Today's news tips:
FTX victims view bankruptcy proceedings as a “second theft” and apply to recover $8 billion in seized assets
A user listed evidence of Zksync's "rat trading", claiming that these "rat trading" addresses obtained nearly 50 million ZK tokens
HashKey platform coin HSK is planned to be listed in Q3 2024, and community airdrop will be launched soon
IO.NET: Daily block rewards for IO Workers will start to be distributed on June 25
X platform is about to launch payment function, one step closer to "universal application"
Ethena updates token economics to introduce universal re-staking function for ENA, airdrop users need to lock up at least 50% of ENA
Azuro: AZUR tokens will be launched this week, 37.5% will be used for community and ecosystem growth
Tether announces the launch of “Alloy by Tether”, with the first token being aUSD₮
Regulatory News
U.S. Supreme Court to hear Nvidia shareholder lawsuit over cryptocurrency mining revenue
According to Bloomberg, the U.S. Supreme Court will hear Nvidia's shareholder lawsuit involving cryptocurrency mining revenue, a decision that could have a significant impact on future securities fraud lawsuits. Shareholders accused Nvidia of misleading the market during 2017 and 2018, hiding the fact that the company's GeForce GPU product sales growth was mainly dependent on cryptocurrency mining demand. Nvidia's stock price fell sharply after the cryptocurrency market fell. Nvidia argued that shareholders failed to provide sufficient internal evidence to prove its misleading behavior. If the Supreme Court's ruling supports Nvidia, it will provide the company with a new legal basis for early dismissal of shareholder lawsuits and reduce the costs required for comprehensive defense.
Project News
FTX victims view bankruptcy proceedings as a “second theft” and apply to recover $8 billion in seized assets
According to documents filed on Friday in the U.S. District Court for the Southern District of New York, FTX bankruptcy victims are seeking a ruling requiring that approximately $8 billion in assets seized from the cryptocurrency exchange be returned to customers rather than included in the bankruptcy estate, CoinDesk reported. Last month, the bankruptcy estate proposed a reorganization plan to return 118% of creditors’ claims in cash within 60 days of court approval, a move that angered FTX customers because their funds were trapped and they failed to benefit from rising cryptocurrency prices.
Court documents state that FTX went bankrupt during the "crypto winter" when cryptocurrency prices plummeted. Since the bankruptcy filing, the price of Solana (SOL) has soared ninefold and the price of Bitcoin has risen fourfold, making customer claims extremely unfair based on the value at the time. Victims' lawyers Adam Moskowitz and David Boies said that FTX customers felt robbed and regarded bankruptcy as a "second theft", and believed that the bankruptcy property was no different from the business run by SBF (former CEO), who was sentenced to 25 years in prison for fraud.
FTX collapsed in November 2022, and a jury found that SBF stole at least $8 billion from customers. SBF was also ordered to forfeit $11 billion and plans to appeal. The document stated that if it were not for SBF's crimes, customers would have been able to keep their cryptocurrency investments. In addition, bankruptcy law requires that certain creditors be given priority, and FTX's FTT token holders are almost at the bottom of the priority list and are unlikely to receive compensation from the bankruptcy estate. Moskowitz said that because the full accounting calculation has not yet been completed, the amount of damages is uncertain, but damages of more than $8 billion are certain.
Mystiko.Network has opened XZK token airdrop enquiries
Web3 base layer Mystiko.Network stated on the X platform that XZK token airdrop inquiries are open. It is reported that the XZK token was created as the operational utility and governance token of Mystiko.Network, with an initial total amount of 1 billion.
Earlier news, Mystiko.Network completed a $18 million seed round of financing in March this year, led by Peak XV Partners. Mystiko.Network sold 75 million XZK tokens worth $11.25 million through community sales on CoinList from late March to early April.
A user listed evidence of Zksync's "rat trading", claiming that these "rat trading" addresses obtained nearly 50 million ZK tokens
X platform user @Easy17182589 (soEasy) said on the X platform that he discovered the problem of cheating within Zksync in September last year and has been tracking this problem. The user said that he has published all the collected data on GitHub and Mirror. The data includes on-chain hash values, addresses, ZKSync team members, and their use of privileged access to make profits. Through interaction, they obtained nearly 50 million ZK tokens.
