines. The settlement agreement is subject to court approval. Earlier, the US SEC filed a federal court lawsuit against the crypto bank Silvergate Capital, accusing it of securities fraud. The SEC stated that after the collapse of FTX in 2022, Silvergate misled investors about its bank secrecy system, anti-money laundering compliance plan, and poor financial condition.
Project Updates
Circle Obtains E-Money Institution License from French Regulator
According to CoinDesk, stablecoin giant Circle has obtained an E-Money Institution (EMI) license from the French regulator, allowing it to issue EURC and USDC within the EU to comply with the requirements of the Markets in Crypto-Assets Regulation (MiCA).
According to Cointelegraph, Robinhood announced the acquisition of AI-driven investment research firm Pluto Capital, enabling its users to soon utilize AI tools for wiser trading. In a statement on July 1st, Robinhood mentioned that Pluto's AI will provide personalized investment strategies, data analysis tools, and real-time insights to help traders make "quick and confident decisions." This acquisition will also bring Pluto's founder and CEO, Jacob Sansbury, to Robinhood to assist in product roadmap development and AI integration. Robinhood explained that the AI tool will optimize investors' portfolios by evaluating their risk tolerance, investment goals, and past trading records. Pluto's large language model can access global financial data in real-time, including stock prices, news articles, company financial conditions, and reports and documents from the US Securities and Exchange Commission, providing investors with a competitive advantage by identifying trends and opportunities faster.
According to The Block, Paxos announced that it has received comprehensive approval from the Monetary Authority of Singapore (MAS), allowing its Singapore entity, Paxos Digital Singapore Pte. Ltd., to provide digital payment token services as a major payment institution. Paxos will be able to issue stablecoins based on MAS's upcoming stablecoin framework. Meanwhile, DBS Bank will become Paxos's partner for cash management and stablecoin reserve custody. It is reported that Paxos has previously been authorized to issue stablecoins in the United States and the United Arab Emirates. As of now, a total of 19 crypto companies have obtained the major payment institution (MPI) license in Singapore, including Paxos, Blockchain.com, Circle, and Coinbase.
Uniswap Wallet Collaborates with Transak to Provide Fiat Access Services
According to The Block, Uniswap Wallet has partnered with Web3 payment infrastructure provider Transak to offer fiat deposit services, allowing users to directly purchase cryptocurrencies with fiat currency within the Uniswap wallet. This move will streamline the process for users to enter DeFi and support a variety of global and local payment methods from over 160 countries, including Apple Pay and Google Pay.
Zeta Markets: Genesis Epoch to Begin on July 25th, with an Incentive Pool of 8 Million ZEX
Solana DeFi derivatives platform Zeta Markets announced the distribution of 8% of the token supply (80 million ZEX) to 80,000 traders. Another 30% (300 million ZEX) will be used for platform incentives over the next 90 cycles. The Genesis Epoch will begin on July 25th, with an incentive pool of 8 million ZEX. Staking ZEX before July 25th will qualify for staking airdrops (20 million ZEX).
According to SEC filings, prominent investor "Roaring Kitty" Keith Gill has disclosed ownership of a 6.6% stake in Chewy ($CHWY). Coinmarketcap data shows that CHWY has surged over 200% in the past 24 hours.
Philippine Users Can Now Use Tether's USDT to Pay Social Security Contributions on the TON Chain
According to Tether's official Twitter, Philippine users can now use USDT via Uquid on the TON blockchain to pay into the Social Security System.
HashKey Platform Coin HSK Launches First Round Airdrop, Totaling 10 Million HSK
According to official sources, HashKey platform coin HSK has officially launched its project airdrop. Participants can now log in to the official airdrop channel "DejenDog" on Telegram to receive a ten million HSK airdrop. HSK is planned to be listed in Q3 2024. HSK encourages early community building, with the first round airdrop totaling 10,000,000 HSK. It is reported that the total supply of HSK is 1 billion, with 65% allocated for ecosystem development. HSK can be used for community rewards within the HashKey ecosystem, exclusive token priority purchases, cross-platform ecosystem partnerships, as well as fee deductions and business growth activities within HashKey Global, providing strong support and momentum for users and assets on the HashKey Chain.
