Evening News | Voyager Digital officially issues a default notice to Three Arrows Capital; People's Daily publishes an article stating that virtual currency is ultimately a Ponzi scheme

Organizer: Linqi, Chain Catcher

"What important events have occurred in the past 24 hours?"

1. People's Daily published an article: Virtual currency is ultimately a pipe dream and a Ponzi scheme

Shan Zhiguang, Director of the Informationization and Industrial Development Department of the National Information Center and Chairman of the Blockchain Service Network (BSN) Development Alliance, along with He Yifan, Executive Director of the BSN Development Alliance, published an article on People's Daily on June 26, stating that virtual currency is undoubtedly the largest Ponzi scheme in human history. To sustain this scheme, the crypto community has tried various ways to dress it up in different guises.

The author of the article analyzes the recent Bitcoin crash, the Terra collapse, and the "X2E" incident, arguing that several fundamental characteristics of virtual currency closely align with equity-based Ponzi schemes. Virtual currencies are rife with insider trading, opaque operations, and security vulnerabilities. They are not tied to anything of value, and their price support relies entirely on two decisive factors: the confidence of current participants and the number of new participants.

"Running while making money," a seemingly alluring business model, is actually a fishing strategy by the project parties, with the hidden trap being that the creation of virtual currencies (especially tokens that do not require mining) is costless. X2E is essentially "airdrop" (referring to providing free cryptocurrencies), with the only difference being that users earn by engaging in simple daily activities, creating the illusion that their labor gives it value. The ultimate goal is still to attract users into trading speculation.

Moreover, the author believes that the immense value of blockchain technology should not be overlooked due to virtual currencies. With proper industrial guidance and clear laws and regulations, they will play a significant role in various application fields such as the digital economy, digital culture, data rights, privacy protection, and computing power networks in the future. The "public information system," as a primary form of blockchain, will revolutionize the design thinking of the entire information system from the ground up, thereby enhancing the capability and quality of information systems in the new era. (People's Daily)

2. Crypto broker Voyager Digital issues default notice to Three Arrows Capital

Crypto broker Voyager Digital announced that it has issued a default notice to Three Arrows Capital for failing to repay previously disclosed loans of 15,250 BTC and 350 million USDC. Voyager plans to seek compensation from Three Arrows Capital and is discussing available legal remedies with the company's advisors, having hired Moelis & Company as its financial advisor. (Source link)

3. Biotechnology company Vibe Bio completes $12 million financing, governance token VIBE to launch this year

New biotechnology company Vibe Bio recently announced the completion of $12 million in financing, led by Initialized Capital, with participation from Naval Ravikant, Balaji Srinivasan, 6th Man Ventures, Yvonne Hao, Enke Bashllari, Andy Coravos, Lerer Hippeau, and Andy Palmer. The funds from this round will be used for Vibe DAO, linking patient communities directly with investors, scientists, and other experts to identify and develop treatments for rare diseases.

Vibe Bio is headquartered in Boston, USA, and unlike traditional biotech companies, it aims to sustainably scale up treatment development, providing patient communities with ownership of outcomes and funding its development through the sale of the VIBE token, which will launch later this year. (Source link)

4. Grand Theft Auto 6 (GTA6) may introduce cryptocurrency system in 2024

According to a game insider's shared sneak peek, Grand Theft Auto 6 may be released in 2024 and introduce a cryptocurrency system similar to Bitcoin.

This marks the first time the game series has ventured into the crypto space, as the 2013 version of GTA 5 allowed players to access the stock market world and trade stocks at BAWSAQ and LCN exchanges at their discretion. (ScreenRant)

5. Hacker group Anonymous claims it will investigate Do Kwon's crimes

The hacker group "Anonymous" has warned that it will ensure that Do Kwon, co-founder of Terra, is brought to justice regarding the collapse of the Terra (LUNA) and Terra (UST) ecosystems in May of this year. The hacker organization has pledged to investigate Do Kwon's crimes since entering the cryptocurrency space. (Cointelegraph)

6. Foreign media: Celsius CEO attempted to flee the U.S. but was stopped by authorities

Crypto analyst Mike Alfred revealed that Celsius Network CEO Alex Mashinsky attempted to leave the country through Morristown Airport last week, planning to go to Israel, but was stopped by authorities. It is unclear whether he was arrested or prohibited from leaving. (CoinGape)

7. XCarnival has recovered 1,467 ETH, security agencies have preliminarily determined the attacker's geographical location

According to public analysis by Peck Shield, on June 26, XCarnival was hacked through a contract vulnerability, allowing the attacker to create multiple staking orders to repeatedly collateralize and borrow ETH. In a responsible manner towards user assets, the official promptly closed the contract and the deposit and borrowing functions, and immediately analyzed the attacker's ETH address, engaging in multiple rounds of negotiations with the attacker for asset redemption. As of June 27, 13:45, the attacker had returned 1,467 ETH. It is understood that several security agencies and police have begun deep cooperation, preliminarily determining the geographical area of the attacker.

In this incident, the staked NFTs and other on-chain assets of XCarnival were unaffected, and its product development and market operations continue to proceed normally. Moving forward, XCarnival will continue to invite more security audit agencies and white hat communities to conduct a thorough review of the contract code, as previous reports indicated that XCarnival's contracts had passed Certik audits.

"What are some noteworthy articles to read in the past 24 hours?"

1. "Exclusive Interview with Mike Novogratz: What mistakes did Galaxy Digital make in this bear market?"

Mike Novogratz was once a senior traditional hedge fund manager and is now the CEO of Galaxy Digital. He has openly stated that LUNA was his favorite token and even got a tattoo of a howling wolf on his arm to express his excitement. However, LUNA experienced an "epic zeroing out." Mike Novogratz admitted that this crash was very unexpected and that he took on too much risk during this period. He reflects deeply on the events of this experience, and although he cannot hide his disappointment, he has not lost confidence, stating that he will learn from the experience to prepare for the next bull market.

2. "Will 2022 be the year of dynamic NFTs?"

This article provides a brief introduction to the concept and basic characteristics of dynamic NFTs, comparing them with static NFTs, and also introduces some classic use cases of dynamic NFTs. The smart contracts of dynamic NFTs have liquidity, allowing NFTs to evolve over time in response to events in the real world. The author believes that 2022 will be the year of dynamic NFTs, expressing strong confidence in their market prospects.

3. "Dollarization of the Crypto Market"

This article is the second in a deep analysis by the Solv research team regarding the recent crash of the crypto market, mainly explaining the basic facts of the dollarization of the crypto market since 2018 and introducing the external impacts of this change on the crypto market. The 2022 crash of the crypto market has two significant differences from 2018: first, due to crypto projects generally financing through stablecoins, the impact on the entire industry's "production sector" is smaller than in 2018; second, this crisis primarily impacted centralized capital institutions involved in large-scale collateralized lending and credit lending, which are often supporters of the long-term value of digital assets like BTC/ETH, but were forced to liquidate collateral assets under short-term debt pressure, exacerbating the chain reaction of liquidity collapse.