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Exploring zkSync & Their Latest Airdrop

Many airdrop farmers have been eagerly anticipating the news regarding the ZKSync airdrop. It has been on the radar for nearly two years, and as many other L2s got their tokens off the ground, those immersed in the zkSync ecosystem since the latter end of 2022 have been rewarded handsomely for their continued faith in the project. So, how did it work, and what were some of the boxes that users needed to tick? Let’s have a look.

Airdrops & The Bull Run Narrative 2024

Multiple airdrops have injected billions in liquidity into the market. Still, other elements within the space are driving serious price action, ranging from Bitcoin ETF approvals to casino gaming. Any avenue that attracts a whole new wave of people to cryptocurrency and highlights how blockchain technology is beneficial and more convenient, especially in more traditional markets like gambling, may heighten activity and awareness.

By targeting specific areas of casino gaming, such as slot gaming, the growing demand for cryptocurrency casinos continues to increase broader crypto and blockchain knowledge. The casino gaming mechanics of crypto slot games are effectively slot games that pay real money but in a cryptocurrency, not a flat currency.

By utilizing the underlying technology in blockchain and cryptocurrency gaming, these casino games offer a fresh avenue for people looking to play, and, more importantly, for the broader space, it’s increasing the number of people exploring cryptocurrency for the first time. This leads to more people using cryptocurrency to play casino games but more investment in the underlying assets, ultimately leading to positive price action. People are taking advantage of crypto and the fact that there are faster transactions, as well as security that is provided by the blockchain tech underlying these DeFi currencies. Ruling out banks and other gatekeepers also helps to keep people in control of what is happening with their finances.

How Did zkSync’s Airdrop Work?

As with other big airdrops in crypto, such as Arbitrum, developers hinted at a mass airdrop, often referring to community incentives on their social media pages. The project’s “Tokenomics” revolved around this. It soon became the biggest open secret in the airdrop space, alongside Starknet and Layerzero, who also airdropped to users.

With a growing number of L2 projects driving huge investment within the cryptocurrency space, the idea of airdropping tokens to the wider community and early ecosystem users seemed like a no-brainer, especially with the success of Arbitrum and Optimism. However, regarding sheer scale and volume, zkSync was the big sheriff in town.

Many crypto analysts and traders believed that zkSync would be the biggest project to airdrop, and it looks as though these predictions have come true. The colossal Amsterdam-based company has earmarked hundreds of millions of dollars worth of tokens to go to over 600,000 eligible wallets.

Users who interacted early with the ecosystem, including using zkSync Lite over three specific months, obtaining a Libertas Omnibus NFT, and interacting with at least ten smart contracts, were eligible to claim thousands of zkSync tokens on the prospective launch date of 17 June.

Gauging Social Media Reaction

Often, with cryptocurrency airdrops, the best way to measure the response is via social media sites. It appears that a number of legitimate zkSync users felt short-changed by the airdrop criteria, and many who farmed across dozens of wallets felt that their attempts to hoard tokens at the expense of real users should somehow grant them a larger amount.

Those users with multiple wallets aren’t technically doing anything wrong, but the existence of such people has caused other projects to take a much harsher stance. Layerzero CEO Bryan Pellegrino has spent several weeks from June onwards interacting with his followers on X and looking to find ways to disqualify those with hundreds of wallets from his company’s highly anticipated airdrop – despite intense competition in the space from the likes of Wormhole and Axelar.

Again, from an objective perspective, the only people with a real issue with this are people expecting huge airdrops across dozens, sometimes hundreds, of wallets. So, although some developers and those vital to the zkSync ecosystem have voiced some disapproval, there have certainly been far worse airdrops this year.

Conclusion

Few projects have attracted the capital or recognition pre-launch that zkSync has. The multi-billion dollar project often refers to itself as the “end game.” The airdrop has been one of the most prominent news stories in Q2 2024. Given that they have over 1.5 million followers on X, they’re also among the most followed projects.

