Today's news tips:
SEC Chairman: Disclosures Not Enough to Immunize Crypto Exchanges from Lawsuits
Coinbase Launches Smart Wallet to Support Gas-Free Transactions Across Networks and Apps
Aethir announces airdrop details of its ATH token: total supply is 42 billion, 6% is used for airdrop rewards
Binance Launches 55th Newcoin Mining Project, Use BNB and FDUSD to Mine IO.NET (IO)
Web3 network security company GoPlus completes $10 million financing, OKX Ventures and others participate
Stablecoin minting protocol M^0 completes $35 million Series A financing, led by Bain Capital
Nvidia's total market value exceeds Apple and is second only to Microsoft
EigenLayer TVL exceeds 20 billion US dollars, setting a new record
Regulatory News
SEC Chairman: Disclosures Not Enough to Immunize Crypto Exchanges from Lawsuits
According to The Block, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said on Wednesday that if cryptocurrency exchanges "manipulate the market," disclosing information will not help them avoid being sued by regulators. He said that if these companies publish "misleading" information that causes traders to invest money in products they would not otherwise invest in, the exchanges will not be immune from lawsuits. Gensler also said on Wednesday that most crypto companies still do not disclose information at all. He said that cryptocurrency exchanges have long operated in a way that trading platforms in traditional financial markets would never be allowed.
US SEC Chairman: The law will never allow traditional stock exchanges to do what crypto exchanges are doing
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said, “Crypto exchanges are doing things that the New York Stock Exchange or traditional exchanges would never be legally permitted to do.”
The first criminal case involving the issuance of virtual currency in China has caused controversy: Does the withdrawal of liquidity and the loss of currency speculation constitute fraud?
According to The Paper, Yang Qichao, a college student born in the 2000s, issued a virtual currency called BFF on an overseas public chain, and was jailed for withdrawing liquidity. The procuratorate accused him of issuing fake virtual currency. After others were misled to recharge 50,000 USDT coins, Yang Qichao quickly "withdrew funds", causing others to lose 50,000 USDT coins, and his behavior constituted fraud. On February 20, 2024, the People's Court of Nanyang High-tech Industrial Development Zone in Henan Province found Yang Qichao guilty of fraud at the first instance and sentenced him to 4 years and 6 months in prison and a fine of 30,000 yuan. On May 20, 2024, the case was heard in the second instance at the Nanyang Intermediate People's Court. Yang Qichao's defense lawyer still defended him for innocence, believing that the virtual currency issued by the defendant Yang Qichao in this case has a unique and unalterable contract address, and there is no so-called "fake currency". The defendant and the reporter are both senior players in the currency circle and have a clear understanding of the risks of speculating in virtual currency. In addition, the platform allows liquidity to be added or withdrawn at any time, and the defendant's behavior does not violate the platform rules. The BFF coins held by the victim appreciated after the incident due to increased liquidity. If the transaction can be exchanged for more USDT coins than before, the victim will not suffer any losses.
Project News
Coinbase Launches Smart Wallet to Support Gas-Free Transactions Across Networks and Apps
According to Decrypt, Coinbase has launched its Smart Wallet, which aims to simplify the process of users entering decentralized finance (DeFi). The wallet supports gas-free transactions across networks and applications, and users can create free and secure self-hosted wallets through Face ID, Google Chrome profiles, etc.
Crypto payment infrastructure MoonPay lays off 10% of its staff, affecting about 30 people
According to The Block, crypto payment infrastructure company MoonPay announced a 10% layoff, which seems to be about 30 people, given that MoonPay currently has about 300 employees. The layoffs affected multiple departments with the aim of optimizing operations and improving efficiency. MoonPay co-founder and CEO Ivan Soto-Wright said that although the company was cash flow positive, its cost structure was too high.
