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US Spot Bitcoin ETFs Show Slow Advisor Adoption Despite $200 Billion Milestone
Key Points:
Despite the successful launch of the iShares Bitcoin Trust, with assets reaching $200 billion, financial advisors are hesitant to adopt US spot Bitcoin ETFs in client portfolios.
Financial advisors cite market timing and regulatory compliance as primary reasons for their reluctance to recommend US spot Bitcoin ETFs.
Nearly six months after the launch of the US spot Bitcoin ETF, there is little evidence that financial advisors are eager to include these funds in their clients' portfolios, according to CNBC.
Financial Advisors Slow to Embrace US Spot Bitcoin ETFs
Despite initial resistance, the Bitcoin ETF has achieved significant milestones. The iShares Bitcoin Trust (IBIT) by BlackRock has reached $200 billion in assets under management, marking it as one of the most successful ETF launches in history.
Lee Baker, founder and president of Apex Financial Services in Atlanta, explained, "It’s something I’m researching because I think eventually I will recommend it. I’m just not there yet. For myself and other advisors, if we get more of a track record, it increases the likelihood that it ends up in client portfolios."
CNBC interviewed over a dozen members of the CNBC Advisory Board, including Baker, to understand why many financial planners remain hesitant about Bitcoin and US spot Bitcoin ETFs. The primary concerns are market timing and regulatory compliance.
Market Timing and Compliance Concerns Hinder Bitcoin ETF Adoption
Most advisors reported minimal proactive communication with clients regarding US spot Bitcoin ETFs. Many advisors have a small client base, and discussions about ETFs are rare. Those who are proactive in learning about Bitcoin investments tend to have younger clients with higher risk tolerance and longer investment horizons. These clients were already familiar with cryptocurrency before the introduction of ETFs, and their interest was not significantly boosted by the new financial product.
Conversely, advisors with older, more conservative clients remain more cautious. These advisors are less likely to recommend Bitcoin investments due to their clients' traditional investment preferences and lower risk tolerance.
While the Bitcoin ETF has seen impressive asset accumulation, broad adoption among financial advisors remains slow, influenced by factors such as market history and regulatory environment. The future may see increased adoption as advisors gain more confidence and experience with these innovative investment vehicles.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Despite the successful launch of the iShares Bitcoin Trust, with assets reaching $200 billion, financial advisors are hesitant to adopt US spot Bitcoin ETFs in client portfolios.
Financial advisors cite market timing and regulatory compliance as primary reasons for their reluctance to recommend US spot Bitcoin ETFs.
Nearly six months after the launch of the US spot Bitcoin ETF, there is little evidence that financial advisors are eager to include these funds in their clients' portfolios, according to CNBC.
Financial Advisors Slow to Embrace US Spot Bitcoin ETFs
Despite initial resistance, the Bitcoin ETF has achieved significant milestones. The iShares Bitcoin Trust (IBIT) by BlackRock has reached $200 billion in assets under management, marking it as one of the most successful ETF launches in history.
Lee Baker, founder and president of Apex Financial Services in Atlanta, explained, "It’s something I’m researching because I think eventually I will recommend it. I’m just not there yet. For myself and other advisors, if we get more of a track record, it increases the likelihood that it ends up in client portfolios."
CNBC interviewed over a dozen members of the CNBC Advisory Board, including Baker, to understand why many financial planners remain hesitant about Bitcoin and US spot Bitcoin ETFs. The primary concerns are market timing and regulatory compliance.
Market Timing and Compliance Concerns Hinder Bitcoin ETF Adoption
Most advisors reported minimal proactive communication with clients regarding US spot Bitcoin ETFs. Many advisors have a small client base, and discussions about ETFs are rare. Those who are proactive in learning about Bitcoin investments tend to have younger clients with higher risk tolerance and longer investment horizons. These clients were already familiar with cryptocurrency before the introduction of ETFs, and their interest was not significantly boosted by the new financial product.
Conversely, advisors with older, more conservative clients remain more cautious. These advisors are less likely to recommend Bitcoin investments due to their clients' traditional investment preferences and lower risk tolerance.
While the Bitcoin ETF has seen impressive asset accumulation, broad adoption among financial advisors remains slow, influenced by factors such as market history and regulatory environment. The future may see increased adoption as advisors gain more confidence and experience with these innovative investment vehicles.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
April's US Core PCE Index Reveals 0.2% Monthly Gain, Goods Prices Stir
Key Points:
April's core PCE price index rose 2.8% year-over-year.
Goods and services prices boosted April's inflation.
Food prices fell and energy prices rose in April.
According to Barron's, US Core PCE in April gained 2.8% YoY, same as March. Monthly gain was 0.2%, lowest since Dec 2023. Services prices remain main inflation contributor.
April's US Core PCE Index Reveals 0.2% Monthly Gain, Goods Prices Stir
The Bureau of Economic Analysis has published data showing the core personal-consumption expenditures price index for April gained 2.8 percent on a year-over-year basis, meeting economists' expectations and holding unchanged from last month's gain.
Analysis of US Core PCE Price Index Changes
The monthly gain in the core PCE price index was 0.2 percent, the lowest monthly gain since December 2023. Excluding food and energy components, the core PCE price index rose slightly less than expected, but barely. The 0.24917 percent gain in April was a shade below the expected 0.255 percent gain.
Relative to March's 0.33416 percent gain in core PCE, the April gain of 0.24917 percent looks more dramatic. However, the year-over-year change in the core PCE price index was unchanged at 2.8 percent in both March and April.
Impact of Goods and Services Prices on Inflation
Goods prices were again an important contributor to inflation in April, after contributing little to price growth for six months.
The Federal Reserve's preferred inflation gauge, the personal-consumption expenditures price index, rose 0.3 percent in April. Goods prices rose 0.2 percent and services prices gained 0.3 percent to drive that increase.
Services prices remain the main contributor to inflation being higher than desired in the U.S. Goods prices, on the other hand, rose only a scant 0.1 percent. The core PCE price index, which excludes food and energy prices, rose 0.2 percent in April and 2.8 percent on a year-over-year basis.
Readmore: SEC’s Peirce Proposed New UK-US Cross-border Sandbox For Innovation
Market Reaction to Federal Reserve's Inflation Measure
Food prices dropped by 0.2 percent in April while energy prices climbed 1.2 percent. Food prices have risen 1.3 percent over the last year while energy prices are up 3 percent.
Stock futures improved after the release of the Federal Reserve's preferred inflation measure. Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures all gained, recovering losses made prior to the report's release.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
April's core PCE price index rose 2.8% year-over-year.
Goods and services prices boosted April's inflation.
Food prices fell and energy prices rose in April.
According to Barron's, US Core PCE in April gained 2.8% YoY, same as March. Monthly gain was 0.2%, lowest since Dec 2023. Services prices remain main inflation contributor.
April's US Core PCE Index Reveals 0.2% Monthly Gain, Goods Prices Stir
The Bureau of Economic Analysis has published data showing the core personal-consumption expenditures price index for April gained 2.8 percent on a year-over-year basis, meeting economists' expectations and holding unchanged from last month's gain.
Analysis of US Core PCE Price Index Changes
The monthly gain in the core PCE price index was 0.2 percent, the lowest monthly gain since December 2023. Excluding food and energy components, the core PCE price index rose slightly less than expected, but barely. The 0.24917 percent gain in April was a shade below the expected 0.255 percent gain.
Relative to March's 0.33416 percent gain in core PCE, the April gain of 0.24917 percent looks more dramatic. However, the year-over-year change in the core PCE price index was unchanged at 2.8 percent in both March and April.
Impact of Goods and Services Prices on Inflation
Goods prices were again an important contributor to inflation in April, after contributing little to price growth for six months.
The Federal Reserve's preferred inflation gauge, the personal-consumption expenditures price index, rose 0.3 percent in April. Goods prices rose 0.2 percent and services prices gained 0.3 percent to drive that increase.
Services prices remain the main contributor to inflation being higher than desired in the U.S. Goods prices, on the other hand, rose only a scant 0.1 percent. The core PCE price index, which excludes food and energy prices, rose 0.2 percent in April and 2.8 percent on a year-over-year basis.
Readmore: SEC’s Peirce Proposed New UK-US Cross-border Sandbox For Innovation
Market Reaction to Federal Reserve's Inflation Measure
Food prices dropped by 0.2 percent in April while energy prices climbed 1.2 percent. Food prices have risen 1.3 percent over the last year while energy prices are up 3 percent.
Stock futures improved after the release of the Federal Reserve's preferred inflation measure. Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures all gained, recovering losses made prior to the report's release.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Tether's Bitdeer Investment Secured With $100 Million Shares
Key Points:
Tether has purchased $100 million worth of Bitdeer stocks, with an option to acquire an additional $50 million through a warrant.
Bitdeer will utilize the $100 million raised for data center expansion, ASIC-based mining machine development, and general corporate purposes.
The stablecoin issuer reorganizes into four divisions, with Tether's Bitdeer investment under the Power division for Bitcoin mining.
Tether, the developer behind the world's largest stablecoin, has made a significant investment in Bitdeer, purchasing $100 million worth of the company's stocks.
Tether's Bitdeer Investments Reach Agreement
Additionally, Tether has secured an option to buy an extra $50 million in stocks. Tether's Bitdeer investment is part of Tether's strategic expansion into various sectors of digital assets.
Bitdeer has entered into a subscription agreement for the private placement of 18,587,360 Class A ordinary shares, which has generated $100 million in proceeds. The warrant is subject to anti-dilution provisions and is exercisable at Tether’s discretion within 12 months of the closing.
