Daily Report | Musk's AI company xAI completes $6 billion Series B funding; friend.tech co-founder hints at leaving Base; Hong Kong Securities and Futures Commission has recently clarified that STO and RWA investments may be open to retail investors
May 27 News Summary整理：Fairy, ChainCatcher
Important News:
- Elon Musk's AI company xAI completes $6 billion Series B funding, with participation from a16z and others
- Hong Kong media: The Hong Kong Securities and Futures Commission has recently made it clear that STO and RWA investments may be opened to retail investors
- friend.tech co-founder hints at leaving Base, causing FRIEND to drop over 32% in 24H
- Data: This week, tokens such as OP, SUI, DYDX will see significant unlocks, totaling approximately $380 million
- Tornado Cash co-founder's lawyer seeks to dismiss the lawsuit before the trial begins, claiming overreach by the prosecution
- Data: The value of cryptocurrency holdings in Trump's address has surpassed $10 million
"What important events happened in the past 24 hours"
Data: The value of cryptocurrency holdings in Trump's address has surpassed $10 million
According to Arkham data, the cryptocurrency assets held in the address of former U.S. President Donald Trump are currently valued at $10,302,518.35, including: 579,290 TRUMP tokens worth $7.5 million; 463.35 ETH worth $1.81 million; and 374.69 WETH worth $1.17 million.
Elon Musk's AI company xAI completes $6 billion Series B funding, with participation from a16z and others
According to an official announcement, Elon Musk's artificial intelligence company xAI has completed a $6 billion Series B funding round, with participation from Valor Equity Partners, Vy Capital, Andreessen Horowitz (a16z), Sequoia Capital, Fidelity Management and Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding. Musk stated in a reply on Twitter that the pre-funding valuation was $18 billion.
Data: 6 Hong Kong virtual asset ETFs have a trading volume of approximately HKD 58.64 million today
Hong Kong stock market data shows that as of market close, the trading volume of 6 Hong Kong virtual asset ETFs today was approximately HKD 58.64 million, including: Huaxia Bitcoin ETF (3042.HK) with a trading volume of HKD 21.16 million; Huaxia Ethereum ETF (3046.HK) with a trading volume of HKD 22.92 million; Harvest Bitcoin ETF (3439.HK) with a trading volume of HKD 2.17 million; Harvest Ethereum ETF (3179.HK) with a trading volume of HKD 7.42 million; Bosera HashKey Bitcoin ETF (3008.HK) with a trading volume of HKD 2.52 million; and Bosera HashKey Ethereum ETF (3009.HK) with a trading volume of HKD 2.45 million.
Hong Kong media: The Hong Kong Securities and Futures Commission has recently made it clear that STO and RWA investments may be opened to retail investors
According to Wen Wei Po, the Hong Kong Securities and Futures Commission has recently made it clear that securities token offerings (STO) and RWA investments may be opened to retail investors, further expanding the virtual asset market and attracting more funds and fintech talent to Hong Kong. The government successfully issued HKD 800 million in tokenized green bonds last February, which is one of the typical RWA tokenization projects.
friend.tech co-founder hints at leaving Base, causing FRIEND to drop over 32% in 24H
According to The Block, the co-founder of the Web3 social network friend.tech (pseudonym Racer) posted hints about migrating the protocol out of Base, leading to a significant drop in the native token FRIEND. According to CoinGecko data, FRIEND is currently priced at $1.01, with a 24H drop of 32.2%.
Racer wrote on X: "System design bounty: If you can find a way to migrate friend.tech out of Base without causing major issues for users and it runs well enough, we will decide to use it and pay you $200,000."
Data: This week, tokens such as OP, SUI, DYDX will see significant unlocks, totaling approximately $380 million
According to Token Unlocks data, this week, 13 projects will see a one-time large token unlock, totaling over $380 million in value. Among them:
- Nym (NYM) will unlock approximately 25 million tokens at 8 AM on May 27, accounting for 3.26% of the current circulation, valued at approximately $4.05 million;
- Yield Guild Games (YGG) will unlock approximately 16.69 million tokens at 10 PM on May 27, accounting for 4.49% of the current circulation, valued at approximately $16.94 million;
- SingularityNET (AGIX) will unlock approximately 8.71 million tokens at 8 AM on May 28, accounting for 0.68% of the current circulation, valued at approximately $8.14 million;
Data: SOL ecosystem MEME coin JUNGLE has increased by 160% in the past three days, with the number of holders exceeding 9,000
On-chain data shows that the SOL ecosystem MEME coin JUNGLE has increased by 160% in the past three days, breaking through $0.000175 yesterday to reach a new historical high; with a 24-hour increase of 81%. The community has added over 6,000 users, with more than 10,000 transactions in the last 24 hours, and the number of holders has reached over 9,000, with a current circulating market value of $15 million.
Tornado Cash co-founder's lawyer seeks to dismiss the lawsuit before the trial begins, claiming overreach by the prosecution
According to The Block, the defense team of Tornado Cash co-founder Roman Storm has submitted a series of new documents in an attempt to dismiss the case against Storm before the trial begins, claiming that the prosecutors overstepped their bounds in their final pre-trial motion.
