Headlines
Matter Labs abandons "ZK" trademark application
Matter Labs, the entity behind zkSync, announced on the X platform that it has decided to abandon all trademark applications for the term "ZK". After discussion, the team found that it was impossible to reach a consensus on a group of people that almost everyone believed to be credible and neutral. A solution that works for Ethereum may not work for the entire world. Earlier news, Matter Labs proposed to create a community-led ZK trademark holder entity and would provide financial support.
After the release of the US PCE data, the Federal Reserve is expected to cut interest rates at least once in 2024
After the release of the US PCE data, the interest rate swap market pricing remained stable, and it is expected that the Federal Reserve will cut interest rates at least once in 2024. (Jinshi)
Hong Kong Securities and Futures Commission updates the list of virtual asset trading platforms, 11 platforms are deemed to be licensed
The Hong Kong Securities and Futures Commission has updated the list of virtual asset trading platforms. According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, 11 platforms including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, xWhale, YAX, Bullish, Crypto.com, WhaleFin, and Matrixport HK are deemed to be licensed; only 6 platforms including BGE, HKVAX, VDX, bitV, HKX, and bitcoinworld are not deemed to be licensed in the application list. The Hong Kong Securities and Futures Commission reminds that all virtual asset trading platform applicants listed in the list have not been licensed and may not comply with the requirements of the Securities and Futures Commission. The Hong Kong Securities and Futures Commission has recently reminded the public that the non-violation period for virtual asset trading platforms operating in Hong Kong under the Anti-Money Laundering Ordinance will end on June 1. Starting from June 1 this year, all virtual asset trading platforms operating in Hong Kong must be licensed by the Securities and Futures Commission in accordance with the Ordinance, or be virtual asset trading platform applicants that are "deemed to be licensed." Operating a virtual asset trading platform in Hong Kong in violation of the Ordinance is a criminal offense, and the SFC said it will take all appropriate actions against any illegal acts. The Hong Kong SFC also said that before the platform applicants deemed to have been licensed are satisfied with the actual implementation and effectiveness of their policies, procedures, systems and control measures and are formally licensed, the SFC does not expect the platform to actively promote its services or establish business relationships with new retail customers. (Ming Pao)
Industry News
U.S. core PCE price index annual rate in April was 2.8%, expected to be 2.80%, previous value was 2.80%
The annual rate of the US core PCE price index in April was 2.8%, expected to be 2.80%, and the previous value was 2.80%. The monthly rate of the US core PCE price index in April was 0.2%, expected to be 0.30%, and the previous value was 0.30%. The monthly rate of the US core PCE price index in April was 0.2%, the lowest since December 2023. (Jinshi)
US SEC: Will discuss artificial intelligence regulation issues at meeting on June 6
The U.S. Securities and Exchange Commission said its investor advisory committee will study new areas of investment consulting and discuss artificial intelligence regulation at its June 6 meeting.
Hong Kong Monetary Authority: A report has been filed with the police on criminals using the Digital Hong Kong Dollar Pilot Program to commit fraud
According to official news, the Hong Kong Monetary Authority (HKMA) has noticed that some criminals have used projects related to the Hong Kong Monetary Authority (HKMA), such as the Digital Hong Kong Dollar (e-HKD) Pilot Program and the Cross-Border Wealth Management Connect Mechanism, to carry out fraudulent activities. The HKMA solemnly reminds the general public that the public (whether mainland residents or Hong Kong residents) need to be vigilant and guard against being deceived. The HKMA has received inquiries from the public claiming that a certain company was selected for the Digital Hong Kong Dollar Pilot Program and would release digital Hong Kong dollars, equity and dividends to attract public investment. The HKMA has reported the incident to the Hong Kong police.
Project News
After fixing the false supply data, TON's market value plummeted by more than $7 billion and fell out of the top 10
According to The Open Network, data aggregators will track the market value of TON tokens in a different way in the future, and will exclude TON tokens held by Telegram, the Foundation, and the TON Believers Fund. According to CoinGecko, with the implementation of this change, TON's market value shrank by more than $7 billion in an instant. According to the latest data from Coingecko, TON's current market value is $15.46 billion, ranking 11th in the market. (Decrypt)
Polymarket data: There is a 17% chance that Trump will go to jail before the November election
Data from the on-chain prediction market Polymarket shows that bettors believe there is a 17% chance that Trump will go to jail before the November election, and bets on this prediction have now reached nearly $900,000, a slight drop from the 25% odds given by bettors in early May.
