[Link to FM] CoinFLEX has a $47 million debt dispute with Roger Ver, and Dubai plans to establish a digital economy working group

【Data Intelligence】

Foreign media: Terra Labs has nearly 3.6 billion USDT and UST

According to news on June 28, a study pointed out that Terra Labs has nearly 3.6 billion USDT and UST, which may be used for abnormal transactions and capital flows through various wallets related to TerraformLabs, especially through exchanges and DeFi. Price manipulation or money laundering. But the authorities need to check with Binance, Coinbase, Huobi and Kucoin to confirm.

CMC data: Uniswap's market value shrank by more than $800 million in May

According to news on June 28, during the market crash in May, Uniswap became one of the cryptocurrencies that lost more than $500 million in market value due to massive selling by retail and institutional investors. Meanwhile, Uniswap lost $1.42 billion in lockups in May, according to DeFi Llama. According to CMC data, the market value of UNI at the end of May was approximately US$4.09 billion, a drop of 16% from the beginning of the month. Additionally, on May 1, UNI had a trading volume of $194.09 million and a market capitalization of approximately $4.92 billion. During the month, the number of UNI large transactions was 185,000 at a price of $7.56 on May 4.

【 Regulatory News 】

Argentine Customs Seizes $21 Million in Crypto Mining Equipment

Argentine Customs seized 2,233 encryption mining equipment, and this case involved 2,233 Whatsminer mining machines imported through informal channels. The agency said the machines had an import value of $10,000 each, but were actually only worth $6,316 to $7,700 each. "We must use dollars for production and job creation, not for financial speculation," said the head of the Argentine Customs Service.

Russian Parliament Approves New Draft That May Exempt Digital Asset Issuers From VAT

On June 28, the Russian parliament approved a draft law that may exempt digital assets and cryptocurrency issuers from value-added tax, and also determines the tax rate for income from the sale of digital assets. The draft still needs to be reviewed by the upper house and signed by President Vladimir Putin before it can become law.

【Industry Trends】

Dubai plans to establish a digital economy working group: metaverse is one of the priorities

According to arabnews, as a strategic partner of the Dubai Future Foundation, a Dubai government fund, the Dubai Blockchain Center (Dubai Blockchain Center) will establish a digital economy working group for the Dubai government to be responsible for formulating and supervising the region’s digital economy policies. is one of the working group's priorities. According to Marwan Al-Zarouni, CEO of the Dubai Blockchain Centre, the agency plans to create a virtual platform where all upcoming activities of working groups related to overseeing the technological development of the digital economy will take place.

Layer1 Blockchain Linera Completes $6 Million Seed Round Financing, Led by a16z

Layer1 blockchain Linera announced the completion of a $6 million seed round of financing, led by a16z, with participation from Cygni Capital, Kima Ventures, and Tribe Capital. It is reported that Mathieu Baudet, founder and CEO of Linera, is a former employee of Meta and helped create the Libra blockchain. The Linera blockchain has properties such as low latency and linear scalability, and consists of shards or a single thread, adding additional validators to improve network efficiency, enabling most account-based operations to be performed within a fraction of a second confirm.

Web3 authentication company Dynamic closes $7.5 million seed round led by a16z

According to news on June 29, Dynamic, a Web3 identity verification start-up, completed a $7.5 million seed round of financing, led by a16z, with participation from Castle Island Ventures, Solana Ventures, Circle Ventures, Breyer Capital, Hypersphere, and Chapter One. The new financing will be used to expand the team and launch its platform. According to reports, Dynamic was established in December last year and completed the seed round of financing in April this year. The current number of employees is 8. Dynamic provides identity verification services to different types of businesses, and its clients include Llama, Popartcats, Handstamp and Lunchclub. Additionally, the Dynamic platform closed beta is open, with a general rollout expected later this year.

Celsius denies reports that company CEO is trying to leave US

According to reports yesterday, Alex Mashinsky, CEO of Celsius Network, tried to leave the country through Morristown Airport in the United States last week and planned to travel to Israel, but was stopped by the authorities. It was not immediately clear whether he was arrested or prevented from leaving. However, the Celsius team refuted the allegations, reiterating that they will continue to work hard to find a solution to the problem. Earlier news, according to people familiar with the matter, Celsius Network rejected its lawyer's proposal to apply for bankruptcy protection under Chapter 11 of the US "Bankruptcy Code", but hoped to seek the support of customers to win internal arguments against the lawsuit. Chapter 11 of the Bankruptcy Code allows companies to continue operating while paying off their debts. Celsius executives believe that many clients would prefer to support Celsius in order to avoid a lengthy and painful bankruptcy process.

Axie Infinity Announces Ronin Bridge Has Officially Opened

According to official news, Axie Infinity announced that the Ronin Bridge has been officially opened, and users can now easily deposit and withdraw on the Ronin (RON) network. All wETH and USDC owned by users are fully backed 1:1 by the new bridge, and the new bridge design includes a circuit breaker system as a contingency plan that increases the security of the bridge by preventing large amounts of suspicious withdrawals. Ronin Bridge has undergone one internal audit and two external audits (done by Verichains and Certik) prior to launch. In addition, Axie Infinity may release the Land Staking function this week.

【Elite Viewpoint】

Bitfury CEO: Crypto valuations should not be tied to the idea they can replace the dollar

Bitfury Group CEO (Brian Brooks) stated that cryptocurrency valuations should not be linked to the idea that they can replace the U.S. dollar. Instead, cryptocurrencies should be seen as systems that replace value transmission. Cryptocurrency prices should be viewed as internet stocks rather than currencies.

Tether CTO: P2P communication is elegant, but at present Web3 is still controlled by the server

Tether CTO Paolo Ardoino tweeted that P2P communication is elegant. Peers have symmetric power and value, whereas in the client/server model (which still abounds in Web3), the server controls everything.

【What to watch today】

CoinFLEX has a $47 million debt dispute with Roger Ver, the same amount as the previous plan to issue tokens

Mark Lamb, CEO of cryptocurrency exchange CoinFLEX, tweeted that a default notice had been issued to Roger Ver, an early investor in Bitcoin and supporter and promoter of Bitcoin Cash (BCH), Lamb claimed that Ver owed CoinFLEX $47 million USDC. He said, "We signed a written contract with him requiring him to personally guarantee any negative equity in his CoinFLEX account and make up the margin periodically. He violated this agreement and we have issued a default notice." The rumors that I defaulted on the other party's debts are false. Not only am I not in debt to this counterparty, but this counterparty owes me a substantial amount of money and I am currently seeking the return of my funds. According to previous news, CoinFLEX has suspended all user withdrawals, citing market conditions and "continuing uncertainty involving counterparties." In addition, CoinFLEX plans to issue new tokens and hopes to raise $47 million in funds. This is in line with Lamb's claim Ver owes the same amount.

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