PA Daily | ZK Nation says no major issues found in airdrop data; Paradigm has raised $850 million for its third fund

Today's news tips:

1. US judge approves $4.47 billion settlement between Terraform and SEC

2. Paradigm has raised $850 million for its third fund, focusing on early-stage crypto projects

3. ZK Nation: Spent several days investigating and verifying the airdrop data and found no major issues

4. Tabi Chain announces TABI token economics: airdrop accounts for 8%, mining accounts for 40%

5. NEAR Foundation establishes Nuffle Labs and receives $13 million in funding

6. Manta Foundation launches $50 million ecosystem fund, now open for application

7. Orderly Network is now live on the Ethereum mainnet and is allocating 10% of ORDER tokens to early users

8. zkSync Chinese Community: Disappointed with the leadership of Matter Labs, will write a long article to publicly disclose all the truths we know

9. Crypto exchange BITAI announced the completion of a $20 million seed round of financing, with Jump Crypto and others participating

Regulatory News

U.S. judge approves Terraform's $4.47 billion settlement with SEC

According to Cointelegraph, Judge Jed Rakoff of the Southern District Court of New York approved the $4.47 billion settlement agreement reached between Terraform Labs and Do Kwon and the U.S. Securities and Exchange Commission (SEC). According to the agreement, Terraform will recover $3.58 billion in illegal gains and pay a civil penalty of $420 million and nearly $467 million in pre-judgment interest, and its co-founder Do Kwon will be prohibited from serving as an executive or director of a listed company.

Market News: US SEC Chairman expects Ethereum ETF's S1 application to be approved sometime in the summer

According to @tier10k, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler expects the S1 application for an Ethereum ETF to be approved sometime in the summer.

In addition, according to Fox reporter Eleanor Terrett, Gensler made this statement while talking with Senator Bill Hagerty. To clarify the details: Gensler said "during this summer" while Hagerty said "before the end of this summer."

SEC Chairman discusses challenges DeFi faces in enforcing AML laws

According to Fox reporter Eleanor Terrett, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), just talked about the challenges DeFi faces in enforcing anti-money laundering laws due to the permissionless nature of blockchain.

Swiss regulator closes crypto-related bank FlowBank, initiates bankruptcy proceedings

According to CoinDesk, the Swiss Financial Market Supervisory Authority (FINMA) announced the closure of crypto bank FlowBank on Thursday, saying that the bank "no longer has sufficient capital to maintain its banking business" and "seriously violated minimum capital requirements." FINMA also said that "there are good reasons to worry that the bank is currently over-indebted" and "has no prospects for restructuring." Switzerland's top law firm Walder Wyss has been appointed by FINMA as the bank's bankruptcy liquidator.

FlowBank was founded in 2020, and crypto asset management company CoinShares acquired a 9% stake in the bank for $11.8 million in 2021. Earlier this year, it was reported that Binance would allow large traders to hold crypto assets in FlowBank or another Swiss crypto-friendly bank Sygnum. According to a document published on the FINMA website, customers who deposit up to 100,000 Swiss francs (about $111,710) in FlowBank will receive their funds within seven business days.

Nigeria drops tax charges against Binance executives, Binance is now the only defendant in the case

According to CoinDesk, the tax charges filed by the Nigerian Federal Inland Revenue Service (FIRS) against Binance executives Tigran Gambaryan and Nadeem Anjarwalla have been dropped. FIRS agreed to amend the charges and Binance is now the only defendant in the case. The money laundering trial is still on schedule, and Gambaryan and Nadeem Anjarwalla will continue to be in charge of the case. The next hearing in the case is scheduled for June 19, and Gambaryan remains in custody in Kuje Prison.

AI&NFT

OpenAI appoints former NSA chief to board of directors

According to Bloomberg, OpenAI has appointed retired U.S. Army General Paul Nakasone as a member of its board of directors. Nakasone has served as director of the National Security Agency (NSA) and leader of the U.S. Cyber ​​Command. He will also join OpenAI's newly formed Safety and Security Committee, which focuses on OpenAI's key security decisions.

