Daily Report | The Federal Reserve maintains interest rates; Biden's campaign team is discussing accepting cryptocurrency donations; Terraform Labs plans to dissolve its business and pay $4.47 billion to the SEC
Highlights of June 13整理：Fairy, ChainCatcher
Important News:
- Terraform Labs agrees to pay $4.47 billion in SEC case
- Terraform Labs plans to dissolve its business
- Federal Reserve keeps interest rates unchanged, in line with market expectations
- Data: Nasdaq and S&P 500 indices continue to hit all-time highs
- Insiders: Biden's campaign team is discussing accepting cryptocurrency donations through Coinbase Commerce
- MicroStrategy plans to privately issue $500 million convertible senior notes MSTR, net proceeds to be used for acquiring additional Bitcoin, etc.
- Coinbase founder: Met with a dozen lawmakers to discuss establishing clear rules for the crypto industry
- Data: Coinbase saw outflows of over $1 billion in ETH yesterday, setting a new record for single-day outflows this year
- Curve founder's $140 million CRV lending position has been liquidated
"What important events happened in the past 24 hours"
Terraform Labs agrees to pay $4.47 billion in SEC case
According to market news, the U.S. Securities and Exchange Commission stated that Terraform Labs has agreed to pay $4.47 billion in its case with the SEC.
Terraform Labs plans to dissolve its business
Chris Amani, CEO of Terra blockchain developer Terraform Labs, has requested the community to take over the project as the company plans to dissolve its business. According to Amani, the company plans to sell its projects within the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise DAO. The company will propose a community proposal to burn all unallocated Luna tokens.
Amani stated that the Terra and Terra Classic blockchains could continue to operate under community control and suggested adopting a community-led governance model.
Federal Reserve keeps interest rates unchanged, in line with market expectations
The Federal Reserve has kept the benchmark interest rate unchanged in the range of 5.25%-5.50% for the seventh consecutive time, in line with market expectations.
Data: Fed dot plot indicates a 25 basis point rate cut in 2024
According to Jin10 news, the Fed's dot plot indicates a 25 basis point rate cut in 2024 (with a projected 75 basis point cut in March). Additionally, the dot plot suggests four rate cuts in 2025 (with three cuts projected in March). The dot plot shows that among 19 officials, four believe there should be no rate cuts in 2024, seven believe there will be one cut, and eight believe there will be two cuts. The Fed believes that it is inappropriate to cut rates until there is greater confidence in inflation sustainably moving towards 2%.
Curve founder's $140 million CRV lending position has been liquidated
Arkham stated that the price of CRV fell below the liquidation price of Curve founder Michael Egorov, and all nine-figure loan positions across five protocols were liquidated. Michael Egorov's two accounts on Curve's Llamalend generated over $1 million in bad debt, which was liquidated after receiving 6 million USDT from NFT whale Christian in the past hour.
Data: Nasdaq and S&P 500 indices continue to hit all-time highs
The Fed kept interest rates unchanged for the seventh consecutive time, with Powell stating that it is not yet time to announce a rate cut. The three major U.S. stock indices closed mixed, with the Nasdaq rising 1.53%, the S&P 500 rising 0.85%, and the Dow Jones falling 0.09%. Both the Nasdaq and S&P 500 indices set new all-time highs. Most large tech stocks rose, with Tesla and Nvidia up over 3%, and Apple up over 2%, reaching new highs, briefly rising over 6%, surpassing Microsoft's total market value; Microsoft rose over 1%, while Netflix, Google, and Meta saw slight increases; Amazon and Intel dipped slightly.
Insiders: Biden's campaign team is discussing accepting cryptocurrency donations through Coinbase Commerce
According to The Block citing insiders, President Biden's campaign team is discussing with cryptocurrency industry insiders about accepting cryptocurrency donations through Coinbase Commerce. Coinbase Commerce allows merchants to accept payments in dozens of cryptocurrencies. Just weeks ago, Trump began accepting cryptocurrency donations through Coinbase Commerce. It is reported that Biden's campaign team has recently increased its engagement with the crypto community, following Trump's attention due to his supportive stance on cryptocurrencies.
