Today's news tips:
1. Bloomberg: After the largest money laundering case in Singapore, banks such as Citigroup and DBS are stepping up scrutiny of wealthy clients and potential clients
2.io.net will open IO token airdrop applications at 19:00 on June 11
3. LayerZero CEO: TGE will be held in the first half of this year
4.Chiliz Chain: Dragon8 hard fork will take place on June 17
5.Arkham: The lending protocol UwU Lend is suspected to have been attacked and has lost $19.3 million so far
6. Research institute: There are problems with OKX security settings, and users are advised to set up Google Authenticator
7. Wu said: Bybit will relocate its employees to Malaysia and Dubai after opening registration for Chinese users
8. Nexus Labs completes $25 million Series A financing, led by Lightspeed Venture Partners and Pantera Capital
Regulatory News
Bloomberg: After Singapore's largest money laundering case, banks such as Citigroup and DBS are stepping up scrutiny of wealthy clients and potential customers
Citigroup, DBS Group Holdings and other banks caught up in Singapore’s biggest money laundering scandal are stepping up scrutiny of big clients and potential customers to avoid being affected by illicit money flows, Bloomberg reported, citing people familiar with the matter. Private bankers at several institutions are also receiving additional training to help them detect methods used by criminals to conceal their backgrounds and sources of funds, the people said.
Earlier news, in the largest money laundering case in Singapore involving 3 billion Singapore dollars, one of the defendants, Zhang Ruijin, pleaded guilty and was sentenced to 15 months in prison. Five people have been convicted in this case so far. Zhang Ruijin was involved in money laundering of about 36 million yuan, the most among the defendants convicted so far, and his sentence was also the longest. Zhang Ruijin and 9 other defendants in the same case were arrested in August last year, and 5 of them have been convicted so far. Among them, Su Baolin was sentenced to 14 months in prison, Su Wenqiang and Wang Baosen were sentenced to 13 months respectively, and Su Haijin was sentenced to 14 months.
South Korea releases guidelines to define whether NFTs are virtual assets
According to South Korean media News1, as South Korea's "Virtual Asset User Protection Act" will take effect on July 19, guidelines on whether NFTs are virtual assets have been issued. Previously, the "Virtual Asset User Protection Act Enforcement Order" passed by the financial authorities announced that NFTs are not virtual assets, and this principle remains unchanged. But in fact, NFTs that have the nature of virtual assets may be regarded as virtual assets. Companies that issue NFTs need to report to the official authorities as virtual asset operators. NFTs that are issued on a large scale, divisible, and used as a means of payment are virtual assets. For NFTs with unclear boundaries, the application of the law depends on the essence of the NFT, which is determined in the order of "securities → virtual assets". First determine whether the NFT is a security, and then look at its essence to determine whether it is a virtual asset.
Project News
LayerZero CEO: TGE will be held in the first half of this year
In response to the question raised by community users, "If the witch list is released before the first half of the year, should the coin issuance wait until July?", LayerZero CEO Bryan Pellegrino stated that TGE will be conducted in the first half of 2024.
Earlier news, in response to the question raised by community users about when the witch check will be completed and the final list will be released, LayerZero CEO Bryan Pellegrino responded that it is expected to be before the end of the first half of 2024.
Cardano founder: Chang fork upgrade is expected to be completed in June
Cardano founder Charles Hoskinson said on the X platform that the Chang fork upgrade is expected to be completed in June. After the upgrade is completed, Cardano will enter the Age of Voltaire, and governance will be decentralized, inclusive and transparent.
Polyhedra Network: Token Staking Program is now live
Polyhedra Network said on the X platform that a four-week token staking program has gone live.
Earlier news, Polyhedra Network announced that it will launch the ZK staking function on June 10. Users can stake ZK tokens and earn ZK tokens as well as token rewards from ecosystem partners.
zkSync: Pre-game activities will start tomorrow
zkSync said on X Platform, turn on notifications and follow ZK Nation, the community account dedicated to managing, protecting and developing the zkSync protocol. Pre-game activities start tomorrow.
