Daily Report | pump.fun has been relaunched; Nigerian court rejects Binance executive's bail application; Hong Kong will expand the cross-border pilot of digital renminbi in Hong Kong; Hacker scam group Pink Drainer steals over 75 million dollars
May 17 News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- pump.fun is back online, with a 0% trading fee for the next 7 days
- CryptoQuant CEO: Bitcoin is in the mid-cycle of a bull market, which may end in April next year
- Nigerian court denies Binance executive Tigran Gambaryan's bail application
- Data: Ethereum Foundation-associated address transfers 200 ETH to Kraken
- Hong Kong Monetary Authority: Expanding the cross-border pilot of digital RMB in Hong Kong
- DePIN Layer1 protocol Peaq completes $20 million fundraising via CoinList
- Hacker scam group Pink Drainer announces closure of services after stealing over $75 million
"What important events happened in the last 24 hours"
Data: Spartan Group transfers multiple tokens worth approximately $6.67 million to Coinbase in under 50 minutes
Arkham data shows that within 50 minutes, Spartan Group transferred 352,000 GAL (approximately $1.21 million), 15 million C98 (approximately $3.9 million), 333,000 1INCH (approximately $129,000), 30,350 MPL (approximately $420,000), 1.379 million STG (approximately $629,000), and 95,238 GFI (approximately $383,000) to Coinbase Prime hot wallet addresses via multiple intermediary addresses, totaling approximately $6.67 million.
CryptoQuant CEO: Bitcoin is in the mid-cycle of a bull market, which may end in April next year
Ki Young Ju, founder and CEO of CryptoQuant, stated on social media, "Bitcoin is in the mid-cycle of a bull market. Its market cap is growing faster than its realized cap, a trend that typically lasts about two years. If this pattern continues, the bull market cycle may end in April 2025."
Nigerian court denies Binance executive Tigran Gambaryan's bail application
According to the Nigerian National Newspaper, the Federal High Court in Abuja, Nigeria, denied the bail application of Binance executive Tigran Gambaryan, who is on trial for alleged money laundering. In Friday's ruling, Judge Emeka Nwite found that Gambaryan posed a flight risk. Judge Nwite agreed with prosecutor Ekele Iheanacho's argument that granting Gambaryan bail would be unwise, given that his co-defendant, Binance's regional manager for Africa, Nadeem Anjarwalla, had previously escaped from custody.
Data: Ethereum Foundation-associated address transfers 200 ETH to Kraken
According to monitoring by PeckShield, an Ethereum Foundation-associated address transferred 200 ETH to Kraken.
Data: 6 Hong Kong virtual asset ETFs have a trading volume of approximately HKD 19.8 million today
The first six Bitcoin and Ethereum spot ETFs launched in Hong Kong had a total trading volume of approximately HKD 19.8 million today. Among them: Huaxia Bitcoin ETF (3042.HK): HKD 12.94 million; Huaxia Ethereum ETF (3046.HK): HKD 880,000; Harvest Bitcoin Spot ETF (3439.HK): HKD 2.67 million; Harvest Ethereum Spot ETF (3179.HK): HKD 611,000; Bosera HashKey Bitcoin ETF (3008.HK): HKD 2.3 million; Bosera HashKey Ethereum ETF (3009.HK): HKD 398,000.
Hong Kong Monetary Authority: Expanding the cross-border pilot of digital RMB in Hong Kong
The Hong Kong Monetary Authority announced further progress in cooperation with the People's Bank of China on the cross-border payment pilot of digital RMB, expanding the pilot scope in Hong Kong to facilitate residents in Hong Kong to open and use digital RMB wallets, and to top up their digital wallets via "Faster Payment System." With this expansion, users can now open and use personal digital wallets in Hong Kong using a local mobile number. Digital wallets can be used for cross-border payments but cannot be used for personal transfers. Hong Kong users can top up their wallets through 17 local retail banks via "Faster Payment System." Digital RMB can be used not only in the Greater Bay Area but also in other pilot areas in mainland China.
Drift Protocol token (DRIFT) price currently at $0.31, with a 24-hour increase of over 219%
According to RootData, the price of Drift Protocol token (DRIFT) is currently $0.31, with a 24-hour increase of over 219%. Previously reported on May 16, Drift Protocol launched the DRIFT token and opened airdrop claims.
