PA Daily | FTX’s new management has recovered $7 billion; Mythical Games completed a $37 million C1 round of financing

Today's news tip:

1. US judge dismisses Binance.US’ lawsuit against US SEC press release

2. HKVAC, a virtual asset rating agency in Hong Kong, announced the calculation method and calculation rules of the "Large Cryptocurrency Index"

3. Huobi will delist 10 trading pairs including ADA/USDD on June 29

4. Damus founder: Apple App Store will remove Damus, will continue to appeal

5. Binance will list Maverick Protocol at 16:00 on June 28

6. Circle cross-chain transmission protocol CCTP has been launched on Arbitrum

7. Web3 game giant Mythical Games completes $37 million in Series C1 financing, led by Scytale Digital

8. FTX Debtors: FTX owes customers about $8.7 billion, and the new management has now recovered $7 billion

Regulatory News

US judge dismisses Binance.US lawsuit over US SEC press release

A U.S. federal judge has dismissed Binance’s lawsuit over the wording of a U.S. Securities and Exchange Commission (SEC) press release, CoinDesk reported. Binance believes that the SEC's wording may be against it in court. Judge Amy Berman Jackson of the U.S. District Court in Washington, D.C., rejected the requests, arguing that the court was not tasked with "literally embellishing" the parties' public statements in the case, and saying that "at present, it appears that the intervention of the court is unnecessary. The court stepped in to modify the press releases of the parties." The wording is unnecessary and inappropriate". According to previous news, lawyers for BAM Trading filed a complaint against the SEC's press release on Friday, expressing concern about the SEC's "misleading extrajudicial statement." “The SEC’s press release appears designed to cause unnecessary confusion in the market, which will harm rather than protect BAM’s clients,” said Binance’s lawyers. The company’s lawyers also insisted that “there is no evidence that BAM’s client assets be squandered, mixed or abused in any way".

NFT

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Project News

Tezos has activated the "Nairobi" upgrade, increasing TPS by 8 times

According to official news, Tezos has activated its 14th core protocol upgrade "Nairobi (Nairobi)". After the upgrade is completed, the number of transactions per second (TPS) that Tezos can handle will increase by 8 times, and consensus can be reached faster. The L2 expansion solution Smart Rollups will be synchronized with the L1 protocol upgrade.

Binance has withdrawn its license application in Austria

According to The Block, Binance has withdrawn its license application to the Austrian Financial Market Authority. A Binance spokesperson said: “We are unable to share details of our conversations with regulators, but we remain committed to meeting our obligations wherever Binance operates. Our current focus in Europe is to ensure full compliance when MiCA is implemented late next year. regulation". According to FinanceFWD, citing people familiar with the matter, Binance withdrew its Austrian application not long ago due to pressure from Austrian regulators behind the scenes. It is reported that Binance established a subsidiary Binance Austria GmbH in Austria last year and plans to apply for a license for this subsidiary. According to previous news, Binance has withdrawn from the Dutch, Cyprus and British markets. Last week, Belgium’s financial regulator ordered Binance to cease all services in the country. The company is currently registered in EU countries such as Italy, Spain and France.

It was reported later today that SBF had spent more than $243 million on properties in the Bahamas, mixing company and client funds.

Huobi will delist 10 trading pairs including ADA/USDD on June 29

According to official news, the encryption exchange Huobi stated that it will delist ADA/USDD, APE/USDD, ARPA/BTC, ETC/USDD, FIL/USDD, GAS/BTC, MATIC/ USDD, QTUM/BTC, SOL/USDD, ZKS/BTC. It is reported that most of these tokens are marked as unregistered securities by the United States Securities and Exchange Commission (SEC). USDD is the eighth largest stablecoin, issued by TRON DAO Reserve, with a market capitalization of about $750 million, according to CoinGecko.

Damus founder: Apple App Store will remove Damus and will continue to appeal

William Casarin, the founder of Damus, an open social application of the Nostr protocol, tweeted that Damus will be removed from the Apple App Store on Tuesday because it violates Apple's in-app purchase rules. He said that even though we have updated the app and made it clear that users will not unlock any digital content after paying, it will still be removed from the App Store. We will appeal because the rule has clearly been abused and misapplied. Damus was launched on the App Store earlier this year, but was asked by Apple to take it off the shelves on June 13 because of the "zaps" function (a special Damus function that allows users to send a small amount of bitcoin to content creators through the Lightning Network, similar to tweeting). special "tip" feature). Apple said it does not allow zaps on its platform because they "could" be used by content creators to sell digital content. Apple then said it spoke with Damus and came to a consensus on how Damus' zaps would survive on the platform.

Ark Invest believes that its spot bitcoin ETF will be the first to be approved, and hints that it may follow BlackRock's practice to modify the application

Cathie Wood's Ark Investment Management said it could become the first firm to receive approval for a spot bitcoin ETF, Bloomberg reported, despite industry speculation that BlackRock could be ahead of the competition if any products receive regulatory approval. .

