PA Daily | Multichain locked assets were moved abnormally; Threads registered users exceeded 30 million on the first day of launch

Today’s news tip:

1. Bloomberg analysts share the US SEC’s next deadline and deadline for the company’s Bitcoin spot ETF application review

2. IMF: Crypto tax regime must accommodate cryptocurrencies with “coherence, clarity and effectiveness”

3. OpenAI opens GPT-4 API to paying users, and will open to new developers at the end of this month

4. The Multichain on Fantom was suspected of being attacked, and tokens worth more than 100 million US dollars were withdrawn

5. Zhao Changpeng responded to “Binance executives resigned”: for normal personnel flow, we will continue to recruit

6. Zuckerberg: The number of registered users of Threads has exceeded 30 million on the first day of its launch, and the number of users is expected to exceed 1 billion

7. Data: Binance currently holds 90% of the supply of TUSD, the amount is close to 2.7 billion U.S. dollars

8. Data: Since January 2012, the total amount of hacked losses in the blockchain field has exceeded 30 billion U.S. dollars

Regulatory News

Bloomberg analysts share the US SEC’s next deadline and deadline for the company’s Bitcoin spot ETF application review

Bloomberg ETF analyst James Seyffart shared a picture on Twitter, listing the key time points of the review process for the Bitcoin spot ETF that has currently submitted 19b-4 applications. The deadline is August 13, 2023, and the deadline is December 27, 2024; the next deadline for the US SEC to make a decision on the iShares Bitcoin Trust application is September 2, 2023, and the deadline is March 15, 2024 The next deadline for the US SEC to make a decision on the Bitwise Bitcoin ETP Trust application is September 1, 2023, and the deadline is March 14, 2024; The next deadline for Fidelity’s Wise Origin Bitcoin Trust application to make a decision is September 3, 2023, and the deadline is March 16, 2024; the next deadline for the US SEC to make a decision on the Valkyrie Bitcoin Fund application is September 2023 March 6, with a deadline of March 19, 2024.

IMF: Crypto tax regime must accommodate cryptocurrencies with ‘coherence, clarity and effectiveness’

The International Monetary Fund (IMF) recently released a working paper on taxation and crypto assets written by Katherine Baer, Ruud de Mooij, Shafik Hebous and Michael Keen. The document warns that taxation of crypto assets is more challenging and that the current tax system was not designed to deal with these assets. The IMF working paper highlights that some crypto assets may not persist in the future, while others that do will become “fundamental innovations in decentralized finance.” As such, the IMF asserts that the tax system must accommodate cryptocurrencies with “coherence, clarity and effectiveness.”

NFT

Azuki will start voting on “Update Elementals Background Metadata” on July 8th for 24 hours

The NFT project Azuki said on Twitter that the vote on updating the Elementals background metadata will start around 06:00 on July 8, Beijing time, and last for 24 hours. Changes proposed by the @steamboy33 art team include minor changes to the domainbackground and colors. Changes to metadata require more than 50% of the vote, no quorum is required, and even if the result of the vote results in no change to the background metadata in the Elementals collection, the domain background can still be used for off-chain equipment in the collector profile.

Tom Brady’s NFT platform Autograph changed its strategy in a difficult situation, and deleted some encrypted words from its marketing content

According to the New York Times, American football superstar Tom Brady’s NFT platform Autograph is facing operational difficulties after last year’s bear market and is now changing its strategy. People familiar with the matter said that due to the general downturn in the encryption market, the company’s revenue will decline in 2022 and has laid off at least 50 employees. Autograph is now turning to the loyalty business that helps celebrities cultivate fans and has removed some encryption-related assets. marketing language. In addition, Tom Brady’s reputation in the crypto industry has also taken a hit due to his relationship with FTX, where he served as a brand ambassador for the FTX exchange and received approximately $30 million worth of shares from FTX.

Previously, it was reported in January last year that the NFT platform Autograph completed a US$170 million Series B financing, led by a16z and Kleiner Perkins.

AI

OpenAI Opens GPT-4 API to Paying Users, New Developers by the End of the Month

According to interface reports, OpenAI announced on July 6 local time that it will open the GPT-4 API to all paid API customers from now on, and some old versions will be eliminated in early 2024. The company said that all paid OpenAI API customers can currently access the GPT-4 API with context tokens up to 8K. OpenAI also plans to open access to new developers by the end of this month and start to increase the rate limit according to computing resources. OpenAI is currently testing the fine-tuning feature on GPT-4 and GPT-3.5Turbo, which is expected to be available later this year.

