Web3 Daily | GBTC surges to $17.35; Li Lin sues Huobi for infringement;
Top News:
1. Musk follows Vitalik's account on Twitter;
2. Li Lin officially sued Huobi in Hong Kong for alleged trademark infringement of the "火币" (Huobi) trademark;
3. Asset management company WisdomTree resubmits its application for a physically-backed Bitcoin ETF;
4. Grayscale GBTC surged to $17.35, up more than 120% in six months;
5. Suspected dark web Silk Road associated addresses conduct small Bitcoin transactions;
Project Updates
马斯克于推特关注 Vitalik 账号 Translation:
Musk follows Vitalik's account on Twitter
BlockBeats News, on June 21st, according to Big Tech Alert monitoring information, Elon Musk added Ethereum co-founder Vitalik Buterin's account to his Twitter follow list 5 hours ago.
李林正式在香港起诉 Huobi 使用「火币」商标涉嫌侵权 Translation:
Li Lin officially sues Huobi in Hong Kong for alleged trademark infringement of "火币" (Huobi)
BlockBeats News, June 21st. According to Wu Blockchain News, X-Spot Limited, controlled by Li Lin, filed a lawsuit against Huobi Global Limited for trademark infringement in the High Court of the Hong Kong Special Administrative Region today.
The lawsuit stated that X-Spot Limited has always reserved exclusive rights to the "Huobi" trademark, and Huobi Global Limited has been using the trademark without authorization from X-Spot. When the original shareholders transferred their shares of Huobi Global to About Capital Management, they explicitly agreed to retain the exclusive rights to the "Huobi" trademark and ensure that these rights would not be transferred to the buyer or Huobi. The equity transfer and asset delivery agreement between the two parties clearly stipulates that the buyer is prohibited from using the "Huobi" trademark and brand.
Berenberg: SEC may focus on bringing stablecoins and DeFi under regulatory oversight
BlockBeats News, June 21st, according to Coindesk, investment bank Berenberg stated in its latest report that the US Securities and Exchange Commission (SEC) may now focus on regulating stablecoins, including Tether (USDT) and USD Coin (USDC), as well as decentralized finance protocols.
Berenberg analysts believe that if the SEC wants to regulate DeFi, they can "target stablecoins as the lifeblood of decentralized finance" to weaken the DeFi ecosystem.
If USDC becomes a target of US regulatory agencies, it could have a significant impact on Coinbase's revenue. Previous data shows that in the first quarter of 2023, Coinbase earned a net income of $199 million from USDC reserve interest, accounting for approximately 27% of its total revenue.
In addition, Berenberg believes that since Bitcoin (BTC) has already been recognized by the SEC as a commodity rather than an unregistered security, it is likely to become the ultimate beneficiary asset of the crackdown.
Asset management company WisdomTree resubmits application for physically-backed Bitcoin ETF
BlockBeats News, on June 21st, Eric Balchunas, a senior ETF analyst at Bloomberg, wrote that asset management company WisdomTree has once again submitted an application for a physically-backed Bitcoin ETF. In addition, Invesco has re-submitted the 19b-4 document for a physically-backed Bitcoin ETF.
Previously reported by BlockBeats, on December 3, 2021, the US SEC rejected WisdomTree's application for a physically-backed Bitcoin ETF.
The US SEC stated that the spot Bitcoin ETF did not fulfill its obligations under the Securities Exchange Act and Commission business rules to demonstrate that its proposal meets the requirements of national securities exchanges "designed to prevent fraud and manipulation" and "protect investors and the public interest".
Tether announced the launch of native USDT on the Kava network.
BlockBeats News, on June 21st, according to official sources, Tether announced the launch of native USDT on the Kava network.
BlockBeats News, June 21st, according to Lookonchain monitoring, the encrypted lending platform Voyager is transferring tokens from its hot wallet, which is suspected to be related to its reopening of customer withdrawals.
Earlier, BlockBeats reported that on June 15th, Voyager submitted documents to the court outlining its plan to reopen to customers from June 20th to July 5th, allowing creditors to withdraw about 35% of their cryptocurrency. Voyager customers are expected to receive notification of the reopening of the application before June 20th.
RSS3 and Bloom Rewards will collaborate deeply, and the token will officially launch on Bloom.
