Headline
State Street Bank Announces Restructuring of Digital Assets Team, Plans to Offer Cryptocurrency Custody Services
State Street Bank, headquartered in Boston, has announced the restructuring of its digital assets team. The bank has already started recruiting for its digital assets department, less than six months after laying off employees in the same department. It is reported that the bank plans to offer cryptocurrency custody services, reflecting its growing confidence in the digital assets market and the integration of cryptocurrencies and tokenized assets into the financial system. (Source: The Information)
Optimism to Distribute 600,000 OP Tokens for Onchain Summer Incentives
Optimism has announced on the X platform that it will distribute 600,000 OP tokens for the Onchain Summer incentives. Creators and builders can now showcase their on-chain works on the Superchain and receive rewards. This includes networks such as Base, Frax Finance, Metal L2, Mode, Zora, Redstone Chain, Cyber, and OP Mainnet. The first round, Onchain Summer Rounds, will allocate 60,000 OP tokens to eligible creators and builders on the Superchain network from June 3 to August 30.
OKX Launches Exchange and Web3 Wallet Services in the Netherlands
On June 3, 2024, OKX announced the official launch of its centralized virtual asset exchange and OKX wallet in the Netherlands. Dutch customers can now enjoy spot trading and exchange services for over 150 virtual assets, including more than 60 virtual currency-euro pairs. OKX also provides seamless euro deposits and withdrawals in the Netherlands, as well as industry-leading Web3 functionalities through the OKX wallet. In addition, OKX has integrated iDEAL, the most popular online payment system in the Netherlands, allowing Dutch customers to immediately and free of charge deposit funds into their accounts. Dutch customers can also make free deposits and withdrawals through the Single Euro Payments Area (SEPA).
Industry News
Shenzhen Financial Bureau Issues Risk Warning on Cryptocurrency Trading Speculation
The Shenzhen Local Financial Supervision Bureau has issued a risk warning on cryptocurrency trading speculation. In response to the recent increase in cryptocurrency trading speculation, the risk warning points out that some groups are using virtual currencies and “overseas digital options” to induce the public to participate in trading speculation, disrupting the economic and financial order, and giving rise to illegal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering, seriously endangering the property safety of the people. To safeguard the legitimate rights and interests of the general public, the Shenzhen Local Financial Supervision Bureau advises the public that virtual currencies do not have the same legal status as legal tender. The related business activities of virtual currencies are illegal financial activities, and engaging in related illegal financial activities constitutes a crime and will be pursued for criminal responsibility according to law. Overseas cryptocurrency exchanges that provide services to residents within China through the Internet are also engaging in illegal financial activities. Participating in cryptocurrency investment and trading activities carries legal risks. Civil legal actions that violate public order and good customs are invalid, and any resulting losses are to be borne by the individuals themselves. If there is suspicion of disrupting the financial order and endangering financial security, relevant departments will investigate and deal with it according to law. The risk warning points out that virtual currencies lack a clear value basis and are susceptible to malicious speculation and price manipulation. It is necessary to guard against unlawful enterprises using virtual currencies or “overseas digital options” as a pretext to conduct illegal fundraising and other fraudulent activities. The general public is advised to enhance risk prevention awareness and guard against becoming victims of illegal fundraising and other fraudulent activities. For those who have participated in related trading activities, it is recommended to withdraw as soon as possible and pay attention to collecting and retaining relevant evidence, and actively report to local regulatory authorities and public security agencies.
Roundhill Submits Application to SEC for Ethereum Covered Call Strategy ETF
Investment firm Roundhill has recently submitted an application to the US Securities and Exchange Commission (SEC) for the Roundhill Ether Covered Call Strategy ETF (YETH), with an effective date of August 14, 2024. Bloomberg ETF analyst Eric Balchunas stated that this is a new application related to spot Ethereum.
Dubai Financial Services Authority Updates its Cryptocurrency Token Regime
The Dubai Financial Services Authority (DFSA) has announced revisions to its cryptocurrency token regime to strengthen and advance its token regulatory framework within its economic free zone. The DFSA is an independent regulatory authority of the United Arab Emirates (UAE) responsible for regulating entities registered in the Dubai International Financial Centre (DIFC), an economic free zone in the country. On June 3, the DFSA announced modifications to its cryptocurrency token regime to reflect changes in Consultation Paper 153, which was published in January 2024. The revisions cover several key areas, including funds investing in cryptocurrency tokens and the token identification process. In terms of funds, the amendments affect the ability to offer units in externally and foreign funds that invest in recognized cryptocurrency tokens. Previously, the DFSA had restrictions on fund activities involving cryptocurrency tokens. In its recent consultation paper, the DFSA stated that fund and asset management companies considered the regime to be overly stringent. (Source: Cointelegraph)
Australia’s First Bitcoin Spot ETF Officially Begins Trading
Australia’s first Bitcoin spot ETF has officially begun trading. (Source: Bitcoin Magazine) As previously reported, Monochrome Asset Management’s Monochrome Bitcoin ETF (IBTC) was set to start trading on Tuesday. While there have been several ETP products in Australia that provide exposure to Bitcoin, Monochrome Asset Management is the first company to receive approval for a new encrypted asset license category under the 2021 Australian Financial Services (AFS) licensing rules. The ETF allows direct Bitcoin holdings. Monochrome stated that the assets of IBTC are stored offline in devices not connected to the internet and utilize encrypted custody solutions that comply with “Australian institutional custody regulatory standards.”
