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Web3 Daily | Polygon Zero accuses zkSync of copying source code without attribution; Curve founder has sold over 109 million CRV tokens through OTC.

Read this article in 48 Minutes
August 4th Cryptocurrency Industry Important News Overview.

Selected News:

1. Polygon Zero accuses the zkSync development team of copying source code without attribution and making misleading statements;

2. Coinbase plans to submit a motion to the court on Friday requesting a "complete" dismissal of the SEC's lawsuit against it;

3. Data: The Linea mainnet has crossed over 20,000 ETH and the number of interacting addresses has exceeded 120,000.

4. The founder of Curve has sold over 109 million CRV tokens through OTC transactions;

5. The Uniswap community has voted in favor of the proposal to deploy Uniswap V3 on the Linea network.


Project Updates


zkSync development team: The code has been clearly marked at the top, and Polygon Zero's accusations are unfounded.

According to CoinDesk, the zkSync development team, Matter Labs, has denied Polygon Zero's allegations, stating that the code "clearly indicates the source" in a line at the top of one of the files. A spokesperson for Matter Labs stated that Polygon's article contains "untrue statements" and that "the new Boojum high-performance proof system utilizes 5% of Plonky2, which is clearly indicated in the first line of our module." In a screenshot of a Matter Labs file named "mod.rs," Polygon stated that the file "does not indicate the original author." Matter Labs CEO Alex Gluchowski stated that the first line of the mod.rs file (not included in Polygon's screenshot) indicates that "note: we use the non-vectorized field Plonky2 implementation as a benchmark." However, Matter Labs has not yet responded to other cases mentioned by Polygon Zero.


Polygon Zero: zkSync development team copied source code without attribution and made misleading statements

The Polygon official zero-knowledge proof team, Polygon Zero, announced that the Boojum proof system recently released by the zkSync development team at Matter Labs contains a large amount of source code copied and pasted from performance-critical components of the Plonky2 library without indicating the original copyright or original author. In addition to the directly copied code, Boojum is extremely similar to Plonky2. It uses the same parallel repetition strategy to improve robustness in small ranges, uses similar custom gates to efficiently perform recursive verification arithmetic, and uses the same lookup parameters developed by our member Ulrich Haböck. Polygon Zero also stated that the founder of Matter Labs claimed that Boojum is more than 10 times faster than Plonky2, which is a misleading statement. In addition, Polygon Zero announced the upcoming release of the new Plonky3 library, which fundamentally improves the performance of Plonky2 and Starky.


Related reading: "Polygon Zero accuses zkSync of plagiarism, founder responds 'open source may not be suitable for you'".


MEXC will launch Omniswap (OMNI) at 18:00 on August 5th.

According to official sources, the Omniswap ecosystem token OMNI will officially debut on the MEXC trading platform at 18:00 Beijing time on August 5th.


HashKey NFT team multiple employees resign, suspected dissolution

BlockBeats has learned that multiple employees of HashKey's NFT business team have resigned, and the team is suspected to have been disbanded. According to insiders, Hashkey's short-term goal is to focus on the trading platform business, and the NFT team has been adjusted due to profitability issues. EtherPoap was once of interest to the community because of Hashkey's support, but failed due to operational issues. Hashkey has stated that they are independent from EtherPoap. On August 3rd, HashKey Exchange announced that it has officially upgraded its license to No. 1 and No. 7, becoming the first licensed trading platform in Hong Kong for retail users.


dYdX Foundation: The community can choose to use DYDX as the L1 token of dYdX Chain, and the final decision will be made by the community.

The dYdX Foundation has published an article discussing the future of DYDX. The dYdX ecosystem is nearing the potential mainnet version of the dYdX v4 open-source software, and the dYdX Chain will become a PoS blockchain network. If deployed on the mainnet, L1 protocol tokens will be required to stake to validators to protect the security of the chain and ensure that L1 token stakers manage the network.


Revolut announced that it will suspend cryptocurrency services in the United States from September 2nd.

