1. Michael Saylor Announces MicroStrategy’s Acquisition of an Additional 12,333 Bitcoins link

On June 28th, Michael Saylor announced that MicroStrategy has once again purchased 12,333 Bitcoins at an average price of $28,136, amounting to approximately $347 million. As of June 27th, MicroStrategy holds a total of 152,333 Bitcoins, with an average purchase price of $29,668, totaling approximately $4.52 billion.

2. Biden Vows to Eliminate Tax Loopholes for Cryptocurrency Traders and Hedge Funds link

In President Biden’s speech on Bidenomics delivered on the 28th, he mentioned the intention to make tax policy fairer by addressing loopholes used by cryptocurrency traders and hedge fund managers.

Previously, the National Bureau of Economic Research in the United States published a paper stating that cryptocurrency traders were able to “harvest” losses by taking advantage of price volatility, thus offsetting their profits and avoiding billions of dollars in taxes.

3. First in Hong Kong: HSBC Bank Allows Customers to Buy and Sell Cryptocurrency ETFs link

According to exclusive information obtained by WuBlockChain, HSBC, the largest bank in Hong Kong, has begun allowing its clients to trade virtual asset ETFs listed on the Hong Kong Stock Exchange. This makes HSBC the first bank in Hong Kong to enable its clients to buy and sell virtual asset ETFs listed on the HKEX. This move aims to expand the exposure of local users in Hong Kong to cryptocurrencies. Currently, the listed cryptocurrency ETFs in Hong Kong include CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.

Simultaneously, HSBC has launched a Virtual Asset Investor Education Center. Before investing in any virtual asset-related products through the HSBC Easy Invest app, HSBC Mobile Banking app, or online banking, clients are required to read and confirm their understanding of the educational materials and risk disclosures provided in the Virtual Asset Investor Education Center.

4. Azuki’s Weekly Summary

a. Azuki Announces Launch of Azuki Elementals, Followed by Floor Price Flash Crash link

On June 24th, Azuki announced through a tweet that they will be launching Azuki Elementals, with a total supply of 20,000 tokens. Each Azuki and BEANZ holder will receive one Soulbound token (SBT) as an airdrop. All Azuki and BEANZ holders will have the opportunity to participate in the presale starting from June 28th at 00:00 (Beijing time). Additionally, each Azuki holder will receive an undisclosed locked Elemental.

On the same day, the floor price of Azuki experienced a flash crash, dropping from 17.5 ETH to 14.11 ETH at one point. Calculated at a stable price of 15.1 ETH on the evening of the 24th, this represents a decrease of over 13%.

b. Following the Release of Azuki Elementals, Azuki’s Floor Price Experiences Another Flash Crash link

On June 28th, following the launch of Azuki Elementals, based on the morning data of that day, Azuki experienced a 28% drop in value within 24 hours, while BEANZ plummeted by 42%. Both Azuki Elementals (1.58 ETH) and Azuki Elemental Beans (1.9 ETH) were priced below the 2 ETH sales price. The lack of distinctiveness between Azuki Elementals and the original Azuki tokens, as well as the homogeneity of the tokens, triggered user dissatisfaction and became the main reason for the sell-off. Some community users criticized that Elementals essentially represented another form of dilution for the original Azuki tokens, diminishing their value.

According to data from 0xScope, through the sales of Azuki Elementals, the Azuki team (0x3A…6305) received 20,000 ETH, equivalent to approximately $37 million, which was subsequently transferred to the Azuki team’s multi-signature address (0x2a…60AA). The largest individual purchases included luggis.eth ($1.53 million), christian2022.eth ($1.39 million), beanwhale.eth ($1.09 million), and suicide.eth ($510,000), among others.

As of the time of writing (June 30th), the floor price of Azuki is 8.85 ETH, experiencing a 48% drop within the week. The floor price of Azuki Elementals is 1.38 ETH, a decrease of 31% from its initial listing price, and the floor price of Azuki Elemental Beans is 1.86 ETH.

c. Azuki Co-Founder: Azuki Elementals NFTs Having the Same Metadata is a Technical Error link

On June 28th, in response to community concerns about Azuki Elementals NFTs having the same metadata/images, 2PMFLOW.ETH, co-founder of Azuki, acknowledged that it was a technical error caused by outdated event logs from a data provider, resulting in incorrect processing of metadata for some NFTs. The team is currently working on restoring the correct images and metadata. It has been discovered that the following token IDs share the same image: 2210 & 10744, 1077 & 8600, 16046 & 8914, 16580 & 5613, and 19697 & 2475.