According to Protos, crypto-friendly bank Evolve Bank and Trust recently admitted that despite discovering "unauthorized activity" a month ago—specifically, the theft of 33 TB of user data—it only publicly disclosed the incident last week. The bank stated that the data breach resulted from an employee clicking on a malicious link, and the attack was blocked within a few days, with no further unauthorized activity detected. It did not pay any ransom demands and stated that Lockbit incorrectly attributed the data to the Federal Reserve. The data breach, reportedly carried out by the Russian ransomware group Lockbit, included detailed personal information of users from companies such as Bitfinex. The report pointed out that Evolve Bank did not promptly notify the affected fintech companies or end users of the data breach, taking action only after the incident was publicly disclosed last week. This delayed notification has sparked widespread industry attention and scrutiny. Additionally, the report stated that the stolen data from Evolve Bank included personally identifiable information (PII) such as names, addresses, social security and tax ID numbers, birthdates, account balances, and email addresses, affecting 155,586 accounts associated with companies like Bitfinex, Nomad, and Copper.
Internet celebrity rapper Sexyy Red launched the PRESI token earlier today, citing a post from @shrebobo, where a trader bought PRESI at the lowest point for $3,664 and sold it at $57,000 during the first surge. On the X platform, blockchain detective ZachXBT stated, "It's ridiculous that your team bought around 90% of the total supply of PRESI during the presale. Not to mention, you launched another token just an hour before that, and they also bought 82%. The integration address for the first token is: JDnRDDvjgBFdAxPyyFbNfxuri2kUsS4WWxAKUZJKjCns. The post you quoted about selling the $50,000 token is likely from your development team, as they bought new funds from ChangeNow at the exact same time as you deployer." Upon investigation, SexyyRed has 1.7 million followers on the X platform.
Lin Chen, the Asia-Pacific Business Director of Deribit, stated on the X platform that the US Department of Justice (DOJ) has chosen Coinbase Prime to custody seized cryptocurrency assets and paid Coinbase $32.25 million for the custody and processing contract. Based on a 2% custody fee, the DOJ likely has around $1.6 billion in cryptocurrency assets to handle. This cryptocurrency asset scale can also be referred to as that of a top asset management company within the cryptocurrency field. Some of the largest revenues for the US Department of Justice this year have also come from the cryptocurrency field.
According to Digital Today, a consortium of 20 cryptocurrency exchanges and digital asset exchanges in South Korea, known as the Digital Asset Exchange Association (DAXA), has jointly formulated self-regulatory guidelines outlining best practices for the listing and delisting of virtual assets. DAXA is an industry organization composed of the five major cryptocurrency exchanges in South Korea. This move is in preparation for the implementation of the Virtual Asset User Protection Act scheduled for July 19th. Once in effect, all cryptocurrency exchanges in South Korea will officially adhere to these guidelines. Additionally, within six months from the date of implementation, approximately 1333 virtual assets currently being traded will undergo reassessment. During the period from January to June this year, DAXA member exchanges delisted 39 cryptocurrencies. Despite the increased scrutiny, the industry does not expect a large-scale simultaneous delisting.
Manta Co-founder Victor Ji: Polkadot is a "Highly Toxic" Ecosystem, Lacking True Value for Web3
Manta Network co-founder Victor Ji publicly criticized the Polkadot ecosystem on Twitter, calling it a "highly toxic" ecosystem that lacks true value for Web3 and does not focus on user adoption. As the founder of one of the largest TVL and market cap/FDV projects in the former Polkadot ecosystem, he stated that the team has fully shifted focus to the Manta Pacific project because the Polkadot ecosystem is essentially "dead." Victor Ji also accused the Polkadot team of discriminating against Asian developers, pointing out that European and American projects receive much more funding than Asian projects. He encouraged developers to turn to more active ecosystems such as Solana, Ethereum, and Bitcoin.