BlockBeats News, on June 21st, Open Web information distribution protocol RSS3 announced a deep cooperation with Hong Kong technology company Bloom Rewards, and its token (RSS3) has officially launched on the Bloom platform.
RSS3 has officially reached a deep cooperation with Bloom, the first Web3.0 consumer reward platform in Hong Kong. As the industry-leading open internet information protocol, RSS3 will provide optimized processing for Bloom's decentralized information retrieval based on AI algorithms.
Bloom has officially launched the RSS3 Token on its app today, which supports Visa cardholders in Hong Kong, Singapore, Australia, and New Zealand to earn additional RSS3 Tokens as a reward for every Visa card transaction.
RSS3 is an open internet information protocol that aims to create a leading open network data and social media content distribution infrastructure. As the only Web3.0 consumer reward platform, Bloom empowers any Visa card to earn mainstream cryptocurrencies (including Bitcoin and Ethereum) for free at over 80 million merchants worldwide, on top of existing bank and merchant discounts.
The deep collaboration between the two parties marks an important step in the expansion of Web3.0 channels, helping consumers establish fashionable and intelligent consumption habits conveniently.
BAYC will launch a new game HV-MTL Forge on June 29th
BlockBeats News, on June 21st, Bored Ape Yacht Club (BAYC) announced the launch of a new game, HV-MTL Forge, on June 29th. This is a space construction game where players can build or customize a unique space. The story of the HV-MTL Forge game revolves around BAYC creator's HV-MTL robot NFT, and holding its NFT allows participation in the game. BlockBeats previously reported on BAYC's launch of the mech NFT HV Viewer.
BlockBeats News, June 21st, Web3 credential data network Galxe announced the launch of a prevention of witchcraft certificate, which is supported by the multi-chain credit rating protocol Nomis.
It is reported that the certificate can prevent robots from obtaining rewards, and improve the investment return rate and success rate of user participation in activities by analyzing wallet activities on multiple EVM chains. Users must obtain a score of 40 or more to prove their eligibility.
RSS3 developed a Web3 plugin for ChatGPT, which was officially launched today.
BlockBeats News, on June 21st, RSS3, the official Open Web information distribution protocol, announced that its developed plugin named "Web3 User Activity" has officially launched on the ChatGPT store.
The plugin collects and integrates all on-chain information and provides it to ChatGPT, allowing ChatGPT users to access more comprehensive on-chain content.
According to reports, RSS3 is an Open Web information distribution protocol aimed at creating new ways to combine on-chain data with AI. In March of this year, RSS3 released a Web3 AI open platform for developers called AIOP. The RSS3 ecological project, hoot.it, has also successfully launched Hootgpt based on GPT.
HSBC has submitted new trademark applications related to the Metaverse and NFTs.
BlockBeats News, on June 21st, Mike Kondoudis, a trademark lawyer at the US Patent and Trademark Office, posted on social media that HSBC recently applied for a new trademark covering metaverse banking/consulting/financial services, virtual credit cards, NFTs, and NFT-supported media.
Previously reported by BlockBeats, HSBC had submitted multiple NFT, metaverse, and crypto-related trademark applications in December 2022.
DefiLlama founder: Almost all NFTs minted on the Foundation platform can be destroyed
BlockBeats News, on June 21st, 0xngmi, the founder of DefiLlama, stated on social media that there is a vulnerability in the smart contract of the NFT market Foundation, which allows the Foundation team to destroy almost all NFTs minted on its platform. The Foundation's collection contract uses a forwarding proxy pattern to save deployment gas, which means that it is not a problem for all collections to call a single contract to use its code, and the Foundation's collection has a function that allows creators to destroy it without having the NFT. Currently, the multi-signature threshold for ownership of the Foundation team's contract is 2-6.
0xngmi represents a backdoor vulnerability. The fix involves minting one NFT in the implementation contract and transferring it to a burn address to remove the backdoor. The vulnerability has been reported for 6 months, but the Foundation has yet to address it.
Suspected dark web Silk Road related addresses conduct small Bitcoin transactions
BlockBeats News, on June 21st, according to The Block, a small amount of Bitcoin was transferred from an associated address of the suspected dark web market Silk Road to another address, transferring 10 BTC and sending 1490 BTC to a change address, which was then sent to a new wallet containing transaction records associated with the cryptocurrency trading platforms Coinbase and Gemini.
