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[Link to FM] Crema Finance attackers have returned more than $8 million in stolen funds, and Otherside has started its first load test

【Data Intelligence】

The difficulty of Bitcoin mining was lowered by 1.41% to 29.15T, which was the second consecutive difficulty reduction for the second time this year

On July 7th, according to BTC.com data, Bitcoin ushered in the adjustment of mining difficulty at block height 743904, and the mining difficulty was reduced by 1.41% to 29.15T. This reduction in the difficulty of Bitcoin mining is the second consecutive difficulty reduction in 2022. Previously, the difficulty of Bitcoin mining was reduced by 2.35% at block height 741888. The last time this happened was in March. At present, the difficulty of Bitcoin mining has dropped by 6.72% from the highest point in history.

Report: Encryption Industry Q2 Lost Over $670 Million Due to Protocol Vulnerabilities

According to ImmuneFi's latest report, in the second quarter of 2022, the total amount of losses due to protocol vulnerabilities in the encryption industry reached US$670,698,280, an increase of nearly 50% compared to the same period last year, but a decrease from the first quarter (over US$1.2 billion). Most of the hacks came from DeFi protocols, and the four largest projects were Beanstalk ($182 million), Harmony Horizon Bridge ($100 million), Mirror Protocol ($90 million), and Fei Protocol ($80 million).

Regulatory News

BoE Deputy Governor: Stablecoin Legislation Will Be Introduced Before August

Bank of England Deputy Governor Jon Cunliffe said on Wednesday that the Treasury will consult with other regulators including the Bank of England (BoE), the Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) Introduce legislation on the regulatory system for stablecoins. Cunliffe also touched on plans outside the UK, saying that the Committee on Payments and Market Infrastructures (CPMI) - an international group Cunliffe leads - will finalize global standard guidelines for systemic payments systems by the summer holidays. These questions include: which assets should back these stablecoins, what should be the redemption or claim, and how to ensure that the stablecoin or currency used at the system level is safe. Cunliffe said the CPMI also plans to publish a report on how the Basel framework for banks should be applied to stablecoins.

【Industry Trends】

The Fantom community released a new proposal, proposing to use part of the transaction fees to set up a fund pool to support ecological projects

According to news on July 7, Sam Harcourt, Director of Business Development of the Fantom Foundation, released a new proposal in the Fantom community. The proposal proposes that 1/3 of the transaction fees originally destroyed should be used to set up a treasury to support ecological projects. In addition, Fantom’s special fee contract (SFC), which was originally used to distribute rewards to stakers and delegators on the network, will be used to keep funds. If the proposal is passed, the Fantom Foundation will pay grants through on-chain transaction automation services such as Llama Pay . The Fantom Foundation also stated that it will create its own automatic payment function for the treasury. Voting on the proposal started on July 5 and will end on October 3.

ARK Fund Increases Stake in Coinbase

News on July 7, according to market news: ARK Ark Fund increased its stake in Coinbase.

Web3 Game Network Planetarium Labs Completes $32M Series A Funding Led by Animoca Brands

On July 7th, Web3 game network Planetarium Labs announced the completion of a $32 million Series A round of financing led by Animoca Brands, with participation from Samsung Next, Krust Universe, Kakao, and WeMade. The Planetarium Labs game system is developed based on Libplanet. Its co-founder and CEO Kijun Seo said that Planetarium Labs supports the game to run its specific blockchain network, and can freely design its governance model and Token economics.

Celsius Network restructures board due to liquidity issues

Crypto lending firm Celsius Network has restructured its board to stabilize its liquidity and operations amid the ongoing crypto bear market. Treasurer David Barse and Alan Jeffrey Carr were appointed directors on June 28 and June 29, respectively, according to a filing Wednesday. Barse is founder and CEO of index firm XOUT Capital and founder of private family office DMB Holdings. Carr is CEO of Drivetrain, a fiduciary services firm that has led complex restructurings and litigation, and managed distressed investment portfolios. The documents also show that Celsius Network terminated the directorships of Gilbert Nathan, John Stephen Dubel and Laurence Anthony Tosi late last month.

Otherside has started the first load test, more than 2000 users online

On July 7th, the YugaLabs metaverse project Otherside started its first load test at 12:00 U.S. Eastern Time on July 6th, and currently more than 2,000 users are online. It is reported that users need to connect a wallet that holds at least 1 Otherdeed. At the same time, there is no total number of test capacity. It will start with 3,000 players at the beginning and increase by 1,000 players every 2-3 minutes.

Toronto Stock Exchange opens delisting review for Voyager Digital

According to news on July 6, the Toronto Stock Exchange has opened a delisting review for Voyager Digital, a cryptocurrency broker, and its shares have been suspended from trading. According to previous news, Voyager Digital filed for bankruptcy protection in New York and announced a compensation plan, planning to repay creditors through its own funds and Three Arrows Capital repayment.

【Elite Viewpoint】

Genesis CEO: Three Arrows Capital has already led to collateral liquidation due to failure to call for margin

Three Arrows Capital was a large counterparty that failed to meet large margin calls in June, forcing related collateral to be liquidated, Genesis Global Trading CEO Michael Moro said on Wednesday. Genesis has been working with its parent company, Digital Currency Group, to continue to insulate the risk, with DCG assuming certain of Genesis' liabilities related to Three Arrows Capital. Genesis was facing losses in the hundreds of millions of dollars last week, in part because of its exposure to Three Arrows Capital, noting that DCG's deep pockets could help cushion the blow. Three Arrows Capital's loan-weighted average margin requirement is 80%. Once that level is breached and there are no margin calls, Genesis sells collateral to hedge against further declines.

FTX CEO: FTX has more than $2 billion in funds to support the crypto industry

News on July 7, CEO of cryptocurrency exchange FTX: FTX expects to increase the number of employees every quarter this year. Bitcoin price stability suggests a price bottom, but future movements depend on macroeconomic factors. The worst of the liquidity crunch in the cryptocurrency industry appears to be over. FTX has over $2 billion in capital to support the crypto industry should the need arise.

【What to watch today】

Crema Finance attackers have returned over $8 million in stolen funds

On July 7th, Crema Finance, the Solana ecological liquidity protocol, stated on Twitter that after a long period of negotiation, Crema Finance attackers agreed to collect 45,455 SOL (approximately $1.682 million) as a white hat bounty, and have returned 6,064 Ethereum and 23967.9 SOL (approximately $8.1 million). In addition, Crema Finance stated that the follow-up compensation plan will be released within 48 hours.

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