Evening News | Voyager Digital claims that the outstanding loan value of Three Arrows Capital is approximately $660 million; 1confirmation announces the launch of a $100 million NFT fund

Organizer: Hu Tao, Chain Catcher

"What important events have occurred in the past 24 hours?"

1. Voyager Digital: Unpaid loans to Three Arrows Capital worth approximately $660 million may issue a default notice

Cryptocurrency broker Voyager Digital stated in a press release that its operating subsidiary, Voyager Digital, LLC, may issue a default notice to Three Arrows Capital for failing to repay loans. Voyager's exposure to 3AC includes 15,250 BTC and $350 million USDC, currently totaling approximately $660 million.

The company initially requested that Three Arrows Capital repay $25 million USDC by June 24, 2022, and subsequently requested repayment of the entire balance of USDC and BTC by June 27, 2022, but these amounts have not been repaid. Three Arrows Capital's failure to repay any of the requested amounts by these specified dates will constitute a default event. Voyager intends to recover from the Three Arrows Capital incident and is discussing available legal remedies with the company's advisors. The company is currently unable to assess the amount it can recover from Three Arrows Capital.

Previously, on June 18, Voyager Digital signed terms for a $200 million and 15,000 BTC revolving credit facility with Alameda Research, with the proceeds intended to protect customer assets. As of June 20, Voyager had approximately $152 million in cash and its own cryptocurrency assets, as well as about $20 million restricted for purchasing USDC. (Source link)

2. Venture capital firm 1confirmation announces the launch of a $100 million NFT fund

Venture capital firm 1confirmation announced the launch of a $100 million NFT fund, which will directly invest in NFTs, with a management period of 10 years. 1confirmation founder Nick Tomaino stated that NFTs will disrupt cryptocurrency in the next decade, as people care more about culture (games, art, music, etc.) than finance; although NFTs carry high risks, 1confirmation remains optimistic about NFT assets. (Source link)

3. Cryptocurrency financial services company FalconX completes $150 million Series D funding at an $8 billion valuation, led by GIC and B Capital

Cryptocurrency financial services company FalconX completed a $150 million Series D funding round at an $8 billion valuation, led by GIC and B Capital, with participation from Thoma Bravo, Wellington Management, Adams Street, and Tiger Global Management. It is reported that the FalconX platform provides institutional investors with access to cryptocurrency strategies in one interface while enabling banks and fintech companies to offer cryptocurrency products. (The Block)

4. Huobi accuses former senior manager of institutional client department Chen Boliang of accessing Huobi's computer system with criminal intent

Huobi has filed a civil lawsuit against former senior manager of the institutional client department, Chen Boliang, who is accused of accessing Huobi's computer system with criminal intent and profiting $5 million USDT. According to the charges filed this month, Chen Boliang opened a Huobi retail account in his father's name and obtained a $20 million credit line from the exchange, then traded using a Huobi account he controlled between February and March 2020, resulting in approximately $5 million in profits. In April 2020, Huobi reported the case to the police, and Chen Boliang was arrested in May of the same year. (Financial Times)

5. NFT project Doodles completes seed funding led by Seven Seven Six and will launch Doodles 2 series NFTs

NFT project Doodles announced at the NFT NYC conference that it has completed its seed funding round, led by venture capital firm Seven Seven Six, founded by Reddit co-founder Alexis Ohanian, with specific amounts not disclosed. The project also announced the launch of a new NFT series, Doodles 2, which will cover millions of avatars and feature a wider range of characteristics and wearable items.

Additionally, renowned music producer Pharrell Williams will join the Doodles team as Chief Brand Officer, helping Doodles shape the strategic direction of the NFT series in areas such as music, art, consumer goods, animation, and events. Williams will also serve as the executive producer of the music album related to Doodles, "Doodles Records: Volume 1," which will be released in collaboration with Columbia Records. (Decrypt)

6. Economic Daily: Bitcoin's plunge also requires vigilance against zero-risk

The Economic Daily commented that frequent plunges have revealed the investment risks of Bitcoin. Compared to the peak of $69,000, the current drop seems significant, but vigilance against the risk of going to zero is still necessary. Bitcoin is merely a string of digital codes, and profits mainly come from the price difference between buying low and selling high. If investor confidence collapses and they no longer "pick up the pieces," or if sovereign countries like the United States declare Bitcoin illegal, Bitcoin will revert to its original worthless value. Investors should not rashly enter the market with the idea of bottom-fishing to avoid being "cut down." (Source link)

7. Uniswap Labs acquires NFT aggregation market Genie, plans USDC retroactive airdrop for Genie users in August

Uniswap Labs announced the acquisition of NFT aggregation market Genie, with specific transaction terms undisclosed. Uniswap Labs stated that this acquisition will integrate NFTs into its products, starting with the Uniswap web application, allowing users to buy and sell NFTs on its market soon. Uniswap Labs will also integrate NFTs into developer APIs and widgets.

Additionally, Uniswap Labs plans to airdrop USDC to Genie’s historical users, with the airdrop set to launch in August, and claims can be made within 12 months based on already taken snapshots.

Uniswap Labs stated that this acquisition is conducted by Uniswap Labs and does not affect the Uniswap protocol, Uniswap governance, or UNI tokens. Until the new Uniswap NFT experience is available, Genie users will continue to receive services from the Genie website. (Source link)

8. Magic Eden completes $130 million Series B funding at a $1.6 billion valuation, led by Electric Capital and Greylock

According to CoinDesk, Solana ecosystem NFT marketplace Magic Eden completed a $130 million Series B funding round at a $1.6 billion valuation, co-led by Electric Capital and Greylock. Magic Eden plans to use this funding to expand its primary and secondary markets and explore multi-chain opportunities. (CoinDesk)

"What excellent articles are worth reading in the past 24 hours?"

1. “Foresight Ventures: Decentralized NFT trading protocols will defeat OpenSea”

In the crypto world, a day can feel like a year, and in the NFT space, it might only be one hour after minting. The frenzy and FOMO surrounding NFTs are far crazier than any other market, and the NFT exchanges, as infrastructure, have already experienced several cycles, yet very few have truly survived because most exchanges have failed to meet the needs of all parties involved in secondary market NFT trading (as shown in the diagram below) and have instead focused on pseudo-needs to seek breakthroughs. This article will attempt to analyze the demands of NFT trading and the evolution of trading venues to explore better solutions for the future.

2. “Messari: How to view Ethereum's 'Rollup-centric' future?”

To alleviate current scalability issues, Ethereum is shifting to a "Rollup-centric roadmap," combining the best on-chain and off-chain scaling solutions. Ethereum's on-chain scaling solution, danksharding, provides ample data space for the flourishing of L2 (Layer 2) scaling solutions such as Optimistic Rollups and ZK-Rollups.

Both Optimistic Rollups and ZK-Rollups have their drawbacks: most Optimistic Rollups have long withdrawal waiting periods between layers, while ZK-Rollups often require extensive computations, hindering seamless composability. To maintain the viability of a Rollup-centric future, Rollup solutions must prioritize reducing execution costs, cross-layer interoperability, and user privacy.