Project News
TNA Protocol to Conduct BN Token Airdrop on June 5
According to official sources, the TNA Protocol BN token airdrop will begin at 18:00 Beijing time on June 5. This airdrop activity is open to all users and the number of tokens airdropped will be related to domain name ownership, interaction, and TNA token holdings. Users can check the task board and points on the official link. TNA Protocol is a Bitcoin asset and security protocol that integrates full-chain domain asset issuance and DA solutions. It has received investments from MH Ventures, Cogitent Ventures, CSP DAO, and other institutions. The BN token is a crucial part of the “domain name + DA” strategic upgrade, aiming to expand transaction and liquidity scenarios, promote user growth, and drive product development.
Ultiverse: ULTI Token to Go Live on June 6 at 18:00
Ultiverse has announced on the X platform that the ULTI token will go live on June 6 at 18:00 Beijing time. As previously reported, ULTI (Ultiverse) was launched on OKX Jumpstart.
RSS3 Announces Mainnet Beta Version Launch and Introduction of RSS3 Beta Nodes
Decentralized content distribution and social protocol RSS3 has announced on the X platform that its mainnet beta version has been launched. This version introduces RSS3 Beta nodes, also known as Public Goods Nodes (PGN), and the rewards generated will be used to support builders in contributing to the future digital world. In addition, RSS3 VSL has become the first L2 to integrate with the NEAR Protocol DA, further upgrading its performance.
SingularityNET Announces Merger with FET, AGIX, and OCEAN to Form ASI Starting on June 11
SingularityNET (AGIX) has officially announced the final date for the merger with Fetch.ai and Ocean Protocol to form the Artificial Superintelligence (ASI) token alliance. The merger will begin on June 11, unifying under a decentralized artificial intelligence (AI) network. FET will be renamed ASI and the renaming process will be completed on June 13. For FET, AGIX, and OCEAN token holders, the merger will involve converting these tokens into ASI tokens at specific exchange rates. FET tokens will be converted at a 1:1 ratio, AGIX at a ratio of 1:0.433226, and OCEAN at a ratio of 1:0.433226. ERC-20 tokens will be launched on June 11, and users can exchange FET for ASI tokens through a token migration contract, followed by the AGIX and OCEAN token exchange on June 13. The migration process will take place on the SingularityNET decentralized AI platform, and users can use the audited token migration contract provided by SingularityNET to exchange their tokens. (Source: Cointelegraph)
Decentralized Public Network Nillion Announces Launch of Incentivized Testnet
Nillion, a decentralized public network based on Nil Message Compute (NMC), has announced on the X platform that its incentivized testnet (Coordination Layer testnet) has gone live, starting with Phase 1: Genesis Sprint. In 2022, Nillion announced the completion of a $20 million financing round, led by Distributed Global, with participation from AU 21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto, and SALT Fund.
Nostra Reveals Tokenomics: 11% of Token Supply to be Airdropped to the Community at TGE
Starknet-based DeFi protocol Nostra has announced on the X platform that it will soon launch the NSTR token and has revealed its tokenomics. The total supply of NSTR is 100,000,000 tokens, which will be fully unlocked upon release. Of this supply, 11% will be airdropped to the community at the Token Generation Event (TGE). In addition, Nostra has announced an upcoming snapshot from June 10 to 13 for the liquidity bootstrapping pool (LBP) and the TGE on June 17, including the airdrop.
Binance Plans to Restrict EEA Users from Using Unauthorized Stablecoins
Binance has published an official article stating that on June 30, 2024, the new European Union Cryptocurrency Market (MiCA) stablecoin rules will come into effect across the entire European Economic Area (EEA). This will be the first step towards the new regulatory framework and will have a significant impact on the stablecoin market in the EEA. Binance will restrict EEA users from using unauthorized stablecoins and implement phased changes and product restrictions to ensure compliance and minimize market disruption. With the increase in regulated stablecoins in the market, Binance plans to transition users from unauthorized stablecoins to regulated stablecoins to achieve the goals of MiCA smoothly.