The funds raised from this transaction will be used by Bitdeer to expand its data centers and develop ASIC-based mining machines. The net proceeds are also earmarked for working capital and other general corporate purposes.
Tether Reorganizes with Focus on Bitcoin Mining
Tether's Bitdeer investment aligns with its recent reorganization into four divisions, reflecting its broader focus on digital assets. The new divisions are Data, which will handle strategic investments in technology, including artificial intelligence; Finance, which covers the USDT stablecoin with a market cap exceeding $100 billion; Power, which focuses on Bitcoin mining investments; and Edu, dedicated to educational activities.
Tether's Bitdeerinvestmentfalls under the Power division, demonstrating its commitment to supporting and advancing the Bitcoin mining industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Tether has purchased $100 million worth of Bitdeer stocks, with an option to acquire an additional $50 million through a warrant.
Bitdeer will utilize the $100 million raised for data center expansion, ASIC-based mining machine development, and general corporate purposes.
The stablecoin issuer reorganizes into four divisions, with Tether's Bitdeer investment under the Power division for Bitcoin mining.
Tether, the developer behind the world's largest stablecoin, has made a significant investment in Bitdeer, purchasing $100 million worth of the company's stocks.
Tether's Bitdeer Investments Reach Agreement
Additionally, Tether has secured an option to buy an extra $50 million in stocks. Tether's Bitdeer investment is part of Tether's strategic expansion into various sectors of digital assets.
Bitdeer has entered into a subscription agreement for the private placement of 18,587,360 Class A ordinary shares, which has generated $100 million in proceeds. The warrant is subject to anti-dilution provisions and is exercisable at Tether’s discretion within 12 months of the closing.
The funds raised from this transaction will be used by Bitdeer to expand its data centers and develop ASIC-based mining machines. The net proceeds are also earmarked for working capital and other general corporate purposes.
Tether Reorganizes with Focus on Bitcoin Mining
Tether's Bitdeer investment aligns with its recent reorganization into four divisions, reflecting its broader focus on digital assets. The new divisions are Data, which will handle strategic investments in technology, including artificial intelligence; Finance, which covers the USDT stablecoin with a market cap exceeding $100 billion; Power, which focuses on Bitcoin mining investments; and Edu, dedicated to educational activities.
Tether's Bitdeerinvestmentfalls under the Power division, demonstrating its commitment to supporting and advancing the Bitcoin mining industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Hong Kong Government Embraces Financial Innovation Amidst Focus on Stability!
Key Points:
Hong Kong reaffirms commitment to promoting financial innovation, citing key areas like fintech, green finance, and Web3-related DeFi.
Officials highlight significant sectors, including virtual assets, with emphasis on stability measures to manage financial risks effectively.
Hong Kong's proactive approach underscores its aim to maintain competitiveness as a leading international financial center while embracing emerging trends.
Hong Kong government officials reaffirmed their commitment to fostering financial innovation while simultaneously prioritizing stability and risk management.
The statement underscores Hong Kong's determination to remain a global financial hub by embracing emerging trends and technologies in the financial sector.
Hong Kong will persist in its efforts to fully promote financial innovation, identifying key areas such as financial technology (fintech), green finance, Web3-related decentralized finance (DeFi), virtual assets, among others. This proactive approach reflects the city's recognition of the transformative potential of these sectors and its desire to stay ahead in the rapidly evolving landscape of global finance.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Strategic Vision for Sustainable Growth
One of the primary focuses highlighted by the government is financial technology, an area where Hong Kong has already made significant strides in recent years. By further promoting fintech initiatives, Hong Kong aims to enhance its competitiveness and attractiveness as a leading international financial center.
The emphasis on green finance underscores Hong Kong's commitment to sustainability and addressing climate change challenges. By integrating green finance practices into its financial ecosystem, Hong Kong seeks to contribute to global efforts in mitigating environmental risks and promoting sustainable development.
The mention of Web3-related DeFi and virtual assets indicates Hong Kong's recognition of the growing importance of blockchain technology and digital assets in the modern financial landscape. By exploring these areas, the city aims to leverage the potential of decentralized finance and virtual currencies while ensuring regulatory oversight to mitigate associated risks.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Hong Kong reaffirms commitment to promoting financial innovation, citing key areas like fintech, green finance, and Web3-related DeFi.
Officials highlight significant sectors, including virtual assets, with emphasis on stability measures to manage financial risks effectively.
Hong Kong's proactive approach underscores its aim to maintain competitiveness as a leading international financial center while embracing emerging trends.
Hong Kong government officials reaffirmed their commitment to fostering financial innovation while simultaneously prioritizing stability and risk management.
The statement underscores Hong Kong's determination to remain a global financial hub by embracing emerging trends and technologies in the financial sector.
Hong Kong will persist in its efforts to fully promote financial innovation, identifying key areas such as financial technology (fintech), green finance, Web3-related decentralized finance (DeFi), virtual assets, among others. This proactive approach reflects the city's recognition of the transformative potential of these sectors and its desire to stay ahead in the rapidly evolving landscape of global finance.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Strategic Vision for Sustainable Growth
One of the primary focuses highlighted by the government is financial technology, an area where Hong Kong has already made significant strides in recent years. By further promoting fintech initiatives, Hong Kong aims to enhance its competitiveness and attractiveness as a leading international financial center.
The emphasis on green finance underscores Hong Kong's commitment to sustainability and addressing climate change challenges. By integrating green finance practices into its financial ecosystem, Hong Kong seeks to contribute to global efforts in mitigating environmental risks and promoting sustainable development.
The mention of Web3-related DeFi and virtual assets indicates Hong Kong's recognition of the growing importance of blockchain technology and digital assets in the modern financial landscape. By exploring these areas, the city aims to leverage the potential of decentralized finance and virtual currencies while ensuring regulatory oversight to mitigate associated risks.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Bitcoin Spot ETFs See Significant Net Inflows, Reaching $48.706M on May 30!
Key Points:
Bitcoin spot ETFs saw a $48.706M net inflow on May 30, marking thirteen consecutive days of positive inflows.
Fidelity's FBTC ETF led with a massive $119M single-day inflow, highlighting strong investor interest.
Total historical net inflows for Bitcoin spot ETFs reached an impressive $13.809B, showcasing growing mainstream acceptance.
Bitcoin spot ETFs experienced a notable net inflow of $48.706 million, marking thirteen consecutive days of positive net inflows.
This consistent upward trend highlights the growing investor interest and confidence in Bitcoin as a mainstream financial asset.
The most significant inflow was observed in Fidelity's Bitcoin ETF (FBTC), which recorded a single-day inflow of $119 million. This substantial inflow underscores Fidelity's strong position in the market and its appeal to investors seeking exposure to Bitcoin through regulated financial products.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Fidelity ETF Leads with Significant Inflows
The Grayscale Bitcoin Trust (GBTC), another prominent player in the market, experienced a single-day outflow of $0.00. While this indicates a neutral position for the day, it suggests stability and a lack of major selling pressure for Grayscale's product.
The historical net inflow of Bitcoin spot ETFs has now reached an impressive $13.809 billion. This milestone reflects the growing institutional acceptance and adoption of Bitcoin ETFs as a viable investment vehicle. The steady inflows over the past thirteen days are particularly noteworthy, as they suggest a sustained demand for Bitcoin exposure among investors.
The influx of funds into Bitcoin spot ETFs is seen as a positive indicator for the cryptocurrency market, potentially driving further price appreciation and market maturity. The consistent inflows highlight the confidence investors have in Bitcoin's long-term prospects, despite the inherent volatility in the cryptocurrency market.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Bitcoin spot ETFs saw a $48.706M net inflow on May 30, marking thirteen consecutive days of positive inflows.
Fidelity's FBTC ETF led with a massive $119M single-day inflow, highlighting strong investor interest.
Total historical net inflows for Bitcoin spot ETFs reached an impressive $13.809B, showcasing growing mainstream acceptance.
Bitcoin spot ETFs experienced a notable net inflow of $48.706 million, marking thirteen consecutive days of positive net inflows.
This consistent upward trend highlights the growing investor interest and confidence in Bitcoin as a mainstream financial asset.
The most significant inflow was observed in Fidelity's Bitcoin ETF (FBTC), which recorded a single-day inflow of $119 million. This substantial inflow underscores Fidelity's strong position in the market and its appeal to investors seeking exposure to Bitcoin through regulated financial products.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Fidelity ETF Leads with Significant Inflows
The Grayscale Bitcoin Trust (GBTC), another prominent player in the market, experienced a single-day outflow of $0.00. While this indicates a neutral position for the day, it suggests stability and a lack of major selling pressure for Grayscale's product.
The historical net inflow of Bitcoin spot ETFs has now reached an impressive $13.809 billion. This milestone reflects the growing institutional acceptance and adoption of Bitcoin ETFs as a viable investment vehicle. The steady inflows over the past thirteen days are particularly noteworthy, as they suggest a sustained demand for Bitcoin exposure among investors.
The influx of funds into Bitcoin spot ETFs is seen as a positive indicator for the cryptocurrency market, potentially driving further price appreciation and market maturity. The consistent inflows highlight the confidence investors have in Bitcoin's long-term prospects, despite the inherent volatility in the cryptocurrency market.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Trump Faces Felony Conviction Amid Election Battle: Report
Key Points:
Donald Trump is convicted on 34 felony counts.
Despite conviction, Trump can still run for office.
