Compiled by: Fairy, ChainCatcher

 

Important Information:

  • Terraform Labs agrees to pay $4.47 billion in SEC case

  • Terraform Labs plans to dissolve its business

  • The Fed kept interest rates unchanged, in line with market expectations

  • Data: Nasdaq and S&P 500 both hit record highs

  • Sources familiar with the matter: Biden campaign is discussing with industry insiders about accepting cryptocurrency donations through Coinbase Commerce

  • MicroStrategy plans to privately issue $500 million in convertible senior notes MSTR, with net proceeds to be used to acquire additional Bitcoin, etc.

  • Coinbase founder: has met with more than a dozen lawmakers to discuss establishing clear rules for the crypto industry

  • Data: Coinbase outflow of more than $1 billion ETH yesterday, setting a record for the highest single-day outflow this year

  • Curve founder’s $140 million CRV loan position has been liquidated

“What important events have occurred in the past 24 hours?”

Terraform Labs agrees to pay $4.47 billion in SEC case

According to market news, the U.S. Securities and Exchange Commission said that Terraform Labs agreed to pay US$4.47 billion in its case with the SEC.

Terraform Labs plans to dissolve its business

Chris Amani, CEO of Terraform Labs, the developer of the Terra blockchain, has asked the community to take over the project as the company plans to dissolve its operations. According to Amani, the company plans to sell its projects in the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise DAO. The company will make a community proposal to destroy all unvested Luna tokens.

Amani said the Terra and Terra Classic blockchains can continue to operate under community control, suggesting a community-led governance model.

The Fed kept interest rates unchanged, in line with market expectations

The Federal Reserve kept its benchmark interest rate unchanged at 5.25%-5.50% for the seventh consecutive time, in line with market expectations.

Data: Fed dot plot shows 25 basis point rate cut in 2024

According to Jinshi News, the Fed's dot plot shows that the interest rate will be cut by 25 basis points in 2024 (the rate cut was expected to be 75 basis points in March). In addition, the dot plot suggests that there will be four rate cuts in 2025 (three rate cuts were expected in March). The dot plot shows that among the 19 officials, four officials believe that there should be no rate cut in 2024, seven officials believe that there will be one rate cut, and eight officials believe that there will be two rate cuts. The Fed expects that it will be inappropriate to cut interest rates before having greater confidence that inflation will continue to move towards 2%.

Curve founder’s $140 million CRV loan position has been liquidated

Arkham posted that the price of CRV fell below the liquidation price of Curve founder Michael Egorov, and all of his 9-digit loan positions in 5 protocols were liquidated. Michael Egorov's two accounts generated 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.

Data: Nasdaq and S&P 500 both hit record highs

The Fed kept interest rates unchanged for the seventh time in a row, and Powell said it was not yet time to announce a rate cut date. The three major U.S. stock indexes closed mixed, with the Nasdaq up 1.53%, the S&P 500 up 0.85%, and the Dow down 0.09%. Among them, the Nasdaq and the S&P 500 continued to hit record highs. Most large technology stocks rose, with Tesla and Nvidia up more than 3%, and Apple up more than 2%, setting new highs. It once rose more than 6% during the session, and its total market value exceeded Microsoft; Microsoft rose more than 1%, Netflix, Google, and Meta rose slightly; Amazon and Intel fell slightly.

People familiar with the matter: Biden campaign is discussing with industry insiders to accept cryptocurrency donations through Coinbase Commerce

According to The Block, citing people familiar with the matter, US President Biden's campaign team is discussing with cryptocurrency industry insiders to accept cryptocurrency donations through Coinbase Commerce. Coinbase Commerce allows merchants to accept dozens of cryptocurrency payments. Just a few weeks ago, Trump began accepting cryptocurrency donations through Coinbase Commerce. It is reported that Biden's campaign team has begun to increase its engagement with the crypto community in recent weeks, shortly after Trump attracted attention for taking a pro-cryptocurrency stance.

