Dutch court rules Tornado Cash developer Alexey Pertsev guilty of money laundering

May 15, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Coinbase includes Drift Protocol (DRIFT) in its listing roadmap.
• OKX Web3 to launch a limited-time airdrop of WomPets NFT to the Solana community in partnership with Wombat.
• Binance to list FRONT/USDC, PEOPLE/TRY, and TRB/USDC spot trading pairs on May 15th.

II. Mainstream projects and trending events

• Bloomberg ETF analyst Eric Balchunas tweeted that MSCI has decided to add 42 securities, including Microstrategy, to the MSCI All Country World Index (MSCI ACWI).
• MakerDAO to launch its first SubDAO Spark and announce its SPK tokenomics.
• LayerZero’s sybil bounty hunting starts on May 18th with hunters receiving 10% of a sybil’s intended token allocation.
• Lens Protocol is developing the blockchain network, Lens Network.
• Ripple partners with Evmos to develop an XRP Ledger EVM sidechain using evmOS technology.
• US Fed Chair Powell says the Fed is likely to keep the policy rate stable at its current level.
• The US Fed reports no substantial increase in Q1 inflation and anticipates a month-on-month decline in the inflation rate.
• Liquity v2 whitepaper plans to introduce new types of collateral and support user-set interest rates.
• Maple Finance is partnering with Figment to provide institutional-grade staking services for Solana and Ethereum.
• TON Foundation announces the launch of the Open League Summer hackathon, with a total prize pool of $2 million.

III. Funding news

• Crypto prediction market Polymarket raises $70 million in two rounds of funding, the latest round led by Founders Fund.
• RWA platform Re completes a new round of $7 million funding and will relaunch a tokenized reinsurance fund on Avalanche.
• Layer3 network developer Anomaly raises $1.45 million in a Pre-Seed funding round.
• ZK project Hylé completes a new round of $2.6 million funding, led by Framework Ventures.
• Anime game metaverse Sekuya raises $1.6 million through early funding.

IV. Regulatory news

• A Dutch court found Tornado Cash developer Alexey Pertsev guilty of money laundering.
• Deutsche Bank is working with the Singapore Central Bank to advance the tokenization of assets project.

V. Popular projects 

Market Overview

On May 14th, BTC surged to $63,450 but later retreated to $61,142 on the 4-hour K-line, finding stability at this level. It maintains a narrow fluctuation around $62,000, amidst a period of market uncertainty as bulls and bears vie for control. Traders await a definitive trend to emerge following a period of narrowing volatility.

BTC Spot ETF

Data as of May 14th shows a net inflow of $11.84 billion in the BTC ETFs, which translates to a daily net inflow of $100 million, and a single-day turnover of $495 million. ETF net assets constitute 4.2% of BTC's market value. The primary observations are:

GBTC: The single-day net outflow was $51 million, with a cumulative net outflow of $18 billion, a single-day turnover of $204 million, and a current net asset value of $17.76 billion.

IBIT: No new data available.

FBTC: The single-day net inflow was $8 million, with a cumulative net inflow of $8 billion, a single-day turnover of $189 million, and a current net asset value of $9.46 billion.

ARKB: The single-day net inflow was $133 million, with a cumulative net inflow of $2 billion, a single-day turnover of $44.94 million, and a current net asset value of $2.81 billion.

SPK to be issued soon

MakerDAO announces the impending rollout of its first SubDAO - Spark. Spark's main offerings include SparkLend and Cash & Savings. While SparkLend facilitates users in borrowing DAI, Cash & Savings proffers services akin to on-chain banks and links with the Dai Savings Rate (DSR). SPK, the governance token for Spark SubDAO, has a total issuance of 4 billion tokens. SPK aims to distribute 1 billion every year for the first two years. Existing users can participate in SPK mining until the deadline of May 20th.

ABT shows a strong performance

ArcBlock, a service platform tailored for the development and deployment of decentralized blockchain applications, houses an ecosystem comprising various participants. Its flagship product, AIGNE, is a no-code AI application engine. On May 14th, Open AI launched the freshest version of the GPT-4o model, and ArcBlock’s team rapidly extended its support while undertaking thorough testing for GPT-4o. Within AIGNE's AI Studio, users are given the option to leverage the latest GPT-4o model in any Agent processing block's LLM settings. This development catalyzed a swift elevation in the ABT token's recent performance, heightening market interest.

HARAMBE rebounds over 100% from its lowest point

HARAMBE is a memecoin on Solana, originating from the Harambe gorilla, who relocated to Cincinnati Zoo in 2014 but was tragically shot in mid-2016 after a young boy fell into the gorilla exhibit. The incident of Harambe's shooting sparked outrage online and subsequently became a subject of satire and jest. Recently, the HARAMBE token experienced a rebound, over 100% from its lowest point, currently boasting a market cap of $46.94 million.

Bankruptcy concept token FFIE gains attention

Faraday Future, a new-energy vehicle corporation, is the brainchild of Chinese business mogul, Jia Yueting. His previous venture included managing China's most extensive film and TV drama streaming website, with business operations spanning across sectors like sports, home appliances, media, and mobile phones. Following revelations of financial malfeasance, Jia Yueting founded Faraday Future in the US, hoping for a resurgence. Despite a market cap of a mere $10 million, Faraday Future's transaction volume peaked at $131 million on May 14th. Following this bankruptcy concept, the FFIE token's market cap is under $200,000, and the liquidity pool is confined to $45,000, signifying considerable risk.

On-chain Daily

1.WSB: WSB is a memecoin originating from the abbreviation for Wall Street Bets, a discussion forum on Reddit dedicated to finding small-cap stocks. This forum is also the origin of the GameStop saga.

Current price: 0.0(4)286 USDT

Historical high: 0.000102 USDT

24-Hour Change: +435%

Current market cap: $1.8M

2.ELON: ELON is a memecoin dedicated to Musk. Among the many Musk's memecoins in the market, ELON exploded in popularity because the token address begins with 0x69420.

Current price: 0.0(4)138 USDT

Historical high: 0.0(4)46 USDT

24-Hour Change: +40%

Current market cap: $9.4M

3.DUMB: DUMB is a Memecoin on Solana, named after the movie title of the GameStop saga (Dump Money).

Current price: 0.00104 USDT

Historical high: 0.00175 USDT

6-Hour Change: +340% (Token online time: 5/14, 17:00 UTC)

Current market cap: $1M

4.PFCC: PFCC is a memecoin on Solana, named Pump Fun Coin. It’s the mascot token issued by the pump fun asset issuance platform, but not officially recognized.

Current price: 0.00433 USDT

Historical high: 0.0055 USDT

24-Hour Change: +3700%

Current market cap: $4.4M

5.OKAYEG: OKAYEG is a memecoin on Base, originating from a popular emoji on the famous live broadcast platform Twitch. Project’s ownership has been renounced.

Current price: 0.0(5)985 USDT

Historical high: 0.0(4)107 USDT

24-Hour Change: +77%

Current market cap: $4.1M

6.KEYCAT: KEYCAT is a memecoin on Base, which was taken over by the community on Marth 28th. The character is the original Keyboard Cat Fasto meme from 1978. The meme is performed by playing a video of the Keyboard Cat after someone makes a mistake, highlighting the finishing touch.

Current price: 0.0029 USDT

Historical high: 0.118 USDT

24-Hour Change: -24%

Current market cap: $29.7M

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