Headlines
▌Since 2014, the US government has sold at least 195,000 BTC, making a profit of more than $366 million
Casa co-founder Jameson Lopp tracked the U.S. government's bitcoin sales and found that since 2014, the U.S. government has seized and sold at least 195,091 bitcoins, making a profit of more than $366 million.
According to data site Bitcoin Treasuries, the U.S. government currently owns 213,546 bitcoins, worth more than $13 billion at current market prices, making it one of the world's largest bitcoin holders. Meanwhile, the German government is the world's fourth-largest sovereign bitcoin holder, behind only China and the United Kingdom, with 46,359 bitcoins.
▌Musk : Starlink mini will be launched later this year
Musk said Starlink mini will be launched later this year.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $60,781.83, with a daily change of -1.6 % ;
ETH's latest transaction price is $3368.01, with a daily change of -0.8 % ;
BNB's latest transaction price is $572.42, with a daily change of -0.9 % ;
SOL's latest trading price is $136.67, with a daily change of +0.1 % ;
DOGE's latest trading price is $0.1227, with a daily change of -2.7 % ;
XPR recently traded at $0.4697, with a daily change of -1.3 % .
policy
▌The U.S. Department of Justice ruled for the first time that the crypto token HYDRO is a security
The U.S. Department of Justice announced that HYDRO founder Shane Hampton and financial engineering director Michael Kane were convicted of manipulating the price of Hydrogen Technology's HYDRO token. The law enforcement agency also stated that the two's sale of HYDRO constituted an unregistered investment contract, and the two were sentenced to two years and eleven months and three years and nine months in prison respectively.
The investigation found that the two hired a third-party company, Moonwalkers Trading Limited in South Africa, to use automated robots to place $7 million worth of fake trades and more than $300 million worth of fake orders into the HYDRO market.
Nicole Argentieri, head of the U.S. Department of Justice's criminal division, said: "Shane Hampton, Michael Kane and their accomplices used trading robots to manipulate the price of their company's cryptocurrency to defraud investors. This is the first time a jury in a federal criminal trial has determined that cryptocurrency is a security and that manipulating the price of cryptocurrency is securities fraud."
▌ Abra reaches settlement with 25 US states and will refund $82 million to customers
Digital investment platform Abra and its founder and CEO William Barhydt have reached a settlement with financial regulators in 25 U.S. states. Abra will refund up to $82 million in cryptocurrency to U.S. customers in these states for operating its mobile app without the proper licenses. The settlement requires Abra to stop accepting cryptocurrency allocations and trades from U.S. Abra Trade customers.
Barhydt also agreed not to participate in any capacity in the money transmission or money services business in the 25 states for the next five years. Charlie Clark, director of the Washington State Department of Financial Institutions, said state financial regulators will hold those who violate the law accountable.
Abra's spokesperson noted that the settlement also resolves Abra's unregistered securities sales issues with certain state securities regulators. Since June 2023, Abra has refunded more than $250 million, or approximately 99% of the assets held by its U.S. retail customers. Abra continues to operate in the U.S. through Abra Capital Management, an SEC-registered investment advisor.
▌Cryptocurrency may become the focus in the Biden-Trump debate
Cryptocurrency may be a focus of discussion in the upcoming presidential debate. To this end, the cryptocurrency advocacy organization Stand With Crypto has launched an online letter-writing campaign, which has been signed by nearly 2,300 people, calling on CNN hosts to ask cryptocurrency-related questions. Organization spokesperson Sabrina Siddiqui said this will help voters understand the presidential candidates' positions on this important economic issue. President Biden's digital asset policy record includes multiple executive orders and actions by regulators, while Trump has shifted from past skepticism to support cryptocurrency mining and oppose central bank digital currencies (CBDCs). Blockchain Association CEO Kristin Smith said this marks a major advance for cryptocurrency in the national political debate.
▌Nigeria SEC requires cryptocurrency companies to complete registration within 30 days, otherwise they will face enforcement action
Nigeria’s Securities and Exchange Commission (SEC) has given cryptocurrency exchanges and digital asset traders 30 days to re-register their businesses or risk enforcement action.
The announcement is part of Nigeria’s plan to regulate digital asset trading. The SEC said the new registration is intended to amend its rules on digital asset issuance, offering platforms, exchanges, and custody of virtual asset service providers (VASPs).
