Top10 News

1. Ethereum main network’s beacon chain experiences half-hour problem link

On May 12, the beacon chain of the Ethereum main network experienced a problem for about half an hour, and the developer said that the cause is still under investigation.

@superphiz: History suggests that a client has experienced a bug and a patch will be required. Based on our current dependence on mev boost, it’s a potential suspect as well.

@terencechain: We have identified areas where state caching could be improved. Given the chain has stabilized, as a staker / node operator, there’s no action required moment.

2. Bitcoin network experiences block time delay twice on May 8 link

On May 8, according to BTC.com, the Bitcoin network did not produce a block for nearly an hour at block height 788759 at 07:59:31 (UTC). This block time delay is not particularly unusual in Bitcoin’s history. On June 11, 2021, block height 687143 had a block time delay of 119 minutes. In April 2021, there was a block time delay of up to 122 minutes. On May 8 at 12:57:17 (UTC), the Bitcoin network again experienced a block time delay of nearly an hour at block height 788791, but it has since resumed block production.

3. ParaSpace’s weekly summary

a. COO and employees stage coup on ParaSpace’s official Twitter account amid accusations against CEO link

On May 10, more than a dozen employees, including COO CBO of NFT lending project ParaSpace, took control of the official Twitter, tried to fight back against the CEO, and deleted the CEO’s authority in the protocol. They accused the CEO of having exclusive control over the money and not providing financial data.

b. Internal disputes lead to large withdrawals from ParaSpace link

Due to internal disputes within the team, on May 10, there was a wave of large withdrawals. 138 BAKC, 591 MAYC, 278 Otherdeed, 264 BAYC, 72 Meebits, etc. worth about 35 million US dollars. NFT and $30 million ERC-20 Token were withdrawn from ParaSpace.

c. ParaSpace team urge transparency and multi-signature return link

On May 12, the new official Twitter account @paraspace_CM representing ParaSpace founder Yubo and the core development team tweeted that the core dev team will open up the internal plan in of transparency. They urge returning the multisig seat to the dev team to restore operations. Currently, we have 3 majority protocol upgrades underway for deployment. These would optimize protocol interest rates, gas fee optimization, timelock upgrade and multichain deployments. According to a tweet from @ParaSpace_NFT, they have agreed to open up the third-party mediation meeting on Twitter Spaces to all multi-signature signers and third parties. Two key issues will be addressed: taking immediate action to resolve the platform rate issue and releasing the multi-signature. They plan to nominate and hold a 2-day vote within 1 day.

4. US economic data’s weekly summary

a. US CPI annual rate in April is 4.9% link

On May 10, the United States announced that the CPI annual rate in April is 4.9%, which was expected to be 5.00%, and the previous was 5.00%. The core CPI annual rate in April is 5.5%, expected 5.50%, and the previous was 5.60%. Following the release of the lower-than-expected CPI, the CME showed that the probability of no rate hike in June has grown to 92%. U.S. inflation eased slightly in April, which may give the Fed room to pause rate hikes soon.

b. US PPI grew by 2.3% year-on-year in April, hits new low since January 2021 link

According to data released by the US Department of Labor, the US PPI (Product Price Index) grew by 2.3% year-on-year in April, which was not only lower than the expected 2.5% and the previous value of 2.7%, but also hit a new low since January 2021.

5. Coinbase’s weekly summary

a. Former Coinbase product manager sentenced to two years in prison link

On May 9, Ishan Wahi, a former Coinbase Global Inc (COIN.O) product manager, was sentenced to two years in prison in what U.S. prosecutors have called the first insider trading case involving cryptocurrency.

b. Coinbase calls Pepe a ‘hate symbol,’ prompting calls to boycott the exchange link

An email sent out to Coinbase customers describing the Pepe meme as a “hate symbol” co-opted by alt-right groups has drawn significant ire from the PEPE memecoin community. Fans and holders of the frog-themed memecoin were outraged at the description of the token, sparking calls for Coinbase to issue an apology, and users to start deleting their accounts with the crypto exchange. The hashtag “#deletecoinbase” has hit the trending bar of Twitter.

c. Coinbase chief legal officer apologizes to PEPE community on Twitter link

On May 11, Coinbase’s chief legal officer, @iampaulgrewal, apologized to the PEPE community in a tweet. He stated: “Yesterday we shared an overview of the $pepe meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.”

6. Binance’s weekly summary

a. Binance temporarily halts bitcoin withdrawals again link

On the morning of May 8 (UTC+8), Binance once again temporarily closed bitcoin withdrawals due to the large volume of pending transactions; at the same time, there was a cold wallet arrangement involving more than 150,000 bitcoins in Binance. Binance POR shows that the current user assets are 541,000 BTC, and Binance’s internal assets are 643,000 BTC.

Binance: To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed. Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.

b. Binance NFT market to support the Bitcoin Ordinals in late May link

On May 9, Binance announced that its NFT market will support the Bitcoin Ordinals in late May. Users can buy and trade Bitcoin NFT directly from Binance accounts without using a separate Bitcoin wallet. Binance NFT will also provide royalty support for Bitcoin NFT creators.

c. Binance launches self-service platform Capital Connect link

On May 10, Binance announced the launch of Capital Connect, a new self-service platform where institutional investors and high net worth individuals can browse crypto investment funds and connect with crypto investment managers. Binance also revealed that it currently has 128 million users in an interview with TheBlock.

d. People spot a $700 BTC premium on Binance US link

In response to this, Adam Cochran, a partner at Cinneamhain Ventures, believes that the withdrawal of market makers caused a premium on the BTC/USD price on Binance US. His hunch is Binance getting forced out of US market in CFTC settlement and continuing the rotation from BUSD->BTC->USDT that I said was driving up the market to reallocate funds cross entity. It explains the inflated USD, the heavy selling on BTC, Binance’s own large BTC moves and the heavy concentration of skew on Binance US right now.

