Web3 Daily | a16z creates new fund; OPNX sues The Block founder Mike Dudas for defamation.
Top News:
1. a16z creates new funds and offers wealth management services;
2. FTX filed a lawsuit against a former assistant of Hillary Clinton and her investment company, seeking to recover a $700 million investment;
3. OPNX filed a defamation lawsuit against The Block founder Mike Dudas;
4. Cryptocom has obtained regulatory approval to provide cryptocurrency services in Spain;
Project Updates
FTX has filed a lawsuit against Michael Kives, a former assistant to Hillary Clinton, and his investment company, seeking to recover $700 million in funds allegedly misappropriated from FTX investments.
According to the complaint filed with the Delaware Bankruptcy Court, FTX alleges that its founder, SBF, was a "reckless spender" who provided large amounts of cash to Michael Kives, his company K5 Global, and K5 co-founder Bryan Baum as part of a continuing scheme to fraudulently use company assets for personal gain.
SBF authorized the transfer of $700 million to the K5 entity in 2022, and in the days leading up to FTX's bankruptcy in November 2022, made efforts to obtain rescue financing using K5's celebrity and business relationships.
Kives served as an assistant to Hillary when she was a Democratic senator from New York, and also worked as a broker in Hollywood for clients including actors, former Republican California Governor Arnold Schwarzenegger, and singer Katy Perry.
FTX claims that Bankman-Fried authorized investments in K5 projects that made Kives and Baum wealthy, while FTX or its clients did not receive any returns. K5 states that the lawsuit has no legal basis.
Binance US stated in an email sent to customers on June 22 that it has resolved almost all delayed USD withdrawal issues. Binance US said it worked with banking partners to reinstate USD withdrawals, but also noted that this option will be discontinued again soon. The company stated, "While USD withdrawals on the platform are currently fully operational, we anticipate our banking partners will discontinue this service in the near future."
Binance US has stated that most USD withdrawal requests are expected to be completed within 5 business days or less. It has instructed users who previously submitted failed withdrawal requests to resubmit those requests. While it is seeking new banking partners, Binance US recommends that users convert their USD to stablecoins. It also warns users that their USD balance may be automatically converted to USDT stablecoin at a later time.
Coinbase has added VeChain (VET) and VeThor (VTHO) to its listing plan.
Coinbase announced that VeChain (VET) and VeThor (VTHO) will be added to their asset list on the roadmap. It is reported that Coinbase has decided to list assets that have been decided to be launched in advance in order to improve asset transparency and move them to the roadmap.
a16z Partner Chris Dixon Launches New Book Read Write Own: Building the Next Era of the Internet
a16z partner Chris Dixon introduces his new book "Read Write Own: Building the Next Era of the Internet" in this article. He states that the book reviews the history of the internet and showcases how it has gone through three major design eras: the first focused on democratizing information (reading), the second focused on democratizing publishing (writing), and the third focused on democratizing ownership (owning).
Dixon said that this book answers a common question: "What problems does blockchain solve?" Blockchain solves problems that other digital services solve, but better. They can connect people in social networks while giving users power that goes beyond the interests of corporations. They can support markets and payment systems, facilitate business transactions, and always have lower fees. They can enable profitable forms of media, interoperability, and immersive digital worlds, as well as compensate creators and communities for AI services instead of consuming them.
At the same time, this book confronts controversial issues, including policy and regulatory issues, as well as the harmful "gambling" culture that has developed around cryptocurrency, which damages public perception and undermines its potential. In addition, it also delves into related topics such as artificial intelligence, social networks, finance, media business, collaborative creation, video games, and virtual worlds.
DASH officially completes halving
According to Tokenview data, DASH has completed its halving at block height 1,892,161, and the current block reward is 2.3097 DASH.a16z creates new fund and offers wealth management services
According to documents disclosed on the SEC website, a16z has created a new fund to continue developing its business. This evergreen fund is called "a16z Perennial Venture Capital Fund" and will operate from a16z's office in Menlo Park.
In addition, the venture capital firm has registered its "Perennial Management" business with US regulators. According to the ADV document filed with the SEC, it is listed as a "large advisory firm" with assets under management (AUM) of $105 million.
This business unit already has 18 high net worth individuals as clients. According to documents, it will provide consulting services such as investment portfolio management for individuals, small businesses, and collective investment tools, as well as private fund managers, wealth management advisors, and financial planners. The new department has 8 employees, including Chief Investment Officer Michel Del Buono, who was hired last year.
