PA Daily | Tether will allocate 15% of net profits to buy Bitcoin; Ripple acquires crypto custody company Metaco for $250 million

Today's news tip:

1. The proposal to deploy Uniswap V3 on Moonbeam was approved

2. Ronin Network launched the NFT market Mavis Market, NFT creators can set their own royalties

3.Coinbase suspends the withdrawal of ETH staking rewards due to technical problems, which will be resolved within 3 days

4. Tether will allocate up to 15% of realized net operating profit to purchase Bitcoin

5. Ripple acquires crypto custody firm Metaco for $250 million

6.CyberConnect releases Litepaper, outlining the three core components of CyberConnect

7. Bitcoin mining company Cormint completes $30 million in Series A financing

8. Data: Celsius has canceled the pledge of over 800 million US dollars worth of stETH on Lido Finance

Regulatory News

International Organization of Securities Commissions (IOSCO) to publish international rules for crypto assets

According to Reuters, Jean-Paul Servais, chairman of the International Organization of Securities Commissions (IOSCO), said at an event organized by the Association of Managed Funds in Paris that IOSCO will soon propose the first set of international rules for crypto assets, including how existing norms apply to the sector. industry. IOSCO members including the U.S. Securities and Exchange Commission, Japan's Financial Services Authority and regulators in the U.K., Germany and France have pledged to adopt the agency's recommendations.

“The collapse of large cryptocurrency players such as FTX and recent market events have reinforced my determination to achieve this agenda,” said Servais. As I have repeatedly stated, the IOSCO proposal will clarify existing principles and guidelines in To what extent it applies to cross-border virtual assets and service providers, private finance will become the new focus of IOSCO's work this year. "

NFT

! [PA Daily | Tether will allocate 15% of net profit to purchase Bitcoin; Ripple acquires crypto custody company Metaco for $250 million](https://img.gateio.im/social/moments-69a80767fe-bc27d2f6f4 -dd1a6f-e5a980)

Toymaker Mattel to launch 'Fast and Furious' movie-related NFT collection on May 22

According to Decrypt, with the release of the "Fast & Furious 10" movie, American toy manufacturer Mattel will launch the latest version of the "Hot Wheels NFT Garage" based on the "Fast & Furious" series on May 22. Hot Wheels NFT Garage)” series.

The "Hot Wheels NFT Garage" and "Fast and Furious" series will be launched on the Flow blockchain and will be themed with cars from the movie, including Dominic Toretto's 1970 Dodge Charger, Brian O'Conner's 1969 Camero, And Suki's car Honda S2000. The limited-edition NFTs are selling for $20 a pack.

Ronin Network launched the NFT market Mavis Market, NFT creators can set their own royalties

Ronin Network, an EVM-compatible Ethereum sidechain, announced the launch of Mavis Market, a general-purpose NFT marketplace, to support NFT transactions on Ronin. Users can purchase NFT with AXS, WETH, USDC and RON. NFT creators can set their own royalties, and Mavis Market will charge a fixed fee of 2.5%, of which 2% will be allocated to Sky Mavis and 0.5% will be allocated to the Ronin treasury. Currently deploying contracts on Ronin requires whitelist access. Axie DoLL and Axie Chat are the creators of the first series of Mavis Market.

metaverse

Subversive Capital plans to close and liquidate its Metaverse ETF on May 31

According to prnewswire reports, the investment advisory company Subversive Capital Advisor announced that its board of directors has decided to close and liquidate its Metaverse Exchange Traded Fund "Subversive Metaverse ETF" immediately after the close of business on May 31, 2023. Christian H. Cooper, portfolio manager of Subversive, said that the creation of the metaverse ETF was mainly misled by the focus of Meta. In view of the rapid development of more promising technologies such as artificial intelligence, the company has decided to change its investment direction.

Project News

Coinbase suspends withdrawals of ETH staking rewards due to technical issues, will be resolved within 3 days

Coinbase has temporarily suspended ETH staking reward withdrawals to resolve a minor technical issue, Coinbase said on Twitter. ETH staking will not be affected, rewards are still being earned and will be paid out, this issue is expected to be resolved within the next 72 hours.

WazirX: Binance controls WRX tokens and holds all IE0 earnings, has not been destroyed for 5 quarters

Indian cryptocurrency exchange WazirX tweeted: “We would like to clarify that Binance controls the WRX token. Binance conducted IE0 for WRX and all proceeds from the sale of WRX IE0 (i.e. 108,401 BNB tokens worth $2 million) Collected and retained by Binance. Binance currently holds a total of 580.78 million US dollars of WRX tokens, and the WazirX team has not received any token distribution. The responsibility for the quarterly WRX token burn lies with Binance. Binance on March 9, 2022 The last WRX burn event (the 7th burn) for the October-December quarter of 2021 was executed on the 1st of 2021. Binance has not conducted quarterly burns in the past 5 quarters (i.e. since January 2022).”

