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This week's news review | Hotbit ceases operations; Some cross-chain routes of Multichain are temporarily unavailable.

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Review of key information and popular articles recommended from May 22nd to May 27th.

BlockBeats will summarize the industry's key news content for the week (5.22-5.27) in this article, and recommend in-depth articles to help readers better understand the market and industry trends.

This Week's Important News Review

Hotbit has announced the cessation of operations, and users need to withdraw their assets before 12:00 on June 21st.

On May 22nd, the cryptocurrency trading platform Hotbit announced that it has stopped all CEX operations as of 12:00 today, and hopes that all users will withdraw their remaining assets before 12:00 on June 21st.

It is reported that on August 10, 2022, the cryptocurrency trading platform Hotbit announced the suspension of deposit, withdrawal, and trading functions, and the specific recovery time is currently unknown. The reason is that in April of this year, former Hotbit management personnel participated in a certain project, and law enforcement agencies now believe that the project is suspected of violating criminal law. Since the end of July, several senior Hotbit management personnel have been summoned by law enforcement agencies and are assisting in the investigation. In addition, law enforcement agencies have frozen some of Hotbit's funds, causing Hotbit to be unable to operate normally.

Multiple communities have reported that there are abnormal delays in the arrival of Multichain cross-chain funds

On May 24th, according to multiple community and social media users, there were reports of abnormal delays in cross-chain funds transfer in Multichain. Previously, Multichain had announced that it would be upgrading and would be completed within 24 hours. However, multiple users have reported that their cross-chain funds have been delayed for up to 48 or even 72 hours.

On May 25th, Binance announced that it will temporarily suspend deposits of the following bridged token networks while waiting for clarification from the Multichain team: POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, DEXE-BSC.

The Multichain official responded on May 25th that although most of the cross-chain routing of the Multichain protocol is running well, some cross-chain routing cannot be used due to force majeure factors, and the time for restoring service is unknown. After the service is restored, pending transactions will be automatically credited. Multichain will compensate users affected during this process, and the compensation plan will be announced later.

Sei Foundation website features Airdrop button, may announce airdrop details

On May 23rd, the Sei Foundation website has now added an Airdrop button, indicating that the airdrop details may be announced soon. It is understood that the public chain project Sei announced on social media in October last year that 1% of the total supply of Sei Token will be allocated to incentivize the test network and reward early members of the community using the network. In addition, Jayendra Jog, co-founder of Sei Labs, also stated in February of this year that the Sei Network mainnet is expected to be launched and airdropped in the coming months.

Investigative Reporter: Decentralized Cryptocurrency Exchange WOO X is Severely Insolvent

On May 23rd, investigative journalist Chris Brunet released an investigative article on the decentralized cryptocurrency trading platform WOO X, questioning the platform's financial health and suspecting that it has misappropriated user assets for investment, resulting in insolvency. The article pointed out that WOO X has a hedge fund called Kronos Research that is highly similar to Alameda. Although the user terms state that WOO X will not use user deposits for speculation, Chris Brunet later discovered that according to the asset-liability ratio, WOO X's assets can currently only cover about 80% of deposits, and 45% of the assets are composed of Token WOO. According to third-party data from Nansen, WOO X's treasury is actually 76% composed of WOO, significantly higher than the data it actively disclosed, resulting in the actual value of reserve assets being far less than user deposits.

Later, WOO X platform issued a statement stating that the above content was a false report and that WOO X was not insolvent, always maintaining transparency.

Hong Kong Securities and Futures Commission: Implementation of Virtual Asset Trading Regulatory Provisions from June 1

On May 23, the Hong Kong Securities and Futures Commission announced on its official website that the consultation period for proposed regulatory measures for operators of virtual asset trading platforms seeking to be licensed by the Securities and Futures Commission has ended on March 31, 2023. Respondents generally support the proposed regulatory measures for licensed virtual asset trading platforms. The revised proposed regulatory measures will take effect on June 1, 2023. For more information, please refer to "Key points of Hong Kong's new crypto policies: trading, stablecoins, staking, and regulatory restrictions".