According to Decrypt, UK digital bank Revolut has announced that it will temporarily suspend its cryptocurrency services in the United States starting from September 2, 2023, due to the constantly changing regulatory environment and uncertainty in the US cryptocurrency market. US customers will not be able to purchase cryptocurrencies on the Revolut platform. Beginning on October 3, Revolut will implement more comprehensive restrictions, and US customers will be completely prohibited from accessing cryptocurrencies through Revolut, and will no longer be able to buy, sell, or hold any cryptocurrencies.


Trader Joe has been deployed to the Ethereum mainnet.

According to official sources, the DEX project Trader Joe has been deployed on the Ethereum mainnet. Previously, Trader Joe had gone live on networks such as Avalanche, Arbitrum, and BNB Chain.


LeetSwap: No airdrop activities have been conducted, users need to be wary of false information

LeetSwap has stated on social media that they have not conducted any airdrop activities and that someone is attempting to impersonate them by announcing false news about airdrops. They urge everyone to only trust their official channels and website. Meanwhile, LeetSwap is reviewing requests to reclaim liquidity funds for attacked trading pairs and calculating the funds that affected liquidity pools can receive.


BlockBeats and MetaStone Group will jointly host the "Build For Miracle" themed summit during TOKEN2049 to explore the development trends of Web3, build industry ecology, and cooperation.

BlockBeats, MetaStone Group, Cregis, and BuilderDAO will jointly hold the "Build For Miracle" series of theme activities during TOKEN2049, helping outstanding teams and projects develop through Demo Day, industry summits, and private dinners, exploring the development trend of Web3, building industry ecology and cooperation. It is reported that the Demo Day of the "Build For Miracle" series of theme activities will last from September 1st to September 10th, and there will be four sessions including speeches, panels, Demo Day awards, and dinners during the summit on September 11th. Layerzero, Sei Network, BloXroute, YGG, and Polygon have confirmed their attendance at the roundtable or speech session of the Build For Miracle summit. The summit will be held on September 11th at the PARKROYAL COLLECTION hotel in Singapore.


dYdX announced the launch of dYdX Chain public testnet #2 on August 11th


Hope.money partners with Cobo to expand distributed reserve network

The distributed stablecoin project Hope.money has announced a collaboration with Cobo, a globally trusted leader in digital asset custody solutions, for its custody technology solution. This collaboration is an important milestone in the construction of Hope.money's distributed reserve network. Previously, Hope.money had selected Coinbase Custody as its first digital asset custodian. This collaboration also allows Hope.money to explore the possibility of incorporating stETH into its reserve pool. Under the custody of Cobo Argus, HOPE minters can stake ETH and receive stETH as a reserve asset for HOPE. This process allows users to enjoy the native returns of ETH while minting HOPE, thereby reducing the opportunity cost of minting. The collaboration with Cobo will ensure that all parties in the HOPE ecosystem receive greater returns.


Ribbon Finance announced the cancellation of Ribbon Earn Vaults fees.

The on-chain structured product Ribbon Finance announced on social media that it will be waiving the fees for Ribbon Earn Vaults starting today.


Uniswap community voted in favor of the proposal to deploy Uniswap V3 on the Linea network.

Uniswap community has approved the proposal of "deploying Uniswap V3 to the Linea network" through a vote. The proposal is currently in a pending state.


CyberConnect has opened an airdrop query webpage.

Web3 social graph protocol CyberConnect announced on social media platforms that it has opened a webpage for users to check their eligibility and quantity for the airdrop. BlockBeats previously reported that CyberConnect will distribute airdrop rewards to community users, totaling 2.4 million CYBER tokens, which will be open for community users to apply for in Season 1, accounting for 2.4% of the total token supply. Users holding Mystery Box, The Shards, Mini Shards, W3ST, CyberProfile Premium Handle, and CyberProfile Early Adopter NFT can claim the rewards. The specific reward guidelines will be announced on August 4th.