Hacker scam group Pink Drainer announces closure of services after stealing over $75 million
Screenshots released by a blockchain security agency show that the hacker scam group Pink Drainer announced the closure of services after stealing over $75 million. The announcement stated that Pink Drainer has reached its goal and will retire as planned. All infrastructure will be gradually shut down, and stored information will be cleared and destroyed. Administrators warned users to beware of impersonators and stated that they will not return in the future. Any messages claiming to be from them but not signed with their wallet addresses (0x636/0x9fa) are not from them.
DePIN Layer1 protocol Peaq completes $20 million fundraising via CoinList
DePIN Layer1 protocol Peaq completed a $20 million fundraising via CoinList, with over 14,500 community members contributing more than $36 million, oversubscribing Peaq's token issuance on CoinList, making it the largest fundraising event on CoinList in over two years and the highest donation amount for an issuance.
Pump.fun attacker suspected of conducting random airdrops of stolen funds, targeting holders including slerf, saga, etc.
According to community reports, Pump.fun was attacked, and the attacker @STACCoverflow randomly airdropped assets worth $80 million to the following wallet addresses, with multiple addresses receiving dozens to hundreds of SOL tokens. 1. slerf holders; 2. stacc holders; 3. saga holders; 4. risklol holders, and it is stated that this airdrop of approximately $80 million may lead to a Solana fork.
pump.fun is back online, with a 0% trading fee for the next 7 days
pump.fun tweeted that the contract is secure, and a former employee misappropriated approximately 12.3K SOL (approximately $1.9 million) using their privileged position in the company. This former employee illegally obtained withdrawal permissions within the company and used Solana lending protocols to conduct flash loans, borrowing SOL and purchasing as many tokens as possible to bring these tokens to 100% on their respective bonding curves. After these tokens reached 100%, liquidity was obtained from the bonding curve, and the flash loan was repaid. During this period, all transactions on pump.fun were halted.
"What are some interesting articles worth reading in the last 24 hours"
Testnet launch, Binance investment incubation, a quick overview of 3 recent popular interactive projects
Recently, the fully modular Rollup network Initia, the full-chain interoperability protocol Analog, and the AI project MyShell incubated by Binance Labs announced the launch of their testnets, quickly making it to the RootData trending list, becoming popular interactive projects among crypto community users.
Identity track unicorns under scrutiny: Worldcoin faces multiple challenges, Humanity founder exposed for failed entrepreneurial history
Recently, the blockchain identity verification platform Humanity Protocol announced a $30 million funding round at a $1 billion valuation, after which the CEO was revealed to have previously founded the unicorn company Tink Labs, which went bankrupt, causing investors to lose hundreds of millions of dollars. Meanwhile, Worldcoin, also in the DID track, is facing controversy due to the upcoming massive token unlock, global regulatory setbacks, and the diminishing effect of OpenAI's backing.
The newly minted unicorn Humanity Protocol is off to a rocky start, while Worldcoin is mired in reputation and business development challenges, with both billion-dollar market cap unicorns in the DID track facing a new test.
A quick overview of the first crypto bill submitted to the president: Are banks helping cryptocurrency to victory?
The U.S. Senate has just overturned SAB 121 with a vote of 60 to 38, which is a big deal! This is the first crypto bill submitted to the president. What is SAB 121? Why is this vote important? How are banks helping cryptocurrency win here?
SEC Accounting Announcement 121 was issued in 2022. It requires digital asset custodians to treat digital assets as liabilities and hold them at fair value on their balance sheets. Why is this a problem?
SAB 121 has many issues, the biggest being: if banks are custodians for $1 billion in Bitcoin for clients, they must hold $1 billion in cash to offset this "liability" on their balance sheets.
A quick overview of the causes and consequences of the Pump.fun attack
First, the attacker @STACCoverflow is not a super hacker but rather a former employee of @pumpdotfun. He has the wallet account with permissions to create each meme token Raydium trading pair, which we call the "hacked account." The meme tokens created on Pump that have not yet met the Raydium listing standards are referred to as the "preparatory account."
The attacker borrowed a flash loan through @marginfi to fill all the pools that had been created but not yet filled to meet the Raydium listing status. The operation that was supposed to happen at this point was that the $Sol in the virtual pool "preparatory account" would be transferred to this "hacked account" because it met the Raydium listing standards. However, at this time, the attacker withdrew the incoming $Sol, preventing these meme coins, which should have been listed on Raydium and locked in the pool, from being listed on Raydium (because the pool had no funds).
