| The US Department of Justice may sue Binance; 6 companies are applying for an Ethereum ETF (August 3rd) |
Headline
Financial media semafor learned from informed sources that officials from the US Department of Justice are considering bringing fraud charges against Binance.
However, due to its market influence, Department of Justice officials are concerned about triggering a run, similar to the FTX incident, which would result in investor losses. Informants said that prosecutors are considering other options, such as fines, deferred or non-prosecution agreements. (semafor)
Direxion submits Bitcoin and Ethereum futures ETF application to SEC
ETF issuer Direxion has submitted a Bitcoin and Ethereum futures ETF application to the US Securities and Exchange Commission (SEC).
The product, named "Direxion Bitcoin Ether Strategy ETF", will invest in Bitcoin and Ethereum futures contracts, as well as other ETFs with exposure to futures products. (CoinDesk)
Previously, it was reported that 6 companies are currently applying for Ethereum futures ETFs.
Industry News
Litecoin network completes its third halving, block rewards reduced to 6.25 LTC
Tokenview data shows that the Litecoin (LTC) network completed its third halving at block height 2,520,000. The block reward decreased from 12.5 LTC to 6.25 LTC.
It is reported that the first halving of Litecoin occurred on August 25, 2015, reducing the block reward from 50 LTC to 25 LTC. The second halving took place on August 5, 2019, reducing the reward to 12.5 LTC.
Curve Event Tracking
Gauntlet initiated a proposal to set the CRV LTV on Aave v2 to zero
DeFi risk manager Gauntlet has initiated a proposal in the Aave community to set the CRV LTV on Aave v2 to zero.
The proposal states that Gauntlet has been studying the risk profile of wallets starting with 0x7a16. As of August 1, 2023, this account has borrowed approximately $54 million worth of USDT with $158 million worth of CRV as collateral. Due to the recent decrease in CRV liquidity, it is recommended to set the CRV LTV on Aave V2 to 0 on Ethereum, preventing additional borrowing against existing CRV collateral. The proposal voting deadline is August 5.
Delphi Labs General Counsel Gabriel Shapiro stated on Twitter that Curve Finance has terminated the CRV rewards (gauges) for multiple liquidity pools affected by recent attack incidents, including the liquidity pools affected by the recent Vyper compiler vulnerability and the multiBTC pool affected by the recent Multichain event.
This action is taken to prevent incentivizing users from further participating in these attacked liquidity pools. The affected liquidity pools are as follows:
alETH+ETH; msETH-ETH; pETH-ETH; crvCRVETH; Arbitrum Tricrypto; multibtc 3 CRV.
In addition, Shapiro added that Curve's emergency multisig power is very limited, including terminating a new pool and stopping rewards for a pool, and its decisions can be fully vetoed by the DAO.
Curve founder has sold a total of 59.5 million CRV for $23.8 million
Odaily report, according to on-chain analyst Yu Jin monitoring, Curve founder sold another 5 million CRV through OTC to Yearn and Stake DAO 2 hours ago. So far, a total of 59.5 million CRV has been sold for $23.8 million.
Today, the security team Decurity discovered another security vulnerability in the Curve platform. Curve uses ERC-777 Callback in some token market smart contracts, which poses a security risk and may be vulnerable to re-entry attacks.
Decurity also pointed out that a MEV robot has exploited this vulnerability to launch a $1900 attack. Curve's official response states that this issue is a legacy problem. The attack occurred in the pBTC pool, which had already been deprecated and only had a small amount of funds remaining in the contract.
It is currently unclear whether there are similar security risks in other liquidity pools.
Project News
Kenyan Government Suspends Worldcoin-related Activities
The Kenyan Ministry of Interior announced on its Facebook page that it has temporarily suspended the operations of Worldcoin.
The statement reads: "The government is concerned about the activities of an organization claiming to be 'WORLD COIN' that is conducting citizen registration by collecting iris biometric data." Relevant financial, security, and data protection agencies have launched investigations to determine the legality and data protection of this project.
ZachXBT: Twitter user @MichaelRazum may be associated with the JPEG'd Curve pool attack
Blockchain detective ZachXBT tweeted that the on-chain address of Twitter user @MichaelRazum is connected to the recent attack on the JPEG'd Curve pool, and asks them to contact the JPEG'd team.
According to 0xQuit, the user has made contributions to web3.py and Bancor protocols but has not been active on GitHub for a long time.
EuYi OKX officially launches the AA smart contract wallet and starts gas-free activities
OKX has officially launched the AA smart contract wallet, which initially supports users in creating AA smart contract wallets on 7 public chains. Users can directly pay Gas with stablecoins USDT/USDC and the wallet supports multiple functions such as on-chain DEX, DeFi interaction, and one-click completion of multi-step interactions, improving the convenience of wallet usage.
It is reported that OKX AA smart contract wallet also offers a Gas free activity, where users can enjoy one Gas deduction exemption per day during transfers or transactions, with a maximum deduction of 5 U.
Sui upgrades its network to support native liquidity staking
Sui's latest network upgrade adds support for liquidity staking of its native token (Liquid Staking).
Sui stated, "This upgrade will allow developers to provide services that allow token holders to obtain derivative tokens proportional to the value of their Sui tokens. Sui's developers will now be able to offer a completely non-custodial liquidity staking solution." Sui will not rely on third-party liquidity staking protocols.
The latest features added to the network support the functionality of the liquidity staking Dapp while maintaining the diversity of validators.(The Block)
Ripple re-locks 800 million XRP in custody wallets
According to Whale Alert data, Ripple, as usual, released XRP from custody accounts at the beginning of the month. However, today, Ripple re-locked 800 million XRP in custody wallets.
Optimism released the Superchain Faucet, which allows developers to obtain up to 20 times the testnet ETH using on-chain reputation data.
Investment and Financing
Ayre Group founder Calvin Ayre has reached an agreement with nChain, the developer of the BSV protocol, to acquire the company's controlling stake, credit line, and intellectual property rights for a price of 500 million Swiss francs (approximately 570 million US dollars).
It is reported that nChain is a BitcoinSV node software developer and also the developer of blockchain software such as Teranode and LiteClient. Currently, nChain owns nearly 800 technology patents.
Pitchbook data shows that VC funding deployed in cryptocurrency projects fell to 2.3 billion US dollars in the second quarter of 2023, a decrease of over 70% compared to the same period in 2022 (8.5 billion US dollars), as many investors shifted their focus to the more popular field of artificial intelligence.
As of July 7th, cryptocurrency VC funding in 2023 is approximately 1.7 billion US dollars, less than 10% of the total in 2022. The total for 2022 was around 22.5 billion US dollars.
