This Week’s Top 10 News
1. Mt. Gox cold wallets begin massive transfers
On May 28th at 9:41 UTC+8, Mt. Gox’s cold wallets started transferring funds. A total of 47,229k BTC was transferred to new addresses: 1HeHLv…vHoV68, 23,797k BTC was transferred to new addresses: 1zuWGg…FWGRH6, 47,229k BTC was transferred to new addresses: 16eAGJ…37P9gX, and 19.41k BTC was transferred to new addresses: 15VuDC…gSZnh4. Mt. Gox announced that the rehabilitation trustee has not yet made direct repayments of BTC or BCH through designated cryptocurrency exchanges, nor has it sold BTC and BCH for profit. Former CEO of Mt. Gox, Mark Karpelès, also stated, “The trustee is transferring the tokens to another wallet in preparation for the possible distribution that may occur this year and will not sell bitcoin immediately.”
2. BlackRock submits revised S-1 statement, Ethereum spot ETF expected to launch at the end of June
BlackRock has submitted a revised S-1 registration statement, disclosing information on seed capital investors, paving the way for its proposed Ethereum ETF. The amended filing shows that on May 21, 2024, seed capital investors purchased seed creation baskets under certain conditions, totaling 400,000 shares at a price of $25.00 per share. These shares will trade under the ticker symbol “ETHA.” Bloomberg ETF analyst Eric Balchunas said that BlackRock’s amended S-1 is a good sign, and other companies are expected to submit similar filings soon, with trading potentially starting around the end of June or July 4th.
3. Biden campaign team reaches out to key figures in the cryptocurrency industry
President Biden’s re-election campaign team has begun reaching out to key figures in the cryptocurrency industry, seeking guidance on the future development of the “cryptocurrency community and cryptocurrency policy.” According to anonymous sources, this contact includes calling industry leaders who were previously rejected by the Biden administration, indicating a significant “shift” in the relationship between Biden and the industry. The contact activity began about two weeks ago, as the Biden camp became increasingly aware of the potential impact of cryptocurrency-related issues on the upcoming presidential election, possibly due to pressure from the Trump administration. According to Bitcoin.com, David Bailey, CEO of Bitcoin Magazine and cryptocurrency assistant to the Trump campaign, revealed that Trump had asked if Bitcoin could be used to solve the US national debt problem. Bailey said that the first time he met Trump, Trump asked him what Bitcoin could do about the $35 trillion debt. Bailey had previously disclosed that his team had been advising Trump to develop a Bitcoin and cryptocurrency-friendly policy. Bailey also mentioned an executive order submitted to Trump, which would be signed on the first day of Trump’s re-election.
4. US Treasury Deputy Secretary: Treasury does not intend to ban cryptocurrency mixing services
Brian Nelson, Deputy Secretary of the US Treasury, stated that the Treasury does not intend to ban cryptocurrency mixing services. Nelson pointed out that the 2023 proposal by the Financial Crimes Enforcement Network (FinCEN) aims to promote transparency rather than banning mixing services. He emphasized that the Treasury wants to work with the cryptocurrency industry to find ways to enhance privacy without facilitating terrorist financing. Currently, most mixing services are attractive to criminals because they allow them to evade anti-money laundering (AML) and know-your-customer (KYC) reporting requirements.
5. EU draft considers MEV as market abuse
The European Securities and Markets Authority (ESMA) has defined the Maximum Extractable Value (MEV) as a clear example of illegal market abuse in its proposed technical standards under the Markets in Crypto-assets (MiCA) regulation. Commentator Patrick Hansen pointed out that almost all EU-regulated crypto businesses, including exchanges and brokers, will need to detect and report instances of MEV through comprehensive Suspicious Transaction or Order Reports (STORs). Actors involved in MEV may not only face investigations and enforcement actions by EU regulatory authorities but also by international regulatory authorities. The consultation feedback period set by ESMA ends on June 25th, and the final standards are expected to have a significant impact on the EU crypto regulatory environment.
