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Investment Drama of Bankruptcy Claims Exchange OPNX; Intel Ends Bitcoin Mining Chip Business | Cointime Weekly Apr.16 – Apr.22

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OPNX Investment Fiasco: Backers Deny Investment, OPNX Expressed Disappointment 

Open Exchange disclosed its institutional backers and strategic partners, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent, and Tuwaiq Limited. However, institutions such as DRW, MIAX Group, Nascent, and Susquehanna have since denied investing in the exchange.

The exchange expressed disappointment in the misrepresentation and stated that it would prefer not to have these parties as investors in the future.

Intel Signals End of Bitcoin Mining Chip Business

Intel will discontinue its Blockscale Bitcoin mining chip line, a year after it debuted the product.

Coinbase Receives License To Operate in Bermuda

Coinbase (COIN) has obtained a license to offer its services in Bermuda as part of its international expansion efforts, the firm announced in a blog post on Wednesday.

Gemini Launches Derivatives Platform, Available Only Outside of US

The platform will offer its first derivatives contract in the form of a BTC perpetual contract denominated in Gemini dollars, an ETH/GUSD perpetual contract will be introduced subsequently.

Apple Crypto Users Potentially Exposed to iOS, MacOS Vulnerabilities

Wu Blockchain warned Apple crypto users that operating system vulnerabilities could expose them to attackers. Linking an article from Kaspersky, it was noted that these are “high threat” vulnerabilities applicable to iOS and macOS.

Global regulations

EU Parliament Approves Crypto Licensing, Funds Transfer Rules

The European Union has voted in favor of a comprehensive crypto law, the Markets in Crypto Assets regulation (MiCA), with 517-38 in favor, making it the first major jurisdiction to introduce such a law. 

Hong Kong Court Recognizes Crypto as Property

Hong Kong's High Court has ruled that cryptocurrency is property, marking the first such decision regarding digital assets in the city-state. The ruling was made in a legal matter involving defunct crypto exchange Gatecoin, with the court determining that crypto has all the qualities of property and can be held on trust. 

Russian Central Bank Allows Experimental Use of Cryptocurrency

The head of the Russian Central Bank, Elvira Nabiullina, has announced that the bank is considering the experimental use of cryptocurrency for foreign settlements. She also stated that special organizations will be created for this purpose, and a draft law is currently being prepared.

China’s State-Affiliated Banks Are On-Boarding Crypto Companies in Hong Kong

The Hong Kong arm of Bank of Communications and ZA Bank are collaborating with several cryptocurrency businesses registered in the city and facilitating the depositing and withdrawal of fiat currencies. 

Bank of England Considers Limits on Stablecoin Payments

The Bank of England (BoE) will consider whether to put limits on stablecoins used for payments in new rules for the sector, Deputy Governor Jon Cunliffe said in a speech on Monday.

Crypto weekly price action

Fundraising and investment

Hitachi Establishes $300 Million Third Fund for Hitachi Ventures

Hitachi, Ltd. announced the establishment of a third fund for Hitachi Ventures (HV), the global corporate venture capital arm of Hitachi, for the purpose of accelerating innovation and initiating new business opportunities in the digital domain.

GPU-focused Cloud Computing Startup CoreWeave Raises $221M

NYC-based cloud computing startup CoreWeave, which began as an Ethereum mining venture, has raised $221m in a Series B funding round led by Magnetar Capital, with participation from Nvidia, former GitHub CEO Nat Friedman and ex-Apple exec Daniel Gross.

Unchained Raises $60M to Offer Collaborative Custody Bitcoin Services

Unchained Capital, a financial services provider for Bitcoin (BTC) holders, has raised $60 million in a Series B funding round led by Valor Equity Partners, with participation from NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners.

Berachain Raises $42 Million to Launch Yet Another Layer 1 Blockchain

Bear-themed crypto project Berachain, run by pseudonymous co-founders Homme Bera, Dev Bear, Papa Bear and Smokey the Bera, has raised $42m to launch a new Layer 1 blockchain. Polychain Capital led the funding, with Hack VC, Shima Capital, Robot Ventures, Goldentree Asset Management and others participating.

KRAFTON and NAVER Z Expand Metaverse Strategy with $36M Joint Venture

KRAFTON and NAVER Z are forming a joint venture for a new metaverse platform called "Migaloo," with an initial investment of 48 billion Korean won (~$36.4 million). KRAFTON will own 85% of the entity, while NAVER Z will own the remaining 15%. 

XRSPACE Secures $25M Funding Round Led by Foxconn

XRSPACE has raised $25 million in a funding round led by Foxconn Technology Group, with Taiwan’s National Development Fund investing $10 million.

Research and technology

Web3 Gaming Protocols Analysis

Blockchain gaming or Web3 gaming decentralizes certain parts of and activities within gaming ecosystems and platforms. Over the last few years, it has gained a lot of attention — from game developers, users, and investors.

Overview of the Technology Stack for NFT Marketplace Development

We will delve into the technology stack used for NFT marketplace development. We will discuss the importance of selecting the right technology stack and its components. 

Decoding Sentiment Protocol’s $1 Million Exploit

The attackers exploited this vulnerability, stealing approximately $1 million. Fortunately, the attacker returned around 90% of the stolen funds.