“All operating and potential VASPs are required to complete the application process by visiting the SEC electronic portal within 30 days from the date of this circular,” the commission said in a statement on its website.
Blockchain Applications
▌ Polkadot community proposes to develop Polkadot and Cardano interoperability bridge
The Polkadot community is discussing a new proposal to develop a bridge connecting Polkadot and Cardano. Unifires agent Felix revealed that a proposal for a Cardano-Polkadot light client and NFT exchange bridge has been submitted and is planned to be submitted to Polkadot's OpenGov. Polkadot Chief Ambassador Tommi Enenkel (Alice and Bob) said that this can be achieved by verifying Beefy proofs on Cardano. The proposal has received general support from the community.
In addition, SnowBridge launched a bridge connecting Polkadot and Ethereum on June 20. SnowBridge uses first-party signatures from validators to support the transfer of ERC20 assets between the two networks, and is expected to enable arbitrary messaging and launch liquidity programs in the future.
▌Bitcoin Virtual Machine Team Launches BitZK Service to Scale the Bitcoin Network
The Bitcoin Virtual Machine (BVM) team launched BitZK last week, a zero-knowledge proof (ZK) service designed to enhance Bitcoin's scalability. The service allows users to create rollups and migrate applications from Ethereum to Bitcoin. BVM developer @bird2836 said this is the first Bitcoin ZK rollup instance to appear on the mainnet, marking a major technological breakthrough. The BitZK service has a monthly fee of at least $99 and has attracted early users including RWA Chain, POWD3R Blockchain, and Octopus Bridge. BVM was launched in January 2023 with the goal of enabling the Bitcoin network to have the functionality of networks such as Ethereum, leveraging Bitcoin's security and data availability to drive the development of Bitcoin expansion solutions.
Cryptocurrency
▌The US SEC may approve the spot Ethereum ETF as early as July 4
Industry executives and other participants revealed that the U.S. Securities and Exchange Commission (SEC) may approve the spot Ethereum ETF as early as July 4 as negotiations between asset management companies and regulators have entered the final stage. Eight asset management companies, including BlackRock and VanEck, are seeking SEC approval for these funds. They said that the process of revising the issuance documents has progressed to the point where only "minor" problems need to be resolved. A lawyer working with one of the issuing companies also said that this only requires "final touches" and approval may not take more than a week or two. ETF analyst Eric Balchunas had previously expected approval as early as July 2.
▌If Trump is elected, he will choose Vivek Ramaswamy as vice president
According to Bitcoin Magazine on Platform X, if Trump is elected, he will choose Vivek Ramaswamy as his vice president. Vivek Ramaswamy supports Bitcoin and accepted BTC Lightning Network donations during the presidential campaign.
▌ UDPN launches tokenized deposit and asset tokenization system
UDPN officially launched its first production system, including stablecoin and asset tokenization solutions. These systems were developed by Hongri Technology in Hong Kong in collaboration with German consulting firm GFT to support multi-bank interoperability. UDPN is able to connect tokenized deposits, central bank digital currencies and stablecoins of multiple banks, and uses a Swift-like messaging mechanism to ensure seamless system connectivity.
Previously, UDPN conducted proof of concept with several high-profile institutions, including Standard Chartered Bank, Deutsche Bank, KPMG and CBDC developer Giesecke + Devrient. These systems are integrated with traditional back-end systems through APIs, and banks can set up business nodes on UDPN to provide tokenized deposit services to corporate customers to bypass the limitations of traditional banking systems.
UDPN plans to advance the construction of an institutional governance structure in the future to further decentralize the operation of its network.
▌State Street Bank and Galaxy Partner to Launch New Digital Asset Strategy
State Street Global Advisors and Galaxy Asset Management announced a partnership to launch a next-generation digital asset investment strategy that aims to go beyond cryptocurrencies and open up new opportunities for investors. This partnership will combine the strengths of two industry leaders to provide investors with manager-guided strategies and direct access to the $2.4 trillion digital asset ecosystem.
▌Encryption ransomware leaks Evolve Bank customer data
The customer data of crypto-friendly Evolve Bank was leaked by Lockbit, which initially threatened to release Federal Reserve data containing US banking secrets, but ended up leaking 33TB of Evolve Bank and Trust data.