The verdict may impact Trump's upcoming election bid.
Trump faces felony conviction for falsifying documents. A jury convicted him of 34 counts related to a payment cover-up before the 2016 election. Sentencing is set for July 11.
A jury accused him of falsifying documents in an attempt to conceal a payment made to silence a porn star before the 2016 election. After two days of deliberation, the jury convicted Trump of all 34 felony counts.
Donald Trump Faces Felony Conviction After Jury Verdict
Justice Juan Merchan scheduled the sentencing for July 11, just days before the Republican Party's formal nomination of Trump for president in the upcoming Nov. 5 election.
The felony of falsifying business documents carries a maximum sentence of up to four years in prison. However, under the law, incarceration would not legally bar Trump from campaigning or taking office if elected.
Despite the guilty verdict, former President Donald Trump will remain free until sentencing. The 77-year-old ex-president has denied any wrongdoing. His lawyer announced plans to appeal immediately.
Incarceration Might Not Hinder Trump's Presidential Campaign
Trump described the trial as a sham and said he was innocent, adding that the real judgment would come from the people on Nov. 5.
The verdict places the United States in uncharted waters ahead of the Nov. 5 vote. Trump is trying to recapture the White House from Democratic President Joe Biden.
Readmore: Musk Denies Crypto Talks with Trump After The Bloomberg Report
The Impact of Guilty Verdict on Upcoming Election
The coming election appears to be a close battle between Trump and Biden, and a guilty verdict may affect Trump's popularity among independent and Republican voters.
The jury accused Trump of falsifying business documents. Evidence included pornography star Stormy Daniels's graphic testimony regarding the sexual encounter she said she had with Trump in 2006.
Trump said he did not have sex with Daniels. Furthermore, Trump's former fixer, Michael Cohen, testified that Trump approved a $130,000 hush money payment to Daniels in the closing weeks of the 2016 election.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Donald Trump is convicted on 34 felony counts.
Despite conviction, Trump can still run for office.
The verdict may impact Trump's upcoming election bid.
Trump faces felony conviction for falsifying documents. A jury convicted him of 34 counts related to a payment cover-up before the 2016 election. Sentencing is set for July 11.
A jury accused him of falsifying documents in an attempt to conceal a payment made to silence a porn star before the 2016 election. After two days of deliberation, the jury convicted Trump of all 34 felony counts.
Donald Trump Faces Felony Conviction After Jury Verdict
Justice Juan Merchan scheduled the sentencing for July 11, just days before the Republican Party's formal nomination of Trump for president in the upcoming Nov. 5 election.
The felony of falsifying business documents carries a maximum sentence of up to four years in prison. However, under the law, incarceration would not legally bar Trump from campaigning or taking office if elected.
Despite the guilty verdict, former President Donald Trump will remain free until sentencing. The 77-year-old ex-president has denied any wrongdoing. His lawyer announced plans to appeal immediately.
Incarceration Might Not Hinder Trump's Presidential Campaign
Trump described the trial as a sham and said he was innocent, adding that the real judgment would come from the people on Nov. 5.
The verdict places the United States in uncharted waters ahead of the Nov. 5 vote. Trump is trying to recapture the White House from Democratic President Joe Biden.
Readmore: Musk Denies Crypto Talks with Trump After The Bloomberg Report
The Impact of Guilty Verdict on Upcoming Election
The coming election appears to be a close battle between Trump and Biden, and a guilty verdict may affect Trump's popularity among independent and Republican voters.
The jury accused Trump of falsifying business documents. Evidence included pornography star Stormy Daniels's graphic testimony regarding the sexual encounter she said she had with Trump in 2006.
Trump said he did not have sex with Daniels. Furthermore, Trump's former fixer, Michael Cohen, testified that Trump approved a $130,000 hush money payment to Daniels in the closing weeks of the 2016 election.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Luna Foundation Guard Sees Mysterious Large-Scale Crypto Transfers!
Key Points:
The Luna Foundation Guard (LFG) transferred 1.974 million AVAX ($71.2M) and 39,499 BNB ($23.5M) to an unmarked address (0x13...2e27) between 11:29 and 11:33 UTC+8.
The unexpected movement has fueled speculation about the purpose behind these transactions, with theories ranging from strategic reallocation to potential partnerships.
The crypto community is urging LFG for clarity on the transfers to maintain investor confidence and market stability amidst ongoing volatility.
Luna Foundation Guard (LFG) made significant transfers of digital assets, sparking speculation and concern within the cryptocurrency community.
Between 11:29 and 11:33 UTC+8, LFG transferred approximately 1.974 million AVAX tokens, valued at around $71.2 million USD, and 39,499 BNB tokens, worth approximately $23.5 million USD, to an unmarked address: 0x13...2e27.
The sudden movement of such a large amount of assets has raised eyebrows, as the Luna Foundation Guard is known for its role in supporting the stability and growth of the Terra ecosystem, particularly its algorithmic stablecoin, UST. These substantial transfers come at a time when the crypto market is already experiencing heightened volatility, adding to the uncertainty and speculation among investors.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Speculation and Calls for Transparency
There is no clear indication of the purpose behind these transactions. Theories range from internal fund reallocation, potential strategic partnerships, or even preparations for upcoming projects or investments. However, without an official statement from the Luna Foundation Guard, these remain speculative.
The lack of transparency surrounding the transfers has led to calls for more openness from LFG. Investors and stakeholders are keen to understand the rationale behind moving such a substantial portion of assets, especially given the foundation's influence on the Terra ecosystem.
Some industry experts suggest that the transfers could be part of a broader strategy to enhance liquidity or hedge against market fluctuations. The crypto community is eagerly awaiting further information from the Luna Foundation Guard to shed light on these transactions.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
The Luna Foundation Guard (LFG) transferred 1.974 million AVAX ($71.2M) and 39,499 BNB ($23.5M) to an unmarked address (0x13...2e27) between 11:29 and 11:33 UTC+8.
The unexpected movement has fueled speculation about the purpose behind these transactions, with theories ranging from strategic reallocation to potential partnerships.
The crypto community is urging LFG for clarity on the transfers to maintain investor confidence and market stability amidst ongoing volatility.
Luna Foundation Guard (LFG) made significant transfers of digital assets, sparking speculation and concern within the cryptocurrency community.
Between 11:29 and 11:33 UTC+8, LFG transferred approximately 1.974 million AVAX tokens, valued at around $71.2 million USD, and 39,499 BNB tokens, worth approximately $23.5 million USD, to an unmarked address: 0x13...2e27.
The sudden movement of such a large amount of assets has raised eyebrows, as the Luna Foundation Guard is known for its role in supporting the stability and growth of the Terra ecosystem, particularly its algorithmic stablecoin, UST. These substantial transfers come at a time when the crypto market is already experiencing heightened volatility, adding to the uncertainty and speculation among investors.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Speculation and Calls for Transparency
There is no clear indication of the purpose behind these transactions. Theories range from internal fund reallocation, potential strategic partnerships, or even preparations for upcoming projects or investments. However, without an official statement from the Luna Foundation Guard, these remain speculative.
The lack of transparency surrounding the transfers has led to calls for more openness from LFG. Investors and stakeholders are keen to understand the rationale behind moving such a substantial portion of assets, especially given the foundation's influence on the Terra ecosystem.
Some industry experts suggest that the transfers could be part of a broader strategy to enhance liquidity or hedge against market fluctuations. The crypto community is eagerly awaiting further information from the Luna Foundation Guard to shed light on these transactions.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Sei Airdrop Checker Is Now Updated, Users Will See Accurate Results
Key Points:
Sei Airdrop Checker updates airdrop criteria, ensuring accurate results for users; more wallets now qualify for Sei token distribution.
The second airdrop distributes 27 million SEI tokens to previous users, paving the way for the Sei V2 upgrade compatible with EVM virtual machines.
The Sei Foundation has officially announced that the Sei Airdrop Checker has been updated, and users will see accurate results.
Sei Airdrop Checker Updates Criteria for Users
While the airdrop criteria remain the same, the number of qualifying wallets has increased, as reflected in the revised blog post figures. To be eligible for Sei tokens, addresses must be connected and agree to the terms.
Sei, a Layer 1 platform built on the Cosmos SDK, has completed its second airdrop, dispersing 27 million SEI tokens to prior users. This phase, labeled "Phase 2," sets the stage for the forthcoming launch of Sei V2, which is compatible with EVM virtual machines.
Exclusion criteria now include addresses holding over 2,000,000 SEI or more than 150 NFTs from top collections. The foundation has implemented measures to ensure a fairer distribution, addressing past criticisms.
Fair Distribution Measures Bolster Sei Platform Appeal
The token airdrop by the Sei Foundation acknowledges the contributions of existing users and aims to entice new participants into the ecosystem. For further details, users are urged to consult the Sei Airdrop Checker.
Following community backlash from the first airdrop, this latest distribution not only dispelled previous negativity but also generated significant excitement for Layer 1. It has also served as a catalyst for attracting users keen to experience the forthcoming V2 upgrade on the Sei platform.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Sei Airdrop Checker updates airdrop criteria, ensuring accurate results for users; more wallets now qualify for Sei token distribution.
The second airdrop distributes 27 million SEI tokens to previous users, paving the way for the Sei V2 upgrade compatible with EVM virtual machines.
The Sei Foundation has officially announced that the Sei Airdrop Checker has been updated, and users will see accurate results.