Previously, on April 22, 2022, James Zhong, who was convicted of stealing Bitcoin from Silk Road, sent 0.00000547 BTC from one of his wallets to the associated address. During this time, he had transferred control of his funds to the US government. Several other wallets also sent Bitcoin to the same address in the same transaction, and it is currently unclear whether the US government holds these funds.
BlockBeats News, on June 21st, the Uniswap Foundation announced the details of the third round of Grants, distributing a total of $990,000 to 21 projects. The funding direction of this round of Grants involves four categories: protocol growth, research and development, community growth, and governance control.
The Uniswap Foundation specifically mentioned three funded projects, namely "Checkpoint-free TWAP Oracle", "Uniswap v3 SDK Rewrite", and "LP University: From Beginner to Intermediate Uniswap v3 Course".
Court documents: FTX bankruptcy-related costs have exceeded 200 million US dollars
BlockBeats News, on June 21st, according to court documents cited by Coindesk, the cost of expenses related to the FTX bankruptcy case has exceeded $200 million.
Bankruptcy lawyer Katherine Stadler stated that the cost has reached 2% of the platform's assets and 10% of its cash reserves. Among the 242 lawyers responsible for this case, 46 lawyers charge more than $2,000 per hour.
Axie Infinity: Homeland Alpha Season 3 has officially launched
BlockBeats News, on June 21st, Axie Infinity announced on social media that its Homeland Alpha Season 3 has officially launched. The season will last for five weeks from June 21st to July 26th. Rewards for this season include 5000 AXS, as well as various season rewards such as limited-time avatars and badges.
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BlockBeats News, on June 21st, according to The Block, after asset management giant BlackRock applied for a spot Bitcoin ETF, the daily trading volume of Grayscale Bitcoin Investment Trust Fund (GBTC) soared from $16.1 million to $80 million, an increase of about 400%.
The US Securities and Exchange Commission rejected Grayscale's attempt to convert its Bitcoin Trust Fund into a spot ETF on June 29, 2022.
BlockBeats previously reported that on June 16th, iShares, a subsidiary of BlackRock, submitted a filing to the US SEC for a spot Bitcoin ETF. The fund is named "iShares Bitcoin Trust" and its assets are "primarily composed of Bitcoin held by the trustee of the trust." The filing states that the trustee will be using the cryptocurrency trading platform Coinbase (COIN) for custody.
Grayscale's GBTC surged to $17.35, up over 120% in six months.
BlockBeats News, on June 21st, according to market data, Grayscale's GBTC rose to a high of $17.35 before falling back to a current price of $16.85, with a daily increase of 11.44% and a 5-day increase of 27.65%.
In addition, since the low point observed by GBTC in December last year ($7.86), it has risen by 120.73% in the past six months, while the spot price of BTC has risen by about 71.85% during the same period. GBTC has outperformed BTC in the past six months.
Data: After 215 days of dormancy, the whale address exchanged all its stablecoins for 3596 stETH
BlockBeats News, on June 21st, according to Spot On Chain, the whale address starting with 0xcb1 exchanged all stablecoins (approximately $6.52 million worth of USDT and USDC) in its address for 3596 stETH after being dormant for 215 days.
BlockBeats News, on June 21st, according to on-chain analyst Yu Jin's monitoring, Justin Sun's address redeemed some stablecoin liquidity on BNB Chain half an hour ago. After that, the redeemed 5.07 million BUSD, 170,000 TUSD, and 70,000 USDT were transferred to Binance, and 5 million USDD were transferred to Huobi.
BlockBeats News, on June 21st, according to Coin data, the total liquidation in the past 24 hours was $206 million, of which Bitcoin liquidation was $91.22 million and Ethereum liquidation was $29.23 million. The ratio of long and short liquidation was 1.72.
Grayscale's GBTC negative premium rate narrows to 36.60%, recovers over 25% in six months
BlockBeats News, on June 21st, according to Coinglass data, the current total position of Grayscale is 21.306 billion US dollars, with a daily increase of 5.21%. The Grayscale GBTC negative premium rate has narrowed to 36.60%, which has recovered about 25.13% from the highest point observed in December 2022 (48.89%).
