Headlines
▌Wintermute CEO: Ethereum leaders are caught in a "huge contradiction"
Evgeny Gaevoy, CEO of digital asset market maker Wintermute, said that Ethereum leaders must choose between supporting a capitalist or socialist economic system, but not both at the same time. You are either building capitalism or planning socialism. Sorry, you really can't have it both ways, and if ETH fails in the future, it will not be because Solana is faster, but because the ETH "elite" is still caught in a huge contradiction. Gaevoy believes that Vitalik Buterin, Adams and many others within the Ethereum community are facing a contradiction. They claim to want to build products that will bring positive changes to society and are ultimately valuable, while continuing to try to solve the maximum extractable value (MEV), which is the maximum value that can be extracted from a set of transactions based on the order of transactions. Previously, Ethereum co-founder Vitalik Buterin and Uniswap founder Hayden Adams both recently commented on the surge in celebrity memecoins.
▌Cyvers: Loopring’s stolen assets have been converted into Ethereum
According to Cyvers Alerts, Ethereum Layer 2 protocol Loopring announced that their smart contract wallet was attacked by only one guardian. The attack enabled hackers to impersonate wallet owners and obtain recovery approval from official guardians by invading Loopring's 2FA service. The attacker then transferred the assets in the hacked wallet to one of the hacker's addresses. All stolen digital assets were exchanged for ETH, and the address currently holds 1,373 ETH, worth more than $5 million. Golden Finance previously reported that Loopring Table IV, some smart wallets were attacked by vulnerabilities, and it is working with law enforcement and security teams to track down the attackers.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $69,554.16, with a daily change of +0.47%;
ETH's latest transaction price is $3,691.45, with a daily change of +0.27%;
BNB's latest transaction price is $672.12, with a daily change of -1.27%;
SOL's latest trading price is $161.06, with a daily change of +1.82%;
DOGE’s latest trading price is $0.1482, with a daily change of -0.4%;
XPR recently traded at $0.4986, with a daily change of +0.79%.
policy
▌Trump may hold a roundtable meeting on Bitcoin mining in the United States
On June 10, David Bailey, a cryptocurrency assistant for the Trump campaign, recently announced that Trump will hold a roundtable meeting on Bitcoin mining in the United States. David Bailey did not disclose which companies or individual miners are interested in participating in this future meeting. But in a subsequent X post, Bailey made it clear that recognized industry participants will attend the meeting.
Blockchain Applications
▌LayerZero CEO responds to reports of witches bribing on the chain: changing the report may affect its overall bounty
LayerZero CEO Bryan Pellegrino responded to the issue of bribery of whistleblowers by reported Sybil addresses on the X platform. Pellegrino said that whistleblowers are strongly advised not to change the report. The team has the original records on GitHub and Commonwealth. Editing and deleting Sybil clusters may jeopardize the entire bounty. Previously, witch hunter @SybilHorror6 said that after his report was published, an anonymous person contacted him and was willing to bribe him with $12,000 to clear 172 wallet addresses in 3 clusters.
Cryptocurrency
BTC market value exceeds the combined value of the world's top three banks
According to Watcher.Guru, the market value of Bitcoin is larger than the combined market value of the world's top three banks: Bitcoin: $1.37 trillion; JPMorgan Chase: $574 billion; Bank of America: $311 billion; Industrial and Commercial Bank of China: $268 billion.
▌The total market value of stablecoins increased by 0.72% in the past week
According to DefiLlama data, the total market value of stablecoins increased by 0.72% in the past week, currently at $161.691 billion. In addition, USDe's market value increased by 11.43% in the past week, currently at $3.343 billion, becoming the fourth largest stablecoin by market value.
Indian authorities crack down on a cryptocurrency fraud ring targeting foreigners
The Enforcement Directorate (ED) of India has cracked down on a cryptocurrency fraud gang that was targeting foreigners. The ED announced on Friday that it had conducted searches on Prafful Gupta and his associates at various locations in Delhi, Haryana, and Kanpur (Uttar Pradesh) on June 6 in connection with an investigation into an online scam targeting foreigners. The investigation began with a preliminary information report (FIR) filed by the Central Bureau of Investigation (CBI) against Gupta and other accused. The accused persuaded the victim to transfer $400,000 into a cryptocurrency account, claiming that her bank account was unsafe. An unauthorized remote access was used to create a cryptocurrency account in her name. The transferred funds were converted into cryptocurrency and dispersed to various associates. The ED further revealed that the searches led to the seizure of digital evidence, freezing of fixed deposits (FDs) of Rs 725 million ($880,000), and seizure of jewellery worth Rs 3.5 crore ($42 million). The investigation is still ongoing.
Important economic developments
▌Institution: The Fed’s expectations of multiple rate cuts this year have been dashed
For investors, "US rate cuts this year" may be one of the biggest and most important trading theses in early 2024, contributing to a fundamentally optimistic view and driving large-cap and tech-heavy US stock indexes to new highs in June. However, the May jobs report unexpectedly overturned this notion, while also complicating where policymakers should go from now. Jeffrey Cleveland, director and chief economist at Payden & Rygel, said that at the beginning of the year, the case for rate cuts was based on the hope that inflation and job growth would cool, but both expectations have failed to materialize so far. If the economy continues to grow and avoids a recession, the stock market will continue to rise and hit new all-time highs in the next 6 to 12 months. If the Fed does not cut interest rates while inflation remains high, our view is that the environment for continuing to hold Treasury bonds may not be so bad. Analyst Sean Snaith said that the unexpected May jobs report was not good news for the Fed and "should eliminate any hope of a rate cut this year."
Golden Encyclopedia
▌What is liquidity staking?
Liquid staking allows stakers to maintain liquidity of their staked tokens by using alternative tokens, which they can use to earn additional yield through DeFi protocols. Liquid staking enables cryptocurrency holders to participate in staking without giving up control of their holdings. This changes the way users do staking. Projects such as Lido have introduced liquid staking to provide tokenization of staked assets in the form of tokens and derivatives.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