In the previous January news, the WazirX ownership dispute escalated, and Zanmai Labs said that it was "immoral" for Binance to threaten it to issue "false statements".

Coinbase expands Singapore services amid international expansion

Crypto exchange operator Coinbase Global is expanding the range of services it offers to clients in Singapore, The Block reported. The move comes as Coinbase is taking steps to strengthen its international presence, in direct response to a crackdown by regulators in the U.S., where the company is headquartered.

“The world is moving forward with or without the U.S., and as a global company we are very committed to continuing our international expansion,” said Hassan Ahmed, Coinbase’s country director for Singapore. This morning, Coinbase announced the launch of USDC for customers using the Singapore dollar Its no-fee purchase service allows users to earn rewards for holding USDC on the platform, and launched a USDC order book for more experienced traders, allowing them to trade more than 200 assets with USDC. The company also offers ETH, SOL, ADA, ATOM, and XTZ staking services for clients in Singapore.

Proposal to deploy Uniswap V3 on Moonbeam passed

The Tally page shows that the Uniswap community's proposal to "deploy Uniswap V3 on Polkadot's EVM-compatible parachain Moonbeam" was passed with nearly 100% support.

Montenegro prosecutors have appealed court decision to grant Do Kwon bail

According to SBS reports, local prosecutors have raised the above issue after the Montenegro court recently granted bail for Terraform Labs co-founder Do Kwon. Local court officials confirmed the matter in an interview and said that the three judges are re-examining whether the bail decision is appropriate, which is in accordance with the normal procedure of the appeal case; since the defendant has been detained, the court will make a decision on the appeal as soon as possible.

In addition, it is reported that Do Kwon has not yet been released from prison and is being held in a detention center on the outskirts of Podgorica, and the bail has not yet been paid. to stand trial.

It is reported that during the trial held on the 11th, the prosecution strongly opposed the bail of 400,000 euros, saying that these bails were too small compared to Do Kwon's property, so there was a risk of escape.

Foreign media: There have been $600 million Luna cross transactions on Bithumb, Coinone and Gopax

According to the daily economic news report, it was confirmed that the 800 billion won (about 600 million U.S. dollars) cross-trading related to the "Luna and Terra" that caused the crash was carried out on the Korean encryption exchanges Bithumb, Coinone, and Gopax. Among them, the cross-trading volume on Bithumb reached 300 billion won, the cross-trading on Coinone was 400 billion won, and the cross-trading on Gopax was 100 billion won. Cross trading is the practice of offsetting buy and sell orders for the same asset without recording an exchange transaction. The cross-trading confirmed by the prosecution ended at the end of February 2022. At that time, the market and academic circles made many legislative requests for virtual assets, and submitted most of the virtual asset legislation and related legal amendments, but the focus was not on cross-trading .

It will not be easy to punish the 800 billion won Luna deal unless the court recognizes Luna as a security, the report said. Under the Capital Markets Act, cross-trading only tokens deemed to be securities can be punished as market manipulation.

The Starknet Foundation announced the first batch of 67 project teams funded by EAG

The Starknet Foundation announced the first batch of EAG (Early Adopter Grants) funding projects, with a total of 67 teams receiving funding, covering NFT, infrastructure, DeFi, and DID.

EAG has a total budget of 10 million STRKs, which will be allocated to ecological project parties through multiple rounds of selection, with the purpose of providing early impetus for the Starknet ecosystem through actual on-chain deployment.

Waves Labs suffered 'financial damage' in half-year-long hack last year

According to DLNews, Waves founder Sasha Ivanov (Aleksandr Ivanov) said in an interview that hackers invaded Waves Labs last year, destroyed internal data and caused "financial losses." Hackers "sneaked into" Waves' management software system and attempted to extort money from the struggling blockchain company.

The hacker told Ivanov: "We have been lurking in your system for half a year. So we know everything and you have to pay us." Ivanov declined to disclose the specific financial losses caused by the hacking attack, nor did he provide details about the stolen data. information. "The situation is very bad, and we may suffer greater financial losses," Ivanov said. A hack of Wave's internal systems could also leak user data.