Once the airdrop occurs and the entire ecosystem is in motion, we’ll see what else the project has in store. However, given that prominent names in the cryptocurrency space have long discussed it, it could be one of the new tokens that sees itself playing a big role in the anticipated upcoming bull run.

OpenAI Considers Shift to Full For-Profit Model

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Artificial intelligence (AI) company OpenAI is reportedly contemplating a transition from a capped-profit corporation to a full for-profit model.

CEO and co-founder Sam Altman allegedly informed shareholders about this potential shift during the week of June 10, as reported by The Information.

If implemented, this change would result in OpenAI’s nonprofit board losing control of the company.

OpenAI currently boasts a private valuation of around $86 billion.

The company’s website describes its structure as a partnership between the original nonprofit and a new capped profit arm.

The capped profit model was designed to incentivize research in artificial general intelligence (AGI) while preserving the company’s mission.

OpenAI claimed that donations alone were insufficient to support its work, necessitating a new financial model to attract stakeholders.

However, the website still cautions that stakeholders should view their investments as donations. It states:

“Investing in OpenAI Global, LLC, is a high-risk investment.

“Investors could lose their capital contribution and not see any return.

READ MORE: MicroStrategy Announces $700 Million Debt Offering to Fund Additional BTC Purchases

“It would be wise to view any investment in OpenAI Global, LLC in the spirit of a donation, with the understanding that it may be difficult to know what role money will play in a post-AGI world.”

The push to restructure the company coincides with Altman’s recent changes to the board, which now includes several newly appointed members.

These additions are Sue Desmond-Hellmann, former CEO of the Bill and Melinda Gates Foundation; Nicole Seligman, former Sony vice president; Fidji Simo, CEO and chair of Instacart; and retired U.S. Army general and former National Security Agency (NSA) director Paul Nakasone.

Nakasone’s appointment has drawn criticism, notably from former U.S. intelligence contractor Edward Snowden.

On X.com, Snowden advised the public to “not ever trust @OpenAI or its products,” specifically mentioning ChatGPT.

He argued, “There is only one reason for appointing an @NSAGov Director to your board,” calling it “a willful, calculated betrayal of the rights of every person on Earth. You have been warned.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The Role of Web3 Companies in Developing Global Crypto Policies

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It is no secret that over the past decade or more, governments worldwide have struggled to stay abreast of the developments permeating the crypto industry. This is largely because the decentralized nature of crypto tech presents a number of significant challenges — such as those pertaining to anonymity, transparency, etc — resulting in several nations adopting a highly cautious approach to the industry.

For instance, in 2017, China — the second-largest economy in the world — banned initial coin offerings (ICO). This was followed by a blanket ban on digital asset trading, resulting in a significant market downturn. That said, as the market matured over the next couple of years, the eastern powerhouse, alongside several other nations, recognized the need to establish clear regulatory frameworks. Consequently, in 2020, China somewhat relaxed its anti-digital asset stance by introducing a pilot program for a state-backed digital currency (called the ‘digital yuan’).

Similarly, in 2018, the Reserve Bank of India (RBI) banned banks and other regulated entities from dealing with cryptocurrencies or providing services to businesses engaged in crypto-related activities. However, the Supreme Court overturned this ban in 2020, paving the way for a more open regulatory environment. In 2022, the Indian government introduced a flat 30% tax on income from crypto transactions, signaling a move towards legitimizing and regulating the industry.

How Web3 Companies Can Assist Regulators

While some countries have implemented traditional regulatory methods for overseeing their local crypto industries — such as anti-money laundering (AML) and know-your-customer (KYC) — there are others that have taken more innovative approaches. For example, a few years ago, the United Arab Emirates (UAE) established the Virtual Assets Regulatory Authority (VARA) to regulate all virtual assets, including cryptocurrencies. VARA issues licenses sparingly, thus creating a conducive environment for businesses while ensuring consumer protection and preventing financial crimes.

