Compilation: Luan Peng, ChainCatcher
"What Important Events Happened This Week (6.24-6.30)"
1. Certik: Web3 Sector Lost Nearly $2 Billion Due to Security Incidents in June
According to Certik data, the Web3 sector lost approximately $1.983 billion in June due to vulnerabilities, hacker attacks, and fraud, making it the second-highest monthly loss amount in 2024. Additionally, $1.3 million was refunded during security incidents.
The losses include approximately $4.8 million from exit scams, around $23.5 million from flash loans, and about $1.713 billion from vulnerability exploitation.
2. IRS Finalizes New Regulations for Taxing Cryptocurrency
The IRS has finalized new regulations for taxing cryptocurrency, requiring cryptocurrency trading platforms to report transactions to the IRS starting in 2026. However, decentralized platforms without custody of assets will be exempt.
These are the main contents of the new regulations finalized by the IRS and the U.S. Department of the Treasury on Friday, essentially implementing a provision in the Biden administration's 2021 Infrastructure Investment and Jobs Act.
Even without these new regulations, cryptocurrency holders are still required to pay taxes. However, there hasn't been a standardized way to report these holdings to the government and individual investors. Starting in 2026 (covering transactions in 2025), cryptocurrency platforms must provide standard 1099 forms similar to those sent by banks and traditional brokerage firms. In addition to streamlining the cryptocurrency tax process, the IRS also stated that it is actively working to combat tax evasion.
Fed's Daly stated that inflation data indicates a cooling trend, and policy effects are as expected. If inflation remains stable or declines slowly, interest rates will need to stay at higher levels for a longer period. If inflation decreases or there are changes in the labor market, the Fed can adjust policies in a timely manner.
The Securities and Futures Commission (SFC) of Hong Kong cautioned the public today to beware of entities operating under the names "Tokencan," "Hong Kong Weibic Cryptocurrency," and "HKD.com Corporation," which are suspected of engaging in virtual asset-related fraudulent activities or claiming to operate virtual asset trading platforms in Hong Kong without a license.
The Hong Kong Police have taken action to block related websites and social media pages. The SFC has also listed "Tokencan," "Hong Kong Weibic Cryptocurrency," and "HKD.com Corporation," along with their respective websites, on the alert list.
5. Data: Over 40 Crypto Projects to Unlock $7.55 Billion in Assets in July
According to Cointelegraph, over 40 crypto projects are set to unlock crypto assets worth $7.55 billion in July.
Based on Token Unlocks data, the project with the largest unlock in July is AltLayer (ALT), expected to unlock 684 million tokens worth approximately $125 million on July 25. Following closely is Xai (XAI), which is set to unlock tokens worth around $93 million on July 9. Additionally, projects such as Aptos, Arbitrum, Optimism, Sui, Immutable, and Starknet will also unlock a large number of tokens in July.
According to The Block, a Bitfinex analyst stated, "Prominent figures in the cryptocurrency space, the Winklevoss brothers, supported Trump's campaign by donating $2 million worth of Bitcoin. This indicates that Trump is increasingly seen as a pro-innovation candidate in the cryptocurrency and traditional finance (TradFi) community."
The Bitfinex analyst believes that a victory for Trump in November would mean a transformation in the regulatory environment of the U.S. cryptocurrency industry, becoming more favorable. "During the campaign, Trump has shown support for Bitcoin and other cryptocurrencies, in contrast to the cautious and regulatory-heavy approach of the current administration. The Trump administration may prioritize establishing a clear and supportive regulatory framework, encouraging innovation and investment in the cryptocurrency industry."
However, according to Moe Vela, a former senior advisor to Joe Biden, the audience's focus in the debate is more on which candidate is physically, mentally, and possibly morally better suited to be president. "This debate is more about a contrast in character, showcasing different leadership styles, and two octogenarians trying to prove their vitality, energy, and viability."
7. Biden Campaign Team Hires Coinbase Advisory Board Member as Senior Advisor for 2024 Election
The Biden campaign team has hired Keisha Lance Bottoms as a senior advisor for the 2024 election. Lance Bottoms served as the mayor of Atlanta from 2018 to 2022 and joined the Coinbase advisory board in April 2024, after resigning from her White House advisory position in 2023.