Project News

Multichain on Fantom is suspected of being attacked, tokens worth more than 100 million US dollars were withdrawn

According to The block, more than $100 million worth of tokens have been withdrawn from the Multichain bridge on the Fantom network, and the security firm speculates that this may be a security breach. The transferred tokens include stablecoin USDC worth $58 million, 1020 WBTC (approximately $30.9 million), 7,200 WETH (approximately $13.7 million) and $4 million stablecoin DAI (the value of the above four tokens has been Over $100 million), which also includes other tokens such as Chainlink, Curve DAO, YFI, Wootrade Network, and nearly a quarter of UniDex’s total supply. Assets also appear to be moving on Multichain’s Moonriver bridge, including 4.8 million USDC and 1 million USDT. Dogechain also experienced abnormal fund flow, at least 660,000 USDC was sent to the same wallet as Moonriver’s fund flow.

The security company Paidun questioned that this may be related to the addition of support for four tokens (USDC, USDT, WETH, and WBTC) on the cross-chain platform LayerZero, which overlap but are not completely consistent with the tokens being moved. LayerZero CEO Bryan Pellegrino responded that the issue had nothing to do with the platform and believed it was a hack targeting Multichain. According to Pellegrino, Multichain bridge users may withdraw assets, bringing them to LayerZero. However, Igor Igamberdiev, director of research at Wintermute, said that this is likely to be the work of whoever controls Multichain, as the funds on the Fantom side were not destroyed when the transaction occurred. Igamberdiev also noted that oddly enough, the wallet that received the large amount of USDC also made a transaction from the old Binance Smart Chain bridge a few hours earlier.

Earlier today, Multichain stated that the locked assets were moved abnormally, and users are advised to suspend the use of Multichain services. In the news later today, Multichain stated that the bridging service has been stopped and the recovery time is undetermined. Xinhuo Technology researchers analyzed this and said that the Multichain attacker is most likely not a hacker, and the operator may not have absolute decision-making power. Changpeng Zhao said that the Multichain incident has no impact on Binance and Binance users, and is willing to provide help to solve the problem. 0xScope reminded that the Multichain incident has affected multiple systems, and multiple stablecoins on these chains have been de-anchored. The Fantom Foundation stated that FTM has never been issued or managed by Multichain, and related assets will not be affected.

Changpeng Zhao Responds to “Binance Executive Resignation”: For Normal Personnel Flow, Will Continue to Recruit

Binance CEO Changpeng Zhao responded on Twitter to the report of “three Binance executives leaving”. He said every company has turnover, but the reports about their reasons for leaving are completely false. Every company has turnover as the market and the global crypto environment change, as our organization grows, and as individual circumstances change. We thank all former team members for their contributions to our growth and wish them all the best. We’re going to keep building, we’re going to keep hiring. According to previous news, three Binance executives have left this week, including Binance General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann and Senior Vice President of Compliance Steven Christie. According to the report, their departure is related to Binance founder Zhao Changpeng’s response to the ongoing investigation by the US Department of Justice.

In addition, Binance Chief Commercial Officer Yibo Ling has also left, and the new legal counsel may be Eleanor Hughes. Later today, Steven Christie clarified that his departure was due to personal reasons, and Noah Perlman will take over.

Zuckerberg: The number of registered users of Threads has exceeded 30 million on the first day of its launch, and the number of users is expected to exceed 1 billion

According to IT House, Meta CEO Mark Zuckerberg posted on Threads that since its launch on Wednesday night, Threads has attracted more than 30 million registered users. Zuckerberg also spoke to many users on Threads about the future of the platform. Asked whether Threads would be bigger than Twitter, Zuckerberg said: “It will take some time, but I think there should be a public communication app with more than a billion users. Twitter has a chance to do that.” , but not yet, hopefully we will."

It is reported that Threads can now be downloaded in more than 100 countries and regions, including the United States and the United Kingdom, but due to privacy regulatory issues, the app has not yet been available for download in the European Union. Meta has said, however, that it is looking to bring Threads to the EU market.

Earlier news yesterday, Meta officially launched Threads, an application that benchmarks against Twitter. Later today, it was reported that Twitter threatened to file a lawsuit against Meta over Threads, accusing it of hiring former employees with confidentiality.

U.S. Judge: Genesis’ $2 Billion Dispute With FTX May Delay Its Creditor Payment Plan

The $2 billion dispute between Genesis Global and FTX Trading may delay court consideration of Genesis creditor payment plans, U.S. Manhattan District Bankruptcy Judge Sean Lane said at a hearing on the bankruptcy case of cryptocurrency lender Genesis on Thursday, Bloomberg reported. . Responding to a request to approve Genesis’ creditor payment plan next month, Lane said the timeline “looks very optimistic” and “my understanding is that those deadlines may be pushed back”.

