Wu Shuo Zhou’s Selection: Top 10 News and Hot Articles, Voyager Bankruptcy and Delisting, Celsius Pays Off On-Chain Debts (0701-0708)

Top 10 News of the Week

1. Voyager: Withdrawal suspension, bankruptcy filing, stock delisting

Voyager has currently suspended withdrawals, filed for bankruptcy reorganization, and voluntarily delisted its shares. It currently has approximately $1.3 billion in crypto assets on the platform, plus a claim of more than $650 million against 3AC, and more than $350 million in cash at Metropolitan Commercial Bank.

2. Celsius has repaid all debts and taken out collateral, and later transferred 24,462 WBTC to the FTX wallet

According to Oasis data, Nansen marked as Celsius address (0x87A67e7dC32fdc79853D780c6f516312b4A503B5) returned the remaining 41.23 million DAI debt on MakerDAO at 11:09 AM UTC on July 7, and took out the remaining 21,962.63 WBTC collateral. Later, the funds were aggregated and 24,462 WBTC were transferred to the FTX wallet.

3. Vauld announced the suspension of all withdrawals, transactions and deposits on the platform, and Nexo plans to acquire Vauld shares

Singapore-based cryptocurrency trading and lending platform Vauld has suspended all withdrawals, transactions and deposits on the platform due to market volatility and financial difficulties of its main business partners. Crypto lending platform Nexo plans to acquire Vauld shares.

4. The South Korean government will launch a second round of comprehensive investigation into the Terra/LUNA crash

The Financial and Securities Crime Joint Investigation Team of the Southern Prosecutors' Office in Seoul, South Korea will start a second round of comprehensive investigation into the Terra/LUNA collapse from July 4 after the new head takes over. An official from the prosecution said, "In addition to the charges that have been filed, we will review all charges raised by the public opinion." The current charges or disputes against Terraform Labs and its CEO Do Kwon include violations of the Fraud and Receiving Act, tax evasion, and disputes over the flow of funds.

5. The UK government is seeking opinions from investors, professionals and companies on taxation of DeFi activities

The UK government is seeking opinions from investors, professionals and companies on the taxation of DeFi activities. According to an official announcement on Tuesday, the government hopes to collect tax evidence on crypto asset loans and mortgages. The submission period is from July 5 to August 31. In addition to sending emails, the UK government will also consider holding meetings with relevant parties to discuss the issues raised in the call for papers.

6. Reddit announces a new NFT-based avatar marketplace

Reddit announced the launch of a new NFT-based avatar market, allowing users to purchase blockchain-based profile pictures at a fixed price. Reddit said that users do not need a crypto wallet and can purchase with a credit or debit card and use Reddit's own wallet to store. Reddit is currently planning to release 90 different designs and hopes to explore more functions through NFT. Last year, Reddit released a limited edition NFT based on its mascot Snoo: CryptoSnoos.

7. CZ mocks Alameda for its debt to Voyager, Alameda responds

In response to Alameda's disclosure that it had a debt of $376 million to Voyager, Binance founder CZ said it was an "interesting turn"; Binance did not borrow from others and was self-sufficient. Alameda Research said in a tweet, "We are happy to return the Voyager loan and take back our collateral whenever Voyager sees fit."

8. Circle: 80% of USDC reserves are US Treasury bills with a term of 3 months or less, and 20% are cash in the US banking system

Circle stated in its latest article that 80% of its USDC reserves are U.S. Treasury bills with a term of 3 months or less, which are purchased by BlackRock and kept by Bank of New York Mellon; 20% are cash in the U.S. banking system, with partners including Silvergate, Signature Bank and New York Community Bank, etc., and it continues to diversify its bank partners to further reduce bank risks in U.S. dollar cash reserves, with the long-term goal of holding cash reserves directly at the Federal Reserve. In June, Circle redeemed $14.7 billion in USDC for its customers.

9. Hut 8 Mining Company Sticks to HODL Strategy, while Core Scientific Sells Bitcoin

Hut 8 announced the mining production and operation update in June: Adhering to the HODL strategy, the total balance of Bitcoin in reserve is 7,406. Core Scientific sold 7,202 Bitcoins in June.

10. Meitu's net loss in the first half of the year increased by more than 99% year-on-year, mainly due to the impairment of purchased cryptocurrencies

Meitu's Hong Kong Stock Exchange announcement shows that it is expected to record a net loss of approximately RMB 274.9 million to RMB 349.9 million for the six months ending June 30, an increase of approximately 99.6%-154.1% over the same period in 2021. The main reason for the expected increase in net losses is the impairment of purchased cryptocurrencies. Meitu purchased a total of 31,000 ETH and 940.89 Bitcoins in three batches from March to April 2021.

Key financing events

• OP Crypto, a crypto venture capital founded by former Huobi executives, announced the launch of OP FoF I fund, aiming to raise $100 million

• East Ventures' new fund raises $500 million, focusing on Web3 and other areas

• Sequoia China is close to completing $9 billion in fundraising for its four new funds

• German game developer Klang Games completes $41 million financing, led by Animoca Brands

• Mask Network announced the completion of a $42 million funding round for its venture capital arm, Bonfire Union

• Web3 gaming company Planetarium Labs receives $32 million in Series A funding led by Animoca Brands

• Franco-German venture capital XAnge announced the completion of 220 million euros in fund raising, focusing on DeFi, Web3, etc.

• Crypto options and futures trading platform Thalex announces completion of €7.5 million Series A funding round, with participation from Bitfinex, Bitstamp and others