Cosine exposes fake security company scammers FTX starts paying out $5 billion

Headline

▌Cosine: Exposing some fraudulent gangs pretending to be security companies

Cos (Cosine) published content on X, exposing some fraudulent gangs pretending to be security companies: @JascottRecovery； @SHIELDHUNTER_PR； @BCRescue_； @ben__ethh； These are criminal gangs that claim to help users solve security problems such as wallet theft, and then let users suffer secondary harm

▌FTX starts to pay $5 billion

FTX starts to pay $5 billion. •Distributed through Bitgo and Kraken for 3 days. •Creditors may re-enter the market or exit completely. • Due to the rapid inflow of funds into the wallet, fluctuations may occur.

Market

As of press time, according to CoinGecko data:

BTC price is $105,404, up 24 hours +1.2%;
ETH price is $2,527.45, up 24 hours +0.7%;
BNB price is $661.39, up 24 hours +0.9%；
SOL price is 158.18 US dollars, up and down +2.0% in 24 hours；
DOGE price is 0.1925 US dollars, up and down +1.4% in 24 hours；
XRP price is 2.17 US dollars, up and down +0.4% in 24 hours.

Policy

▌Former SEC official John Reed Stark: The SEC continues to shamefully abandon its investor protection mission

Former SEC official John Reed Stark wrote on X that the SEC's recent series of statements to relax cryptocurrency regulation are not innovative or revolutionary. On the contrary, statements like the SEC's statement on staking products last week are pure excuses: 1) Irresponsibly encouraging investors to spend their hard-earned money on high-risk, dangerous cryptocurrency products; 2) Foolishly contributing to systemic risks in global financial markets. As SEC Commissioner Caroline Crenshaw eloquently explained in her dissent to the SEC’s recent crypto order, the SEC staff’s conclusion conflicts with many of the SEC’s previous enforcement actions, which asserted that staking-as-a-service programs are investment contracts under the Howey Act: The staff’s analysis may reflect what some expect the law to be, but it is inconsistent with court decisions on staking and the long-standing Howey precedents upon which it is based. This is yet another example of the SEC’s ongoing fake-before-real approach to the cryptocurrency space—taking actions based on expectations of future changes while ignoring existing law… I continue to believe that these staff statements do more harm than good because they purport to carve out broad categories of cryptocurrency products without analyzing how they actually operate.

Acheron becomes the first cryptocurrency market maker to obtain a CASP license under the EU MiCA regulations

According to Cointelegraph, Acheron has become the first cryptocurrency market maker to obtain a CASP license under the EU MiCA regulations.

Circle freezes $57 million in Libra-related funds due to an investigation involving Argentine President Javier Milei

The investigation into Libra, the meme coin promoted by Argentine President Javier Milei, is heating up, and Circle has frozen $57 million in funds related to the coin for unknown reasons. Prosecutor Taiano is reviewing communications about the issuance of Libra.

Blockchain Applications

▌CZ: Now may be a good time to launch an on-chain dark pool DEX + perpetual contract

CZ posted content on X saying that given recent events, I think now may be a good time to launch a dark pool perp DEX. I have always been confused by the fact that everyone on DEX can see your order in real time. This problem is even more serious on a perpetual DEX where liquidation exists. Even if you use the order book of a centralized exchange (CEX), the order is not associated with a specific individual, but if you want to buy $1 billion worth of cryptocurrency, you usually don't want others to notice your order before the order is completed. Otherwise, others may buy first, effectively front-running the transaction. In a decentralized exchange (DEX), this can lead to a MEV attack. This can lead to increased slippage, lower prices, and increased costs for you. Therefore, large traders in TradFi use dark pools, which are often 10x larger than "clear pools" (i.e. normal order books). For position holders (or futures traders), it is even more important not to let others know/see your orders. If others see your liquidation point, they may try to push the market to liquidate you. Even if you have $1 billion, others may gang up on you. This may be what we have seen recently. The counterargument I see is that increased transparency allows market makers to absorb your large orders. This may be true. I don't want to argue which is right and which is wrong. Different traders may prefer different types of markets. Now may be a good time to launch an on-chain dark pool-style DEX + perpetual contracts, either without displaying the order book, or better yet, not displaying deposits to the smart contract at all, or until much later. This should be possible with zero-knowledge proofs or similar cryptographic techniques.

Vitalik: Ethereum will expand L1 by about 10 times in a year

At the ETHGlobal Prague conference, Vitalik said that Ethereum will expand L1 by about 10 times in a year, and then "take a breath" before the next leap.

X is launching a new "XChat" messaging system with "Bitcoin-style" encryption

Elon Musk posted on X. The new XChat now has encryption, message disappearance, and the ability to send any type of file. In addition, audio/video calls are supported. It is built on Rust, uses (Bitcoin-style) encryption technology, and has a brand new architecture.