Sei Airdrop Checker Updates Criteria for Users
While the airdrop criteria remain the same, the number of qualifying wallets has increased, as reflected in the revised blog post figures. To be eligible for Sei tokens, addresses must be connected and agree to the terms.
Sei, a Layer 1 platform built on the Cosmos SDK, has completed its second airdrop, dispersing 27 million SEI tokens to prior users. This phase, labeled "Phase 2," sets the stage for the forthcoming launch of Sei V2, which is compatible with EVM virtual machines.
Exclusion criteria now include addresses holding over 2,000,000 SEI or more than 150 NFTs from top collections. The foundation has implemented measures to ensure a fairer distribution, addressing past criticisms.
Fair Distribution Measures Bolster Sei Platform Appeal
The token airdrop by the Sei Foundation acknowledges the contributions of existing users and aims to entice new participants into the ecosystem. For further details, users are urged to consult the Sei Airdrop Checker.
Following community backlash from the first airdrop, this latest distribution not only dispelled previous negativity but also generated significant excitement for Layer 1. It has also served as a catalyst for attracting users keen to experience the forthcoming V2 upgrade on the Sei platform.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Grayscale Spot Ethereum ETF Updated S-3 Registration Statement Under New Requirements
Key Points:
Grayscale submitted a revised S-3 statement for Grayscale spot Ethereum ETF following BlackRock's recent update.
The filing details that 0.94552590 Ether is needed for 100 shares, highlighting transparency and institutional demand.
On Thursday, Grayscale Investments submitted a revised S-3 registration statement for Grayscale spot Ethereum ETF, just a day after BlackRock updated its S-1 statement and a week after the U.S.
Grayscale Spot Ethereum ETF Updated S-3 Form
Securities and Exchange Commission (SEC) approved 19b-4 forms for eight Ethereum exchange-traded funds (ETFs). In its latest filing, Grayscale detailed the regulatory treatment of Ether and outlined the specific amount required for share creation, signaling a significant move towards transforming its Ethereum trust into a spot Ethereum ETF.
The amendment specifies that, as of May 28, 2024, approximately 0.94552590 Ether would be needed to create 100 shares. This level of detail underscores Grayscale’s commitment to transparency and highlights the growing institutional demand for cryptocurrencies. The Grayscale Ethereum Trust, which was launched in March 2019, holds about 2.5% of all circulating Ether, making it one of the largest Ethereum investment products globally.
Increased SEC Scrutiny on Crypto ETFs
The update of Grayscale spot Ethereum ETF follows the SEC’s recent engagement with issuers regarding their S-1 forms, a process expected to take weeks as the SEC reviews and provides feedback, leading to further amendments. The scrutiny underscores the importance of regulatory compliance in the evolving cryptocurrency industry.
According to a filing on Wednesday, Grayscale also appointed Coinbase, a centralized exchange, as its fund custodian lately.
Ethereum has been affected to the point where it is now considered an asset by the SEC's approval of spot ETFs. Investors have expressed serious concerns about the absence of regulatory guidance, which has been addressed with the introduction of Ethereum ETFs.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Grayscale submitted a revised S-3 statement for Grayscale spot Ethereum ETF following BlackRock's recent update.
The filing details that 0.94552590 Ether is needed for 100 shares, highlighting transparency and institutional demand.
On Thursday, Grayscale Investments submitted a revised S-3 registration statement for Grayscale spot Ethereum ETF, just a day after BlackRock updated its S-1 statement and a week after the U.S.
Grayscale Spot Ethereum ETF Updated S-3 Form
Securities and Exchange Commission (SEC) approved 19b-4 forms for eight Ethereum exchange-traded funds (ETFs). In its latest filing, Grayscale detailed the regulatory treatment of Ether and outlined the specific amount required for share creation, signaling a significant move towards transforming its Ethereum trust into a spot Ethereum ETF.
The amendment specifies that, as of May 28, 2024, approximately 0.94552590 Ether would be needed to create 100 shares. This level of detail underscores Grayscale’s commitment to transparency and highlights the growing institutional demand for cryptocurrencies. The Grayscale Ethereum Trust, which was launched in March 2019, holds about 2.5% of all circulating Ether, making it one of the largest Ethereum investment products globally.
Increased SEC Scrutiny on Crypto ETFs
The update of Grayscale spot Ethereum ETF follows the SEC’s recent engagement with issuers regarding their S-1 forms, a process expected to take weeks as the SEC reviews and provides feedback, leading to further amendments. The scrutiny underscores the importance of regulatory compliance in the evolving cryptocurrency industry.
According to a filing on Wednesday, Grayscale also appointed Coinbase, a centralized exchange, as its fund custodian lately.
Ethereum has been affected to the point where it is now considered an asset by the SEC's approval of spot ETFs. Investors have expressed serious concerns about the absence of regulatory guidance, which has been addressed with the introduction of Ethereum ETFs.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Spot Ethereum ETF Issuers Have Deadline Until Friday to Update S-1 Forms
Key Points:
The SEC mandates spot Ethereum ETF issuers, including BlackRock and VanEck, to submit S-1 draft forms by a set deadline.
Following the approval of 19b-4 forms, spot Ethereum ETF issuers rapidly respond to SEC directives by amending S-1 filings, with BlackRock committing to seed its ETF with $10 million.
According to The Block, the United States Securities and Exchange Commission (SEC) has set a deadline for spot Ethereum ETF issuers, mandating the submission of the first round of S-1 draft forms by Friday.
SEC Sets Deadline for Spot Ethereum ETF Issuers
The approval of 19b-4 forms by the SEC on May 23 paved the way for this progression. However, the subsequent requirement for S-1 filings was a sudden shift, catching many issues off guard. As Coincu reported, BlackRock and VanEck have already complied with this requirement. Most recently, Grayscale also updated its S-3 registration statement.
In response to these developments, BlackRock has detailed plans to seed its ETF with $10 million. Conversely, Hashdex has withdrawn its proposal for a spot Ethereum ETF for undisclosed reasons.
Iterative Process Ahead Despite Last-Minute SEC Shift
Following the initial submissions, the SEC will provide feedback, initiating a process of further modifications. It's expected that this iterative process will involve at least two more rounds of draft filings before the ETFs are deemed ready for trading.
Moving forward, the path to ETF trading remains contingent on the effective completion of the S-1 forms, a process that experts anticipate could span several weeks or even months for spot Ethereum ETF issuers. While seed investments are relatively straightforward to include, other aspects of the forms may require more extensive deliberation.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
The SEC mandates spot Ethereum ETF issuers, including BlackRock and VanEck, to submit S-1 draft forms by a set deadline.
Following the approval of 19b-4 forms, spot Ethereum ETF issuers rapidly respond to SEC directives by amending S-1 filings, with BlackRock committing to seed its ETF with $10 million.
According to The Block, the United States Securities and Exchange Commission (SEC) has set a deadline for spot Ethereum ETF issuers, mandating the submission of the first round of S-1 draft forms by Friday.
SEC Sets Deadline for Spot Ethereum ETF Issuers
The approval of 19b-4 forms by the SEC on May 23 paved the way for this progression. However, the subsequent requirement for S-1 filings was a sudden shift, catching many issues off guard. As Coincu reported, BlackRock and VanEck have already complied with this requirement. Most recently, Grayscale also updated its S-3 registration statement.
In response to these developments, BlackRock has detailed plans to seed its ETF with $10 million. Conversely, Hashdex has withdrawn its proposal for a spot Ethereum ETF for undisclosed reasons.
Iterative Process Ahead Despite Last-Minute SEC Shift
Following the initial submissions, the SEC will provide feedback, initiating a process of further modifications. It's expected that this iterative process will involve at least two more rounds of draft filings before the ETFs are deemed ready for trading.
Moving forward, the path to ETF trading remains contingent on the effective completion of the S-1 forms, a process that experts anticipate could span several weeks or even months for spot Ethereum ETF issuers. While seed investments are relatively straightforward to include, other aspects of the forms may require more extensive deliberation.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Robert F. Kennedy Jr. Praised Trump's Crypto Support to Promote Economic Freedom
Key Points:
Robert F. Kennedy Jr. praised Donald Trump's pro-cryptocurrency stance and emphasized the potential of decentralized currencies.
Kennedy also advocated for transparent cryptocurrency regulation and consumer protection.
Robert F. Kennedy Jr., a U.S. presidential candidate, addressed a press conference at Consensus 2024 in Austin, Texas, shortly after a New York jury found former President Donald Trump guilty on all counts. Kennedy acknowledged common ground with Trump on cryptocurrency issues despite their political differences.
Robert F. Kennedy Jr. Applauds Trump’s Pro-Cryptocurrency Shift
Kennedy expressed satisfaction with Trump’s recent positive stance on cryptocurrency. "I'm delighted that he did that," Kennedy said, noting the increasing political interest in crypto, including SEC Chair Gary Gensler's move towards approving Ethereum ETFs. He emphasized that political motivations aside, these developments are promising.
Focusing on his campaign, Kennedy highlighted economic and health issues, steering clear of direct confrontations with other political figures. He stressed the importance of decentralized currencies like Bitcoin, advocating for their potential to rejuvenate American innovation and entrepreneurship. According to Kennedy, adopting cryptocurrency would empower individuals, protect their wealth, and offer a stable currency to prevent conflict.
Kennedy also voiced concerns about artificial intelligence, underscoring the need for transparency and integrity in an era of increasing surveillance and data harvesting. He argued that blockchain technology could safeguard democratic values and improve the election system.
While distancing himself from Trump, Kennedy criticized the former president's fiscal policies and handling of the country. He also condemned the prosecution of Trump, suggesting it might inadvertently boost Trump's appeal among some voters.