Discord lays off 4% of its workforce, affecting members of marketing, design, and entertainment collaboration teams

According to TechCrunch, chat application Discord has laid off nearly 40 employees, accounting for 4% of its total workforce. The layoffs are part of Discord's restructuring efforts. Several former Discord employees posted on X (formerly Twitter) and LinkedIn, stating that they were affected by the layoffs. The layoffs involved personnel from the marketing, design, and entertainment partnership teams. Discord has confirmed the authenticity of this information and added that the reason for the layoffs is its focus on long-term growth.


Bitwise has submitted two "Bitcoin and Ethereum" related futures ETF applications.

Bloomberg ETF analyst James Seyffart stated on social media that Bitwise has actually applied for two ETFs. In addition to the previously announced "Bitwise Bitcoin and Ether Equal Weight Strategy ETF", there is also a "Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF". Currently, the SEC has received as many as 12 Ethereum futures ETF applications. BlockBeats previously reported that Proshares and Bitwise have once again submitted three "Bitcoin and Ethereum" related futures ETF applications to the US Securities and Exchange Commission (SEC), including Proshares' "Bitcoin & Ether Strategy ETF" and "Bitcoin & Ether Equal Weight Strategy ETF", as well as Bitwise's "Bitwise Bitcoin and Ether Equal Weight Strategy ETF".


Muverse Tesla&iPhone Airdrop Event Gives Away the First iPhone 14 ProMax

On August 4th, the Muverse Tesla & iPhone airdrop event was officially launched on August 2nd, and the first iPhone 14 ProMax was sent out today. Users can participate in the event by downloading the latest version of the Muverse App (v2.5.0), with a participation threshold as low as 1MCT (approximately 0.04 USDT).


CNBC has released the list of the top 200 global fintech companies, which includes the largest companies in the financial sector worldwide, such as Ant Group, Tencent, Paypal, Stripe, Klarna, and Revolut. Five companies in the cryptocurrency industry have also been included, including Binance, BitMart, Coinbase, Dapper Labs, and OpenSea.


ZachXBT: The BALD deployer has been preliminarily identified as Twitter user @milkyway16eth.

According to on-chain detective ZachXBT, the deployer of BALD has been preliminarily identified as Twitter user Milkyway (@milkyway16eth). Currently, the account is in protected status, but its bio reveals that it identifies as a DeFi farmer and Ponzi speculator. Additionally, Twitter user Mike McDonald (@MikeMcDonald89) tweeted that he won $50,000 in the 2021 International Chess Championship, which was paid to him from address 0xF3a...F50c, which is owned by Milkyway. This address has a close relationship with the BALD deployer (0xcc...6389), as 1,483,000 USDC and 400 cbETH have been transferred from 0xF3a...F50c to the BALD deployer address, while 2,400 USDC and 400 cbETH have been transferred from the BALD deployer address to 0xF3a...F50c. Furthermore, these two addresses share the same Binance and FTX deposit address.


Distributed stablecoin project Hope.money releases new Logo

The distributed stablecoin project Hope.money announced a brand upgrade and launched a new brand logo. The upgraded Hope.money brand logo retains the single stable state body Gömböc shape while highlighting lines and spatial sense, symbolizing the development concept of "stability in the midst of all things". The original "HOPE" brand logo has also been officially upgraded to "hope.money", aiming to enhance the recognition of the project name and convey the development blueprint of Hope.money more clearly and concisely - building a whole ecosystem around the distributed stablecoin $HOPE, becoming a bridge-like infrastructure connecting DeFi, CeFi, and TradFi. The $HOPE and $LT token logos have also been upgraded. Hope.money is committed to providing everyone with unimpeded and transparent next-generation financial infrastructure and services. Currently, the AMM-based HopeSwap protocol has been launched, and the decentralized lending protocol HopeLend is undergoing public testing and will soon be launched on the mainnet.


Offchain Labs has released a new verification protocol called BoLD, which promotes permissionless verification for Arbitrum.

