Planet Daily | Dallas Fed Logan: Need to raise interest rates further; FTX, Three Swords Capital and SEC oppose BlockFi bankruptcy plan (July 7)


Headlines

Dallas Fed's Logan: Surprisingly strong economy calls for more rate hikes

Dallas Fed President Logan said there was a case for raising interest rates at the June policy meeting, comments that reiterated her view that more rate hikes are needed to cool a still-strong economy. "It was entirely appropriate to raise the rate range at the June meeting, consistent with the data we've seen in recent months and the Fed's dual mandate objectives," she said.

Logan noted that forecasts released at the June FOMC meeting showed that more rate hikes were expected, and said it was "important for the FOMC to follow through on the signals we sent in June," adding that "a third of the Two FOMC meeting participants expect at least two more rate hikes this year." Logan said: "I remain very concerned about whether inflation can return to target in a sustainable and timely manner. The expected job market calls for a more restrictive monetary policy.” (Golden Ten)

Industry news

FTX, Three Arrows Capital and SEC Oppose BlockFi's Bankruptcy Plan

According to a legal document filed by FTX on Wednesday, FTX opposed BlockFi's proposed bankruptcy plan, saying that the plan involved more than $1 billion in disputed transactions and unfairly reduced its huge claims against BlockFi. FTX bailed out BlockFi last year before filing for bankruptcy last November. BlockFi plans to discuss its bankruptcy plan at a New Jersey court hearing on July 13, but is opposed by hedge fund Three Arrows Capital (3AC) and the US SEC. 3AC said BlockFi owed it more than $220 million and protested that it was not given an opportunity to contest the fraud charges. The SEC said the terms of the proposed release of BlockFi and its management were too vague and broad. (CoinDesk)

FTX plans to delay sale of Japanese subsidiary, hopes to sell entire group to raise prices

Cryptocurrency exchange FTX Trading plans to postpone the sale of its Japanese subsidiary FTX Japan, and has conveyed its intention to the Japan Financial Services Agency through FTX Japan. FTX suspends the sale of FTX Japan this time, and its intention is not to delay the sale process of the Japanese subsidiary. An executive at FTX Group said they hoped to raise prices by selling the entire group, rather than selling individual regional subsidiaries. Additionally, FTX Japan’s return of client assets, which was initiated in February, is progressing smoothly. At present, FTX Japan has returned 80% of legal currency such as Japanese yen and virtual currency to customers. If the trading system used by FTX Japan's predecessor, QUOINE, works smoothly, Japan's Financial Services Agency may allow the Japanese company to resume operations before the end of the year. (Nikkei News)

OKLink: The amount of ETH destroyed yesterday reached 5336.77 pieces, a new high since May 25

According to data from the OKLink multi-chain browser, the amount of ETH destroyed yesterday reached 5,336.77, a record high since May 25; the highest amount of Ethereum destroyed yesterday was VMPX (1,866.79 ETH destroyed). Up to now, the cumulative amount of ETH destroyed has reached 3.4389 million ETH, worth more than 6.5 billion US dollars.

Market Changes

BTC fell below 30,000 USDT, a 24-hour drop of 1.4%

Ouyi OKX market shows that BTC fell below 30,000 USDT, a 1.4% drop in 24 hours.

ETH fell below 1900 USDT for a short time

Ouyi OKX market shows that ETH fell below 1900 USDT for a short time, with a 24-hour drop of 0.15%.

A giant whale transferred 10,000 ETH to Binance

Lookonchain tweeted that czsamsunsb.eth transferred 10,000 ETH to Binance in the past two hours.

Three Arrows Capital transferred 5 tokens worth 1 million USD to CEX in the past two days

According to monitoring by Ember, an analyst on the chain, Three Arrows Capital has transferred 5 tokens (valued at $1 million) to Binance/Gate/MEXC in the last two days. details as follows:

• Transferred 4,319,489 CHESS ($593,000) and 157,297 DYDX ($307,000) to Binance;
• Transfer 594,444 AURORA ($50,000) and 3,300,000 MSU ($10,000) to Gate;
• Transfer 764,526 AVG to MEXC ($19,000).

Project Highlights

Balancer released the 8020 proposal, aiming to solve the problem of lack of liquidity after the pledge of governance tokens

Balancer released the 8020 proposal, which aims to solve the problem of lack of liquidity after the pledge of governance tokens. According to Balancer, the main advantages of the proposal are: providing deep liquidity, reducing gratuitous losses, effective incentives, and hedging the risk of price changes.

Deso: Offering Up to $1M in Bounties to Support Project Development of Reddit On-Chain Alternatives

Deso announced that it will provide a reward of up to $1 million to support the alternative project on the Reddit chain. Previously, Reddit caused a lot of controversy in the community due to restrictions on API access. (chainwire)

According to previous reports, the DeSo blockchain received $200 million in financing through token sales, with participation from a16z, Coinbase, and Sequoia. It is reported that DCP is an end-to-end encrypted chain chat protocol that can communicate and build communities in a secure, censorship-resistant and reliable manner. DCP allows direct information transfer on any blockchain compatible with DeSo cryptography. The only requirement is a blockchain wallet and a small amount of DESO tokens. Each sending of 1 MB of message data requires about 0.001 DESO to pay the transaction fee.