Similarly, the Monetary Authority of Singapore (MAS) implemented the Payment Services Act back in 2019, providing investors with a regulatory framework for digital payment token services, including crypto exchanges, wallets, and token issuers. The act requires these entities to obtain a license and comply with a host of curated AML/CFT (anti-money laundering and countering the financing of terrorism) requirements, as well as other measures to protect consumers.

In this context, Web3 companies, particularly those with significant experience in traditional finance (TradFi), can play a crucial role in assisting governments in developing comprehensive and effective regulations for the crypto industry. One such company is the MultiBank Group, a well-established financial derivatives institution possessing over 14 licenses worldwide—including those issued by ASIC, AUSTRAC, and BAFIN—while boasting an average daily trading volume of $12.1 billion.

MultiBank Group has recently expanded into the crypto sphere with the launch of MultiBank.io, a pioneering Crypto Spot and Multi-asset Derivatives Exchange. Leveraging its extensive experience in navigating complex regulatory landscapes, MultiBank Group is uniquely positioned to provide valuable insights and collaborate with regulators to create a secure and transparent trading environment for digital assets.

MultiBank.io offers a comprehensive financial ecosystem that seamlessly unites traditional derivatives with crypto offerings. It provides access to a wide range of products, including forex, shares, metals, indices, commodities, and crypto CFDs, all while adhering to stringent regulatory standards and ensuring transparency for its clients.

The Future Will Be Regulated

As the crypto industry continues to gain mainstream adoption, it becomes increasingly evident that a well-regulated environment is essential for its long-term success. Regulations not only protect consumers and prevent financial crimes but also provide businesses with a clear framework to operate within, fostering trust and confidence in the industry.

Web3 companies that prioritize regulatory compliance and transparency can serve as valuable partners for governments in shaping the future of crypto regulations. By leveraging their expertise and experience, these companies can help bridge the gap between traditional finance and the emerging world of digital assets, ensuring that regulations strike the right balance between innovation and consumer protection.

Thus, as the industry evolves, it will be interesting to witness the collaboration between regulators and Web3 companies in creating a sustainable and thriving crypto ecosystem. Companies like MultiBank Group, with their commitment to regulatory compliance and user-centric solutions, are well-positioned to contribute to this process, ultimately shaping a future where crypto is accessible, secure, and widely adopted.

Traders Warn Against Bitcoin Whale Watching: No ‘True Alpha’ Found

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Tracking the wallet movements of Bitcoin whales—those holding a significant amount of BTC—has been popular for speculating on market sentiment.

However, traders argue that it doesn’t lead to “true alpha.”

“Don’t whale watch kids, it’s not useful information,” stated James Check, lead analyst at Glassnode, in a June 15 X post.

He added, “Not once have I seen true alpha extracted from whale watching. It’s good for social media, but is almost never serious nor valuable analysis.”

Crypto traders commonly believe that Bitcoin whales can influence the market with their trading tactics. While whales can impact the market, their movements can be interpreted in various ways, making the data inconclusive.

For instance, if dormant addresses with large holdings suddenly become active, it might indicate selling, especially if they transfer to an exchange deposit address.

Pseudonymous crypto analyst TXMC, host of the YouTube channel Alpha Beta Soup, cautioned against using “whale” metrics to make definitive claims in a June 15 X post.

They noted that large-scale Bitcoin sales by whales don’t always signal a sell-off.

“The mechanical stepwise drawdown here speaks to wallet management, and you are only seeing part of a larger pie.

READ MORE: SEC Chair Gensler Signals Approval for Spot Ether ETFs by End of Summer

“These are sometimes firms & institutions with multiple wallets and hundreds/thousands of clients,” they explained.

Check further elaborated in a May 7 post, “Data around these entities is notoriously noisy, and I can almost guarantee that the big ‘whale’ wallets you’re watching are ETFs and exchanges.”

He described whale-watching as “cheap engagement bait.”

Despite this, social media posts about whale movements attract significant interest.

A recent post by pseudonymous trader Marty Party, discussing Bitcoin whale activity, garnered over 205,000 views.