Funding News
According to CoinDesk, the shared sorting network Astria has completed a $12.5 million strategic funding round led by dba and Placeholder VC, with participation from RockawayX. Maven11, 1kx, Figment Capital, and Batu are returning investors, and angel investors include Yuki, DCBuilder, Hasu, Will Price, and Jason Yanowitz, with Bankless Ventures also participating. The funds will be used to continue developing the Astria sorting layer and Astria Stack, allowing anyone to deploy permissionless aggregations without relying on centralized sorters. The on-chain NFT network Forma has already launched on the Astria Stack.
Mining News
Cryptocurrency mining company Iris Energy raises $413.4 million through stock issuance since mid-May
According to MinerMag, Australian cryptocurrency mining company Iris Energy announced that it has raised $413.4 million through stock issuance since mid-May. This funding will be used to fully support the company's expansion plans for 2024 after the Bitcoin halving event, aiming to achieve growth plans for 2024, including a hash rate of 30 EH/s and data center capacity of 510MW. The financing was completed through the company's market sale (ATM) plan from May 15 to June 28, selling a total of 39.8 million shares. Including previous funds raised, Iris Energy has raised approximately $714 million in the first half of this year, including $257 million in equity financing in the first quarter and an additional $44.8 million between March 31 and May 15. As of June 28, Iris Energy's cash holdings reached $425.3 million, including income from the ATM in the first week of July. Additionally, there is still a capacity of $223.2 million for equity financing under the ATM plan. With the success of these financing activities, the total number of outstanding common shares of Iris Energy has increased by 20% from 146 million shares on May 12 to 186 million shares on June 28.
Bloomberg: Northern Data considers valuing its AI division for a U.S. IPO at $16 billion
According to Bloomberg, Northern Data AG is in negotiations with potential advisors to merge its AI cloud computing (Taiga) and data center (Ardent) businesses for a U.S. IPO, with a valuation of up to $16 billion. The company has invited multiple institutions to bid for advisory roles and may designate lead banks in the coming months. The plan is to debut on Nasdaq as early as the first half of next year. Valuation suggestions from banks range from $10 billion to $16 billion, and the company may also sell minority stakes in these business divisions to investors before such a listing. Sources familiar with the matter stated that discussions are ongoing, and details may change, and the company may decide not to pursue the strategic option under consideration. Northern Data's representatives declined to comment.
Northern Data's stock price has fallen by about 5% this year, with a market value of approximately $1.4 billion. This move comes amid a surge in AI cloud computing investments. In November, Northern Data indicated to analysts and investors that it was considering a separate IPO for its cloud computing division and planned to list its Bitcoin mining business in the United States. According to a statement in May, the company's U.S. Bitcoin mining division, Peak Mining, is actively building or developing nearly 700 megawatts of data centers, making it one of the largest cryptocurrency mining companies in the United States. However, the decline in cryptocurrency mining profitability has prompted miners to transform their high-energy data centers into digital infrastructure to support generative AI applications. In November, Northern Data secured a €575 million debt financing arrangement from stablecoin company Tether Group and completed the acquisition of investment instruments worth €400 million from Tether in January. The company is using these funds to purchase highly sought-after Nvidia chips and plans to deploy approximately 20,000 H100 AI chips by the end of this summer.
Important Data
"German Government" wallet transferred 282.74 BTC to CEX 18 minutes ago
Arkham data shows that 18 minutes ago, a wallet labeled as the "German Government" transferred a total of 282.74 BTC, worth approximately $17.64 million, to Bitstamp, Coinbase, and Kraken. Additionally, the wallet also transferred 550 BTC to an address starting with 139PoP.
According to DL News, the DeFi protocol Pendle has seen nearly $3 billion in deposits withdrawn by users since last Wednesday, with most of it being liquidity-redeemed tokens. On Monday, the total deposited value by users dropped to $3.7 billion, and Pendle's total locked value (TVL) has decreased by 40% in the past week. Ian Unsworth, founder of Kairos Research, stated that the outflow of funds is mainly due to the expiration of several products. Products related to ether.fi's eETH, Renzo's ezETH, Puffer's pufETH, Kelp's rsETH, and Swell's rswETH expired on June 27, and investors could have transferred these tokens to new Pendle markets, but the returns are not necessarily as lucrative as before. Pendle's fund outflow has also affected related protocols, such as Zircuit, whose deposited value has decreased by 15% in a week.
