Web3 Daily | a16z to open its first overseas office in London; Tether issues 1 billion USDT on Ethereum.
Top News:
1. Hong Kong Investment Promotion Bureau's Leung Hon-king: The Hong Kong government sees asset tokenization as a multi-trillion dollar business opportunity.
2. Tether issued an additional 1 billion USDT on the Ethereum network.
3. a16z will open its first overseas office in London and plans to launch a blockchain accelerator project;
4. Bitcoin protocol Ordinals has launched "Recursive Inscription", which allows the size of inscriptions to exceed the 4MB limit;
5. CFTC won an absent judgment against Ooki DAO, setting a precedent for DAOs to be held legally responsible.
Project Updates
Tether issued 1 billion USDT on the Ethereum network
According to data from Whale Alert, Tether, a stablecoin issuer, increased the issuance of 1 billion USDT on the Ethereum network at 15:56:47 today. Tether's Chief Technology Officer, Paolo Ardoino, added that this was an authorized but unissued transaction on the Ethereum network, meaning that the issuance will be used for the next issuance request and on-chain interaction.Binance leveraged trading will delist BNT/BUSD, CVX/BTC and other isolated margin trading pairs
Binance Leveraged Tokens will remove BNT/BUSD, CVX/BTC, POLS/BUSD, POWR/BUSD, STPT/BUSD, and STRAX/BUSD isolated margin trading pairs at 14:00 on June 19th.
From 14:00 on June 13th, Binance will suspend the borrowing and lending services for BNT/BUSD, CVX/BTC, POLS/BUSD, POWR/BUSD, STPT/BUSD, and STRAX/BUSD isolated margin trading pairs. At 14:00 on June 19th, Binance will automatically close and settle all positions for BNT/BUSD, CVX/BTC, POLS/BUSD, POWR/BUSD, STPT/BUSD, and STRAX/BUSD isolated margin trading pairs, and cancel all pending orders for users on these trading pairs. After that, the above isolated margin trading pairs will be delisted from the isolated margin trading pairs.
The new chief maintainer of the Bitcoin protocol Ordinals, Raph, recently merged the "recursive inscription" update proposed by Casey Rodarmor, the creator of the Bitcoin protocol Ordinals, into the Ordinals code on Github. Artworks are only stored on the chain in a more efficient way. In the case of Bitcoin Apes, this can save more than one million dollars in transaction fees.
In addition, it is possible to completely engrave many code packages on the Bitcoin chain. Since the code is called in text form, the volume is very small. This allows the size of the inscription to exceed the 4MB limit of the Bitcoin block size, and can fully put complex 3D video games on the Bitcoin chain.
The lending protocol Venus Protocol on the BNB Chain announced that the BNB Chain core team is ready to take over BNB positions on Venus if the BNB price reaches the liquidation threshold as planned.
The liquidator has prepared $30 million to repay account loans, and more will be available if needed. No BNB will be sold on the market, and Venus is not expected to incur losses.
According to official sources, Silicon Valley venture capital firm a16z plans to open its first overseas office in London. The new office will be established by a16z Crypto, the company's cryptocurrency investment department, and will begin operations later this year, led by one of the company's general partners, Sriram Krishnan.
a16z stated that it will continue to make significant investments in the United States and will continue to work with US policy makers and regulators to make their oversight of cryptocurrency startups more clear.
The lending protocol Venus Protocol on the BNB Chain has removed its previous announcement stating that "if BNB reaches the liquidation threshold, the BNB Chain team will take over BNB positions on Venus." Instead, they have released the following statement:
"In November 2022, BNB Chain submitted a governance proposal approved by the community. The BNB Chain core team will exclusively take over the positions of the BNB Bridge attacker to ensure the safety of these assets and prevent any further impact or liquidation."
派盾：DeFi 借贷协议 Sturdy 或遭黑客攻击，目前已损失 442ETH
Translation:Pai Shield: DeFi lending protocol Sturdy may have been hacked, currently losing 442ETH
According to the monitoring of Paiduin, DeFi lending protocol Sturdy may have been attacked by hackers. On-chain information shows that the attack may have been carried out through price manipulation, resulting in a loss of 442 ETH (approximately $800,000 USD). As previously reported by BlockBeats, in March of last year, interest-free DeFi lending protocol Sturdy announced the completion of a $3.9 million seed and strategic round of financing, led by Pantera Capital, with participation from Y Combinator, SoftBank Opportunity Fund, KuCoin Ventures, mgnr, One Block, Dialetic, and Orange DAO.派盾：KP3R 遭遇持续「靓号攻击」 Translation:
PieShield: KP3R encounters continuous "good number attack"According to a report from the contributor of the Pai Shield community, Keep3r Network(KP3R) has been experiencing continuous "number squatting attacks". Market data shows that KP3R is currently priced at $51.44, with a 24-hour decline of 1.87%.