According to BlockWorks, Offchain Labs, the development team behind Arbitrum, has released a new validation protocol called Bounded Liquidity Delay (BoLD), which allows for permissionless validation on Arbitrum. As a second-layer scaling solution for Ethereum, Arbitrum has always relied on Ethereum to confirm the accuracy of its state. Ed Felten, co-founder and chief scientist of Offchain Labs, stated that the introduction of BoLD will eliminate the risk of delay attacks in this process, allowing anyone to become a validator without worrying about fraudulent behavior. Offchain Labs plans to gradually release a guide for running BoLD on test networks, and developers will be able to choose to use BoLD on their stable test networks in the future.


欧易 OKX Ventures announced investment in privacy protection protocol zkPass.

OKX Ventures announced its investment in the privacy protection protocol zkPass, and the investment amount has not been disclosed. Dora, the founder of OKX Ventures, said that zkPass provides a solution to the pain point of private data verification for both Web2 and Web3, and more importantly, provides a solution to the commonly existing centralized data ownership problem, marking an important step towards a more secure and private digital world. In addition, with its diverse applications spanning finance, healthcare, and social media, we see huge growth potential for zkPass.


Tim Beiko: The latest Ethereum core developer execution meeting decided to postpone the release of Devnet #8.

Ethereum core developer Tim Beiko summarized the latest Ethereum core developer call on Discord. Among them, developers agreed to continue using regular contracts with system write transactions instead of precompiles. Before the test call on Monday, developers will try to: (1) agree on a deployment plan (as part of a fork or manually deployed before the fork); (2) agree on the first contract implementation to use; (3) submit a PR reflecting this to the 4788 specification. Once developers agree on the contract, the audit/formal verification process will be initiated. This meeting decided to postpone the release of Devnet #8 until the new 4788 specification is implemented. Regarding EIP-6780, it will continue to merge "Add explanation for EIP-6780". Regarding the Engine API, it was agreed to add blobGasUsed and blobGasPrice to the receipt of transaction 4844. Developers will also modify this PR to mention that the Dencun upgrade must use forkChoiceUpdateV3, and then merge it into "Clarify early API handling of Cancun payloads; reorder checks #426". Regarding the large validator test network, the EF development team launched a development network with 2.1 million validators, with client distribution similar to the main network, and will work with client teams to check and fix issues related to finalization and block gossip before Holesky launches. Holesky is planned to have about 1.5 million validators. In addition, developers introduced and discussed two account abstraction EIP proposals, EIP 5806 and 7377. Guillaume Ballet and Josh Rudolf introduced the latest situation about Verkle.


Proshares and Bitwise resubmit three Bitcoin and Ethereum-related futures ETF applications

Bloomberg ETF analyst James Seyffart stated on social media that Proshares and Bitwise have once again submitted three "Bitcoin and Ethereum" related futures ETF applications to the US Securities and Exchange Commission (SEC), including Proshares' "Bitcoin & Ether Strategy ETF" and "Bitcoin & Ether Equal Weight Strategy ETF", as well as Bitwise's "Bitwise Bitcoin and Ether Equal Weight Strategy ETF".


LongHashX announces the launch of Filecoin virtual machine Genesis accelerator

LongHash Ventures' accelerator, LongHashX, has announced a partnership with ProtocolLabs and Filecoin to launch the Filecoin Virtual Machine (FVM) Genesis Accelerator, focusing on the intersection of Web3 and artificial intelligence. By leveraging data programmability, FVM brings a variety of possibilities for building applications on the Filecoin network, covering verticals such as artificial intelligence (AI), DeFi, DAO, and more.


Animoca Brands subsidiary nWay will collaborate with Yuga Labs to release Web3 multiplayer fighting game Wreck League

Animoca Brands announced that its subsidiary and game publisher nWay will release the Web3 multiplayer fighting game Wreck League in September. In the first season, Wreck League has reached an agreement with Yuga Labs to use the IP of Bored Apes, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherside Kodas. Wreck League players will be able to collect mech parts (NFTs) and assemble them to forge complete mech character NFTs. In addition, nWay will also launch a Web2 free-to-play (F2P) version of Wreck League that does not require NFTs to play, which will replicate the core gameplay and combat mechanisms of the Web3 version while adding F2P game features such as daily missions, battle passes, and in-game stores.


