Golden Morning News Tether Holds 25 Stake in BitDeer Telegram to Support Mini Programs for Digital Service Payments

Top Headlines
▌Tether Holds 25% Stake in Bitdeer, Becomes Second Largest Shareholder
According to a document disclosed by the U.S. Securities and Exchange Commission, UST issuer Tether currently holds a 25% stake in the Bitcoin mining company Bitdeer. This makes the company behind Tether (USDT) the second largest shareholder of BTC mining machine shares, second only to Victory Courage Ltd., reportedly registered under Wu Jihan’s name.
▌Telegram CEO Announces Launch of Telegram Stars, Supporting Mini-Programs for Digital Service Payments
Telegram CEO Du Rove announced on the Telegram channel the launch of Telegram Stars, a way to pay for digital services through mini-programs. Mini-programs can use Stars to accept payments for digital services, and can be purchased within applications on Android and iOS without installation, such as Notcoin. Developers can use TON to extract Stars through Fragment and can further promote applications on Telegram with favorable conditions using Stars. When users purchase Stars from Apple and Google, a 30% fee will be deducted, but Telegram will subsidize ads purchased using Telegram Stars.
Market Update
As of the time of writing, according to Coingecko data:
BTC recently traded at $70,772.40, with a change of -0.5% within the day;
ETH recently traded at $3,811.99, with a change of -1.5% within the day;
BNB recently traded at $709.72, with a change of +0.4% within the day;
SOL recently traded at $170.55, with a change of -1.9% within the day;
DOGE recently traded at $0.1602, with a change of -2.0% within the day;
XPR recently traded at $0.5217, with a change of -0.9% within the day.
Policy
▌Hong Kong Police Intensify Anti-Illegal Gambling Propaganda, Focus on Virtual Currency Betting
As the European national cup approaches, the Hong Kong police are stepping up efforts to combat illegal online gambling, noting an increase in websites accepting virtual currency bets. The police pointed out that the anonymity and convenience of virtual currencies increase the risks of illegal gambling, but both cryptocurrencies and stored value payment tools are under surveillance. The police will crack down on related crimes under the charge of “money laundering” and cooperate with mainland China and Macau. To this end, the police will conduct outreach activities in various districts, including distributing leaflets in bars.
Police data shows that last year, more than 790 operations were conducted to combat illegal gambling, resulting in the arrest of approximately 6,100 people. In the first three months of this year, the police cracked 99 related cases, a decrease of nearly 30% compared to the same period last year. The police have also noted that the average age of first-time gamblers has dropped to around 18 years old, and the widespread use of the internet has made it easier for young people to access illegal gambling.
▌New York Attorney General Sues NovaTech for $1 Billion Cryptocurrency Fraud
New York Attorney General Letitia James has filed a lawsuit against the cryptocurrency company NovaTech and its founders Cynthia and Eddy Petion, accusing them of involvement in a $1 billion fraud. The lawsuit alleges that over 11,000 New York residents lost millions of dollars by investing in NovaTech. NovaTech is accused of being a Ponzi scheme and misrepresenting its licensing and registration status. The company collapsed in May 2023.
The Petion couple’s previous venture, AWS Mining, is also accused of being a Ponzi scheme. James seeks to recover illegal proceeds and prohibit them from conducting business in New York State. Currently, the NovaTech website is still operational, claiming that the company’s funds were lost in a data breach and are in the process of recovery.
Blockchain Applications
▌zkSync: Initiates v24 Upgrade, Funds to Be Moved to New Bridging Contract
According to an announcement by the zkSync development account on X platform, the v24 upgrade has begun, with the new L1SharedBridge being a new L1 contract. Therefore, funds on the zkSync Era will be migrated from the old contract to the new contract, ensuring the security of user funds.
▌LayerZero CEO: Witch Hunt Not Yet Over
LayerZero CEO Bryan Pellegrino posted on X platform, addressing those inquiring about when the witch hunt (censorship) would end, with an accompanying image stating, “The job is not done yet.”
▌Alchemy Launches Rollup Tool to Help Developers Create Custom Layer2
Web3 infrastructure company Alchemy has introduced a new Rollup tool designed to assist developers in creating their own blockchain. This tool enables developers to easily build and deploy custom Layer 2 chains, enhancing development efficiency and simplifying the application of blockchain technology. Alchemy stated that the release of this tool will drive the widespread adoption of blockchain technology, especially in decentralized finance (DeFi) and other Web3 sectors.
