Weekly Crypto News Recap - June 2, 2023

June 2, 2023

TOP STORIES OF THE WEEK

Curve’s Stablecoin Trades Within 0.5% Range For First Month

The novel price-pegging mechanism underpinning crvUSD, the month-old stablecoin from Curve Finance, is proving highly effective so far, as the stablecoin has traded within a less than 0.5% price range since launching. Users have already minted 4.7m crvUSD, and crvUSD already ranks as the 42nd-largest stablecoin.

Multichain unable to contact CEO, has no access to project servers

The team behind cross-chain protocol Multichain said on May 31 that they are unable to contact their CEO, known only as Zhaojun, and there are unconfirmed rumors that he has been arrested in China. Multichain has experienced transaction delays since May 23, and as a result of the Zhaojun's absence, the team said it is unable to access project servers.

Bitcoin Ordinals surpass 10M inscriptions as creator Rodarmor steps down

On May 28, Ordinals creator Casey Rodarmor announced that he had stepped down as the project’s lead maintainer, claiming that he’d been unable to give the project the attention it deserved. Rodarmor handed the role over to pseudonymous coder Raphjaph. Despite this, the number of Ordinals continues to grow, and recently surpassed 10m in less than six months.

Hong Kong’s New Crypto Regime Kicks In

CryptoCurrency – Finance Magnates

Hong Kong rolled out new rules on Thursday to guide the cryptocurrency industry in the Chinese special administrative region. Crypto exchanges operating in the jurisdiction are now required to get licensed to offer their services to retail traders. Already, Hong Kong’s financial regulator has received several applications.

EU officials sign Markets in Crypto-Assets framework into law

EU officials have signed the Markets in Crypto-Assets (MiCA), which aims to create a consistent regulatory framework for crypto assets among the EU member states, into law following final approval from finance ministers. After the signing ceremony, the framework is expected to go into effect following publication in the Official Journal of the European Union, with many of MiCA’s regulations on crypto firms likely starting sometime in 2024.

Beijing Unveils 'Web3 White Paper' to Foster Innovation and Advancing the Industry

The Beijing Municipal Science and Technology Commission has released a white paper in a bid to foster innovation and development within the Web3 industry. The commission aims to establish Beijing as a global innovation hub by allocating a minimum of CNY100m ($14m) annually until 2025.

BITCOIN

OKX proposes new Bitcoin BR-30 standard
Bitcoin price slips under $27K, but data shows BTC whales counter trading DXY strength
The Bitcoin Standard' Author to Advise El Salvador on Economic Strategy
Bitcoin Trades at 18% Discount on Binance Australia as Exchange Cuts On-Ramp

ETHEREUM

Ethereum gets private on-chain voting tool through a16z’s ‘Cicada’
Nym unveils software to enhance Ethereum validators’ privacy with mixnet routing
Ethereum Layer 2s soar to new high in monthly mainnet data publishing fees, crossing $16 million

ALTCOINS

Ethereum liquid staking protocol Rocket Pool deploys on zkSync Era
Avalanche hits 1 million monthly active users for the first time
TON Foundation proposes burning 50% of network fees
Skale Network introduces Ethereum ZK-Rollup Levitation Protocol
MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets
Cybersecurity Firm dWallet Labs Discovers and Fixes $500 Million Vulnerability in Tron Network
MakerDAO Paves Way for Additional $1.28B U.S. Treasury Purchase
Mysten Labs’ Sui network partners with F1 Red Bull racing team
Synthetix Community Approves Plan to Nudge Positions Off Soon-to-Shut Version One of Its Perpetuals Market
Litecoin Starts June Strong as Investors Eye August Halving, Uptick in Activity
Uniswap DAO rejects plan to charge LP fees; UNI holders cite tax concerns
Bankruptcy Claims Exchange OPNX Issues New Governance Token, FLEX Rises 16%
Fantom starts paying developers to generate gas fees
Optimism Sinks Ahead of Major Token Unlock
Yield farming app accumulates $12M TVL 2 weeks after launch
Decentralized exchange PancakeSwap moves into GameFi
Optimism, Sui set for large token unlocks, worth a combined $650 million
Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins
Tornado Cash DAO passes attacker’s proposal to hand back control
Avalanche’s AVAX Token Remains Flat Ahead of its $130 Million Token Unlock