OP Stack has released a beta version of the custom gas token feature, allowing gas to be paid with ERC 20 tokens
OP Labs published a post on X saying that OP Stack has now released a test version of the custom gas token function. Layer 2 or Layer 3 based on OP Stack can enable this function during deployment and startup, and use ERC 20 tokens other than ETH to pay gas fees.
Aevo: The team has locked 15% of the tokens until the end of the year, and the current circulation is 85%
Aevo officially posted on the X platform that it has updated the relevant data information on @coingecko and @CoinMarketCap. After the recent token unlock, AEVO's current circulating supply is about 85%. The team has re-locked 15% until the end of the year to fulfill its long-term commitment. AEVO's circulating supply will reach 100% by the end of 2024. Of all the projects launched through Binance Launchpool this year, AEVO is one of only two projects that will achieve full circulation by the end of 2024.
BNB market value surpasses Meituan
According to 8 marketcap data, Binance Coin (BNB) currently has a market value of $87.65 billion, ranking 206th in the global asset rankings; Meituan's current market value is $83.3 billion, ranking 221st in the global asset rankings, and BNB's market value is about $4.35 billion higher than Meituan. Earlier, during the Pizza Festival on May 22, Binance co-founder He Yi posted on the X platform that BNB's market value was about $5 billion lower than Meituan's, and joked that "both are delivering food."
Bybit confirms several executives have changed positions after Notcoin deposit delays
Crypto exchange Bybit has confirmed that several executives have "changed positions" after the failed issuance of Notcoin (NOT) resulted in 320,000 users receiving $23 million in compensation. A Bybit spokesperson said: "We are aware of the recent news about executive changes. Bybit regularly updates its organizational structure to align with our strategic goals. We share a commitment with the team to put the right people in the right positions. Bybit prioritizes customer interests and has conducted a thorough internal review to enhance future customer experience. This improvement has led to changes in some leadership roles, which we believe is essential." Earlier news, users encountered delays when depositing newly issued Notcoin into Bybit, resulting in losses due to their inability to sell assets immediately. The exchange received 370,000 on-chain transactions; 70% of the deposits were received before the market opened. (Coindesk)
Bybit’s application for a Hong Kong virtual asset trading platform license has been withdrawn
The official website of the Hong Kong Securities and Futures Commission shows that the application for a virtual asset trading platform license submitted by Bybit was withdrawn on May 31. Bybit first submitted an application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission on January 31, 2024, showing that the name of the virtual asset trading platform operator is "Spark Fintech Limited". So far, the Hong Kong Securities and Futures Commission has announced that the number of applicants whose virtual asset trading platform licenses have been withdrawn and returned is 10, 1 has been returned, and the number of applicants on the list of virtual asset trading platforms is 16.
Stablecoin issuer Agora will launch its stablecoin AUSD on Sui Chain
Agora, a stablecoin issuing company, recently announced that it will launch its stablecoin AUSD on the Sui chain, making AUSD the second stablecoin launched on Sui after FDUSD. AUSD is scheduled to be launched in June and will be supported by bank deposits, U.S. Treasuries and repurchase agreements, and its reserve funds will be kept by Van Eck. In addition, Agora plans to incorporate companies that support AUSD into its business model and share the revenue products of stablecoin operations with them. It is reported that Agora previously announced that it will push AUSD to Ethereum, Arbitrum and Optimism, and Sui is the first non-EVM blockchain issued by AUSD. (Bitcoin.com) Earlier in April, Agora announced the completion of a $12 million seed round of financing, led by Dragonfly, and participated by General Catalyst and Robot Ventures.
Ultiverse: ULTI airdrop claim website is now online
Ultiverse posted on the X platform that the ULTI Token Generation Event (TGE) is coming soon. The ULTI airdrop claim link is: rewards.ultiverse.io. Note: - If you have an OKX account, you can claim ULTI tokens before others; - Users can now destroy Gold Chip NFTs to receive ULTI airdrops; - The official will take a snapshot of ES holders at 20:00 on June 3rd, Beijing time.