Cryptocurrency
▌Kraken Plans to Raise Over $1 Billion in Funding Before IPO
According to sources familiar with the company’s plans cited by Bloomberg, the cryptocurrency exchange Kraken is in talks for pre-IPO financing. Kraken is seeking to raise over $1 billion in funds and is expected to complete the funding before the end of this year. Rumors about Kraken’s listing have been circulating for the past few years. The company has been busy dealing with the charges brought by the U.S. Securities and Exchange Commission (SEC) last year, alleging that it operated an unregistered platform and mishandled client funds. A spokesperson declined to comment on this financing round but stated, “We have been exploring strategic paths to achieve Kraken’s mission: to accelerate the global adoption of cryptocurrencies. We remain focused on investing in this goal.”
▌Analysis: Power Contracts and Lower Valuations Could Catalyze Consolidation in Crypto Mining Stocks
On Thursday, Bitcoin mining stocks outperformed other cryptocurrency-related stocks, with multiple industry takeover bids sparking market attention on who could be the next target. Recently, one of the largest miners, Riot Platforms (RIOT), launched a hostile takeover bid against its peer Bitfarms (BITF), while the artificial intelligence company CoreWeave proposed to acquire another large mining company, CoreScientific (CORZ).
Although Bitfarms and CoreScientific both rejected the takeover bids, these attempts to acquire companies remind investors that the industry may be ready for consolidation. B. Riley analyst Lucas Pipes stated that power contracts and lower valuations could serve as a catalyst for initiating the consolidation phase in mining stocks. In a report, he wrote, “We believe the optimistic outlook for the power market could catalyze an increase in merger and acquisition activity this year, especially with significant disparities in valuations still existing.”
▌MicroStrategy Faces Highest Institutional Net Short Position, Strong Bearish Sentiment
MicroStrategy (MSTR) faces a net short position of approximately $6.941 billion, representing 23.14% of its market value, indicating strong market bearish sentiment or widespread hedging demand. This high ratio could lead to increased market volatility and potentially trigger a short squeeze.
In comparison, Coinbase (COIN) with a market value of approximately $62 billion has a net short position of $1.129 billion, accounting for 1.77% of its market value, showing relatively mild bearish sentiment. Meanwhile, Marathon Digital Holdings (MARA) with a market value of around $6 billion has a net short position of $101 million, representing 1.68% of its market value.
These net short positions may be part of strategic hedging, such as Kerrisdale Capital both shorting MSTR and longing Bitcoin.
Fintel’s data highlights the highest net short position faced by MicroStrategy among the three companies.
▌FTX Creditors Oppose Restructuring Plan, Citing Tax Issues with Cash Payments
A group of FTX creditors led by Sunil Kavuri has submitted an opposition to the court against the restructuring plan proposed by the FTX bankruptcy trustee. Creditors have pointed out that the plan does not pass the best interests test, contains provisions contrary to estate interests, and overlooks property rights issues.
Creditors argue that cash payments would result in customers needing to pay taxes on the cash received, increasing the burden. They suggest implementing physical payments to avoid tax issues.
Additionally, creditors have requested FTX to update the disclosure statement for the Internal Revenue Service (IRS). Under the settlement plan, the IRS will receive a priority claim of $200 million within 60 days of approval, with an additional $685 million in secondary priority claims to be paid after full customer repayment.
FTX’s restructuring plan includes compensating creditors with claims below $50,000 at 118%, while other non-government creditors will receive full claims and up to 9% interest compensation.
▌U.S. Prosecutes Three Individuals in Evolved Apes NFT Scam, Involving $3 Million
The U.S. Attorney’s Office for the Southern District of New York has prosecuted Mohamed-Amin Atcha, Mohamed Rilaz Waleedh, and Daood Hassan, accusing them of involvement in the 2021 Evolved Apes NFT scam. The project promised to develop a video game, but after fundraising ended, the anonymous developer Evil Ape disappeared and transferred 798 Ethereum (approximately $3 million). This case is considered part of a “rug pull” scam, where developers raise funds through the sale of NFTs or tokens, abruptly close the project, and disappear. According to statistics, similar scams since 2011 have resulted in losses of over $14.5 billion.
▌Total Value Locked (TVL) in DeFi Protocols Currently Stands at $109.9 Billion
According to DefiLlama data, the total value locked (TVL) in DeFi protocols across the network is $109.9 billion, with Lido having the highest TVL at $36.6 billion, up 1.27% in the past 24 hours; EigenLayer ranking second at $20.1 billion, up 1.88% in the past 24 hours; and AAVE ranking third at $13.2 billion, up 0.71% in the past 24 hours.
Key Economic Developments
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What is Liquidity Staking?
Liquidity staking allows stakers to maintain the liquidity of their staked tokens by using alternative tokens, enabling them to earn additional income through DeFi protocols. Liquidity staking allows cryptocurrency holders to participate in staking without giving up control over their holdings. This changes the way users stake. Projects like Lido have introduced liquidity staking, tokenizing staked assets in the form of tokens and derivatives.