Advocates for Transparent Crypto Regulation and Consumer Protection
As an independent candidate, Robert F. Kennedy Jr. refuted claims that his campaign would undermine President Biden's support, asserting that his voter base would likely favor Trump if he were not in the race. Citing internal polling, he claimed a competitive edge over both major party candidates in potential head-to-head matchups.
Kennedy also touched on cryptocurrency regulation, advocating for transactional freedom and transparency while ensuring consumer protection against fraud. He revealed his personal investment in Bitcoin, underscoring his commitment to the crypto community.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Robert F. Kennedy Jr. praised Donald Trump's pro-cryptocurrency stance and emphasized the potential of decentralized currencies.
Kennedy also advocated for transparent cryptocurrency regulation and consumer protection.
Robert F. Kennedy Jr., a U.S. presidential candidate, addressed a press conference at Consensus 2024 in Austin, Texas, shortly after a New York jury found former President Donald Trump guilty on all counts. Kennedy acknowledged common ground with Trump on cryptocurrency issues despite their political differences.
Robert F. Kennedy Jr. Applauds Trump’s Pro-Cryptocurrency Shift
Kennedy expressed satisfaction with Trump’s recent positive stance on cryptocurrency. "I'm delighted that he did that," Kennedy said, noting the increasing political interest in crypto, including SEC Chair Gary Gensler's move towards approving Ethereum ETFs. He emphasized that political motivations aside, these developments are promising.
Focusing on his campaign, Kennedy highlighted economic and health issues, steering clear of direct confrontations with other political figures. He stressed the importance of decentralized currencies like Bitcoin, advocating for their potential to rejuvenate American innovation and entrepreneurship. According to Kennedy, adopting cryptocurrency would empower individuals, protect their wealth, and offer a stable currency to prevent conflict.
Kennedy also voiced concerns about artificial intelligence, underscoring the need for transparency and integrity in an era of increasing surveillance and data harvesting. He argued that blockchain technology could safeguard democratic values and improve the election system.
While distancing himself from Trump, Kennedy criticized the former president's fiscal policies and handling of the country. He also condemned the prosecution of Trump, suggesting it might inadvertently boost Trump's appeal among some voters.
Advocates for Transparent Crypto Regulation and Consumer Protection
As an independent candidate, Robert F. Kennedy Jr. refuted claims that his campaign would undermine President Biden's support, asserting that his voter base would likely favor Trump if he were not in the race. Citing internal polling, he claimed a competitive edge over both major party candidates in potential head-to-head matchups.
Kennedy also touched on cryptocurrency regulation, advocating for transactional freedom and transparency while ensuring consumer protection against fraud. He revealed his personal investment in Bitcoin, underscoring his commitment to the crypto community.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
SEC's Peirce Proposed New UK-US Cross-border Sandbox for Innovation
Key Points:
Sandboxes boost innovation and help firms understand regulations.
Cross-border sandbox can transform markets and enhance transparency through tokenization.
SEC Commissioner Peirce proposed a cross-border sandbox for the UK and US to enhance innovation and transparency. It will boost tokenization and effective regulation.
SEC Commissioner Hester M. Peirce presented a landmark proposal for a cross-border sandbox that will allow firms to engage in the same activities subject to the same regulatory conditions in both the UK and the US. It will encourage innovation and improve transparency in markets through tokenization.
Proposal for a Cross-Border Sandbox
The Bank of England and the Financial Conduct Authority proposed a joint digital securities sandbox that would incorporate innovation into the financial system.
The sandbox aims to generate real-world experience about the potential of distributed ledger technology to streamline the issuance, trading, and settlement of securities.
Commissioner Peirce advocates for an expanded sandbox open to US-domiciled firms. Coupled with a Commission-acted micro-innovation sandbox and an information-sharing agreement between the UK and US, cross-border innovation could thrive.
The Potential of Tokenization in Financial Markets
Firms participating in it would be able to operate under identical regulatory conditions in both countries. Statistical evidence supports the role of sandboxes in encouraging innovation.
Reports state that firms that enter the FCA's sandbox raise more capital, are more likely to survive in the long term, and can better understand how regulatory requirements apply to their innovative services or products.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Benefits of Regulatory Sandboxes for Innovation
More importantly, sandboxes benefit regulators by creating an environment that propels effective and efficient regulations.
A cross-border sandbox could be even more transformative than a domestic one, given the shared commitment of the US and UK to capital markets as the cornerstone of a dynamic economy.
Exploring the potential of tokenization to improve market transparency and reduce operational costs is a forward-looking area for such a sandbox. Commissioner Peirce's proposal opens up an area for consultation on developing cross-border collaboration to facilitate innovation.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Sandboxes boost innovation and help firms understand regulations.
Cross-border sandbox can transform markets and enhance transparency through tokenization.
SEC Commissioner Peirce proposed a cross-border sandbox for the UK and US to enhance innovation and transparency. It will boost tokenization and effective regulation.
SEC Commissioner Hester M. Peirce presented a landmark proposal for a cross-border sandbox that will allow firms to engage in the same activities subject to the same regulatory conditions in both the UK and the US. It will encourage innovation and improve transparency in markets through tokenization.
Proposal for a Cross-Border Sandbox
The Bank of England and the Financial Conduct Authority proposed a joint digital securities sandbox that would incorporate innovation into the financial system.
The sandbox aims to generate real-world experience about the potential of distributed ledger technology to streamline the issuance, trading, and settlement of securities.
Commissioner Peirce advocates for an expanded sandbox open to US-domiciled firms. Coupled with a Commission-acted micro-innovation sandbox and an information-sharing agreement between the UK and US, cross-border innovation could thrive.
The Potential of Tokenization in Financial Markets
Firms participating in it would be able to operate under identical regulatory conditions in both countries. Statistical evidence supports the role of sandboxes in encouraging innovation.
Reports state that firms that enter the FCA's sandbox raise more capital, are more likely to survive in the long term, and can better understand how regulatory requirements apply to their innovative services or products.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Benefits of Regulatory Sandboxes for Innovation
More importantly, sandboxes benefit regulators by creating an environment that propels effective and efficient regulations.
A cross-border sandbox could be even more transformative than a domestic one, given the shared commitment of the US and UK to capital markets as the cornerstone of a dynamic economy.
Exploring the potential of tokenization to improve market transparency and reduce operational costs is a forward-looking area for such a sandbox. Commissioner Peirce's proposal opens up an area for consultation on developing cross-border collaboration to facilitate innovation.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Musk Denies Crypto Talks With Trump After the Bloomberg Report
Key Points:
Elon Musk denies discussing crypto with Trump.
Musk now supports the Republican party.
Despite reports, Elon Musk denies crypto talks with Trump. The Tesla CEO says he won't contribute to either Trump's or Biden's campaigns. Musk opts to "vote Republican" in 2022.
Musk Denies Crypto Talks with Trump After The Bloomberg Report
According to reports, Elon Musk, the CEO of Tesla and SpaceX, has been in constant contact with the former president, Donald Trump, discussing myriad issues, from advisory positions to electric vehicles and space programs.
Elon Musk Denies Crypto Talks with Trump
However, Musk has come out in public to deny discussing crypto with the former President. In a post on X (formerly Twitter), Musk said: "Pretty sure I've never discussed crypto with Trump, although I am generally in favor of things that shift power from the government to the people, which crypto can do."
https://twitter.com/elonmusk/status/1796211398088810731
The two high-profile figures have been in constant contact, with their discussions reportedly picking up recently amid the Trump campaign's greater reliance on Musk for his insight into cryptocurrency.
However, Musk later clarified after a donor event in March that he would not be contributing to either Trump's or President Joe Biden's campaigns. The discussions were reportedly facilitated by Vivek Ramaswamy, a close ally to Trump and Musk.
Trump Campaign's Increasing Focus on Crypto
Musk has shown resistance to Trump in the past, but he acknowledged that Trump's nomination by the Republican primaries was inevitable.
The Trump campaign has increasingly focused on Bitcoin and other digital assets to win new voters. Trump's shift towards being pro-cryptocurrency could help his campaign rally the support of several industry political action committees with a mission to elect candidates who support digital currencies.
Musk and Trump have previously had a rocky relationship. Musk resigned from two White House advisory councils during Trump's presidency amid the Trump administration's decision to withdraw the US from the Paris climate agreement.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Musk's Political Contributions and Affiliations
In 2022, though, Musk announced he would no longer support Democrats, opting instead to "vote Republican."
Despite Musk's estimated wealth of $202 billion, he has not been a significant political contributor. According to reports based on Federal Election Commission records, Musk has contributed less than $1 million since 2009 to political candidates.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Elon Musk denies discussing crypto with Trump.
Musk now supports the Republican party.
Despite reports, Elon Musk denies crypto talks with Trump. The Tesla CEO says he won't contribute to either Trump's or Biden's campaigns. Musk opts to "vote Republican" in 2022.
Musk Denies Crypto Talks with Trump After The Bloomberg Report
According to reports, Elon Musk, the CEO of Tesla and SpaceX, has been in constant contact with the former president, Donald Trump, discussing myriad issues, from advisory positions to electric vehicles and space programs.
Elon Musk Denies Crypto Talks with Trump
However, Musk has come out in public to deny discussing crypto with the former President. In a post on X (formerly Twitter), Musk said: "Pretty sure I've never discussed crypto with Trump, although I am generally in favor of things that shift power from the government to the people, which crypto can do."
https://twitter.com/elonmusk/status/1796211398088810731
The two high-profile figures have been in constant contact, with their discussions reportedly picking up recently amid the Trump campaign's greater reliance on Musk for his insight into cryptocurrency.