The user said: "Based on the above evidence, it can be seen that the internal team members of the zksync project are corrupt. The core of this airdrop that caused such a big stir is the opacity of the airdrop rules, and in order to cover up the internal cheating addresses, a lot of users were sacrificed. In December 23, I disclosed the scandal of former employee seb, the head of the DeFi ecosystem, and the ecological project Syncus DAO. Seb promised to give a large number of ecological airdrops to the ecosystem, but he had to return some tokens to him."
HashKey platform coin HSK is planned to be listed in Q3 2024, and community airdrop will be launched soon
According to official news, digital asset financial services group HashKey Group announced that HashKey platform coin HSK plans to be listed in Q3 2024. Adhering to "HSK for ALL", HSK will be used in all core application scenarios of the HashKey ecosystem, and will continue to expand external community co-construction to form a comprehensive Web3 value map. Before listing, HSK will launch a community airdrop to reward ecosystem participants. Token economic model, HSK is a token based on the ERC-20 standard with a total supply of 1 billion, of which 65% is used for ecological construction, 30% is allocated to the team, and 5% will be used as a reserve fund. Regarding the destruction mechanism, HSK will have a destruction mechanism to prevent the rights and interests of holders from being diluted due to the increase in the circulation of rewarded HSK. HashKey will extract up to 20% of the profits of a specific business to repurchase HSK, and will destroy the repurchased portion. As HashKey's platform currency, HSK will be used in a wide range of scenarios, including community rewards within the ecosystem, priority purchase of exclusive tokens, cross-platform ecosystem cooperation, and fee deductions and business growth activities of Hong Kong's licensed virtual asset exchange HashKey Exchange and the global flagship virtual asset exchange HashKey Global. In addition, HSK will also be used to incentivize ecological contributors to the L2 "ecological chain" HashKey Chain. HSK is expected to start community airdrops through HashKey's core business in late June.
Trump's well-known supporter Bo Loudon said that "DJT is the only real Trump token"
Bo Loudon, a well-known Trump supporter, said on the X platform that DJT is the only real Trump token ("DJT IS THE ONLY REAL TRUMP TOKEN"). According to public information, Bo Loudon is only 17 years old this year and has tens of thousands of fans on X, Instagram and Truth Social platforms as a Trump supporter. According to the market, DJT is currently quoted at $0.03561, with a 24-hour increase of 592.25%, and the current market value is about $347 million. Foxbusiness previously reported that the Meme coin "Trump Coin" (DJT) on Solana has attracted industry attention, and there is no evidence to show whether it is related to Trump. According to Pirate Wires, citing unnamed sources, Trump's son Barron is leading the project. However, the editor-in-chief of Pirate Wires later clarified that he "did not talk to Trump directly" and said that "Trump might beat around the bush and say that this is not true." Data shows that about 67% of the supply of DJT tokens is in a cluster.
IO.NET: Daily block rewards for IO Workers will start to be distributed on June 25
IO.NET, a decentralized AI computing and cloud platform, said on the X platform that block rewards will be launched soon, and daily rewards for IO Workers will begin to be distributed on June 25. Every day, verified uptime rewards will be automatically credited to the "Earnings and Rewards" tab in IO Worker.
X platform is about to launch payment function, one step closer to "universal application"
Linda Yaccarino, CEO of X, said that the social media platform (formerly known as Twitter) is about to launch a payment function for users and continue its development towards becoming an "everything app". "There are so many new things to experience. Think about it: once we launch payment services - we will start in the United States - the financial system will appear on this platform." The upcoming financial ecosystem aims to integrate various technological functions and provide users with numerous new experiences. The media reported that the function will initially focus on fiat currencies, but it is under development and may support crypto payments in the future. X has made significant progress in July last year, obtaining three money transmission licenses, laying the foundation for its new payment system.
Ethena updates token economics to introduce universal re-staking function for ENA, airdrop users need to lock up at least 50% of ENA
Ethena Labs released the updated ENA token economics and will begin to gradually introduce more practical functions for ENA in the Ethena ecosystem, starting with the launch of ENA's universal re-staking function. Ethena will first pilot the universal re-staking framework with Symbiotic and LayerZero to ensure cross-chain transfers of Ethena-based assets (including USDe and sUSDe).
These transfers are validated through the LayerZero DVN network, which is secured by staked ENA within Symbiotic. This module will also include building a general framework to launch re-collateralized DVNs for LayerZero ecosystem partners, leveraging a consistent token to provide economic security and DVN operator selection. While cross-chain transfers based on Ethena will be secured by staked ENA, Ethena will provide a unique value proposition for generalized re-collateralization use cases through USDe and sUSDe for use as base assets by other systems and protocols.