The leak included details of the Federal Reserve's enforcement action against Evolve Bank, as well as Evolve Bank's involvement in unsafe and unsound banking practices in its partnerships with fintechs. The leaked files reportedly included end-users' personally identifiable information such as social security numbers, card numbers, PAN, wire transfers, and settlement documents.
Lockbit set a deadline for the ransom to be paid, but apparently it was not paid. Evolve Bank acknowledged the reports in a customer notification and is actively investigating the details of the incident.
▌ ZynCoin reaches settlement with Philip Morris
ZynCoin, a meme token named after a nicotine pouch, has reached a settlement with Fortune 500 company Philip Morris. Philip Morris initially asked ZynCoin to stop using "ZYN Coin" and its related logos, but because ZynCoin is decentralized and has no centralized entity, it was unable to sue or stop the token. In the end, the two parties reached a compromise, retaining the "zyn" prefix and making minor changes to the marketing.
▌Opinion : The US government's sale of 4,000 bitcoins is unlikely to have an impact on the market
CryptoQuant CEO Ki Young Ju posted on the X platform that the US government's sale of 4,000 bitcoins is unlikely to have any impact on the market. This is because when the spot ETF inflow is high, Coinbase Prime can handle 20,000 to 49,000 BTC of seller liquidity per day, and when the spot ETF inflow is low, it can handle 6,000 to 15,000 BTC of liquidity per day. Ki Young Ju said: "I posted this because I am tired of the FUD of the government selling."
▌Privacy protocol ATOR announced to be renamed Everyone
The privacy protocol ATOR announced that it has changed its name to Everyone. The original ATOR token is convertible into ANYONE tokens, and comes with revised token economics. It is reported that the ATOR pool ranks among the top 15 Uniswap pools on Ethereum by locked value. In February 2023, ATOR turned to a fully decentralized layer and quickly expanded to more than 1,800 relays. The design of the Anyone protocol brings multi-level composability, aiming to provide developers and projects with a platform for building applications in a secure and private manner.
▌ NFT market sales fell 45% in the second quarter of 2024
In line with Bitcoin’s bearish trend, NFT sales fell 45% in the second quarter of 2024. Data from CryptoSlam revealed that NFT sales fell to $2.24 billion, the lowest level since the third quarter of 2023. This sharp decline is in stark contrast to the $4.1 billion in sales in the first quarter of 2024, when sales continued the upward trend of $2.9 billion in the fourth quarter of 2023.
June 2024 also saw a significant drop, with the average NFT sales value falling 59% from March. The month is also on track to record the lowest number of NFT transactions since March 2021.
Important economic developments
▌All large U.S. banks passed the Fed's annual stress test, paving the way for more dividends
Big U.S. banks passed the Federal Reserve's annual stress test, paving the way for higher dividends. The Fed said in a statement on Wednesday that each company remained above minimum capital requirements under a recession scenario. The regulator said the banks would collectively take nearly $685 billion in losses - a larger drop in capital than in last year's scenario analysis but "within the range of recent stress tests."
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 90.7%
According to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in August is 90.7%, and the probability of a 25 basis point rate cut is 9.3%. The probability of the Fed keeping interest rates unchanged in September is 37.2%, the probability of a cumulative 25 basis point rate cut is 57.3%, and the probability of a cumulative 50 basis point rate cut is 5.5%.
▌The three major U.S. stock indexes closed higher, with most popular technology stocks rising
The three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 0.04%, the Nasdaq up 0.49%, and the S&P 500 up 0.16%. Most of the popular technology stocks rose, with Tesla up nearly 5%, Amazon up nearly 4%, with a market value exceeding $2 trillion, and Apple up 2%.
Golden Encyclopedia
▌What is an infinite coin minting attack?
Infinite minting attacks occur when an attacker manipulates the contract code to continuously mint new tokens beyond the authorized supply limit. Malicious actors may profit from such attacks by selling illegally created tokens or interfering with the normal operation of the affected blockchain network. The prevalence of infinite minting attacks highlights the importance of conducting thorough code audits and incorporating security measures into smart contract development to prevent such vulnerabilities.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
