Wu Says Daily Selected Crypto News - Infini Card Officially Announces Service Termination

1. Infini card Officially Announces Service Termination

On June 17, Infini card announced the official termination of its services. The Global card, Lite card, and Tech card will all be suspended from use and new applications. All affected users who have applied for cards will be automatically refunded the actual card issuance fees they paid. The company will focus on financial management and other directions in the future.

2. Polyhedra Releases Preliminary Report on $ZKJ Token Price Crash: Involving Liquidity Attack and Concentrated Sell-off

Polyhedra released a preliminary report on the $ZKJ token price crash. Initial analysis indicates that the incident was triggered by an on-chain coordinated liquidity attack on PancakeSwap, where multiple addresses withdrew over 7.70 million USD from the ZKJ/KOGE liquidity pool and conducted a concentrated sell-off of $ZKJ, causing a rapid price decline. The project team stated they did not sell tokens and had previously provided liquidity worth approximately 30 million USD in $USDT, $USDC, and BNB to PancakeSwap, but due to the sharp price drop, all related assets were converted into ZKJ. During the same period, Wintermute transferred over 3.39 million $ZKJ to centralized exchanges, with their holdings dropping from 3.41 million to 22 thousand within 90 minutes. The $ZKJ price fell from about 1.93 USD to 0.29 USD, a decline exceeding 80%. Meanwhile, platforms like Bybit saw forced liquidation of approximately 94 million USD worth of long $ZKJ positions, further exacerbating the downward momentum.

3. Arthur Hayes Analyzes the Stablecoin Landscape

Arthur Hayes, co-founder of BitMEX, published an article analyzing the stablecoin landscape, pointing out that the key to stablecoin success lies in distribution channels. Tether dominates due to its cooperation with Bitfinex and trust in the Greater China region, especially enjoying advantages in the Global South markets. Although $USDC relies on distribution via Coinbase, it still lags behind Tether. Hayes warned that new projects would find it difficult to break through distribution bottlenecks and noted that the stablecoin bubble might expand with Circle's IPO, eventually bursting on some "dumb money" project. Investors should be wary of inflated valuations and shell projects disguised as "bank partnerships."

4. Thailand’s Deputy Finance Minister Announces 5-Year Capital Gains Tax Exemption on Digital Assets

Thailand’s Deputy Finance Minister Julapun Amornvivat 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, capital gains from digital asset trading conducted by individuals on platforms regulated by the Thai Securities and Exchange Commission (SEC) will be exempt from personal income tax. He stated that the key to this law is to enhance the vibrancy of Thailand's cryptocurrency market, attract foreign investment to stimulate domestic consumption, and potentially 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 regulate digital assets.