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Federal Reserve’s Kashkari: Interest Rate Cuts Expected to Be Limited to Two Times in 2024
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Federal Reserve’s Kashkari anticipates no more than two interest rate cuts in 2024, stating that economic weakness is not necessary to reduce inflation (source: Jinse).
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Mt.Gox Confirms Bitcoin Transfer in Preparation for October 31st Deadline
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Mt.Gox releases documents confirming that the previous transfers were made in preparation for the October 31st deadline for creditor repayment. According to the recovery repayment plan, the Rehabilitation Trustee is preparing to distribute the recovered cryptocurrency claims. The repayment can be done either through designated cryptocurrency exchanges, allowing creditors to receive Bitcoin and Bitcoin Cash, or through the sale of Bitcoin and Bitcoin Cash for repayment. The Recovery Trustee is currently managing Bitcoin and Bitcoin Cash securely without making any repayments or sales. Creditors are advised to wait patiently for the repayment process to be completed (source: Cointelegraph).
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ZKasino to Offer ETH Refunds at 1:1 Ratio for Bridge Users Not Participating in ZKAS Conversion
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ZKasino announces the initiation of a two-step bridge refund process, offering bridge users the opportunity to register and receive ETH refunds at a 1:1 ratio. The refund process has been initiated for bridge users who choose not to participate in the ZKAS conversion. Users can register by depositing their initial batch of ZKAS bridge rewards, with a registration period of 72 hours from May 28th, 14:00 UTC to May 31st, 14:00 UTC. Once registered, bridge users can find their ZKAS on the ZKasino EVM chain and deposit them into the smart contract controlled by ZKasino. Further announcements will be made in the coming days to provide publicly verifiable data on which addresses can claim their ETH refunds (source: ZKasino).
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Volatility Shares’ Leveraged Ethereum ETF Approved, Trading to Start on June 4th
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Volatility Shares announces that its 2x Ether ETF (ETHU) will become the first leveraged Ethereum ETF in the United States, with trading set to begin on June 4th. Volatility Shares previously launched the Volatility Shares 2x Bitcoin Fund in June 2023. Stuart Barton, Chief Investment Officer of Volatility Shares, believes that the approval of a leveraged Ethereum ETF could pave the way for the eventual approval of a spot Ethereum ETF (source: CoinDesk).
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Former FTX Executive Ryan Salame Sentenced to Prison and Ordered to Pay Over $11 Million in Forfeiture and Restitution
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Ryan Salame, former CEO of FTX Digital Markets Ltd., a subsidiary of FTX, has been sentenced to 90 months (7.5 years) in prison by Damian Williams, the U.S. Southern District of New York Attorney. In addition to the prison term, Salame will be subject to three years of supervised release and is required to forfeit over $6 million and pay over $5 million in restitution (source: justice.gov).
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Former CEO of FTX Bahamas Ryan Salame Sentenced to 7.5 Years in Prison
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Ryan Salame, former CEO of FTX Bahamas, has been sentenced to 7.5 years in prison. Salame reached a plea agreement with federal prosecutors in September, admitting to violations of campaign finance laws and operating an unlicensed money transmitting business. Initially, the prosecution sought a prison term of 5-7 years for Ryan Salame, former CEO of FTX Bahamas (source: Bloomberg).
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Securities and Futures Commission of Hong Kong Ends Non-Compliant Period for Virtual Asset Trading Platforms Operating in Hong Kong on June 1st
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The Securities and Futures Commission of Hong Kong has issued a statement announcing the end of the non-compliant period for virtual asset trading platforms operating in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) on June 1st, 2024. All virtual asset trading platforms operating in Hong Kong are required to be licensed by the Securities and Futures Commission under the Anti-Money Laundering Ordinance or be an “exempted virtual asset trading platform.” Operating a virtual asset trading platform in Hong Kong in violation of the Anti-Money Laundering Ordinance is a criminal offense, and the Securities and Futures Commission will take appropriate action against any illegal activities. Over the next few months, the Securities and Futures Commission will conduct on-site inspections of the “exempted virtual asset trading platform” applicants to determine their compliance with regulatory requirements, with a focus on customer asset protection and know-your-customer procedures. The aim of these measures is to safeguard the interests of investors, and the inspection results will impact the licensing application process. If any major violations of investor protection regulations are found during the inspections, the Securities and Futures Commission will promptly reject the relevant licensing applications and take further regulatory actions accordingly (source: undisclosed).
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Sei Foundation: Phase 2 Airdrop to Distribute Over 27.42 Million SEI Tokens, Airdrop Eligibility Check Now Open
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Sei Foundation announces that Phase 2 of the airdrop will distribute 27,421,200 SEI tokens to 43,052 unique addresses as a reward for active users since the launch of the Sei mainnet, including validators, liquidity providers, and NFT collectors. Users can now check their eligibility for the airdrop through the official website, and community members must confirm their eligibility before the start of Phase 3, which is expected to take place in the coming weeks. Previously, Sei announced the opening of the first parallel EVM blockchain for builders and early adopters, with the Phase 2 (Alpha Launch) of the V2 upgrade now underway (source: undisclosed).