OpenAI CEO's cryptocurrency project Worldcoin's development company completes $115 million Series C financing, led by Blockchain Capital

On May 25th, Tools for Humanity, a crypto project under the leadership of OpenAI CEO Sam Altman, announced the completion of a $115 million Series C financing round for Worldcoin. Blockchain Capital led this round of financing, with participation from a16z, Bain Capital Crypto, and Distributed Global. The funds raised in this round will be used to accelerate the development and growth of the Worldcoin project and World App, which is the first crypto wallet in the Worldcoin ecosystem. According to the Worldcoin website, Worldcoin is an open-source protocol supported by a global community of developers, individuals, economists, and technical experts dedicated to expanding participation and access to the global economy. The Worldcoin Foundation will act as a steward to support and develop the Worldcoin community until it becomes self-sustaining. Tools for Humanity helped launch Worldcoin and currently serves as an advisor to the World App Foundation and operator. Related reading: "What Crypto Applications are Integrated into Worldcoin App with 1.7 Million Users?"

Sui on-chain transactions are weak, possibly due to a sluggish ecosystem compounded by falling coin prices

On May 24th, according to Sui Browser information, the new public chain Sui currently has mostly blocks with only one transaction, indicating weak transaction activity and severely insufficient usage on the Sui chain. In addition, the prices of SUI and its ecosystem project tokens have not performed well. As of the time of writing, SUI is trading at $0.9948, a 54.11% decrease from its opening high of $2.16. Sui ecosystem project SUIA is trading at $0.084367, a 76.58% decrease from its IDO cost of $0.36. The DEX project Cetus, which had 108 million SUI tokens involved, is now trading at $0.07, a 52.07% decrease from its opening high of $0.1469.

Ethereum Conference EDCON 2023 announces the final shortlisted projects for Super Demo

On May 23rd, the Ethereum conference EDCON (Community Ethereum Development Conference) 2023 announced the final shortlisted projects for Super Demo, including:

An open-source infrastructure public product for proof on-chain or off-chain, Ethereum Attestation Service (EAS);

Aspis Protocol is a custom on-chain insurance vault for DeFi asset management.

EthStorage is an Ethereum storage rollup project.

Cross-chain, decentralized smart contract automation solution Nerif Network.

Cosmos ecosystem Neutron announces Token issuance plan, will airdrop to Cosmos Hub stakers

On May 24th, Neutron, a Cosmos ecosystem chain, announced its Token NTRN issuance plan: starting on May 24th, it will be airdropped to Cosmos Hub stakers; from May 24th to May 31st, there will be a liquidity auction; from May 31st to June 5th, liquidity auction participants can choose to participate in liquidity mining; the NTRN issuance plan will end on June 5th, and tokens from airdrops and liquidity auctions will begin linear release within three months. Locked tokens will still have voting rights, and liquidity mining rewards can be withdrawn immediately. On May 12th, Neutron, a CosmWasm smart contract platform in the Cosmos ecosystem, was launched on the mainnet, becoming the first Cosmos blockchain to launch using "Replication Security". Related reading: "Analysis of Neutron: Promoting Inter-Chain Growth and Innovation in Cosmos".

Li Lin: Huobi HK has no relation with me. According to the trading agreement, Huobi company prohibits the use of the Huobi brand.

On May 26th, Huobi founder Li Lin addressed questions on social media regarding the relationship between Huobi HK and himself, as well as the re-use of the "Huobi" name in the Huobi App.

· After October 8, 2022, Li Lin will no longer be a shareholder of Huobi, and any business activities of Huobi will be unrelated to Li Lin personally.According to the trading agreement, Huobi company prohibits the use of the Simplified and Traditional Chinese brand names "火币" and "火幣" (Huobi company's Chinese name has been changed to "火必").

