Daily Report | About 40% of the 51 suspected Eigen Labs employee addresses chose to sell ETHFI, ALT, and REZ; the Harris team was absent from the "Crypto4Harris" event, and the industry still has doubts about their stance on cryptocurrency
Highlights of August 16整理：栾鹏，ChainCatcher
Important News:
- OKX will delist the spot trading pairs TUP, THG, CONV, BLOK, BRWL, and NYM
- Sun Yuchen: All income earned by SUN.IO will be used to buy back and destroy SUN tokens
- Data: The trading volume of 6 Hong Kong virtual asset ETFs today is approximately 10.13 million HKD
- Data: About one-third of the 5 million USD tokens airdropped by EtherFi, Renzo, and AltLayer have been sold
- A South Korean industrial technician sentenced to three years in prison for embezzling 2.13 million USD worth of ETH
- Data: About 40% of 51 suspected Eigen Labs employee addresses chose to sell ETHFI, ALT, and REZ
- Exclusive: Hedge fund Bracebridge Capital significantly reduced its position in spot Bitcoin ETFs in Q2, selling all IBIT and GBTC
- 10x Research: Bitcoin is expected to fall back to the trading range of 50,000 to 60,000 USD
"What important events occurred in the past 24 hours"
OKX will delist the spot trading pairs TUP, THG, CONV, BLOK, BRWL, and NYM
OKX announced that it will delist the spot trading pairs TUP, THG, CONV, BLOK, BRWL, and NYM from 16:00 to 16:30 on August 23, 2024, and has suspended deposits for the related tokens. Withdrawals will be suspended on November 23 at 16:00. Users need to manage their assets in a timely manner, and any unfulfilled orders will be automatically canceled.
Sun Yuchen: All income earned by SUN.IO will be used to buy back and destroy SUN tokens
Sun Yuchen stated on the X platform, "100% of the protocol income earned by SUN.IO will be used in a decentralized manner to buy back SUN tokens, which will then be completely destroyed, thereby returning value to the protocol."
It is reported that SUN.IO is a platform for the issuance and trading of meme coins on TRON, as well as for staking and governance.
Data: The trading volume of 6 Hong Kong virtual asset ETFs today is approximately 10.13 million HKD
According to Hong Kong stock market data, as of the market close, the trading volume of 6 Hong Kong virtual asset ETFs today was 10.13 million HKD.
Among them:
The trading volume of Huaxia Bitcoin ETF (3042.HK) was 5.0368 million HKD;
The trading volume of Huaxia Ethereum ETF (3046.HK) was 697,400 HKD;
The trading volume of Harvest Bitcoin ETF (3439.HK) was 1.6923 million HKD;
The trading volume of Harvest Ethereum ETF (3179.HK) was 39,200 HKD;
The trading volume of Bosera HashKey Bitcoin ETF (3008.HK) was 2.3529 million HKD;
The trading volume of Bosera HashKey Ethereum ETF (3009.HK) was 312,500 HKD.
According to monitoring by Lookonchain, EtherFi, Renzo, and AltLayer previously airdropped tokens worth approximately 5 million USD to EigenLabs employees.
EtherFi airdropped 10,491 ETHFI to 44 addresses, totaling 461,600 ETHFI (peaking at 3.69 million USD), of which 31.2% of ETHFI has been sold.
AltLayer airdropped 46,512 ALT to 37 addresses, totaling 1.72 million ALT (peaking at 1.16 million USD), of which 32.4% of ALT has been sold.
Renzo airdropped 66,667 REZ to 27 addresses, totaling 1.8 million REZ (peaking at 500,000 USD), of which 33.6% of REZ has been sold.
A South Korean industrial technician was sentenced to three years in prison for embezzling virtual currency from the company. It was reported that the individual was sentenced to three years in prison by the Daejeon High Court in the second trial, a reduction from the four-year sentence in the first trial.
The individual was accused of illegally transferring approximately 2.9 billion Korean won (about 2.13 million USD) worth of Ethereum by falsely entering a collection address while working at a blockchain technology company, and using a virtual asset mixing site to hide the proceeds of the crime. The court decided to reduce the sentence considering factors such as the individual's voluntary confession and reconciliation with the company.
Data: About 40% of 51 suspected Eigen Labs employee addresses chose to sell ETHFI, ALT, and REZ
Wu Blockchain team analyst @defioasis posted on social media that through on-chain investigation, they found 51 suspected Eigen Labs employee addresses that collectively received 487,900 ETHFI, 1,964,800 ALT, and 1,335,000 REZ, with a peak total value exceeding 5.5 million USD.
Among them, 41.3% of the addresses chose to sell ETHERFI; 41.5% sold ALT, while 31.7% continued to stake ALT; 40% sold REZ.
Previous reports from CoinDesk found that employees of Eigen Labs, the developers of EigenLayer, received millions of dollars in payments from other projects relying on their technology, raising potential conflict of interest issues. A certain team claimed that they gifted a portion of tokens to each Eigen Labs employee as a thank you. The allocation for each employee ultimately reached a value of 80,000 USD.
According to the 13-F filing submitted by hedge fund Bracebridge Capital to the SEC for the second quarter, Bracebridge Capital significantly reduced its position in spot Bitcoin ETFs in Q2. It held only 112 million USD of Ark 21Shares in Q2.
It is reported that Bracebridge Capital held 300 million USD of Ark 21Shares' ARKB and 100 million USD of BlackRock's IBIT, as well as 26.52 million USD of Grayscale's GBTC in Q1.