Web3 Input Method TypeIt has officially launched, allowing users to mine WORD Tokens while typing.
Web3 Input Method TypeIt officially launched the mining process. TypeIt users with NFT keyboard skins officially produced the first batch of application tokens WORD by typing on June 23. According to the current C2C market price within the APP, the average price of WORD is 0.07 USDT, with the highest price being 0.1 USDT. The daily income for users who first purchase NFT keyboard skins is 4.8 USDT, with an annualized return rate of 900%.
Before its official launch, TypeIt completed a 2-month public beta phase. WORD is the application token for TypeIt, with a total supply of 1 billion, all fairly produced by Type to Earn. The monthly production decreases by 5%, with the main consumption scenario being the upgrade and maintenance of NFT keyboard skins in the official stage.
TypeIt is the world's first Web3 input method, supporting Type to Earn and privacy protection, aiming to accelerate the world's transition from Web2 to Web3. Currently, TypeIt has successfully received investment support from well-known institutions such as M-Ventures, Bitmart, LBANK Labs, and G5 Labs.
Mirror launches external NFT drop link embedding feature
The decentralized content publishing platform Mirror has announced the launch of an external NFT Drop link embedding feature called "Collectable Embeds", which allows creators to embed Drop links from NFT platforms such as ZORA, Manifold, and OpenSea (on Ethereum) into Mirror articles, enabling readers to collect them inline without leaving the article.
Injective Labs launches automatic trading and yield generation protocol Mito
Injective Labs has launched the automatic trading and revenue generation protocol Mito, which is currently online for testing. It is reported that Mito consists of two main components: an automatic strategy insurance library for passive revenue generation and a complex Token Launchpad. Users will be able to use trading strategies to generate revenue and new tokens.
Currently, only Ninja Pass holders can access the Mito testnet, and Ninja Pass holders can start using the beta version by connecting their wallet to Mito.fi. Early access privileges will then be distributed on Discord.
Mitsubishi UFJ Financial Group explores issuing stablecoins on its blockchain platform
Japan's largest financial institution, Mitsubishi UFJ Financial Group (MUFG), is in talks with stablecoin issuers and other companies to issue stablecoins through its blockchain platform. Tatsuya Saito, MUFG's Product Vice President, said in an interview that the institution is discussing with multiple parties the use of its blockchain platform, Progmat, to issue stablecoins anchored to foreign currencies, including the US dollar, for global use.
Japan's stablecoin law is one of the earliest stablecoin laws among major economies and came into effect on June 1. This effectively means that only licensed banks, registered remittance agents, and trust companies in the country can issue tokens.
German enterprise software company SAP has announced that it is testing cross-border payments settled in USDC for its customers. As part of the testing drive, customers will receive test USDC as game coins to pay for sample invoices. The testing drive is not running on the main blockchain, but on a test network and does not involve real currency.
GnosisDAO proposes to deposit 25 million xDAI on DSR on Gnosis Chain
GnosisDAO community has initiated a new proposal suggesting to deposit 25 million xDAI on DAI Savings Rate (DSR) on Gnosis Chain. Gnosis Chain users can use xDAI to mint GC sDAI and accumulate DSR savings. In theory, the DSR yield on Gnosis Chain is always higher than that on the Ethereum mainnet because only when all xDAI is staked can interest rate balance be achieved.
BlockBeats note: DSR is a variable rate set by MakerDAO governance, allowing DAI holders to earn savings by locking their DAI in the DSR contract.PartyDAO launches team coordination protocol Party on Ethereum
NFT combination bidding application PartyBid's operating team PartyDAO announced the launch of team coordination protocol Party on Ethereum, allowing users to quickly take action through crowdfunding and lightweight voting, and carry out work at any scale. Through Party, users can access DeFi, collect NFTs, play games, run projects, and more.
OPNX sues The Block founder Mike Dudas for defamation
According to a report by CoinDesk, bankruptcy claim trading platform OPNX, supported by the co-founders of Three Arrows Capital, Kyle Davies and a New York court record, has filed a defamation lawsuit against venture capitalist Mike Dudas.
In a subpoena notice submitted in early June, OPNX accused Dudas of making defamatory comments about the company between February and March 2023, when Davies and Su Zhu announced OPNX. Dudas currently operates 6th Man Ventures and previously founded the cryptocurrency media outlet The Block.