Chiliz Chain: Dragon8 hard fork to take place on June 17
Chiliz Chain, a blockchain solution for sports and entertainment, tweeted that the Dragon8 hard fork will take place at 16:00 Beijing time on June 17. According to previous news, Chiliz's Dragon8 hard fork originally scheduled for May 21 was not carried out as planned, and only one of the two planned hard forks was successfully implemented.
Arkham: Lending agreement UwU Lend is suspected to have been attacked and has lost $19.3 million
Arkham, an on-chain analysis platform, posted on Twitter that the DeFi lending protocol UwU Lend may have been attacked and has currently lost $19.3 million.
PeckShield: The root cause of the UwU Lend hacker attack was the manipulation of the price oracle
According to PeckShield monitoring and analysis, the root cause of the attack on UwU Lend today was a price oracle problem. Specifically, the pricing of sUSDe assets is based on the median of multiple sources. Five of them, namely FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe, were manipulated during the hack.
io.net’s new CEO: From now on, the former CEO’s IO tokens will be hosted on Ceffu and will be subject to a 1-year sales restriction
Tory Green, the new CEO of io.net, tweeted that his first priority is to ensure the successful issuance of IO tokens and lay the foundation for the future development of the project. Effective immediately, the IO tokens of former CEO Ahmad Shadid will be hosted in Ceffu. These tokens will be subject to a 1-year sales restriction from the date of listing. At the end of the 13th month after listing, 1/36 of the tokens will be available for sale, the tokens will be unlocked, and will be available for sale every month for the next 36 months. According to previous news, io.net founder and CEO Ahmad Shadid announced his resignation as CEO, effective immediately, and co-founder and COO Tory Green took over.
io.net will open IO token airdrop applications at 19:00 on June 11
According to official news, io.net will open IO token airdrop applications at 19:00 Beijing time on June 11.
Research institute: There are problems with OKX security settings, and users are advised to set up Google Authenticator
According to Wu, Dilation Effect previously conducted a quick analysis of OKX's user security settings. The results showed that although the user was bound to GA (Google Authenticator), the verification was allowed to switch to a low-security verification method, resulting in the GA verification being bypassed. When OKX verifies sensitive user operations, such as adding whitelist addresses, withdrawing coins, and changing various verification item settings, it can directly switch to a low-security verification method, such as SMS. It can be seen that OKX's security settings lack a baseline design. Perhaps in order to improve the user experience, OKX has made a lot of compromises on security. Dilation Effect reminds users that account settings must be bound to GA, otherwise they will end up working for hackers because email and SMS are vulnerable to attacks.
Wu said: Bybit will relocate its employees to Malaysia and Dubai after opening registration for Chinese users
According to Wu, Bybit is launching a plan to relocate all employees to Malaysia and Dubai after opening registration for Chinese users, and is considering closing offices in Shanghai, Shenzhen and other places in China. Currently, most technical employees are located in China, and employees who are unwilling to leave may be laid off and compensated. Analysts pointed out that after opening Chinese users, domestic employees will undoubtedly bear greater risks. Bybit's move is a routine operation. Previously, other exchanges and cryptocurrency institutions also required all employees to move to overseas collective offices or they would be laid off.
Investment and Financing
Solana Ecosystem Multi-Signature Protocol Squads Completes $10 Million Series A Funding, Led by Electric Capital
According to The Block, the multi-signature protocol Squads based on Solana has completed a $10 million Series A financing, led by Electric Capital, with participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital and Mert Mumtaz, co-founder and CEO of Helius and founder of Odyssey Ventures. This round of financing brings Squads' total financing to $22.5 million, after the company raised $12.5 million in three rounds of financing. In addition, Squads also released Fuse, an iOS wallet app for retail customers, on TestFlight. Fuse is a Solana wallet built on the Squads protocol that provides multi-signature security for personal assets. Squads is a multi-signature protocol based on Solana that helps businesses manage on-chain assets such as funds, tokens, and management keys through multi-signatures. Since its launch in 2021, Squads has helped protect more than $10 billion in assets.