However, Musk later clarified after a donor event in March that he would not be contributing to either Trump's or President Joe Biden's campaigns. The discussions were reportedly facilitated by Vivek Ramaswamy, a close ally to Trump and Musk.
Trump Campaign's Increasing Focus on Crypto
Musk has shown resistance to Trump in the past, but he acknowledged that Trump's nomination by the Republican primaries was inevitable.
The Trump campaign has increasingly focused on Bitcoin and other digital assets to win new voters. Trump's shift towards being pro-cryptocurrency could help his campaign rally the support of several industry political action committees with a mission to elect candidates who support digital currencies.
Musk and Trump have previously had a rocky relationship. Musk resigned from two White House advisory councils during Trump's presidency amid the Trump administration's decision to withdraw the US from the Paris climate agreement.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Musk's Political Contributions and Affiliations
In 2022, though, Musk announced he would no longer support Democrats, opting instead to "vote Republican."
Despite Musk's estimated wealth of $202 billion, he has not been a significant political contributor. According to reports based on Federal Election Commission records, Musk has contributed less than $1 million since 2009 to political candidates.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Crypto Companies in New York Forced to Report Customer Processes to NYDFS
Key Points:
NYDFS mandates VCEs to establish procedures for promptly addressing customer service requests and complaints.
Superintendent Adrienne Harris emphasizes transparent and timely resolution of customer issues to enhance the customer experience.
The guidance, part of the VOLT initiative, requires crypto companies in New York to submit customer service policy records for review by November 1, 2024.
New York State’s top financial regulator has issued new guidance mandating that virtual currency entities (VCEs) establish robust customer service policies.
NYDFS Mandates Enhanced Customer Service Procedures for Crypto Companies In New York
According to the New York State Department of Financial Services (NYDFS), crypto companies in New York must have procedures in place to address customer service requests and complaints promptly.
The directive from NYDFS Superintendent Adrienne Harris requires cryptocurrency service providers to implement policies for monitoring, resolving, and reporting customer issues. Specifically, crypto companies in New York must maintain detailed records, including a quarterly analysis of all customer requests and complaints. These records must be available for NYDFS review by November 1, 2024.
“Consumers have a right to a transparent and timely process for resolving complaints and answering questions, irrespective of the company or product in question,” said Superintendent Harris. “ This guidance outlines clear expectations for a positive customer experience, which benefits both consumers and business.”
New Guidance Part of VOLT Initiative
The new guidelines are part of NYDFS’s VOLT initiative, aimed at strengthening oversight of the virtual currency sector. NYDFS, which has been regulating cryptocurrencies since the introduction of its BitLicense regime in 2015, continues to be a prominent regulator in this space. The new measures follow last year’s implementation of stricter rules for cryptocurrency listings and delistings.
Notable crypto companies in New York with virtual currency licenses include Coinbase, Circle, and Robinhood Crypto. However, some companies have ceased operations in the state due to the stringent regulatory environment.
Superintendent Harris has previously refuted claims of a coordinated effort by U.S. regulators to marginalize the crypto industry, dismissing the theory known as Operation Choke Point 2.0. The latest NYDFS guidance underscores the agency's commitment to ensuring consumer protection while fostering a transparent and accountable cryptocurrency industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
NYDFS mandates VCEs to establish procedures for promptly addressing customer service requests and complaints.
Superintendent Adrienne Harris emphasizes transparent and timely resolution of customer issues to enhance the customer experience.
The guidance, part of the VOLT initiative, requires crypto companies in New York to submit customer service policy records for review by November 1, 2024.
New York State’s top financial regulator has issued new guidance mandating that virtual currency entities (VCEs) establish robust customer service policies.
NYDFS Mandates Enhanced Customer Service Procedures for Crypto Companies In New York
According to the New York State Department of Financial Services (NYDFS), crypto companies in New York must have procedures in place to address customer service requests and complaints promptly.
The directive from NYDFS Superintendent Adrienne Harris requires cryptocurrency service providers to implement policies for monitoring, resolving, and reporting customer issues. Specifically, crypto companies in New York must maintain detailed records, including a quarterly analysis of all customer requests and complaints. These records must be available for NYDFS review by November 1, 2024.
“Consumers have a right to a transparent and timely process for resolving complaints and answering questions, irrespective of the company or product in question,” said Superintendent Harris. “ This guidance outlines clear expectations for a positive customer experience, which benefits both consumers and business.”
New Guidance Part of VOLT Initiative
The new guidelines are part of NYDFS’s VOLT initiative, aimed at strengthening oversight of the virtual currency sector. NYDFS, which has been regulating cryptocurrencies since the introduction of its BitLicense regime in 2015, continues to be a prominent regulator in this space. The new measures follow last year’s implementation of stricter rules for cryptocurrency listings and delistings.
Notable crypto companies in New York with virtual currency licenses include Coinbase, Circle, and Robinhood Crypto. However, some companies have ceased operations in the state due to the stringent regulatory environment.
Superintendent Harris has previously refuted claims of a coordinated effort by U.S. regulators to marginalize the crypto industry, dismissing the theory known as Operation Choke Point 2.0. The latest NYDFS guidance underscores the agency's commitment to ensuring consumer protection while fostering a transparent and accountable cryptocurrency industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Worldcoin Secures 10 Million WLD Loan Extension Amidst Financial Challenges!
Key Points:
Worldcoin extends loan agreement with five entities until June 14, 2025, preserving circulating supply.
Other terms of the agreement remain intact, ensuring stability in Worldcoin's lending framework.
Extension maintains liquidity, reinforcing Worldcoin's commitment to a robust cryptocurrency ecosystem.
In a recent update shared on the official blog of Worldcoin, significant developments regarding loan agreements have come to light.
On December 16, 2023, World Assets Ltd., a subsidiary of the Worldcoin Foundation, inked a loan pact with five international trading entities. These companies, operating beyond the borders of the United States, collectively received a substantial loan of 10 million WLD.
Originally set to expire around June 14, 2024, the loan agreements have undergone a strategic alteration. World Assets Ltd. has opted to extend the duration of the loan by an additional year, stretching it to June 14, 2025. Notably, all other terms and conditions of the initial agreement remain unaltered.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Worldcoin Prolongs Loan Duration to June 2025
This decision has significant implications for WLD's ecosystem. With the extension, the 10 million WLD loaned to the trading companies will continue to circulate within the supply chain for the foreseeable future. This prolonged circulation ensures a stable and sustained presence of WLD within the market, contributing to the overall liquidity and robustness of the cryptocurrency.
Following the conclusion of the extended period, each trading entity is obligated to repay the loan in its entirety. This provision ensures accountability and financial integrity within Worldcoin's lending framework.
The extension of the loan agreement signals WLD's commitment to fostering long-term partnerships and sustaining a healthy ecosystem. By retaining the circulating supply of WLD, the cryptocurrency remains accessible and active in various financial transactions, bolstering its utility and value proposition.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Worldcoin extends loan agreement with five entities until June 14, 2025, preserving circulating supply.
Other terms of the agreement remain intact, ensuring stability in Worldcoin's lending framework.
Extension maintains liquidity, reinforcing Worldcoin's commitment to a robust cryptocurrency ecosystem.
In a recent update shared on the official blog of Worldcoin, significant developments regarding loan agreements have come to light.
On December 16, 2023, World Assets Ltd., a subsidiary of the Worldcoin Foundation, inked a loan pact with five international trading entities. These companies, operating beyond the borders of the United States, collectively received a substantial loan of 10 million WLD.
Originally set to expire around June 14, 2024, the loan agreements have undergone a strategic alteration. World Assets Ltd. has opted to extend the duration of the loan by an additional year, stretching it to June 14, 2025. Notably, all other terms and conditions of the initial agreement remain unaltered.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Worldcoin Prolongs Loan Duration to June 2025
This decision has significant implications for WLD's ecosystem. With the extension, the 10 million WLD loaned to the trading companies will continue to circulate within the supply chain for the foreseeable future. This prolonged circulation ensures a stable and sustained presence of WLD within the market, contributing to the overall liquidity and robustness of the cryptocurrency.
Following the conclusion of the extended period, each trading entity is obligated to repay the loan in its entirety. This provision ensures accountability and financial integrity within Worldcoin's lending framework.
The extension of the loan agreement signals WLD's commitment to fostering long-term partnerships and sustaining a healthy ecosystem. By retaining the circulating supply of WLD, the cryptocurrency remains accessible and active in various financial transactions, bolstering its utility and value proposition.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Crypto Hacks and Fraud Have Cost $473 Million So Far This Year!
Key Points:
Immunefi report reveals 108 hacking incidents, with $52 million stolen in May alone.
Ethereum suffers most attacks (43% of losses), followed by BNB Chain (19%), emphasizing the need for enhanced security measures.
Not a single attack reported in 2024, highlighting the contrasting vulnerability between DeFi and traditional finance.
In a revealing report by security service provider Immunefi, the cryptocurrency sector experienced 108 crypto hacking incidents in 2024, resulting in losses exceeding $473 million.
The report highlights that in May alone, crypto hackers stole $52 million, predominantly targeting Gala Games and Sonne Finance, which suffered losses of $21 million and $20 million, respectively. Despite the significant figures, these losses represent a 12% decline compared to May 2023.