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Starknet Foundation Launches 20 Million STRK Token Incentive Program for Top Eco-Projects
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As part of the Catalyst program, the Starknet Foundation announces the distribution of 20 million Starknet (STRK) tokens worth approximately $25.2 million to the top 21 projects in the ecosystem. The program aims to reward the top protocols with a user-focused approach, taking into account various factors evaluated by the Stark Foundation and independent third parties. The program uses a set of weighted metrics, including total locked value, generated fees, active users, external funding, and security audits (source: Cointelgraph).
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Polygon Co-founder: Majority of Transition to ZK Protocol Completed
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Sandeep, co-founder of Polygon, announces on X platform that over the past 18 months, significant strategic work has been done to fully transition Polygon into a leading ZK protocol. Most of the transition work has been completed, and Sandeep will be taking on the role of Chief Business Officer (source: undisclosed).
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DWF Partner: Engaging with MEME Coin Projects and Willing to Deploy Funds for Their Growth
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Andrei Grachev, partner at DWF Labs, reveals on X platform that they are currently in talks with several MEME coin projects and are willing to deploy significant funds to accelerate their growth in a more efficient manner. More news regarding this will be released in the future (source: undisclosed).
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Trump: Will Seriously Consider Pardoning Julian Assange if Elected President
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Donald Trump states that if elected president, he will “seriously consider” pardoning Julian Assange, the founder of WikiLeaks (source: Bitcoin Magazine). Previously, the UK High Court ruled on the appeal of Julian Assange’s extradition case, allowing Assange to appeal his extradition.
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Bernstein: ETH Becomes First Proof-of-Stake Token Approved as Spot ETF, SOL and Similar Tokens May Benefit
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Bernstein, a renowned brokerage firm, states in a research report that ETH is the first proof-of-stake token to be approved as a spot ETF, paving the way for blockchain assets to transition from token sales. This approval has a positive impact on other similar proof-of-stake blockchain tokens, as they may follow the same precedent. Solana (SOL) is expected to benefit from this development (source: Coindesk).
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Matrixport Predicts Bitcoin to Reach New All-Time High This Summer Based on Seasonality Indicator
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Matrixport announces on X platform that seasonality has been a reliable indicator for predicting Bitcoin prices. While January 2024 is not bullish, February has historically been a strong month for Bitcoin, as predicted by seasonality. Bitcoin is expected to continue its upward trend in June and July, and overall, a new all-time high is anticipated this summer. Bitcoin tends to rise by 4% in June, and there have been six instances of Bitcoin increasing in the same month over the past ten years.
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LayerZero Co-founder Responds to “Hunter Reports 480,000 Addresses” Incident: Not Every Witch Report is Valid
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Bryan Pellegrino, co-founder of LayerZero, responds on X platform to the discussion surrounding the “hunter report containing 480,000 addresses.” He explains that anyone can put anything they want in a report, but not every report is valid.
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Parasail Raises $4 Million in Seed Funding with a Valuation of $50 Million, Led by Protocol Labs
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Parasail, a protocol focused on enhancing the security of DePIN hardware services, announces the completion of a $4 million seed funding round with a valuation of $50 million. The funding round was led by Protocol Labs, with participation from D 11 Labs, MH Ventures, BitRise Capital, E V3, Fenbushi Capital, Modular Capital, Faculty Group, DWF Ventures, Foresight Ventures, AGE Crypto, and Waterdrip Capital. The raised funds will be used to accelerate the development of various product features outlined in the Parasail Master Plan, which include aggregating assets and hardware on DePIN to provide service-level guarantees and dynamically coordinating hardware resources based on demand. Parasail’s Total Value Locked (TVL) exceeds $50 million. In addition to providing security for hardware services through asset delegation, Parasail is building a universal adapter for hardware service provision and verification to allow the flexible utilization and circulation of general-purpose hardware resources, such as graphics cards, storage, and sensors, across different DePIN ecosystems. With the Parasail protocol, DePIN projects can systematically and efficiently establish their networks and mobilize hardware resources (source: undisclosed).
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GaiaNet, Decentralized AI Project, Raises $10 Million in Funding with Participation from EVM Capital
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GaiaNet, a decentralized AI project, secures $10 million in funding with participation from EVM Capital, Mirana Ventures, Mantle EcoFund, and Lex Sokolin from Generative Ventures and Brian Johnson from Republic Capital. The newly raised funds will support GaiaNet in developing educational tools for STEM students and realizing the decentralization of its AI network through distributed ledger technology (source: TheBlock).
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Stablecoin Project defi.money Completes Strategic Funding Round with Participation from LayerZero Labs
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defi.money, a stablecoin project, announces the completion of a strategic funding round with participation from GBV Capital and LayerZero Labs, among others, including Michael Egorov, the founder of Curve Finance. The specific amount of funding has not been disclosed. defi.money is an EVM-agnostic CDP protocol that combines the innovative liquidation mechanism LLAMMA from Curve Finance to build a capital-efficient, scalable, and truly interoperable USD stablecoin for anyone, anywhere (source: undisclosed).
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Web3 Instant Settlement Payment Provider Coinflow Labs Raises $2.25 Million in Funding Led by CMT Digital
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Coinflow Labs, a web3 instant settlement payment provider, announces the completion of a $2.25 million seed funding round led by CMT Digital, with participation from Reciprocal Ventures, Jump Crypto, Draper Dragon, and Digital Money Group. Coinflow is a blockchain-based payment processor that enables instant settlement of payments, offering additional value-added services such as refund protection, analytics, and KYC/KYB (source: Globenewswire).
