Headline: 70 million USDT transferred from Tether Treasury to Bitfinex
According to on-chain analyst WhaleAlert, around 70 million USDT (equivalent to 70 million USD) was transferred from Tether Treasury to Bitfinex around 01:08 Beijing time.
Football superstar Cristiano Ronaldo releases another set of NFTs on Binance
Football superstar Cristiano Ronaldo has released another set of NFTs on Binance, marking his fourth set of NFTs since his collaboration with Binance in mid-2022. According to the Binance website, NFT holders have the opportunity to meet Ronaldo and access exclusive content. A few weeks ago, a Florida judge dismissed a motion from Ronaldo’s legal team to dismiss a $1 billion class-action lawsuit filed against him for promoting an unregistered currency exchange. The lawsuit alleges that Ronaldo did not disclose specific details of the promotion and actually assisted Binance in selling unregistered currency.
Market Update:
According to Coingecko data as of the time of writing:
BTC recent trading price is $67,763.36, with a daily percentage change of +0.47%;
ETH recent trading price is $3,832.41, with a daily percentage change of +1.89%;
BNB recent trading price is $602.99, with a daily percentage change of +1.66%;
SOL recent trading price is $167.00, with a daily percentage change of +0.24%;
DOGE recent trading price is $0.1608, with a daily percentage change of +1.44%;
XPR recent trading price is $0.5191, with a daily percentage change of +0.15%.
Policy:
President Joe Biden officially vetoed the SAB121 bill, stating in a veto message released on Friday evening that his administration would not support measures that harm consumer and investor welfare. He emphasized that appropriate safeguards to protect consumers and investors are essential for harnessing the potential benefits and opportunities of innovative use of crypto assets. Biden added that he looks forward to working with Congress to ensure the establishment of a comprehensive and balanced regulatory framework for digital assets.
Blockchain Applications:
Ethereum GPU leasing protocol Node AI updates its roadmap
On June 1st, Ethereum GPU leasing protocol Node AI posted an update on X platform, including the following updates: Cloud Environment (Hardware) GPU Nodes: powerful GPUs for demanding AI tasks. Workers: improving task execution and data processing. Service Layer Task Distribution: smart contracts for efficient task allocation. AI Service Integration: Dockerized AI services for seamless integration. Blockchain Layer EVM Pallet: smart contracts in the blockchain. NodeAI Network: decentralized cloud network. Infrastructure Layer Kubernetes: container orchestration for workload management. Support Component Monitoring Tools: performance and status monitoring.
Taproot Wizards CEO: Bitcoin could be more powerful than it is now
With ongoing efforts to add new functionalities through software upgrade codes, the reputation of the Bitcoin blockchain as the primary network supporting digital gold may change. Udi Wertheimer, the CEO of Taproot Wizards, a supporter of OP_CAT, stated in an interview that, in fact, you can execute smart contracts on the Bitcoin chain that are very similar to those on other chains. Bitcoin could be more powerful than it is now. It is now time to discuss practical technological upgrades. The OP_CAT feature was introduced by Ethan Heilman and Armin Sabouri in October and recently launched on the Bitcoin test network Signet, assigned with the BIP-420 designation, indicating serious consideration for its upgrade. Many prominent figures in the cryptocurrency industry, including Anatoly Yakovenko, co-founder of Solana Labs, have added “BIP-420” to their names on the social media platform X. Taproot Wizards launched the Quantum Cats Ordinals series in February to promote OP_CAT. In April, the company released a whitepaper outlining the framework for building applications using OP_CAT.
Henry Elder, UTXO Management’s head of investment, said in an interview that if OP_CAT innovation is pushed forward, every use case on every chain could potentially return to Bitcoin. For example, OP_CAT could enable so-called non-fungible contracts—a type of Bitcoin contract that punishes those who attempt to double-spend a coin. Or, if someone’s wallet is hacked, the owner may have time to reverse the hacked transaction. Adam Back, CEO of Blockstream, commented that it is a good idea as Bitcoin custody benefits from some additional programmability, and the extra programmability can enable more Layer 2 functionality. These functionalities can, for example, build better bridges with second-layer blockchains, making transactions more secure and easier.
ARK spokesperson: Will continue to assess effective ways to provide investors with opportunities to access this innovative technology
According to a revised prospectus (S-1) submitted to the U.S. Securities and Exchange Commission on Friday evening, the name of Ark has been removed from the Ethereum ETF application submitted by the company in partnership with 21Shares. The fund’s name has been changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. An ARK spokesperson stated via email that ARK will not be advancing the development of an Ethereum ETF at this time. They will continue to assess effective ways to provide their investors with opportunities to access this innovative technology and fully leverage its advantages.
