Today's news tips:
Basel Committee approves crypto asset risk disclosure framework and capital standards for banks
South Korea strengthens cryptocurrency regulation and cracks down on trading fraud
MetaMask developer Consensys acquires crypto security app Wallet Guard
Upbit will list Jupiter (JUP)
Web3 Metaverse Developer Playbux Launches AI-Powered L1 Gaming Blockchain with Zero Transaction Fees
DWF Labs launches $20 million crypto-native fund Cloudbreak, targeting high-quality Chinese projects
Data: Hong Kong virtual asset ETF today's trading volume is about HK$94.85 million
Bitcoin recovered slightly after falling to $57,000, while Ethereum fell to around $3,150
Regulatory News
Basel Committee approves crypto asset risk disclosure framework and capital standards for banks
The Basel Committee approved amendments to the framework for banks’ crypto asset risk disclosures and capital standards, and agreed to adjust interest rate risk standards in bank books, while consulting third-party risk management principles. The framework will be implemented on January 1, 2026, and aims to enhance information transparency and promote market discipline. The committee also discussed the prudential impact of banks as potential issuers of tokenized deposits and stablecoins, and decided to continue monitoring market developments in this area.
South Korea strengthens cryptocurrency regulation and cracks down on trading fraud
South Korean regulators are increasing pressure on local cryptocurrency exchanges to root out suspicious transactions as part of efforts to strengthen investor protection under a new digital asset law that takes effect later this month, Bloomberg reported. The country's Financial Supervisory Service said in a statement on Thursday that it is setting up a system to monitor unusual cryptocurrency trading activity. It added that exchanges are advised to enter data and information into the system to ensure compliance with legislation that takes effect on July 19. The statement noted that red flags include trading volumes and prices outside normal ranges, excessive trading volume, and unusually slow execution speeds. The Financial Supervisory Service said one of the goals of the measure is to find accounts associated with "suspicious" activity.
Matt Younghoon Mok, senior foreign attorney and partner at Lee & Ko in Seoul, said the Financial Supervisory Service's guidelines "could pose a significant challenge to altcoins that cannot quickly meet regulatory requirements." South Korean exchanges have begun reviewing the listings of more than 1,000 altcoins over the next six months to ensure they comply with the Virtual Asset User Protection Act. An industry body said Tuesday that an immediate "large-scale" delisting of altcoins is unlikely, dismissing the idea that the bill could quickly kill trading in some of the country's highly speculative tokens.
The Bitcoin roundtable hosted by Democratic U.S. Congressman Ro Khanna is expected to be held on July 17
According to Foxbusiness, U.S. Democratic Congressman Ro Khanna has been in contact with top figures in the digital asset industry, as well as U.S. Democratic lawmakers and White House officials, inviting them to participate in an exclusive Bitcoin roundtable meeting in the U.S. capital next week. The meeting is scheduled to be held on Wednesday (July 17) next week, and more than 20 people are expected to attend, including at least one White House representative and cryptocurrency investor and advocate, billionaire entrepreneur Mark Cuban. The fact that details of the event have not been leaked until now proves that Khanna's campaign staff asked participants to maintain a high degree of confidentiality. For example, the exact location of the meeting has not been disclosed to the invitees. Earlier news, the meeting will discuss how to keep Bitcoin and blockchain innovation within the United States.
Project News
Bitwise Reveals Plans to Waive Fees for Ethereum Spot ETF in S-1 Update
According to Cointelegraph, in a document submitted to the U.S. Securities and Exchange Commission on July 3, Bitwise amended its S-1 registration statement for the Ethereum spot ETF in advance, including exemption of the sponsorship fees for the first $500 million of trust assets in the first six months. The document did not include a specific launch date for listing and trading on the New York Stock Exchange Arca, but stated that it would be launched "as soon as possible" after the registration effective date.
Earlier today, Bloomberg analyst James Seyffart said that in response to Bitwise's resubmission of the revised Ethereum ETFS-1 form, the Ethereum spot ETF product may be listed later next week or during the week of July 15.
Capriole founder: Huge amounts of Bitcoin are moving on the chain, and compensation for Mt. Gox may begin soon
Charles Edwards (@caprioleio), founder of digital asset management company Capriole Investments, posted on the X platform that a chart shows that there has never been such a large-scale movement of Bitcoin on the chain in history, with an amount of US$9 billion, about 10 times the previous peak. This huge transfer came from Mt. Gox, indicating that Mt. Gox's compensation may really begin.
MetaMask developer Consensys acquires crypto security app Wallet Guard
MetaMask developer Consensys has acquired crypto security app Wallet Guard to enhance the security of its non-custodial Web3 wallet. Wallet Guard provides a browser extension that identifies scams and wallet drainers in real time. Consensys plans to integrate Wallet Guard's browser extension and security engine capabilities into MetaMask to protect users' wallets, digital assets, and data from theft, scams, and fraud. The acquisition was not disclosed for the transaction amount. The Wallet Guard team will join Consensys and work in the MetaMask product security department. MetaMask currently has more than 30 million monthly active users.