Haru Invest: Considering a phased sale of company assets, developing a list of potential assets for sale

Haru Invest announced that the company is developing a list of potentially salable company assets, with the goal of minimizing the loss of value when selling company assets, and is considering selling company assets in stages.

Haru Invest stated that it is currently building a database to identify users' claims and debts, and plans to distribute assets in stages in a timely manner once the amount of loss is confirmed and the asset distribution plan is determined. The specific allocation time has not yet been determined.

Binance will deactivate existing deposit addresses and tags of some users in batches in the third quarter

According to the official announcement, Binance issued an update regarding the deactivation of existing deposit addresses in the third quarter (July-September 2023). Binance stated that Binance has been working hard to upgrade the platform’s wallet infrastructure to ensure greater wallet efficiency and security for users. Therefore, Binance will deactivate existing deposit addresses and tags in selected networks in batches by network. Mail will be sent to affected users in batches. Binance strongly recommends users to obtain a new address and label (if applicable) after receiving the email.

If the user has not received an official notification from Binance, please continue to use the current deposit address. Only affected users will receive the mail. Assets recharged to expired addresses are safe and will not be lost. Users can manually log in through the "Wallet History" page.

Uniswap Foundation: The audit period of the V4 code base is expected to take one to four months

Erin Koen, Governance Director of the Uniswap Foundation, published an article on the Uniswap Governance Forum today, calling on the community to share their personal views on the launch of Uniswap V4.

In the article, Erin mentioned the V4 launch timeline estimated by the Uniswap Foundation, specifically:

1. Protocol code release: Completed on June 13, 2023, the protocol code repository is open to the public for viewing and contribution.
2. Protocol Code Freeze: This depends on when EIP-1153 is successfully integrated into the Cancun upgrade, which is expected to happen as early as September;
3. Protocol code deployment: The V4 code base will undergo extensive audits before deployment. It is not yet possible to determine how long the audit process will take, and the expected range is from one month to four months. Erin emphasized that the above timeline is for reference only. It should be noted that the Cancun upgrade may be delayed, the audit process may also be extended, and the protocol may undergo other security tests that have not been discussed.

1inch Lianchuang: previously sold 11,000 ETH to test new functions in Fusion mode

1inch co-founder Sergej Kunz said that 1inch previously sold 11,000 ETH (about 21 million U.S. dollars) to test new features in Fusion mode, which can use custom presets to set transaction duration, start and end auctions amount. This strategy is very helpful for rebalancing assets (for DAOs, hedge and investment funds). (The Block)

dYdX: Milestone 4 reached ahead of schedule, dYdX v4 testnet officially launched

The decentralized derivatives protocol dYdX tweeted that the dYdX v4 test network has been officially launched.

According to previous news, the dYdX Chain public test network will be officially launched at 1:00 on July 6. dYdX reached Milestone 4 ahead of schedule, marking the completion of features needed for a public testnet launch, including more validators (over 40) running its software. The public testnet will support Bitcoin and Ethereum markets, and as the network upgrades, it will include more than 30 markets.

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Sister Wood: I don’t think BlackRock has an advantage over ARK Invest in terms of ETF applications

"Fortune" today released an exclusive interview with Cathie Wood, CEO of ARK Invest.

When answering "Whether BlackRock has an advantage (compared to ARK Invest) in Bitcoin spot ETF", Sister Mu Mu replied: "We don't think so. We know that there is a supervision sharing clause in their application materials, and we No, but as far as I know, we don't spend too much time revising applications, and applications from all institutions are moving in this direction." Note: This Fortune interview was completed last week, but was first published today. Shortly after the interview was completed, ARK Invest had amended its application profile to add a BlackRock-like oversight sharing agreement.

Circle Joint Innovation: Circle is considering issuing stablecoins in Japan, which will become a huge market

Circle co-founder and CEO Jeremy Allaire said Circle is considering issuing a stablecoin in Japan, given that legislation governing stablecoins went into effect on June 1. He said that if stablecoins are more widely used in cross-border trade, foreign currency transactions and global commerce, Japan will become an extremely large market.

Japan’s stablecoin bill makes it one of the first countries to establish a framework for overseas stablecoin usage, which Allaire believes is “the most important thing the government and the Financial Services Agency have ever done.” He also said Circle is interested in forming partnerships in Japan, which he visited last month.

People familiar with the matter: CFTC investigators in the United States have determined that Celsius and its former CEO violated the regulations and may file a lawsuit this month

Investigators at the U.S. CFTC concluded that Celsius Network and its former CEO Alex Mashinsky violated U.S. regulations before the platform’s bankruptcy, according to people familiar with the matter.

If a majority of CFTC commissioners agree with the conclusion, the agency could file a lawsuit in federal court as early as this month, the people said. Lawyers for the law enforcement agency determined that Celsius misled investors and should be registered with the CFTC, and that Alex Mashinsky also violated regulations, one of the people said. In addition, the US SEC and federal prosecutors in Manhattan are also conducting related investigations. (Bloomberg)