According to SoSoValue data, the total net inflow of Bitcoin spot ETF yesterday (July 1st, US Eastern Time) was $129 million. The Grayscale ETF GBTC had a net outflow of $0.00 on the same day, and the historical net outflow of GBTC is currently $18.515 billion. The Bitcoin spot ETF with the highest net inflow yesterday was Fidelity's ETF FBTC, with a daily net inflow of $65.034 million, bringing the total historical net inflow of FBTC to $9.231 billion. Following that is Bitwise ETF BITB, with a daily net inflow of $41.402 million, and a total historical net inflow of BITB reaching $2.062 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $54.916 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.4%, and a historical cumulative net inflow of $14.654 billion.
According to Cointelegraph, the Bitcoin hash rate drop indicator has reached its lowest level since December 2022, following the FTX crash and the previous bear market trough, suggesting that the market may have bottomed out. CryptoQuant data shows that the current real Bitcoin hash rate drop rate is -7.6%, providing a strong signal for the market bottom. At the same time, several key indicators such as Bitcoin exchange reserves, Miner Position Index (MPI), and Bitcoin miner reserves all show low selling pressure, further supporting the judgment of the market bottom. Charles Edwards, founder of Capriole, pointed out that the Bitcoin hash rate indicator has issued a buy signal, reflecting a slowdown in network computing power. Market analyst Will Woo stated that the market will not reach new highs until weaker miners are forced to shut down operations. Recently, Bitcoin miner withdrawals have decreased by 90% after the halving, further indicating a reduction in selling pressure and the potential for Bitcoin prices to continue rising. Prices are expected to rise further.
The Polkadot community recently released an operational overview report of its treasury for the first half of 2024, with key information as follows: 1. In the first half of 2024, Polkadot's treasury spending reached $87 million (11 million DOT), with 13% spent through executing agencies (bounties and collectives); 2. The total assets managed by Polkadot's treasury amount to $245 million (38 million DOT), with $188 million (29 million DOT) as liquid assets; 3. Stablecoins: The cash reserves include $8 million in USDT and USDC stablecoins, and an additional 2.5 million DOT (approximately $16 million) is used for continuous stablecoin repurchases; 4. Designated assets: $24.5 million (3.8 million DOT) has been allocated to multiple executing agencies (collectives and bounties) for strategic plans such as marketing, DeFi tools, gaming, and business expansion. An additional $6.4 million (1 million DOT) is allocated for airdrop activities in the gaming sector; 5. Polkadot has injected 1.6 million DOT (approximately $10 million) of its own assets as liquidity into the DeFi market ecosystem; 6. Based on the current spending rate, Polkadot's treasury has approximately two years of funding reserves, but the volatility of cryptocurrency treasuries makes accurate predictions difficult, leading to widespread discussions from stricter budgeting methods to adjustments in systemic inflation parameters.
Suspected Ethereum Foundation address exchanges 100 ETH for approximately 343,900 DAI
According to Arkham monitoring, a related address suspected to be from the Ethereum Foundation (0xd7…c1f4) has just exchanged 100 ETH for 343,900 DAI through Cow Protocol. Spot On Chain reported that since January 2024, the Ethereum Foundation has sold 2,266 ETH in exchange for $6.56 million worth of DAI.
Gemini report: Net inflow of Ethereum spot ETF in the first six months could reach $5 billion
According to CoinDesk, Gemini stated in a report that once the United States approves a spot Ethereum (ETH) ETF, the net inflow in the first six months could reach as high as $5 billion. The current market value of Ethereum relative to Bitcoin is close to multi-year lows, and strong fund inflows may trigger a rally. The report indicates that if the ETH/BTC ratio returns to the median of the past three years, ETH could rise by nearly 20%. If it reaches the maximum value of 0.087, it could potentially rise by 55%.
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