马斯克计划在推特上建立金融交易中心,助力其超级应用化战略

Translation:

Musk plans to establish a financial trading center on Twitter to support his super-application strategy

According to sources cited by Semafor, X (formerly Twitter), a company owned by Elon Musk, is seeking a financial data giant to build a trading center within its application. The company has reached out to large suppliers seeking solutions that provide financial content, real-time stock data, and other features. Elon Musk has expressed his desire for X to become the first super app in the West, similar to WeChat in China, Gojek in Indonesia, Grab in Singapore, and Gozem in Africa, which provide a range of consumer services in one app, such as food delivery, ride-hailing, payment, investment, and even identity verification. Twitter (then named) launched a limited service this spring based on its "cashtag" feature, allowing users to search for specific stock tags (such as $GM) to obtain real-time stock charts, provided by the startup TradingView. However, the function of buying and selling stocks with one click, originally planned to be launched in April, has not yet been implemented.


Polyhedra Network will use EigenLayer's staking system to build interoperable components based on zkBridge

ZK infrastructure start-up company Polyhedra Network has announced a strategic partnership with Ethereum re-staking protocol EigenLayer. The collaboration will use EigenLayer's re-staking system to build interoperable components based on zkBridge, enhancing the security and efficiency of various Layer1 and Layer2 networks.


OP Labs releases new NPM software package to simplify cost estimation for wallets and other front-end tools

OP Labs has announced the official release of a new NPM software package to simplify fee estimation for wallets and other frontend tools. This tool is tailored for JS developers building on OP Stack, including OP Mainnet, Base, ZORA Network, and Public Goods Network. Additionally, ethers, web3.js, and wagmi are also developing related solutions.


OpenSea: now supports Base Network

OpenSea has announced on social media that it now supports Base, a Layer 2 blockchain built on OP Stack by Coinbase.


NFT Market Zora Launches Protocol Incentives, Creators and Developers Can Receive Minting Fee Rewards

NFT marketplace Zora has launched a protocol reward system, where creators and developers can receive on-chain rewards on Zora. The protocol rewards are provided by the minting fees, which will now be automatically shared with creators and developers. Starting today, creators who publish free minting projects and developers who develop on Zora will receive a portion of the fees from each minting project. The minting fee remains at 0.000777 ETH per mint, ensuring a significant reduction in Zora's portion. The remaining portion will be provided to creators and developers for new experiences and tools.


GMX V2 test version is now live on the Arbitrum and Avalanche mainnets.

The GMX V2 test version has been launched on the Arbitrum and Avalanche mainnets. The new version adds new trading assets such as SOL, XRP, LTC, DOGE, and ARB, and allows trading with multiple collateral options. In addition, the new oracle system signs prices for each block to ensure that orders are executed in the closest possible way to the execution price, even with a large number of transactions. For liquidity providers, V2 provides liquidity through an isolated GM (GMX Market) pool, allowing liquidity providers to customize their risk exposure to specific tokens according to their preferences. V2 also adds incentives for long and short positions, helping automatic hedging of risk between liquidity providers and traders' profits. GMX V2 also brings many other new features, including low-cost trading and increased trading incentives.


LeetSwap has resumed trading, but warns users not to buy any tokens

Decentralized exchange platform LeetSwap on the Base chain announced that trading has now been restored. However, LeetSwap emphasized that this does not mean that the DEX has been restarted, but rather to allow users the opportunity to sell any tokens they may still hold. LeetSwap warns users not to purchase any tokens as the liquidity of the DEX may be exploited by hackers. They also emphasized that the contract code is immutable and cannot be fixed.


Coinbase plans to submit a motion to the court on Friday requesting a "complete" dismissal of the SEC's lawsuit against it.