Whale Tank launches Euro 2016 Metaverse, releases 132 official digital collectibles for Chinese fans

UEFA officially announced the launch of the "Euro 2024 Fan World". Chinese fans can search for Whale Tan on Alipay to experience football games and participate in match guessing in the Euro 2024 metaverse parallel space. In addition, the Euro 2024 released 132 official digital collections for Chinese fans for the first time, including digital blind boxes, SSR cards and other trendy gameplay. Fans can use their World points to obtain some free digital collections to express their football feelings.

Project News

Coinbase International will launch BOME and NOT perpetual contracts

Coinbase International Exchange posted 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 be open at or after 17:30 on June 20, 2024 (GMT+8).

Binance to Support Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) Token Mergers

According to the official announcement, Binance will support the plan to merge Fetch.ai (FET), Ocean Protocol (OCEAN) and SingularityNET (AGIX) into Artificial Superintelligence (ASI). All FET, OCEAN and AGIX tokens will be replaced with ASI tokens in the following ratio:

• 1 FET = 1 ASI；

• 1 OCEAN = 0.433226 breast milk；

• 1 AGIX = 0.433350 ASI。

Binance will stop trading and delist all existing FET, OCEAN and AGIX spot trading pairs at 11:00 (ET8) on July 1, and will open ASI/BNB, ASI/BTC, ASI/BRL, ASI/FDUSD, ASI/TRY, ASI/USDC, ASI/USDT spot trading at 16:00 (ET8) on July 5.

ZK Nation: Spent several days investigating and verifying the airdrop data and found no major issues

ZK Nation said on Twitter that the 2024 airdrop faces great challenges because the millions of robots operated by advanced industrial farms are difficult to distinguish from real users in terms of behavior patterns, which makes traditional activity-based airdrops ineffective in building lasting and sustainable communities. Although ZK Nation's airdrop design has shortcomings, they believe that the trade-offs made are reasonable. This airdrop will benefit hundreds of thousands of people and bring life-changing opportunities to many people.

ZK Nation also admitted that some people were not satisfied with the amount of the airdrop. To this end, they spent several days investigating and verifying the data and found no major problems, but also admitted that the communication on the details of the airdrop design was not clear enough. To address these issues, they have developed a series of FAQs to respond to community questions and will continue to improve the feedback mechanism to answer all questions in a transparent manner. The official claiming of the airdrop will begin on June 17.

Zapper announces Zapper Protocol, powered by 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 read and interpret on-chain information. Zapper hopes to improve the on-chain literacy of global users through this protocol so that everyone can understand the true potential of Ethereum. The protocol will be run through the $ZAP token and is scheduled to be released in the fourth quarter of 2024.

The first phase of Zapper Protocol will allow anyone to contribute to making the blockchain more readable. Users can add new DeFi protocol integrations through index templates or convert complex on-chain transactions into human-readable outputs through event interpreters.

Tabi Chain announces TABI token economics: 8% airdrops, 40% mining

Tabi Chain, the EVM-compatible gaming blockchain on Cosmos, announced the TABI token economics on the X platform. The total supply of TABI tokens is 10 billion, and the distribution ratio is as follows: mining 40%, airdrop 8%, team 14%, investors 14%, ecosystem 15%, public sale 4%, marketing and consultants 5%.

BNB Chain and Binance Labs Partner to Launch BNB Incubation Alliance to Foster Early-Stage Blockchain Innovation

BNB Chain announced in an official blog that BNB Chain and Binance Labs have launched the BNB Incubation Alliance (BIA) to promote early blockchain innovation by collaborating with other venture capital firms and incubators. The incubator aims to support and accelerate the development of early blockchain projects through a series of global activities. A highlight of the program is that winning projects have the opportunity to quickly enter the prestigious "Most Valuable Builder" (MVB) program, receive BNB Chain funding, receive Launch-as-a-Service (LaaS) packages, and potential Binance Labs investment opportunities.