Regarding the ENA Symbiotic staking rewards details, after the ETH LST cap is filled in a few days, ENA and sUSDe will become eligible assets for staking in the next epoch. ENA staked in Symbiotic will receive the following rewards: 1. The maximum Ethena multiplier per ENA per day is 30 times; 2. Symbiotic points; 3. Mellow points; 4. Potential future LayerZero RFP allocations (if allocated to Ethena). The ENA pool will go live on Wednesday, June 26.
Regarding re-collateralized ENA in Ethena Chain, Ethena Chain will focus on building financial applications and infrastructure on top of USDe as a gas token and fulcrum asset within the system. Re-collateralized ENA will provide universal security for each use case for the following applications: spot AMM, perpetual DEX, yield trading, money market, low collateralized loans, on-chain brokers, options and structured products, as well as on-chain infrastructure solutions: cross-chain transfers, Oracle providers, shared sequencers, data availability solutions, in return, they may be eligible to benefit from potential airdrops of these protocols at a later time at their discretion.
Update on ENA Locking and Vesting: Starting June 17, any user who receives ENA through airdrops (for example, beneficiaries of the Shard Campaign airdrop) must lock at least 50% of the ENA they receive in one of the following three options: Ethena Locking, PT-ENA on Pendle Finance (any chain), or Symbiotic Restaking. For users who fail to meet the locking requirements, their unvested ENA will be reallocated to other users who meet the locking conditions.
Binance CEO: Bitcoin is expected to exceed $80,000 by the end of this year, and the crypto industry will be even better next year
Binance CEO Richard Teng said on the Bankless YouTube channel that he expects Bitcoin to exceed $80,000 by the end of this year. Teng added that he believes 2025 will be a better year for the entire cryptocurrency industry than 2024 because the overall macroeconomic situation will be better. He explained that we may see a reduction in interest rates later this year, which will lead to an increase in cryptocurrency prices in 2025.
Solana’s meme coin “Trump Coin” has attracted industry attention, but there is no evidence to prove whether it is related to Trump
According to Foxbusiness, cryptocurrency industry participants say Trump is stepping up his campaign for the November presidential election, which is a hot topic at the moment. Industry experts are trying to find out the origin of the so-called "meme coin", "Trump Coin" went online on the Solana blockchain platform with the symbol "DJT". DJT is the stock code of Donald Trump's social media platform Truth Social. Since its listing in March this year, the stock has been a favorite of meme stocks, with DJT shares reaching as high as $79.38. The stock is currently trading at around $35. The release of Trump Coin puts it on the Solana blockchain alongside other popular meme coin projects such as "Dogwifhat", "Jeo Boden" and "Mother Iggy". According to blockchain browser SolScan, the token has begun trading on Solana and currently has a market value of about $73 million.
While the media could not confirm the token’s direct or indirect relationship with Trump, industry insiders revealed that people associated with the former president plan to launch a digital currency within at least two months. Neither a spokesperson for the Trump campaign nor a spokesperson for Truth Social responded to requests for comment. When asked about the launch of Trump Coin, former Republican presidential candidate and Trump adviser Vivek Ramaswamy said: "I am glad that President Trump and his campaign are dabbling in cryptocurrency and he is at the forefront. Embracing cryptocurrency will help Trump continue to appeal to libertarians and atypical Republicans, which is a matter of winning." Trump Coin is not the only one, there are also political meme coins such as MAGA and TROG being traded. MAGA coin is one of the most popular political meme coins, with Trump's "Make America Great Again" slogan as its background. After the release of Trump Coin, the prices of both MAGA and TROG coins fell.
Trump's cryptocurrency portfolio is worth about $6 million, including NFT collectibles and MAGA and TROG coins. Analysts believe that cryptocurrency voting may play a key role in the election. Many industry players will vote solely based on the candidates' support for cryptocurrency. Trump is using advisers to win over these voters.
In addition, Pirate Wires cited unnamed sources as saying that Trump's son Barron is leading the project. However, the Pirate Wires editor-in-chief later clarified that he "did not speak directly to Trump" and said that "Trump may beat around the bush and say that this is not true."
