Golden Morning Post Musk Faces Shareholder Lawsuit Bidens Sons Conviction Leads to Surge in Related Meme Coin

Top News
▌ Musk Faces Shareholder Lawsuit for Twitter Acquisition That Harmed Tesla’s Interests
A new shareholder derivative lawsuit alleges that Musk, in the process of acquiring what was then known as Twitter (now renamed “X”) social media platform, sold Tesla stock, misappropriated Tesla resources, and violated his obligations to Tesla shareholders. On Monday, the Rhode Island Employee Retirement System filed a lawsuit against Musk, Tesla, and Tesla board members, claiming that Musk’s significant involvement in the Twitter acquisition diverted his responsibilities at Tesla, causing conflicts of interest and harming Tesla’s interests.
▌ Biden’s Son’s Conviction Boosts Related Meme Coin Hunter Boden
The US political-themed Meme coin market experienced a significant downturn, with a market value decreasing by over 13% in the past 24 hours. In comparison, Bitcoin dropped by around 4%, and Ethereum by 5.4%. The FreeTrump token (TRUMP) led the decline, dropping by 45%; the largest market value coin MAGA (TRUMP) dropped by 13%. Market volatility is high, so risk management is advised.
The US federal jury found Hunter Biden guilty of three federal gun charges, marking the first time President Biden’s son has been convicted. Following this announcement, the Hunter Boden token (HUNTERBODEN) on Solana surged by over 30% in 24 hours, reaching $0.001514. Conversely, Jeo Boden (BODEN) dropped by 5.5% to $0.1855.
Stock markets are facing selling pressure as they await the monthly consumer price index report and the Federal Reserve’s monetary policy announcement. Expectations of a Fed rate cut have recently diminished.
Market Data
According to Coingecko data at the time of writing:
BTC recent price $67,326.16, 24h change -3.1%;
ETH recent price $3,498.66, 24h change -4.6%;
BNB recent price $601.98, 24h change -3.6%;
SOL recent price $149.38, 24h change -6.0%;
DOGE recent price $0.1381, 24h change -4.7%;
XPR recent price $0.4803, 24h change -3.3%.
Policy
▌ Biden Expected to Name Goldsmith Romero as Next FDIC Chairman
Sources reveal that the White House is preparing to select senior official Christy Goldsmith Romero from the US derivatives regulatory agency to lead reform efforts at the Federal Deposit Insurance Corporation (FDIC). No final decision has been made yet, with the announcement expected this week at the earliest.
▌ Opinion: Signs of Recovery in the US Crypto Industry Post Regulatory Storm
CEO of Matter Labs, Alex Gluchowski, has stated that the US crypto industry has become a “strong electoral force.” While the market saw a downturn last year due to regulatory challenges, this year has shown improvement with projects like Circle planning to go public in the US.
Despite regulatory challenges from the Securities and Exchange Commission, Jason Yanowitz, co-founder of Blockworks, noted an increase in conference attendance this year, indicating industry confidence is returning. Bill Hughes, Chief Legal Officer of Consensys, believes regulatory uncertainty inhibits innovation, giving an advantage to larger companies. Joshua Riezeman, Deputy General Counsel of GCR, warned that the US needs clear regulatory frameworks, or it risks losing more crypto companies.
Despite challenges, Gluchowski emphasized the growing influence of the US crypto community, citing bipartisan support for the FIT21 bill as evidence. Hughes believes the US has an advantage in capital and talent and can lead in the crypto space.
▌ EU Security Innovation Center: Encryption Mixers, Privacy Coins, and L2 Technologies Complicate Law Enforcement Tracking
According to a report from the EU Internal Security Innovation Center, privacy coins, mixers, and L2 platforms may make it difficult for law enforcement agencies to track funds. Organizations like Europol, Eurojust, and the European Commission have warned law enforcement agencies to be prepared when encountering such tools during investigations. The report noted that “Mixer Tornado.cash continues to use zero-knowledge proofs, allowing users to extract funds from the mixer without revealing the original deposit amount. This significantly increases the difficulty for law enforcement agencies to trace (illegally obtained) cryptocurrency sources.”
▌ Judge Approves $2.4 Million Settlement Agreement Between Sports Stars and Voyager
A Florida judge preliminarily approved a $2.4 million settlement agreement between Robert Gronkowski, Victor Oladipo, Landon Cassill, and the crypto company Voyager Digital. The three faced a collective lawsuit for promoting the company, with Gronkowski paying $1.9 million. The settlement does not include former Dallas Mavericks owner Mark Cuban. Meanwhile, Voyager is still dealing with other legal issues, including claims from FTX and Three Arrows Capital.
Blockchain Applications
▌ Nansen Provides Data on Specific Wallet Categories to Matter Labs
Nansen clarified on the X platform that, in an effort to dispel confusion regarding the zkSync airdrop, they provided Matter Labs with data on specific wallet categories, such as large users and known scammers. However, no anti-witch measures were taken, nor were any suggestions made regarding the airdrop distribution itself. Nansen congratulated all ZK holders and pledged support for all other participants in the zkSync ecosystem.
▌ LayerZero: Symbiotic to Be Integrated into LayerZero DVN Framework
LayerZero Labs announced on the X platform that Symbiotic will be landing on LayerZero. Through Ethena Labs, Symbiotic will be integrated into the LayerZero DVN framework, allowing users to stake ENA to ensure cross-chain transfers of Ethena assets.
