The US SEC rejected Ripple's request to reduce the fine, saying its settlement with Terraform Labs is not comparable
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) criticized Ripple Labs' latest argument for a lower fine and insisted on its proposed total fine of nearly $2 billion. This includes $198.2 million in prejudgment interest, $876.3 million in civil penalties, and another $876.3 million in restitution. Last month, Ripple attempted to seal some financial information, but was opposed by the SEC, which believed that the company should disclose its revenue from XRP. Last week, Ripple filed a request with New York District Court Judge Analisa Torres for a fine of "no more than $10 million," far less than the $876.3 million civil penalty proposed by the SEC. Ripple cited the SEC's settlement agreement with Terraform Labs as a basis. However, the SEC emphasized in its response that its settlement with Terraform was based on the company's bankruptcy, agreement to refund and dismissal of relevant persons in charge, and Ripple did not take similar measures. The SEC said that Ripple's fine should be calculated based on its gross profit from violations, not total sales. If Terraform's penalty ratio (close to 12%) is applied to Ripple, its penalty should be $102.6 million. The SEC believes that such a low penalty does not meet the purpose of the civil penalty statute. The two parties have been fighting in court since the SEC accused Ripple of selling unregistered securities in 2020. Judge Torres has confirmed Ripple's illegal behavior, but only when it was sold to institutional investors. Currently, the legal battle between the two parties continues.
Binance to List ZKsync (ZK) and Launch ZK Token Distribution Plan
According to the official announcement, Binance will launch ZKsync (ZK) at 16:00 on June 17th, Beijing time, and open ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY spot trading pairs. Users can now start depositing ZK in preparation for trading. Withdrawals will be open at 16:00 on June 18th, Beijing time. Seed tags will be applied to ZK.
Regarding the ZK token distribution plan, Binance will provide 10,500,000 ZK tokens to up to 52,500 Binance users who meet all of the following conditions: 1. The user initiated at least 50 transactions on ZKSync Era between February 2023 and March 2024 (a total of 14 months) (where the user is the "sender" address in the transaction). 2. Transactions were made in 7 different months (between February 2023 and March 2024), excluding self-transfers. 3. The receiving address is not eligible for ZK tokens for the ZK Nation official airdrop program. 4. The receiving address is not a contract/CEX/bridge address.
Solana Sandwich Robot "arsc" Earned Nearly $30 Million in 2 Months through MEV Arbitrage
According to Cointelegraph, the MEV sandwich bot known as "arsc" has stolen about $30 million from Solana users through MEV attacks in the past two months. The MEV sandwich attack is when the attacker "sandwiches" the victim's transaction between two of their own transactions to manipulate prices and profit from users. They buy the victim's tokens at a price below market value and then sell them in the same block to make a profit. Ben Coverston, founder of cryptocurrency company MRGN Research, said on the X platform on June 15 that the "arsc" bot has tried hard to avoid attention while profiting from Solana network users.
It is reported that one of the main wallet addresses used by the "arsc" robot is "9973h...zyWp6", which is said to be mainly used for cold storage and is relatively inactive. According to data from Solana's browser SolanaFM, the wallet holds more than $19 million in funds, including $17 million worth of SOL tokens and $1.1 million worth of USDC, as well as a small number of other tokens. In addition, Coverston also identified another wallet address "Ai4zq...VXKKT" that is active in decentralized financial activities. The wallet is gradually converting SOL to USDC and holds a large position in Kamino and various LSTs. The wallet currently holds more than $9.9 million, most of which are non-SOL tokens. It is worth noting that Coverston believes that "BCbrp...vi58q" is the "main SOL storage address" of "arsc" because it uses dozens of different signers and prompters to perform sandwich attacks. The three wallets hold a total of approximately $29.8 million.
MEV sandwich trading bots use smart algorithms to find and exploit profit opportunities, and this activity is also common on Ethereum. According to MEVBlocker data, as of April 2023, more than $1.38 billion has been wiped out from Ethereum users.
Notcoin: Airdrop claim has ended, NOT token holders have reached 11.5 million
Telegram game project Notcoin announced on the X platform that the airdrop claim has ended. Most of the airdropped tokens have been distributed, and unclaimed tokens will be invested in future development, and some will be destroyed. So far, Notcoin has 11.5 million holders. In addition, there will be additional rewards for players who pledge to Gold and Platinum levels.