The report underscores that the decentralized finance (DeFi) market continues to be the primary focus for hackers. In contrast, centralized financial companies reported zero attacks in 2024, emphasizing the heightened vulnerability within the DeFi space. Ethereum emerged as the most targeted platform, enduring nine hacking incidents that accounted for 43% of the total losses. The BNB Chain followed, responsible for 19% of the total crypto hacking-related financial damage.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
DeFi Main Target for Hackers
Immunefi’s findings shed light on the persistent security challenges facing the crypto hacking industry. The significant losses in the DeFi sector highlight the urgent need for enhanced security measures and protocols to protect investors and platforms alike. Ethereum’s position as the most targeted blockchain underscores its prominence and the substantial value it holds, making it a lucrative target for cybercriminals.
The report's revelation that centralized financial entities were not attacked in 2024 suggests that traditional financial institutions may have more robust security frameworks in place. This contrast between DeFi and centralized finance indicates a critical area for improvement within the burgeoning DeFi sector.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Immunefi report reveals 108 hacking incidents, with $52 million stolen in May alone.
Ethereum suffers most attacks (43% of losses), followed by BNB Chain (19%), emphasizing the need for enhanced security measures.
Not a single attack reported in 2024, highlighting the contrasting vulnerability between DeFi and traditional finance.
In a revealing report by security service provider Immunefi, the cryptocurrency sector experienced 108 crypto hacking incidents in 2024, resulting in losses exceeding $473 million.
The report highlights that in May alone, crypto hackers stole $52 million, predominantly targeting Gala Games and Sonne Finance, which suffered losses of $21 million and $20 million, respectively. Despite the significant figures, these losses represent a 12% decline compared to May 2023.
The report underscores that the decentralized finance (DeFi) market continues to be the primary focus for hackers. In contrast, centralized financial companies reported zero attacks in 2024, emphasizing the heightened vulnerability within the DeFi space. Ethereum emerged as the most targeted platform, enduring nine hacking incidents that accounted for 43% of the total losses. The BNB Chain followed, responsible for 19% of the total crypto hacking-related financial damage.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
DeFi Main Target for Hackers
Immunefi’s findings shed light on the persistent security challenges facing the crypto hacking industry. The significant losses in the DeFi sector highlight the urgent need for enhanced security measures and protocols to protect investors and platforms alike. Ethereum’s position as the most targeted blockchain underscores its prominence and the substantial value it holds, making it a lucrative target for cybercriminals.
The report's revelation that centralized financial entities were not attacked in 2024 suggests that traditional financial institutions may have more robust security frameworks in place. This contrast between DeFi and centralized finance indicates a critical area for improvement within the burgeoning DeFi sector.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Babylon Seals Largest Bitcoin Investment in Recent History With $70M Funding
Key Points:
Babylon raised $70 million to link Bitcoin and Ethereum.
Babylon is enabling Bitcoin as a "staking" asset for other blockchains.
Largest Bitcoin investment recently occurred with Babylon, a crypto startup, raising $70M. The funds will be used to build a bridge between Bitcoin and Ethereum.
Babylon Seals Largest Bitcoin Investment In Recent History With $70M Funding
Babylon, a crypto startup, recently raised $70 million in a funding round spearheaded by Paradigm, making it the largest investment in the Bitcoin ecosystem in recent times.
Founded by David Tse, an engineering professor at Stanford University, the startup plans to build a bridge between Bitcoin and Ethereum. The funding round, which was also contributed by Polychain and Bullish Capital, will be used to expand staff and further research and development.
The Largest Bitcoin Investment in Recent Times
With recent interest back in Bitcoin projects, the success of the company shows investors and users are getting increasingly interested in building in the Bitcoin ecosystem. David Tse, in an interview, stated that Bitcoin is in a renaissance, experiencing a new wave of projects building on it.
Interest in Bitcoin has grown with the recent approval and launch of Bitcoin exchange-traded funds in the US and the Bitcoin "halving" event in April.
Babylon is pioneering a project that will allow Bitcoin to be used as a "staking" asset to secure other blockchains.
Staking is a mechanism that runs Ethereum and other proof-of-stake blockchains, and Babylon wants to allow Bitcoin holders to participate in validating transactions on proof-of-stake networks, earning yields on their Bitcoin. David Tse added that their project is sort of like Ethereum's staking, but for Bitcoin.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
The Rise of Staking in the Digital-Asset Industry
The incentive to make Bitcoin a staking asset is high since a lot of Bitcoin holders have long desired to generate yield from their Bitcoin, especially after Ethereum revamped its network to the more energy-efficient proof-of-stake setup.
Tse centered his vision on security in crypto web3 and called for Bitcoin to underwrite the security layer for the entire Web3 ecosystem.
Staking is currently one of the most profitable sectors of the digital-asset industry, with users sending more than $50 billion in crypto to the top two staking projects, Lido Finance and EigenLayer, to generate returns.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Babylon raised $70 million to link Bitcoin and Ethereum.
Babylon is enabling Bitcoin as a "staking" asset for other blockchains.
Largest Bitcoin investment recently occurred with Babylon, a crypto startup, raising $70M. The funds will be used to build a bridge between Bitcoin and Ethereum.
Babylon Seals Largest Bitcoin Investment In Recent History With $70M Funding
Babylon, a crypto startup, recently raised $70 million in a funding round spearheaded by Paradigm, making it the largest investment in the Bitcoin ecosystem in recent times.
Founded by David Tse, an engineering professor at Stanford University, the startup plans to build a bridge between Bitcoin and Ethereum. The funding round, which was also contributed by Polychain and Bullish Capital, will be used to expand staff and further research and development.
The Largest Bitcoin Investment in Recent Times
With recent interest back in Bitcoin projects, the success of the company shows investors and users are getting increasingly interested in building in the Bitcoin ecosystem. David Tse, in an interview, stated that Bitcoin is in a renaissance, experiencing a new wave of projects building on it.
Interest in Bitcoin has grown with the recent approval and launch of Bitcoin exchange-traded funds in the US and the Bitcoin "halving" event in April.
Babylon is pioneering a project that will allow Bitcoin to be used as a "staking" asset to secure other blockchains.
Staking is a mechanism that runs Ethereum and other proof-of-stake blockchains, and Babylon wants to allow Bitcoin holders to participate in validating transactions on proof-of-stake networks, earning yields on their Bitcoin. David Tse added that their project is sort of like Ethereum's staking, but for Bitcoin.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
The Rise of Staking in the Digital-Asset Industry
The incentive to make Bitcoin a staking asset is high since a lot of Bitcoin holders have long desired to generate yield from their Bitcoin, especially after Ethereum revamped its network to the more energy-efficient proof-of-stake setup.
Tse centered his vision on security in crypto web3 and called for Bitcoin to underwrite the security layer for the entire Web3 ecosystem.
Staking is currently one of the most profitable sectors of the digital-asset industry, with users sending more than $50 billion in crypto to the top two staking projects, Lido Finance and EigenLayer, to generate returns.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Arweave AO Announces Token Launch With 100% Fair Issuance on June 13!
Key Points:
Issuing 21 million AO tokens with 100% fair distribution starting June 13 at 23:00 Beijing time.
AO tokens minted through cross-chain transactions, AR holding, or construction, with a 4-year halving cycle.
A new non-profit organization will ensure transparency and integrity in the token distribution process.
Arweave AO has announced via the X platform that it will be issuing its own AO tokens.
Emphasizing a commitment to fairness, the token issuance will be conducted with a 100% fair mechanism. Each AO token will be minted through cross-chain transactions to AO, holding AR, or construction activities, ensuring wide and equitable distribution.
A total of 21 million AO tokens will be minted, with a unique halving cycle set for every four years. This model aims to stabilize the token's value and promote sustainable growth within the ecosystem. The highly anticipated token economics and creation event are slated for June 13 at 23:00 Beijing time, during which detailed information about the issuance process and economic structure will be unveiled.
https://twitter.com/aoTheComputer/status/1796174735581315481 Arweave AO Announces Fair Token Launch
The announcement has generated considerable excitement within the blockchain community. Fair issuance mechanisms are often lauded for their ability to democratize access to tokens, preventing early adopters from monopolizing the supply and ensuring that new participants have an equal opportunity to acquire AO tokens.
New non-profit organization will be established to oversee the implementation and adherence to this fair issuance mechanism. This organization will play a crucial role in maintaining the integrity and transparency of the token distribution process, further enhancing trust and engagement among the community members.
Arweave AO’s innovative approach is expected to set a new standard in the blockchain industry, promoting fairness, transparency, and community involvement. As the June 13 event approaches, all eyes will be on Arweave AO to see how this pioneering initiative unfolds and impacts the broader blockchain landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Issuing 21 million AO tokens with 100% fair distribution starting June 13 at 23:00 Beijing time.
AO tokens minted through cross-chain transactions, AR holding, or construction, with a 4-year halving cycle.
A new non-profit organization will ensure transparency and integrity in the token distribution process.
Arweave AO has announced via the X platform that it will be issuing its own AO tokens.
Emphasizing a commitment to fairness, the token issuance will be conducted with a 100% fair mechanism. Each AO token will be minted through cross-chain transactions to AO, holding AR, or construction activities, ensuring wide and equitable distribution.
