Today's news tips:
1. Bloomberg ETF analyst: The launch date of Ethereum spot ETF may be advanced to July 2
2. Crypto exchange Gemini reaches a settlement agreement with New York State regulators and will pay $50 million to Gemini Earn investors
3.LayerZero Co-creation: 23.8% of the total supply of ZRO will be allocated to the community and builders
4. Curve founder: Full repayment of $10 million of CRV liquidation bad debts on Curve lending platform
5. Australia’s first Bitcoin ETF will be listed on the ASX
6. Bitcoin L2 Stacks was down for nearly 9 hours yesterday due to Bitcoin reorganization and unexpected miner behavior
7. Bitcoin spot ETF had a total net outflow of US$190 million yesterday, and the ETF net asset ratio reached 4.42%
Regulatory News
Bloomberg ETF Analyst: Ethereum Spot ETF Launch Date May Be Advance to July 2
Bloomberg ETF analyst Eric Balchunas tweeted that the launch date of the Ethereum spot ETF may be brought forward to July 2. I heard that the staff sent a brief comment on the S-1 to the issuer today and asked for a reply within a week. They are likely to announce the effectiveness next week and resolve the matter before the holiday.
Crypto exchange Gemini reaches settlement with New York state regulators to pay $50 million to Gemini Earn investors
Crypto exchange Gemini Trust has reached a settlement with the New York Attorney General's Office over a fraud lawsuit, agreeing to pay $50 million worth of digital assets to Gemini Earn investors. As part of the settlement, Gemini was also banned from operating cryptocurrency lending projects in the state. Gemini said in a statement on Friday that the "final Earn distribution" will reach customer accounts within seven days. According to previous news, New York Attorney General Letitia James sued Gemini in October last year, accusing the platform of misleading investors on the Gemini Earn project, resulting in losses of more than $1 billion.
Australia's first Bitcoin ETF to be listed on ASX
According to Bloomberg, an ETF that directly invests in Bitcoin will be listed on the Australian main board market for the first time. VanEck said in a press release on Saturday that the Australian Stock Exchange (ASX) has approved the VanEck Bitcoin ETF, which will be listed on Thursday. In addition, Sydney-based BetaShares Holdings Pty and another Australian local company DigitalX Ltd. are also waiting to list Bitcoin ETFs on the Australian main board.
AI&NFT
OpenAI considers turning into a for-profit company, paving the way for an IPO
According to The Information, citing people familiar with the matter, OpenAI CEO Sam Altman recently told some shareholders that the company is considering changing its governance structure to a for-profit company similar to its competitors Anthropic and xAI, which will not be controlled by OpenAI's non-profit directors. Such a change could open the door for OpenAI to eventually go public, with its current valuation at $86 billion. In addition, this would also allow Altman to hold shares in the company, a move that some investors are currently pushing for.
Project News
Jupiter: Value Average function has been launched
Solana ecosystem DEX Jupiter tweeted that as part of the V3 version, the Value Average function is now available on Jupiter. It is reported that Value Average is designed to adjust users' investments according to market trends, buying more when prices fall and buying less when prices rise. It also supports backtesting of users' strategies.
Bitcoin L2 Stacks was down for nearly 9 hours yesterday due to Bitcoin reorganization and unexpected miner behavior
Bitcoin L2 expansion network Stacks suffered an outage on Friday and stopped producing blocks for nearly 9 hours. The incident was caused by Bitcoin reorganization (reorg) and "unexpected miner behavior", which caused the STX price to fall 12% on the day. "Unexpected miner behavior" may refer to miners not updating their software or coordinating effectively to deal with Bitcoin reorganization, resulting in delayed block production and suggesting technical or operational problems among miners. Stacks co-founder Muneeb Ali pointed out that the upcoming Nakamoto upgrade, which focuses on a new consensus mechanism, is intended to eliminate the possibility of forks and reduce the impact of Bitcoin reorganization. The Nakamoto upgrade was originally expected to be launched in late spring, but it was postponed at the last minute because the potential problems were too serious to be solved in subsequent updates. It is now scheduled to be launched in August.
Mask Network launches Mask Staking Season 1, stakers can get points and RSS3, TON rewards
Mask Network announced on Twitter that the first season of Mask Staking activity will be launched at 8:00 am Beijing time on June 15. Participants can obtain points and 700,000 RSS3 and 40,000 TON rewards by staking MASK.