ARK Investment Management analyst Yassine Elmandjra wrote that BlackRock's application for a spot bitcoin ETF product rocked the cryptocurrency market, and it could differentiate its application from a "unique" sharing agreement for exchange monitoring. The agreement is designed to prevent market manipulation, but "other applicants will be able to amend their applications with a similar agreement at little cost". Elmandjra mentioned: "ARK and 21Shares have submitted an application for a spot bitcoin ETF to the SEC in April, which is currently the only ETF ahead of BlackRock."

James Seyffart, an ETF analyst at Bloomberg, said: "21Shares, ARK and Cboe may be ranked first, because the US SEC's decision on whether to approve their ETF applications is August 13, 2023. BlackRock and others The company's 19b-4 (spot bitcoin ETF) filing date is yet to be decided, I think Cboe is looking to update their 19b-4 rule change filing to add a surveillance sharing agreement with Coinbase if they think this could be an ETF approved Ways.” Earlier in May, it was reported that Cboe submitted an application for the listing of ARK 21Shares spot bitcoin ETF to the US SEC for the third time.

Robinhood announces it will lay off about 7% of its full-time workforce

Robinhood, a stock and cryptocurrency trading platform, said on Monday that it will lay off about 7% of its full-time workforce, or about 150 people, due to a decline in customer engagement, CNBC reported. Robinhood said in a statement: "We are making sure that we are operating well in terms of continued collaboration. In some cases, this may mean that the team needs to change according to the volume and workload."

HKVAC, a virtual asset rating agency in Hong Kong, announced the calculation method and calculation rules of the "Large Cryptocurrency Index"

HKVAC, a virtual asset rating agency in Hong Kong, announced the calculation method and calculation rules of the "HKVAC Large Cryptocurrency Index". The first batch of 30 currencies that constitute the index include WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL , NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS. Among them, HKVAC reviews the currency at the end of each quarter, which is announced two weeks after the end of the quarter and implemented three weeks after the end of the quarter.

Candidates for inclusion in the index include listing and trading requirements (the cryptocurrency should be actively traded in the market for at least three months), total market capitalization requirements (the index includes the market with the highest listed Median daily market cap over the past three months must be at least $10 million), liquidity requirements (cryptocurrencies must have a median daily volume of $100,000 over the past three months), asset class Requirements (cryptocurrencies should be publicly traded, excluding stablecoins or any other pegged cryptocurrencies, excluding Bitcoin and Ethereum).

According to the official website, HKVAC is about to launch the HKVAC Risk Rating Cryptocurrency Index, and no details have been announced yet.

The Curve community voted to "support WBTC to mint crvUSD as collateral" proposal

According to the information on the relevant voting page, the Curve community has recently voted on the chain to pass the proposal of "deploying a WBTC market with a debt ceiling of 200 million crvUSD", which means that Curve will support WBTC as collateral to mint crvUSD.

ConsenSys Unveils New Brand Identity and Publishes Global Web3 Perception Survey Report

Joseph Lubin, founder of blockchain software technology company ConsenSys, tweeted that ConsenSys has launched a new brand identity, aiming to ignite the spark of builders. And publish the global web3 awareness survey report conducted with YouGov. The survey provides an in-depth analysis of public opinion on cryptocurrencies, blockchain and web3 among more than 15,000 respondents from 15 countries. 92% of respondents said they were aware of cryptocurrencies, but only 8% were familiar with the concept of web3. Eighty-two percent of respondents said privacy was important to them, 77 percent wanted more control over their online identities, and 70 percent wanted ownership of their data.

In addition, ConsenSys will hold Not Another Virtual Hackathon from July 6 to August 21, 2023, with a total prize pool of US$115,500. Hackathon registration opens on June 27, 2023 and ends on August 14, 2023.

Binance will list Maverick Protocol at 16:00 on June 28

Binance will list Maverick Protocol (MAV) at 16:00 on June 28, 2023 (Eastern Eighth District Time), and open trading pairs of MAV/BTC, MAV/USDT, and MAV/TUSD.

Everstake: The Ethereum team tentatively plans to launch a new testnet called Holešky on September 15 to replace Goerli

Everstake, a blockchain pledge service provider, published a blog post saying that the Ethereum development team announced that it will launch a new test network called Holešky, and the creation event is initially scheduled for September 15, 2023 at 22:00. In order to replace Goerli by the end of this year, the Ethereum team proposes to launch Holešky no later than September. Holešky will replace Goerli as the staking, infrastructure and protocol developer testnet. Meanwhile, decentralized application (DApps) testing, smart contracts, and other EVM (Ethereum Virtual Machine) functions will be available for testing on the Sepolia testnet.

DeFi Platform Oasis.app Announces Rebrand to Summer.fi

The DeFi platform Oasis.app announced that it will be renamed Summer.fi. The reshaping of the new brand image reflects the growth from a front-end platform to a comprehensive multi-protocol DeFi ecosystem.

