Today's news tips:
1. New York Attorney General opposes DCG and its founder’s motion to dismiss fraud case
2. Bloomberg: Crypto exchange Bakkt is considering selling or splitting
3. Arbitrum approves $225 million ARB game development funding proposal
4. Fantom Foundation: fUSD exchange website and contract are online, and the exchange will last for one week
5. Renzo Lianchuang: It is expected that users will be able to request withdrawals on June 17/18
6. Bitcoin spot ETF had a net inflow of $131 million yesterday, continuing its net inflow for 19 consecutive days
7. An ETH ICO participant address holding 6,000 ETH was activated this morning after lying dormant for 8 or 9 years
Regulatory News
New York Attorney General opposes DCG and its founder’s motion to dismiss fraud case
The New York Attorney General’s Office (NYAG) has filed a motion opposing a motion to dismiss a fraud case filed in March by Digital Currency Group (DCG) and its founder and CEO Barry Silbert and former CEO of DCG’s crypto trading unit Genesis, Soichiro “Michael” Moro. The NYAG alleges that Gemini, Genesis, and DCG conspired to conceal a $1 billion shortfall on Genesis’ balance sheet resulting from the bankruptcy of crypto hedge fund Three Arrows Capital (3AC). The opposition motion reaffirms the office’s assertion that “each of the DCG defendants” (DCG, Silbert, and Moro) was well aware that they were allegedly engaging in fraudulent conduct to make Genesis appear solvent in violation of the Martin Act, New York’s anti-fraud law. The Martin Act broadly prohibits any fraudulent business practice related to the purchase, exchange, promotion, advertising, or sale of any security or commodity.
KuCoin reminds users to pay attention to the fraudulent activities of criminals forging the KuCoin platform disclosed by the Hong Kong Monetary Authority
Recently, KuCoin issued a statement to remind users to pay attention to the fraudulent activities of criminals forging the KuCoin platform disclosed by the Hong Kong Monetary Authority (HKMA). The fake platform claimed to be regulated by the HKMA and issued documents in the name of the HKMA, requiring users to pay fees to retrieve frozen account funds (please refer to the HKMA news for more details). KuCoin reminds users to identify KuCoin's only official website www.kucoin.com. At the same time, KuCoin will not send documents in the name of any country/region's supervision. This is an illegal act and contrary to KuCoin's business values. At the same time, KuCoin calls on users to be vigilant and contact the customer service team in time if any suspicious behavior is found.
Reuters: Trump raises $12 million at San Francisco tech event
According to Reuters, citing sources, Trump raised $12 million at an event held by San Francisco technology venture capitalists, attended by Coinbase executives, Gemini co-founders Cameron Winklevoss and Tyler Winklevoss brothers and other crypto leaders. A source familiar with the fundraising said that the highest ticket price for the party was $500,000 per couple and all tickets were sold out.
Project News
Bloomberg: Crypto exchange Bakkt is considering a sale or spin-off
According to Bloomberg, citing people familiar with the matter, the crypto exchange Bakkt is considering selling or splitting off. Bakkt made the decision with the help of a financial advisor, but no formal decision has been made yet. Bloomberg added that the company may remain independent. According to previous news, Bakkt announced on Thursday that it has established a partnership with the crypto trading execution platform Crossover Markets to launch a crypto-focused electronic communication network BakktX.
Frax Finance founder: The team has regained ownership of the official Twitter account, and the account theft was an internal incident
Frax Finance founder Sam Kazemian tweeted that the team has regained ownership of the official Frax Finance Twitter account. He added that, as far as we know, the incident occurred within Twitter, where a customer service representative bypassed the account's 2FA settings and reset the email to another address entirely on his own. Frax has not been hacked or had any problems with the account. This is purely an internal incident at X, and that's all we know so far, and we'll let you know if we learn more from the investigation. According to previous news, Sam Kazemian tweeted that the Frax official X account has been compromised, and users are asked not to click on any links.
Arbitrum approves $225 million in ARB game development funding proposal
Arbitrum management approved an on-chain vote to allocate 225 million ARB (currently worth about $225 million) to fund game development on Arbitrum. The initiative aims to establish Arbitrum as the leading blockchain in the gaming sector. A vote will be held in the future to elect a council to oversee the initiative. The proposal, called the Game Catalyst Program (GCP), was passed with 76% support from more than 15,000 participating addresses. The program allocates 160 million ARB to attract game developers and 40 million ARB for infrastructure construction. The remaining 25 million ARB will be used for marketing, legal compliance, and operational costs. The funds will be distributed over three years.
