[Link to FM] Justin Sun said he was ready to invest $5 billion in crypto companies, and Celsius began to repay loans to Aave and Compound

【Data Intelligence】

The Ethereum network has currently destroyed more than 2.5225 million ETH

According to Ultrasound data, up to now, the Ethereum network has destroyed a total of 2,522,596.97 ETH. Among them, ETHtransfers destroyed 232,816.21 ETH, OpenSea destroyed 230,049.97 ETH, and UniswapV2 destroyed 134,665.10 ETH. Note: Since EIP-1559 was introduced in the upgrade of Ethereum London, the Ethereum network will dynamically adjust the BaseFee of each transaction according to the transaction demand and block size, and this part of the fee will be directly burned and destroyed.

The number of Bitcoin Lightning Network channels is 85,296

According to data from the 1ML website, the number of Bitcoin Lightning Network nodes is 17,681, a year-on-year increase of 0.18%; the number of channels is 85,296, a year-on-year decrease of 0.2%; the network capacity is 4,148.39 BTC, a year-on-year increase of 4%.

【 Regulatory News 】

Two U.S. state regulators widen probes into Voyager, Celsius

Securities regulators in the U.S. states of Texas and Alabama are expanding their investigations into Voyager Digital and Celsius Network for new information following the implosion of the two cryptocurrency lending firms. The two states are reviewing whether Voyager properly disclosed important information about its loans and the credit status of its borrowers.

Brazilian criminal gangs use cryptocurrencies for illicit gold

On July 9, Brazilian police busted an illegal gold mining company that allegedly used cryptocurrencies to launder money with the help of healthcare companies. 211 police officers carried out 60 raids in São Paulo on Thursday, arresting five people.

【Industry Trends】

Celsius Begins Loan Repayments to Aave and Compound

Wallets linked to Celsius, which Nansen flagged, had outstanding debt to Aave and Compound to $235 million, down from $258 million on Friday. It is reported that if Celsius repays the loan in full, the cryptocurrency lender will theoretically be able to recover about $950 million in assets.

GameStop plans to cut costs and develop new products in digital assets and Web3

Matt Furlong, CEO of video game and related products retailerGameStop (GME), said in a letter to employees that the company's focus has shifted to eliminating excess costs and operating with a strong owner mentality, driven by cost cutting. Financial Officer (CFO) Mike Recupero is leaving and will be replaced by Chief Accounting Officer Diana Jajeh. According to Furlong's letter, the company plans to develop new products in digital assets and Web3. GameStop has been entering the Web3 field since last year and plans to launch the NFT market later this year, having previously developed GameStop Wallet, a digital asset wallet for storing encryption and NFT.

Spanish encryption trading platform 2gether was forced to stop operations, affecting more than 100,000 users

According to news on July 8, the Spanish cryptocurrency exchange 2gether suddenly shut down its operations, and its users have been unable to access their accounts. In an email to customers, the platform informed that it had to take this action because it was unable to continue serving customers due to current market conditions. Additionally, the platform removed its presence from social media, deleting its account on Twitter. Accounts without available funds before June 10 will be suspended and cryptocurrencies that are still available will be liquidated, it is reported. According to a report by Asufin, the Spanish association of financial users, this action is affecting 100,000 customers who trust 2gether to transact and protect their funds.

Cryptocurrency exchange Blockchain faces $270 million loss over loan to Three Arrows Capital

On July 8th, the cryptocurrency exchange Blockchain faced a loss of US$270 million for issuing loans to Three Arrows Capital. The CEO of the cryptocurrency exchange Blockchain stated in the shareholder letter that Blockchain.com still maintains liquidity and solvency, and our customers will not be affected by this.

Grayscale's three funds update the composition and proportion of encrypted assets in each product

According to news on July 8, the three funds under Grayscale (Grayscale) updated the encrypted asset composition and proportion of each product for their respective reviews in the second quarter of 2022. Grayscale said it adjusted the portfolios of the three funds according to the CoinDesk index methodology, which removed Bitcoin Cash, Chainlink, Litecoin, Polkadot and Uniswap from the digital large-cap fund; removed Yearn Finance (YFI) from the DeFi fund ; Removed Stellar Lumens (XLM) from the smart contract platform Ex-Ethereum Fund. None of the three funds added new tokens.

【Elite Viewpoint】

Fed Vice Chairman Brainard: Volatility Exposes Serious Crypto Vulnerabilities

According to news on July 8, Federal Reserve Vice Chairman Brainard said: Volatility has exposed serious cryptocurrency loopholes, and now we need to establish a sound regulatory foundation for the encrypted financial system. We cannot wait until the cryptocurrency ecosystem becomes so large and interconnected. As for possible financial stability risks. Cryptocurrency activities need to be regulated on a similar risk, similar regulatory outcome basis, and new risks associated with new technologies must also be addressed. Strong regulation will enable investors and developers to build a resilient digital-native financial infrastructure. It is important that regulators work domestically and internationally to maintain the stability of the financial system and address regulatory evasion. Crypto platforms are extremely Vulnerable to deleveraging, sell-offs and emotional contagion. Now is the time to determine which cryptographic activities are permitted by regulatory entities and under which constraints. Cryptocurrencies are not yet big enough to pose a systemic risk, the Federal Reserve is closely monitoring recent events in the cryptocurrency space, and central bank digital currencies (CBDCs) may be good for financial stability.

Messari founder: SEC chairman violated mission to protect investors and ensure fair and efficient markets

The founder of Messari tweeted that SEC Chairman Gary Gensler "deliberately harmed" and "held investors hostage," which is in direct violation of the SEC's mission to protect investors, promote capital formation, and ensure fair and efficient markets.

【What to watch today】

Tron founder Justin Sun says he's ready to invest $5 billion in crypto companies

Justin Sun, the creator of the Tron blockchain ecosystem, said he is ready to back the struggling crypto firm with FTX's Sam Bankman-Fried and Binance's Changpeng Zhao, and could spend as much as $5 billion on acquisitions. With the downturn in the cryptocurrency market, FTX has provided credit facilities to companies such as Voyager Digital and BlockFi. Likewise, Binance CEO Changpeng Zhao recently said that dozens of crypto companies are seeking help from the exchange operator because it “is the largest cash reserve in the industry.”

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