“Bitcoin OG whales have sold over 50,000 BTC in the past 10 days, totaling approximately $3.30 billion,” Marty Party wrote on June 14.

Analysts often use this data to illustrate differing market views among whales.

For example, Vivek Sen of Bitgrow Lab highlighted a graphic from CryptoQuant showing whales buying $1.3 billion worth of Bitcoin on June 14.

On May 15, CryptoQuant noted that Bitcoin whale demand was in “acceleration mode” after a two-month downtrend, indicating potential stabilization and a need for further demand growth to sustain the price rally.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Spot Ether ETFs Could Begin Trading in the US by July 2, Analysts Predict

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Spot Ether exchange-traded funds (ETFs) could potentially start trading in the United States by July 2, according to Bloomberg ETF analyst Eric Balchunas.

“We are moving up our over/under date for the launch of spot Ether ETF to July 2nd,” Balchunas posted on June 15.

He noted that the United States Securities and Exchange Commission’s (SEC) staff comments on the spot Ether ETF applicants’ S-1 applications were “pretty light, nothing major,” and requested them back within the week.

“Decent chance they work to declare them effective the next week and get it off their plate before the holiday weekend. Anything is possible but this is our best guess as of now,” he added, referring to U.S. Independence Day on July 4.

These comments marked a shift in confidence from the previous day when Balchunas mentioned that Ether ETF applicants were still awaiting feedback from the Division of Corporation Finance, a division of the SEC that oversees firm disclosures. He had been debating whether to postpone his July 4 prediction.

On May 23, the SEC approved eight 19b-4 filings to list spot Ether ETFs on various U.S. exchanges.

READ MORE: Ripple Calls for Fair Penalty in SEC Case, Cites Terraform Labs Settlement

However, these ETFs can’t start trading until they receive the necessary S-1 registration statement approvals.

SEC Chair Gary Gensler offered a broader timeframe for the potential approval date of spot Ether ETFs, suggesting they might begin trading within the next three months, by the end of September.

Just a week earlier, Gensler mentioned that the speed of Ether ETF approvals would depend on how quickly issuers could address the SEC’s comments.

While some traders hope that Ether’s price might follow Bitcoin’s trajectory after the spot Bitcoin ETF approval on January 11, which led to record highs of $73,679 by March 13, not everyone shares this optimism.

On June 3, Stephen Richardson, managing director of financial markets at Fireblocks, argued that spot Ether ETFs might not see the same day-one inflow as spot Bitcoin ETFs did, citing the asset’s more complex use cases.

“What’s missing is widespread consensus that effectively evaluates the utility or utilization rate of the Ethereum blockchain,” he said in comments to Cointelegraph.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Binance Co-Founder Criticizes Elon Musk’s X.com for Failing to Curb Crypto Scams

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Elon Musk’s X.com is facing criticism for its inadequate measures against cryptocurrency scams proliferating on the platform. Binance co-founder Yi He recently voiced her concerns on the app, questioning if its billionaire owner would tackle the issue.

Yi He’s worry stemmed from an impersonation scam on X.com, where she shared images of accounts mimicking her X handle (@heyibinance) and her actual name.

The Binance executive highlighted one specific scam directing users to click a link promising access to Binance-backed memecoins. Yi He clarified that no such coins exist and warned that clicking the link could result in financial loss:

“I have not issued any new MEMEcoins.

“Clicking on the link will result in your money being stolen.

“Many people were tricked by this hacker link and lost a significant amount of money today.

“Is there any way to address this issue?”

As Cointelegraph reported, cryptocurrency scams have become rampant on X.com, with analysts attributing a significant portion of all crypto scams to the platform.

Analysis from Scam Sniffer, a Web3 anti-scam company on X, reveals that nearly $50 million is lost each month, with account impersonation on X.com being a major contributor.

READ MORE: Ripple Calls for Fair Penalty in SEC Case, Cites Terraform Labs Settlement

Many pundits note that these issues existed before Elon Musk’s acquisition of Twitter and its rebranding to X.