The Hill reported on June 27 that Lance Bottoms will continue to stay with Coinbase during Biden's presidential campaign, which is expected to end when U.S. voters cast their ballots in November. The former mayor stated that cryptocurrency is a "non-political, unifying issue." It is currently unclear whether Lance Bottoms will provide advice to the Biden campaign team on cryptocurrency-related issues.
According to The Hill, Lance Bottoms stated at the Stand With Crypto Atlanta event, "Cryptocurrency provides an opportunity for enhanced financial freedom for communities that typically lack bank accounts or have insufficient bank accounts."
8. Binance Decides to Take Strict Measures to Combat Account Abuse
Binance has announced that it will take measures to combat account abuse to maintain platform compliance and market credibility. Binance has identified instances of account abuse where users gain unfair advantages, such as more favorable rates or higher API limits, through these accounts. To ensure fairness and protect user interests, Binance will further strengthen monitoring of all account usage and related activities and investigate potential or suspected abuse incidents. When necessary, Binance will take appropriate actions, including suspending or terminating account usage.
Additionally, Binance encourages users to report account abuse and will provide rewards for verified abuse cases. Users can report by sending an email to misuse-reporting@binance.com.
According to Decrypt, the Nigerian Securities and Exchange Commission (SEC) has given cryptocurrency exchanges and digital asset traders 30 days to re-register their businesses, or they will face the risk of enforcement action.
The SEC stated that the new registration is aimed at amending its rules regarding digital asset issuance platforms, exchanges, and Virtual Asset Service Providers (VASPs) custody. In a statement on its website, the SEC said, "All operating and potential VASPs must visit the SEC e-portal within 30 days from the date of this circular to complete the application process."
10. Blast: Currently the Sixth Largest On-Chain Economy
According to Blast's disclosed data, calculated by the total lock-up volume of Dapps and the trading volume of decentralized exchanges, Blast is the sixth-largest public chain. In terms of fee payments, Blast ranks among the top five public chains. Within 100 days of its mainnet launch, BlastDapp's total lock-up volume has grown to $2 billion, making it the fastest-growing public chain in the history of all L1 and L2. Not only the total lock-up volume, but Blast's daily transaction volume and user count are also continuously growing, and it continues to set new highs.
Additionally, Blast is the only chain with the native stablecoin USDB. Unlike other chains that rely on third-party stablecoins and do not generate income, Blast's USDB ensures that users retain the value of their earnings. USDB is currently the fifth-ranked stablecoin by global usage and the fourth-ranked by holdings.
On the evening of June 19th, Maverick V2 was launched as scheduled, and the positive news led to a more than 10% increase in the MAV token on the same day.
Maverick has been striving to improve LP yield and capital efficiency.
High capital efficiency means that, under the same liquidity conditions, the pools on the Maverick platform can generate more trading volume, and the more trading volume in the pool directly translates to higher LP returns.
Ada, who has achieved outstanding results in the traditional financial field, now serves as the COO of Maverick. In an interview with ChainCatcher, she stated that Maverick V2 makes the platform not just an AMMM or DEX solution provider, but a one-stop liquidity operating system (LiquidityOS).
She explained that the LiquidityOS concept proposed by Maverick is analogous to Apple's IOS operating system, supporting developers to customize and develop any liquidity tools and solutions on the platform.
On Maverick V2, token projects can solve all liquidity-related issues in one place, from the initial liquidity construction layout to the selection of incentive measures for liquidity growth, and finally, the improvement of liquidity stickiness.
Data shows that Maverick's trading volume ranks in the top three on multiple chains, and the product has also gained recognition from core players in DeFi. When new Layer2 networks go online and choose to introduce DEX or AMM, they prioritize selecting from Uniswap, Curve, and Maverick. In addition, Maverick V2 has attracted well-known projects such as Lido, Swell, EtherFi, Ethena, USDe, Liquity, and others for collaboration and deployment.
If we talk about who has left a significant mark in the history of Bitcoin, Mt. Gox is definitely one of them. This trading platform, which once held over 70% of the global Bitcoin trading market, has a journey from glory to bankruptcy that is full of drama and leaves profound lessons.
The story of Mt. Gox began in 2010, founded by a programmer named Jed McCaleb. Initially, Mt. Gox was a trading platform for "Magic: The Gathering" cards, named after "Magic: The Gathering Online Exchange." In July 2010, McCaleb keenly recognized the potential of Bitcoin and transformed the platform into a Bitcoin exchange. This decision provided a new trading platform for Bitcoin, making digital currency trading more convenient. McCaleb's foresight and innovative spirit laid the foundation for the Bitcoin trading market, but it also marked the start of Mt. Gox's tumultuous history.
