Headline
State Street Bank Announces Restructuring of Digital Assets Team, Plans to Provide Cryptocurrency Custody Services
State Street Bank, headquartered in Boston, has announced the restructuring of its digital assets team. The bank has already started recruiting for its digital assets department, less than six months after laying off employees in the same department. It is reported that the bank plans to provide cryptocurrency custody services, reflecting its growing confidence in the digital assets market and the integration of cryptocurrencies and tokenized assets into the financial system. (Source: The Information)
Optimism Plans to Distribute 600,000 OP Tokens for Onchain Summer Incentives
Optimism has announced on the X platform that it will distribute 600,000 OP tokens for Onchain Summer incentives. Creators and builders can now showcase their on-chain work on the Superchain and receive rewards. This initiative covers networks including Base, Frax Finance, Metal L2, Mode, Zora, Redstone Chain, Cyber, and OP Mainnet. The first round, Onchain Summer Rounds, will run from June 3rd to August 30th, and 60,000 OP tokens will be distributed to eligible creators and builders on the Superchain network.
OKX Launches Exchange and Web3 Wallet Services in the Netherlands
On June 3rd, 2024, OKX announced the official launch of a decentralized virtual asset exchange and OKX wallet in the Netherlands. Dutch customers can now enjoy spot trading and exchange services for over 150 virtual assets, including more than 60 cryptocurrency-to-euro pairs. OKX also provides seamless euro deposit and withdrawal services in the Netherlands, as well as industry-leading Web3 features through the OKX wallet. Additionally, OKX has integrated iDEAL, the most popular online payment system in the Netherlands, allowing Dutch customers to immediately and free of charge deposit funds into their accounts. Dutch customers can also make free deposits and withdrawals through the Single Euro Payments Area (SEPA).
Industry News
Shenzhen Financial Bureau Issues Risk Warning on Cryptocurrency Trading Speculation
The Shenzhen Local Financial Supervision and Administration Bureau has issued a risk warning on cryptocurrency trading speculation. In response to the recent surge in cryptocurrency trading speculation activities, the risk warning points out that some groups are using cryptocurrencies and “overseas digital options” as bait to induce the public to participate in speculative trading, disrupting the economic and financial order and giving rise to illegal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering, seriously endangering the property security of the people. To safeguard the legitimate rights and interests of the general public, the Shenzhen Local Financial Supervision and Administration Bureau advises the public: firstly, cryptocurrencies do not have the same legal status as legal tender; secondly, cryptocurrency-related business activities are illegal financial activities, and engaging in related illegal financial activities constitutes a crime, with criminal responsibility to be pursued according to law; thirdly, overseas cryptocurrency exchanges that provide services to residents within China through the internet are also engaged in illegal financial activities; fourthly, participating in cryptocurrency investment and trading activities carries legal risks, and any civil legal actions that violate public order and good customs are invalid, and any losses arising from such actions are to be borne by the individuals themselves. If there is suspicion of disrupting financial order and endangering financial security, relevant departments will investigate and deal with it according to law. The risk warning points out that cryptocurrencies lack a clear value basis and are susceptible to malicious speculation and price manipulation. It urges vigilance against illegal fundraising and fraud activities conducted by individual companies using cryptocurrencies or “overseas digital options” as bait. The general public is advised to enhance risk prevention awareness and guard against becoming victims of illegal fundraising and fraud activities. For those who have participated in relevant trading activities, it is recommended to exit as soon as possible and pay attention to collecting and preserving relevant evidence, and actively report to local regulatory authorities and public security agencies.
Roundhill Submits Application to SEC for Ethereum Covered Call Strategy ETF
Investment firm Roundhill has recently submitted an application to the US Securities and Exchange Commission (SEC) for an Ethereum Covered Call Strategy ETF (Roundhill Ether Covered Call Strategy ETF, with the ticker symbol YETH). The effective date is set for August 14th, 2024. Eric Balchunas, an ETF analyst at Bloomberg, stated that this is a new application related to spot Ethereum.
