PA Daily | Polygon Labs and Solana Foundation responded successively that they were identified as securities; USDC’s circulation decreased by $500 million in the past week

Today's news tip:

1. Polygon Labs: Developed and deployed outside the US, while working to make MATIC widely available and not targeting the US

2.Solana Foundation: Disagree with the US Securities and Exchange Commission to characterize SOL as a security

3. Coinbase CEO responds to the SEC lawsuit: It can operate without these registrations, because the transactions are commodities

4. Cryptocurrency tax software company TaxBit has laid off 80 employees and nearly 40% of its total employees

5. As of last night, Binance’s 24-hour net outflow was approximately $392 million

6. Data: Circle USDC circulation decreased by $500 million in the past week

NFT&Metaverse

! [PA Daily | Polygon Labs and Solana Foundation have responded that they were identified as securities; USDC’s circulation has decreased by $500 million in the past week](https://img.gateio.im/social/moments-69a80767fe-4ece491868-dd1a6f -62a40f)

Project News

Polygon Labs: Developed and deployed outside the US in an effort to make MATIC widely available without targeting the US

According to The Block, Polygon Labs has responded to the US Securities and Exchange Commission's statement that MATIC is an unregistered security. After stating that the token was "developed outside the United States, deployed outside the United States, and remains focused on supporting the network's global community to this day," Polygon Labs claimed that "MATIC has been an integral part of Polygon's technology from day one to Ensuring that the network will be secure — and remains so today.” Polygon Blockchain’s development and growth team also stated that its activities will be “not targeted at the United States,” while ensuring that MATIC is “available to a broad audience.”

Solana Foundation: Disagree with SEC characterization of SOL as a security

The Solana Foundation officially issued a statement saying that it does not agree with the US Securities and Exchange Commission to characterize SOL as a security, and US policymakers should participate in the encryption industry as a constructive regulatory partner in order to provide thousands of companies in the field of digital assets. Home provides legal clarity. Solana has the strongest builder community in the encryption industry and will continue to build high-quality projects and products. The Solana Foundation will be committed to providing support for long-term builders in the encryption industry and creating the best blocks for the decentralized future chain.

Coinbase CEO responds to SEC lawsuit: You don't need these registrations to operate because you trade commodities

In an interview with The Wall Street Journal about the SEC lawsuit, Brian Armstrong, CEO of cryptocurrency exchange Coinbase, argued that Coinbase does not need these registrations to operate. “The assets we trade, those are commodities, so they don’t need those registrations.” He also denied that Coinbase claims to be a broker-dealer, but noted that its broker-dealer license has not yet been approved. "We don't claim to be a broker-dealer, we have a broker-dealer license that is still dormant because they won't allow us to activate it," he said. Additionally, he believes the U.S. will achieve regulation of cryptocurrencies “even if it takes a while,” as it is an important part of attracting entrepreneurs back home.

He also said that there is a special committee within Coinbase responsible for reviewing the listing of the currency. The committee considers the compliance of the token project, the founding team and whether it is a security or a commodity based on the internal review framework. Brian Armstrong emphasized that Coinbase has shared this internal framework with the US Securities and Exchange Commission (SEC). In addition, Armstrong himself does not participate in the decision-making of specific currency listing matters, nor is he a member of the currency listing review committee. He is only responsible for participating in the formulation of the internal framework.

Security agency: BSC ecological agreement Atlantis Loans has been attacked by governance and has lost about 1 million US dollars

According to the monitoring of the security agency Beosin, the BSC ecological protocol Atlantis Loans was attacked by governance. The attacker gained control of the contract and replaced it with a contract containing a backdoor function to transfer user assets. The current loss is about 1 million US dollars. The attacker creates a malicious governance proposal in the GovernorBravo contract on June 7, 2023.

Overseas KOL Ben Armstrong's Twitter account was hacked and posted false information, please be careful

ZenGo CEO Ouriel Ohayon tweeted that the Twitter account of BitBoy Crypto founder Ben Armstrong was hacked and used to promote encryption scams to steal users’ NFT assets. The same scams attacked Garry Tan, Peter Schiff, etc. Please pay attention Prevent related risks. According to encryption KOL ZachXBT, this is the same gang that committed the crime and has stolen more than $700,000 so far.

Cryptocurrency tax software company TaxBit has laid off 80 employees and nearly 40% of its total employees

According to the US technology media The Information, people familiar with the matter and a company spokesperson said that the cryptocurrency tax software company TaxBit has laid off 80 employees, accounting for nearly 40% of the total number of employees. Taxbit is valued at nearly $1.5 billion after raising funds from Insights Venture Partners, Tiger Global and others during the cryptocurrency boom. According to previous reports, TaxBit CEO Austin Woodword has resigned and will serve as chairman of the board, and COO Lindsey Argalas has been named CEO.

Important data

As of last night, Binance’s 24-hour net outflow was about $392 million

Binance CEO Changpeng Zhao tweeted last night that the net outflow of Binance platform assets in the past 24 hours was about 392 million US dollars. Binance platform wallet addresses are public. Some third-party analysis counts dollar-plus AUM changes as outflows, but this also includes outflows due to lower cryptocurrency prices (decrease in AUM). They are two different concepts. Some even only measure outflows, not inflows. In days of wild price volatility like today, many arbitrage traders move large amounts of money between trading platforms, often much larger than usual. For reference, Binance processed a net outflow of $7 billion in a single day in November last year.

Data: A giant whale transferred 182 million USDT and 2436 ETH from Binance in the past 3 days

According to Lookonchain monitoring data, a mysterious giant whale has transferred 182 million USDT and 2436 ETH (about 4.26 million U.S. dollars) from Binance in the past 3 days.

Data: About $56 million worth of Bitcoin was transferred to Coinbase from an unknown wallet

According to Whale monitoring, at 5:18 am Beijing time today, 2185 bitcoins (worth about $56,227,566) were transferred from an unknown wallet to Coinbase.

Data: Circle USDC circulation decreased by $500 million in the past week

According to official data, in the past 7 days, Circle issued a total of 600 million USDC, redeemed 1.1 billion USDC, and the circulation decreased by about 500 million USD. As of June 8, the total circulation of USDC was US$28.4 billion, and the reserve was US$28.5 billion, including US$3.7 billion in cash and US$24.8 billion in overnight repurchase agreements.

Data: Wintermute deposited 2.3 million MATIC to Binance or sold it a day ago

The data platform 0xScope tweeted that Wintermute deposited 2.3 million MATIC to Binance a day ago, which seems to have participated in the recent sell-off of MATIC. Previously, more than 22.52 million MATICs have been transferred from the Robinhood platform address controlled by Jump, and most of them have been transferred to the exchange.

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