Yuxuan, the founder of SlowMist, mentioned that some images of Azuki Elementals have defects, and contract owners can replace the previous NFT images by entering a new image library link in the “setBaseURI(0x55f804b3)” of the Elementals contract. Additionally, the image library link for Azuki Elementals currently comes from a centralized server, allowing for direct replacement of the original images, while Azuki’s image library link comes from IPFS.

d. Azuki Elementals: Airdrops 881 GreenBean Tokens to 400 Azuki Holders link

On June 28th, according to on-chain data, the deployer (0x48…5f88) of Azuki Elementals and Azuki Elemental Beans deployed an ERC-1155 Token called GreenBean at 16:51. At 17:35, they airdropped 881 GreenBean tokens to 400 Azuki holders. KOL @0xWave decompiled the contract and pointed out that the GreenBean contract is a hardcoded reference to the Azuki main contract, with a maximum supply of 10,000. Trading of GreenBean tokens can be done with a reference to royalties.

Azuki responded to the Elementals controversy in a post, stating that the goal of Elementals is to develop the Garden, welcoming new members to expand the Azuki universe, and creating new types of animations. Elementals will be associated with the domains of water, fire, electricity, and earth, each possessing unique characteristics. The Garden will also include new members such as animals and children. Adjustments are currently being made to almost all clothing, hand items, and other features to accommodate adults, children, and animals. Additionally, Azuki showcased an image of the GreenBean. According to on-chain data, the deployer of Elementals has completed an airdrop of 8.8k GreenBean tokens.

e. Azuki Transfers 20,000 ETH to Coinbase Prime link

The 20,000 ETH (equivalent to approximately $37 million) obtained by Azuki through the Elementals sale was transferred to Coinbase Prime (Coinbase’s institutional trading/custody platform) on June 29th at 2:28 am.

5. FTX’s Weekly Summary

a. FTX Allegedly Misappropriated Customer Assets of Approximately $8.7 Billion During Last Year’s Bankruptcy Application link

On June 27th, according to Bloomberg, the new management of FTX reported that they have so far recovered approximately $7 billion in liquid assets. When FTX filed for bankruptcy last year, it was found that customer assets were misappropriated for approximately $8.7 billion. However, the total liabilities still exceed $15 billion. Additionally, the new management accuses the former FTX group of making “false statements” to banks regarding the commingling of client funds and has dismissed an employee who expressed concerns about this practice.

According to the hearing documents of FTX on April 12th, the $7.3 billion includes $4.3 billion in Class A crypto assets, $2 billion in cash, $600 million in investment receivables, and $500 million in securities. Class A crypto assets refer to tokens with a market value of at least $15 million and a minimum average daily trading volume of $1 million over the past 30 days, although specific token names were not mentioned. The $7.3 billion represents assets available for stakeholders to recover, which is less than the total liabilities of approximately $15 billion.

b. Current CEO of FTX: Initiating Discussions with Interested Parties to Relaunch FTX.com Exchange link

On June 28th, according to The Wall Street Journal, John J. Ray III, the current CEO of FTX, has stated that the company “has begun soliciting interested parties to relaunch the FTX.com exchange.” Insiders have revealed that FTX has been engaged in early-stage negotiations with investors to explore the possibility of relaunching the FTX.com exchange through structures such as joint ventures. As part of any relaunch, FTX may consider rebranding the exchange. The negotiations also involve discussions about potential compensation for certain existing customers, which could involve offering them shares in any restructured entities. Blockchain technology company Figure has expressed interest in assisting with the relaunch of FTX.

As early as January this year, John J. Ray III had expressed the company’s interest in exploring the possibility of relaunching FTX. In court documents filed in May, he revealed some plans for FTX 2.0, including reviewing next steps summaries and reviewing and completing materials for the relaunch of Exchange 2.0 for distribution. However, individuals like Anthony Scaramucci have expressed negative views on relaunching FTX and emphasized the need for support from creditors and bankruptcy judges for any relaunch of the exchange.

6. Coinbase’s Weekly Summary

a. Coinbase Responds to SEC Lawsuit: Cryptocurrencies Listed Are Not Securities and Not Within SEC’s Jurisdiction link

In its response submitted on June 29th to the lawsuit filed by the SEC, Coinbase addressed the allegations by stating that the cryptocurrencies listed by the SEC are not investment contracts and, therefore, not securities within its jurisdiction. Coinbase further argued that its due process rights were violated when the SEC filed the lawsuit and that the SEC’s litigation may contravene the “notice” principle.

b. U.S. Securities and Exchange Commission (SEC) to Respond to Coinbase’s Initial Legal Defense on July 13th link

On June 30th, pursuant to a court order, the U.S. Securities and Exchange Commission (SEC) is set to respond to Coinbase’s initial legal defense on July 13th. Due to Coinbase’s “creative” defense strategy, the court hearing has been scheduled much earlier than anticipated. Coinbase has submitted a comprehensive response to the SEC lawsuit within 40 days prior to the August 7th deadline, arguing that the SEC’s actions violate due process and constitute an abuse of discretion.

