Weekly Report | Azuki's latest series of NFTs has sparked outrage; Binance Labs' Season 6 incubation program is now open for applications
Poly Network hacker minted over $34 billion in assets across multiple chains; the U.S. SEC stated that the recently submitted application documents for a spot Bitcoin ETF are insufficient.整理：Cookies, ChainCatcher
"What Important Events Happened This Week (6.26-7.2)"
1. Poly Network Hacker Mints Over $34 Billion in Assets Across Multiple Chains, Approximately $800,000 Bridged to Ethereum Address
Cross-chain interoperability protocol Poly Network has been attacked again after 2021, with hackers minting over $34 billion in assets across multiple chains, some of the stolen funds (approximately $800,000) bridged to an Ethereum address starting with "0xe0Afa".
Metis tweeted that it has noticed issues occurring with PolyBridge and is in contact with the Poly Network team to minimize the impact of the attack and further assess the situation. Additionally, Metis stated that there is no available sell liquidity for the newly minted BNB on Metis. All funds on Metis Andromeda are safe.
Zhao Changpeng tweeted that the Poly Network hacker will not affect Binance users, as Binance does not support deposits from that network. However, Binance's security team is assisting with the investigation.
Currently, Poly Network has suspended services and is actively contacting relevant parties to assess the extent of the affected assets. The SlowMist team is working with Poly Network officials to trace the attackers and has stated that some clues have been found. The hacker has currently realized $4.39 million in mainstream asset liquidation.
2. AzukiDAO Plans to Sue Founder Zagabond and Recover 20,000 ETH Refund
AzukiDAO has initiated multiple motions in a proposal titled "Hire a Lawyer to Help the Community Recover 20,000 ETH from Zagabond":
- Hire a lawyer and sue Azuki project founder Zagabond, accusing him of rug-pulling multiple projects;
- Recover a refund of 20,000 ETH from the Azuki team and allocate it to the DAO to promote the development of the entire Azuki community and provide rewards and incentives for artists, content creators, and builders;
- Provide funding support for the 20,000E DAO, which will be used to establish a litigation research group.
It is reported that Azuki launched the Elemental minting activity at 00:00 on June 28, Beijing time, and subsequently transferred the proceeds of 20,000 ETH (approximately $37 million) from the sales of its Elementals series to Coinbase Prime. AzukiDAO and the 20,000E DAO were established by some former core builders of the Azuki community and Azuki holders and are not affiliated with the Azuki project team. (Source link)
3. U.S. SEC: Recent Spot Bitcoin ETF Application Filings Are Inadequate
According to the Wall Street Journal citing insiders, the U.S. Securities and Exchange Commission (SEC) informed Nasdaq and the Chicago Board Options Exchange that the recent filings submitted by BlackRock, Fidelity, and other companies are not clear and comprehensive.
Subsequently, Bloomberg reported that asset management companies like Fidelity have resubmitted a new set of Bitcoin ETF applications to supplement new details. The five companies resubmitting the applications stated that Coinbase Global Inc. will provide market oversight for their funds, a fact that was not included in previous versions. Insiders revealed that Coinbase is also providing various services for other proposed fund issuers, with a document showing that 21Shares stated Coinbase would also provide custody services, while other issuers declined to confirm whether Coinbase would be involved.
Additionally, a document disclosed that Cathie Wood's Ark Invest has modified its 19b-4 filing for its Bitcoin spot ETF application. Similar to BlackRock's approach, ARK Invest's modification introduced a supervision-sharing agreement between the Chicago Board Options Exchange (CBOE) and a well-known cryptocurrency exchange (possibly Coinbase). (Source link)
4. MicroStrategy Buys 12,333 Bitcoins for Approximately $347 Million in Cash
According to ChainCatcher, MicroStrategy founder Michael Saylor posted on social media that MicroStrategy has again purchased 12,333 Bitcoins at an average price of $28,136 from April 29 to June 27, spending approximately $347 million.
As of June 27, 2023, MicroStrategy has purchased 152,333 Bitcoins for approximately $4.52 billion, with an average price of $29,668 per Bitcoin. (Source link)
5. Paradigm Website Introduction Modified Again, Cryptocurrency-Related Statements Readded
Paradigm co-founder Matt Huang tweeted that, "We previously removed all mentions of 'cryptocurrency' from the landing page, which is a bit ridiculous. That was a mistake." He also stated that Paradigm's website has returned.