The first phase of the TAIKO token airdrop is now open and the deadline for claiming is July 5th
According to Taiko's official tweet, the first phase of the TAIKO token airdrop is now open, and eligible users can claim 5% of the initial TAIKO supply, about 50 million tokens. Eligible users include: Taiko proposers and provers; Taiko bridgers; Taiko users (including Galxe points holders); Taiko developers; GitHub contributors; Loopring community members. The claim period is from June 5, 2024 to July 5, 2024. Users need to first bridge some ETH to Taiko to pay the minimum Gas fee, and then go to the Taiko claim page to connect the wallet and claim the token. In addition, Taiko will also allocate 10% of the total TAIKO supply in the upcoming Trailblazers program.
Aethir announces airdrop details of its ATH token: total supply is 42 billion, 6% is used for airdrop rewards
Aethir, a decentralized cloud computing infrastructure project, has announced the details of the airdrop of its token ATH. ATH has a total supply of 42 billion, of which 2.52 billion (6%) have been reserved for airdrop rewards. Aethir's airdrop activities will be divided into three Seasons. Season 1 (Aethir Cloud Drop) ended on May 29th. Season 1 allocated 630 million ATH, of which 74.5% were allocated to Aethir community members (including Checker Node) and 25.5% were allocated to the external community. The reward collection process will be carried out on June 12th through a dedicated platform. Season 2 is expected to start in 8 months and aims to reward community members who continue to participate in the Aethir ecosystem. Season 3 will be launched in 16 months, targeting the most loyal community members and allocating 3% of the total supply. In addition, Aethir will launch the ATH staking function after the mainnet launch, allowing holders to earn rewards through staking.
Vitalik: The development direction of Ethereum L1 is relatively clear, but the infrastructure of the entire ecosystem lacks consensus
According to Emmanuel Awosika's tweet, he described Ethereum in 2024 as a scientific laboratory: many people are doing experiments, and there will be good results from time to time, but there is an overall lack of direction. He questioned the plan for 2-3 hard forks in the future and its relationship with the ultimate goal. Vitalik Buterin responded that the challenges are more subtle. The development direction of Ethereum L1 is relatively clear, but there is a lack of consensus on the infrastructure of the entire ecosystem. Many key technologies such as "built-in bridging", "Rollup decentralized technology", "multi-validators", etc. are not L1 features, but challenges in high-level ecosystem construction and standardization. He pointed out that a roadmap alone is not enough, and resources are needed to execute it. Although ERC-7683 and Waku are good progress, more similar projects are needed with clear resources and motivation to complete them.
Vitalik expressed his dissatisfaction with this round of celebrity experiments and believed that financialization should not be the final product
Chris Burniske, a partner at venture capital firm Placeholder and former head of crypto at Ark Invest, tweeted that if $MOTHER can achieve sustainable value creation, it will become a benchmark for celebrity experiments in this cycle. In response, Vitalik Buterin expressed his dissatisfaction with this round of celebrity experiments, believing that financialization should serve worthy goals such as medical care, open source software, and art, rather than becoming a final product. Vitalik quoted his previous article "V God's Original Article: What else can meme coins be?" and pointed out that celebrity crypto projects should have the following characteristics to win respect: Have public welfare goals and serve art projects or charity. In addition to trading tokens, there must be other interesting mechanisms, such as token voting DAOs. Projects should last for more than 10 years, rather than short-term bubbles. He emphasized that projects should make participants willing to participate even if all tokens eventually return to zero, and pointed out that ordinary companies and charities can often achieve this goal.
VanEck predicts Ethereum price will reach $22,000 by 2030
According to CoinDesk, VanEck has set a new price target for Ethereum: $22,000 by 2030, which is much higher than the current level of $3,850. VanEck said in its latest report that Ethereum's surge will benefit from the disruptive power of Ethereum and the cash flow it creates for token holders. The company also pointed out that Ethereum is reshaping multiple industries such as finance, banking, payments, marketing, advertising, social, games, infrastructure and artificial intelligence. In addition, VanEck predicts that the scale of Ethereum ETF may exceed that of Bitcoin ETF, and expects that the ETF will be approved for listing, which will provide financial advisors and institutional investors with a convenient way to hold Ethereum. The report also emphasizes that the low cost, high efficiency and transparency of Ethereum technology are key factors driving the price of Ethereum. VanEck further predicts that this shift will force traditional financial and technology institutions, which currently have a total available market of up to $15 trillion, to transfer a large amount of market share to blockchain-based solutions. VanEck also pointed out that by 2030, the free cash flow from holding Ethereum is expected to reach $660 billion, which will also help drive Ethereum's valuation towards the expected target. Ethereum has risen more than 63% so far this year.