7. Binance’s Weekly Summary

a. Belgium Orders Binance to Cease Providing Exchange Services Between Virtual and Fiat Currencies link

On June 24th, the Belgian Financial Services and Markets Authority (FSMA) ordered Binance to immediately cease providing exchange services between any and all virtual currencies and fiat currencies in Belgium. The Brussels Public Prosecutor’s Office has been informed that such activities may constitute criminal offenses.

b. Binance Reverses Decision to Delist Several Privacy Tokens in Europe link

On June 26th, Binance revoked its decision to delist several privacy tokens in Europe. The company stated that after careful consideration of feedback from the community and various projects, it has adjusted its operations to comply with EU standards. However, the specific privacy tokens that were intended to be delisted were not disclosed. Previously, Binance had planned to delist 12 privacy tokens, including XMR and ZEC, starting from June 26th in France, Italy, Spain, and Poland.

c. German Regulatory Authority BaFin Rejects Binance’s Application for Cryptocurrency Custody License link

On June 29th, according to FinanceFWD, the German financial regulatory authority BaFin made an internal decision not to grant Binance a cryptocurrency custody license. Without the license, the company is not permitted to advertise its services.

d. Binance Withdraws License Application Submitted to Austrian Authorities link

On June 27th, according to FinanceFWD, Binance has withdrawn its license application submitted to Austrian authorities. A Binance spokesperson responded that they cannot share the details of the discussions with regulatory agencies, and their current focus in Europe is to ensure full compliance with the European Union’s MiCA requirements by the end of next year. Binance has recently exited the Netherlands and canceled its license applications in Cyprus and the United Kingdom. Binance is currently registered in European Union countries such as Italy, Spain, and France.

8. OKX’s Weekly Summary

a. OKX Plans to Temporarily Suspend Services for Residents of Japan link

On June 27th, according to Coinpost, cryptocurrency exchange OKX has announced plans to suspend its services for residents of Japan. The exchange’s application displays a message stating, “Due to local laws in Japan, you are unable to use OKX Exchange products.” This move may be attributed to regulatory pressure from the Japanese Financial Services Agency. Earlier, Binance also announced that its current services would cease to be available to Japanese residents as of November 30, 2023. Binance plans to launch a local platform in Japan in the summer of 2023.

b. OKX Releases its Eighth Reserve Proof link

On June 28th, OKX released its eighth Reserve Proof (snapshot taken on June 23rd), with a total value of approximately $11.3 billion. Compared to the previous snapshot on May 19th, users’ BTC holdings increased by 10.8%, adding 14,795 BTC. Users’ ETH holdings decreased by 6.7%, with a reduction of 75,800 ETH. On the other hand, users’ USDT holdings grew by 10.4%, adding 464 million USDT.

9. DeFiDaoNews Announces Suspension of Cryptocurrency News Publication, 8btc Main Site Fully Shifts Focus to AI Track link

On June 25th, DeFiDaoNews, a subsidiary of 8btc, announced that it would suspend the publication of cryptocurrency-related news and stop accepting cryptocurrency content submissions. 8btc’s main platform will now focus on AI-related topics and cover areas such as Web3 and the metaverse. As one of the earliest Chinese communities and media outlets in the cryptocurrency space, 8btc completed a Series A funding round of 100 million RMB in 2018. The round was led by PwC Capital and Pantheon Capital, with participation from Sequoia Capital China and Bitmain.

10. Regulatory Agency in Nevada, USA, Applies for Receivership of Prime Trust link

The Department of Financial Institutions (FDI) of the state of Nevada in the United States announced on June 27th that it has filed a court application to take control of the cryptocurrency custodian Prime Trust and is seeking a receiver to oversee its day-to-day operations. The board of directors of Prime Trust has agreed to the receivership. According to the documents, Prime Trust owes customers over $85 million in fiat currency and $69 million in digital currency, but currently holds only around $3 million in fiat currency and $68 million in digital assets. Additionally, the FDI stated that Prime Trust had already lost access to the old wallets back in 2021.

Conor Grogan, the Product Lead at Coinbase, tweeted that according to Arkham data, the Prime Trust wallet holds a total of $69.71 million in digital assets, with AUDIO accounting for $61.51 million, representing 88% of its digital currency assets.

Fundraising

Learn more, check out crypto-fundraising.info.