STABLECOINS

Hong Kong-based First Digital Group launches redeemable USD-backed stablecoin
Circle to launch USDC natively on Arbitrum
Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks
Japanese Stablecoin Ban Lifted, Banks Prepare Move
Tether expands reach in Georgia through investment in CityPay.io
TRC-20 USDT circulation hits record high 5 years after Tron mainnet launch
CNHC stablecoin issuer detained by Chinese police: Report
USDC Backing Maker’s Stablecoin DAI Plummets to 23%
MakerDAO looks to more than double the DAI savings rate
Stargate DAO voting to reduce exposure to Multichain-issued stablecoin
There's Now a Dollar-Backed Stablecoin on Bitcoin Using Ordinals Protocol
Circle launches Euro Coin on Avalanche
Stablecoin Issuer Lybra Finance Nears $100M in TVL

CRYPTO ECOSYSTEM

DCG asks judge to consolidate class-action suits to avoid conflicting decisions
Voltage partners with Google Cloud to boost global Bitcoin Lightning adoption
Scientists propose quantum proof-of-work consensus for blockchain
Olive-Oil Producer Issues First Euro-Stablecoin-Denominated Bond on Obligate’s DeFi Platform
Cumberland halts filecoin trading, citing ‘regulatory environment’
Nansen Slashes 30% of Headcount in Bid to Cut Costs
Chainalysis acquires real-time crypto data company Transpose
Crypto Storage Firm Qredo's Revamped Self-Custody Wallet Goes Live
Trezor Sales Skyrocket by 900% Despite Reddit Scam Warnings
Turns out, it’s pretty difficult to insure crypto users and platforms
First Mover Americas: Digital Currency Group Is Closing Down TradeBlock

NFTS / GAMING / METAVERSE

Crypto hater Peter Schiff to drop Bitcoin Ordinals NFT art collection
Nike Is Bringing Its .SWOOSH NFTs to EA Sports Games
Iconic H.R. Giger 'Alien' Sculpture to be Fractionalized as NFTs
Japan's Largest Airline Group ANA Launches NFT Marketplace
NFT Artist Fewocious Reveals Upcoming Collection “Fewos”
Sotheby's Second 3AC NFT Auction Includes Landmark Dmitri Cherniak Work
Mad scientist’s NFTs degrade when they’re traded: 0xDEAFBEEF, NFT Creator
Bitcoin Ordinals to bridge Ethereum NFTs with the launch of BRC-721E
Reddit collectible avatars onboard nearly 10M into the crypto, NFT space
F1 Ticket Provider Platinum Group Introduces NFT Tickets for Global Racing Event

MINING

Cathedra Bitcoin to Deploy Crypto Miners at 360 Mining's Texas Site
Bitcoin Miner CleanSpark Buys 12,500 Bitmain Machines for $40.5M
Bitcoin Miners Gain Support From Texas With Two Bills Passed, One Halted
Bitcoin Mining Difficulty’s Record Setting Streak Shows No Signs of Stopping
Stablecoin issuer Tether to mine bitcoin in Uruguay
Coinmint Sues California Chipmaker for $23M, Alleging ‘Elaborate Deception’

EXCHANGES

Binance Australia Stops AUD Bank Transfers as Search for Payment Partner Drags On
Binance Experiences Market Share Decline Post Regulatory Clampdown
Crypto Exchange Bybit Leaves Canadian Market Weeks Following Same Move by Binance
Gate.io Clamps Down on Rumors Following Twitter Upheaval Over Multichain
Winklevoss-Owned Gemini Makes a Move in the UAE for Crypto License
Crypto.com Gains Singapore License; Gemini Eyes the UAE
Hong Kong Virtual Assets Consortium launched with Huobi as first member
Binance Says 'Reevaluating' Roles After Report of Layoffs
Binance to delist privacy tokens in France, Italy, Spain and Poland
FTX has paid over $100M to lawyers and consultants handling its bankruptcy case
Paxful appoints new interim CEO following revival
US district judge sends matter of FTX independent examiner to appellate court
OKX sends bankrupt Alameda $8.3M in crypto assets
Binance Readies Japan-Focused Crypto Platform, Set for Summer Launch
Crypto Exchange bitFlyer Aligns Itself With FATF 'Travel Rule' With New Restrictions
Binance Crypto Exchange Appoints Richard Teng to Lead All Regional Markets Outside US
Crypto Exchange BKEX Suspends Withdrawals to Aid Money Laundering Probe
Bybit gets pre-approval in Kazakhstan as crypto custody service provider
OKX Publishes PoR, Boosts Crypto Reserves by $2.5b in 2023
Gulf Binance Secures Crypto Service Provider License in Thailand

