Headlines
OpenAI releases the latest flagship model GPT-4o , which can infer audio, vision and text in real time. Its main concept is a personified, supernatural, ultra-low-latency personal voice interaction assistant. According to the official website of OpenAI and the official account of the X platform, the o in GPT- 4o stands for Omni (comprehensive), which is a step towards more natural human-computer interaction-it accepts any combination of text, audio and images as input, and supports the generation of any combination of text, audio and image output. It can respond to audio input within 232 milliseconds and an average of 320 milliseconds, which is similar to the reaction time of humans in conversation. In terms of English and code, it performs on par with GPT-4 Turbo, with significant improvements on non-English language texts, while the API is faster and 50% cheaper. Compared with existing models, GPT-4o It performs particularly well in visual and audio understanding. Text and image input are available in the API and ChatGPT today, with voice and video input coming in the coming weeks.
Roaring Kitty, an X platform user who once called on retail investors in the WallStreet Bets community to go long on GameStop stocks and fight against the short sellers of financial institutions, updated her X status again after three years.
Influenced by this news, its related meme token $KITTY rose more than 74 times in 24 hours, with a current market value of approximately US$10 million and a 24-hour trading volume of over US$15 million. In addition, GameStops stock code token $GME recorded a 496.2% increase, with a current market value of approximately US$20 million.
GameStop has triggered six circuit breakers in the U.S. stock market today
The video game retailer GameStops stock price once soared by more than 40% in pre-market trading in the U.S. stock market today, mainly because the social media character Roaring Kitty returned to the X platform after a three-year absence. GameStops U.S. stock continued to rise after the opening. As of the evening of May 13, it had triggered circuit breakers six times, and the stock price increase narrowed to 63.29%. The increase in the early trading once exceeded 110%. Since May, the troubled GameStops stock price has soared by more than 57%, but it is still far from its peak in 2021. Roaring Kitty is known as the leader of American retail investors and has promoted retail investors to fight Wall Street in 2021. By constantly posting orders and making comments and predictions, it has promoted retail investors enthusiasm for GameStop, attracted a large amount of funds to flow into GameStop, and ultimately defeated short-selling hedge funds.
ETH/BTC exchange rate fell to 0.047, a new low in more than three years
OKX market data shows that the ETH/BTC exchange rate fell to 0.047, hitting a new low since April 2021; it is temporarily reported at 0.04703, with a 24-hour drop of 1.82%.
Industry News
Appeals court rules Coinbase can’t force SEC to enact new crypto rules
The U.S. Court of Appeals for the Third Circuit sided with the SEC in rejecting Coinbase’s request that the agency develop a new regulatory regime for the cryptocurrency industry.
The appeals court agreed with the SEC’s decision that it was unreasonable to call existing digital asset regulation “unenforceable” and denied that an entirely new regime was needed because “the SEC reasonably sought to reject and refer to several proposed regulations that were designed to address concerns about applying the existing framework to crypto-asset securities.” (Itscryptobasic)
Last week, the U.S. SEC said that Coinbases appeal of its case with the regulator should be rejected. Last month, Coinbase filed an interlocutory appeal after a judges decision to allow the lawsuit involving the SEC and the platform to proceed was not dismissed. In the appeal, Coinbase claimed that there was a disagreement around the Howey test, a 1946 U.S. Supreme Court case often cited by the SEC to determine whether an asset meets the criteria of an investment contract and is therefore a security.
The SEC pushed back on Friday, saying there was “no substantive difference of opinion.”
SlowMist: Last week, the Web3 sector lost more than $2.794 million due to security incidents
According to the weekly security report released by SlowMist, the total loss in the Web3 field last week exceeded US$2.794 million, including:
1. Tsuru lost $410,000 due to a contract loophole;
2. Galaxy Fox lost $300,000 due to contract loopholes;
3. The NEAR Protocol X account was hacked but no losses were incurred;
4. Bloom lost $540,000 due to a contract vulnerability (almost recovered);
5. GPU lost $32,000 due to contract logic defects;
6. GNUS lost $1.27 million due to security breach;
7. OSN lost $110,000 due to contract loopholes;
8. Perpy Finance lost $132,000 due to contract loopholes.
Note: This statistic does not include 1,155 WBTC-related phishing incidents.
ZachXBT: Cryptocurrency exchange Rain lost $14.8 million in suspected attack at the end of April
According to monitoring by on-chain detective ZachXBT, the cryptocurrency exchange Rain appears to have lost $14.8 million in an attack on April 29, 2024, after suspicious outflows from BTC, ETH, SOL, and XRP wallets. The funds were quickly transferred to instant exchanges and converted into BTC and ETH.
So far, Rain has not made any statement regarding the incident.
Project News
According to the official announcement, Binance Financial Management, One-Click Coin Purchase and Flash Exchange trading platforms have launched the new asset BounceBit (BB).