LayerZero plans to launch a role-level incentive plan using the community pool, with the highest level receiving 100,000 ZRO
Bryan Pellegrino, CEO of LayerZero Labs, said on the X platform that he plans to launch an innovative initiative with the community pool (0.5%), in which LayerZero roles will be the core, incentivizing members, developers and content creators to drive long-term community value. Multiple roles will be established, with rewards ranging from 50 ZRO to 100,000 ZRO, from community members, ZeroLayer, Intern (50 ZRO), to heroes (200 ZRO), OG (1,000 ZRO), legends (10,000 ZRO), and the highest level LayerZeroGod (100,000 ZRO). A more detailed plan will be announced in the next 4-6 weeks. The current community roles will transition to the new level as follows: LegendLayer will transition to heroes, TwitterLayer, MemeLayer, and ContentLayer will transition to Intern. At the same time, it will also work with selected external communities to give their members the opportunity to become Interns directly.
Coinbase Pre-Launch Market to List EIGEN-PERP Contracts
According to the official announcement, the Pre-Launch market of Coinbase International Exchange and Coinbase Advanced will add support for EIGEN. EIGEN-PERP will be available on or after 20:00 on June 18, 2024, Beijing time.
Earlier today, it was announced that Coinbase International and Coinbase Advanced will be launched on the Pre-Launch market.
Cumberland Crypto Trading Company Receives New York State BitLicense
Cumberland DRW, a digital asset trader and liquidity provider, said on Monday that the New York State Department of Financial Services (NYDFS) has granted it a virtual currency license, BitLicense, CoinDesk reported. Cumberland is a subsidiary of Chicago-based high-frequency trading firm DRW. Earlier this year, Fidelity selected Cumberland to buy and sell Bitcoin for its Bitcoin spot ETF.
Azuro: AZUR tokens will be launched this week, 37.5% will be used for community and ecosystem growth
Azuro, the on-chain predictive liquidity layer, announced that it will launch its native token AZUR on the Ethereum mainnet this week, and announced in detail the token issuance and distribution plan. The AZUR token will be launched on Uniswap v3 on the Ethereum mainnet and some centralized exchanges (CEX), with a total supply of 1 billion. The specific distribution is as follows: 37.5% for community and ecosystem growth (9.2% of which will be unlocked at the token generation event (TGE), 3% for Azuro Score airdrops, 25.3% for incentive programs, DEX liquidity provision, and ecosystem funds, etc.), 26% for core contributors, 22% for investors, and 13.5% for the DAO treasury. At the time of TGE, the initial circulating supply was 15.2%, the initial price was $0.075, and the expected circulating market value was approximately $11.4 million. In addition, liquidity providers for the AZUR/ETH trading pair on Uniswap v3 will receive AZUR tokens as incentives.
Tether announces the launch of “Alloy by Tether”, with the first token being aUSD₮
Tether announced the launch of the "Alloy by Tether" open platform. Tether's Alloy introduces a new type of digital asset class, "bound assets", which aims to track the price of reference assets through stabilization strategies such as over-collateralization with liquid assets and secondary market liquidity pools. Alloy by Tether allows the creation of different tethered assets with a wider range of support mechanisms, potentially including yield products. Alloy by Tether was developed by Moon Gold NA, SA de CV and Moon Gold El Salvador, SA de CV, both members of the Tether Group. The first token in the Alloy by Tether series is aUSD₮. This digital currency is designed to track the value of one US dollar. What makes aUSD₮ unique is that it is over-collateralized by Tether Gold (XAU₮), which means it is backed by real physical gold stored in Switzerland.
Binance launches MEW U-margined perpetual contract
Binance Futures will launch the MEW USDT-margined perpetual contract at 22:00 (ET) on June 17, 2024, with a maximum leverage of 50x.
The Beercoin team's related wallets sold BEER, causing its price to drop by more than 60%
According to Lookonchain monitoring, another wallet associated with the beercoin team has sold a large amount of $BEER in the past two days, causing its price to fall by more than 60% today. It is reported that the wallet received 8.88 billion $BEER from the beercoin team wallet "8VY4LF...fDd5G2" and sold 8.7 billion $BEER in the past two days, with a cumulative profit of $1M.
Financing News
Avara founder seeks $50 million for Lens Protocol at $500 million valuation
According to DL News, people familiar with the matter revealed that Avara founder and CEO Stani Kulechov is approaching US venture capital firms to obtain a new round of financing for Lens Protocol. The founder of Avara is seeking to acquire the social media platform Lens Protocol for $50 million, and the transaction will value the social media platform at $500 million. A spokesperson for Avara did not confirm or deny the figures and declined to comment further. When asked about the token issuance of Lens Protocol, Kulechov said they "haven't gone that far yet." He said the main goal is the upcoming launch of Lens Network, a native network built using the ZKsync technology stack. Avara is an umbrella company that oversees the lending protocol Aave, Lens Protocol, Family, its crypto wallet, and the stablecoin GHO.