An insider stated that people close to Biden specifically told the Biden team that if they remain silent on cryptocurrency issues, they could lose the election. He emphasized that negotiations regarding Biden's campaign accepting cryptocurrency donations are still "exploratory."
Web3 AI smart crypto exchange BITAI completes $20 million seed round financing, led by Firat Round
Web3 AI smart crypto exchange BITAI announced on the X platform that it has completed a $20 million seed round financing, led by Firat Round, with participation from Jump Crypto and Dragonfly, and all raised funds will be used to promote the development of the BITAI exchange.
MicroStrategy plans to privately issue $500 million convertible senior notes MSTR, net proceeds to be used for acquiring additional Bitcoin, etc.
MicroStrategy announced that it plans to privately issue $500 million in convertible senior notes MSTR. These notes will be unsecured senior debt of MicroStrategy and will pay interest semi-annually starting from December 15, 2024, on June 15 and December 15 each year. MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.
Coinbase founder: Met with a dozen lawmakers to discuss establishing clear rules for the crypto industry
Coinbase founder Brian Armstrong stated on social media that in the past 48 hours, he met with a dozen Democratic and Republican senators in Washington, D.C., to discuss establishing clear rules for the cryptocurrency industry and providing consumer protection for cryptocurrency users. With the FIT21 bill passing in the House, both parties in the Senate now have strong motivation to complete this work. Brian Armstrong expressed his happiness to see that the voices of cryptocurrency voters are having an impact on legislation.
Data: Bitcoin spot ETF saw a total net inflow of $101 million yesterday, with ETF net asset ratio reaching 4.47%
According to SoSoValue data, yesterday (Eastern Time June 12), Bitcoin spot ETFs saw a total net inflow of $101 million. Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00, with a historical net outflow of $18.093 billion. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Fidelity's ETF FBTC, with a net inflow of $50.623 million, bringing FBTC's historical total net inflow to $9.610 billion. Following that was BlackRock's ETF IBIT, with a single-day net inflow of $15.579 million, bringing IBIT's historical total net inflow to $17.621 billion.
As of the time of writing, the total net asset value of Bitcoin spot ETFs is $60.009 billion, with an ETF net asset ratio (market cap as a percentage of Bitcoin's total market cap) reaching 4.47%, and the historical cumulative net inflow has reached $15.522 billion.
OKX Star: OKX has upgraded its reset security items with a new generation of AI facial recognition detection
OKX Star stated on social media: "OKX has upgraded its reset security items with a new generation of AI facial recognition detection, and for accounts with balances exceeding a certain limit, all reset security item requests will introduce dual manual review to ensure that such AI face-swap attacks will not happen again. For several customers who forged verification documents to obtain user information, we have implemented monitoring of customer accounts to ensure asset security."
Data: Coinbase saw outflows of over $1 billion in ETH yesterday, setting a new record for single-day outflows this year
According to CryptoPotato, Coinbase saw outflows of over 336,000 ETH yesterday, setting a new record for single-day outflows this year, worth over $1 billion. This also marks the fifth time this year that the exchange has seen single-day outflows exceeding 150,000 ETH, and it is currently unclear who the specific party behind this large-scale fund transfer is.
CryptoQuant analysis pointed out that the scale of these transactions ranged from $400 million to $1.1 billion, indicating that they are unlikely to be driven by individual investors but rather by whales or unidentified institutions. If these withdrawals are not internal movements within the exchange, it could signal a very optimistic long-term outlook for Ethereum. It is worth mentioning that CryptoQuant analysts also pointed out similar activities on Coinbase before the Bitcoin spot ETF began trading.
Ethereum core developer: Curve founder did not suffer "losses" due to CRV liquidation
Ethereum core developer eric.eth stated on social media that the Curve founder did not suffer "losses" due to the liquidation of CRV, as he made $100 million in profit from a $140 million CRV position, and selling in the market would lead to similar prices and cause dissatisfaction within the community.