CAPITAL RAISES

Crypto Infrastructure Firm Anoma Foundation Raises $25M
PayPal Ventures Leads $52M Round for Crypto Firm Magic
Web3 Payments Firm Transak Raises $20M
Cronos Labs launches second cohort of $100M Web3 accelerator

INVESTMENT MANAGEMENT

Venture Capital Firm Tribe Capital Targets $100M for Latest Crypto Fund: Sources
Electric Capital appoints two new general partners
StepStone VC Raises $97M for Two Blockchain Funds
ProShares’ Bitcoin Futures ETF Increasingly Underperforms BTC This Year: K33 Research
Temasek Adjusts Employee Compensation Following Unsuccessful FTX Investment
Singapore Venture Capital Firm Foresight Ventures Launches Second Phase of Web3 Accelerator

TRADFI / TECH

US Consumer Protection Agency Issues Warning on Payment Apps Following Collapses of Crypto Firms, Banks
GameStop Teams Up with The Telos Foundation to Grow Web3 Gaming Strategy
Investors Accuse Elon Musk of Insider Trading in Dogecoin Lawsuit
Google, Microsoft invest in AI startups as battle for dominance heats up
Silvergate to submit shutdown plan in coming days after Federal Reserve order
Germany’s Deutsche Telekom plugs in as Polygon validator
TD Cowen Shuts Institutional Cryptocurrency Division
Nvidia Overtakes Meta, Tesla by Market Cap as Firm Captures AI Hype
Amex planning to use AI for ‘approving cards and lines of credit’
Billion-Dollar Bank Demands Customers Prove Withdrawals Are Valid, Warns Cash Can Be Refused At Will
Neuralink gets FDA approval for ‘in-human’ trials of its brain-computer interface

CBDC

Standard Chartered, PwC make case for programmable CBDC in China Greater Bay Area
ECB Finalizes Digital Euro Prototypes as Development Decision Looms
Bank of Japan Releases CBDC Report and Launched Its Pilot Program As Other Countries Gain Steam

REGULATORY / COUNTRIES

U.S. Commodities Agency May Change Risk Rules to Consider Crypto
Georgian central bank to launch AML probe into crypto firms
Qatar Needs To Make Some ‘Major Improvements’: Money Laundering Watchdog Says
Treat Crypto as Securities by Default, European Parliament Study Says
Elizabeth Warren highlights crypto’s role in fentanyl trade; plans to combat with bill
IRS Can Access Your Coinbase Trade Records, John Doe Summons Valid
A House Bill Would Make It Harder for the SEC to Argue Crypto Tokens Are Securities
UAE central bank issues AML/CFT guidance for crypto
Former Coinbase Manager Settles Insider Trading Charges with SEC
CFTC issues digital asset clearing warning; agency member calls for rulemaking
Some SBF charges will be dropped if Bahamas objects, US prosecutors say
Biden crypto taxes not in current US debt ceiling deal
Russia Scraps Plan for a Crypto Exchange under MOEX
Laos government reportedly prioritizes blockchain technology for digital transformation
Currency Exchange Gemini Seeks to Have SEC Lawsuit Dismissed
Texas legislative session winds down with crypto bills still in limbo
HK Police Launch CyberDefender to Help Protect Citizens in the Metaverse
WEF White Paper on Crypto Asset Regulation Highlights Need for Regulation

SURVEYS, HACKS, MISC

Kazakhstan Police Shut Down ‘Fake Crypto Exchange’ and Arrest ‘Mastermind’
Hacked Twitter Account of OpenAI CTO Promotes Crypto Scam
Short term crypto outlook turns negative as U.S. passes Debt Ceiling Bill
Banks Will Likely Consolidate Further Into Bigger Giants: Fed's Yellen
Treasury Secretary Yellen repeats warning of US debt default
Increasing number of divorce proceedings involve crypto
Eurozone inflation data trends for core CPI, unemployment remain strong
SBF wants to subpoena documents from old FTX/Alameda law firm to use in his defense
Crypto Twitter left jaded after scammer pretends to have cancer to sell NFTs
El Dorado Exchange attacker returns over $400k after team admits code vulnerabilities
Jimbos Protocol hacked for over $7.5 million using flash loan exploit
PSYOP creator Ben.eth vows to refund victims after Steve Aoki hack leads to $170k in losses
US Treasury General Account dwindles to critical levels with less than $50B remaining
Market anticipates 25-basis point rate hike in June

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