6. Binance sells assets of GOPAX victims at less than half their face value, causing GOPAX to lose billions of Korean won
According to Korean media outlet Hankyung, Binance, the largest shareholder of Korean exchange GOPAX, has sold the assets of GOPAX victims at less than half their face value. Initially, Binance promised to fully compensate investors of the GoFi virtual deposit service for losses caused by fund withdrawal interruptions (approximately 70 billion Korean won at the time). As a result, Binance acquired GOPAX shares at a significantly lower price than the market price, becoming its largest shareholder. However, Binance did not use its own funds for compensation but instead sold the assets of the victims at a low price to pay the compensation, essentially engaging in “debt-for-debt” behavior. During this process, after Binance sold the assets of the victims, the prices of virtual assets such as Bitcoin soared, resulting in an increased scale of losses for the victims. It is estimated that the debt amount of GoFi is currently around 100 billion Korean won after deducting the amount already repaid, causing GOPAX to lose billions of Korean won.
7. PayPal’s stablecoin PYUSD goes live on the Solana blockchain
PayPal’s stablecoin PYUSD has gone live on the Solana blockchain. Users can transfer PayPal’s stablecoin to Solana through Crypto.com, Phantom, and Paxos (the issuer of PYUSD). Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, stated that the company is interested in Solana’s potential for payments and peer-to-peer fund flows, not just for trading. PYUSD was first introduced as an Ethereum-based stablecoin in August last year, backed by a 1:1 reserve of assets including the US dollar and US government bonds.
8. Bitcoin spot ETF sees 13 consecutive days of net inflows
According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $48.706 million on May 30th (Eastern Time). Grayscale’s GBTC ETF had zero net outflows on that day, and its historical net outflows currently stand at $17.777 billion. The Bitcoin spot ETF with the highest net inflow on that day was Fidelity’s FBTC ETF, with a net inflow of $119 million, bringing its historical total net inflows to $8.884 billion. As of May 30th (Eastern Time), Bitcoin spot ETFs have seen 13 consecutive days of net inflows. The total net asset value of Bitcoin spot ETFs is currently $59.026 billion, with a net asset value ratio of 4.37%, and cumulative net inflows to date amounting to $13.809 billion.
9. Bernstein: Bitcoin and Ethereum ETF market cap expected to grow to $450 billion
A Bernstein report states that the market cap of Bitcoin and Ethereum ETFs is expected to grow to $450 billion, indicating that over $100 billion will flow into crypto ETFs in the next two years. The brokerage previously predicted a peak price of $150,000 for Bitcoin in 2025, with an end-of-year target price of $90,000. The report also states that Ethereum is the first PoS token approved as a spot ETF, which has a positive impact on other blockchain tokens, and Solana (SOL) may benefit from it.
10. Bitcoin collateral protocol Babylon raises $70 million in funding led by Paradigm
Babylon, a startup focused on Bitcoin collateral protocols, raised $70 million in its latest funding round led by Paradigm. This is the largest investment received by the Bitcoin ecosystem recently. Earlier, Binance Labs announced its investment in Babylon. By the end of 2023, it had raised $18 million, with Polychain Capital and Hack VC leading the round.
Key Funding Events:
– Bitcoin collateral protocol Babylon raises $70 million led by Paradigm
– AI-based DeFi platform Aperture Finance raises Series A funding with a valuation of $250 million
– Decentralized AI project GaiaNet announces $10 million funding
– Oracle protocol Switchboard announces $7.5 million Series A funding
– Neynar announces $11 million Series A funding
– RWA tokenization platform Fortunafi announces $9.51 million strategic seed funding
– Mighty Jaxx raises $11 million in Series A+ funding
– Game developer Supervillain Labs announces $4.5 million seed funding
– DePIN infrastructure Parasail raises $4 million seed funding, led by Protocol Labs
– SocialFi infrastructure OpenSocial announces $5 million seed funding
– Blockchain node management platform NodeOps announces $5 million seed funding
– Ethereum L2 network Mint Blockchain announces $5 million seed funding
– PlayAI announces $4.3 million seed funding
– Game developer Kuroro Beast announces $2.5 million strategic funding
For more industry funding events, please visit crypto-fundraising.info.
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Tags:
Babylon
Mt. Gox
Ethereum
Wu Shuo Blockchain
Binance
Bitcoin
Bitcoin Cash
BlackRock
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Note: The opinions expressed in the article do not constitute investment advice.