Binance appeals to Canada EIGEN staking airdrop phase 2 opens

Headlines

▌Binance has appealed against a $4.4 million fine imposed by Canada

Binance has appealed against a $4.4 million fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The fine was imposed for failure to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. In its appeal, Binance stated that it does not provide services to Canadian residents and announced plans to exit the Canadian market in May 2023. This appeal is unrelated to the legal issues Binance faces in other countries.

▌Eigen Foundation: EIGEN Staking Airdrop Phase 2 Now Open

The Eigen Foundation announced on the X platform that the second phase of the first season EIGEN staking airdrop has officially started. The addition of Phase 2 brings the total allocation in Season 1 to approximately 113 million EIGEN, which accounts for 6.7% of the 15% of the total EIGEN supply reserved for staking airdrops.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $64858.02, with a daily increase or decrease of -0.4%;

ETH's latest transaction price is $3553.38, with a daily increase or decrease of +2.1%;

BNB's latest transaction price is $597.75, with a daily increase or decrease of +1.6%;

SOL's latest transaction price is $135.20, with a daily increase or decrease of -1.6%；

DOGE's latest transaction price is 0.1222 US dollars, and its intraday change is +0.0%；

XPR's latest transaction price is 0.493 US dollars, and its intraday change is +0.5%。

Policy

▌Nigerian High Court dismisses Binance executive detention lawsuit

The Nigerian High Court dismissed the lawsuit filed by Binance regional manager Nadeem Anjarwalla for lack of diligent prosecution. Anjarwalla accused the Nigerian government of violating his fundamental rights when it detained him and seized his passport. Anjarwalla's lawyer applied to withdraw his representation so that he could hire a new lawyer. Anjarwalla has now fled to Kenya and failed to appear in court. Nigeria is seeking his extradition. Meanwhile, Binance's head of financial crime compliance, Tigran Gambaryan, has also been detained on similar charges and has filed separate lawsuits against the NSA and EFCC, which are scheduled to go to trial on July 9.

Blockchain Applications

▌Coinbase and CoinSwitch have launched the "OnChain India" program, intending to use Base to support the Indian chain ecosystem

Coinbase has launched the "OnChain India" program with Levitate Labs and CoinSwitch, intending to use Base to support the Indian chain ecosystem, which includes enhancing the Indian Web3 startup ecosystem through grants and funding, ecosystem partnerships, community activities, etc. It is reported that the "OnChain India" plan will include about 50 projects by 2025. The main initiatives and activities include providing funds and grants, such as basic grant programs and cooperative venture capital companies, as well as community activities.

▌io.net and OpSec reach a cooperation to jointly develop a proof of concept for node deployment

The decentralized computing network io.net announced a strategic cooperation with OpSec to strengthen cloud computing services. It is reported that this cooperation aims to combine io.net's decentralized GPU resources with OpSec's innovative cloud infrastructure to simplify and improve cloud operations for developers and enterprises. The two parties will also develop a proof of concept to show how to efficiently deploy OpSec's nodes in io.net's distributed network.

▌OpenAI co-founder Sutskever announces a joint venture

Former OpenAI Chief Science Officer and co-founder Ilya Sutskever has formed a joint venture called Safe Superintelligence Inc., which aims to create a safe and powerful AI system within a purely research institution that has no intention of selling AI products or services in the near future. "What's special about this company is that its first product will be safe superintelligence, and it won't do anything else before that," Sutskever said of his plans in an exclusive interview. "It will be completely immune to external pressures, such as having to deal with a large and complex product and having to engage in fierce competition."

Cryptocurrency

▌Ripple's latest developments with the SEC drive a surge in XRP open interest

Recently, XRP open interest (OI) has surged, indicating that investors expect its price to rise. CryptoQuant's analysis pointed out that after XRP's price re-broke through $0.50, open interest increased significantly, reflecting the market's close attention to Ripple's legal dispute with the U.S. Securities and Exchange Commission (SEC).

Ripple's dispute with the SEC began in December 2020, when the SEC accused Ripple of conducting an unregistered securities offering through XRP. Last year, Judge Analisa Torres ruled that Ripple's sales in the open market did not constitute a securities offering, but its direct sales of XRP to institutional investors were indeed securities offerings.  

Currently, the focus of the dispute between the two parties is the amount of the fine. The SEC initially requested a $2 billion fine, Ripple's lawyers suggested no more than $10 million, and the SEC ultimately proposed $102.6 million. As open interest and prices increase, market volatility increases, and investors need to be cautious.

▌Bitcoin market dominance hits a new high since April 2021

According to The According to Block data, Bitcoin's market dominance soared to 52.92% last weekend, a new high since April 2021. This growth was mainly driven by the approval of spot ETFs, despite the overall market volatility. Bitcoin's market dominance has remained between 44% and 53% over the past year. However, the recent news that the Federal Reserve only expects one interest rate cut in 2024 has caused Bitcoin to fall 5.3% in the past week. In contrast, many small-cap tokens such as FLOKI, STRK, IMX and FIL have fallen by double digits in the past seven days. Despite this, Bitcoin is seen as a lower-risk asset due to its high regulatory recognition and institutional adoption. As the market rebounded, Bitcoin's dominance has begun to decline.

▌Mechanism Capital Co-Founder: Spot Ethereum ETF may be delayed by 1 to 2 quarters

Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, said in an article that he believes that the spot Ethereum ETF may be delayed by 1 to 2 quarters.

▌At least 40 billionaires in the world hold BTC

According to HODL15Capital statistics, at least 40 billionaires in the world hold Bitcoin (BTC).

▌Snowflake hacker reduces Bitcoin ransom demand to $150,000

A hacker sold the personal data of millions of American students after hacking into the cloud data company Snowflake, reducing the ransom from $2 million in Bitcoin to $150,000. Hacker Sp1d3r threatened to leak the data if the ransom was not paid within 7 days. The stolen data included the names, addresses, financial information and login details of the students, ranging from kindergarten to 12th grade. An Edgenuity spokesperson denied that its data had been stolen and said the claim had been confirmed by LAUSD and Snowflake.  

In addition, Google Mandiant Security attributed the hacking to the "UNC5537" organization and is investigating its partnership with "Scattered Spider." Spanish police arrested the suspected leader of Scattered Spider this week.

Important Economic Dynamics

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 88.6%

According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in August is 88.6%, and the probability of a 25 basis point rate cut is 11.4%. The probability of the Federal Reserve keeping interest rates unchanged by September is 34.6%, the probability of a cumulative 25 basis point rate cut is 58.5%, and the probability of a cumulative 50 basis point rate cut is 6.9%.

Golden Encyclopedia

▌What is an inverse futures contract?

An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from the price drop.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.