1. Infini card announces official service termination.
On June 17, Infini card announced the official termination of services. Global cards, Lite cards, and Tech cards will all be suspended from use and new applications, and all affected users who have applied for cards will be automatically refunded the actual card opening fees. In the future, the focus will shift towards financial management and other directions. Infini stated that the reason for not engaging in to C card business is that compliance costs are extremely high, profits are exceedingly thin, and operations are very burdensome. Wealth management and asset management business will become the future focus. In the future, it will fully embrace decentralization.
Read the original article
2. Polyhedra releases preliminary report on ZKJ token price crash: involving liquidity attacks and concentrated sell-offs.
Polyhedra releases preliminary report on ZKJ token price crash. Initial analysis shows the event was triggered by an on-chain collaborative liquidity attack on PancakeSwap, with multiple addresses withdrawing over $7.7 million from the ZKJ/KOGE liquidity pool and concentrating their sell-off of ZKJ, leading to a rapid price drop. The project team claims they did not sell tokens, stating they had invested approximately $30 million worth of USDT, USDC, and BNB into PancakeSwap to provide liquidity, but due to the sharp price drop, the relevant assets were all exchanged for ZKJ. During the same period, Wintermute transferred over 3.39 million ZKJ to centralized exchanges, with its holdings dropping from 3.41 million to 22,000 within 90 minutes, and the price of ZKJ fell from about $1.93 to $0.29, a decline of over 80%. During this time, about $94 million in ZKJ long positions on platforms like Bybit were liquidated, further exacerbating the decline.
Read the original article
3. Arthur Hayes analyzes the stablecoin landscape.
BitMEX co-founder Arthur Hayes analyzes the stablecoin landscape, pointing out that the key to stablecoin success lies in distribution channels. Tether dominates due to its partnership with Bitfinex and trust in Greater China, especially evident in global south markets; USDC, though relying on Coinbase for distribution, still lags behind Tether. Hayes warns that new projects will struggle to break through distribution bottlenecks and states that the stablecoin bubble may expand with Circle's IPO, ultimately bursting on some 'dumb money' project, urging investors to be wary of inflated valuations and shell projects masquerading as 'bank collaborations.'
Read the original article
4. The Deputy Minister of Finance of Thailand announced a 5-year exemption for capital gains tax on digital assets.
Julapun Amornvivat, the Deputy Minister of Finance of Thailand, tweeted that the Thai Cabinet has approved new tax measures proposed by the Ministry of Finance. According to the new policy, from January 1, 2025, to December 31, 2029, individuals will be exempt from personal income tax on capital gains from trading digital assets through platforms regulated by the Thai Securities and Exchange Commission (SEC). He stated that the key to this law is to enhance the vitality of Thailand's cryptocurrency market, attract foreign investment to stimulate domestic consumption, and possibly introduce other forms of taxation in the future, such as value-added tax (VAT). Thailand is considered one of the first countries in the world to establish clear laws and tax measures to manage digital assets.
Read the original article
