【Link to FM】Ethereum will undergo a hard fork upgrade to delay the difficulty bomb, Coinbase will list Forta (FORT)

【Data Intelligence】

The total market value of the current Polygon ecology is 225.7 billion US dollars

According to the latest data from CoinGecko, the current total market value of the Polygon ecosystem is $225.7 billion ($225,703,677,060 as of press time), and the 24-hour transaction volume is $118,863,812,234.

About $1.6 billion has been withdrawn from USDT in the past 48 hours, bringing its supply down to the lowest level since last October

According to CoinMarketCap data, about $1.6 billion was withdrawn from USDT (Tether) in the past 48 hours, reducing its circulating supply to $70.8 billion, the lowest level since October 2021.

【 Regulatory News 】

Russia develops sandbox for cross-border cryptocurrency payments

An agency promoting Russian exports is currently working on creating a sandbox for international cryptocurrency payments, with the aim of identifying potential regulatory and technical challenges for digital asset settlements, according to local media reports. The Russian Export Center (REC), a state-run agency responsible for supporting Russian exports, is currently considering the use of digital currencies as an alternative method for international settlements under sanctions. The agency sees the creation of a "cross-border digital sandbox" as a promising move. The project will aim to create opportunities for fintech companies to process payments using digital financial tools on behalf of Russian exporters and importers. Veronika Nikishina, head of REC, said that the settlement of cryptocurrencies represents an alternative payment system, which is now developing at an incredible speed.

South Korean prosecutors investigate Do Kwon tax fraud related documents: Do Kwon transfers token trading profits to tax havens

According to news on June 15, South Korean prosecutors also launched a comprehensive investigation into Do Kwon's tax evasion charges. South Korean prosecutors have raided the National Tax Service to seize documents related to the investigation into tax fraud by Do Kwon. It is reported that the Seoul South District Prosecutor's Office's joint investigation team for financial securities crimes recently searched and seized the Fourth Investigation Bureau of the Seoul Local Taxation Office. Prosecutors found from tax investigation documents conducted by the National Tax Service on Do Kwon that since June last year, the National Tax Service has discovered suspicious fund flows in an overseas company founded by Do Kwon and started a tax investigation. Afterwards, the National Tax Service confirmed that Do Kwon stole the token trading profits of his Singapore company to the tax haven Virgin Islands and collected 50 billion won in taxes including income tax and corporate tax. However, the Internal Revenue Service did not file a complaint with the prosecution, and the facts of the special tax investigation were not announced until later through media reports. While analyzing seizure and search data, prosecutors are actively verifying Do Kwon's "tax evasion allegations" and Terraform Labs' money flows. At that time, since the investigation of the National Tax Service revealed suspected gift tax evasion, such as Do Kwon donating tokens to his family to buy an apartment, it was planned to investigate this part again. It was also confirmed that the Supreme Prosecutor's Office recently sent an investigator with virtual currency expertise to the team.

【Industry Trends】

Venture capital firm TGV4 Plus closes $146 million new fund

Venture capital firm True Global Ventures 4 Plus has completed its new fund TGV4 Plus Follow On Fund with a total of US$146 million in fundraising, which will mainly invest in Web3 companies. The latest closing fund, known as the TGV4 Plus follow-on fund, is led by 15 general partners who committed an average of more than $4 million (more than 40 percent, or $62 million) to the fund. Most of the funds will be primarily injected into Web3 companies in TGV's portfolio, while the remaining funds will be used to invest in late-stage Web3 opportunities. Previously, funds under TGV invested in projects or companies such as The Sandbox, Animoca Brands and Forge.

