Planet Daily | Curve founders loan position has been liquidated; MicroStrategy will continue to buy Bitcoin (June 14)

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US SEC Chairman: Ethereum ETF S-1 is expected to be approved this summer.

Planet Daily | Curve founders loan position has been liquidated; MicroStrategy will continue to buy Bitcoin (June 14)

Headlines

Curve founders’ lending positions have been liquidated for approximately 100 million CRV, and the remaining positions will not be liquidated for the time being if their health rate reaches above 1

According to Embers detection, Curve founder Michael Egorovs loan positions have been liquidated for about 100 million CRV, worth about $27 million. The remaining position is 39.35 million CRV on the main address, with a loan of $5.4 million. The current health rate is above 1 and will not be liquidated for the time being.

MicroStrategy: Will use proceeds to buy more Bitcoin

MicroStrategy said it would use the proceeds to buy more Bitcoin.

U.S. SEC Chairman: Ethereum ETF S 1 is expected to be approved this summer

According to market news, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said that the Ethereum ETF S 1 is expected to be approved sometime this summer. According to FOX reporter Eleanor Terrett, Gary Gensler revealed the above information when communicating with U.S. Senator Bill Hagerty.

Industry News

DTCCs official website has listed the Invesco and Galaxy Ethereum spot ETF code QETH

The DTCC official website has listed the Ethereum spot ETF INVESCO GALAXY ETHEREUM ETF SHS (code: QETH) jointly launched by Invesco and Galaxy, and the Create/Redeem column is displayed as N.

Fortune: Terraform Labs is bankrupt and cannot pay the $4.47 billion fine to the US SEC

According to Fortune, Bloombergs previous report that Terraform Labs would pay $4.47 billion to the SEC was shoddy because the SEC may only receive a small portion of the fine, or even none of it. Terraform Labs is reportedly bankrupt and has little money, and its unclear whether Do Kwon still has the $204 million judgment he owes.

Paradigm Launches $850 Million Third Fund

According to official news, Paradigm announced the launch of its third fund with a scale of US$850 million, which will focus on early-stage crypto projects.

He Yi: Binance and Coinbase are not on the same track

Binance co-founder He Yi said in X Space that Coinbase is a good trading platform and they are very good, but in essence, Binance and Coinbase are taking completely different paths in the blockchain track.

Source: Biden campaign considering accepting cryptocurrency donations through Coinbase Commerce

U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry insiders about accepting cryptocurrency donations through Coinbase Commerce, according to people familiar with the matter.
Coinbase Commerce allows merchants to accept payments in dozens of cryptocurrencies. Last month, the Trump campaign began accepting cryptocurrency donations through the platform.
The discussion is the latest move by the Biden campaign to explore how to win over cryptocurrency supporters ahead of an election that some congressional experts believe will be decided by a narrow margin. A person familiar with the matter said the Biden team may be seeking support from well-funded cryptocurrency backers.
The Biden campaign did not immediately respond to a request for comment.
“They are looking at the problems in crypto and trying to find quick wins to show they support the industry,” said one source who works with politicians and crypto industry leaders. “They want to show they are not the enemy.”
Bidens campaign has begun to step up its outreach to the crypto community in recent weeks, shortly after Trump drew attention for taking a pro-cryptocurrency stance.
People in Biden’s inner circle specifically told the Biden team that they risked losing the election if they remained silent on the cryptocurrency issue, according to a person familiar with the matter, who stressed that talks about the Biden camp accepting cryptocurrency donations were still in the “exploratory” stage.

Coinbase CEO meets with senators in Washington to discuss clear rules for the crypto industry

Coinbase CEO Brian Armstrong said he met with several Democratic and Republican senators in Washington in the past 48 hours to discuss establishing clear rules for the crypto industry and consumer protections for crypto users.
Armstrong said that now that the FIT 21 bill has passed the House of Representatives, there is now a strong bipartisan consensus in the Senate to advance related legislation. It is great to see that the voices of cryptocurrency voters have an impact.