Rich Dad Poor Dad author says he keeps buying more Bitcoin and other crypto assets because of incompetence of US leaders
Robert Kiyosaki, author of Rich Dad Poor Dad, posted on X platform: "Bitcoin will reach $350,000 by August 25, 2024, and this is not a lie. This is a prediction. This is a deceptive bait, but it is not a lie, because any prediction about the future is not a lie. I hope that $350,000 Bitcoin will become a fact, and I hope it is true. But it is just a prediction. I believe that Bitcoin will reach $350,000 sometime in 2024, but this is just a goal, a dream and a wish. I have been buying more Bitcoin, Ethereum and Solana because their prices will definitely continue to rise. Why am I so confident? Is it because I am sure about Bitcoin, Ethereum and Solana? Not really. What I am sure of is the incompetence of the leaders of the United States, President Biden, Treasury Secretary Yellin and Federal Reserve Chairman Powell. These three people are the real-life 3-Stooges, I am sure, I am confident in their incompetence. Be careful. Buy more gold, silver, Bitcoin, Solana and Ethereum. Protect yourself from the 3-Stooges.
Privacy protocol Nocturne announces decision to cease operations
Privacy protocol Nocturne announced its decision to wind down company operations on the X platform. The move comes after the closure of its privacy protocol last year. The frontend will remain open for withdrawals until the end of this month. After that, users will need to manage withdrawals themselves using the command line interface (CLI) tool, and guidance will be provided through a GitHub repository. Last October, Nocturne Labs raised $6 million in seed funding from Vitalik Buterin, Bain Capital Crypto, Polychain Capital, and others. A month later, Nocturne v1 went live on the Ethereum mainnet.
Arthur Hayes: The European Central Bank is expected to follow the Bank of Canada in cutting interest rates, which may be good for risk assets
Arthur Hayes, co-founder of BitMEX, said on the X platform that he expects the European Central Bank to follow the Bank of Canada's lead in cutting interest rates on June 6. He expects such monetary easing to encourage investors to embrace riskier assets. Hayes added: "This summer is going to be more interesting than I expected."
The Cosmos Hub blockchain experienced a nearly 4-hour outage in the early morning, and has now resumed block production
Cosmos Hub said on X platform at 4:32 am today that Cosmos Hub is experiencing a temporary chain outage. Later, it stated in a subsequent post that during the v17 upgrade, Hub validators patched a security vulnerability in the Liquid Staking Module (LSM). After most validators implemented the patch to fix the vulnerability, Cosmos Hub stated a few minutes ago that the previous problem has been fixed and Cosmos Hub is generating blocks again. Informal Systems and Hypha Cosmos will publish a post-mortem with all the details as soon as possible.
Binance Launches 55th Newcoin Mining Project, Use BNB and FDUSD to Mine IO.NET (IO)
According to the official announcement, Binance Launch Mining has launched the 55th project - IO.NET (IO), a decentralized artificial intelligence computing and cloud platform. Users can enter BNB and FDUSD into the IO mining pool on the Launchpool website after 08:00 (GMT+8) on June 7, 2024 to receive IO rewards. IO can be mined for a total of 4 days. The website is expected to be updated within about five hours of this announcement before the mining activity is launched. Binance will list IO.NET (IO) at 20:00 (GMT+8) on June 11, 2024, and open IO/BTC, IO/USDT, IO/BNB, IO/FDUSD and IO/TRY trading markets, and the seed tag trading rules will apply.
