A unemployed college student was sentenced to six months in prison for participating in virtual currency money laundering and making a profit of over 5,000 yuan.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
Vitalik Reveals Ethereum Foundation Expenditure and Personal Salary, Annual Salary Equivalent to Approximately 135,000 USD
Josh Stark, a member of the Ethereum Foundation (EF), recently revealed that the EF is about to release its latest financial report covering 2022 and 2023, which is expected to be announced before the Devcon SEA conference. Ethereum co-founder Vitalik Buterin responded to this and revealed his own annual salary. According to the chart shared by Vitalik, the Ethereum Foundation's expenditures are mainly divided into several categories, including "new institutions," "ecosystem support," "research and development," and others. In response to a question from a netizen, Vitalik revealed that his annual salary is 182,000 Singapore dollars (equivalent to approximately 135,000 USD).
Cyber Capital Founder: Ethereum is Declining, L2 Networks are Actually Stealing Ethereum's Users and Fees
Cyber Capital founder Justin Bons made remarks on social media last night, stating that Ethereum is declining, while L2 is "dancing on its grave." Bons pointed out that since the implementation of EIP-4844 (Proto-Danksharding), Ethereum's fee income has significantly decreased and cannot keep up with the inflation rate. At the same time, the usage and fee income of L2 networks have reached new highs and are lobbying to maintain Ethereum's low capacity. Bons believes this constitutes a "parasitic relationship." He stated that L2 networks are actually stealing Ethereum's users and fees by disguising themselves as "similar to Ethereum" to attract users. Bons predicted that L2 networks will eventually migrate or become independent L1 networks, while Ethereum will gradually decline. He criticized the Ethereum leadership for "selling out" their own interests for the sake of L2 networks, believing that this exposes systemic issues in governance. Bons warned that if Ethereum does not significantly expand L1 in the future, it may lead to a collapse in the token and equity prices of all L2 networks, so L2 networks have an incentive to prevent Ethereum's expansion.
Ton Network Paralyzed, No Blocks Generated for Nearly 3 Hours
According to community feedback, the Ton network was paralyzed, and no blocks were generated for nearly 3 hours. It is reported that Binance has suspended withdrawals from the Ton network.
Bybit announced that due to network instability, it has suspended all deposits and withdrawals via the Toncoin (TON) network. Any ongoing deposits and withdrawals will experience delays until the network is deemed stable. Tonscan data shows that the latest block generated by the Ton network was at 06:11:46 Beijing time.
Maker Protocol Rebrands as Sky Protocol and Launches Sky (SKY) Native Governance Token
DeFi lending protocol Maker officially announced its rebranding as Sky and revealed the names of its upgraded stablecoin and native governance token. As part of the rebranding, Maker renamed the world's largest decentralized stablecoin DAI to USDS. Additionally, the protocol introduced the Sky (SKY) native governance token as an upgraded version of the MKR token. The Sky protocol still maintains its decentralized, community-governed, and non-custodial features. To enhance the protocol's accessibility, MKR will be upgraded to SKY at a ratio of 1:24,000. Christensen explained that the increased supply of SKY improves the user experience for those who wish to purchase more than a small fraction of the tokens.
Phoenix Labs CEO Reveals USDS Will Have Freezing Function, Sky Website May Restrict VPN Access
Sam MacPherson, CEO of Phoenix Labs and Spark Protocol, revealed that the upgraded stablecoin USDS of MakerDAO will include a freezing function, similar to centralized stablecoins such as USDT and USDC. In addition, the upgraded Sky website of MakerDAO may block access from certain regions at the front end and prohibit VPN login. However, MacPherson deleted this information 30 minutes after its release. Prior to this, Maker officially announced its rebranding as Sky and revealed the upgraded stablecoin USDS and native governance token SKY.
Solana Staking Protocol Solayer Completes $12 Million Seed Round Financing, Led by Polychain Capital
The Solana ecosystem staking protocol Solayer completed a $12 million seed round financing, with Polychain Capital leading the investment, along with participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes' family office Maelstrom. The project plans to expand its team, integrate new protocols, and prepare for the second phase development of the platform, with its native token "currently being designed." The financing was completed in May and adopted a structure of Simple Agreement for Future Equity (SAFE) plus token warrants, valuing Solayer at $80 million. Binance Labs' previously announced investment is also part of this round of financing. Solayer imitates the Ethereum staking protocol EigenLayer, allowing users to earn additional rewards by re-locking already staked assets. Unlike other platforms, Solayer plans to start with dApps on the native Solana chain, assisting them in reserving block space and prioritizing transactions based on the amount staked to them. Currently, Solayer claims to have re-staked over $186 million from approximately 104,500 depositors.
Space and Time Completes $20 Million Series A Financing, Led by Framework Ventures
According to Fortune, the startup Space and Time, backed by Microsoft, completed a $20 million Series A financing, led by Framework Ventures, Lightspeed Faction, OKX Ventures, Arrington Capital, and Hivemind Capital. The company focuses on integrating blockchain technology with artificial intelligence to ensure the verifiability and transparency of AI-generated content. Space and Time previously received a $20 million investment led by Microsoft's M12 Ventures in September 2022. This financing will further drive its technological development and establish a leading position in the field of AI and blockchain integration.
The Lock-up Period for 100 Million BIT and 3.36 Million FTT Swapped Between ByBit and FTX is Nearing Expiry
According to monitoring by Yu Jin, ByBit and FTX exchanged platform tokens in early November 2021, with ByBit exchanging 100 million BIT for 3.36 million FTT from FTX and committing not to sell for 3 years. With only 2 months left until the end of the lock-up period, it is expected that selling will occur.
The exchange was equivalent at the time, but now there is a significant difference in value between the two: 100 million BIT is valued at $57.73 million, while 3.36 million FTT is valued at only $4.47 million. It is worth noting that BitDAO (BIT) has been upgraded to Mantle (MNT).
Trump Releases Fourth Batch of NFT Trading Card Series
According to CoinDesk, former President Trump has released the fourth batch of NFT trading card series. This new series will provide buyers with a fragment of the suit worn by Trump during his debate with Biden. The high-end card, priced at $24,750, also includes Trump's sneakers, a cocktail, and the opportunity to have dinner at the Trump National Golf Club. Although this NFT series has brought considerable income to Trump, it is unrelated to his political campaign funds and has entered his personal account.
The People's Court of Liyang City, Jiangsu Province, made a judgment on a virtual currency money laundering case on July 26, 2024. A man named Xiao Wu, who was unemployed, was sentenced to six months in prison with a one-year probation and fined 2,000 yuan for participating in virtual currency money laundering activities. The case showed that in November 2023, Xiao Wu, in order to repay credit card debts incurred during his university years due to investing in foreign exchange and virtual currency, contacted a "money laundering company" through Telegram. He purchased U coins on the "Ouyi" platform and then transferred and sold them through the "U-MATOU" app to make a profit from the price difference. Despite being warned that this was illegal, Xiao Wu continued to operate due to repayment pressure. On December 22, 2023, the Liyang City Public Security Bureau received a fraud report involving Xiao Wu's bank card. After investigation, Xiao Wu's bank account had a total of 13 transactions, amounting to over 25,000 yuan, with an illegal personal profit of over 5,000 yuan. Xiao Wu expressed remorse after being arrested, admitting that if he had not been caught, he might have gone further down the criminal path.
Market News
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