People in Biden’s inner circle specifically told the Biden team that they risked losing the election if they remained silent on cryptocurrency, according to a person familiar with the matter, who stressed that talks about the Biden camp accepting cryptocurrency donations were still “exploratory.”

Web3 AI Smart Crypto Exchange BITAI Completes $20 Million Seed Round of Financing, Led by Firat Round

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.

MicroStrategy plans to privately issue $500 million in convertible senior notes MSTR, with net proceeds to be used to acquire additional Bitcoin, etc.

MicroStrategy announced that it plans to privately issue $500 million in convertible senior notes MSTR. These notes will be MicroStrategy's unsecured senior debt and will pay interest semi-annually on June 15 and December 15 of each year, starting on December 15, 2024. MicroStrategy intends to use the net proceeds from the sale of the notes for the acquisition of additional Bitcoin and general corporate purposes.

Coinbase founder: has met with more than a dozen lawmakers to discuss establishing clear rules for the crypto industry

Coinbase founder Brian Armstrong said on social media that in the past 48 hours, he met with more than a dozen Democratic and Republican senators in Washington, DC, to discuss the establishment of clear rules for the cryptocurrency industry and consumer protection for cryptocurrency users. With the passage of the FIT21 bill in the House of Representatives, both parties in the Senate now have a strong motivation to complete the work. Brian Armstrong said that he was pleased to see that the voices of cryptocurrency voters were having an impact on legislation.

Data: Bitcoin spot ETF had a total net inflow of US$101 million yesterday, and the ETF net asset ratio reached 4.47%

According to SoSoValue data, yesterday (June 12, Eastern Time), the total net inflow of Bitcoin spot ETFs was $101 million. Yesterday, the Grayscale ETF GBTC had a net outflow of $0.00 per day, and the current historical net outflow of GBTC is $18.093 billion. The Bitcoin spot ETF with the largest net inflow on a single day yesterday was the Fidelity ETF FBTC, with a net inflow of $50.623 million per day, and the current total net inflow of FBTC is $9.61 billion. The second is the BlackRock ETF IBIT, with a net inflow of $15.5789 million per day, and the current total net inflow of IBIT is $17.621 billion.

As of press time, the total net asset value of the Bitcoin spot ETF was US$60.009 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$15.522 billion.

OKX Star: OKX has upgraded the reset security item to the new generation of AI face recognition

OKX Star said on the social platform: "OKX has upgraded the reset security item to a new generation of AI face recognition detection. At the same time, for all reset security item requests for accounts with balances greater than a certain limit, double manual review is introduced to ensure that this type of AI face-changing attack will not happen again. For several customers who forged the verification procedures to obtain user information, we have implemented customer account monitoring to ensure asset security."

Data: Coinbase outflow of more than $1 billion ETH yesterday, setting a record for the highest single-day outflow this year

According to CryptoPotato, more than 336,000 ETH flowed out of Coinbase yesterday, setting a record for the highest single-day outflow this year, with a value of more than $1 billion. This is also the fifth time in 2024 that the exchange has outflowed more than 150,000 ETH in a single day. The specific information of this large-scale fund transfer is still unclear.

CryptoQuant analysis points out that the size of these transactions ranges from $400 million to $1.1 billion, which indicates that they are unlikely to be driven by individual investors, but rather by whales or unidentified institutions. If these withdrawals are not internal movements of the exchange, then this may indicate a very positive long-term outlook for Ethereum. It is worth mentioning that CryptoQuant analysts also pointed out similar activities on Coinbase before the Bitcoin spot ETF began trading.

Ethereum core developer: Curve founder did not suffer "loss" due to CRV liquidation

Ethereum core developer eric.eth posted on the social platform that the founder of Curve did not suffer any "loss" due to the liquidation of CRV. He earned $100 million from a CRV position worth $140 million, and selling it on the market would result in a similar price and cause dissatisfaction in the community.