Later news, IO.NET token economics: the initial supply is 500 million, and when the maximum supply cap of 800 million is reached, the community allocation will account for 50%; IO.NET's third quarter Ignition reward program will last until the end of this month, with a total of 7.5 million IOs allocated; Binance reported that io.net has raised US$40 million through two rounds of private placements, with the latest valuation of US$1 billion.
Financing News
Web3 network security company GoPlus completes $10 million financing, OKX Ventures and others participate
According to CoinDesk, Web3 network security company GoPlus has completed a $10 million financing, with OKX Ventures, HashKey Capital, Fenbushi Capital, Web3Port, Redpoint, Quantstamp, Undefined Labs, 7UpDAO, Undefined Labs and Animoca Brands participating. The company plans to launch tokens, mainly used to pay gas fees and as an incentive for developers to participate in GoPlus services. GoPlus aims to build a modular Web3 security layer that does not require permission and can be integrated with any blockchain network to enhance user security and protect against network threats.
Stablecoin minting protocol M^0 completes $35 million Series A financing, led by Bain Capital
According to Fortune, the cryptocurrency protocol M^0 announced the completion of a $35 million Series A financing round and will deploy its layered structure on Ethereum. The financing was led by Bain Capital, and other supporters included Galaxy Ventures, Wintermute Ventures, and GSR. M^0 aims to bring greater liquidity to the stablecoin market through decentralized infrastructure that enables any institution to mint stablecoins backed by U.S. Treasuries. M^0's goal is to create a global network that makes minted stablecoins "look the same, smell the same, and be completely fungible" and operate independently of the traditional financial system. The protocol previously raised $22.5 million in a seed round led by Pantera Capital in early 2023.
Important data
Nvidia's total market value exceeds Apple and is second only to Microsoft
According to 10jqka, Nvidia’s total market value has reached 3.01 trillion U.S. dollars, surpassing Apple’s 3 trillion U.S. dollars and second only to Microsoft. Nvidia’s cumulative increase this year is nearly 150%.
An address received 50,000 ETH from a multi-signature wallet and transferred it to OKX, with a value of over $190 million
According to The Data Nerd, more than ten minutes ago, wallet 0x898 received 50,000 ETH (about $193.29 million) from a multi-signature wallet. After that, this wallet transferred all these ETH to OKX.
Data: US Bitcoin spot ETF had a net inflow of about $490 million yesterday
According to data from Farside Investors and HODL15Capital, on June 5, US spot Bitcoin ETFs once again saw net inflows of $488.7 million. Among them, Fidelity's FBTC had a net inflow of $220.6 million, followed by BlackRock's IBIT ($156 million), ARK 21Shares' ARKB ($71.4 million), Bitwise's BITB ($18.5 million) and Grayscale's GBTC ($14.6 million).
A MEV robot has become the address with the highest Ethereum Gas fee expenditure in the past day, spending more than 210 ETH
According to The Block, in the past day, the MEV robot operator using the ENS domain name "jaredfromsubway.eth" spent more than 210 ETH (about $810,000) on gas fees on the Ethereum network. This amount accounts for nearly 1.5% of all gas fees on the network during the period, making it the address with the most gas fees on the Ethereum network. The robot conducts high-frequency trading, especially targeting on-chain meme coin traders. From February 2023 to June 2024, the robot spent a total of 76,916 ETH, which is about $175 million based on the value when these transactions were executed.
EigenLayer TVL exceeds 20 billion US dollars, setting a new record
DefiLlama data shows that the total locked value (TVL) of the liquidity re-staking protocol EigenLayer has exceeded US$20 billion and is currently US$20.082 billion, setting a new historical high.
Bitcoin mining difficulty dropped by 0.79% to 83.72 T
Mempool data shows that the difficulty of Bitcoin mining has been adjusted at 17:04 today (block height 846720), and the mining difficulty has been reduced by 0.79% to 83.72 T.
PANews APP has updated its functions, download and experience it now!
【Comment】Speak freely and exchange views
【Floating window】Reading interrupted, return at any time
【Search within the article】Quickly locate and get to the core