At least 10 browser plug-in wallets such as MetaMask have security vulnerabilities, and some wallets have been repaired

According to news on June 16, at least 10 browser plug-in wallets including MetaMask and Phantom may have the possibility of exposing login information due to a problem in the Javascript language. Time is thus exploited by attackers. Currently MetaMask and Phantom have fixed this vulnerability. According to MetaMask, the possibility of being hacked can only be possible if all three conditions are met: the hard disk is not encrypted, the mnemonic is imported to an untrusted device or the computer is hacked, and the "display mnemonic" function is used when importing. Halborn received a $50,000 bounty for disclosing the vulnerability and advised users to switch to new wallet addresses. Steve Walbroehl, co-founder of Halborn, said that the vulnerability has existed for a long time, and it is best to change the wallet address out of caution.

Coinbase to list Forta (FORT), but with an 'experimental asset' tag

It’s official, Coinbase has announced that it will support Forta (FORT) on the Ethereum network (ERC-20 token), with an “experimental asset” tag attached. Trading will begin later today if liquidity conditions are met. FORT-USD and FORT-USDT trading pairs will be launched in phases once a sufficient supply of the asset is established. According to the official introduction, Coinbase is adding experimental asset tags for certain tradable assets that are new to the platform or have relatively low trading volume compared to the broader crypto market.

Cybersecurity firm Confiant issues warning: Metamask and Coinbase Wallet "clone wallets"

On June 15th, the Internet security network company Confiant issued a warning that a new type of "clone wallet" attack is affecting users of popular Web3 wallets such as Metamask and Coinbase Wallet. The attack, which Confiant calls Seaflower, is one of the most sophisticated attacks of its kind, and the apps cannot be detected by ordinary users because they are nearly identical to the original app but have a different code base, allowing hackers to steal the wallet's seed phrase to obtain funds.

Cryptocurrency arbitrage platform Mosdex completes $20 million Series A financing, led by Evli Bank PLC

According to news on June 15, Mosdex, a cryptocurrency arbitrage platform, completed a US$20 million Series A financing, led by Evli Bank PLC, with participation from Lifeline Ventures, NordicNinja VC, Petteri Suorsa, Magnus Eskelinen and Jouni Väisänen. Funding will be used to expand globally, with plans to open offices in New York, Hong Kong, Singapore, London, Tokyo and Dubai. A Mosdex spokesman said the company wanted to make the European market its primary destination. The company will also launch a cryptocurrency arbitrage solution that complies with European cryptocurrency regulations later this year.

【Elite Viewpoint】

Former U.S. CFTC Chairman: Cryptocurrency Lending Platforms Should Be Strictly Regulated

Former U.S. CFTC chairman Timothy Massad said that cryptocurrency lending platforms should be strictly regulated. Massad said, “There should be stricter regulation of lending platforms across the crypto industry, especially considering that cryptocurrency trading firm Celsius froze withdrawals earlier this week. Many people have suffered losses because they did not understand the risks they were taking.” .”

Tether Chief Technology Officer: Tether has reduced its commercial paper holdings by nearly 50% and has not contacted Three Arrows Capital

On June 15th, Tether Chief Technology Officer Paolo Ardoino stated that since March 31, 2022, Tether has reduced its commercial paper holdings by nearly 50%, leaving only 8.4 billion commercial papers by the end of June, and will continue to down to 0. In addition, there is no Celsius in Tether reserves, no losses in liquidation, and no exposure to Three Arrows Capital.

【What to watch today】

Ethereum will undergo a hard fork upgrade to delay the difficulty bomb by about 2-3 months

On June 15th, it was officially announced that the Ethereum mainnet will undergo a Gray Glacier hard fork upgrade at block height 15050000 (about the end of June) to delay the difficulty bomb for about 2-3 months, so all users must activate Upgrade before. The Ethereum client Geth released version v1.10.19, introducing the Gray Glacier hard fork to force an upgrade. Earlier news, Ethereum developer Tim Beiko said that Ethereum is expected to merge between late August and November, and only catastrophic events or failures can prevent this year's merger. It is almost impossible to give an exact date when the merger will take place because of the technical issues involved. Additionally, there are signs that developers are delaying Ethereum’s difficulty bomb as they are currently fixing bugs they found during the Ropsten merger.

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