Coinbase plans to submit an order to the court on Friday requesting a "complete" dismissal of the lawsuit filed by the US Securities and Exchange Commission (SEC). Earlier this summer, the SEC accused Coinbase of violating securities laws. Paul Grewal, Coinbase's chief legal officer, said during Thursday's earnings call that Coinbase is "confident" in its statements in court. "Regarding the lawsuit with the SEC, I want to be very clear that we do believe we can win, we hope to win," Grewal said, adding that the trading platform hopes to work with the SEC and lawmakers to obtain "regulatory clarity."


Data


Block Q2 net revenue of 5.5 billion US dollars, with Bitcoin revenue accounting for nearly half

The payment company Block Inc., founded by Twitter co-founder Jack Dorsey, announced in its Q2 2023 financial report that its gross profit reached $1.87 billion, a year-on-year increase of 27%. Of its total net revenue of $5.5 billion, $2.4 billion came from Bitcoin. The company (formerly known as Square) saw a 34% increase in Bitcoin revenue compared to the same period in 2022. Bitcoin revenue refers to the total sales of cryptocurrencies sold to customers. Block's Cash App business had Bitcoin revenue of $1.16 billion, a 39% increase compared to the same period in 2022. The company stated that this revenue could have contributed more to its bottom line if it were not for the price drop. In addition, the company did not record any impairment losses on its Bitcoin holdings during the three- and six-month periods ending June 30, 2023, which now total $245 million.


Coinbase Q2 total revenue of $708 million exceeded expectations, with trading revenue of $327 million down from the previous quarter

Coinbase (COIN) released its Q2 financial report, with total revenue of $708 million and an adjusted loss of $0.42 per share, both exceeding analysts' expectations of $628 million in revenue and a loss of $0.76 per share. However, trading revenue was $327 million, down from $375 million in the first quarter, and total trading volume decreased from $145 billion in the first quarter to $92 billion. In a letter to shareholders, Coinbase stated that the poor trading revenue "reflects years of low volatility in the cryptocurrency market." Interest income decreased from $241 million in the first quarter to $201 million, with $151 million of the Q2 interest income coming from its holdings of USDC.


Traders are selling large amounts of USDT in the stablecoin pools of Curve and Uniswap.

According to CoinDesk, traders have been selling a large amount of Tether's USDT in the main stablecoin pools of decentralized trading platforms Curve Finance and Uniswap, causing serious imbalances in the pools. Data shows that the USDT balance in Curve's 3pool (including USDT, USDC, and DAI stablecoins) has surged to 62%, while USDC and DAI account for approximately 19% of all assets in the pool. In Uniswap's USDT-USDC trading pool, the balance of USDT reached $105.4 million, while USDC was only $6.5 million. Due to selling pressure, the price of USDT was slightly lower than its anchored price of $1 for most of the day.


Data: A newly created address withdrew over 310,000 ENS coins from Binance 8 hours ago.

According to on-chain analyst Yu Jin's monitoring, a newly created address withdrew 310,385 ENS (approximately 2.84 million US dollars) from Binance 8 hours ago, and the purchase price may be 9.18 US dollars. The address currently only holds ENS.


The Sandbox wallet transferred 127 million SAND tokens, equivalent to $51.32 million, 6 hours ago.

According to Lookonchain monitoring, 127 million SAND tokens (approximately $51.32 million) were transferred from The Sandbox wallet 6 hours ago. Token Unlocks data shows that 3.3255 million SAND tokens ($134.4 million) will be unlocked in 10 days, accounting for 16.16% of the circulating supply.


Argo Blockchain, a crypto mining company, mined 129 BTC in July with a mining revenue of $3.87 million.

According to Accesswire, Argo Blockchain, a cryptocurrency mining company, mined a total of 129 BTC in July, producing approximately 4.2 BTC per day and generating revenue of approximately $3.87 million. This is compared to mining revenue of $3.84 million in June. As of July 31, 2023, Argo Blockchain currently holds 46 BTC.


In July, CME's cryptocurrency options trading volume rose to nearly $1 billion, possibly affected by market uncertainty.