· Please immediately stop using the Chinese characters "火币" and "火幣" for infringement by Huobi.

· Li Lin's legal team will send a lawyer's letter to Huobi Company, urging it to stop infringing on Li Lin's legal rights. Whether further legal measures will be taken against Huobi Company will be decided based on the situation to protect Li Lin's legal rights.

Hot Articles of the Week

"Exclusive Interview with Arbitrum Founder: 3 People, 9 Years, 2 Billion Market Value"

As a scalability player in the Optimistic Rollup track, Arbitrum was not initially favored. On one side is the "scaler king" Optimism team created by core members of the Ethereum Foundation, and on the other side is the ZK Rollup track, which Vitalik called the "ultimate solution". Arbitrum was awkwardly sandwiched in the middle, without a close relationship with the foundation or the conditions to "paint a rosy picture" for investors. From this perspective, Arbitrum can indeed be regarded as a dark horse in the Ethereum scalability track. Where does the team behind Arbitrum come from? How do they view the competition between Optimistic and ZK scalability? What is the truth behind the "DAO fund gate", and what new narrative does Stylus have? In response to these questions, BlockBeats interviewed Arbitrum founder Ed Felten.

"Rare Cong: Have you prepared for the next wave of hype narrative after Brc20?"

On the morning of May 23rd, the birth of a Con with the serial number 8669069 caused a heated discussion in the Ordinals community. The reason why this particular Con received so much attention is that it is the first Rare-level rare Con inscription. Rare-level rare Con is the first Con of the difficulty adjustment period. Among 19 trillion Cons, there are only 369 Rare-level rare Cons! This article will explain in detail what rare Cons are, how to obtain/purchase rare Cons, and what is the value of rare Cons.

"Rook relies on dissolution to surge four times, how do 'DAO predators' hunt DAO treasuries?"

In the cryptocurrency industry in 2017, what did retail investors rely on to protect their rights when project behavior did not match the contract or commitment? Relationships, police, rights protection groups, Didi Wei, and the team's conscience.

However, since experiencing the DeFi Summer, governance tokens have ridden the bull market wave, and governance has become almost the primary use case for new token issuances in the crypto market, accompanied by the rise of DAO concepts. What is the actual situation of governance? Each participant has their own answer. Interestingly, in the bear market, with the continued low prices and community activity, a trend of "acquisition-style" governance using RFV (risk-free value) strategies has emerged.

《以太坊坎昆升级将带来哪些实质性利好？》

Translation:

"What substantial benefits will the Ethereum Cancun upgrade bring?"

Recently, BRC20 has been very popular, and Bitcoin, which focuses on value storage, is even hotter than Ethereum in terms of ecology. However, don't forget that when it comes to ecology, Ethereum is the real king, because Ethereum is quietly brewing the next major upgrade. On April 13th, Ethereum successfully completed the Shanghai upgrade, and the ETH mainnet opened for withdrawals and flexible access, completing a major step for Ethereum's transition from POW to POS. However, this also brought some selling pressure in the short term, so ETH is currently in a weak adjustment state. Each important upgrade of ETH is often a hot topic in the industry and brings opportunities for some tracks to develop rapidly. For example, the Shanghai upgrade has brought fire to the LSD track, which has achieved excess returns in the first quarter. So, what is the next important ETH upgrade?

《Citadel Securities CEO Zhao Peng: The Peak of Chinese on Wall Street, Life Starts at Ten》

For Citadel Securities' Chinese CEO, Peng Zhao, some describe him as a "genius" while others describe him as a "natural-born entrepreneur". To simply view him as a top student would be too narrow-minded, as there are countless top students, but it is difficult to replicate the legendary life of someone who has risen to the top amidst the turbulence of Wall Street. Among the many myths on Wall Street, Peng Zhao's story may not be the most legendary, but it is definitely a significant one.

"Apple MR Headset may be launched, what are the related concept coins in the crypto market?"