Taiwan establishes cryptocurrency industry association, with 24 cryptocurrency companies joining
According to The Block, Taiwan officially established a cryptocurrency industry association today. According to a statement released by the organization on Thursday, 24 cryptocurrency companies have joined the Taiwan Virtual Asset Service Provider Association, and these companies have registered as anti-money laundering compliant companies with the Financial Supervisory Commission.
The association will be chaired by Titan Cheng, founder and CEO of one of Taiwan's major exchanges, BitoPro. Winston Hsiao, co-founder and Chief Revenue Officer of XREX, will serve as the vice-chairman of the association.
"What are some interesting articles worth reading in the past 24 hours"
ZKsync defiant, airdrops enter an era of no rules
The way projects and communities once interacted in the crypto space, which was a source of pride, is now facing a crisis.
Interaction, on-chain contributions, and receiving airdrops were once hallmarks of the crypto space.
After numerous airdrop rules, ZKsync issued a statement saying, "All decisions related to airdrop distribution will be made by the ZKsync Association," undermining this traditional interaction that balanced trust.
Previously, a co-founder of Taiko claimed in response to "airdrop" criticisms, "The lack of transparency in rules is because transparency cannot resolve disputes."
Star projects seem to increasingly treat airdrops as a power of resource allocation—something to be used arrogantly without bearing consequences, rather than a mutual benefit between community users and project parties.
We worry that the decentralized, transparent, and fair spirit of crypto is fading away.
Founder finally liquidated, is Curve's flywheel completely bankrupt?
In the midst of a general downturn in cryptocurrency prices, unexpectedly, CRV was hit the hardest.
This morning, Arkham stated that Curve founder Michael Egorov is currently using $140 million in CRV as collateral to borrow $95.7 million in stablecoins (mainly crvUSD) across five accounts on five protocols. Among them, Michael has $50 million in crvUSD loans on Llamalend, and Egorov's three accounts have accounted for over 90% of the crvUSD borrowed on that protocol.
Arkham pointed out that if the price of CRV drops by about 10%, these positions may start to be liquidated. Subsequently, the decline of CRV continued to expand, briefly falling below $0.26, reaching an all-time low, and the CRV lending positions across Michael's multiple addresses gradually fell below the liquidation threshold.
How much can Chinese employees laid off by Bybit receive?
Last week, Bybit conducted a comprehensive strategic adjustment plan, making new progress on opening user registrations in China. According to reports, Bybit plans to relocate its employees to Malaysia and Dubai and is considering closing offices in Shanghai, Shenzhen, and other domestic locations. The main reason is that after opening user registrations in China, domestic employees will bear significant risks (for specific content, refer to the previous article by lawyer Hong Lin titled "Bybit opening registrations in mainland China backstabbed its domestic employees"). Currently, Bybit's domestic employees are mainly technical staff, and for those unwilling to resign, layoffs may gradually occur with compensation. Previously, other exchanges and crypto institutions had also required all employees to relocate abroad for collective work, or they would be laid off.
The news is brief but packed with information. At least two points: 1. As a virtual currency exchange, it still has a significant number of employees in mainland China; 2. It seems Bybit is determined to enter the mainland Chinese market, with no turning back, and the management is aware of the risk management challenges posed by this strategic shift.
Peer criticism, Akash founder questions io.net, sparking DePIN feud
One of the most noteworthy events in recent days is the launch of IO.NET's token.
From the price changes since its launch on Binance to the experience recap of providing graphics cards for mining IO tokens… it seems all attention is focused on the asset aspect of IO.
However, there are dissenting voices.
For example, Greg Osuri, the founder of another decentralized cloud computing project, Akash Network, couldn't sit still. While attention was on IO's price changes, he went to experience IO.NET's product.
The result of this experience was somewhat unsatisfactory.
Greg then began to point out various product experience issues of IO.NET on Twitter, effectively turning from a founder of another project into a "quality inspector" for IO.NET.
