Headline: Over $63 million worth of LINK transferred from unknown wallet to unknown wallet
According to Whale Alert, at around 23:08 on May 25th, approximately 3,696,603 LINK tokens ($63,457,080) were transferred from an unknown wallet to another unknown wallet.
Headline: Zurich University of Applied Sciences Launches Europe’s First Master’s Program Dedicated to Bitcoin
Zurich University of Applied Sciences is set to launch Europe’s first master’s program focused specifically on Bitcoin. The Bitcoin Economics HWZ CAS is a comprehensive course for students in the finance industry.
Market Update:
As of writing, according to Coingecko data:
– BTC’s recent trading price is $69,158.24, with a daily change of +0.88%.
– ETH’s recent trading price is $3,748.25, with a daily change of +0.90%.
– BNB’s recent trading price is $601.78, with a daily change of +0.29%.
– SOL’s recent trading price is $167.85, with a daily change of +1.03%.
– DOGE’s recent trading price is $0.1721, with a daily change of +5.63%.
– XPR’s recent trading price is $0.5407, with a daily change of +1.10%.
Policy:
Paraguayan authorities arrest nearly 400 Bitcoin miners in Sapucai
According to Bitcoin News, Paraguayan authorities have arrested nearly 400 Bitcoin miners in Sapucai. This operation, conducted by the police and the National Electricity Administration (ADE), is part of an investigation into alleged electricity theft.
US Senator: Will strive to protect every American’s right to custody their private keys
According to Bitcoin Magazine, US Senator Cynthia Lummis stated that “if you don’t have your private keys, you don’t have your cryptocurrency.” She will strive to protect every American’s right to custody their private keys.
Blockchain Applications:
Polygon Growth Lead: Layer 3 sacrifices some sovereignty, relies on forced governance and fee extraction from L2
Polygon Growth Lead, Texan, shared several insights on “Layer 3” on the X platform:
– Some propose using L3 to solve crypto scalability issues, but they have many drawbacks.
– Aggregated L2s have all the advantages without the drawbacks, enabling true crypto scalability.
– Some L3s may achieve interoperability within a single L2 ecosystem, but this still disperses liquidity and users by creating moats.
– Many L3 models reliant on L2 settlement include fee extraction.
– L3 sacrifices some sovereignty and relies on forced governance and fee extraction from L2.
Horizen Foundation’s migration proposal for ZEN and EON approved
Horizen Blockchain announced that ZenIP 42405 vote, indicating the Horizen Foundation’s migration proposal for ZEN and EON, has concluded. With 99.99% of votes in favor, the proposal has been approved.
Cryptocurrencies:
Trump: Positive and open-minded towards cryptocurrency companies and related industries
Donald Trump expressed his support for cryptocurrencies on Truth Social, stating, “I am positive and open-minded towards cryptocurrency companies and related industries. Our country must become a leader.” He also criticized Biden’s desire to see the crypto industry “slowly die in pain.”
Jupiter’s third LFG Launchpad vote concludes, deBridge selected project
Solana ecosystem DEX, Jupiter, announced on the X platform that the third LFG Launchpad vote has concluded, with deBridge winning with 59% of the votes. deBridge will be launched on the LFG Launchpad in the coming months. Previously, deBridge unveiled its governance token, DBR, with a total supply of 10 billion tokens aimed at empowering the community and transferring control to DAO. The token distribution plan includes allocating 20% of the supply to Launch and its community, with a circulating supply of 1.8 billion DBR at launch. The remaining supply will be allocated for ecosystem support (26%), core contributors (20%), strategic partners (17%), deBridge Foundation (15%), and validators (2%).
NEAR’s native USDC surpasses $200 million in on-chain issuance
According to official sources, the on-chain issuance of USDC on the NEAR Protocol has exceeded $200 million.