FTX bankruptcy-related legal costs exceed $700 million, and has sold remaining Anthropic shares
As bankruptcy-related legal and administrative costs have exceeded $700 million, the FTX bankruptcy consortium (estate) sold its remaining shares in artificial intelligence startup Anthropic. According to the latest documents, FTX sold the remaining 15 million shares of Anthropic at a price of about $30 per share, with a total sale price of more than $450 million. This makes FTX's initial $500 million investment appreciate to about $1.3 billion, with a profit of about $800 million. The largest buyer is the global venture capital fund G Squared, which acquired about one-third of its remaining shares (i.e. 4.5 million shares) at a price of $135 million. Among the other 20 buyers of Anthropic shares, venture capital funds accounted for the majority. (The Block) Earlier news, as bankruptcy costs continued to rise, FTX lawyers and consultants have approved more than $500 million in expenses from the bankruptcy estate. The agency responsible for overseeing the bankruptcy process has requested more than $700 million in fees and expenses, although many requests have been cut by 20% and some requests have not yet been approved. According to court documents, Sullivan and Cromwell, special counsel in FTX's bankruptcy case, topped the list with $254 million in approved fees (although its bill was $360 million), followed by financial advisory firm Alvarez and Marsel with $133 million. Other law firms and consultants included forensic investigations consultant AlixPartners, special counsel Quinn Emanuel Urquhart Sullivan, investment banker Perella Weinberg Partners and co-counsel Landis Rath Cobb, which collected a total of $57 million in fees.
Velocore released a vulnerability incident analysis report, snapshots have been taken and appropriate compensation will be made
Velocore released a vulnerability incident analysis report, which pointed out that the incident is unlikely to spread to other protocols, so other users of Linea and zkSync can rest assured. Velocore is investigating and tracking down the hacker, while attempting on-chain negotiations and requesting various protocols and CEXs to cooperate in investigating the attacker's activities. For affected users, Velocore has completed a snapshot before the incident. Once operations are resumed, Velocore will implement an appropriate compensation plan.
Character*Voice
EOS CEO: New Token Economics Proposal Passed
Yves La Rose, CEO of EOS Network Foundation (ENF), posted on X platform that the new token economics proposal for the EOS network has been officially passed. The proposal will shut down inflation and destroy 80% of the total future supply of EOS. The code deployment will take effect on June 1. The total amount of EOS in the future will be fixed at 2.1 billion.
US Presidential Candidate Robert Kennedy Jr.: Bitcoin Can Keep Us from War
Bitcoin Magazine published an article on the X platform citing the remarks of US presidential candidate Robert Kennedy Jr., who said that all wars in the past 100 years have been caused by fiat currencies, and Bitcoin allows us to "deliver on our promises."
V God: The block size dispute is a one-sided capability trap
Ethereum co-founder Vitalik Buterin wrote in his personal blog that the Bitcoin block size dispute is a one-sided capability trap. When he personally experienced the Bitcoin block size dispute, he usually stood on the side of the big blockers because: 1) One of the key promises of Bitcoin was digital cash, and high fees could kill this use case; 2) He did not believe in the "meta-level" story of the small blockers; 3) The segregated witness scheme proposed by the small blockers aims to slightly increase the block size, which is too complicated and unnecessary compared to the simple hard fork block size increase; 4) The small blockers are indeed engaging in very uncool social media censorship to impose their views. Among other things, he said, “Conflict should be reduced and technology should be enhanced. Moreover, the reason I care about examining the successes and failures of Bitcoin is not because I want to elevate Ethereum by disparaging Bitcoin; in fact, as someone who loves trying to understand social and political issues, I find that one of the characteristics of Bitcoin is that it is socially complex enough to provoke internal debates and divisions that are rich and fascinating enough to write two entire books. Instead, I care about analyzing these issues because Ethereum and other digital (and even physical) communities that I care about have a lot to learn from understanding what happened, what was done well, and what could be done better.”
PayPal Senior Vice President: Solana is very suitable for payment scenarios
According to SolanaFloor’s post on the X platform, @PayPal’s senior vice president Jose Fernandez said in an interview with Coindesk that Solana is very suitable for payment scenarios. He also explained that they are bringing mainstream cryptocurrency use cases through a remittance company called @Xoom, which supports billions of dollars in transaction flows each year. Earlier, PayPal announced that it had chosen the Solana blockchain to expand its stablecoin PayPal USD (PYUSD).
