[Link to FM] Huang Licheng was revealed to have launched more than a dozen junk projects, and Sanjian Capital failed to meet the margin call requirements

【Data Intelligence】

Three Arrows Capital will trade more than 14,000 stETH for approximately 13.66 million USDT

On June 17, Paidun said on social media that the address marked as 3AC (Three Arrows Capital) by Etherscan had been divided into two transactions to trade 14,110 stETH to about 13.66 million USDT through Matcha.

Over $1 billion worth of digital assets liquidated on June 14

According to data from Coin Glass, more than $1 billion worth of digital assets were liquidated on June 14. Over the past 24 hours, centralized exchanges have lost around $480 million. Ether accounted for 42%, or $202 million in ETH, was used as margin. In addition, on-chain liquidations have also surged, with MakerDAO alone having 370 margin calls and over 53 million DAI liquidated. In comparison, 401 liquidations worth $55.8 million occurred in the past 30 days. A further $202 million worth of positions on lending protocol Aave is at risk if the price of ether falls below $1,009.

【 Regulatory News 】

Panamanian President Has Vetoed Law Regulating Bitcoin

According to news on June 17, the President of Panama has vetoed the law regulating Bitcoin, citing the "need to adapt to the norms that govern our financial system." The bill will return to the country's National Assembly for debate. Earlier in late April, the Panamanian legislature approved a bill regulating the use of cryptocurrencies. Through the bill, digital assets such as bitcoin, ethereum, ripple, litecoin, and stellar lumens will become valid means of payment for "any lawful civil or commercial operation," including payment of taxes, fees, and duties to governments. The bill also officially recognizes DAOs (Decentralized Autonomous Organizations) as legal entities and sets the framework for the country to issue tokenized securities and commodities such as gold and silver through Security Token Offerings (STOs).

Several U.S. state securities regulators are investigating Celsius

U.S. securities regulators in New Jersey, Alabama, Kentucky and Washington state are investigating crypto lending platform Celsius Network’s decision to suspend customer redemptions. It was previously reported that the US Texas Securities Commission will investigate the freezing of Celsius accounts.

【Industry Trends】

Three Arrows Capital fails to meet margin calls

U.S. cryptocurrency trading and lending platform BlockFi is one of the groups that has liquidated at least some of Three Arrows’ positions, people familiar with the matter said, meaning the firm reduced its exposure by liquidating collateral provided by Three Arrows. In 2020, Three Arrows Capital made a strategic investment in BlockFi and also borrowed Bitcoin, but it has now failed to meet the margin call requirements. A person familiar with the matter revealed that the liquidation has been agreed by both parties.

A Dogecoin investor sues Musk for $258 billion accusing the latter of "implementing a pyramid scheme"

According to news on June 17, a Dogecoin investor took Tesla CEO Musk to court on Thursday local time, accusing the latter of implementing a pyramid scheme to support Dogecoin and claiming $258 billion from him. In a complaint filed in Manhattan federal court, plaintiff Keith Johnson accuses Musk, Tesla and SpaceX of “extortion, touting Dogecoin and driving up its price, only to then let it plummet.” The complaint states, Defendants knew Dogecoin had no value since 2019, but hyped it up to profit from its transactions. Musk used his position as the richest man in the world to operate and manipulate a Dogecoin pyramid scheme for profit and exposure , and enjoy it.

Cross River Hires Former Robinhood Crypto Chief Compliance Officer as Compliance Chief

According to news on June 17, the financial technology company Cross River hired Benjamin Melnicki, the former chief compliance officer of Robinhood's cryptocurrency department, as its compliance director. Benjamin Melnicki, formerly Grayscale's chief compliance officer and regulatory advisor to Ripple Labs and Blockchain.com, joined Robinhood in September 2021 and left in December. Cross River's products include cryptocurrency transactions, NFT markets, and fiat currency entry and exit of encrypted wallets. In March this year, it completed a $620 million financing led by a16z.

Crypto mining company CleanSpark purchased 1,800 Antminer S19 XP mining machines

On June 16, according to CoinDesk, the encryption mining company CleanSpark announced the purchase of 1,800 Antminer S19 XP mining machines. The new machines are expected to arrive in August, and the computing power will increase by 252 PN/s.

Circle to Release Euro Stablecoin by the End of the Month

On June 16, according to CoinDesk, Circle, the USDC issuer, announced that it will launch the euro-backed Stablecoin Euro Coin (EUROC) in the United States at the end of June. The reserves will be backed by euros in regulated financial institutions, and Silvergate Bank in San Diego is one of them One, though Circle did not specify whether the reserves would consist entirely of euros or include other instruments such as commercial paper or bonds.

【Elite Viewpoint】

Yellen: Congress must advance digital asset regulation

According to news on June 17, U.S. Treasury Secretary Yellen said that Congress must promote digital asset regulation. Previously, Jinse Finance reported that the U.S. Treasury Secretary will discuss cryptocurrencies with banking executives.

Russian Central Bank Governor: Allow the use of cryptocurrencies in international settlements

Central Bank of Russia Governor Elvira Nabiullina said that cryptocurrencies can be used for cross-border or international payments, but not domestic payments. According to Nabiullina, cryptocurrencies can only be used for cross-border or international payments if they do not “penetrate” Russia’s domestic financial system. “Cryptocurrencies should not be traded on organized markets because these assets are too volatile and risky for potential investors,” Nabiullina noted. According to the central banker, digital assets must comply with all requirements and policies established to protect investors. Therefore, all assets listed on the exchange must comply with the information disclosure requirements. In previous news, the Russian Ministry of Finance stated that if Russian law recognizes digital assets as property, it will consider using cryptocurrencies in international trade.

【What to watch today】

"Brother Machi" Huang Licheng was revealed to have launched more than a dozen garbage projects and was suspected of misappropriating huge amounts of funds

According to news on June 17, according to an article issued by encrypted KOL zachxbt, Jeffrey Huang (Jeffrey Huang) has successively launched dozens of tokens such as Mithril (MITH), Formosa Financial (FMF), Machi X, Cream Finance (CREAM), and Swag Finance (SWAG). Among them, Formosa Financial embezzled 22,000 ETH funds, Cream Finance was attacked by hackers three times and lost a total of more than 192 million US dollars, and many other projects died a few days after going online, the project Token plummeted after being raised, and Rug Pull, etc. Condition. The article stated that in many of Jeff's projects, the same recurring themes can be seen: anonymous teams, forked projects, new wallets funded through FTX, and short life cycles. In this regard, Huang Licheng posted on social media that the quality control was false information. If the whistleblower is not anonymous, Huang Licheng will sue him for defamation.

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