LayerZero Co-creation: 23.8% of the total supply of ZRO will be allocated to the community and builders
LayerZero co-founder Bryan Pellegrino tweeted that 23.8% of the LayerZero token ZRO supply will be directly allocated to the community and builders, of which 8.5% will be distributed on the first day (5% for core, 3% for RFP, and 0.5% for the community pool). Most of the rest will be distributed over the next 36 months, with additional retroactive distributions every 12 months, as well as some forward-looking RFPs for builders.
UwU Lend security incident triggers liquidation of Curve founder’s CRV lending position
A representative for Curve founder Michael Egorov said via Telegram message on Friday that Monday’s UwU Lend vulnerability set off a chain of events that led to a large number of liquidations on Curve on Thursday. Egorov’s $100 million in loans from various protocols using Curve’s CRV token as collateral began to automatically liquidate on Thursday, sending the token down 30% before a brief recovery.
“On April 15, they (UwU Lend) deployed vulnerable code for new (sUSDe) markets, which were not isolated, so the entire platform was at risk,” Egorov said. “UwU was hacked, and as part of a cash-out campaign, the hacker deposited CRV stolen from UwU into lending.curve.fi (LlamaLend) and then disappeared with the funds, leaving the debt in the system.”
Egorov estimates that the bad debt in a specific CRV lending pool is $10 million (93% has been repaid). Although this market is completely isolated from other lending pools, CRV depositors cannot withdraw funds as long as the bad debt exists. However, Egorov said that this situation may help strengthen Curve's security measures and lending mechanisms, and may provide better services to users in the coming months.
Curve founder: Full repayment of $10 million of CRV liquidation bad debt on Curve lending platform
Curve founder Michael Egorov tweeted that he has fully repaid the $10 million in bad debt caused by the liquidation of CRV lending positions due to the UwU Lend security incident.
Holograph: A former contractor used a vulnerability to mint an additional 1 billion HLGs, of which at least 200 million have been frozen
Holograph, a full-chain NFT protocol, released a security incident update on Twitter, saying that a former contractor exploited a vulnerability to deploy an unverified contract on Mantle and minted an additional 1 billion HLG tokens. The protocol has been temporarily locked. The team is developing strategies to mitigate the impact of the vulnerability and working with security experts to prevent such vulnerabilities from happening again. The attacker's exchange accounts on Bybit, Gate, KuCoin, Bitget, and Backpack have been frozen. As of today, at least 200 million of the 1 billion additional HLGs have been frozen. As a precaution, Bybit, Gate, KuCoin, Bitget, and Backpack have suspended all HLG deposits and withdrawals. In the future, the protocol will be audited by a third party, and the full-chain tokenization infrastructure and applications will continue to be promoted.
Important data
Bitcoin spot ETF had a total net outflow of US$190 million yesterday, and the ETF net asset ratio reached 4.42%
SoSoValue data shows that yesterday (June 14, Eastern Time), the total net outflow of Bitcoin spot ETFs was $190 million. Yesterday, Grayscale ETF GBTC had a net outflow of $52.3448 million in a single day, and the current historical net outflow of GBTC is $18.207 billion. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was BlackRock ETF IBIT, with a net inflow of $1.4899 million in a single day. The current total net inflow of IBIT has reached $17.641 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $57.269 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) reached 4.42%, and the historical cumulative net inflow has reached $15.106 billion.
A whale sold 5 billion BEER at 7,450 SOL, worth about $1.08 million
According to Lookonchain monitoring, 3 hours ago, a BEER whale sold 5 billion BEER at 7,450 SOL (US$1.08 million). The whale received 8.89 billion BEER (1% of the total supply) from the BEER team allocation wallet "8VY4LF...fDd5G2", but the whale did not participate in the pre-sale. The whale currently has 3.76 billion BEER (US$820,000) left.
Tether issues 1 billion USDT on Tron network
According to Whale Alert, Tether Treasury has issued 1 billion USDT on the Tron network. In response, Tether CEO Paolo Ardoino said that 1 billion USDT has been authorized but not issued. This means that the amount will be used as inventory for the next issuance request and chain exchange.
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