Pacmoon: Beeple Ranks First in Season 4 But Voluntarily Gives Up All Token Rewards
Pacmoon, a meme project in the Blast ecosystem, has announced on the X platform that in the recently concluded Season 4, crypto artist Beeple ranked first but voluntarily gave up all token rewards. This means that all other creators will receive more PAC token airdrop incentives. Additionally, community user Aalasady (Ali) revealed that the tokens Beeple voluntarily gave up are worth approximately $200,000, and other creators will receive approximately an additional 8% of token incentives.Jupiter Founder: DeFi and Meme coins are crucial for decentralization, concerned about the celebration of ETF in the crypto industry
Jupiter co-founder meow expressed in a post on the X platform: “I am not inclined to participate in political games – all political parties are centralized powers with vested interests (as far as I am concerned), and all individuals (including myself) can become complete jerks if they have enough power. Therefore, decentralization of all markets must be achieved first, as this will lead to the decentralization of finance and ultimately the decentralization of power. That is why the emergence of DeFi and Meme coins can serve as a stronghold against global centralization forces, rather than just a meme. By demonstrating how individuals, small distributed teams, and decentralized communities can collaborate and create value, even better than the best among them – we will ultimately decentralize value creation, financial channels, and the ultimate power. Additionally, this is why the celebration of ETF in the crypto industry makes me uneasy – if the whole world owns ETH/SOL through BlackRock, does that mean our degree of decentralization is higher or lower?”
Frax CEO: Official X account attack not an internal team issue, may be related to X insiders
On June 1st, Frax Finance’s X account was hacked. To regain control, Frax Finance CEO Sam Kazemian appealed to his followers to help contact X customer service. Users reported that it took X about 72 hours to handle complaints related to the stolen account. Although X staff advised changing passwords during the account breach, Kazemian insisted that the password was not tampered with and stated that any internal issues at Frax Finance could not have caused the breach. Instead, he suspected the involvement of X insiders: “Frax Finance’s X account was breached, seemingly an inside job or a social engineering incident, as Frax itself did not reset passwords or have any other issues.” (Cointelegraph)
Wall Street Journal: Roaring Kitty may be removed from stock trading platform ETrade
YouTube streamer “Roaring Kitty” (Keith Gill), who helped drive up GameStop’s stock price, may be removed from the retail stock trading platform ETrade. Insiders say that investment giant Morgan Stanley’s ETrade is “increasingly concerned about possible stock manipulation by him due to his recent purchase of GameStop (GME) stocks.” Kitty’s long inactive Reddit account posted a screenshot of an investment account on Sunday, which holds GameStop stocks and call options worth over $200 million. Since Roaring Kitty reappeared on the X platform in mid-May, Morgan Stanley employees have been monitoring Kitty’s ETrade account. ETrade employees “discovered that he bought call options before his tweets were posted” and that “Kitty’s trades may have profited from the stock price fluctuations caused by his tweets.” With a new wave of GME activity, ETrade seems to be considering halting Kitty’s trading. According to a Reddit post, if his latest bet (that GME stock will exceed $20 on June 21st) proves true, he will make a fortune. Those who follow him will also benefit. Morgan Stanley has hired financial crime departments and external advisors for this matter, but the company is aware that taking action would mean “drawing attention from his meme army,” and Morgan Stanley employees are also concerned that closing Kitty’s account may result in the loss of ETrade customers. According to data from investment tracker @unusual_whales on X, Roaring Kitty’s account grew by 48% today alone, equivalent to $85 million. (Wall Street Journal) Previously, Roaring Kitty (Reddit ID DeepFuckingValue) made a post on the Reddit platform Superstonk subforum after three years, with a picture showing his call options for GameStop stocks worth $65.7 million, with a strike price of $20 and an expiration date of June 21st.
SBF returns to Metropolitan Detention Center in Brooklyn
FTX co-founder Sam Bankman-Fried has returned to the Metropolitan Detention Center in Brooklyn, New York, after being transferred to prisons in Oklahoma and Pennsylvania last month. The transfer was made in accordance with Judge Lewis Kaplan’s request to facilitate contact with his appellate lawyers. Bankman-Fried was sentenced to 25 years in prison last year for multiple fraud charges related to the collapse of the cryptocurrency exchange FTX. Another FTX official, Ryan Salame, was sentenced to seven and a half years in prison last week. (Bloomberg)
Matrixport co-founder: Bitcoin expected to consolidate in the $70,000 range before non-farm payroll data release
Daniel Yan, co-founder of Matrixport and founder and CIO of Kryptanium Capital (KRYPTM 1 KY Equity), stated in a post on the X platform that Bitcoin has once again surpassed the key level of $70,000, but the market should not be overly optimistic before the release of non-farm payroll data on Friday. It is expected that the price of BTC will consolidate around $70,000 this week.