The premium rates of other mainstream currency trusts are as follows: ETH: -52.76%; ETC: -59.97%; LTC: -44.33%; BCH: -15.05%.
BlockBeats News, on June 21st, according to Lookonchain data monitoring, the whale address starting with 0x2c74 withdrew 1269 ETH from Kraken today, worth about $2.3 million. In the past 7 days, the address has withdrawn a total of 24,930 ETH, worth about $44.6 million.
BlockBeats News, on June 21st, according to lookonchain data, a whale address starting with 0xd275 withdrew 1140 WBTC (approximately $32.8 million) and 15,000 ETH (approximately $25.88 million) from Aave and Compound 2 hours ago, and transferred them to Bitfinex, Binance, Kraken, and Coinbase respectively.
Data: There are over 420 million cryptocurrency users worldwide, with 260 million in Asia.
BlockBeats News, on June 21st, according to Triple data, it is estimated that the global cryptocurrency ownership rate will average 4.2% by 2023, with over 420 million cryptocurrency users worldwide, with the majority in Asia (260 million), followed by North America (54 million), Africa (38 million), and South America (33 million).
Bitcoin mining company Iris Energy announced expansion and its stock price surged by 21.05%.
BlockBeats News, on June 21st, the stock price of Bitcoin miner Iris Energy (IREN) rose by 21.05% after news of its expansion plan was announced. Data shows that during the morning trading session on June 20th, the stock price rose from $3.53 to $4.14. Prior to this, Bitcoin mining company Iris Energy announced plans to increase its data center computing power from 5.6 EH/s to 9.1 EH/s by early 2024.
Funding
Reserve will invest $20 million in Curve, Convex, and Stake DAO
BlockBeats News, June 21st, according to Cointelegraph, stablecoin developer Reserve announced a $20 million investment in the governance tokens of Curve (CRV), Convex (CVX), and Stake DAO (SDT). The investment aims to increase the liquidity of Reserve's stablecoin RTokens and also increase Reserve's voting rights in these protocol governance systems.
The Reserve team stated that this new $20 million investment will bring new features to RTokens, including mortgage loans, wallet products, tokenization of real-world assets, and a more transparent financial system.
Cryptocurrency payment provider dtcpay completes $16.5 million financing, led by Kwee Liong Tek
BlockBeats News, June 21st, according to businesstimes, Singaporean digital payment platform dtcpay announced the completion of a $16.5 million Pre-A round of financing. The round was led by Pontiac Land Group Chairman Kwee Liong Tek, with participation from David Tung, former Managing Director/Partner of Carlyle Group, Jean Marc Poullet, Chairman of BURGESS Asia, and Tham Sai Choy, former Senior Partner of McKinsey & Company and former Chairman of KPMG Singapore and Asia Pacific. The funds from this round of financing will be further invested in product development, building stronger operational/infrastructure capabilities, and expanding dtcpay's global influence.
Regulation
The Monetary Authority of Singapore proposes standards for digital currencies
BlockBeats News, on June 21st, the Monetary Authority of Singapore proposed standards for digital currencies and released a white paper today, proposing to establish a common protocol, such as central bank digital currencies, tokenized bank deposits, and stablecoins based on distributed ledgers.
The white paper is supported by software prototypes that demonstrate the concept of Purpose-Bound Money (PBM), which allows the sender to specify conditions such as expiration date and applicable store types when transferring digital currencies between different systems. The white paper was developed in collaboration with the International Monetary Fund, the Bank of Italy, the Bank of Korea, financial institutions, and fintech companies.
Singapore court may decide on dissolution or restructuring of Hodlnaut in August hearing
BlockBeats News, on June 21st, according to Tech in Asia, the Singapore court may decide whether to dissolve or restructure Hodlnaut at a hearing scheduled for August 7th. The interim judicial management applied to end the lawsuit on April 25th and stated that major creditors, including Samtrade Custodian and Algorand Foundation, were unwilling to negotiate further on the restructuring agreement.
The Singapore court stated that 55.8% of Hodlnaut's debtors hope to dissolve the company. The trading platform currently faces claims from creditors of about SGD 409 million (approximately USD 304 million). Hodlnaut's founders, Simon Lee and Zhu Juntao, have stated that they will oppose the liquidation decision against the company in court.
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