In addition, Binance will launch BB on the leverage, contract and fixed investment platforms at 20:30 (ET8) on May 13, 2024, 20:30 (ET8) on May 13, 2024, and 18:00 (ET8) on May 15, 2024.
io.net founder: The final snapshot of the first quarter rewards will be taken before 8:00 on May 16
Ahmad Shadid, founder and CEO of io.net, posted on the X platform that the team has been asked to re-enable Solana wallet submissions through IO Worker before 08:00 on May 16, when a final snapshot of the first season reward wallet will be taken. If you ran Worker during the first season, please enter the wallet address before the deadline to view and claim the reward. Users who do not have a Solana wallet associated with an IO Cloud account will not see IO Worker points because a valid Solana address is required to receive rewards. Although these accounts have calculated points, they will not be displayed without a valid wallet address.
After @TheRoaringKitty (Keith Gill), who had promoted retail investors to fight Wall Street to support GameStop in 2021, released a video of an X-Men character on the X platform, Wolverine-related Meme coins poured into multiple blockchains and were minted. It is reported that more than 30 new tokens have been launched on Pump.fun, and other tokens have also been released on Ethereum and Solana chains. (CoinDesk)
Holograph opens first round of HLG rewards query, plans to allocate 5% of total supply
Holograph, a full-chain NFT protocol, announced the opening of the first round of HLG reward inquiries on the X platform.
The first round of HLG will be distributed to participants who earn more than 250 XP by performing specific on-chain operations on the Holograph App, including deploying NFT series, minting single NFTs, minting open version NFTs, and bridging NFTs. The distribution ratio is 5% of the total supply (500 million).
According to the HLG token economics published by Holograph, its maximum supply is 10 billion, with an initial circulation of 15.25%. 25% of the total supply is allocated to the ecosystem, and the rest is allocated to the core development team (23.4%), strategic partners (21.18%), foundation treasury (15%), community and Launch (10%), and consultants (5.42%).
dYdX Founder Antonio Juliano Announces Resignation as CEO
dYdX founder Antonio Juliano stated in an official blog that he will resign as CEO of dYdX Trading Inc. and become chairman and president. The companys operating partner Ivo Crnkovic-Rubsamen will become the new CEO.
Antonio Juliano said: “I realized that I didn’t actually have to run my own company. I am and always will be the founder of dYdX. When I realized that I didn’t need to be CEO, I worked to guide the other leaders of the company on their own leadership journeys until one of them was ready to run the company themselves. At the beginning of this year, it became clear to me that this person, my long-time friend and operating partner Ivo Crnkovic-Rubsamen, was ready to take full control of the company.
Character*Voice
Ripple CEO clarifies: Not attacking Tether
In response to Tether CEO Paolo Ardoino’s insinuating post on Platform X, Ripple CEO Brad Garlinghouse responded: “I’m not attacking Tether… The next thing I said in the podcast was that I think Tether is a very important part of the ecosystem, and my view is that the U.S. government has made it clear that they want more control over the issuers of dollar-backed stablecoins, so Tether, as the largest player, is in their sights.
Foreign media CoinDesk revealed that it has confirmed with the Hong Kong Stock Exchange (HKEX) that its listed virtual asset ETF is not available in mainland China. Earlier, it was reported that Han Tongli, CEO of Harvest Global, said that as long as everything goes well in the next two years, he would not rule out applying to include spot virtual asset ETFs in the Shanghai-Hong Kong Stock Connect program. (CoinDesk)
Binance Research released a new analysis report saying:
1. If the Fed delays cutting interest rates because economic growth remains strong and inflation just takes some time to fall back to 2%, the overall backdrop remains favorable for growth assets such as cryptocurrencies.
2. If economic growth continues to slow, inflation accelerates, and wage growth rises, the Federal Reserve may even need to consider raising interest rates, which could have a negative impact on growth assets such as cryptocurrencies.
The cryptocurrency market as a whole is still up 38% so far this year, suggesting it may not be all doom and gloom.
Investment and Financing
The metaverse project Baby Shark Universe announced that it has completed its seed round of financing with a valuation of US$34 million. Animoca Brands, CREDIT SCEND, Sui Foundation, Comma 3 Ventures, Creditcoin, GM Ventures, Neuler, Notch Ventures, X+ and Planetarium participated in the investment. The specific amount has not been disclosed yet. The new funds will be used for development and marketing in the global market.
Web3 AI platform ChainML completes $6.2 million seed round extension financing, led by Hack VC
Web3 AI platform ChainML announced the completion of a $6.2 million seed round of extended financing, led by Hack VC, with participation from Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures and Alumni Ventures. The platform also announced the launch of its proxy base layer Theoriq. (TheBlock)
Zest Protocol Completes $3.5 Million Seed Round Led by Tim Draper
Bitcoin lending protocol Zest Protocol has completed a $3.5 million seed round of financing, led by Tim Draper, with participation from Binance Labs, Flow Traders, Trust Machines, etc. It is reported that the protocol uses the Nakamoto upgrade of Bitcoins layer 2 stack and the bridge asset sBTC (pegged to Bitcoin 1: 1) to create a lending service that is completely native to the Bitcoin network. (coindesk)