Dubai Financial Services Authority Updates its Cryptocurrency Token Regime
The Dubai Financial Services Authority (DFSA) has announced revisions to its cryptocurrency token regime to strengthen and advance its token regulatory framework within its economic free zone. The DFSA is an independent regulatory authority of the United Arab Emirates (UAE) that regulates entities registered in the Dubai International Financial Centre (DIFC), an economic free zone in the country. On June 3rd, the DFSA announced modifications to its cryptocurrency token regime to reflect changes in Consultation Paper 153, which was published in January 2024. The revisions cover several key areas, including funds investing in cryptocurrency tokens and the identification process for cryptocurrency tokens. In terms of funds, the amendments affect the ability to offer units in funds that invest in recognized cryptocurrency tokens externally and by foreign funds. Previously, the DFSA restricted activities involving funds related to cryptocurrency tokens. In its recent consultation paper, the DFSA stated that funds and asset management firms found the regime too restrictive.
Australia’s First Bitcoin Spot ETF Officially Begins Trading
Australia’s first Bitcoin spot ETF has officially begun trading. (Source: Bitcoin Magazine) Earlier reports stated that the Monochrome Bitcoin ETF (IBTC), Australia’s first Bitcoin spot ETF, would begin trading on Tuesday. It is reported that there are already several ETP products in Australia that provide exposure to Bitcoin, but Monochrome Asset Management is the first company to receive approval under the 2021 Australian Financial Services (AFS) licensing rules for a new category of cryptographic asset licenses. This ETF allows direct holding of Bitcoin by the ETF. Monochrome stated that the assets of IBTC are stored offline in devices not connected to the internet and adopt encrypted custody solutions that comply with “Australian institutional custody regulatory standards”.
Project News
TNA Protocol to Conduct BN Token Airdrop on June 5th
According to official news, the TNA Protocol BN token airdrop will start at 18:00 Beijing time on June 5th. This airdrop activity is open to all users, and the number of airdropped tokens will be related to domain name ownership, interaction, and TNA token holdings. Users can check the task board and points on the official link. TNA Protocol is a Bitcoin asset and security protocol that integrates full-chain domain name asset issuance and DA solutions. It has received investments from MH Ventures, Cogitent Ventures, CSP DAO, and other institutions. The BN token is an important part of the “domain name + DA” strategic upgrade, aiming to expand transaction and liquidity scenarios, promote user growth, and drive product development.
Ultiverse: ULTI Token to be Listed on June 6th at 18:00
Ultiverse announced on the X platform that the ULTI token will be listed at 6:00 PM Beijing time on June 6th. Previously, it was reported that ULTI (Ultiverse) would be listed on OKX Jumpstart.
RSS3 Announces Beta Version of Mainnet is Live, Introduces RSS3 Beta Nodes
Decentralized content distribution and social protocol RSS3 announced on the X platform that the beta version of its mainnet is live. This version introduces RSS3 Beta Nodes, also known as Public Goods Nodes (PGN), and the rewards generated will be used to support builders in contributing to the future digital world. In addition, RSS3 VSL has become the first L2 to integrate with the NEAR Protocol DA, further upgrading its performance.
SingularityNET Announces FET, AGIX, OCEAN Merger to Form ASI Starting June 11th
SingularityNET (AGIX) has officially announced the final date for the merger with Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance (ASI). The merger will begin on June 11th and will consolidate under one decentralized artificial intelligence (AI) network. FET will be renamed ASI and the process will be completed on June 13th. For FET, AGIX, and OCEAN token holders, the merger will involve converting these tokens to ASI tokens at specific exchange rates. FET tokens will be converted at a 1:1 ratio to ASI, AGIX will be converted at a ratio of 1:0.433226, and OCEAN will be converted at a ratio of 1:0.433226. ERC-20 tokens will be launched on June 11th, and users can use the token migration contract provided by SingularityNET to exchange FET for ASI tokens, followed by the token swap for AGIX and OCEAN on June 13th. The migration process will take place on the decentralized artificial intelligence platform under SingularityNET, and users can use the audited token migration contract provided by SingularityNET to exchange tokens.