Pump.fun's revenue broke through the previous record, but the data was wrong, the real data was about 600,000 US dollars
DefiLlama data shows that on July 1, Pump.fun's 24-hour fee income reached $1.99 million, a record high. The figure increased by more than three times from $598,000 the previous day. On July 3, the figure increased again to $1.22 million. According to PANews analysis, there was a suspected internal fund transfer to the Pump.fun fee collection address on June 30, with an amount of 9,500 SOL (worth about $1.38 million), and on July 2, 3,635 SOL (worth $556,000) flowed in from the exchange address again. When DefiLlama captured the data, this data was included in the fee income, causing Pump.fun's income to break through the previous high. After excluding internal fund transfers, Pump.fun's fee income should be about $600,000 on July 1 and about $663,000 on July 3, which did not break through the historical high.
Meme coins themed around Harris, who is seen as the preferred candidate to succeed Biden, have experienced a surge
As Joe Biden faces increasing pressure to drop out of the presidential race following his poor performance in the debate with Donald Trump, the Kamala Harris-themed meme coin has risen nearly 250% since Thursday, Cointelegraph reported. Kamala Horris (KAMA) has grown from $3.5 million at the time of the June 27 debate to nearly $11.9 million, according to Dex Screener, though its market cap has fallen from its peak of $22.2 million on July 3. KAMA’s price peaked at over 2 cents on July 3 and is currently trading at just over 1 cent. The token is a deliberately misspelled Solana token that is marketed as a poorly drawn cartoon of the U.S. vice president. Reuters reported on July 3, citing seven senior sources from the Biden campaign, the White House and the Democratic National Committee, that Harris is the top choice to replace Biden if he abandons his reelection bid. Meanwhile, Jeo Boden (BODEN), a meme coin similarly misspelled for President Biden, has fallen more than 22% in the past day and is down 73.4% this week, according to CoinGecko data.
Upbit will list Jupiter (JUP)
According to the official announcement, South Korean cryptocurrency exchange Upbit announced that it will launch Jupiter (JUP) in the KRW, BTC, and USDT markets. Trading is expected to start at 18:00 Beijing time on July 4.
Web3 Metaverse Developer Playbux Launches AI-Powered L1 Gaming Blockchain with Zero Transaction Fees
Web3 metaverse developer Playbux announced the launch of a zero-fee AI-driven Layer-1 gaming blockchain, according to CoinDesk. Playbux was originally built on the BNB chain. The team said: "Playbux is expanding to an AI-driven zero-fee L1 blockchain to expand its leading position in the gaming industry, breaking through the barriers of high transaction fees and insufficient product optimization, lowering barriers to entry, and promoting a more active community. The launch of L1 will enable Playbux to compete in the fast and free Web2 field, while using its AI engine to improve user experience and services."
Bitttensor proposes to destroy 10% of TAO token supply to stabilize the token price
The OpenTensor Foundation (OTF) has opened voting for a proposal to destroy 10% of the BitTensor (TAO) supply in an effort to stabilize the token price in response to a recent bug that led to token losses.
In addition, regarding the root cause of the attack, the OpenTensor Foundation stated that the attack was traced back to PyPi package manager version 6.12.2, in which a malicious package was uploaded, compromising user security. The malicious package disguised as a legitimate Bitttensor package, contains code for stealing unencrypted cold private key details. When a user downloads this package and decrypts their cold private key, the decrypted bytecode is sent to a remote server controlled by the attacker. Regarding mitigation measures, the OTF team has removed the malicious 6.12.2 version package from the PyPi package manager library, and is conducting a detailed review of the Subtensor and Bittensor code on Github to ensure that there are no other attack vectors. No other vulnerabilities have been found so far. The code base will continue to be thoroughly reviewed and evaluated, and all other possible attack vectors will be fully evaluated. The code base will continue to be thoroughly reviewed and evaluated, and all other possible attack vectors will be fully evaluated. OTF pointed out that the attack did not affect the blockchain or Subtensor code, and the underlying Bitttensor protocol remains intact and secure. After the code review is completed, Opentensor will gradually resume the normal operation of the Bitttensor blockchain, allowing transactions to flow again.
Earlier yesterday, according to ZachXBT monitoring, 32,000 TAOs worth $8 million were stolen from a certain address in the Bittensor security incident.
Aptos Labs Launches Self-custodial Wallet “Aptos Connect”
Aptos Labs announced on the X platform that it has launched a web-based cross-platform self-hosted wallet "Aptos Connect", which allows users to create an account with one click through the familiar Web2 login, without the need for private keys or mnemonics, and without the need for wallet applications or extensions.
DWF Labs launches $20 million crypto-native fund Cloudbreak, targeting high-quality Chinese projects
DWF Labs announced on the X platform that it has launched Cloudbreak, a $20 million crypto-native fund dedicated to providing funding and international strategic resource support for innovative and competitive high-quality Chinese projects. Projects such as GameFi, SocialFi, Meme, AI, derivatives, or L1/L2 infrastructure are eligible to register.
