Evening News | Former OpenSea product head arrested by the U.S. Department of Justice for insider trading; Solana mainnet crashes again
Web3 credential network Project Galaxy announced the launch of the BNB application sidechain GAL Chain.Organizer: Nianqing, Chain Catcher
"What important events occurred in the past 24 hours"
1. The U.S. Department of Justice announces the arrest and indictment of former OpenSea product head Nate Chastain for insider trading
The U.S. Department of Justice announced that U.S. Attorney for the Southern District of New York Damian Williams and FBI Assistant Director Michael J. Driscoll today indicted former OpenSea product head Nate Chastain for wire fraud and money laundering related to an insider trading scheme involving NFTs, using confidential information about which NFTs would be displayed on the OpenSea homepage to gain personal financial benefits. Nate Chastain was arrested in New York City on the morning of June 1 and will appear in the U.S. District Court for the Southern District of New York.
The investigation revealed that at least from June 2021 to September 2021, Chastain secretly purchased dozens of NFTs shortly before they were displayed on OpenSea, using confidential business information about which NFTs would be showcased. After these NFTs appeared on OpenSea, Chastain sold them for 2 to 5 times the initial purchase price. To conceal his fraudulent activities, Chastain used anonymous cryptocurrency wallets and anonymous accounts on OpenSea for these transactions. After being exposed last September, Chastain left OpenSea. (Source link)
2. Solana mainnet experiences another outage this morning for about 4.5 hours due to a bug in the persistent randomness feature
According to @SolanStatus on Twitter, the Solana mainnet experienced another outage around 12:30 AM this morning, halting block production due to a bug in the blockchain's persistent randomness feature, which caused some nodes to consider the block invalid and unable to reach consensus. Around 5 AM, Solana mainnet validators collaborated to restart the Solana network, disabling the persistent randomness feature, and block production has now resumed. (Source link)
3. Web3 credential network Project Galaxy announces the launch of BNB application sidechain GAL Chain
Web3 credential network Project Galaxy announced the launch of GAL Chain, a BNB application sidechain (BAS) supported by NodeReal Semita, with the testnet currently under development. Through the new GAL Chain, Project Galaxy aims to enable users to manage and contribute digital credentials for its ecosystem, which can then be utilized through its application modules, oracle credentials, and API credentials. (Source link)
4. Blockchain infrastructure provider InfStones completes $66 million financing, led by SoftBank Vision Fund and GGV Capital
Blockchain infrastructure provider InfStones has completed $66 million in financing, led by SoftBank Vision Fund 2 and GGV Capital, with participation from INCE Capital, 10T Fund, SNZ Holding, and A&T Capital. The funds raised will help InfStones grow its team, build its blockchain infrastructure solutions, expand into new markets, and seek potential partnerships and acquisition opportunities. (Source link)
5. Coinbase announces partnership with Gitcoin and commits $1 million for public goods donations
Coinbase announced a partnership with Gitcoin and committed $1 million to continue supporting digital public goods or open-source software that supports open-source protocols. This is also the largest single donation for public goods in Gitcoin's history, co-funded by Coinbase Giving and Coinbase Cloud. The funds will be gradually distributed across GR14, GR15, and GR16. (Source link)
6. BitMEX founder: Bitcoin price of $25,000 to $27,000 is the bottom of this cycle
BitMEX founder Arthur Hayes stated in a recent article that after LFG sold 80,000 physical bitcoins, he is more convinced that the price range of $25,000 to $27,000 for Bitcoin is the bottom of this cycle. At the same time, regarding his previous statement that ETH would reach $10,000 by the end of the year, Arthur Hayes expressed that he still believes in that target number but is less confident about the timing. (Source link)
"What excellent articles are worth reading in the past 24 hours"
Recently, SIG announced it would lead a new round of $40 million for ByteTrade, a software platform for Web3 information applications based in Singapore. Surprisingly, SIG China founding partner Tim Gong directly took on the role of chairman of the company. Tim Gong has a background in physics, graduated from Shanghai Jiao Tong University, and earned a Ph.D. in electrical engineering from Princeton University. In the eyes of many investment banks, SIG gained fame as an early investor in ByteDance, and has invested in over 260 companies, including Musical.ly, Agora, Flash Delivery, Banyu, WM Motor, Himalaya, and Yitiao, with a total investment exceeding $4 billion. Today, with the unstoppable wave of Web3, how do traditional venture capital institutions view this emerging phenomenon, and why is Tim Gong supporting a Web3 project that we are not familiar with?
For a long time, scalability has been a widely discussed topic in the field. A popular viewpoint has emerged—establishing dedicated execution environments or even finality tools for specific applications or use cases. In recent weeks, more L1/L2 blockchains have announced adjustments to their architectures, providing out-of-the-box infrastructure for blockchains tailored to specific applications, reigniting related discussions.
This article examines various forms of architecture developed to pursue this vision and compares their trade-offs in shared consensus, capacity, and interoperability. Specifically, it includes five multi-chain architectures: Polkadot, Cosmos, Avalanche, Polygon Supernets, and Binance BAS.
