[Link to FM] Do Kwon denies that he has cashed out $2.7 billion from Terra, Changpeng Zhao questioned the investigation of BNB by the US Securities and Exchange Commission

【Data Intelligence】

The total lock-up volume of the DeFi protocol fell below 100 billion US dollars

According to data from DefiLlama, the total locked-up volume (TVL) of the DeFi protocol reached 96.53 billion US dollars, a 24-hour drop of 5.07%. The top five in TVL are MakerDAO ($8.68 billion), AAVE ($7.45 billion), Curve ($7.4 billion), Lido ($6.52 billion), and Uniswap ($5.42 billion).

The Ethereum network has currently destroyed 2.4412 million ETH

According to Ultrasound data, up to now, the Ethereum network has destroyed a total of 2,441,212.23 ETH. Among them, OpenSea destroyed 230048.63 ETH, ETHtransfers destroyed 225624.61 ETH, and UniswapV2 destroyed 133615.52 ETH. Note: Since EIP-1559 was introduced in the upgrade of Ethereum London, the Ethereum network will dynamically adjust the BaseFee of each transaction according to the transaction demand and block size, and this part of the fee will be directly burned and destroyed.

【 Regulatory News 】

Indian Govt Chief Economic Adviser Warns Defi Without Regulation

The Indian government’s Chief Economic Adviser(CEA), V. Anantha Nageswaran, warned of the dangers of cryptocurrencies and the risks posed by their lack of regulation at an Assocham event on Thursday. Speaking about cryptocurrencies, he was quoted by local media as saying: “The more decentralized they become, the more decentralized there is, the absence of an oversight body or central regulator also means a world of Pirates of the Caribbean or a “winner-takes-all” world that can really take money from others. take everything. He agrees with Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar on cryptocurrencies and decentralized finance (defi). RBI officials have warned that there now appears to be a case of regulatory arbitrage related to cryptocurrencies and DeFi, rather than real financial innovation.

Fujian province bans trading venues from conducting NFT transactions

According to news on June 12, recently, a "Reminder Letter from the Working Group on Cleaning and Rectifying Various Trading Places in Fujian Province on Preventing NFT Violation Risks" (hereinafter referred to as the "Reminder Letter") has been widely circulated on social media. Regarding the risk of participating in NFT activities in violation of regulations by trading venues, four reminders are issued regarding NFT-related activities involving trading venues in Fujian Province, including "do not engage in NFT transactions without approval, and do not participate in NFT activities in disguise in violation of regulations". On June 10, the relevant person in charge of the Fujian Province Local Financial Supervision and Administration Bureau affirmed the authenticity of the document to the reporter of the "China Times". Many platforms that do NFT in the market do not belong to the category of trading venues referred to in the article. The "Reminder Letter" pointed out that a large number of NFT (Non-Fungible Token, non-homogeneous token) products have appeared in the market recently. As a blockchain technology application, NFT is easy to be associated with fraud, speculation, money laundering and other illegal activities after financialization , leading to chain risks. Require trading venues in Fujian Province not to engage in NFT transactions without approval. "At present, our province has not approved any trading venues to engage in NFT-related business, and trading venues are not allowed to cap NFT-related trading varieties without authorization, or engage in NFT-related transactions in violation of regulations.

【Industry Trends】

Changpeng Zhao Questions SECInvestigation of BNB

Binance founder and CEO Changpeng Zhao said the U.S. Securities and Exchange Commission (SEC) has been “asking” questions about the BNB exchange token, but the exchange has not yet been subpoenaed. CZ told the audience at Consensus 2022 that the SEC regularly asks questions about Binance and its products, and that the exchange is in regular contact with the authorities. Separately, Binance is under investigation by the Department of Justice, the Commodity Futures Trading Commission (CFTC), and the IRS. CZ also said that while he had a bank account, he didn't use it very often.

Three Arrows Capital founder Zhu Su has deleted ETH, AVAX and other tokens from his Twitter profile

According to news on June 13, Zhu Su, the founder of Three Arrows Capital, has deleted ETH, AVAX, LUNA, SOL, NEAR, MINA and other tokens from his Twitter profile, and currently only keeps "Bitcoin" in his profile.

Decentralized cross-rollup bridge Orbiter Finance newly supports USDT

On June 12, Orbiter Finance, a decentralized cross-rollup bridge, announced the addition of support for USDT. Currently, users can transfer up to 1,000 USDT between Ethereum, zkSync, Arbitrum, Optimism, and Polygon.

Gemini will no longer offer free cryptocurrency withdrawals

On June 12, the encrypted trading platform Gemini will no longer provide free cryptocurrency withdrawal services from June 15, and Bitcoin withdrawals will charge a fixed fee of 0.001 BTC each time.

Ethereum Core Devs Propose to Delay Difficulty Bomb Implementation by Two Months

According to news on June 13, after the Ethereum testnet implemented The Merge and reflected some errors, Ethereum developers proposed EIP-5133 to postpone the difficulty bomb until August 2022. It is understood that the difficulty bomb is a key catalyst for The Merge, which may mean that the waiting time for The Merge will be longer.

【Elite Viewpoint】

Grayscale CEO: Pension funds are actively exploring the inclusion of cryptocurrencies in their investment portfolios

According to news on June 12, Michael Sonnenshein, CEO of Grayscale (Grayscale), said in an interview with CNBC that despite recent market volatility, people are still interested in including cryptocurrencies in their pension portfolios. He noted that a growing number of pension funds are exploring this possibility, while keeping a close eye on the regulatory situation. “We’re talking to politicians and some of the largest pension and endowment funds that are focused on diversifying their portfolios and actively exploring cryptocurrency allocations. It’s a different consensus,” Sonnenshein said.

SBF: Both the crypto market and stocks have fallen due to inflation, and the market needs really good products

On June 13, FTX CEO and founder SBF spoke at the Consensus 2022 conference, saying that expectations of high interest rates due to high inflation have triggered a decline in the encryption market and the stock market. This does not necessarily mean that the crypto market has entered winter. Now is a great time to build great products and increase regulatory clarity. What we need is a really good product and not just because it's based on encryption.

【What to watch today】

Do Kwon denies cashing out $2.7 billion from Terra

On June 12th, Terra co-founder Do Kwon tweeted, refuting the claim that he has cashed out $80 million a month from Terra for nearly three years. As previously reported, Do Kwon pulled liquidity from LUNA and UST prior to Terra’s crash to buy USD-pegged stablecoins such as Tether (USDT). At the same time, Do Kwon moved $80 million a month from company funds to secret crypto wallets and foreign bank accounts. In this regard, Do Kwon stated that the statement that he cashed out $2.7 billion is absolutely false, which contradicts the statement that he still holds most of the LUNA purchased during the airdrop. Additionally, he reiterated that his only income for the past two years has been a cash salary from TerraForm Labs (TFL).

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