Important data
JPMorgan Chase: The total market value of U.S.-listed Bitcoin mining companies hit a record high of $22.8 billion
Wall Street bank JPMorgan Chase said in a research note on Monday that the total market value of 14 U.S.-listed Bitcoin (BTC) mining companies hit a record high of $22.8 billion on June 15, CoinDesk reported. JPMorgan also noted that miners outperformed Bitcoin due to news that Core Scientific had reached a deal with artificial intelligence company CoreWeave.
Justin Sun deposited a total of $14.3 million worth of crypto assets into Binance 15 hours ago, including 3.45 million ETHFI
According to Spot On Chain monitoring, 15 hours ago, Justin Sun deposited another 8 assets with a total value of $14.3 million to Binance, including: 3.45 million ETHFI (about $12.05 million) from airdrops, 6.22 million CRV (about $1.96 million in total, of which 5 million CRV was purchased from Curve founders at an average price of $0.4 through OTC in August last year), and $333,000 in other 6 tokens (CVX, MATIC, GAL, WOO, PROS and TRU). Overall, in the past week, Justin Sun has deposited 12 tokens with a total value of $35 million to Binance, most of which are DeFi tokens.
The ETH ICO whale, which has been dormant for two years, is suspected of selling 10,000 ETH worth $35.39 million in the past three days
According to the monitoring of on-chain analyst @ai_9684xtpa, the ETH IC0 whale that has been dormant for two years is suspected to have sold 10,000 ETH in the past three days, worth $35.39 million. On July 30, 2015, the OG received 150,000 ETH at an average price of $0.31, and then distributed it to multiple addresses. Among them, the address 0xF07...9d526 deposited the 10,000 tokens received into Kraken in batches, and the most recent deposit was two hours ago. There are still five addresses holding 75,000 ETH, with a floating profit of $257 million.
The U.S. Bitcoin spot ETF saw a net outflow of approximately $145.9 million yesterday
According to Farside Investors data, the net outflow of funds from US Bitcoin spot ETFs yesterday was about $145.9 million. Among them, only Bitwise's BITB achieved a net inflow of funds, about $2.9 million; Grayscale GBTC had a net outflow of $3 million, Fidelity's FBTC had a net outflow of about $92 million, Ark 21Shares' ARKB had a net outflow of about $50 million, and VanEck's HODL had a net outflow of about $3.8 million. The fund flows of other ETFs are all counted as zero.
Grayscale transferred 2211.5 BTC to Coinbase Prime and other addresses
According to Arkham monitoring, Grayscale transferred 422.668 BTC to the Coinbase Prime address one hour ago, and transferred a total of 1788.84 BTC to three new addresses in three batches. The total value of 2211.5 BTC is about 145 million US dollars.
Nansen: 41% of the top 10,000 addresses that received ZK airdrops have sold all of their airdrop allocations
As Cointelegraph reported, nearly half of the top recipients of the new zkSync (ZK) tokens that received the airdrop on Monday have sold all of their tokens, triggering a 34.5% price drop since ZK was listed. According to blockchain analytics firm Nansen, nearly 41% of tracked addresses have sold all of their airdropped tokens, and 29.2% have sold at least some of their tokens, collectively selling more than 486 million ZK tokens. Only 30% of recipients have retained their ZK tokens. The data covers the “top 10,000 addresses” that received the ZK airdrop, which only accounts for 1.4% of the 695,232 eligible wallets in the 3.7 billion ZK token airdrop announced by zkSync last week. According to the nonprofit zkSync Association, 45% of the tokens were claimed in less than two hours on June 17, causing initial network issues. According to Matter Labs data scientist Landon Gingerich, more than 491,000 top accounts have claimed nearly 75% of the airdropped ZK tokens as of publishing time. According to CoinGecko data, ZK has plunged 34.5% in the past day, from its listing high of $0.32 to about $0.20. The total supply of the token is 21 billion, with a market value of about $772 million, a sharp drop from its initial listing peak of over $1.1 billion. The main recipient selling wave occurred after zkSync defended the airdrop standard. Critics believe that its anti-Sybil measures are too loose and easy to be manipulated by multiple accounts. zkSync updated the document saying that in order to avoid accidentally hurting real users, a unique airdrop design was selected to reward real users.
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