Taiwan establishes cryptocurrency industry association, with 24 cryptocurrency companies joining

According to The Block, Taiwan officially established the Cryptocurrency Industry Association today. According to a statement released by the organization on Thursday, a total of 24 cryptocurrency companies have joined the Taiwan Virtual Asset Service Providers Association. These companies have registered as anti-money laundering compliance companies with the Financial Supervisory Commission.

The association will be chaired by Titan Cheng, founder and CEO of BitoPro, one of Taiwan’s major exchanges. Winston Hsiao, co-founder and chief revenue officer of XREX, will serve as vice chairman of the association.

"What are the interesting articles worth reading in the past 24 hours?"

ZKsync is willful, airdrops enter an era of no rules

The way of interaction between project owners and communities, which the crypto community once prided itself on, is facing a crisis.

Interaction, on-chain contribution, and airdrops were once the characteristics of the crypto community.

After numerous airdrop rules, ZKsync struck a blow to this traditional way of interaction that balances trust with a statement that "all decisions related to airdrop allocation are made at the sole discretion of the ZKsync Association."

Previously, when facing questions about “airdrops”, Taiko’s co-founder also claimed: “The rules are not transparent because transparency cannot resolve differences.”

Star project owners seem to increasingly regard airdrops as a power to allocate resources - something they can use arrogantly without bearing the consequences, rather than a mutual fulfillment between community users and project owners.

We are worried that the spirit of decentralization, transparency and fairness in crypto is fading away.

The founder was finally liquidated, is Curve's flywheel completely bankrupt?

Amid the general decline in cryptocurrency prices, CRV was unexpectedly the worst hit.

This morning, Arkham published a post stating that Curve founder Michael Egorov currently has lent out $95.7 million in stablecoins (mainly crvUSD) on 5 accounts in 5 protocols with $140 million in CRV as collateral. Among them, Michael has $50 million in crvUSD borrowed on Llamalend, and Egorov's 3 accounts have accounted for more than 90% of the crvUSD borrowed on the protocol.

Arkham pointed out that if the price of CRV fell by about 10%, these positions might start to be liquidated. Subsequently, the decline of CRV continued to expand, once falling below $0.26, reaching a new historical low, and the CRV loan positions on Michael's multiple addresses gradually fell below the liquidation threshold.

How much money can Chinese employees laid off by Bybit get?

Last week, Bybit carried out a comprehensive strategic adjustment plan and made new progress in opening up Chinese user registration. According to Wu Shuo, Bybit plans to relocate its employees to Malaysia and Dubai, and is considering closing domestic offices in Shanghai, Shenzhen, etc. The main reason is that after opening up Chinese user registration, domestic employees will bear greater risks (for details, please refer to Honglin Lawyer’s previous article "Release of Bybit registered in mainland China, backstabbing mainland employees"). At present, Bybit’s domestic employees are mainly technical employees, and those who are unwilling to leave may be laid off and compensated. Previously, other exchanges and currency circle institutions have also required all employees to move to overseas collective offices, otherwise they will be laid off.

The news is short, but contains a lot of information. There are at least two points: 1. As a virtual currency exchange, it still has many employees in mainland China; 2. It seems that Bybit is determined to enter the Chinese mainland market this time. Once the arrow is shot, there is no turning back. The management is aware of the risks of its strategic shift.

Akash founder questions io.net, sparking a war of words over DePIN

One of the most noteworthy events in recent days is the launch of IO.NET tokens.

From the price changes at the Binance opening to the review of the experience of providing graphics cards to mine IO tokens...it seems that all attention is focused on the asset level of IO.

However, there are also people who disagree.

For example, Greg Osuri, the founder of Akash Network, another decentralized cloud computing project, was a bit restless. While his attention was focused on the changes in IO prices, he went to experience the IO.NET product.

As a result, the experience was a bit unsatisfactory.

Greg then began to point out various product experience issues of IO.NET on Twitter, and he was forced to transform from the founder of another company to the "quality inspector" of IO.NET.