According to ChainCatcher, the current introduction on the Paradigm website states, "We focus on cutting-edge cryptocurrency and related technologies." Previously, at the end of May, the Paradigm homepage introduction was significantly modified from "Paradigm supports disruptive crypto/Web3 companies and protocols with funding from as little as $1 million to over $100 million" to "Paradigm is a research-oriented technology investment firm," and removed expressions like "We believe cryptocurrency will define the next few decades." (Source link)
6. Binance Labs Season 6 Incubation Program Now Open for Applications, Deadline August 1
Binance's venture capital department and incubator Binance Labs has opened applications for its Season 6 incubation program, with a deadline of August 1 at 14:59 Beijing time.
According to previous reports from ChainCatcher, Binance Labs has invested in five projects from its Season 5 incubation program, including zkPass, Mind Network, Kryptoskatt, Bracket Labs, and DappOS. Over 900 projects applied to participate in Binance Labs' Season 5 incubation program, with less than 2% of projects being accepted. (Source link)
7. Data
- Bitcoin mining revenue in June was $760 million, a decrease of about 17% month-over-month. On-chain NFT sales for Bitcoin exceeded $100 million, down 44% from the previous month.
- Curve CEO deposited over $300 million in CRV on Aave and borrowed $81.6 million in stablecoins.
- DeFiance Capital founder sold Azuki #4666 for 235 ETH.
- The 24-hour trading volume of the BCH/KRW trading pair on Upbit reached $440 million, ranking first among KRW trading pairs.
- Andrew Kang holds 299 Azuki and 580 Elementals, the largest total holdings in the series.
"What Exciting Articles Are Worth Reading This Week (6.26-7.2)"
Zhao Changpeng once described Trust as "a diamond buried underground," and this project has maintained a low profile for a long time, but its technical strength cannot be underestimated. Currently, the Trust Wallet client has been downloaded over 60 million times, with major users spread across Europe, America, South Asia, and the Middle East, nearly 60% of whom grew last year. Since the launch of the Trust Wallet web extension in November last year, downloads have also reached the top three in the industry.
What makes Trust Wallet special? What are its technical advantages? How has it developed since being acquired by Binance in 2018? Recently, ChainCatcher interviewed Eowyn Chen, who discussed with us the positioning and development of Trust Wallet within the entire Binance ecosystem, the competitive landscape of the wallet sector, and the current obstacles.
2. "Layer 2 Competition Upgrades, Is It Necessary for Arbitrum and zkSync to Push Layer 3?"
Arbitrum and zkSync seem to be in agreement. As Optimism rebranded to OP Mainnet to showcase its ambition for a cross-chain empire, both Arbitrum and zkSync have picked up the weapon of Layer 3, intending to carve out a multi-chain future. In a time when applications have yet to explode and Layer 1 and Layer 2 have become saturated, why are Arbitrum and zkSync rushing to Layer 3? What problems does it solve? Is it necessary to recreate Layer 3?
3. "Azuki, Making Nearly $38 Million, This Time Angered the Entire Community"
At midnight on June 28, the new series of the leading NFT project Azuki, Azuki Elemental Beans, officially went on sale. The enthusiastic community and massive financing (a total of 20,000 ETH) seemed to mirror that night last year. With its excellent art style, Azuki attracted a loyal community of users in the previous era of NFTs. But now, Azuki needs to think about how to appease these hurt "family members," as community sentiment collapses and all Azuki series works plummet.
Recently, the news of Lens Protocol raising $15 million has made it a focal point in the crypto community again. Lens Protocol has been around for over a year; what is its operational status? What new developments are there in its products? How is the ecosystem developing? Can the number of daily active addresses become an important criterion for measuring the quality of Web3 social applications?
5. "Former Harmony Employee's Account: Poor Management by Executives Disrupts Employee Work"
Harmony is one of the "Layer 1" blockchains that saw its value soar during the 2021 crypto bull market. Only Tse and Jiang remain among the eight co-founders of Harmony. Some former employees accuse them of "poor management," which has led to Harmony's funds decreasing from $1 billion to around $50 million.
6. "Prime Trust on the Brink of Collapse, Another Unforeseen Disaster for the Crypto Industry?"
Another large crypto custodian is teetering on the edge of bankruptcy—Prime Trust, which was favored by well-known crypto companies like Binance.US, FTX, and Celsius, providing asset storage and banking-like services, is now facing a "liabilities exceeding assets" situation and may be taken over by regulators. Is there any industry institution that can extend an olive branch at this moment to save it from dire straits, or will another small storm become the last straw that breaks the camel's back?
