U.S. Treasury wants to tighten money laundering regulations on cryptocurrencies, other illicit finance
According to CoinDesk, the U.S. Treasury Department hopes to continue to strengthen anti-money laundering and counter-terrorist financing work around digital assets as part of its broader strategy to curb illegal financing. The department released its 2024 National Strategy for Combating Terrorism and Other Illegal Financing on Thursday, outlining priorities for combating illegal financing. The Treasury Department highlighted its ongoing work in the cryptocurrency space, including sanctions on certain exchanges and groups such as Bitzlato and Lazarus, a settlement with Binance, and warnings against “pig killing” scams. This annual document outlines how the Treasury Department views the issue of illegal financing and the role that cryptocurrency regulation may play in curbing it.
French securities regulator warns Bybit again, may take enforcement action against it
According to CoinDesk, the French securities regulator has once again issued a warning to the crypto exchange Bybit, urging customers to "make arrangements for the possibility that the platform (may) suddenly stop providing services to French customers". In a notice on Thursday, the French Financial Authority (AMF) stated that Bybit is not registered as a digital asset service provider (DASP) and therefore illegally provides services in France. Since May 20, 2022, Bybit has been blacklisted by the AMF for illegal operations. The notice seems to suggest that the AMF may take enforcement action against Bybit. The AMF reminded investors that "it reserves the right to take legal action to block the platform's website under the provisions of the Monetary and Financial Law", and retail investors should "take all necessary measures to avoid being unable to access their assets". According to previous news, in March this year, the Hong Kong Securities and Futures Commission (SFC) included Bybit in the list of suspicious cryptocurrency exchanges and warned the public that the exchange did not have a license. Last year, Bybit withdrew from the Canadian and British markets due to regulatory pressure.
U.S. Senate votes on resolution aimed at overturning SEC crypto accounting rules
According to the U.S. Senate's official website, the Senate voted 60 to 38 to pass a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement (SAB 121). The announcement was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custody companies to record customer-held cryptocurrencies as liabilities on their balance sheets. The crypto industry is concerned that this move could prevent banks from protecting digital assets.
Reddit and OpenAI form partnership
According to official news, Reddit and OpenAI announced a partnership. OpenAI will introduce Reddit content into ChatGPT and new products to help users discover and participate in the Reddit community. The cooperation will also support Reddit users to use new artificial intelligence features. Reddit will be built on OpenAI's artificial intelligence model platform. In addition, OpenAI will become Reddit's advertising partner.
Reddit reintroduces rewards system, users can buy "gold" to reward posts or comments
Reddit announced on Wednesday that it will reintroduce the rewards system after shutting it down last year, Techcrunch reported. The company said that most of the mechanisms related to rewards will remain the same, but there will be some new additions. For example, rewards will have a new design, a new reward button below eligible posts, and a leaderboard showing the highest rewards received for comments or posts. Earlier this month, Reddit mentioned the reintroduction of the rewards program during its first earnings call as a public company.
Last year, Reddit scrapped its rewards program and the ability for users to buy tokens. At the same time, Reddit introduced "Golden Upvotes," which can be purchased directly with cash. In a new post, the company said the system is less expressive than rewards. "While Golden Upvotes is simpler in theory, in practice, it has not worked as expected. It is not as interesting or expressive as traditional rewards, and it is unclear how it benefits recipients."
Users who want to reward posts and comments need to buy "gold", which replaces tokens to a certain extent. On the support page, the company mentioned that on average, rewards cost between 15 and 50 gold. Gold packages in the Reddit mobile app currently start at $1.99 for 100 gold. Users can buy up to 2,750 gold for $49.99. The company has also added some safeguards to the reward system, such as disabling rewards in subreddits that are not suitable for the workplace, trauma and addiction support subreddits, and subreddits containing mature content. In addition, users will be able to report rewards to avoid them being used for removal by administrators.
pump.fun suffered a flash loan attack, the contract is currently safe, and the team will add liquidity to the affected tokens
Solana chain token launcher pump.fun suffered a flash loan attack. Pump.fun attackers randomly airdropped assets worth $80 million to the addresses of holders such as Slerf, Stacc, Saga, and risklol. pump.fun later tweeted that it was aware that its contract had been attacked and was investigating the matter. The contract has been upgraded so that the attacker can no longer steal any funds. If the user has ever connected their wallet to pump.fun, the user's wallet is safe. We are working with relevant parties, including law enforcement, to reduce losses. According to the post-mortem analysis released by pump.fun, the contract is safe. A former employee used his privileged position in the company to embezzle approximately 12,300 SOL (approximately $1.9 million). http://pump.fun has been re-launched. To compensate users, the team will add the same or more SOL liquidity to each affected token over the next 24 hours than before the attack. Transaction fees will be 0 for the next 7 days.
Vitalik Buterin: OpenAI's GPT-4 has passed the Turing test
Ethereum co-founder Vitalik Buterin said that OpenAI's generative artificial intelligence (AI) model GPT-4 has passed the Turing test. According to a study by the University of California, San Diego, researchers had about 500 human test subjects interact with humans and AI models in a blind test to determine whether they could tell the difference between humans and AI models. The results showed that humans mistakenly identified GPT-4 as "human" 56% of the time. Buterin said that an AI system that can deceive more than half of the people it interacts with is qualified to pass the Turing test.