7. How Much Will Mt. Gox's Compensation Sell BTC? Can the Crypto Market Experience a Turnaround?
The road to compensation for Mt. Gox is particularly long and has recently sparked discussions once again. So, how will this compensation from Mt. Gox affect the crypto market? How low could the BTC price be pushed? Can the crypto market experience a turnaround? Why is it said that now may be the best time for Mt. Gox's compensation?
8. Ethereum Spot ETF is About to Debut: Should We Be Bullish or Bearish?
The market is bleak, but there is no shortage of news related to Ethereum.
Positive news about the Ethereum spot ETF has been frequent. First, Consenys announced that the SEC had stopped its investigation into Ethereum securities issues, and then there were market reports that the Ethereum spot ETF is expected to be approved and launched on July 2. Standard Chartered Bank also joined in the excitement, with recent rumors that it will build a trading platform for Bitcoin and Ethereum.
Although there is a lot of news, the market still does not seem to be improving. With Bitcoin briefly falling below the $60,000 mark and Ethereum dropping back below $3,400, the Ethereum spot ETF expectations have provided strong price support for ETH, compared to the drop to $2,900 at the end of May due to the lack of narrative and the recent decline in mainstream coins.
From the current perspective, the highly anticipated Ethereum spot ETF is about to debut, and its performance after listing has become the focus of industry discussions. There are vastly different views in the market on whether it will quickly decline due to the sale of facts or whether it will turn the tide under institutional capital.
The trend of Ethereum this year can be described as full of twists and turns, but from the main narrative, it is nothing more than the Cancun upgrade and the speculative market for the spot ETF.
On March 13, the Cancun upgrade was completed, and ETH reached a high of $3,981. After that, the news about the ETF caused the price to plummet, and after a big reversal, it rose overnight to $3,600, and then continued to fluctuate at a high level in line with the overall market.
In recent times, in the streets and alleys of Iran, on subways, taxis, buses, and even in any place, you can always see people tirelessly tapping their phone screens. These Iranians, who seem to be leisurely entertaining themselves, are almost certainly users of Hamster Kombat. They are mechanically tapping not for pleasure, but to earn money.
Hamster Kombat, which has attracted thousands of Iranian users, is a click-based game based on Telegram, where the core gameplay involves earning coins by tapping. This overly simple mechanism for a casual game would likely be ignored in traditional gaming. However, in the cryptocurrency industry, after the success of Notcoin proved the value and feasibility of the "Tap to Earn" mechanism, a batch of similar projects quickly went online and achieved rapid growth. Hamster Kombat is one of the outstanding ones, and even has a trend of surpassing its predecessors.
On June 24, Hamster Kombat announced on the X platform that its game player base had reached 200 million, and the number of subscribers to its X and YouTube accounts were 9.8 million and 28.7 million, respectively. From the perspective of user scale alone, this small game that went online in March of this year is undoubtedly the most attention-grabbing phenomenon after Notcoin. However, the recent popularity of Hamster Kombat in Iran clearly does not sit well with the local government and mainstream media.
10. NFT Track Mid-Year Report: Volatility, Who is the "Big Winner" Behind?
In December 2023, the total trading volume in the NFT market reached a record level. According to data from NFT Pulse, the sales of NFTs on the Bitcoin network exceeded $881 million for the first time, setting a new record for monthly sales. This figure significantly surpassed the sales on Ethereum and Solana, with Ethereum's NFT sales at $365 million and Solana at $325 million. Overall, the total trading volume in the entire NFT market in December 2023 reached approximately $1.7 billion.
However, in January 2024, the trading volume in the NFT market dropped to $1.28 billion, a 24.7% decrease from December 2023. But in the first half of 2024, the overall trading volume showed a trend of both increase and decrease. In March 2024, the total trading volume reached a peak of $2.157 billion. The total NFT trading volume sharply dropped in May, from $1.38 billion in April to $795 million, a decrease of 42%. The trading volume of NFTs on the three major blockchains, Bitcoin, Ethereum, and Solana, decreased by 80.5%, 20%, and 50.1% respectively. The number of NFT traders in May also decreased compared to the previous months, especially for Bitcoin, with the number of traders decreasing from 393,000 in April to 114,400.
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