Viewpoint
Security agency: Beware of phishing attacks based on Blend's LoanOffer and SellOffer
Web3 anti-fraud platform Scam Sniffer issued a statement warning users to be cautious of phishing attacks based on the new LoanOffer and SellOffer EIP-712 messages introduced on the Blend protocol.
Attackers can use LoanOffer to create a malicious loan offer for a "junk" NFT. If the user signs, they will lose Blur ETH. Attackers can also use SellOffer to create a malicious sale offer with a deceptive price. If the user signs, they will lose the borrowed NFT.
Founder of dForce, a DeFi protocol, Mindao, stated that the founder of Curve deposited over 33% of the circulating supply of CRV tokens on Aave, and borrowed 71 million US dollars worth of stablecoins. This poses a significant risk to both Curve's ecosystem and Aave.
"As the market continues to decline and liquidity dries up, the risk is increasing. Due to the lack of deposit limit on Aave V2, it is impossible to control the collateral exposure, and the only option is to increase the borrowing cost of USDT. Leveraging one's own tokens may seem like a good idea, but it is actually a form of incentivized short selling."
Coinbase CEO Brian Armstrong said in an interview that the US cryptocurrency industry needs clear regulation, which can only come from Congress or through case law. He said: "There is a power struggle between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and Coinbase has been caught in the middle of this territorial dispute between the two agencies; because these two agencies have failed to reach an agreement on the status of cryptocurrencies as securities or commodities, we need clarification; to clarify this, Congress must intervene and enact legislation; until we have legislation, the industry will rely on case law, which will appear in the lawsuit filed by the SEC against Coinbase last week." (CryptoSlate)
Data
Data: Whale address unlocks 20 trillion BABYDOGE from staking and gradually converts to BNB
According to Spot On Chain monitoring, a whale address released 20 trillion BABYDOGE from its pledge one hour ago and is gradually exchanging it for BNB. The address has currently exchanged 54 trillion BABYDOGE for 329 BNB (approximately $7,020), and still holds approximately 1,982 trillion BABYDOGE (approximately $2.58 million).Justin Sun withdrew 20 million USDT from Aave and transferred it to Binance.
According to Lookonchain monitoring, Justin Sun withdrew 20 million USDT from Aave 20 minutes ago and transferred approximately 20.4 million USDT to Binance.
Data: Whale address sold 1.08 million ARB 4 hours ago, with a loss of $276,000
According to LookOnChain data, the whale address starting with 0x494a sold 1.08 million ARB tokens at a loss of $276,000 four hours ago. It is reported that the whale address previously bought 1.08 million ARB tokens at an average price of $1.25 on June 2, investing a total of $1.34 million. It is worth noting that the address bought ARB tokens 2 hours after Andrew Kang, possibly influenced by his trading activity.This week's unlocked data overview: BIT, BLUR will see large unlocks
Token Unlocks data shows that 7 projects will have Token unlocks this week, with the unlock values of APT, BIT, BLUR, APE, and IMX all exceeding tens of millions of US dollars.
On June 12th at 8:00, Aptos unlocked 4,543,477.94 APT tokens, worth approximately $28.35 million, accounting for 0.454% of the total supply.
On June 15th at 2:00, Blur will unlock 195,999,999.97 BLUR tokens, worth approximately $62.64 million, accounting for 6.533% of the total supply.
On June 15th at 8:00, BitDAO will unlock 187,500,000.32 BIT, worth approximately $80.11 million, accounting for 1.951% of the total supply.
On June 16th at 1:24:50, LooksRare will unlock 37,500,000 LOOKS tokens, worth approximately $2.08 million, accounting for 3.75% of the total supply.
On June 16th at 8:00, Flow will unlock 7,291,666.66 FLOW tokens, worth approximately $3.69 million, accounting for 0.507% of the total supply.