What Is a ZkEVM and How Can It Enhance the Ethereum Ecosystem?

zkEVMs extend the capabilities of zero-knowledge rollups (zk-rollups) on Ethereum to support decentralized applications (DApps).  zkEVMs make it easy to deploy both existing and new Ethereum projects using ZKPs to enhance the Ethereum ecosystem.

Viral Quotes

"It's ugly for firms to seek financial gain while simultaneously denying association due to fear of social media backlash."

– Open Exchange responded to recent denials from backers regarding their investment

"The SEC has caused untold harm to America with its policy of regulation by enforcement. We will fight to fix that."

– Brian Armstrong , Coinbase CEO

"Gary Gensler is an incompetent 'cop on the beat.' He's actively putting everyday Americans in harm's way and pushing American firms into the hands of the Chinese Communist Party."

– Republican Tom Emmer (R-MN)

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  • Xinjiang launches special campaign to combat illegal fundraising, with key areas including virtual currency, blockchain, etc.

    According to Chang'an Xinjiang Public Account, Xinjiang Autonomous Region and Corps have launched a joint special action to crack down on illegal fund-raising, with key areas including third-party wealth management, fake private equity, fake gold exchange and other traditional fields, as well as emerging fields such as virtual currency, blockchain, cultural tourism, film and television investment, and debt resolution services. It is reported that key cases include cases involving more than 100 million yuan and cases that have been criminally filed for more than five years.

  • A British court has postponed the final sentencing of Wen Jian, a British-Chinese national involved in the country's largest Bitcoin money laundering case, until May 24.

    On May 11th, it was reported that Jian Wen, a 42-year-old British Chinese citizen, was found guilty of "participating in arranging money laundering" in the UK's largest Bitcoin money laundering case. He could be sentenced to up to 14 years in prison. Jian Wen's defense lawyer, Mark Harries, stated that due to the judge's busy schedule, the UK court has postponed Jian Wen's final sentencing, which was originally scheduled for May 10th, to May 24th.

  • Web3 startup Star Nest completes $6 million in Pre-A round of financing

    Hong Kong Web3 music startup Star Nest announced that it has completed a $6 million Pre-A round of financing, led by Chuangqi International Limited, a wholly-owned subsidiary of Hong Kong Stock Exchange-listed company Guofu Innovation. Star Nest will collaborate with Armonia Meta Chain to develop the Star Nest SpaceStar metaverse game, which includes music, role-playing, and social features.In addition, Star Nest plans to launch its NEST project in the third quarter of 2024. Nest will receive 2.1 billion NEST tokens tailored for the project, and Star Nest will use the NEST token to build a more complete music industry token economic system. The NEST token will be widely used for purchasing performance tickets, chain game cooperation, metaverse consumption, governance voting, and other activities.

  • Over $594 million worth of PYTH is staked

    According to Dune data,  there are currently 1,201,167,362 PYTH tokens in the staked state, with a total staked value exceeding $594 million. The number of PYTH stakers has reached 151,211.

  • US Department of Justice: Tornado Cash indictment has nothing to do with "free speech"

    On May 11th, the US Department of Justice explained why the motion to dismiss the criminal case against Tornado Cash founder Roman Storm was invalid. The Department of Justice reiterated that their indictment was not related to whether the Tornado Cash computer code had freedom of speech or was protected by the First Amendment of the Constitution. The defendant was not charged for publishing computer code, but for using it to facilitate profitable illegal activities.

  • USDC circulation decreased by $100 million in the past week, with a total circulation of $33 billion

    According to official data，as of May 9th, Circle has issued approximately $2 billion USDC and redeemed approximately $2 billion USDC in the past 7 days, with a decrease in circulation of approximately $100 million. The total circulation of USDC is $33 billion, with a reserve of $33.1 billion, including approximately $3.3 billion in cash and Circle Reserve Fund holding approximately $29.8 billion.

  • SEC rejects Coinbase's request for appeals court ruling on cryptocurrency rules

    The US SEC has rejected Coinbase's request to appeal to the court to review whether traditional securities rules are applicable to cryptocurrencies. In its application, Coinbase stated that it hoped the appeals court would consider whether the Howey test, which has long been used for securities evaluation, should be applied to digital assets. However, the SEC pointed out that Coinbase has not successfully demonstrated the need for such an evaluation. The SEC stated that Coinbase is attempting to create a "new legal test," but this attempt was rejected by the court. The court found that Coinbase's arguments lacked consistency and did not successfully demonstrate the existence of decisive issues. Currently, the judge responsible for hearing the SEC's case against Coinbase will make a ruling on Coinbase's intermediate appeal motion.

  • Colombian President Suspected of Accepting $500,000 in Illegal Crypto Donations

    Colombian President Gustavo Petro is suspected of accepting over $500,000 in digital token donations from a fraudulent cryptocurrency project during his 2022 election campaign. A former contractor revealed that the illegal donation occurred during a meeting in February 2022 that discussed the advantages of cryptocurrency and the possibility of working with the government. This allegation is one of the latest charges faced by President Petro during his election campaign, with the Colombian Prosecutor's Office investigating his campaign last year.

  • Fed's Kashkari: The bar for another rate hike is high, but it cannot be ruled out

    The Federal Reserve's Kashkari expressed a cautious attitude towards restrictive monetary policy; he is adopting a wait-and-see attitude towards future monetary policy; he is in a wait-and-see state to see if inflation is stagnating; the threshold for raising interest rates again is high, but this possibility cannot be ruled out; if inflation data supports it, the Fed will maintain interest rates.

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