When asked why the hack was not disclosed to the Waves community after it became public in December, Ivanov evaded the question. "I didn't cry because we've been in similar situations before," Ivanov said, without elaborating on what "similar situations" meant. Ivanov suggested that the hacker had tried to cash out the stolen funds through a centralized exchange, but he declined to identify which exchange.

Ripple acquires crypto custody firm Metaco for $250 million

Blockchain firm Ripple has acquired Switzerland-based cryptocurrency custody provider Metaco for $250 million, CoinDesk reported. Through a combination of cash and equity in Ripple, the acquisition will see Ripple become the sole shareholder of Metaco, which will continue to operate as an independent business unit led by founder and CEO Adrien Treccani.

Tether will allocate up to 15% of realized net operating profits to buy Bitcoin

Tether announced today that starting this month, Tether will regularly allocate up to 15% of its realized net operating profits to purchase Bitcoin (BTC). Tether does not expect current and future BTC holdings in its reserves to exceed shareholder capital buffers and will further strengthen and diversify reserves.

In addition, as of the end of March 2023, Tether already holds about $1.5 billion in BTC in its reserves.

Greenland Subsidiary Plans to Apply for a Virtual Asset License in Hong Kong

According to the South China Morning Post, a subsidiary of Greenland Holdings plans to apply for a virtual asset license in Hong Kong. Geng Jing, chairman of Greenland Financial Investment Holdings Group, visited Hong Kong last week in an exclusive interview and revealed that Greenland Financial Technology (Greenland Financial Technology) will set up a new company to focus on virtual asset transactions. The new company will focus on trading cryptocurrencies, NFTs and products related to carbon emissions. It is reported that 46.4% of the shares of Greenland Holdings are held by the Shanghai Municipal Government.

CyberConnect Releases Litepaper Outlining the Three Core Components of CyberConnect

The decentralized social network CyberConnect has released a condensed version of its white paper (Litepaper). The three core components of CyberConnect are CyberProfile (universal digital identity standard, 'NFT' owned and managed by users), CyberConnect Social Graph (representing the user's digital identity, data, content, and social relationships) and a smart contract wallet under development called CyberWallet (non-custodial and ERC-4337 compliant). The utility of CyberConnect’s native token CYBER includes governance, CyberProfile casting payment, and Gas payment in CyberWallet. Cyberwallet is under development and will be deployed on Ethereum, Optimism, Arbitrum, BNB Chain, Base and Polygon. In the coming months, CyberConnect will publish an official white paper aimed at distilling the technical concepts and infrastructure of the CyberConnect protocol.

Finance News

Bitcoin mining company Cormint completes $30 million Series A funding

According to CoinDesk, Bitcoin mining startup Cormint Data s has completed a $30 million Series A round of financing to build a data center with a computing capacity of 2.4 EH/s at the Fort Stockton site in Texas. The round was led by Jamie McAvity, president of Cormint, and Nav Sooch, chairman of semiconductor company Silicon Laboratories (SLAB). The chip company's former chief technology officer, Alessandro Piovoccari, also participated in the Series A round, along with existing investors.

Web3 Startup Story Protocol Completes $29.3M Seed Round Led by A16z Crypto

Story Protocol, a Web3 narrative startup, has completed a $29.3 million seed round led by a16z Crypto. Participating investors include Hashed, Samsung Next Fund, Two Small Ventures, DAO5, Berggruen Holdings, Mirana Corp, and SLVC. According to Accounting and Corporate Regulatory Authority (ACRA) filings, A16z invested $10 million in Story Protocol through its CNK seed fund.

The Story Protocol provides a way to create, manage and license intellectual property on-chain, and forms a story LEGO ecosystem that can be remixed and combined, enabling creators to create stories with ownership and incentives.

Important data

Data: Celsius has unstaked stETH worth more than $800 million in Lido Finance

According to CryptoSlate, Arkham Intelligence data shows that Celsius Network has successively transferred approximately 428,083.6 stETH (worth more than $800 million) to a wallet for destaking from Lido Finance since 00:45 am today, which is held by Celsius. All stETH. The wallet processed about 429 transactions, withdrawing all stETH in about 40 minutes.

Celsius owes about $4.7 billion to creditors, it is reported. The media analysis stated that Celsius may use the proceeds of the withdrawal to help fund its restructuring and creditor repayment, or it may be re-pledged through a different platform.

Data: It has been less than 78 days since Litecoin's next halving, which is expected to be August 3

According to Litecoin Halving data, the Litecoin (LTC) block reward halving time is expected to be August 3, 2023, and there are 44,948 blocks left, less than 78 days left, when the block reward will drop from 12.5 LTC to 6.25 LTC.