NYSE Group President: The liquidity brought by Bitcoin ETF is indisputable
Lynn Martin, president of the New York Stock Exchange Group, said in an interview with CNBC that the success of the Bitcoin ETF and the liquidity it brings are indisputable.
Paradigm researcher: Uniswap postponed the vote on "UNI staking and delegation rewards" because a certain VC was putting pressure on it
Regarding the "Uniswap postponed UNI staking and delegation reward vote originally scheduled for Friday", Paradigm researcher Dan Robinson wrote on X: "It is disappointing that a large VC tried to manipulate the token governance process and postpone the community proposal at the last minute to advance their own 'pet' project." Dan Robinson did not specify which VC it was. Earlier news, the Uniswap Foundation postponed the UNI staking and delegation reward vote originally scheduled for Friday because a stakeholder discussed some issues that needed attention with the foundation and required additional due diligence for a comprehensive review. Due to the immutability and sensitivity of the proposal upgrade, it was decided to postpone the vote.
Investment and Financing
Bitcoin financial services company UNCHAINED partners with UT Austin to set up $5 million endowment fund to invest in Bitcoin
According to BSCN Headlines’ post on the X platform, Bitcoin financial services company UNCHAINED has partnered with the University of Austin to establish a $5 million endowment fund that will be used to invest in Bitcoin.
BitDeer and Tether reached an equity subscription agreement of approximately US$150 million
According to official news, BitDeer announced that it has reached an equity subscription agreement of approximately US$150 million with Tether International Limited ("Tether"), designing 8,587,360 Class A common shares and warrants. Tether intends to purchase up to 5,000,000 additional shares at a price of US$10.00 per share. This round of private equity subscription transactions will be completed on May 30, 2024. It is reported that BitDeer's transaction will generate a total proceeds of US$100 million from the stock issuance, and if the warrants are fully exercised, an additional US$50 million may be provided.
Security incidents
Beosin: Total losses from hacking, phishing scams and rug pulls in May reached $154 million
According to Beosin Alert, a blockchain security audit company, in May 2024, the amount of losses from various security incidents increased compared to April. More than 27 typical security incidents occurred in May 2024, and the total loss caused by hacker attacks, phishing scams and rug pulls reached 154 million US dollars, an increase of about 52.5% from April. Among them, the attack incidents were about 54.51 million US dollars, an increase of about 3.7%; the phishing scam incidents were about 97.4 million US dollars, an increase of about 754%; the rug pull incidents were about 2.04 million US dollars, a decrease of about 94.5%. This month, there were 2 hacker attacks with losses exceeding 10 million US dollars: the game platform Gala Games lost 22.5 million US dollars due to private key leakage, and Sonne Finance lost 20 million US dollars due to contract vulnerabilities. The number of phishing scams increased significantly this month, and there were many phishing incidents with losses exceeding one million US dollars, including 1 address poisoning scam with a loss of 72 million US dollars. Crypto crime cases continued to increase this month, with several crimes involving more than $100 million.
Japanese crypto exchange DMM Bitcoin was hacked and 4502.9 BTC was stolen, with a loss of $305 million
Japanese cryptocurrency exchange DMM Bitcoin suffered a $305 million hack, with 4,502.9 bitcoins reportedly stolen from the exchange. DMM Bitcoin said it would guarantee the full amount of the stolen money, and all spot purchases are currently subject to temporary restrictions, and customers withdrawing yen may face delays. It is reported that this is the second largest hacker attack loss for a Japanese cryptocurrency exchange. In 2018, Coincheck was hacked and lost 58 billion yen. (Coindesk)
Velocore was suspected to be attacked on zkSync and Linea chains, and all liquidity was drained
Yu Xian, the founder of SlowMist, posted on the X platform: "Velocore seems to have been hacked, and the loss seems to be quite large. The cause is being analyzed." According to the tweets he forwarded, Officers Notes disclosed that Velocore may have been attacked on the zkSync and Linea chains, with a loss of about 10 million (US dollars), and all LPs were exhausted. The hacker has transferred part of the ETH across chains to the Ethereum mainnet. In addition, the Linea chain stopped producing blocks for a time, but has now returned to normal. It is reported that Velocore is veDEX based on zkSync Era and Linea.