Cryptocurrency

▌Bloomberg: Cryptocurrency industry stands to benefit regardless of South Korea's election results

According to Bloomberg, South Korean voters will go to the polls on Tuesday to vote in this presidential election. Regardless of the results of the presidential election, the crypto industry will benefit. Both popular candidates, Lee Jae-myung and Kim Moon-soo, have promised to relax regulations and expand access to digital assets. Candidate Lee Jae-myung proposed legalizing spot crypto ETFs and even allowing South Korea's $884 billion pension fund to invest in crypto assets. He also advocated the widespread issuance of stablecoins pegged to the Korean won as part of a strategy to modernize the financial system and curb capital outflows. Currently, more than a third of South Korea's population (about 18 million people) participate in digital asset trading, making it one of the most active crypto markets in the world. On some trading days, the trading volume of South Korean crypto trading platforms even exceeds that of the stock market. According to data released by the Bank of Korea, the total value of crypto assets held by Koreans at the end of last year was approximately US$74.5 billion.

▌Data: More than 6,000 BTC flowed out of CEX platforms in the past week

According to Coinglass data, about 6,216.46 bitcoins flowed out of CEX platforms in the past week, CoinbasePro outflowed 15,480.48 bitcoins in the past 7 days, 29,158.78 bitcoins flowed into the Binance exchange; 2,398.57 bitcoins flowed into the Bitfinex exchange.

▌Billionaire supports invisible stablecoin startup Atticus with a valuation of US$2 billion

According to Cointelegraph, defense technology billionaire Palmer Luckey supports invisible stablecoin startup Atticus with a valuation of US$2 billion.

▌Bitcoin ETF inflows exceeded gold ETFs in May

Bitcoin ETF inflows exceeded gold ETFs in May. BTC net inflow of $5.25 billion; Gold net outflow of $1.58 billion.

▌This week's unlocking data: ENA, EIGEN, TAIKO, etc. will usher in a one-time large-scale token unlocking

According to Token Unlocks data, this week ENA, EIGEN, TAIKO, etc. will usher in a one-time large-scale token unlocking, among which: Ethena (ENA) will unlock about 40.63 million tokens at 3 pm Beijing time on June 2, which is 0.70% of the current circulation and worth about 12.5 million US dollars; Eigenlayer (EIGEN) will unlock about 1.29 million tokens at 3 am Beijing time on June 4, which is 0.42% of the current circulation and worth about 1.7 million US dollars; Cetus Protocol (CETUS) will unlock about 8.33 million tokens at 8 am Beijing time on June 4, which is 1.15% of the current circulation and worth about 1.1 million US dollars; IOTA (IOTA) will unlock about 8.63 million tokens at 8:00 am Beijing time on June 4, which is 0.23% of the current circulation and worth about 1.6 million US dollars; Taiko (TAIKO) will unlock about 81.55 million tokens at 8:00 pm Beijing time on June 5, which is 69.37% of the current circulation and worth about 46.9 million US dollars; Spectral (SPEC) will unlock about 3.62 million tokens at 8:00 am Beijing time on June 6, which is 17.57% of the current circulation and worth about 3.7 million US dollars; Neon (NEON) will unlock about 53.91 million tokens at 8:00 am Beijing time on June 7, which is 22.51% of the current circulation and worth about 6.1 million US dollars.

Important Economic Dynamics

▌Federal Reserve Governor Waller: The "good news" is that there is still a chance of a rate cut later this year

Federal Reserve Governor Waller: The "good news" is that there is still a chance of a rate cut later this year, and the prospect of a rate cut depends on the slowdown in inflation and whether tariff measures are at the lower end of the range. (Gold Ten)

▌Spot gold breaks through $3,300 an ounce, up 0.33% on the day

Spot gold breaks through $3,300 an ounce, up 0.33% on the day. (Jinshi)

▌The Bank of Japan raised its reserve requirement to 100% for the first time in fiscal 2024

According to Nikkei: The Bank of Japan raised its reserve requirement to 100% for the first time in fiscal 2024, setting aside the maximum reserve for potential losses in bond trading. In fiscal 2024, the Bank of Japan increased its reserves by 472.7 billion yen. (Jinshi)

Golden Encyclopedia

▌What are Ethereum Futures ETFs and how do they work?

Ethereum Futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself.

Consider a contract that promises to buy Ethereum at a specific price at some time in the future. These derivative contracts are traded through Ethereum (ETH) Futures Exchange Traded Funds (ETFs), providing a regulated way to invest in Ethereum using a brokerage account.

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 raise your risk awareness.