Most of the documents challenge the government's characterization of Tornado Cash as a "money transfer business." Storm's lawyer argues that classifying Tornado Cash as a money transmission entity "violates due process, leniency principles, and the principle against innovative structures." In other motions, the lawyer argues that government prosecutors should be compelled to provide certain communications with Dutch authorities, and that the seizure of his cryptocurrency hardware wallet violates the "Fourth Amendment."
European Commission urges readiness for the integration of blockchain and artificial intelligence
The European Blockchain Observatory and Forum (EUBOF), initiated by the European Commission, monitors and analyzes the development of blockchain across Europe and released a conclusion report on May 24. The report, authored by the Directorate-General for Communications Networks, Content and Technology, emphasizes the potential of combining blockchain with other technologies to drive innovation.
EUBOF identified a strong trend of ongoing integration between blockchain and artificial intelligence. Sensitive AI datasets can be securely stored on the blockchain, which, according to EUBOF, is particularly useful in "healthcare and finance, where data security is crucial." Furthermore, the integration of the two technologies can enable decentralized AI networks. The report adds, "This can reduce the risk of data monopolies and promote collaborative development of AI." EUBOF also concluded that AI can enhance the functionality of smart contracts, applicable across various industries.
Argentinian regulators hold talks with Salvadoran authorities on Bitcoin adoption
According to Cryptonews, Argentinian regulators have held talks with Salvadoran authorities regarding Bitcoin adoption. Senior officials from Argentina's National Securities Commission (CNV) met last week with the head of El Salvador's National Digital Assets Commission (CNAD). The two sides discussed cooperation agreements related to digital assets, with Argentinian officials hoping to learn from El Salvador's experience of adopting Bitcoin as legal tender and planning to sign a cooperation agreement. It is reported that this dialogue aims to strengthen cooperation between the two countries in the regulation of Bitcoin and crypto assets, promoting Argentina's development in this field.
a16z partner: In the next 10 years, there may be billion-dollar funds focused on DeFi or Web3 social
According to CoinDesk, a16z partner Chris Dixon stated in an interview with CoinDesk that he hopes blockchain will become synonymous with internet innovation. If we draw a parallel to the internet of the 1990s, ideally, there will be billion-dollar funds focused on DeFi or blockchain social. Additionally, Chris Dixon compared the currently popular interactive points to "non-transferable tokens," calling it a product of the current regulatory environment. He also expressed skepticism about CBDCs, believing that the private sector will find high-quality dollar stablecoin technology solutions, using USDC as an example.
"What are the must-read articles from the past 24 hours"
Interview with Monad founder Keone: Monad is like the child of Ethereum and Solana
Monad founder Keone Hon showcased his team's groundbreaking advancements in blockchain performance optimization through detailed technical discussions. Four key innovations of Monad include:
Parallel transaction processing: By using optimistic parallel execution algorithms, it allows multiple transactions to be processed simultaneously, increasing transaction throughput and processing speed.
Delayed execution: Separating consensus and execution allows both to proceed in parallel, fully utilizing block time and enhancing overall execution efficiency.
Custom state database Monad DB: Directly storing Merkle trees on SSDs reduces read amplification and improves state access efficiency.
High-performance consensus mechanism Monad BFT: Based on the HotStuff consensus mechanism, it adopts linear communication complexity and pipelined voting stages, supporting synchronization of hundreds of globally distributed nodes.
Keone stated, "Monad is like the 'child' of Ethereum and Solana."
The most crypto-native game? A quick overview of the latest developments in full-chain gaming
Blockchain games have always been highly anticipated by the capital market, but Web 2.5 games still seem to lack breakthroughs. Now, a group of people hopes to place the entire game logic on-chain to enhance the composability between games, and the founder of Dark Forest, known as the pioneer of full-chain games, Gubsheep, wrote "The Strongest Crypto Gaming Thesis," describing crypto-native games as a game architecture and spirit that fully embraces blockchain application development, now commonly referred to as full-chain games or autonomous worlds.
Recently, many games have launched tests or updates, and this week's CryptoSnap will take a look at the recent updates in full-chain gaming alongside Dr. DODO.
FTX bankruptcy case 230-page investigation report summary: A criminal enterprise sustained by executives and lawyers
The examiner appointed in the FTX bankruptcy case released a report emphasizing various misconducts by the company and its executives that led to its collapse. The report covers how payments were made to whistleblowers, handling the bank's "capital issues," and when various executives became aware of the insolvency of FTX Group entities.
The report includes information on which executives and companies were aware of accounting discrepancies before the collapse of FTX Group. Allegations state that Ryan Salame was involved in creating a back payment proxy agreement, instructing other FTX Group employees to misreport the use of FTX Group bank accounts to banks, misappropriating FTX Group assets to purchase real estate, restaurants, and food service companies, as well as making other purchases and investments (including private jets), and withdrawing millions of dollars from his account before customer withdrawals were halted on FTX.com.
Interpreting the FIT21 Act: Impact on the crypto world for the next decade
This article mainly interprets how digital assets are defined within the regulatory framework proposed in FIT21 and delineates the boundaries between commodities and securities. On May 22, 2024, the FIT21 Act passed in the House with a vote of 279 to 136, establishing a regulatory framework for digital assets and potentially becoming one of the most far-reaching pieces of legislation affecting crypto.
