Evening News | Arbitrum suspends Odyssey activities due to gas issues; Nayuki's Tea launches virtual stocks linked to real stock price fluctuations
The U.S. SEC rejected Grayscale's application to convert its GBTC into a Bitcoin spot ETF; Harmony raised the hacker bounty to $10 million.Organizer: Nianqing, Chain Catcher
"What important events have occurred in the past 24 hours?"
1. Arbitrum announces suspension of Odyssey activities, will restart after Nitro launch
Arbitrum announced that due to heavy on-chain load leading to higher than normal gas fees, it has decided to suspend Odyssey activities until the launch of Nitro, in order to ensure that all communities and projects within Arbitrum continue to have the best experience. Users who have completed the tasks for Week 2 of Odyssey will still be able to earn points. Arbitrum stated that once Nitro is launched, it will coordinate with @GMX_IO and @yield to announce when Week 2 will restart.
It is reported that Arbitrum Nitro is built on WASM technology and will compile the Ethereum client Geth (which essentially defines the Ethereum standard EVM engine) into Arbitrum, making it more compatible with EVM and an order of magnitude faster than current technology. The team expects that after Arbitrum Nitro is operational, the execution speed of Layer 2 will increase by 20 to 50 times, and costs will significantly decrease. (Source link)
2. Insider: Biden administration prepares to delay plans for billions in taxes on the crypto industry
According to insiders, the U.S. government's plan to impose billions in taxes on the crypto industry has encountered obstacles, as crypto brokers and trading platforms must begin collecting detailed information on customer transactions. The Biden administration is preparing to delay the plan. (Jin10)
3. U.S. SEC rejects Grayscale's application to convert GBTC to Bitcoin spot ETF and Bitwise's Bitcoin ETP Trust application
According to documents on the U.S. Securities and Exchange Commission (SEC) official website, the agency has rejected Grayscale's application to convert its GBTC to a Bitcoin spot ETF, as well as Bitwise's Bitcoin ETP Trust application. (Source link)
4. Harmony raises hacker bounty to $10 million, final communication deadline on July 4
Harmony's official Twitter stated that Harmony has begun a global manhunt for the hacker in conjunction with law enforcement agencies and all exchanges. Meanwhile, Harmony has raised the hacker bounty from $1 million to $10 million, with the final communication deadline set for July 4 at 23:00 UTC (July 5 at 7:00 Beijing time).
Additionally, Harmony stated earlier today that team members are working to collect wallet data and formulate plans based on the impact of the Horizon bridge theft on users. (Source link)
5. OpenSea: Partner email vendor causes data breach, warns users of phishing attacks
According to OpenSea's official news, an employee of its email delivery partner Customer.io abused their employee access to download user email information and shared the relevant email addresses with unauthorized external parties. OpenSea issued a warning that users who have shared their email with OpenSea in the past may be affected.
Currently, OpenSea is cooperating with Customer.io on an ongoing investigation and has reported the incident to law enforcement. OpenSea reminds users that due to the data breach including email addresses, the likelihood of email phishing attempts may be higher. (Source link)
6. Nayuki Tea launches "Nayuki Coin" and virtual stocks, with price fluctuations linked to real stock prices
Nayuki Tea announced the launch of its anniversary event on its official WeChat account. Starting from June 30, for every 1 yuan spent, users can earn 1 Nayuki Coin, which can be used to buy/sell virtual stocks and become virtual shareholders. Users can also use Nayuki Coins in the Nayuki Coin mall to exchange for various gifts. Additionally, every 30 shares of virtual stock can be exchanged for a 3 yuan voucher. Nayuki's virtual stocks are linked to the fluctuations of real stocks, with the virtual stock price = Nayuki's Hong Kong stock real closing price * Hong Kong dollar to RMB exchange rate. Virtual stocks can also incorporate leveraged borrowing, with users able to choose x2, x5, or x10 leverage.
Furthermore, Nayuki has launched the metaverse "Nayuki Paradise," which will go live today at 20:00. Previously, Nayuki Tea released "NAYUKI" NFT art blind boxes last December. (Source link)
7. Sichuan police crack a virtual currency money laundering case worth hundreds of billions, criminal gang illegally profits tens of millions in six months
Sichuan police recently disclosed a virtual currency money laundering case involving amounts as high as hundreds of billions. In August last year, during a special rectification operation conducted by the police in Neijiang, Sichuan, a group of unemployed youths born in the 90s, driving luxury cars such as Porsche, Mercedes-Benz, BMW, and Audi, attracted the police's attention. After eight months of investigation, Neijiang police arrested 36 criminal suspects. In just six months, they hid in busy internet cafes, using hundreds of shell companies to launder hundreds of billions for overseas gambling platforms, and then used the covert method of virtual currency trading to collect commissions, illegally profiting tens of millions.
The way this "money laundering" gang made illegal profits was mainly through the covert method of illegal virtual currency trading to collect commissions. Investigations revealed that from June 19 to September 30, 2021, this gang sold over 7 million Tether (USDT) offline, exchanging for over 45 million yuan. When the 36 suspects were arrested, the gang still held over 1 million Tether, worth over 6 million yuan. (China Chang'an Network)
"What interesting articles are worth reading in the past 24 hours?"
1. "a16z: What can Web3 learn from the history of traditional governance?"
In Web3, governance is continuous, participation is fully open, and execution is rapid. Web3 governance is defined by different categories of participants, as customers are the owners. As a result, a new form of digital participation has emerged, characterized by broad experimentation and rapid iteration cycles. However, so far, participation in Web3 governance has not been high, and interest groups can easily capture and manipulate group decision-making. To address this issue, we may find some lessons from the history of systemic governance.
While Web3 is a new phenomenon, governance is not. The governance challenges faced by societies and organizations have been nearly the same for thousands of years—emerging from the Athenian church, where citizens gathered to make collective policy decisions, and rising with the Dutch East India Company, where good governance could disperse risks and aggregate capital on a large scale, promoting a new era of organizational design and privatized governance through an additional layer of legal separation between shareholders and creditors.
2. "Understand Scroll in three minutes: A new contender for scaling with ZK Rollup"
While Ethereum Layer 2 networks based on Optimistic Rollup, such as Optimism and Arbitrum, are thriving due to the launch of governance tokens and the Arbitrum Odyssey event in collaboration with Project Galaxy, the ZK Rollup-based Layer 2 network, which has been highly regarded by Ethereum founder Vitalik Buterin, seems less prominent.
This situation arises partly because developing ZK Rollup-based networks is more challenging, with most still in the testing phase; on the other hand, their security has yet to be validated and tested in real-world scenarios, and there are certain development difficulties in migrating applications on Ethereum. Scroll aims to optimize the current ZK Rollup solutions and establish a Layer 2 network that allows seamless migration of applications on Ethereum.
On the first day of the second phase of the Arbitrum Odyssey event, due to heavy on-chain load leading to higher than normal gas fees, Arbitrum announced the suspension of the Odyssey event. According to L2 Fees data, on that day, the average gas fee for each transaction on the Arbitrum network soared to over $9, double that of the Ethereum mainnet during the same period.
As one of the most popular Ethereum Layer 2 scaling networks, Arbitrum's primary goal is to significantly reduce gas fees to enhance user experience, but such an occurrence is undoubtedly perplexing. So, what exactly happened on the Arbitrum network?