Decentralized Public Network Nillion Announces Launch of Incentivized Testnet
Nillion, a decentralized public network based on Nil Message Compute (NMC), announced on the X platform that its incentivized testnet (Coordination Layer testnet) is live and has entered Phase 1: Genesis Sprint. In 2022, Nillion announced a $20 million financing round, led by Distributed Global, with participation from AU 21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto, and SALT Fund.
Nostra Reveals Tokenomics: 11% of Token Supply to be Airdropped to the Community during TGE
Starknet-based DeFi protocol Nostra announced on the X platform that it will soon launch the NSTR token and revealed its tokenomics. The total supply of NSTR is 100,000,000, and it will be fully unlocked upon release. Of the total token supply, 11% will be airdropped to the community during the Token Generation Event (TGE). Additionally, Nostra announced that it will conduct a snapshot from June 10th to 13th for the Liquidity Bootstrapping Pool (LBP) and the TGE will take place on June 17th, including the airdrop.
Binance Plans to Restrict Unauthorized Stablecoin Use by European Economic Area Users
Binance has issued an official statement stating that on June 30th, 2024, the new European Union Cryptocurrency Market (MiCA) stablecoin rules will come into effect across the entire European Economic Area (EEA). This will be the first step in entering the new regulatory framework and will have a significant impact on the stablecoin market in the EEA. Binance will restrict the use of unauthorized stablecoins by users in the European Economic Area and implement phased changes and product restrictions to ensure compliance and minimize market disruptions. With the increase in regulated stablecoins in the market, Binance plans to transition users from unauthorized stablecoins to regulated stablecoins to achieve the goals of MiCA smoothly.
Pacmoon: Beeple Ranks First in Season 4, But Voluntarily Gives Up All Token Incentives
Pacmoon, a meme project in the Blast ecosystem, announced on the X platform that in Season 4, the crypto artist Beeple ranked first, but he voluntarily gave up all token incentives. This means that all other creators will receive more PAC token airdrop incentives. Furthermore, community user Aalasady(Ali) revealed that the total value of tokens Beeple gave up is approximately $200,000, and other creators will receive approximately an extra 8% of token incentives.Jupiter: DeFi and Meme Coins Crucial for Decentralization, Concerned About ETF Celebrations in Crypto Industry
Jupiter co-founder meow expressed in a post on the X platform, “I am not inclined to participate in political games – all political parties are centralized powers (as far as I am concerned), and all individuals (including myself) can become complete jerks if they have enough power. Therefore, it is essential to decentralize all markets first, as this will lead to the decentralization of finance and ultimately the decentralization of power. That’s why the emergence of DeFi and Meme coins can serve as a fortress against global centralization forces, rather than just being a meme. By demonstrating that we as individuals, small distributed teams, and decentralized communities can collaborate and create value, even better than the best among them – we will ultimately achieve decentralization of value creation, financial channels, and ultimate power. Additionally, this is why the celebration of ETFs in the crypto industry makes me uneasy – if the whole world owns ETH/SOL through BlackRock, is our level of decentralization higher or lower?”