Circle's cross-chain transfer protocol CCTP has been launched on Arbitrum

Circle announced that its cross-chain transfer protocol CCTP is now live on Arbitrum, and developers can now transfer USDC directly on Ethereum, Avalanche, and Arbitrum. Through CCTP, users will receive native USDC.

Finance News

NFT start-up Tegro completes seed round financing at a valuation of US$100 million, Polygon Ventures and others participate

According to the official blog, NFT startup Tegro completed a seed round of financing at a valuation of US$100 million, with Polygon Ventures and other private investment institutions participating in the investment. The specific financing amount has not yet been disclosed.

It is reported that Tegro is an NFT-20 exchange co-founded by Siddharth Menon, former co-founder of encryption exchange WazirX, and Ashish Rawat, founder of fitness startup OGA Fit. Tegro supports users to conduct batch transactions of NFT on Ethereum, Polygon and other EVM compatible chains, while also providing users with trading tools and technical services. The company revealed that it will announce some "large partnerships" and targeting the community in the coming months. The "airdrop activity".

Web3 game giant Mythical Games completed a $37 million C1 round of financing led by Scytale Digital

Web3 video game developer Mythical Games has raised $37 million in a Series C1 round led by digital asset management firm Scytale Digital. New investors in the company include Cathie Wood's ARK Invest, Animoca Brands, PROOF, Stanford Athletics and MoonPay. Existing funders Andreessen Horowitz, WestCap, Gaingels, Signum Growth and Struck Capital also participated. In addition to expanding its game and audience, Mythical Games intends to use the funding to make the company profitable.

Some of the company's most popular titles include NFL Rivals and Blankos Block Party, which launch on the Epic Games Store in September 2022. Last year, the company attracted more than 2.5 million new users and generated $1 million in sales per day.

Mythical Games plans to close the round with an additional $20-30 million later this year.

Mining News

Mining Hut 8 Subsidiary Receives $50M Line of Credit from Coinbase Credit

Hut 8 Holdings, a subsidiary of bitcoin miner Hut 8, has entered into a $50 million credit facility with Coinbase Credit as lender. Loan proceeds will be used for general corporate purposes. The credit facility provides a $15 million term loan, which is expected to be funded at or shortly after closing. The credit facility also provides an option to draw down an additional $20 million deferred term loan on a second borrowing within one to two months of closing, and an option to draw down an additional $15 million deferred term loan between Hut 8 and A third borrowing within 15 business days of completion of US Data Mining Group, Inc.'s previously announced merger, each subject to the maintenance of a specified loan-to-value ratio. Obligations under the credit line due 364 days after the date of the first borrowing are secured by Hut 8's interest in certain bitcoins held in custody at Coinbase Custody Trust Company, LLC. All borrowed amounts bear interest at the greater of the applicable federal funds rate on the date of borrowing and 3.25 percent plus 5.0 percent.

Important data

Foreign media: Do Kwon's personal wallet transferred 1 million USDC to Binance via the new wallet yesterday

According to Digital Asset reports, on-chain data confirmed that on June 26, Terraform Labs CEO Do Kwon’s personal wallet transferred 1 million USDC to Binance via the new wallet, and the media suspected that the transaction was cash-out. This intermediate address currently has only 15 transactions.

Cho Jae-woo, a professor at Seoul National University, said: “Even after Do Kwon was arrested in Montenegro in March, he continued to cash out cryptocurrencies.

Grayscale's ETHE and GBTC monthly management fees hit a new high since May 2022, about $44 million

Grayscale, a subsidiary of Digital Currency Group (DCG), earned about $44.13 million in revenue this month from its flagship product Grayscale Bitcoin Trust (GBTC) and Ethereum fund ETHE, according to The Block. That overhead was the best monthly projected revenue since May 2022. The calculation is based on the total dollar holdings of the fund each month multiplied by Grayscale's fees. The annual fee for GBTC is 2%, and the annual fee for ETHE is 2.5%.

FTX Debtors: FTX Owes Clients About $8.7 Billion, New Management Has Now Recovered $7 Billion

FTX debtors released a second investigative report on Monday detailing the exchange’s mixing and misuse of customer deposits, The Block and Bloomberg reported. John J. Ray III, Chief Executive Officer and Chief Restructuring Officer, said in a statement: "From the inception of FTX Exchange, FTX Group has mixed customer deposits and company funds, and under the guidance and design of previous executives Indiscriminate abuse.” According to the report, FTX owes customers approximately $8.7 billion. A third survey report is expected to be published in August 2023.

In addition, FTX’s new management team stated that it has made substantial progress in protecting assets and has recovered about $7 billion in liquid assets so far. The report also stated that the vast majority of the deficit (over $6.4 billion) was misappropriated fiat currencies and stablecoins.

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