Report: Ethereum Pectra upgrade will bring multiple risks, including concerns about client, operator and cloud diversity
According to Cointelegraph, as Ethereum is about to undergo the Pectra upgrade in early 2025, Liquid Collective and Obol have released a new research report revealing multiple risks associated with this upgrade. The report emphasizes the importance of client, operator and cloud diversity, while also expressing concerns about the limited adoption of distributed validator technology (DVT). Matt Leisinger, chief product officer of Alluvial, a software development company that supports Liquid Collective, said that addressing the risks associated with Ethereum staking and protocol-level penalties has become a top priority. This Ethereum-related risk research report by Obol and Liquid Collective has attracted widespread attention, and although the media has tried to contact the Ethereum Foundation, it has not yet received a response. The report specifically points out that potential errors in mainstream clients could trigger severe slashing penalties and network instability. In terms of staking, operator diversity is critical to maintaining network health and preventing single points of failure. Leisinger emphasized that stakers and service providers must rigorously evaluate relevance, diversity, and risk mitigation measures to address potential risks. In addition, the report discusses cloud diversity issues, calling for widely distributed validators and cloud providers to improve system resilience. DVT technology is seen as an important means to reduce related risks and enhance the resilience of validators. Leisinger further noted that for long-term resilience and institutional adoption, staking configurations should prioritize diversity among node operators and validators. The upcoming Ethereum Pectra upgrade combines the Prague and Electra upgrades to improve the network execution and consensus layers. The upgrade is expected to go live in the first quarter of 2025 and will include Ethereum Improvement Proposal (EIP)-7251. According to the report, "The Pectra upgrade will allow staking providers to consolidate their stakes into fewer validators by increasing the maximum valid balance to 2,048 ETH." The change in staking limits will reduce the number of validators required and reduce pressure on Ethereum's communication layer.
ZK Nation: The meetup never formally organized or endorsed the collection of wallet addresses, nor did it make any promises of future rewards.
A Chinese user said, "There was a Shanghai meeting hosted by the zkSync Chinese Community (@CNzksync). Many people came to the meeting. After the meeting, there was a session to collect addresses. The purpose of collecting addresses was to provide airdrop certificates for future airdrops." In response, ZK Nation said, "Meetups are common community building activities aimed at discussing the latest technical advances in the protocol. Some third parties around the world have received funding to organize meetups for educational purposes. These events are one-off and are not officially recognized or organized by ZKsync. We would like to make it clear that the collection of wallet addresses or lists has never been officially organized or recognized during these meetups, nor has any promise or guarantee of future rewards been made to any attendees. ZKsync always strictly avoids such practices to ensure fairness and integrity."
The total amount of financing in the crypto industry has exceeded $100 billion in the past ten years
According to Cointelegraph, crypto startups have raised more than $100 billion since the end of May 2014. Despite the ups and downs brought by regulatory uncertainty and market volatility, the industry's financing has increased both on and off limits in the past four years. According to DefiLlama data, as of June 16, 2024, the total amount of funding raised in the cryptocurrency industry reached $101.35 billion. Back in May 2014, industry startups raised only $17.14 million in their first month. Ten years later, in May 2024, the monthly amount of funding increased to $280.25 million, which is higher than ten years ago, but far lower than the $777.11 million in the previous month. In October 2021, cryptocurrency startups raised a historical peak of more than $7 billion, with the second peak being $3.67 billion in February 2022. Research shows that nearly half of cryptocurrency funds come from American investors, with the United Kingdom and Singapore ranking second and third. Recently, companies such as Together.AI, Wormhole, Totter, Eigenlayer, Swan Bitcoin and Blockchain.com have all received high amounts of financing.
Data: Tokens worth more than $88 million will be unlocked next week, of which about $44 million will be unlocked by ID
According to Token Unlocks data, ID, PIXEL, APE and other tokens will be unlocked at once next week, with a total release value of over 88 million US dollars. Among them:
ApeCoin (APE) will unlock about 15.6 million tokens at 8:00 am Beijing time on June 17, accounting for 2.48% of the current circulation, with a value of about US$15.8 million;
Nym (NYM) will unlock approximately 2.96 million tokens at 8:00 am Beijing time on June 17, accounting for 0.37% of the current circulation and worth approximately US$400,000.
Manta Network (MANTA) will unlock approximately 6.67 million tokens at 5:30 pm Beijing time on June 18, accounting for 2.05% of the current circulation, with a value of approximately US$8.3 million;
Pixels (PIXEL) will unlock approximately 54.38 million tokens at 6:00 pm Beijing time on June 19, accounting for 7.05% of the current circulation and worth approximately US$20 million;
SPACE ID (ID) will unlock approximately 78.49 million tokens at 8:00 a.m. Beijing time on June 22, accounting for 18.23% of the current circulation and worth approximately US$44 million.
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