Nexus Labs Completes $25 Million Series A Funding, Led by Lightspeed Venture Partners and Pantera Capital
According to NFTgators, Web3 startup Nexus Labs has completed a $25 million Series A financing round, led by Lightspeed Venture Partners and Pantera Capital, with participation from Dragonfly Capital, Faction Ventures, and Blockchain Builders Fund. Nexus plans to use the new funds to expand its team and develop more products. This round of financing brings Nexus Labs' total financing to $27.2 million, after the company completed a $2.2 million seed round in 2022, led by Dragonfly. It is reported that Nexus Labs is committed to building zero-knowledge privacy tools to support technologies such as artificial intelligence, network security, cloud computing, and privacy enhancement.
Important data
A whale sold all ENA at 1.32 million USDC, losing $283,000
According to Spot On Chain monitoring, 6 days ago, just before the price rose above $1, a whale spent 1.6 million USDC to buy 1.62 million ENA. Just now, as the price fell by 23% (7 days), the whale sold all ENA for only 1.32 million USDC. A loss of $283,000 (-17.6%) in less than a week.
The stablecoin market has received approximately $16.2 billion in inflows in the past 90 days, with Tether accounting for 69% of the total inflows
Over the past 90 days, the stablecoin economy has grown by over 11%, with $16.23 billion flowing into the crypto market. USDT accounted for over 69% of the $16.23 billion in inflows. Over the past month, USDT supply has increased by 1.3%. Meanwhile, Circle’s USD Coin (USDC) has lost 2.7% over the past month, but has shown growth over the 90-day period, with a market cap of $29.88 billion on March 11 to $32.23 billion today. Makerdao’s DAI had a market cap of $4.55 billion 90 days ago, and despite a 3% drop over the past month, it has reached $5.26 billion today. Ethena’s USDE was ranked sixth in market cap 90 days ago, and has now moved up to fourth. At the time, it had grown 334% in 30 days, with a market cap of $848 million.
10x Research: $771 million in BTC and $56 million in ETH were withdrawn from exchanges in the past week
According to 10x Research, $6.75 billion worth of Bitcoin (~97k-100k) was withdrawn from exchanges in the past month. This record-breaking trend was mainly driven by two US-focused exchanges, Kraken (55k BTC or $38) and Coinbase (24k BTC or $1.7 billion). In the past week, $771 million of Bitcoin was withdrawn from exchanges, a significant number compared to the 13.5k BTC issued last month. The only exchange with a large inflow was Bitfinex (7.2k BTC). In comparison, Bitcoin ETFs bought about $3.9 billion worth of Bitcoin (or 56k BTC) in the past month. Similarly, $1.9 billion worth of ETH was withdrawn from exchanges last month. In the past week, only $56 million worth of Ether was withdrawn from exchanges, and the outflow slowed significantly.
Smart Money 0x311 deposited 5.108 million ONDO to Coinbase, with an estimated profit of $1.94 million
According to The Data Nerd, about 10 minutes ago, the smart money 0x311 just deposited 5.108 million ONDO (about 6.59 million US dollars) to Coinbase. Three months ago, he accumulated these tokens at an average entry price of about 0.92 US dollars. If sold at the current price, he will earn 1.94 million US dollars (41% return on investment).
Justin Sun deposits approximately $21 million worth of AAVE, MKR, COMP, and LQTY into Binance
According to Spot On Chain, in the past 30 minutes, Sun Yuchen deposited 4 tokens with a total value of approximately US$21 million into Binance, including:
93,979 AAVE ($11.26 million)
3,800 MKR ($9.3 million)
4,178 COMP ($245,000)
203,623 LQTY (21.7 million USD)
According to previous news, a whale who had been dormant for a year deposited 3,800 MKR and 20,000 AAVE into Binance. If all were sold, the profit would be about $7.5 million. Spot On Chain said that the address was Sun Yuchen's address.
Data: Total inflows into digital asset investment products reached $2 billion last week
Unfolded said on the X platform that total inflows into digital asset investment products reached $2 billion last week, bringing inflows to $4.3 billion in the last five weeks. ETP trading volume rose to $12.8 billion last week, up 55% from the previous week.
ZachXBT: Pendle users have had over $15.95 million stolen since March
According to ZachXBT, more than $15.95 million has been stolen from Pendle users since March 2024. ZachXBT claims that this is primarily a user issue rather than a protocol issue.
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