However, confusion over the new owner’s controversial paid verification service, which allows anyone with a smartphone to register and receive verification, may be exacerbating the public’s susceptibility to impersonation scams on the platform.

A review of Musk’s statements during the Twitter takeover indicates he intended to address the “bot” and “spam” problems, but it’s unclear if he specifically targeted cryptocurrency scams.

At the time of this article’s publication, Musk had not responded to Yi He’s post on X.com.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Traders Warn Against Bitcoin Whale Watching: No ‘True Alpha’ Found in Market Speculation

//

Tracking the wallet movements of Bitcoin whales—those holding a significant amount of BTC—has been popular for speculating on market sentiment.

However, traders argue that it doesn’t lead to “true alpha.”

“Don’t whale watch kids, it’s not useful information,” stated James Check, lead analyst at Glassnode, in a June 15 X post.

He added, “Not once have I seen true alpha extracted from whale watching. It’s good for social media, but is almost never serious nor valuable analysis.”

Crypto traders commonly believe that Bitcoin whales can influence the market with their trading tactics. While whales can impact the market, their movements can be interpreted in various ways, making the data inconclusive.

For instance, if dormant addresses with large holdings suddenly become active, it might indicate selling, especially if they transfer to an exchange deposit address.

Pseudonymous crypto analyst TXMC, host of the YouTube channel Alpha Beta Soup, cautioned against using “whale” metrics to make definitive claims in a June 15 X post.

They noted that large-scale Bitcoin sales by whales don’t always signal a sell-off.

“The mechanical stepwise drawdown here speaks to wallet management, and you are only seeing part of a larger pie.

READ MORE: SEC Chair Gensler Signals Approval for Spot Ether ETFs by End of Summer

“These are sometimes firms & institutions with multiple wallets and hundreds/thousands of clients,” they explained.

Check further elaborated in a May 7 post, “Data around these entities is notoriously noisy, and I can almost guarantee that the big ‘whale’ wallets you’re watching are ETFs and exchanges.”

He described whale-watching as “cheap engagement bait.”

Despite this, social media posts about whale movements attract significant interest.

A recent post by pseudonymous trader Marty Party, discussing Bitcoin whale activity, garnered over 205,000 views.

“Bitcoin OG whales have sold over 50,000 BTC in the past 10 days, totaling approximately $3.30 billion,” Marty Party wrote on June 14.

Analysts often use this data to illustrate differing market views among whales.

For example, Vivek Sen of Bitgrow Lab highlighted a graphic from CryptoQuant showing whales buying $1.3 billion worth of Bitcoin on June 14.

On May 15, CryptoQuant noted that Bitcoin whale demand was in “acceleration mode” after a two-month downtrend, indicating potential stabilization and a need for further demand growth to sustain the price rally.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Trump Vows to End Biden’s “War on Crypto” and Make Florida a Crypto Hub

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Former United States President Donald Trump has pledged to end President Joe Biden’s “war on crypto” if he is elected again.

“I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America; we’re going to keep it right here, and a lot of it is going to be done right here in Florida,” Trump announced during a special address in West Palm Beach, Florida.

The event took place on June 14, coinciding with Trump’s 78th birthday.

Trump has frequently criticized Biden’s approach to cryptocurrency.

On May 26, he condemned Biden’s policies, asserting that the U.S. should strive for leadership in the crypto industry.

“Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death.

“That will never happen with me,” Trump wrote on May 25 on Truth Social, a platform owned by Trump Media and Technology Group.

READ MORE: Ripple Calls for Fair Penalty in SEC Case, Cites Terraform Labs Settlement

As Trump gears up to face Biden in the 2024 presidential race, with election day on November 5, his focus on cryptocurrency highlights a key aspect of his campaign.

Trump’s commitment to making Florida a major player in the crypto industry aligns with recent data from CoinLedger, which named Florida the “best state” for crypto taxes in the United States.