10x Research: Bitcoin is expected to fall back to the trading range of 50,000 to 60,000 USD
10x Research released a report stating that Bitcoin is expected to fall back to the trading range of 50,000 to 60,000 USD. The rebound after the crash on August 5 is likely to stall near the resistance zone between 60,000 and 61,000 USD. This slowdown may allow oversold technical indicators to reset, increasing the likelihood that Bitcoin could retest the low near 50,000 USD from August 5, which would catch many off guard. There are still profit opportunities in the cryptocurrency market, but the timing is not ideal.
Wells Fargo: After the Fed cuts rates, the stock market will see a surge not seen in 30 years
Wells Fargo's Global Investment Strategy Chief Paul Christopher stated that the U.S. stock market will experience a surge not seen in 30 years.
Paul Christopher believes that today's market is similar to 1995, when the stock market was booming, and the S&P 500 index (SPX) set 77 historical highs. Investors may face a similar environment. This is because inflation is declining, the economy "has not collapsed," and the U.S. Department of Commerce estimates that GDP grew by 2.8% year-on-year in the second quarter.
Paul Christopher told CNBC on Thursday that the Federal Reserve "is in a favorable position if it can be sufficiently proactive."
Forbes reporter Eleanor Terrett stated that Harris herself and her campaign team members were absent from the event. If the goal of the "Crypto4Harris" event on Wednesday night was to persuade the skeptical digital asset industry that Harris's election as president is something they should support, then the event was nearly ineffective.
Eleanor Terrett stated, "I received over a hundred pieces of audience feedback. Most respondents were dissatisfied with Harris's performance on the conference call and did not believe she would cooperate on the so-called 'crypto reset' encouraged by Democratic politicians and industry leaders. This is mainly because Harris has not publicly stated her stance on cryptocurrency."
Donald Trump Jr. launches Telegram channel "The DeFiant Ones" for his crypto project
Donald Trump Jr. announced on the X platform the launch of the Telegram channel "The DeFiant Ones," introducing an upcoming crypto project.
In his tweet, he stated, "There are many rumors about our crypto project. To learn the truth and stay updated with official announcements, please join our official Telegram channel and get the news directly here."
The channel's name "The Defiant Ones" aligns with a recent trademark application. In July of this year, a company named AMG Software Solutions submitted trademark applications for "Be DeFiant," "World Liberty," and "World Liberty Financial." According to its application, the third trademark is intended for "providing financial information in the decentralized finance (DeFi) space."
"What are the must-read articles from the past 24 hours"
Data on ZK: L2 spending on ZKP has exceeded 60 million USD, zkRollup is gradually rising
In this issue, we will focus on Zero-Knowledge Proofs (ZKP) — one of the most important yet least understood technological breakthroughs in our industry. In this issue, we will explore the growth of zero-knowledge, adoption, network health, and competitive dynamics at the application and infrastructure levels.
Crypto market liquidation exceeds 200 million USD, what are the reasons behind the flash crash?
Last night, the calm price movements of the past few days suddenly ended, with cryptocurrencies like Bitcoin and Ethereum experiencing sharp declines, with Bitcoin dropping to its lowest level since the market panic in early August, nearing 56,000 USD. This decline triggered a new wave of liquidations in the crypto market (mainly long positions), causing the market to turn red.
According to Coinglass data, the liquidation amount in the past 24 hours (as of August 16, 11:30) reached 222 million USD, with long positions liquidating 175 million USD, and 161 million USD occurring in the past 12 hours. Bitcoin had the highest liquidation amount, exceeding 79 million USD in the past day, followed by Ethereum, with a liquidation amount of about 70 million USD.
The market has since rebounded, with Bitcoin trading around 58,000 USD and Ethereum around 2,580 USD, while SOL is around 140 USD.
Preventing LPs from losing money is key to the survival and development of DEX
Regardless of how uncertain short-term market sentiment may be, recent activities in decentralized exchanges (DEX) keep us optimistic about the long-term future of the blockchain or on-chain ecosystem. Currently, DEX trading volume has reached its highest level since the inception of blockchain. According to The Block, as of August 2024, DEX's spot trading volume accounts for about 14% of centralized exchanges (CEX), while according to DeFilama, the trading volume executed through DEX in the past 24 hours was approximately 7 billion USD.
In the past, the FTX incident increased the custody risks for market participants, leading to a rise in DEX usage, and such short-term events often temporarily boost DEX usage. However, the increase in DEX usage we see now shows a sustained trend. Compared to CEX, this stable rise in DEX usage can be seen as a result of ongoing improvements and significant progress in usability and other aspects.
New York Times: Tether co-founder and his shattered crypto dream
On sunny days in 2022, cryptocurrency entrepreneur Brock Pierce loved to take friends on a boat trip to Vieques Island, about 75 miles from his home in Puerto Rico. Pierce wanted to show his friends a property he "loved most in his life": a once-glamorous seaside resort that he bought for over 15 million USD.
At its peak, the resort was a W Hotel, featuring a 6,000-square-foot spa, a restaurant run by a Michelin-starred chef, and stunning ocean views, making it a pillar of Vieques Island's tourism. Later, in 2017, the hotel was hit by Hurricane Maria and forced to close. Pierce reopened it, using his wealth earned from cryptocurrency to revitalize the hotel and the local economy.
Stablecoins are the liquidity cornerstone of the crypto ecosystem, and competition is naturally fierce. Under the aggressive assault of new and old players, "top dog" Tether is beginning to accelerate its diversification efforts, and the market landscape is quietly changing due to regulatory compliance trends.