On June 17th at 8:00, ApeCoin will unlock 15,601,326 APE tokens, worth approximately $36.66 million, accounting for 1.56% of the total supply.
On June 17th at 18:00, ImmutableX will unlock 18,075,990.72 IMX tokens, worth approximately $10.86 million, accounting for 0.904% of the total supply.
Funding
区块链 AI 计算协议 Gensyn 完成 4300 万美元 A 轮融资，a16z 领投
Translation:Blockchain AI computing protocol Gensyn completes $43 million Series A financing, led by a16z
According to CoinDesk, Gensyn, a blockchain-based artificial intelligence computing protocol, has completed a $43 million Series A financing round. The round was led by a16z, with participation from investment firms CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several angel investors in the AI and crypto fields. Gensyn stated that it will use the new financing to accelerate the launch of the protocol and expand its staff by hiring machine learning engineers.
BlockBeats previously reported that in March of last year, Gensyn completed a $6.5 million seed round of financing, led by Eden Block, with participation from Galaxy Digital, Maven 11, Coinfund, Hypersphere, and Zee Prime.
Regulation
According to a report by Jiemian News, on June 10th, Leung Hon-king, the director of finance, finance technology and financial services at the Hong Kong Investment Promotion Bureau, said at the Jiemian News Web3 closed-door meeting that asset tokenization is a business opportunity worth hundreds of trillions of dollars from the perspective of the Hong Kong government. Blockchain trading platforms can accelerate the liquidity of traffic and reduce the threshold for listing, making it a very large market. In response to mainland practitioners pointing out that there is still no clear policy on the extension of Web3 talent entry, Leung Hon-king said: "This cannot be solved simply by issuing a visa. The highest point is still how to build an ecosystem, and supporting measures must also be considered. I am also communicating with some real estate developers, such as finding offices with cheaper rent."
In addition, if Web3 industry talents form families, other life or educational needs will arise. "We are now also in contact with cooperation partners in private enterprises to provide better services for talents after they come to Hong Kong." In terms of introducing enterprises, Hong Kong also absorbs leading enterprises through the policy of introducing offices of key market enterprises (OASES).
He revealed that Web3-related policies have been promoted in the Legislative Council and "it will take about a year." Since March, he has been frequenting regulatory agencies in major markets around the world, including San Francisco, London, Toronto, Tokyo, and New York. "The conclusion is that what Hong Kong is doing now, other markets are likely to do, and they have reached a consensus."
For Hong Kong, the proposal to build a Web3 center or virtual asset center is essentially not about the securitization of virtual product assets, but about the future economic and social transformation of Hong Kong. Leung Hon-king mentioned that the four confirmed tracks cover financial technology (including virtual assets, Web3), biotechnology, artificial intelligence and big data, and high-end manufacturing, which does not mean that there are only four tracks, and there may be more in the future.
According to The Block, the office of UK Prime Minister Rishi Sunak has issued a statement regarding a16z's opening of its first overseas office in the UK, stating that Sunak is committed to providing regulatory clarity for crypto companies registering and operating in the UK.
Sunak also stated that "we must embrace new innovations like Web3 supported by blockchain technology, which will enable startups to thrive here and drive economic growth, which is why I am delighted that world-leading investor Andreessen Horowitz has decided to open their first international office in the UK."
Earlier reports indicated that a16z announced the opening of its first overseas office in London.
According to The Block, the US Commodity Futures Trading Commission (CFTC) recently won a default judgment against Ooki (formerly bZx) DAO due to their failure to respond. This ruling sets a precedent for DAOs to be held liable for illegal activities under the Commodity Exchange Act as "persons". The court found that Ooki violated the laws in question. This precedent may open the door for future actions against DAOs and DEXs.
Ooki DAO has been ordered to cease operations in the US and is prohibited from doing business with any entity registered with the CFTC. Ooki DAO must also pay a civil penalty of over $640,000.
BlockBeats previously reported that on September 23, 2022, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Ooki DAO in the Northern District Court of California, and imposed a fine of $250,000 on Ooki DAO.
The CFTC accused Ooki DAO of evading regulation through its structure, and identified Ooki DAO as an "illegal association composed of Ooki Token holders", which has never been registered with the commission in any capacity. bZeroX transferred control of the bZx protocol (now the Ooki protocol) to Ooki DAO, attempting to give bZx DAO enforcement capabilities through its decentralized nature.
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