FTX claimed that Genesis owed it approximately $2 billion, and at the hearing Genesis and FTX filed a duel proceeding to settle the claim. Genesis wants Judge Lane to hold a hearing to decide whether the alleged debt is legal and, if so, how much. FTX wants Judge Lane to sue Genesis in Wilmington, Delaware, whose bankruptcy case is being overseen by another federal judge. Judge Lane rejected both requests and instead ordered the parties to exchange information about the dispute. Ultimately, he may schedule an “evaluation” hearing to rule on FTX’s claim, as Genesis demanded. He did not make a final ruling on whether FTX can sue Genesis.

FTX initially said Genesis owed it $3.9 billion, but in a letter to Judge Lane this week, that figure was dropped to about $2 billion.

Du Jun and Zhong Gengfa will subscribe for a total of 50.82% shares of Xinhuo Technology with HK$326 million in cash

Xinhuo Technology announced that it has signed a share subscription agreement with Du Jun and On Chain (actual controller Zhong Gengfa). The total subscription price of Du Jun is HK$155 million, accounting for 24.18% of the issued shares. The total subscription price of On Chain It is 171 million Hong Kong dollars, accounting for 26.64% of the issued shares; the total is 326 million Hong Kong dollars (accounting for a total of 50.82% of the shares), and will be paid in cash after the prerequisites are met.

Polkadot founder: Polkadot may cancel parachain auctions and shift to application-centric

Polkadot founder Gavin Wood said in a speech at the Polkadot Decoded conference that Polkadot may cancel the parachain auction and switch to an application-centric model. He put forward a new perspective on Polkadot: no longer limited by the original parachain and relay chain, but focusing on the lower-level resources required by the blockchain-computing core (core), the Polkadot The card is seen as a multi-core computer. Regarding “Polkadot is a multi-core computer”, Gavin explained that first of all, Polkadot’s goal is not only about the chain, but about the space and the underlying resources required by the chain; secondly, Polkadot is for builders to create applications, so that The platform on which the user goes to use the application. Essentially, it is not a platform for hosting blockchains. Chaining happens to be one of the ways that Polkadot can be useful, but probably not the only way. Overall, Polkadot is a resilient, general-purpose, continuous computing provider.

Gavin proposed a possible future solution, which can be called a “flexible version of Polkadot”. We can abandon the lease period and slot model, but treat Polkadot as some “cores”. The time on these cores is now called “Core Time”, but it was also called “Block Space” before. These times can be sold regularly, that is, you can buy and use the core Time. Polkadot’s complex time sales (primary market) can be divided into bulk purchases and instant purchases. Bulk purchases are made once a month, and one purchase can be used for 4 weeks. Instant purchases are a bit like parallel lines of pay-as-you-go The model, that is, the cost of Polkadot, to be precise, the cost of using Polkadot’s core, should be determined according to market conditions.

Vitalik: Ordinals Revive Bitcoin’s ‘Builder Culture’

According to Cointelegraph, Ethereum co-founder Vitalik Buterin said in a Twitter Space on July 7 that Ordinals revived Bitcoin’s “builder culture.” Buterin praised Ordinals, the BRC20 standard, which he sees as a rejection of the politics of “stagnation” in the Bitcoin ecosystem.

In addition, in response to the discussion that Bitcoin’s Lightning Network cannot scale for future users, Buterin said that the best way is to focus on implementing different types of Layer-2 solutions, while finding ways to make Bitcoin’s base layer more efficient.

Grayscale announces the composition of encrypted assets and their corresponding weights of each fund under Q2 in 2023

As of July 6, 2023, the fund composition of Digital Large Cap Fund is: 70.05% of BTC, 27.02% of ETH, 1.19% of ADA, 0.99% of SOL and 0.75% of MATIC; the fund of DeFi Fund The composition is: 45.46% UNI, 19.04% LDO, 11.53% AAVE, 10.82% MKR, 7.03% CRV and 6.12% SNX; the fund composition of GSCPxE Fund is: 25.89% ADA, 21.58% SOL, 16.38% MATIC, 16.28% DOT, 11.38% AVAX and 8.49% ATOM.

Cathie Wood: If the US SEC loses the “Grayscale v. SEC” case, the probability of the Bitcoin spot ETF passing will increase

Cathie Wood, CEO of Ark Invest, said in an interview with Fortune magazine that he does not think that BlackRock has an advantage over ARK Invest in the application of Bitcoin spot ETF. Cathie Wood said: "We don’t think so. We know they have a supervisory sharing clause in their application profile and ours doesn’t, but as far as I know, it doesn’t take too much time for us to revise the application profile, and all institutions’ applications They are all moving in this direction. We have submitted the application, and the SEC will give the review before mid-January next year, and BlackRock will give it before March next year. The SEC has now approved some Bitcoin futures ETFs, and recently Approved a leveraged bitcoin futures ETF. Futures involve swaps, while spot ETFs (at least the grayscale version) are fully backed by bitcoins stored in cold wallets, so we think spot trading is better than Futures are safer, and the SEC’s approval situation (passing futures ETFs, rejecting spot ETFs) is contradictory in our view.”