Fantom Foundation: fUSD exchange website and contract are now online, and the exchange will last for one week
According to official news, the Fantom Foundation announced that the fUSD exchange website and contract have been launched. Users now have 1 week to exchange USDC.e for fUSD at a ratio of 1:1 to unlock the locked FTM positions. After a week, the official will liquidate all FTM positions with a collateral ratio below 300% and charge a 10% penalty, allowing all locked FTMs to be unlocked.
Aethir: Checker node holders can start nodes on the mainnet starting June 12 and earn 15% of the total supply of ATH in the next four years
Aethir, a decentralized cloud computing infrastructure project, announced that starting from June 12, Aethir Checker node holders can set up and start Checker nodes on the Aethir mainnet and earn 15% of the total ATH supply in the next four years. Active Checker Nodes will receive a 10% Checker Node operator reward, and another 5% of the ATH supply will be reserved for rewards. Aethir will conduct regular quarterly evaluations of all Checker Nodes to determine which nodes are eligible for the 5% reward based on criteria such as uptime and not withdrawing rewards in advance. All Checker nodes will receive full ATH rewards during the Aethir Checker Node Network Onboarding phase between June 12 and June 27, regardless of their total uptime.
Earlier news, the decentralized cloud computing infrastructure project Aethir announced the airdrop details of its token ATH. The total supply of ATH is 42 billion, of which 2.52 billion (6%) have been reserved for airdrop rewards. Aethir's airdrop activities will be divided into three seasons.
Renzo Co-founder: Users are expected to be able to request withdrawals on June 17/18
Lucas Kozinski, co-founder of Renzo, a liquidity re-pledge protocol, said that the team is currently discussing the last few items in order to publish the audit results. It is expected that users will be able to request withdrawals after the EigenLayer custody period ends on June 17/18.
Earlier news, Renzo, a liquidity re-pledge protocol, plans to launch a major upgrade in May to support ezETH withdrawals. Several auditing companies audited the code of the protocol mainnet withdrawal contract. Part of the audit work will be completed in May.
The zkSync project Gemholic is suspected of Rug Pull, and the 921 ETH stuck last year have been transferred
Some community members responded that the zkSync project Gemholic was suspected of Rug Pull, and the messages in the X and TG groups have been deleted. Last year, Gemholic's funds were stuck due to an error in the sales contract. Yesterday, zkSync completed the v24 upgrade to recover the locked funds. Gemholic extracted 921 ETH from the contract and then cross-chained to Ethereum through the Across Protocol.
In April last year, Gemholic, a project on zkSync, raised 921 ETH ($1.7 million) through token sales, but the funds were stuck in the smart contract forever. The transfer() function works for Ethereum and other EVM chains, but not for zkSync.
Important data
An ETH ICO participant address holding 6,000 ETH was activated early this morning after lying dormant for 8.9 years
According to Whale Alert monitoring, at 2:10 am Beijing time today, a pre-mining address (ETH ICO participation address) containing 6,000 ETH (US$21,962,887) was activated after being dormant for 8.9 years.
Bitcoin spot ETF had a net inflow of $131 million yesterday, continuing its net inflow for 19 consecutive days
According to SoSoValue data, yesterday (June 7, Eastern Time), the total net inflow of Bitcoin spot ETFs was $131 million. Yesterday, the Grayscale ETF GBTC had a single-day net outflow of $36.3411 million, and the current historical net outflow of GBTC is $17.933 billion.
The Bitcoin spot ETF with the largest net inflow yesterday was BlackRock's IBIT ETF, with a net inflow of $168 million. Currently, IBIT's total net inflow has reached $17.599 billion. The second largest was Ark Invest and 21Shares' ARKB ETF, with a net inflow of $6.9033 million. Currently, ARKB's total net inflow has reached $2.605 billion.
As of press time, the total net asset value of the Bitcoin spot ETF was US$61.104 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 4.47%, and the historical cumulative net inflow has reached US$15.686 billion.
The whale who built an ETH position seven months ago transferred 7,916 ETH to the exchange, worth $29.27 million
According to @ai_9684xtpa, the whale who built an ETH position seven months ago deposited 7,916 ETH into the Chainup exchange three hours ago, worth $29.27 million, and was suspected of selling to stop profit. From November 2023 to February 2024, the whale bought 10,594 ETH on the chain through 1inch, with an average cost of only $2,553; if all the deposited part is sold this time, it will make a profit of $9.06 million.
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