Headlines
▌T-Mobile to Expand Bitcoin Mining Business
T-Mobile announced its plans to start developing a Bitcoin mining business, expanding its ongoing crypto activities. Dirk Röder, head of Web3 infrastructure and solutions at T-Mobile, stated at BTC Prague: “Since 2023, we have been running Bitcoin nodes and also Bitcoin Lightning nodes. I want to share a little secret with you, we will soon be engaging in digital currency mining activities.”
▌Lumiterra Beta2 Version Launched
According to community sources, the blockchain game Lumiterra Beta 2 version has officially launched on platforms like the AppStore. Previous announcements indicated a delay in the Beta 2 version launch to June 14th at 3 pm to ensure a stable and high-quality gaming experience for all users.
Market
As of the time of writing, according to Coingecko data:
BTC recent trading price is $66,088.72, with a daily change of -0.8%;
ETH recent trading price is $3,485.19, with a daily change of +0.49%;
BNB recent trading price is $603.20, with a daily change of +0.98%;
SOL recent trading price is $143.58, with a daily change of -2.26%;
DOGE recent trading price is $0.1353, with a daily change of -4.05%;
XPR recent trading price is $0.475, with a daily change of -0.34%.
Policy
▌US-CISA: Surge in Scams Targeting Crypto Investors
The US Cybersecurity and Infrastructure Security Agency (CISA) issued a warning on June 12th, stating that impersonation scams have increased, often using “government employee names and titles.” The CISA alert explained that their staff would never request wire transfers of “cash, cryptocurrency, or gift cards.” If you suspect you are being targeted by scammers impersonating CISA staff, do not pay the caller; note down the phone number they call from; hang up immediately, and contact CISA to verify the contact information.
Blockchain Applications
▌Crypto Staking Company OkayCoin Expands Services to South Korea
Crypto staking company OkayCoin announced the expansion of its services to the South Korean market, aiming to support the growing demand of South Korean investors for cryptocurrency investments. OkayCoin’s expansion in South Korea also includes establishing partnerships with local businesses and community leaders to promote collaboration in blockchain and cryptocurrency technology.
▌Cross-Chain Bridge Rewards Not Applicable to US Citizens
Arweave AO posted on the X platform that cross-chain bridge rewards are not applicable to US citizens. Currently, Arweave token holders have started receiving AO and can also accumulate AO by bridging stETH.
▌Vitalik Supports New Image Compression Mode TiTok for On-Chain Image Storage
Ethereum founder Vitalik Buterin introduced a new image compression mode called Token for Image Tokenizer (TiTok) on the decentralized social media platform Farcaster, mentioning that 320 bits is essentially a hash value. TiTok, developed by researchers from ByteDance and the Technical University of Munich, can compress images into 32 small data blocks without compromising quality. According to the TiTok research paper, advanced artificial intelligence (AI) image compression allows TiTok to compress a 256×256 pixel image into 32 discrete markers.
Cryptocurrency
▌Data: Cryptocurrency Industry Raised a Total of $101 Billion Since 2014
Data collected by DeFiLlama shows that the cryptocurrency industry has raised a total of $101 billion since 2014, while The Block Research has tracked cumulative investments exceeding $95 billion since 2017. Funds raised through venture capital deals and token sales have been the main driving force behind the growth of the cryptocurrency industry, providing mixed results for investors who have invested billions in startups. Paul Veradittakit, Managing Partner at Pantera Capital, a cryptocurrency investment firm with assets under management of $4.7 billion, stated that traditional exits through milestone acquisitions and public listings “definitely take longer than expected for traditional venture capital.” He added that while Coinbase Global Inc. went public on Nasdaq during the last cryptocurrency bull market in 2021, raising $86 billion, this was a significant exception, with exits being rare and mainly limited to a few trade sales.
▌El Salvador Views Bitcoin as Tool to Break Away from Dependency on Fiat Currencies like the US Dollar
On June 15th, El Salvador’s Bitcoin roadmap may include deeper integration of crypto assets as part of its economic future. Vice President Felix Ulloa recently mentioned that Bitcoin could be a tool to liberate El Salvador from using fiat currencies including the US dollar. Speaking at the St. Petersburg International Economic Forum (SPIEF) in an interview with Russia Today (RT), Ulloa emphasized the economic freedom that the adoption of Bitcoin could bring to the country. When asked about El Salvador’s potential for de-dollarization and its relationship with Bitcoin, Ulloa stressed that they had studied this case before and returning to the Salvadoran colón (the country’s fiat currency) would burden the nation heavily. El Salvador adopted the US dollar in 2020, allowing the use of the dollar in all commercial and financial transactions while seeking to improve its economic data. Ulloa mentioned that El Salvador aims to free its economy from central banks and also hopes to reduce potential dependency on fiat currencies like the US dollar, Euro, Pound, among others.
▌Circle’s Senior Policy Executive: Euro Stablecoins Expected to Continue Rising in the Coming Days
Patrick Hansen, Senior Policy Executive at stablecoin issuer Circle, is confident that Euro stablecoins will continue to rise in the next few days. Hansen noted in an interview with X that the volume of transactions using Euro stablecoins accounts for 1.1%.
▌Three Independent Groups Compete for Claims on Assets Seized from SBF
After FTX’s former CEO Sam Bankman-Fried was criminally convicted, assets related to his criminal activities, including cryptocurrencies, a private plane, and funds in bank accounts, totaling $11 billion were seized in March. Now, three independent groups – the FTX debtor’s estate, a group of creditors, and an offshore entity established by Sam – are competing for claims on these seized assets, arguing that the assets legally belong to them. The debtor’s estate management company claimed in documents that despite Bankman-Fried being ordered to forfeit the related assets, these assets did not belong to him from the start as they were acquired through his criminal activities. The document stated: “Under the judgment, all specific assets are held in the name of the debtor entity or FTX Digital, and/or funded entirely by debtor assets.”
Key Economic Trends
▌Oxford Economics Research Institute CEO: Fed May Start Cutting Rates in September
Adrian Cooper, CEO and Chief Economist of the Oxford Economics Research Institute, said: “Our expectation is that the Fed will start cutting rates in the second half of this year, perhaps in September. However, this largely depends on changes in potential inflation, especially concerning wage growth. In recent years, expectations of labor inflation have risen rapidly, surprising the Fed and many central banks. This means that labor is not only seeking raises to compensate for past higher-than-expected inflation but also because they believe inflation may remain high and are seeking raises. I believe the Fed wants to see decisive evidence that the process of slowing down inflation will continue, not only overall inflation but also core inflation returning to the 2% level, before truly preparing for a significant rate cut.”
Golden Encyclopedia
▌What are Validiums?
Validiums are a Layer 2 scaling solution designed to optimize Ethereum’s performance by processing transactions off-chain. Validiums are responsible for off-chain processing of most transactions and only sending succinct proofs to the main network for verification, reducing the load on the Ethereum blockchain. The off-chain transaction processing method can significantly increase throughput and reduce mainnet congestion, leading to a more efficient and cost-effective Ethereum experience.