U.S. producer prices unexpectedly fall in May, boosting hopes for a September Fed rate cut

U.S. producer prices unexpectedly fell in May on lower energy costs, another sign that inflation is retreating after surging in the first quarter. The PPI fell 0.2% in May from the previous month, according to the Bureau of Labor Statistics, after an unrevised 0.5% gain in April. On a year-over-year basis, the PPI rose 2.2% in May after rising 2.3% in April. The move followed a broad-based cooling in CPI data, which boosted financial market hopes that the Federal Reserve will start cutting interest rates in September. The PPI data has economists optimistic that the Fed will cut interest rates twice this year, starting in September.

Project News

Curve founder: 93% of CRV liquidation bad debts on Curve lending platform have been repaid

Michael Egorov, founder of Curve, said in a post on X: The Curve Finance team and I have been working hard to solve the liquidation risk problem today. Many people know that all my loans have been liquidated. My position size is too large for the market to bear, resulting in $10 million in bad debts. Only the CRV pool on the Curve lending platform (lend.curve.fi) was affected. I have repaid 93% and plan to repay the remaining bad debts soon, which will help users avoid losses due to this situation.

GME announced that it has selected DWF Labs as its market maker and created a dedicated multi-signature wallet

According to official news, GME has announced that it has selected DWF Labs as its market maker. In order to simplify the process, GME expressed its hope to consolidate funds into as few wallets as possible. To this end, a dedicated market maker wallet has been established. The wallet will use multiple signatures to enhance security and transparency, and record all transactions in a timely manner.

Terraform Labs CEO: Calculating the dissolution of the company and selling the project to the community

Terraform Labs CEO Chris Amani said the company plans to dissolve and sell its projects in the Terra ecosystem, including Pulsar Finance, Station Wallet and Enterprise DAO.
Earlier news, the U.S. Securities and Exchange Commission stated that Terraform has agreed to pay $4.47 billion in its lawsuit.

crvUSD showed a positive premium this morning due to CRV liquidation, and Wintermute took the opportunity to sell and made a profit of $630,000

According to the monitoring of on-chain analyst @ai_ 9684 xtpa, crvUSD showed a positive premium this morning due to the liquidation of CRV, with the highest price rising to $1.07. Wintermute seized the opportunity to sell 9.29 million crvUSD for USDC at an average price of $1.06779, making a profit of about $630,000.

Bankless Co-founder: Discord survey shows that most people are generally satisfied with the ZKsync airdrop

David Hoffman, co-founder of Bankless, posted on the X platform that according to the survey data we obtained in Discord (real identity verification is required), most people expressed overall satisfaction with the ZKsync airdrop, and those who expressed disappointment mostly frequently used the ZKsync Lite network or used the Argent wallet and felt that there was something wrong with the airdrop inspection process. The reasons for user disappointment are completely different from the highly robotic activities on X.

Paxos lays off about 20% of its staff to focus resources on potential opportunities in areas such as tokenization and stablecoins

Stablecoin issuer Paxos announced that it has laid off approximately 20% of its staff, affecting 65 employees.
Paxos co-founder and CEO Cascarilla said in an internal email that the company is in good financial shape, with more than $500 million on its balance sheet. The layoffs are intended to focus resources more on areas such as tokenization and stablecoins.
Paxos has provided affected employees with 13 weeks of severance pay, three months of subsidized health insurance, three months of outplacement support, and two years of vested option extensions. In addition, the company has provided a second quarter bonus to employees who participated in its quarterly incentive plan and provided compensation and benefits to any employee who was approved for maternity or medical leave.
A person familiar with the matter said that after the layoffs, Paxoss employee headcount is currently between 200 and 300. Paxos completed a $300 million Series D financing in 2021, with a valuation of $2.4 billion.

LayerZero CEO: Nearly 200 witch reports have been approved, and the review is entering the final stage

LayerZero CEO Bryan Pellegrino said in a post on X: With almost 200 approved witch reports (valid + partially valid), it feels great to be in the final stages.

Zyfi was recognized as a ZKsync native project and received over 1.64 million ZK airdrops

The native account abstraction layer Zyfi announced on X that it has been recognized as a ZKsync native project and received an airdrop of 1,642,005 ZK tokens. These funds will be used to continue project development, serve the community, and provide a gas-free experience for the entire ecosystem.

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