Evening News | Forbes Reveals Binance's Actual Chief Financial Officer; 24-Hour Spot Trading Volume Hits Lowest Level Since Winter 2019

Organizer: Grapefruit, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Data: Bitcoin whale accumulates 15,200 BTC today, currently holding about 111,700 BTC

According to ChainCatcher, on-chain data from Tokenview shows that a Bitcoin whale address starting with bc1ql49yd has accumulated 15,200 BTC (approximately $380 million) through 9 transactions today. The current balance of this address is 111,700.2 BTC, ranking fourth in holdings. (Source link)

2. Tether CTO: Adequate redemption funds are ready

ChainCatcher reports that Tether CTO Paolo Ardoino stated on Twitter that the market is currently volatile, making it easy for attackers to exploit this widespread sentiment, "but Tether is always ready, let them come, we are prepared to redeem any amount of funds." (Source link)

3. DWF Labs Partner: Trading activity has bottomed out, 24-hour spot trading volume hits new low since winter 2019

ChainCatcher reports that DWF Labs managing partner Andrei Grachev tweeted that trading activity has bottomed out, with the 24-hour spot trading volume dropping to $23 billion, the lowest since winter 2019.

Behind the scenes, exchanges are starting to impose requirements on projects regarding trading volume and liquidity, or they will be delisted. Retail activity is also low, but people still need or want something to speculate on, to make (or lose) money. Even larger market cap coins can experience price fluctuations of 20-30% within 24 hours.

Additionally, IDOs, IEOs, and direct listings are no longer popular, as people are waiting for new things to emerge and Binance Launchpad projects. Because it always stimulates retail activity, if a project succeeds, many will try to imitate it.

Grachev explained, "Projects, exchanges, market makers, and other market participants are working behind the scenes to fix the market. Although there is no 100% solution, these efforts will certainly bring some benefits to the market. We are currently in a low point of market activity, but prices remain uncertain. In a few months, we expect our market activity to increase and drive prices up, which also depends on our luck." (Source link)

4. Data: stETH drops to about $1,570, over 47,300 stETH in Aave v2 faces liquidation risk

ChainCatcher reports that DefiLlama data shows that in the Aave v2 stETH market, if stETH drops to about $1,570, over 47,300 stETH (approximately $74.5 million) will face liquidation risk. The current ETH price is $1,649, with a drop margin of about 4.9% to $1,570. (Source link)

5. Bitcoin's market cap dominance rises above 49%, reaching a nearly two-year high

ChainCatcher reports that according to TradingView data, on June 15, Bitcoin (BTC) market cap dominance in the total market cap of crypto assets rose above 49%, reaching a new high since May 2021. (Source link)

6. Data: If CRV drops to $0.371, over $100 million in CRV will face liquidation risk

ChainCatcher reports that according to DefiLlama data, in the Aave v2 CRV market, if CRV drops to $0.371, over 288 million CRV (approximately $108 million) will face liquidation risk.

Currently, the CRV price is $0.57, with a drop margin of about 35% to $0.371. (Source link)

7. Forbes: Revealing Binance's actual CFO, the guardian of the treasury Guangying Chen

ChainCatcher reports that Forbes published an article titled "CEO Changpeng 'CZ' Zhao's mysterious associate Guangying Chen emerges as a key player in his company's operations, which are the subject of a recent lawsuit from the SEC," mentioning that Binance executive Guangying Chen controls more bank accounts and serves on more Binance entity boards than any other executive besides CEO Zhao Changpeng.

She is currently a director of 8 major companies under Binance and is a signatory on dozens of bank accounts registered in 27 entities across 13 countries, responsible for overseeing the company's finances, having processed $148 billion in deposits and withdrawals since 2019.

According to relevant documents, Chen's salary has reached $32 million since 2019, and she has signed off on Binance's most important business deals. "Guangying Chen is a trusted person of Zhao Changpeng," said a former Binance executive who worked with Chen, "She is the gateway to Binance's treasury; she has all the control."

Another insider stated, "Whether it's about fund transfers or fund confirmations, she is needed because she is the authorized person for all bank accounts; Guangying Chen is the real CFO." In the Chinese company records investigated by Forbes, although Zhao Changpeng is listed as the CEO of Shanghai Bijie Network Technology Co., Ltd., it is Chen who controls the company on paper. She holds 93% of the shares and is listed as the founder and sole legal representative.

Zhao Changpeng previously stated in a blog post in 2022 that Chen is "a passport holder from a European country, and she lives there peacefully with her family." However, Forbes pointed out that this contradicts what they understand, as a former Binance executive stated, "Wherever Zhao Changpeng goes, Guangying Chen goes." (Source link)

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

1. "USDT Faces Severe Selling Pressure, Are Market Makers Exiting?"

In the past 48 hours, the concentration of USDT in Curve 3pool has risen to 50%, and within just one hour, it surged to 74%. This has raised concerns in the community, as everyone seems puzzled by the sudden selling pressure on USDT. Did someone know some key information in advance? After all, the last time the concentration of USDT in Curve 3pool exceeded 50% was during the FTX collapse in November 2022, and it has not reached such a high level since.

2. "Forbes Investigation: Who Exactly Is Binance's Behind-the-Scenes Financial Steward Heina Chen?"

In the massive lawsuit against cryptocurrency exchange Binance and its founder Zhao Changpeng by the U.S. Securities and Exchange Commission, one name repeatedly appears: Guangying "Heina" Chen. When Binance established its U.S. entity in 2019, Chen's name was listed as a signatory on its bank accounts. Chen seems to have no formal title at Binance and has not made public appearances, although documents obtained by the SEC describe her role as "financial director."

3. "From Crypto 'Cheerleader' to Crypto 'Executioner,' How SEC Chair Gary Gensler Fell into Regulatory Embarrassment?"

From being the crypto "cheerleader" to becoming the crypto "executioner," Gary Gensler's flip-flopping has not only led to unprecedented criticism but also raised concerns that the SEC, under his leadership, seems to be anxious and gradually losing control in the face of continuous blows to the cryptocurrency market.