Shanghai’s Jiading District: Building metaverse infrastructure to support metaverse technology empowering the automotive industry
The People’s Government of Shanghai’s Jiading District issued the “Action Plan for Further Promoting New Infrastructure Construction in Jiading District (2024-2026)”. It mentions the construction of metaverse infrastructure. With the support of platforms such as Yuanchuang Bay and Nanxiang Game Valley, comprehensive application of AIGC, 3D digital space, virtual digital humans, AR/VR, blockchain, and other metaverse technologies will be used to create interactive, scenario-based, immersive metaverse demonstration applications. It will support the application of metaverse technology in the automotive industry, focusing on areas such as “metaverse + smart cabin” and “metaverse + smart manufacturing”. This will involve technology research and development, scenario creation, technology transfer, and the establishment of benchmarks and models for the automotive metaverse industry. Leveraging the “Love Jiading” digital display and promotion platform, it will promote the digitization of services in public libraries, museums, scenic spots, and other cultural and tourism venues. It will encourage the participation of diverse entities in the construction of the Shanghai Cultural Data Service Platform, support industry entities in lawfully carrying out data collection and processing, and guide the sharing and utilization of data resources.
Cryptocurrency:
Data: US Bitcoin ETF purchased 2,730 BTC this week
According to HODL15Capital, the US Bitcoin ETF purchased 2,730 BTC in its 21st week of launch.
Skybridge Capital founder: Biden’s veto of the SAB 121 bill is a very wrong decision
Anthony Scaramucci, the founder and managing partner of Skybridge Capital, stated on X platform that President Biden’s stance on cryptocurrencies may cost him more. Vetoing the SAB 121 bill is a very wrong decision, especially at this critical moment.
Data: Total of 32 security incidents recorded in May, with a total loss of over $429 million
According to SlowMist statistics, there were a total of 32 security incidents recorded in May, with a total loss of over $429 million. Two incidents accounted for a total amount of $375 million. It was also found that over $90 million of the funds involved were returned. Contract vulnerabilities still constitute the majority of reported incidents.
Entities holding 10-100 million ETH increased by approximately 0.5% since May 20th
Data shows that entities holding 10-100 million ETH have increased by approximately 0.5% since May 20th, when rumors of the SEC reconsidering its plans surfaced. Meanwhile, the ETH/USD exchange rate surged by 19.25% and continued to rise after the SEC approval on May 23rd.
Data: South Korea’s AI token trading share rises to 18.7% in May
As AI hype infiltrates the cryptocurrency space, risk-loving South Korean traders are flocking to AI-themed digital assets. Kaiko data shows that South Korean AI tokens’ share of global weekly trading volume rose from a low point of 0.6% in mid-2023 to 18.7% in May. These tokens are typically issued by early-stage projects seeking to deploy blockchain technology into AI services—an integration that is yet to be proven in terms of practicality. Research indicates that many Koreans are fascinated by both AI and cryptocurrencies, with around 10% of the population having exposure to tokens. Less volatile tokens, rather than market leaders Bitcoin and Ethereum, make up the majority of local trading. Kaiko states that the average weekly trading volume of AI tokens has been around $8 billion since February, surpassing the historical low point of $300 million in mid-2023. Meanwhile, data from South Korean securities custodian institutions shows that Nvidia and Microsoft rank second and third, respectively, among the most popular overseas stocks among domestic investors this year.
8 billion XRP locked in Ripple’s custodial wallet, with an additional 1 billion XRP unlocked
According to data from on-chain tracking service Whale Alert, Ripple locked a total of 8 billion XRP in its custodial wallet through two transactions around 5:41 on June 2nd Beijing time. The transactions involved 5 billion XRP and 3 billion XRP, with a total value exceeding $416 million. In addition, there were two unlocked transactions on the Ripple blockchain involving a total of 1 billion XRP from unknown wallets, with each transaction involving 500 million XRP and a value exceeding $519 million.
US Senator: Purchased 3 Bitcoin mining machines and started mining in Texas
US Senator Ted Cruz has announced that he has purchased three Bitcoin mining machines and has started mining in Texas.
Important Economic Developments:
President Biden trails former President Trump by 32% to 44% among non-college-educated voters
According to a Reuters/Ipsos poll, President Biden trails former President Trump by 32% to 44% among non-college-educated voters, marking a 10% decrease compared to the same period in 2020. President Biden also lags behind former President Trump among voters from households with an annual income below $50,000, with a support rate of 33% to 38%, representing a 14% decrease compared to the same period in 2020.
Gold Encyclopedia:
What is ERC-404?
ERC-404 is an experimental token standard that combines elements of the ERC-20 and ERC-721 token standards, generating tokens with both fungible and non-fungible properties. Named after the famous web error code “Error 404,” the ERC-404 token standard enables the fractionalization of NFTs within the limitations of the Ethereum network. This is achieved by linking NFTs to fungible tokens through fractional division.