Manta Foundation Launches $50 Million Ecosystem Fund, Now Open for Applications

The Manta Foundation announced the official launch of the Manta Foundation Ecosystem Fund, a $50 million fund pool that includes direct investments and funding programs for the ecosystem. Applications are now open. Of this, $35 million will be used to directly invest in projects on the Manta Network; $10 million will be used to fund DeFi, AI, ZK, games, Memecoin and other fields; and $5 million will be used to host hackathons and events to develop the Manta community. The $50 million grant comes directly from the Foundation's treasury.

NEAR Foundation Establishes Nuffle Labs and Receives $13 Million in Funding

According to CoinDesk, the NEAR Foundation has established Nuffle Labs and received $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 promote the development and decentralization of the NEAR ecosystem. Nuffle Labs will use NEAR's products to provide data availability and fast final layers.

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, and all of his nine-digit ($140 million) loan positions in five protocols were liquidated.

Michael Egorov's two accounts had a total of more than $1 million in bad debt on Curve's Llamalend, which he liquidated after receiving 6 million USDT from NFT whale Christian in the past hour.

Curve founder said: We are solving the liquidation risk problem, have repaid 93% of bad debts and will repay the rest

Coinbase has launched Pirate Nation (PIRATE)

Coinbase Assets tweeted that Coinbase will add support for Pirate Nation (PIRATE) on the Ethereum network (ERC-20 token). Do not send this asset through other networks, otherwise your funds may be at risk of loss. Pirate Nation (PIRATE) is now available 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 will offer a $5 million bounty to the first person to find the hacker

According to The Block, after the UwU Lend attacker failed to return the funds, the protocol is taking another step to find the hacker. According to the Input Data Message (IDM) on Ethereum, UwU Lend will offer a $5 million ETH bounty to the "first person to identify and find" the hacker, adding that "no funds or fees are required to be recovered." Previously, the protocol had left a message to the hacker, saying that he only needed to return 80% of the funds and the remaining 20% ​​could be kept by himself. The protocol will not pursue the matter further and will not involve law enforcement agencies in the matter. The hacker must return the funds before 1 pm EST on Wednesday. But in a message sent to the hacker on Thursday, UwU Lend said that "the deadline for returning the stolen funds has expired."

Holograph: The operating contract was attacked maliciously, the initial vulnerability has been patched and law enforcement is in contact

Holograph, a full-chain NFT protocol, tweeted that the operating contract was maliciously attacked and hackers exploited the 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 launched an investigation and is in contact with law enforcement. The incident caused the price of HLG, the native token of the Holograph protocol, to plummet by more than 60%. On-chain data shows that the ENS wallet acc01ade.eth was involved in the attack. The Github page shows that they are also contributors to the project.

Paradigm has raised $850 million for its third fund, focusing on early-stage crypto projects

Nostra announces airdrop criteria and snapshot details, and will airdrop 1 million NSTR to active Discord members

Starknet ecosystem DeFi protocol Nostra announced the criteria and snapshot details for the first airdrop. The snapshot of the first season of the Nostra Points Program coincides with the end time of the NSTR token liquidity launch auction (LBP), which is 22:00 on June 13 (Beijing time). The total amount of this airdrop is 10 million NSTR (10% of the total supply), which will be distributed to 217,789 participants in the first season of the points program. In addition, 1 million NSTR (1% of the total supply) will be rewarded to active Discord members, of which 500,000 will be evenly distributed to 308 users who have submitted wallets, and the remaining 500,000 will be linearly rewarded based on the number of messages sent.

Nostra Season 2 is scheduled to start at 22:00 on June 13 and is expected to last at least 6 months. The final date, allocation and criteria will be decided through governance in the coming months. At the same time, Nostra will officially launch the airdrop claim portal on June 17, through which users can claim their airdrop rewards.