Conor Ryder, a researcher at Kaiko, believes that there has been no change in the market depth of the exchange, and it is almost certain that it is not a situation of a large market maker withdrawal, but rather that Binance US is trying to obtain bank support. Due to the slower USD withdrawal time, the faster BTC withdrawal speed and surging demand led to the premium.

e. Binance downgrades 18 cryptocurrencies to innovation zone link

On May 10, Binance announced that it will downgrade AMB, ARK, BTS, DREP, FTT, GFT, JASMY, LOOM, MLN, OAX, OMG, PERL, PNT, SNM, SRM, VGX, WRX, and YFII from the standard zone to the innovation zone.

CZ: Instead of direct delistings, we will move “no-progress projects” to innovation zone first. IF they still don’t improve, we may delist.

7. OKX exchange has recently strengthened its KYC policy link

KYC1 daily withdrawal limit of 200 BTC has been reduced to only $5,000 in total, but no announcement. KYC2 requires face recognition and certificates. The withdrawal amount after approval is a daily limit of $10m. The OKX team responded that the user’s account will only be closed after the customer’s assets are completely withdrawn.

8. FTX’s weekly summary

a. Indicted FTX founder Bankman-Fried urges court to toss charges link

On May 8, Sam Bankman-Fried said prosecutors charged him with “troubling” haste and asked a U.S. judge to throw out 10 of the 13 criminal counts against him. His lawyers said that prosecutors hastily charged their client in a “rush to judgment.” Prosecutors have until May 29 to respond to Bankman-Fried’s dismissal request, and Kaplan will hear arguments on June 15.

b. Shaq rejects FTX fraud suit, saying summons papers were thrown at his car link

On May 10, Shaquille O’Neal is calling foul on the lawyers who chased him for months to serve a lawsuit accusing the basketball legend of duping investors in FTX crypto exchange. A legal document “tossed” at the front of O’Neal’s car as he drove quickly through the gates of his Georgia home doesn’t count as properly serving a lawsuit, his attorneys say. Shaq is among numerous celebrities targeted in a suit claiming they funneled investors into a Ponzi scheme by promoting FTX’s unregistered securities.

c. US IRS files claims worth $44 billion against FTX bankruptcy link

The United States Internal Revenue Service (IRS) has filed claims worth nearly $44 billion against the estate of bankrupt crypto exchange FTX and its affiliated entities. The largest of the claims includes a $20.4 billion and a $7.9 billion claim against Alameda Research LLC and two claims totaling $9.5 billion against Alameda Research Holdings Inc.

9. Proof of Reserve’s weekly summary

a. Mainstream exchanges update after releasing the user asset reserve certificate POR link

Since the crypto exchange first released the user asset reserve certificate POR, Kucoin (May 4), OKX (April 28), Bybit (April 14), MEXC (April 10), Binance (3 7th) continue to release updates. Among them, OKX is updated most frequently, once a month.

b. Huobi updates the latest Merkle tree asset certificate link

Huobi has updated the latest Merkle tree asset certificate on May 1. Compared with the data on November 12, 2022, BTC has decreased by 16,000, a decrease of 50%; ETH has decreased by 71,000, — 40%; USDT decreased by 246 million, — 30%.

c. Bitget completes the Merkle tree asset certificate update in May link

On May 11, Bitget Exchange announced the completion of the Merkle tree asset certificate update in May. As of May 6, Bitget’s comprehensive reserve ratio was 217%, of which, the reserve ratios of BTC, USDT, ETH, and USDC were 499%, 499%, and 134%, 173% and 2723%.

10. Stablecoin’s weekly summary

a. Tether’s Q1 2023 assurance report shows reserves surplus at ATH of $2.44b link

On May 10, Tether closed the first quarter 2023 with $81.8B in consolidated total assets and $1.48B of net profit. The majority of its reserves are invested in US Treasury Bills. Tether’s excess of reserves reached an all-time high of $2.44B up $1.48B.

b. Stablecoin issuer Circle cites US default risk as it rebalances treasury holdings link

On May 11, Circle, the USDC issuer, adjusted the mix of reserves backing its USD Coin to favor short-dated US Treasuries so it can avoid getting caught up in a potential US debt default, Chief Executive Officer Jeremy Allaire said in a interview with Politico.

Fundraising

• Aether Games, a transmedia studio, announced that it has raised $4.5 million in token and equity funding from a group of prominent investors, including Mystenlabs, Polygon, Magic Eden, etc. link

• The privacy cross-chain protocol Webb Protocol has raised $7 million in seed funding led by Polychain Capital and Lemniscap link

• Blocktorch has raised $4.2 million in seed funding; the investment round was led by Cambridge-based early-stage VC, Ideo CoLab Ventures link

• The company behind the NFT brand Pudgy Penguins has raised $9 million in a round led by early-stage investors 1kx link

• Crypto media firm Blockworks has raised $12 million at a $135 million post-money valuation; the round is being led by 10T Holdings link

• Odsy Network, a layer 1 blockchain, raised $7.5 million at $250 million valuation; the funding round was led by Blockchange Ventures link

Learn more, check out crypto-fundraising.info.

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