SlowMist: JPEG'd attacker may have returned all 6106.75 ETH to the project party

SlowMist MistTrack monitoring shows that the attacker of JPEG'd may have returned all 6106.75 ETH to the project party. BlockBeats previously reported that the NFT lending protocol JPEG'd was attacked on July 30th, and 6,106.65 WETH (approximately $11.45 million) was transferred to an address starting with 0x94. Later, on August 2nd, blockchain detective ZachXBT stated that the on-chain address of Twitter user MichaelRazum was related to the recent JPEG'd Curve pool vulnerability exploit.


Data: Linea mainnet has crossed over 20,000 ETH, with over 120,000 interacting addresses

According to data from Dune, Linea's mainnet has crossed 20,862 ETH with a total of 176,628 transactions and 127,775 interacting addresses. As previously reported by BlockBeats, on July 18th, ConsenSys launched the Ethereum Layer 2 solution Linea and announced the opening of access to the Linea mainnet Alpha version to the entire community.


Binance Research: Telegram Bots have completed a cumulative trading volume of $190 million

Binance Research has released a report titled "Telegram Bots: Exploring the Landscape". According to the report, Telegram Bots have completed a total of over $190 million in transactions and set a new record of $10 million in daily transactions on July 23. The total revenue generated by Telegram Bots has exceeded $28.7 million.


Curve founder sells 3.75 million CRV through OTC and repays 1.5 million USDT on Aave

According to on-chain data monitoring, Curve founder Michael Egorov sold 3.75 million CRV through OTC 20 minutes ago, and then repaid 1.5 million USDT on Aave. According to Scopescan data, the buyer of this transaction is the crypto original author and analyst 237.eth (@fxs2327).


Curve founder has sold over 109 million CRV through OTC

Nansen analyst Sandra Leow summarized on-chain data showing that Michael Egorov, the founder of Curve Finance, sold a total of over 106 million CRV tokens through OTC, in exchange for $42.4 million. Combined with the sale of 3.75 million CRV to 237.eth (@fxs2327) this afternoon, Michael Egorov has sold a total of over 109 million CRV through OTC.


Regulation


Hong Kong Legislative Council member Wu Jiezhuang: Hope to explore Shanghai-Hong Kong digital asset trading interconnection

The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) member and Hong Kong Legislative Council member Johnny Ng said that virtual assets are just the first step for Hong Kong to develop Web3.0. "Web3.0 also includes underlying technologies and the integration with the real economy. How to combine various industries with Web3.0 to improve our productivity, efficiency and effectiveness is the goal of Hong Kong to build the entire Web3.0 ecosystem." He also said, "Shanghai also has digital asset exchanges. Can these exchanges be interconnected with the virtual asset exchanges licensed in Hong Kong in the future? I hope there will be discussions on these aspects in the future." (The Paper)


Bitfinex hackers and their wives admit to conspiring to commit money laundering, involving billions of dollars

The Public Affairs Office of the US Department of Justice announced that married couple Ilya Lichtenstein and Heather Morgan from New York City have pleaded guilty to conspiracy to commit money laundering in a case involving the theft of about 120,000 BTC from Bitfinex. Lichtenstein admitted to the conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison, while Morgan admitted to one count of conspiracy to commit money laundering and one count of conspiracy to commit wire fraud, each of which carries a maximum sentence of 5 years in prison. The two were arrested in February 2022, and the government seized about 95,000 stolen bitcoins from the defendants' controlled cryptocurrency wallets. At the time of the seizure, the recovered funds were worth about $3.6 billion. Since their arrest, the government has also seized about $475 million related to the hack. According to court documents, Lichtenstein used various advanced hacking tools and techniques to access Bitfinex's network. Once inside the system, Lichtenstein fraudulently authorized over 2,000 transactions, transferring 119,754 BTC from Bitfinex to a cryptocurrency wallet controlled by Lichtenstein. Afterwards, Lichtenstein took steps to cover his tracks, returning to Bitfinex's network and deleting access credentials and other log files that could expose him to law enforcement. After the hack, Lichtenstein laundered the stolen funds with the help of his wife Morgan. Lichtenstein also used various money laundering techniques with Morgan's assistance.


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