Headlines

OpenAI releases its latest flagship model GPT-4o, ChatGPT enters a new stage of human-computer interaction

OpenAI released its latest flagship model GPT-4o, which can infer audio, vision and text in real time. The main concept is an anthropomorphic, supernatural, ultra-low-latency personal voice interactive assistant. According to information on the official website of OpenAI and the official account of the and supports generating any combination of text, audio, and image output. It can respond to audio input in 232 milliseconds, with an average of 320 milliseconds, similar to human reaction times in conversation. In English and code, it has comparable performance to GPT-4 Turbo, with significant improvements on non-English language text, while the API is faster and 50% cheaper. GPT-4o performs particularly well in visual and audio understanding compared to existing models. Text and image input are rolling out to the API and ChatGPT today, with voice and video input coming in the coming weeks.

The initiator of the GameStop retail investor group incident tweeted again 3 years later, and the related meme coins soared

Roaring Kitty, a user of the X platform who once called on retail investors to buy GameStop stocks and fight against financial institutions' short positions in the WallStreet Bets community, updated the X status again after three years. Influenced by this news, its related meme token $KITTY rose more than 74 times in 24 hours, with a current market value of approximately US$10 million and a 24-hour trading volume of more than US$15 million. In addition, the token $GME with the same name as the GameStop stock code recorded a 496.2% increase, and its current market value is approximately US$20 million.

GameStop has triggered six circuit breakers in the U.S. stock market today

The video game retailer GameStop's stock price soared more than 40% in pre-market trading today, mainly because the social media personality Roaring Kitty returned to the X platform after a three-year absence. GameStop's US stock continued to rise after the opening. As of the evening of May 13, it had triggered circuit breakers six times, and the stock price increase narrowed to 63.29%. The increase in the early trading once exceeded 110%. Since May, the troubled GameStop's stock price has soared more than 57%, but it is still far from its peak in 2021. Roaring Kitty is known as the "leader" of American retail investors and once promoted retail investors to "fight" Wall Street in 2021. By constantly posting orders and making comments and predictions, it has promoted retail investors' enthusiasm for GameStop, attracted a large amount of funds to flow into GameStop, and ultimately defeated the short-selling hedge funds.

ETH/BTC exchange rate fell to 0.047, a new low in more than three years

OKX market data shows that the ETH/BTC exchange rate fell to 0.047, hitting a new low since April 2021; it is temporarily reported at 0.04703, with a 24-hour drop of 1.82%.

Industry News

Appeals court rules Coinbase can't force SEC to enact new crypto rules

The U.S. Court of Appeals for the Third Circuit supported the SEC's rejection of Coinbase's request that the agency develop a new regulatory regime for the cryptocurrency industry. The appeals court agreed with the SEC's decision that it was unreasonable to call existing digital asset regulation "unenforceable" and denied the need for a completely new regime because "the SEC reasonably requested and referred to several proposed regulations designed to address issues regarding the application of existing frameworks to crypto asset securities." (Itscryptobasic) Last week, the U.S. SEC said that Coinbase's appeal of its case with the regulator should be rejected. Last month, Coinbase filed an interlocutory appeal after a judge's decision allowed the lawsuit involving the SEC and the platform to proceed without being dismissed. In the appeal, Coinbase claimed a disagreement around the Howey test, a 1946 U.S. Supreme Court case often cited by the SEC to determine whether an asset meets the criteria of an investment contract and is therefore a security. The SEC refuted on Friday, saying that "there is no substantial disagreement."

SlowMist: Last week, the Web3 sector lost more than $2.794 million due to security incidents

According to the weekly security report released by SlowMist, the total loss in the Web3 field last week exceeded $2.794 million, including: 1. Tsuru lost $410,000 due to a contract vulnerability; 2. Galaxy Fox lost $300,000 due to a contract vulnerability; 3. NEAR Protocol X account was hacked but no loss was caused; 4. Bloom lost $540,000 due to a contract vulnerability (almost recovered); 5. GPU lost $32,000 due to a contract logic defect; 6. GNUS lost $1.27 million due to a security vulnerability; 7. OSN lost $110,000 due to a contract vulnerability; 8. Perpy Finance lost $132,000 due to a contract vulnerability. Note: This statistics does not include 1,155 WBTC-related phishing incidents.

ZachXBT: Cryptocurrency exchange Rain was suspected of being attacked in late April and lost $14.8 million

According to on-chain detective ZachXBT, the cryptocurrency exchange Rain appears to have lost $14.8 million in an attack on April 29, 2024, after suspicious outflows from BTC, ETH, SOL, and XRP wallets. The funds were quickly transferred to instant exchanges and converted into BTC and ETH. So far, Rain has not made any statement on the incident.

Project News

Binance leverage, financial management, one-click coin purchase, flash exchange, contract launch BounceBit (BB)

According to the official announcement, Binance Finance, One-Click Coin Buying and Flash Exchange trading platforms have launched the new asset BounceBit (BB). In addition, Binance will launch BB on the leverage, contract and fixed investment platforms at 20:30 (ET8) on May 13, 2024, 20:30 (ET8) on May 13, 2024, and 18:00 (ET8) on May 15, 2024.

io.net founder: The final snapshot of the first quarter rewards will be taken before 8:00 on May 16

Ahmad Shadid, founder and CEO of io.net, posted on the X platform that the team has been asked to re-enable Solana wallet submissions through IO Worker before 08:00 on May 16, when a final snapshot of the first season reward wallet will be taken. If you ran Worker during the first season, please enter the wallet address before the deadline to view and claim the rewards. Users who do not have a Solana wallet associated with an IO Cloud account will not see IO Worker points because a valid Solana address is required to receive rewards. Although these accounts have calculated points, they will not be displayed without a valid wallet address.