Frax CEO: Official X Account Hacked, Not an Internal Team Issue, Possibly Involving X Staff
On June 1st, Frax Finance’s X account was hacked. To regain control, Frax Finance CEO Sam Kazemian appealed to his followers to help contact X customer service. Users reported that it took X approximately 72 hours to address complaints related to the compromised account. While X staff recommended changing passwords during the account breach, Kazemian insisted that the password had not been tampered with and stated that any internal issues at Frax Finance could not have led to the breach. Instead, he suspects the involvement of X staff in this incident: “Frax Finance X account was compromised, seemingly an inside job or social engineering event at X, as Frax itself did not reset passwords or have any other issues.” (Cointelegraph)
Wall Street Journal: Roaring Kitty Could Be Removed from ETrade Stock Trading Platform
Keith Gill, the YouTube streamer who helped drive up GameStop’s stock price, may be removed from the ETrade retail stock trading platform. Insiders say that investment giant Morgan Stanley’s ETrade is “growing concerned about potential stock manipulation” due to Gill’s recent purchase of GameStop (GME) stocks. Gill’s long-inactive Reddit account posted a screenshot of his investment account last Sunday, which revealed holdings of GameStop stocks and call options worth over $200 million. Since Gill’s return to the X platform in mid-May, Morgan Stanley employees have been monitoring his ETrade account. ETrade employees “found that he purchased call options before his tweets were published” and that “Gill’s trades may have profited from the stock price fluctuations caused by his tweets.” With a new surge of activity around GME, ETrade appears to be considering halting Gill’s trading. According to a Reddit post, if his latest bet (that GME stock will exceed $20 on June 21st) proves to be true, he stands to make a substantial amount of money. Those who follow him would also benefit. Morgan Stanley has hired financial crime departments and external advisors in response to this matter, but the company is aware that taking action would mean “drawing the attention of his meme army,” and its employees are concerned that closing Gill’s account may result in losing ETrade customers. According to data from investment tracker @unusual_whales on X, Roaring Kitty’s account grew by 48% in just one day, equivalent to about $85 million. (The Wall Street Journal) Previously, Roaring Kitty (Reddit ID DeepFuckingValue) made a post on the Reddit platform, Superstonk subreddit, after a three-year hiatus. The post included a picture showing his ownership of GameStop call options worth $65.7 million, with an exercise price of $20 and an expiration date of June 21st.
SBF Returns to Metropolitan Detention Center in Brooklyn
Sam Bankman-Fried, co-founder of FTX, has returned to the Metropolitan Detention Center in Brooklyn after being transferred to prisons in Oklahoma and Pennsylvania last month. The transfer was made in compliance with Judge Lewis Kaplan’s request to facilitate contact with his appellate lawyers. Bankman-Fried was sentenced to 25 years in prison last year for multiple fraud charges related to the collapse of the cryptocurrency exchange FTX. Another FTX official, Ryan Salame, was sentenced to seven and a half years in prison last week. (Bloomberg)
Matrixport Co-founder: Bitcoin Expected to Consolidate in the $70,000 Range Before Non-Farm Payroll Data Announcement
Daniel Yan, co-founder of Matrixport and founder and chief investment officer of Kryptanium Capital (KRYPTM 1 KY Equity), stated in a post on the X platform that Bitcoin has once again surpassed the key level of $70,000, but market optimism should be restrained before the release of non-farm payroll data on Friday. It is expected that the price of BTC will consolidate around $70,000 this week.
Skybridge Capital Founder: Biden and Warren’s Disregard for the Crypto Voting Power is an Irrational and Arrogant Act
Anthony Scaramucci, founder and managing partner of Skybridge Capital, expressed in a post on the X platform, “According to Google data, there are 93 million people in the United States who own cryptocurrency. Older Democratic politicians (Biden and Warren) believe that there are few voters in the cryptocurrency field, so they denigrate this industry and try to force industry participants out of this country. This is irrational. If just 1% of those people are interested in voting, they lose out on 930,000 votes. We all know that there is more to it than that. In such a fiercely contested election, this level of arrogance is shocking.” He added, “(According to a report released by Security.org earlier this year), cryptocurrency ownership in the United States increased by 10 percentage points in 2023. Adoption rates have risen from 30% a year ago to 40% today. As a measure of how many Americans own cryptocurrency today, our estimate suggests that up to 93 million people may hold one or more cryptocurrencies.”