MakerDAO founder: PureDai will have its own new governance token with an initial supply of 2 billion
According to Rune Christensen, founder of MakerDAO, PureDai will have its own new governance token with an initial supply of 2 billion, which will be distributed to NewStable Farmers on the Ethereum mainnet over 5 years, with 400 million tokens distributed annually (this rate may change). These tokens will be permanently distributed to PureDai vault users to subsidize the generation of PureDai. The surplus of PureDai will accumulate PureDai governance tokens through the Smart Burn Engine and play a backing role when PureDai has bad debts. PureDai may be launched after the launch of the first three SubDAOs, but the specific order and timing may change.
Drift Protocol: 3-month airdrop now live
Drift Protocol, a (DEX) derivatives platform in the Solana ecosystem, tweeted that the DRIFT airdrop claim is now live. Claims are open for 3 months and will close at 18:00 UTC on August 16, 2024. Official DRIFT contract address: DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7. The airdrop for all eligible users consists of two parts: initial allocation and reward allocation. The initial allocation will be available at the start of the event, and the reward allocation will be unlocked linearly within 6 hours.
The DePIN project Natix has launched a token public offering on the CoinList platform and will continue until 1:00 on May 24
NatixNetwork, a decentralized infrastructure network (DePIN) focusing on map data, announced that it will conduct a public token sale on the CoinList platform. NATIX Token has been launched on the CoinList platform at 01:00 on May 17, 2024, and the public sale will last until 01:00 on May 24 (Beijing time). The public sale supply is 5 billion NATIX tokens, accounting for 5% of the total supply (100 billion), with a fixed price of US$0.001 per token and a total valuation of US$100 million. The minimum purchase limit for CoinList users is US$100 and the maximum limit is US$2,000. Unlocking and linear unlocking period: TGE unlocks 25%, and the remaining 6 months are linearly unlocked. Users in restricted areas such as the United States and its territories, Canada, China, and North Korea are not eligible to participate.
Chainlink Partners with DTCC and Top 10 Global Financial Institutions to Launch Smart NAV Industry Pilot
According to official news from Chainlink, Chainlink, DTCC and the world's top ten financial institutions (JPMorgan Chase, Templeton, Bank of New York Mellon and other major US banks) have successfully completed the Smart NAV industry pilot to put key mutual fund data on the chain. The pilot demonstrated how to distribute net asset value (NAV) data to any blockchain through Chainlink and DTCC, supporting a variety of application scenarios for fund tokenization. As a leading post-trading market infrastructure, DTCC processes a huge number of transactions every year. The pilot verified the effectiveness of Chainlink CCIP as an open blockchain interoperability standard, avoiding future fragmentation problems, and achieving automated data routing and historical data access through smart contracts.
Zhao Changpeng has not yet been imprisoned. The start time of imprisonment needs to be notified by the probation or pretrial services office.
Thanks to some criminal justice system procedures, a world-class team of lawyers, and the Fifth Amendment's due process protections, former Binance CEO Changpeng Zhao has not yet been to jail despite receiving a four-month sentence, Protos reported. According to the order signed by the judge, Changpeng Zhao "shall surrender to serve his sentence upon notification by the probation or pretrial services office." These offices have not yet notified Changpeng Zhao which California prison he must enter.
Web3 gaming infrastructure developer Param Labs raises $7 million in funding led by Animoca Brands
According to Cointelegraph, Web3 gaming infrastructure developer Param Labs has raised $7 million worth of funding in a “significantly oversubscribed” investment round led by Animoca Brands, with participation from Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, and MH Ventures. Animoca Labs co-founder Yat Siu and Face Clan founder Banks also made strategic investments in the protocol.
Bitwise CIO: In Q1, a total of 1,028 companies with assets exceeding $100 million disclosed that they held Bitcoin spot ETFs
Matt Hougan, chief investment officer of Bitwise, said on the X platform that the 13F filing of the U.S. Securities and Exchange Commission in the first quarter of 2024 showed that institutions were buying spot Bitcoin spot ETFs. Summary data: 1. 1,028 companies with assets of more than $100 million reported holding Bitcoin ETFs; 2. The total holdings of these companies reached $10.9 billion.
In the first quarter, a total of 414 companies disclosed holdings of BlackRock Bitcoin Spot ETF in 13F filings
Eric Balchunas, senior ETF analyst at Bloomberg, said on the X platform: "The 13F filing shows that a total of 414 companies finally held BlackRock's Bitcoin Spot ETF "IBIT" in the first quarter. This is incredible and breaks the record. Even a new ETF with 20 holders is extremely rare."
Robinhood's cryptocurrency trading volume fell 57% in April from the previous month, a larger drop than other competitors
As retail investors' interest in digital assets cools, Robinhood Markets Inc.'s cryptocurrency trading volume more than halved in April, outstripping declines at rival exchanges, according to Bloomberg. Robinhood said in an operations report on Wednesday that nominal cryptocurrency trading volume was $10.1 billion last month, down 57% from $23.6 billion in March. Still up 173% from the same period last year. In addition, the stock trading platform's average daily revenue trading volume (used to indicate the number of transactions that generate commissions per day) fell 43% to about 400,000.
The drop was more pronounced than at other cryptocurrency exchanges. Spot trading volumes on centralized exchanges such as Coinbase, Binance and Kraken, excluding Robinhood, plunged 32.6% to $2 trillion last month, according to research firm CCData. It was the first such drop in seven months, as investor demand for crypto assets has suffered as Bitcoin retreated from its all-time high in March.
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