Cryptocurrency hedge fund market cap grows to $21 billion
Joshua de Vos, Head of Research at data provider CCData, stated that the bankruptcies of hedge funds Three Arrows and Alameda Research provided an opportunity for new participants to enter the market after the rebound. Many surviving funds have achieved double and triple-digit percentage returns in recent months. De Vos believes that new crypto-native funds are likely to emerge to fill the void left by these entities and take advantage of new opportunities that arise in the cycle. According to tracking firm Galaxy VisionTrack, the total market cap of cryptocurrency hedge funds has grown from $16.3 billion in December to a new high of $21 billion since October 2022.
RWA Report: Cryptocurrencies rise as real-world assets
CoinGecko’s 2024 RWA Report reveals that most real-world assets (RWA) are backed by stablecoins pegged to the US dollar. The top three USD stablecoins account for 95% of the market share, with Tether (USDT) having a market cap of $96.1 billion, USDC (USDC) at $26.8 billion, and Dai (DAI) at $4.9 billion. USDT continues to dominate with a market share of 71.4%. Meanwhile, stable assets other than USD-pegged stablecoins only account for 1% of the market. These assets include other fiat currencies such as Euro Tether (EURT), Offshore Renminbi Tether (CNHT), Mexican Peso Tether (MXNT), Euro to USD (EURC), StasisEuro (EURS), and Turkish Lira (TRYB). The market cap of stable assets rose from $5.2 billion in early 2020 to its peak of $150.1 billion in March 2022 before gradually declining throughout the bear market. However, its market cap has grown by 4.9% in 2024, reaching $134.6 billion as of February 1st.
Key Economic Developments:
US Treasury Secretary: High-interest rates test US debt
US Treasury Secretary Janet Yellen stated that the prospect of maintaining high-interest rates in the long run makes it more challenging to control US borrowing demand, highlighting the importance of focusing on increasing fiscal revenue in budget negotiations with Republican lawmakers. Yellen said, “We have adjusted our interest rate expectations, and it does have an impact. It makes it more challenging to keep the deficit and interest payments under control.” She emphasized the interest payments adjusted for inflation relative to GDP ratio, which has risen over the past year. However, the White House expects this ratio to stabilize around 1.3% over the next decade. “I don’t have a hard and fast rule, but I don’t want to see it go above 2%,” she said. This is her most explicit comment on this indicator to date.
Launch rate of new crypto funds currently much lower than the peak of 2017
According to Crypto Fund Research data, the launch rate of new crypto funds is currently much lower than the peak in 2017 when around 73 new funds were launched per quarter, more than double the total number of crypto funds that year. Additionally, fundraising for new funds is not as easy as before. In terms of venture capital, new funds tend to raise smaller amounts compared to 2021 and 2022, as there are fewer new investors entering the field. According to VisionTrack’s data, only $2.62 billion was invested in 631 venture capital deals in the first quarter. This is lower than the $2.9 billion invested in 781 deals during the same period last year and only a fraction of the $7.2 billion invested in 817 deals in the first quarter of 2021.
Major US stock indices collectively decline, most popular tech stocks down
US stock indices collectively declined, with the Dow Jones falling 1.53%, marking its worst single-day performance since March 2023. The Nasdaq dropped 0.39%, and the S&P 500 index fell 0.74%. Most popular tech stocks recorded losses, with Nvidia rising against the trend by over 9%, while Intel fell over 4%. Tesla and AMD both dropped over 3%, Apple fell over 2%, and Google and Amazon declined over 1%.
What is a reentrancy attack in smart contracts?
In smart contracts, a reentrancy attack occurs when a contract makes an external call to another contract or function before completing its own state changes. This allows the called contract to re-enter the calling contract and potentially execute parts of its operations again, leading to unforeseen and frequent malicious behavior. For example, Contract A calls Contract B to send funds and then modifies its own state. Contract B’s code may include a callback function that allows it to re-enter Contract A and potentially re-execute the transfer function before Contract A completes its state changes. This enables an attacker to withdraw funds from the contract multiple times before the initial transaction is completed.