Galxe’s GAL tokens will be migrated to G tokens, and the migration portal will open on July 9
Web3 infrastructure and digital credential network Galxe said on X Platform that the Galxe (GAL) token will migrate to Gravity (G) to unify and optimize the experience across the two ecosystems. G is the native token of Gravity and the utility token of the Gravity and Galxe ecosystems. G drives transactions as a gas token and will soon be used to secure the network through staking. As the main utility token across both ecosystems, G drives governance decisions, incentivizes growth, and facilitates payments. The G token will be the native token of the Gravity Alpha mainnet and exist as an ERC20 token on Ethereum, BNB Chain, and Base. The initial total supply is 12,000,000,000. After the on-chain migration is completed, users' existing GAL tokens will be destroyed and new G tokens will be sent to their wallets at a ratio of 1:60. The migration portal will be open to all users on July 9, 2024 and will remain online for at least one year to ensure that GAL holders have enough time to complete this process.
Financing News
Bitcoin scaling protocol QED has received $6 million in seed funding from Blockchain Capital
According to The Block, the Bitcoin scaling protocol QED has completed a $6 million seed round of financing exclusively invested by Blockchain Capital, bringing its valuation to "nine figures" (at least $100 million). QED uses zero-knowledge proof technology and Taproot upgrades to process more than 150,000 transactions per second, with the goal of building applications such as decentralized exchanges and DeFi. The testnet is expected to be launched within 3-4 months, and the mainnet and native tokens will be released after the community reaches a consensus. QED is headquartered in Hong Kong and plans to open its first office in Texas, USA. This seed round of financing brings QED's total financing to $10.6 million. Previously, the company had received $3.25 million in pre-seed financing from companies such as Arrington Capital, StarkWare, and Draper Dragon, and $1.35 million in angel round financing from companies such as Sparkle Ventures backed by Animoca Brands.
Important data
The total net outflow of the US Bitcoin spot ETF yesterday was US$20.4495 million, and the ETF net asset ratio reached 4.41%
According to SoSoValue data, yesterday (July 3, Eastern Time), the total net outflow of Bitcoin spot ETFs was $20.4495 million. Yesterday, Grayscale ETF GBTC had a single-day net outflow of $26.9947 million, and the current historical net outflow of GBTC is $18.574 billion. The Bitcoin spot ETF with the largest single-day net inflow yesterday was Fidelity ETF FBTC, with a single-day net inflow of $6.5451 million. The current total net inflow of FBTC has reached $9.243 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $51.872 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) is 4.41%, and the historical cumulative net inflow has reached $14.62 billion.
Data: Hong Kong virtual asset ETF today's trading volume is about HK$94.85 million
Hong Kong stock market data shows that as of the close, the transaction volume of all Hong Kong virtual asset ETFs today was about HK$94.85 million. Among them, the transaction volume of Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) was HK$65.2633 million, the transaction volume of Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) was HK$4.6 million, the transaction volume of Harvest Bitcoin ETF (03439.HK/09439.HK) was HK$10.1554 million, the transaction volume of Harvest Ethereum ETF (03179.HK/09179.HK) was HK$5.3444 million, the transaction volume of Boshi Bitcoin ETF (03008.HK/09008.HK) was HK$4.091 million, and the transaction volume of Boshi Ethereum ETF (03009.HK/09009.HK) was HK$5.3977 million. Note: All of the above virtual asset EFTs have Hong Kong dollar counters and US dollar counters, and only two of Hua Xia’s ETFs have RMB counters.
The “German Government” wallet transferred another 1,300 BTC to CEX, equivalent to approximately $75.53 million
According to Arkham data monitoring, 10 minutes ago, the wallet address marked as "German Government" transferred a total of 1,300 BTC, equivalent to approximately US$75.53 million, to Bitstamp, Coinbase and Kraken.
Subsequently, the "German Government" wallet address transferred out another 1,700 BTC and currently still holds over 40,000 BTC.
Bitcoin recovered slightly after falling to $57,000, while Ethereum fell to around $3,150
OKX market data shows that Bitcoin has just fallen to $57,000, then slightly rebounded to $57,422 per coin, a 4.6% drop on the day. Ethereum has just fallen to a low of $3,125, and is now trading at $3,150 per coin, a 4.68% drop on the day.
A dormant Bitcoin address for 12.4 years was activated, containing 119 BTC
According to Whale Alert, a Bitcoin address that had been dormant for 12.4 years has just been activated, holding 119 BTC, equivalent to approximately US$6,992,389 (worth US$599 in 2012).
Symbiotic has added 210,000 wstETH and has reached the upper limit, and its TVL has exceeded 1 billion US dollars
EigenLayer competitor Symbiotic increased its staking quota by 210,000 wstETH last night, and has now reached the upper limit. In addition, DefiLlama data shows that Symbiotic's total locked value (TVL) has exceeded $1 billion, currently at $1.031 billion, a record high.
