ETH falls below the $2400 mark

BlockBeats reported that on May 19, Haidian Court, in conjunction with the China Internet Association, recently released the White Paper on Corruption Crimes of Internet Enterprise Insiders and released typical cases. In a case, a user manager of a certain network technology company introduced a supplier to cooperate in virtual currency business, accepted bribes and embezzled virtual currency to cash out. He was ultimately convicted of bribery by the court and sentenced to nine years in prison; For the crime of embezzlement of official duties, sentenced to six years' imprisonment, and decided to execute twelve years' imprisonment. From April 2014 to January 2019, the defendant Shi worked as a user manager in the Basic Business Product Department of the Tieba Business Department at a certain network technology company, responsible for Tieba product design, exploring customer needs, and promoting solutions. During this period, the defendant Shi took advantage of his position to introduce a technology company in Beijing to cooperate with his company in virtual currency reward business, and illegally accepted 6.08 million yuan from the company. In addition, between June and December 2016, the defendant Shi took advantage of his position to illegally occupy RMB 3.66 million from the victim's company by using multiple Tieba accounts to monetize some virtual currency and transfer it to his controlled personal bank account in the virtual currency business cooperation between the victim's company and a Beijing technology company. On February 17, 2021, the defendant Shi was arrested and brought to justice by the public security organs. After trial, the court found that the defendant Shi, as a company employee, illegally accepted property from others and sought benefits for others by taking advantage of his position, with a huge amount of money, which has constituted the crime of non-state personnel bribery; The defendant Shi, as a company employee, illegally took possession of the company's property by taking advantage of his position. The amount involved was huge and constituted the crime of embezzlement. He should be punished together with the crime of accepting bribes from non-state personnel. The final court ruled in accordance with the law that the defendant Shi committed the crime of accepting bribes from non-state personnel and was sentenced to nine years in prison; For the crime of embezzlement of official duties, sentenced to six years' imprisonment, and decided to execute twelve years' imprisonment. After the verdict of the case, the defendant appealed, and the second instance court ruled to reject the appeal and uphold the original verdict. The judgment has now come into effect. The judge analyzed that the defendant's corruption behavior in this case covered the "whole process" of the development, operation and realization of the virtual currency of the Internet company, from project design to demand definition, to the introduction of suppliers and the landing of products, and finally led to accepting bribes, directly seizing the virtual currency and cashing it out. The defendant "realized" his power to the extreme. The amount of corruption was huge, and it was also the longest sentence for corruption crimes committed by internal staff of Internet enterprises in the past five years. The electronicization of business processes, digitization of management permissions, virtualization of property misappropriation, and complexity of the payment chain have made the criminal behavior itself difficult to detect in this case. It took about 6 years and 10 months from the occurrence of the behavior to the arrest of the defendant, and finally the criminal clues surfaced due to the anonymous report received by the company. This case involves the examination and application of electronic evidence, the improvement of the evidence chain of virtual transactions, and the determination of the amount of crimes involving virtual property. It has the characteristics of strong concealment of corruption crimes committed by Internet enterprise insiders, virtualization of illegal interests, and is typical. (New Beijing News)

Odaily Planet Daily News: Coin Bureau co-founder Nic Puckrin stated in an article on X platform that there is still a long way to go before the so-called "shanzhai season", and the current spot trading volume in the shanzhai coin market is still lower than the levels of January 2025 and March 2024, and far below the level of 2021. However, some institutions have started to increase their holdings of SOL before the arrival of the "shanzhai season". For example, DeFi Development Corp's SOL holdings have exceeded $100 million, and SOL Strategies has recently increased their holdings of over 120000 SOLs. In addition, the growth of new developers on the Solana chain has just surpassed Ethereum, with a year-on-year increase of 83%. Developers are choosing Solana, and currently 65% of SOLs are pledged, with open contracts also rising.

According to Lookonchain, a smart trader who made over $15 million in profits on Hyperliquid is currently shorting tokens such as ETH, BTC, AVAX, SOL, and USUAL, and has placed 100 ETH limit short orders between $2460 and $2480.

Foresight News reported that DeFi platform Infinex tweeted that 20% of its Yaprun pool will be allocated to Kaito AI ecosystem Hodlers, including Genesis NFT holders and KAITO stakers.

According to BlockBeats, on May 19th, on chain data analyst Murphy published an analysis of BTC chip concentration. From May 7th to May 14th, BTC's chip concentration dropped from a high of 15.5% to 8.2% in just 7 days. As the price rises, it has gradually moved away from the chip concentration zone. If the concentration curve continues to decline, it is highly likely that the price will continue to rise. After May 14th, the concentration curve suddenly stopped decreasing around 8.2% and showed a slight upward turn. The density of 8.2% was not significantly too high or too low. If the price falls and returns to the BTC chip concentration zone, the concentration curve will quickly rise again and brew greater volatility. Similar to the chart on January 23, 2025, the price retracement caused a decrease in concentration from a high level, followed by a turning point and a resurgence, after which price volatility was amplified. There is also a possibility that as prices continue to rise, the concentration curve will pause briefly before continuing downwards, similar to the situation on November 3, 2024 indicated in the graph. In summary, if the current concentration curve does not go all the way down but pauses halfway, it will bring uncertainty to the market direction. It is difficult to predict whether to be bullish or bearish through a single indicator, and a single concentration curve indicates that the market may once again choose the direction of volatility. When the concentration rises to a certain height, considering long volatility would be a good choice. The sharing of market views is only for learning and communication purposes and is not intended as investment advice.