She also said that if the US SEC loses the “Grayscale v. SEC” case, the probability of the Bitcoin spot ETF being approved will increase.

Circle Launches Wallet-as-a-Service Platform for Developers

Circle, the issuer of the stablecoin USDC, has launched a wallet-as-a-service platform for developers, The Block reported. The service allows developers to embed web3 wallets into their applications while providing a user-friendly design. These wallets work with any blockchain, making it easier for users to access NFTs, cryptocurrencies, and other web3 digital assets. Currently, users must keep their private keys themselves, but an upcoming update will allow developers to control user private keys. The company’s wallet-as-a-service developer platform is currently in beta.

Circle builds programmable wallets on top of multi-party computation (MPC) technology, and its programmable wallet API enables developers to easily create secure wallets and embed them into their applications. Circle Programmable Wallet is a wallet-as-a-service that simplifies the creation and management of secure web3 wallets and their private keys. Developers can use a RESTful API to interact with the programmable wallet. For user-controlled wallets, Circle offers mobile device SDKs for Android and iOS, ensuring users have full control over their wallets.

Important data

Do Kwon’s personal wallet transferred 18.73 million USDC on July 3, and LFG wallet transferred 5,292 BTC that day

According to Digital Asset, Terraform Labs CEO Do Kwon’s personal Ethereum wallet address transferred all 18.73 million USDC held to an anonymous address on July 3. The anonymous address is suspected to have been created recently, and the first transaction was on July 3. From July 3 to 5, the anonymous address exchanged these 18.73 million USDC into other tokens such as WBTC, ETH, stETH and DAI through Uniswap and other DEXs. Currently, the address still has 2.01 million USDC and 923 stETH, and the rest Assets have been sent to another anonymous wallet address as well as other DeFi projects. An industry source said: "Do Kwon’s associates, who have not been arrested, appear to be trying to cash out on a large scale.

According to previous news, the LFG wallet held by Do Kwon transferred 5,292 BTC to the new address on July 3, which is about 163 million US dollars.

Data: Binance currently holds 90% of TUSD supply, amounting to nearly $2.7 billion

According to DL News, after the data tracker DeFiLlama said that Binance shared a batch of updated addresses with it, Binance’s TUSD holdings on DeFiLlama seemed to have risen sharply. On Wednesday, the amount of TUSD held by Binance was less than 500 million US dollars. As of Thursday, the amount of TUSD held by Binance was close to 2.7 billion U.S. dollars, while the circulating supply of TUSD was about 3 billion U.S. dollars, which means that Binance currently holds 90% of the supply of TUSD.

DeFiLlama said that although the website tracks Binance’s holdings in real time, the exchange regularly changes its address and announces it regularly. DeFiLlama said that Binance may have added a new address holding TUSD not long ago, but the website will not track it until today after Binance issued a statement.

Additionally, TUSD’s trading volume is “almost entirely concentrated” on Binance, according to crypto research firm Kaiko. In the second quarter of 2023, the daily trading volume of TUSD on decentralized exchanges is about 2 million US dollars, and the daily trading volume on Binance is about 2 billion US dollars. Furthermore, data shows that out of the 3 billion TUSD in circulation, more than 2.2 billion are on the Tron blockchain. Another $700 million is on Ethereum.

Data: Since January 2012, the total amount of hacked losses in the blockchain field has exceeded 30 billion US dollars

According to Hacked.slowmist statistics, since January 2012, the total amount of hacked losses in the blockchain field has exceeded 30 billion US dollars, and now it is 30,011,604,576.24 US dollars, with a total of 1101 hacking incidents. Among them, the exchange suffered 118 attacks, with a loss of nearly 11 billion US dollars; the Ethereum ecosystem suffered 217 hacker attacks, with a loss of about 3.1 billion US dollars; 38 cross-chain bridge attacks, with a loss of about 2 billion US dollars. BNB Chain suffered 162 attacks and lost about $1.45 billion. At the same time, the number of attacks due to contract vulnerabilities was 137 times, and the number of attacks due to Rug Pull was 106 times. Attacked 87 times for flash loans.

Arbitrum DAO Locks $770M in ARB Tokens in Vesting Contract

According to TheBlock, Arbitrum’s Decentralized Autonomous Organization has approved an improvement proposal (AIP 1.1) that will lock 700 million ARB tokens, worth $770 million, in the vesting contract. The contract will gradually release funds to the Arbitrum Foundation over four years. The funds will be used to support initiatives based on Arbitrum technology, the foundation said.

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