NYSE: Price Range Issue Resolved, Affected Stocks Resume Trading
The New York Stock Exchange stated that the affected stocks have resumed trading as the price range issue has been resolved. (Jin10)
Financing
Milady Meme Coin (LADYS) Receives $5 Million Investment from DWF Labs
Milady Meme Coin (LADYS) announced that it has received a $5 million investment from DWF Labs. The new funding will be used to drive innovation. The partnership is expected to open new avenues for development, collaboration, and community participation in the LADYS and Meme ecosystem. (Cointelegraph) Earlier at the end of May, it was reported by @bwenews that DWF Labs transferred 5 million USDT to a deployment address that had minted LADYS tokens.
Connext Rebrands as Everclear, Completes $5 Million Funding Round by Selling NEXT Tokens to Pantera Capital
Blockchain interoperability platform Connext announced a strategic transformation, rebranding as Everclear. It also completed a $5 million funding round by selling NEXT tokens to Pantera Capital. In addition to rebranding, the project is developing a “clearing layer” for intent-based cross-chain bridges, addressing challenges related to intent rebalancing and settlement. Everclear will serve as the new foundation for a modular stack, leveraging an open network of intent solvers and the Everclear Chain, an optimistic Rollup. The so-called clearing layer will function as its own blockchain, serving as a backend liquidity platform that provides order matching services for intent-based cross-chain bridges.
AI and Blockchain Solution Provider Play AI Raises $4.3 Million in Funding with Participation from P2 Ventures
Play AI, an artificial intelligence and blockchain solution provider, announced the completion of a $4.3 million seed funding round with participation from P2 Ventures, Jump Crypto, Alphage Ventures, and MH Ventures. The funds will be used to drive the application of artificial intelligence and blockchain in gaming and virtual reality. The new capital will be used to develop its AI decentralized technology and enhance transparency using blockchain decentralized networks to encourage game players to share data for training AI models. (nftplazas)
Hypersonic Laboratories Raises $7 Million in Series A Funding Led by Play Ventures
Hypersonic Laboratories, the development company behind the metaverse platform HELIX, announced the completion of a $7 million Series A funding round led by Play Ventures. AppWorks, WTIC, KB Investment, and Alex Ekvall also participated in the funding round. The new capital will be used for further development of Helix, with a closed alpha test set to be launched later this year to facilitate the creation of role-playing game modules and servers. Previously, Hypersonic Laboratories raised $3.5 million in a pre-seed funding round in 2022, led by Play Ventures, with participation from Samsung Next, GSR, Third Kind, Alex Chung (founder of Giphy), and Scott Belsky (founder of Behance). (gamesindustry)
Security Incidents
User Loses $1 Million Due to Malicious Plugin Aggr Hijacking Browser Cookies
X user @CryptoNakamao stated in a post that their browser cookies were hijacked due to the malicious Chrome plugin Aggr, which allowed hackers to manipulate their Binance account. The hackers used this method to buy corresponding tokens in highly liquid USDT trading pairs and placed limit sell orders above the market price in low liquidity trading pairs like BTC and USDC. Finally, the hackers used the user’s account to engage in leveraged trading, buying excessively and completing wash trades, resulting in a loss of $1 million. Previously, in late May, SlowMist founder Cao Yin posted on the X platform, warning users to be cautious of the AggrTrade browser extension, which steals users’ exchange cookies and other permission information, causing significant user losses. Users who have installed the extension are advised to remove it immediately and change their platform account passwords and 2FA, reset trading APIs, etc. Installation and use of extensions should be approached with caution.
Nym CEO’s X Account Hacked, False Airdrop Information Shared, Users Advised to Be Cautious
Privacy project Nym announced on the X platform that its CEO @harryhalpin’s X account has been hacked. Users are advised not to trust any false airdrop information shared by him and to avoid interacting with suspicious links.
OKX: Platform Addresses User Account Hack Reports Promptly
OKX stated on the X platform that it has taken note of the reports of “OKX platform user account hacks” circulating on the internet. The platform has promptly followed up on the incident and has been assisting the relevant parties in their investigation. Currently, the matter is in the judicial process, and further information cannot be disclosed at this time as per the request of the ongoing investigation.