Skybridge Capital founder: Biden and Warren underestimating the power of crypto voters is an irrational and arrogant move
Anthony Scaramucci, founder and managing partner of Skybridge Capital, expressed in a post on the X platform: “According to Google data, there are 93 million people in the United States who own cryptocurrencies. Older Democratic politicians (Biden and Warren) believe that there are very few voters in the cryptocurrency field, so they denigrate this industry and try to force industry participants out of the country. This is irrational. If 1% of these people are interested in voting, they lose 930,000 votes. We all know it’s not just that. In such a fiercely contested election, this level of arrogance is shocking.” He added: “(According to a report released by Security.org earlier this year), cryptocurrency ownership in the United States has increased by 10 percentage points in 2023. Adoption has risen from 30% a year ago to 40% today. As a standard for measuring how many Americans own cryptocurrency today, our estimate suggests that up to 93 million people may hold one or more cryptocurrencies.”
NYSE: Price range issue resolved, affected stocks resume trading
The New York Stock Exchange announced that the affected stocks have resumed trading and the price range issue has been resolved. (FXStreet)
Funding
Milady Meme Coin (LADYS) secures $5 million investment from DWF Labs
Milady Meme Coin (LADYS) announced a $5 million investment from DWF Labs, and the new funding will be used to drive innovation. The partnership is expected to open up new avenues for development, collaboration, and community participation in the LADYS and Meme ecosystems. (Cointelegraph) Previously, in late May, DWF Labs transferred 5 million USDT to a deployment address that had minted LADYS, according to @bwenews.
Connext rebrands as Everclear and raises $5 million in funding from Pantera Capital by selling NEXT tokens
Blockchain interoperability platform Connext announced a strategic transformation, rebranding as Everclear, and raised $5 million in funding by selling NEXT tokens to Pantera Capital. In addition to the rebranding, the project is developing a “settlement layer” for intent-based cross-chain bridges, addressing challenges related to intent rebalancing and settlement. Everclear will serve as the new foundation of a modular stack, leveraging an open network of intent solvers and the Everclear chain, an optimistic Rollup. The so-called settlement layer will act as its own blockchain, serving as a backend liquidity platform to provide order matching services for intent-based cross-chain bridges.
AI and blockchain solutions provider Play AI raises $4.3 million in funding with participation from P 2 Ventures
Artificial intelligence and blockchain solutions provider Play AI announced the completion of a $4.3 million seed funding round with participation from P 2 Ventures, Jump Crypto, Alphage Ventures, and MH Ventures, among others. The funding aims to drive the application of AI and blockchain in gaming and virtual reality, with the new capital being used to develop its decentralized AI technology and utilize blockchain decentralized networks to enhance transparency and encourage game players to share data for AI model training. (nftplazas)
Hypersonic Laboratories raises $7 million in Series A funding with lead investment from Play Ventures
Hypersonic Laboratories, the company behind the metaverse platform HELIX, announced the completion of a $7 million Series A funding round led by Play Ventures, with participation from AppWorks, WTIC, KB Investment, and Alex Ekvall. The new funding will be used for further development of Helix, and it is reported that Helix will launch a closed alpha testing version later this year, aiming to facilitate the creation of role-playing game modules and servers. Previously, Hypersonic Laboratories raised $3.5 million in a pre-seed funding round in 2022, led by Play Ventures, with participation from Samsung Next, GSR, Third Kind, Alex Chung (founder of Giphy), and Scott Belsky (founder of Behance). (gamesindustry)
Security Incident
User loses $1 million due to malicious plugin Aggr compromising web page cookies
X user @CryptoNakamao posted that their browser cookies were compromised due to the Chrome malicious plugin Aggr, allowing hackers to manipulate their Binance account. The hackers used this method to purchase corresponding tokens in the liquid USDT trading pair and placed limit sell orders at prices above the market for illiquid trading pairs such as BTC and USDC. Finally, the hackers used the user’s account to engage in margin trading, buying excessively and completing wash trading, resulting in a loss of $1 million. Previously, in late May, SlowMist founder Cosmos posted on the X platform warning users to be cautious of the browser extension AggrTrade, which steals users’ exchange cookies and other permission information, causing significant user losses. Users who have installed the extension are advised to uninstall it as soon as possible and change their platform account passwords, 2FA, reset trading APIs, etc. Installation and use of extensions should be done with caution.
Privacy project Nym CEO’s X account hacked, false airdrop information released, users advised to be cautious
Privacy project Nym announced on the X platform that the X account of its CEO @harryhalpin has been hacked, and users are advised not to trust the false airdrop information posted by the hacker and to avoid interaction with suspicious links.
OKX: Platform promptly follows up on user account theft information
OKX stated on the X platform that it has noticed the information about “OKX platform user account theft” on the internet and has promptly followed up on the matter. The incident is currently in the judicial process, and according to the request, the progress of the event cannot be disclosed at the moment.