▌ ENS Ranks First in NFT Market with Over $4.27 Million in Daily Sales
According to data platform CryptoSlam, Ethereum Name Service (ENS) ranked first in the NFT market with over $4.27 million in daily sales. Other top-ranking collections include PIZZA BRC-20 NFT ($2.18 million in sales) and Guild of Guardians Avatars ($1.24 million in sales).
The total sales volume on the Ethereum blockchain on Monday was $8.45 million, while on the Bitcoin blockchain, it was $4.11 million. Solana and Polygon blockchains had sales volumes of $2.68 million and $2.44 million, respectively.
▌ Aave Community Proposes Launching Third Phase of Aave Liquidity Committee Financing
The Aave community has proposed launching the third phase of Aave Liquidity Committee (ALC) financing, suggesting providing 600,000 GHO to the Aave Liquidity Committee to support GHO liquidity and DeFi integration on Ethereum over the next three months.
▌ Biconomy Launches Delegated Authorization Network Biconomy DAN
Web3 developers and transaction infrastructure platform Biconomy announced on the X platform the launch of the Delegated Authorization Network Biconomy DAN, which supports securely delegating AI agents to authorize transactions on behalf of users and within user-defined permission scopes.
Cryptocurrency
▌ DACFP Founder: US Financial Advisors Beginning to Embrace Bitcoin
Ric Edelman, founder of the Digital Asset Financial Professionals Committee (DACFP), stated that US financial advisors are now more willing to include Bitcoin in portfolios as they see data showing improved risk-adjusted returns.
Edelman noted that in the past three months, there has been an 80% increase in financial advisors willing to include BTC in portfolios in the next year, attributed to the listing of spot Bitcoin ETFs in January and the involvement of asset management giant BlackRock.
▌ Spain’s Second-Largest Bank’s Subsidiary in Turkey Launches Crypto Custody Service
The Turkish subsidiary of Spain’s second-largest bank, BBVA, with assets totaling $700 billion, Garanti BBVA, has begun offering crypto custody services. In a statement, the bank announced, “Garanti BBVA Digital Assets now allows customers to transfer and store BTC, ETH, and USDC assets on its mobile platform Garanti BBVA Crypto.”
Çağrı Süzer, Executive Vice President of Garanti BBVA, stated that the pilot study of this new service has been successful. He mentioned, “The testing version of the Garanti BBVA Crypto app had previously offered this service to some customers, and now it is available to all customers. While we initially offer services for BTC, ETH, and USDC, we will continue to grow by diversifying assets and service infrastructure in the future.”
▌ Bloomberg ETF Analyst: Everyone Agrees Tokenization Is Important
Eric Balchunas, a Bloomberg ETF analyst, shared on the X platform, “Had an inspiring discussion with 21Shares co-founder Ophelia Snyder, digital asset analyst Matthew Sigel, and Jason Xavier at the Proof of Talk event in the Louvre today. Everyone agrees that tokenization is important, but it may not be a replacement for ETFs. Sigel predicts that Bitcoin ETFs will exceed $500 billion in the US within 5 years, Snyder suggests it could surpass this figure globally. They both believe I may have underestimated the demand for Ethereum ETFs, positioning them as ‘production tech stocks’ and ‘ultimate app stores’, contrasting with the promotion of Bitcoin.”
▌ Marathon Digital Sold 1200 BTC Yesterday
Ki Young Ju, CEO of CryptoQuant, stated that the Bitcoin mining company Marathon Digital sold 1200 BTC yesterday, possibly to cover expenses, marking its highest daily off-exchange trading volume since the end of March.
▌ Core: Launching BTCfi Summer Hackathon
Core, a Layer-1 blockchain project compatible with Ethereum that relies on Bitcoin for security, announced, “We are launching the BTCfi Summer Hackathon, a 12-week event aimed at inspiring innovation in the Bitcoin economy. The hackathon kicked off on June 6, with winners to be announced on August 19.”
Key Economic Developments
▌ Nasdaq and S&P 500 Hit New Record Closing Highs
The US stock market’s three major indices closed with mixed results, with Nasdaq up 0.88%, S&P 500 up 0.27%, and Dow down 0.31%. Both Nasdaq and S&P 500 hit new record closing highs. Apple surged over 7%, hitting a new all-time high and marking its largest single-day gain since November 2022, with a total market value of $3.18 trillion. Microsoft rose over 1%, while Meta, Netflix, Google, and Amazon saw slight gains; Tesla dropped over 1%, and NVIDIA saw a slight decline. WSB concept hot stocks saw significant gains, with GameStop up over 22% and AMC Theatres up over 10%.
▌ Probability of the Fed Maintaining Rates Unchanged This Week is 99.4%
According to CME’s “FedWatch,” the probability of the Fed maintaining rates unchanged in June is 99.4%, with a 0.6% chance of a 25 basis point rate cut. The probability of the Fed keeping rates unchanged until August is 91.1%, with an 8.8% chance of a cumulative 25 basis point rate cut and a 0.1% chance of a cumulative 50 basis point rate cut.
Golden Knowledge
▌ What Are Validiums
Validiums is a Layer 2 scaling solution designed to optimize Ethereum’s performance by processing transactions off-chain. Validiums primarily handles most transactions off-chain and only sends succinct proofs for verification on the mainnet to reduce the load on the Ethereum blockchain. The off-chain transaction processing method significantly improves throughput and reduces mainnet congestion, resulting in a more efficient and cost-effective Ethereum experience.