After @TheRoaringKitty released an X-Men-related video, multiple Wolverine-related meme coins were minted

After @TheRoaringKitty (Keith Gill), who had promoted retail investors to "fight" Wall Street to support GameStop in 2021, posted a video of an X-Men character on the X platform, Wolverine-related Meme coins poured into multiple blockchains and were minted. It is reported that more than 30 new tokens have been launched on Pump.fun, and other tokens have also been released on Ethereum and Solana chains. (CoinDesk)

Holograph opens first round of HLG reward queries, plans to allocate 5% of total supply

Holograph, a full-chain NFT protocol, announced the opening of the first round of HLG reward inquiries on the X platform. The first round of HLG will be distributed to participants who have obtained more than 250 XP by performing specific on-chain operations on the Holograph App, including deploying NFT series, minting single NFTs, minting open version NFTs, and bridging NFTs, with a distribution ratio of 5% of the total supply (500 million). According to the HLG token economics announced by Holograph, its maximum supply is 10 billion, with an initial circulation of 15.25%. 25% of the total supply is allocated to the ecosystem, and the rest is allocated to the core development team (23.4%), strategic partners (21.18%), foundation treasury (15%), community and Launch (10%), and consultants (5.42%).

dYdX founder Antonio Juliano announces he will step down as CEO

Antonio Juliano, founder of dYdX, announced in an official blog that he will step down as CEO of dYdX Trading Inc. and become chairman and president. Ivo Crnkovic-Rubsamen, the company's operating partner, will become the new CEO. Antonio Juliano said: "I realized that I don't actually have to run my own company. I am now and will always be the founder of dYdX. When I realized that I didn't need to be the CEO, I worked hard to guide the other leaders of the company on their own leadership journey until one of them was ready to run the company himself. At the beginning of this year, it became clear to me that this person, my long-time friend and company operating partner Ivo Crnkovic-Rubsamen, was ready to take over the company in full.

Character*Voice

Ripple CEO clarifies: Not attacking Tether

In response to Tether CEO Paolo Ardoino’s insinuating post on Platform X, Ripple CEO Brad Garlinghouse responded: “I’m not attacking Tether… The next thing I said in the podcast was that I think Tether is a very important part of the ecosystem, and my view is that the U.S. government has made it clear that they want more control over the issuers of dollar-backed stablecoins, so Tether, as the largest player, is in their sights.

Foreign media: Hong Kong Stock Exchange confirms that virtual asset ETFs are not available in mainland China

Foreign media CoinDesk revealed that it has confirmed with the Hong Kong Stock Exchange (HKEX) that its listed virtual asset ETF is not available in mainland China. Earlier, it was reported that Han Tongli, CEO of Harvest International, said that as long as everything goes well in the next two years, he would not rule out applying to include spot virtual asset ETFs in the Shanghai-Hong Kong Stock Connect program. (CoinDesk)

Binance Research: The Fed's delay in cutting interest rates is still beneficial to growth assets such as cryptocurrencies

Binance Research released a new analysis report saying: 1. If the Fed postpones cutting interest rates because economic growth is still strong, and inflation just takes some time to fall back to 2%, then the overall background is still favorable for growth assets such as cryptocurrencies. 2. If economic growth continues to slow, inflation accelerates, and wage growth rises, the Fed may even need to consider raising interest rates, which could have a negative impact on growth assets such as cryptocurrencies. So far this year, the cryptocurrency market is still up 38% overall, indicating that it may not be all doom and gloom.

Investment and Financing

Baby Shark Universe completes seed round financing with a valuation of US$34 million, with participation from Animoca Brands and others

The metaverse project Baby Shark Universe announced that it has completed its seed round of financing with a valuation of US$34 million. Animoca Brands, CREDIT SCEND, Sui Foundation, Comma 3 Ventures, Creditcoin, GM Ventures, Neuler, Notch Ventures, X+ and Planetarium participated in the investment. The specific amount has not been disclosed yet. The new funds will be used for development and marketing in the global market.

Web3 AI platform ChainML completes $6.2 million in seed round extension financing, led by Hack VC

Web3 AI platform ChainML announced the completion of a $6.2 million seed round of extended financing, led by Hack VC, with participation from Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures and Alumni Ventures. The platform also announced the launch of its proxy base layer Theoriq. (TheBlock)

Zest Protocol Completes $3.5 Million Seed Round Led by Tim Draper

Bitcoin lending protocol Zest Protocol has completed a $3.5 million seed round of financing, led by Tim Draper, with participation from Binance Labs, Flow Traders, Trust Machines, etc. It is reported that the protocol uses the Nakamoto upgrade of Bitcoin's layer 2 stack and the bridge asset sBTC (pegged to Bitcoin 1:1) to create a lending service that is completely native to the Bitcoin network. (coindesk)