On May 23rd, according to Bloomberg's Mark Gurman, Apple will launch its first MR headset "Reality" and introduce its system "xrOS" at WWDC2023 on June 6th Beijing time. Gurman believes that this product may become a symbol of the Cook era, and Apple will once again ignite the MR headset market. As the central area of the "fruit chain" enterprise, A-share related companies have recently been intensively researched, and the cryptocurrency market Render Network (RNDR) has quietly risen by more than 30%, reaching a recent high. This article will sort out the concept coins related to AR/MR in the crypto market.

"Highlights of Hong Kong's new cryptocurrency policies: trading, stablecoins, staking, and regulatory restrictions"

This week, Hong Kong's actions on the direction of cryptocurrency-related policies can be described as frequent. Not only did the Securities and Futures Commission hold a press conference on the 23rd to summarize virtual assets, but it also published multiple guidelines related to cryptocurrency in the constitutional newspaper yesterday, further elaborating and explaining various aspects such as retail trading, stablecoins, and money laundering.

"Bitcoin Halving Less Than a Year Away: Is Cycle Theory Still Reliable?"

Bitcoin halving is a topic of concern for many people in the cryptocurrency industry. Historically, it has often been a catalyst for a new bull market. This tweet is about my analysis of the Bitcoin cycle. When we decide when to buy/sell, we cannot rely solely on the cycle. Past performance does not guarantee future performance. But they can assist us in decision-making as one aspect of our considerations. This industry is still small and easily influenced by speculative behavior. When most people believe in something, the impact of this behavior is often magnified. However, Bitcoin halving is not just talk, it is a technical feature written in the protocol, which is something that should always be remembered.

"Ethereum Black Mountain Conference: Hot Trends and Key Focus Projects"

The annual EDCON (Community Ethereum Development Conference) was held in Montenegro from May 19th to 23rd. EDCON is held in different locations every year (Paris in 2017, Toronto in 2018, Sydney in 2019, and online in 2020-2021, with the next one scheduled for San Francisco in 2022). The main purpose of this event is to promote communication and interaction among the global Ethereum community. In addition to EDCON, there are other Ethereum community events such as EthCC, ETHDenver, Devcon, and ETHglobal. This article provides an interpretation of EDCON for readers who were unable to attend in person.

《Binance Research: BRC-20 Principles, Status, and Future》

BRC-20 tokens are the latest innovation from Ordinals Protocol and have taken over Crypto Twitter's timeline in recent weeks. Ordinal, Inscription, and BRC-20 tokens help prove that there is a clear organic demand for the Bitcoin block space beyond traditional currency use cases. This may be a key factor in the long-term sustainability of the Bitcoin security model. The development of Bitcoin Layer 2, infrastructure support for BRC-20, and further token design innovation may be the next steps in this legendary journey.

《PulseChain 137 Billion Fundraising Truth Behind: Innovation or Scam, Risk or Opportunity?》

is the hard fork chain of Ethereum that contains the complete state of the Ethereum blockchain. It is the first hard fork that saves records of every transaction, user account, and smart contract interaction on Ethereum. The founder of PulseChain is Richard Heart, who is also the founder of HEX. Whether the low number of people involved in PulseChain is a risk or an opportunity is subject to individual judgment. If you want to participate, you need to conduct a more in-depth analysis and investigation.

《Cosmos Summer Coming? Sorting out recent important upgrades and ecological progress of Cosmos》

Recently, many users have expressed high expectations for the many plans of Cosmos in the second half of the year. There are many voices in the market that "Cosmos Summer is coming" and "the flywheel effect is starting". Jos Maria Macedo, a partner at Delphi Ventures, recently listed representative events in the Cosmos ecosystem to express his optimism about Cosmos, such as the launch of dYdX v4, the launch of the Neutron and Sei two permissionless chains, and support from Metamask. This article sorts out and analyzes the important progress of Cosmos after the release of the 2.0 white paper, as well as the dynamics and hot ecological projects of Cosmos in the second half of the year.