The state’s favorable crypto tax status stems from its lack of state income tax and its crypto-friendly regulatory policies, including a pilot program that allows businesses to pay state fees in cryptocurrency.

In contrast, New York was ranked as the worst state for crypto taxes.

On June 12, Trump also expressed his support for the Bitcoin mining industry, emphasizing his desire for all remaining Bitcoin to be mined within the United States.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

MicroStrategy Announces $700 Million Debt Offering to Fund Additional Bitcoin Purchases

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American software technology firm MicroStrategy has announced the pricing of a new $700 million debt offering due in 2032, intended to fund further Bitcoin purchases.

The official press release states that the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

Initially announced at $500 million, the offering has been increased to a $700 million aggregate principal amount.

MicroStrategy plans to allocate part of the proceeds to acquiring more Bitcoin for its corporate treasury.

The company has already amassed 214,400 BTC, valued at approximately $14 billion, according to its Q1 2024 financial results.

These notes, which are unsecured senior obligations of MicroStrategy, will bear interest at a rate of 2.25% per annum.

Interest will be payable semi-annually in arrears on June 15 and December 15 each year.

The notes will mature on June 15, 2032, “unless earlier repurchased, redeemed or converted” as per their terms.

“Subject to certain conditions, on or after June 20, 2029, MicroStrategy may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed.”

MicroStrategy estimates that the net proceeds from the sale will be approximately $687.8 million after deducting initial purchasers’ discounts, commissions, and estimated offering expenses.

READ MORE: Kerrisdale Capital Launches Aggressive Campaign Against Bitcoin Miners, Targeting Riot Platforms

If the initial purchasers exercise their option to purchase additional notes in full, the total proceeds could reach around $786 million.

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”

This move follows the firm’s announcement on June 13 to raise $500 million through a similar offering.

The expansion to $700 million underscores the Bitcoin-maxi firm’s strategy to strengthen its BTC holdings and position in the crypto market.

It’s important to note that since the notes are sold under Rule 144A of the Securities Act of 1933, they will not be officially registered with the United States Securities and Exchange Commission (SEC).

Notes traded under Rule 144A cannot be sold or bought in public markets without meeting SEC legal prerequisites.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

MicroStrategy Announces $700 Million Debt Offering to Fund Additional BTC Purchases

//

American software technology firm MicroStrategy has announced the pricing of a new $700 million debt offering due in 2032, intended to fund further Bitcoin purchases.

The official press release states that the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

Initially announced at $500 million, the offering has been increased to a $700 million aggregate principal amount.

MicroStrategy plans to allocate part of the proceeds to acquiring more Bitcoin for its corporate treasury.

The company has already amassed 214,400 BTC, valued at approximately $14 billion, according to its Q1 2024 financial results.

These notes, which are unsecured senior obligations of MicroStrategy, will bear interest at a rate of 2.25% per annum.

Interest will be payable semi-annually in arrears on June 15 and December 15 each year.

The notes will mature on June 15, 2032, “unless earlier repurchased, redeemed or converted” as per their terms.

“Subject to certain conditions, on or after June 20, 2029, MicroStrategy may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed.”

MicroStrategy estimates that the net proceeds from the sale will be approximately $687.8 million after deducting initial purchasers’ discounts, commissions, and estimated offering expenses.

READ MORE: Kerrisdale Capital Launches Aggressive Campaign Against Bitcoin Miners, Targeting Riot Platforms

If the initial purchasers exercise their option to purchase additional notes in full, the total proceeds could reach around $786 million.

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”

This move follows the firm’s announcement on June 13 to raise $500 million through a similar offering.

The expansion to $700 million underscores the Bitcoin-maxi firm’s strategy to strengthen its BTC holdings and position in the crypto market.

It’s important to note that since the notes are sold under Rule 144A of the Securities Act of 1933, they will not be officially registered with the United States Securities and Exchange Commission (SEC).

Notes traded under Rule 144A cannot be sold or bought in public markets without meeting SEC legal prerequisites.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

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