Upbit to List Ondo Finance (ONDO)

South Korean cryptocurrency exchange Upbit has announced support for new trading pairs for Ondo Finance (ONDO), now available in Korean Won (KRW), Bitcoin (BTC), and USDT markets. ONDO is an Ethereum-based RWA (Real World Asset) project, and its deposit and withdrawal functions will be available within three hours of the announcement.

Orderly Network is now live on Ethereum mainnet and is allocating 10% of ORDER tokens to early adopters

Orderly Network, a DeFi protocol based on Near, has officially launched on the Ethereum mainnet. Users can now trade directly from the base layer for a more seamless experience. In addition, decentralized exchanges (DEX) on the Ethereum mainnet are now able to offer perpetual contract transactions supported by Orderly Network.

In addition, Orderly Network also announced that it will distribute 10% of $ORDER tokens to early users, totaling 100 million. This airdrop is for traders in the NEAR ecosystem, and users need to bind their wallets before June 27 to receive tokens.

Orderly is a full-chain derivatives liquidity layer project that aims to integrate full-chain derivatives liquidity and provide liquidity and settlement support for any asset, any public chain, and any product interface.

zkSync Chinese Community: Disappointed with the leadership of Matter Labs, will write a long article to publicly disclose all the truths we know

A user named zkSync Chinese Community posted a message saying, “Today, we are disappointed with 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 long article to detail all our experiences and publicly disclose all the truths we know, including specific evidence. This is not a threat. If no one speaks up, Matter Labs' uncompromising principles will destroy zksync. Of course, you can think that I fell out with Matter Labs because of interests, but that is not true. Matter Labs gave me the highest personal standards, but the zkSync Chinese community is not for one person. I refuse to accept it.”

Financing News

Crypto exchange BITAI announces completion of $20 million seed round, with participation from Jump Crypto and others

Web3 AI smart crypto exchange BITAI announced on X platform that it has completed a $20 million seed round of financing, led by Firat Round, with participation from Jump Crypto and Dragonfly. All funds raised will be used to promote the development of BITAI exchange. BITAI said it is committed to providing digital financial trading solutions based on Web3.0 and has obtained the US MSB cryptocurrency trading license certification.

Important data

JPMorgan Chase: Cryptocurrency market net inflows reach $12 billion so far this year

According to CoinDesk, JPMorgan Chase (JPM) released a research report on Wednesday, pointing out that digital assets have achieved a net inflow of $12 billion so far this year, and if the current speed is maintained, it is expected to increase to $26 billion by the end of the year. Among them, the spot Bitcoin ETF has become the main attraction, absorbing a net inflow of $16 billion. Combined with the inflow of Chicago Mercantile Exchange (CME) futures and the fundraising of crypto venture capital funds, the total inflow of the digital asset market this year has reached $25 billion.

20,000 BTC options and 200,000 ETH options are about to expire, with a total notional value of $2.06 billion

Greeks.live macro researcher Adam posted on the X platform that 20,000 BTC options expired, the Put Call Ratio was 0.49, the maximum pain point was $68,500, and the notional value was $1.35 billion. 200,000 ETH options expired, the Put Call Ratio was 0.36, the maximum pain point was $3,600, and the notional value was $710 million.

Bitcoin spot ETF had a total net outflow of US$226 million yesterday, and the ETF net asset ratio reached 4.45%

According to SoSoValue data, yesterday (June 13, Eastern Time), the total net outflow of Bitcoin spot ETFs was US$226 million. Yesterday, the Grayscale ETF GBTC had a single-day net outflow of US$61.5328 million, and the current historical net outflow of GBTC is US$18.155 billion.

The Bitcoin spot ETF with the largest daily net inflow yesterday was BlackRock's IBIT ETF, with a daily net inflow of $18.2273 million. Currently, IBIT's total historical net inflow has reached $17.64 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $58.535 billion, and the ETF net asset ratio (market value to Bitcoin's total market value) is 4.45%, with a historical cumulative net inflow of $15.296 billion.

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