摩根大通扩展 JPM Coin 系统，为企业客户引入欧元计价支付 Translation:
JPMorgan expands JPM Coin system, introduces Euro-denominated payments for corporate clientsAccording to Bloomberg, JPMorgan is expanding its blockchain-based payment system, JPM Coin, to introduce euro-denominated payments for corporate clients. It is reported that German company Siemens has already made the first euro payment on the platform.
DeFi lending protocol Stella launches on Arbitrum, kicking off a two-week leverage incentive programAccording to official sources, the DeFi lending protocol Stella has been launched on Arbitrum, and currently supports users to leverage with 0% borrowing costs. In addition, since the launch, Stella will initiate a two-week leverage incentive program.
Lightning Dev Kit has launched the Lightning Node Library (LDK Node).
The Lightning Dev Kit project, which aims to integrate Lightning Network functionality into Bitcoin wallets, has announced the launch of the Lightning Node Library (LDK Node). LDK Node is a complete implementation of the Lightning protocol, with a simple interface and integrated on-chain wallet that simplifies the way developers build Lightning nodes.
According to reports, Pillow was founded by Arindam Roy, Rajath KM, and Kartik Mishra in 2021. The platform aims to build a one-stop cryptocurrency management platform for storage, consumption, and investment, allowing customers to invest in cryptocurrencies such as Bitcoin, Ethereum, Solana, and more. Pillow has raised a total of approximately $21 million in funding.
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FUMO increased by over 10 times in the past 12 hours.
BlockBeats News, on-chain data shows that FUMO has risen more than 10 times in the past 12 hours. As of 17:56 today, the current price is $40,255, and the 24-hour trading volume exceeds $33.7 million.
Funding
XPLA receives investment from Big Brain Holdings, Play Ventures, and IVC
XPLA, a blockchain platform with a focus on Web3 gaming, has announced strategic investments from Big Brain Holdings, Play Ventures, and IVC (Infinity Ventures Crypto).
Regulation
The on-chain detective ZachXBT stated on social media that another NFT scam case he investigated, Animoon, involving a total amount of 6.3 million US dollars, is currently under criminal investigation in France.
ZachXBT stated that the PFP NFT project has a total of 9999 units, priced at 0.2 ETH each, and is promoted as a P2E game with practical functions such as large gifts, breeding, and real-life travel.
However, in the past nearly 5 months, the team has not made any deliveries and transferred 6.3 million US dollars to Binance and Kucoin trading accounts. Currently, Animoon's Twitter account has disappeared, the website cannot operate, and regular chats have been removed from Discord.
Therefore, Prime violated its fiduciary duty to its clients and violated the Nevada Trust Law. The primary goal of NFID is to preserve any remaining enterprise value in Prime for the benefit of Prime clients.
The command states: "Around June 21, 2023, due to significant liabilities owed to clients on the defendant's balance sheet, the defendant was unable to honor client withdrawals due to a shortage of client funds." "In addition, the defendant failed to protect its custodied assets and was unable to meet all client withdrawal requests."It is reported that as of the end of March 2023, the shareholder equity reported by Prime Trust exceeded negative 12 million US dollars. Prime Trust can request a hearing within 30 days after the order is issued, otherwise the stop order will be considered final. The order was issued on the website of the Nevada regulatory agency a few hours after BitGo announced the termination of its potential acquisition of Prime Trust.
美 SEC 同意放弃对 BlockFi 的 3000 万美元罚款，以最大化对投资者的偿还
Translation:According to a report by CoinDesk, the US Securities and Exchange Commission (SEC) has agreed to waive a $30 million fine against the bankrupt cryptocurrency lending platform BlockFi, in order to maximize and expedite repayment to investors, according to court documents.
This amount represents the remaining portion of the $50 million fine that BlockFi owed to the SEC for allegations of issuing and selling unregistered cryptocurrency lending products. BlockFi agreed to a settlement in February 2022, but filed for bankruptcy in November 2022 following the collapse of FTX.
Cryptocom has obtained regulatory approval to provide cryptocurrency services in Spain.
Crypto.com has announced that it has obtained registration as a virtual asset service provider (VASP) from a Spanish bank. After a comprehensive review of its compliance with anti-money laundering directives (AMLD) and other financial crime laws, as well as measures to protect users, Crypto.com has obtained this registration. With this registration, Crypto.com can provide cryptocurrency products and services to Spanish users.
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