A total of 21 million AO tokens will be minted, with a unique halving cycle set for every four years. This model aims to stabilize the token's value and promote sustainable growth within the ecosystem. The highly anticipated token economics and creation event are slated for June 13 at 23:00 Beijing time, during which detailed information about the issuance process and economic structure will be unveiled.
https://twitter.com/aoTheComputer/status/1796174735581315481 Arweave AO Announces Fair Token Launch
The announcement has generated considerable excitement within the blockchain community. Fair issuance mechanisms are often lauded for their ability to democratize access to tokens, preventing early adopters from monopolizing the supply and ensuring that new participants have an equal opportunity to acquire AO tokens.
New non-profit organization will be established to oversee the implementation and adherence to this fair issuance mechanism. This organization will play a crucial role in maintaining the integrity and transparency of the token distribution process, further enhancing trust and engagement among the community members.
Arweave AO’s innovative approach is expected to set a new standard in the blockchain industry, promoting fairness, transparency, and community involvement. As the June 13 event approaches, all eyes will be on Arweave AO to see how this pioneering initiative unfolds and impacts the broader blockchain landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Matter Labs Trademark Application Now Under Severe Criticism
Key Points:
Crypto leaders criticize Matter Labs for trying to trademark "ZK," calling it a threat to the community.
Polyhedra Network will use the ticker "ZKJ" to promote an inclusive ZK community.
Prominent argues that Matter Labs trademark applications should be withdrawn, emphasizing that ZK technology should remain a public good.
According to Cointelegraph, leaders from prominent zero-knowledge (ZK) projects, including StarkWare, Polygon, and Polyhedra Network, have denounced Matter Labs' attempt to trademark the term "ZK," branding it a threat to the wider crypto community.
Matter Labs Trademark Application Threatens ZK Technology
The creators of zkSync Matter Labs trademark applications have been filed in nine countries, aiming to claim "zero-knowledge" as their exclusive intellectual property, sparking widespread outrage in the industry.
Polyhedra Network, the developer behind the zkBridge protocol, announced it will use the ticker symbol "ZKJ" for its upcoming listing on the HashKey Global exchange and others. The change, standing for "ZK Join," aims to promote a unified and open ZK community. The move follows a week-long dispute with Matter Labs over the "ZK" ticker symbol.
Eli Ben-Sasson, CEO of StarkWare, criticized Matter Labs' actions as an "absurd IP grab," comparing it to a baker trying to patent bread. He emphasized that ZK cryptography was developed for the collective good and should remain a public resource.
Prominent Figures Urge Matter Labs to Abandon Trademark Applications
The letter, shared with Cointelegraph, was signed by notable figures, including Sandeep Nailwal and Brendan Farmer, co-founders of Polygon; Eli Ben-Sasson of StarkWare; Tiancheng Xie of Polyhedra Network; and Shafi Goldwasser, a Turing Award winner and co-inventor of ZK-proofs. They argue that ZK technology, with its vast potential beyond blockchain, should not be monopolized by any single entity.
The signatories emphasize that the attempt to trademark ZK technology undermines the ethos of the crypto and Ethereum communities. They urged the community to demand that Matter Labs trademark applications be withdrawn and cease using the ZK ticker.
ZK-proofs, despite being in their early stages, hold significant promises for future digital identity solutions, potentially offering a privacy-focused compliance paradigm. Industry experts stress that maintaining ZK technology as a public good is crucial for its continued innovation and application.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Crypto leaders criticize Matter Labs for trying to trademark "ZK," calling it a threat to the community.
Polyhedra Network will use the ticker "ZKJ" to promote an inclusive ZK community.
Prominent argues that Matter Labs trademark applications should be withdrawn, emphasizing that ZK technology should remain a public good.
According to Cointelegraph, leaders from prominent zero-knowledge (ZK) projects, including StarkWare, Polygon, and Polyhedra Network, have denounced Matter Labs' attempt to trademark the term "ZK," branding it a threat to the wider crypto community.
Matter Labs Trademark Application Threatens ZK Technology
The creators of zkSync Matter Labs trademark applications have been filed in nine countries, aiming to claim "zero-knowledge" as their exclusive intellectual property, sparking widespread outrage in the industry.
Polyhedra Network, the developer behind the zkBridge protocol, announced it will use the ticker symbol "ZKJ" for its upcoming listing on the HashKey Global exchange and others. The change, standing for "ZK Join," aims to promote a unified and open ZK community. The move follows a week-long dispute with Matter Labs over the "ZK" ticker symbol.
Eli Ben-Sasson, CEO of StarkWare, criticized Matter Labs' actions as an "absurd IP grab," comparing it to a baker trying to patent bread. He emphasized that ZK cryptography was developed for the collective good and should remain a public resource.
Prominent Figures Urge Matter Labs to Abandon Trademark Applications
The letter, shared with Cointelegraph, was signed by notable figures, including Sandeep Nailwal and Brendan Farmer, co-founders of Polygon; Eli Ben-Sasson of StarkWare; Tiancheng Xie of Polyhedra Network; and Shafi Goldwasser, a Turing Award winner and co-inventor of ZK-proofs. They argue that ZK technology, with its vast potential beyond blockchain, should not be monopolized by any single entity.
The signatories emphasize that the attempt to trademark ZK technology undermines the ethos of the crypto and Ethereum communities. They urged the community to demand that Matter Labs trademark applications be withdrawn and cease using the ZK ticker.
ZK-proofs, despite being in their early stages, hold significant promises for future digital identity solutions, potentially offering a privacy-focused compliance paradigm. Industry experts stress that maintaining ZK technology as a public good is crucial for its continued innovation and application.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Polyhedra Renames Token to "ZKJ" After Explosive Trademark Dispute
Key Points:
Polyhedra Network changes token ticker to "ZKJ".
Joint statement urges "ZK" remains a public good.
Polyhedra's ZK token stays tradable on KuCoin's Spot Trading.
Polyhedra renames token from "ZK" to "ZKJ" after a clash with zkSync. The name represents a united ZK community.
Polyhedra Network has changed the token name for its upcoming listing on crypto exchange HashKey Global and for the existing listings across various exchanges in response to a week-long clash with zkSync over the old "ZK" ticker.
https://twitter.com/PolyhedraZK/status/1796158009090904495
Polyhedra Network, the developer of the zero-knowledge interoperability protocol zkBridge, will now use the ticker "ZKJ," standing for "ZK Join" and representing a united and open ZK community. Besides the renaming, a joint statement from Polygon, StarkWare, and Polyhedra Network was issued.
Is 'ZKJ' the Right Solution for Polyhedra Network?
Among the signatories to the statement were Polygon Co-founders Sandeep Nailwal and Brendan Farmer, Polyhedra Co-founder Tiancheng Xie, StarkWare CEO Eli Ben-Sasson, and StarkWare Scientific Advisor Shafi Goldwasser.
The joint statement emphasized that the ZK should remain a public good and not be trademarked by a corporation, but rather be accessible to all. The group urged the community to insist that Matter Labs withdraw all trademark applications and stop the use of the 'ZK' ticker.
In the statement, Nailwal criticized zkSync for repeatedly acting against the Web3 ethos while consistently signalling those same values. He expressed concern that if such behaviour is not publicly addressed, it may continue and even worsen.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Polyhedra Renames Token Amidst Ticker Clash
Previously, Coincu reported that KuCoin Convert will be delisting the ZK token of Polyhedra Network at 8:00 on May 31, 2024, UTC.
Upon the delisting, the trading of the ZK token on KuCoin Convert will be closed. Meanwhile, Polyhedra's ZK token remains tradable on KuCoin's Spot Trading service. Accompanying these developments, Bybit also made adjustments to the ticker symbol.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Polyhedra Network changes token ticker to "ZKJ".
Joint statement urges "ZK" remains a public good.
Polyhedra's ZK token stays tradable on KuCoin's Spot Trading.
Polyhedra renames token from "ZK" to "ZKJ" after a clash with zkSync. The name represents a united ZK community.
Polyhedra Network has changed the token name for its upcoming listing on crypto exchange HashKey Global and for the existing listings across various exchanges in response to a week-long clash with zkSync over the old "ZK" ticker.
https://twitter.com/PolyhedraZK/status/1796158009090904495
Polyhedra Network, the developer of the zero-knowledge interoperability protocol zkBridge, will now use the ticker "ZKJ," standing for "ZK Join" and representing a united and open ZK community. Besides the renaming, a joint statement from Polygon, StarkWare, and Polyhedra Network was issued.
Is 'ZKJ' the Right Solution for Polyhedra Network?
Among the signatories to the statement were Polygon Co-founders Sandeep Nailwal and Brendan Farmer, Polyhedra Co-founder Tiancheng Xie, StarkWare CEO Eli Ben-Sasson, and StarkWare Scientific Advisor Shafi Goldwasser.
The joint statement emphasized that the ZK should remain a public good and not be trademarked by a corporation, but rather be accessible to all. The group urged the community to insist that Matter Labs withdraw all trademark applications and stop the use of the 'ZK' ticker.
In the statement, Nailwal criticized zkSync for repeatedly acting against the Web3 ethos while consistently signalling those same values. He expressed concern that if such behaviour is not publicly addressed, it may continue and even worsen.
Readmore: KuCoin Delists Polyhedra’s Token Amid Battle For ‘ZK’ Token Symbol
Polyhedra Renames Token Amidst Ticker Clash
Previously, Coincu reported that KuCoin Convert will be delisting the ZK token of Polyhedra Network at 8:00 on May 31, 2024, UTC.
Upon the delisting, the trading of the ZK token on KuCoin Convert will be closed. Meanwhile, Polyhedra's ZK token remains tradable on KuCoin's Spot Trading service. Accompanying these developments, Bybit also made adjustments to the ticker symbol.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
