- Genesis has stopped withdrawals; Parity Labs denies rumors of employee layoffs (10.13)
headlines
Financial Times: Cryptocurrency broker Genesis halts withdrawals
Odaily reported that cryptocurrency broker Genesis stopped withdrawals, according to Watcher.Guru citing the Financial Times.
Polkadot service provider Parity Labs denies rumors of employee layoffs
Odaily News Polkadot service provider Parity Labs denies rumors of laying off more than 300 employees this week, saying that it is seeking to transfer some existing marketing functions to multiple decentralized teams within the Polkadot ecosystem, which will affect the companys future Months of staffing.
Parity said it is eliminating some existing marketing functions as it shifts its focus to delivering Polkadot’s next-generation technology with the aim of “improving the developer experience” and nurturing the developer community. (The Block)
Caroline Ellison: SBF had planned to let regulators crack down on Binance and acquire SNAP
Odaily reported that former Alameda CEO Caroline Ellison had a list of things that scared SBF, including: SBF had planned to have regulators crack down on Binance, acquire Snapchat parent company SNAP, raise funds from Saudi Crown Prince Mohammed bin Salman, and trade in Japan Government bonds, etc. (The Block)
Industry News
ARK files updated version of Bitcoin spot ETF application
Odaily News Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that ARK submitted an updated version of its Bitcoin spot ETF application to the SEC. The changes include that the net asset value calculation does not comply with GAAP accounting standards; Saved in a separate wallet on the Bitcoin blockchain, so not commingled with company or other customer assets; additional instructions in response to questions.
SBF believes Binance leaked Alameda’s balance sheet to CoinDesk
Odaily News SBF provided evidence at the trial that he believed Binance leaked Alameda Research’s balance sheet to the media CoinDesk, which was a key event in FTX’s collapse last year.
Caroline Ellison testified that SBF prepared a memo dated November 6, 2022, outlining potential investors that he and others planned to seek bailout; SBF named TRON founder and Huobi trader on that list The firms adviser, Justin Sun, listed him as a potential investor who could be approached, but added that it turns out he has a close relationship with CZ. (The Block)
Former Alameda engineer: A trader cost Alameda more than $100 million by clicking on a phishing link
Odaily reported that former Alameda engineer Adi (e/acc) disclosed on the X platform that an Alameda trader clicked on a phishing link while conducting DeFi operations, causing Alameda to lose more than $100 million. Adi also disclosed multiple cases of losses worth tens of millions due to security issues.
Court approves Circle’s amicus brief to intervene in SEC and Binance cases
Odaily News: A top judge for the District of Columbia has signed multiple orders ahead of key hearings to clear pending motions in the ongoing U.S. Securities and Exchange Commission lawsuit against cryptocurrency exchange Binance.
In the key orders, the judge approved an amicus brief filed by stablecoin issuer Circle ahead of a key hearing on October 12. Circle filed a court motion on September 29 in the ongoing SEC vs. Binance lawsuit, arguing that assets pegged to the U.S. dollar, such as USDC, are not securities.
Judge Amy Berman Jackson accepted Circle as an amicus curiae and did not support the motions of defendants Binance and CEO CZ to dismiss the lawsuit. The court also reminded that amicus curiae may participate in oral arguments only with permission from the court.
An amicus curiae is an individual or group who is not a party to a legal dispute but is permitted to assist the court by providing information, expertise, or insight into issues in the case. The court has the discretion to decide whether to consider amicus briefs. (Cointelegraph)
Bitget released its September reserve report, with a comprehensive reserve rate of 207%
Odaily News Bitget released its September reserve report today, with the comprehensive reserve ratio at 207%. Among them, the reserve ratios of BTC, ETH, USDT, and USDC are 423%, 144%, 132%, and 2052% respectively. Data as of October 10 show that the cumulative total value of Bitget’s reserves has exceeded $1.38 billion, including 31 mainstream digital assets.
In December 2022, Bitget will launch the reserve certificate page, and the reserve data will be updated monthly. Since its launch, the reserve ratio has always exceeded 200%, stably remaining at more than twice the industry standard (100%).
Okcoin is removing users from some regions and all assets must be withdrawn before October 12
Odaily News Okcoin sent an email to users in some areas stating that due to new local regulations, Okcoin Technology Co., Ltd. (Hong Kong) is expelling users; starting from October 12, 2023, Okcoin accounts will only provide login and withdrawal services; thereafter please Do not make a deposit, it may not be automatically credited to the account; please withdraw all fiat and crypto assets before October 12, 2023. If users do not withdraw their assets, Okcoin will charge them monthly starting on October 16, 2023 Maintenance fee.
Binance Feed renames Binance Square and transforms into a social platform
Odaily News Binance announced that Binance Feed has been renamed Binance Square and evolved from a content aggregator to a social platform.
In addition to supporting news, the Binance Square platform also facilitates communication between content creators and followers. Binance users can share experiences, follow hot trends, and participate in topical discussions on Binance Square. Binance Square also recently launched a tipping option to reward creators for their content contributions.
Genesis files proposed court order over $175M claims settlement with FTX
Odaily News Genesis Global Capital (GGC) has filed a proposed order in the Federal Bankruptcy Court for the Southern District of New York on Thursday to enforce the company’s settlement agreement with FTX.
Under the settlement, FTX is entitled to a $175 million bankruptcy claim against Genesis based on a loan it previously made to FTX subsidiary Alameda Research. In exchange, FTX agreed to withdraw several other claims against Genesis that could total more than $1 billion.
This follows a decision by Judge Sean H. Lane on October 6 approving an agreement between Genesis and FTX to resolve claims between the two companies.
Genesis initially sought approval for the agreement in August. However, major creditors Gemini Trust and an ad hoc group of Genesis creditors objected to the terms of the settlement. Judge Lane dismissed those objections in an Oct. 6 decision following an evidentiary hearing in September. He argued that the agreement was reasonable given the risk of litigation and the potential for greater losses if FTXs claims remained unresolved.
The proposed order filed by Genesis on Thursday still requires approval from Judge Lane. A hearing is scheduled for Oct. 18 and will give other opposing parties a last chance to contest the terms of the settlement before the agreement is implemented. (Cryptoslate)
CFTC votes to sue Voyager, accusing him of violating derivatives regulations
Odaily News Fox Business reporter Eleanor Terrett posted on the
Mastercard tests CBDC on-chain tokenization solution, supports NFT purchases on Ethereum
Odaily News Payment giant Mastercard announced that it has successfully demonstrated a new functional solution that can support the tokenization (or encapsulation) of central bank digital currencies (CBDC) onto different chains to provide consumers with more payment options.
The solution was developed in partnership with Cuscal and Mintable as part of an RBA and DFCRC research project exploring potential use cases for CBDC in Australia. In a live verification environment, Mastercard demonstrated how the solution enables holders of a pilot CBDC to purchase NFTs on the Ethereum chain, by locking the required amount of the pilot central bank digital currency on the RBAs pilot CBDC platform, An equal amount of pilot CBDC encapsulated tokens were minted on Ethereum, and the transaction was completed. (Finextra)
Odaily News South Korean prosecutors have begun a comprehensive investigation into the alleged misappropriation of virtual currency and breach of trust by former Kakao Chairman Kim Bum-so and executives of affiliated company Klaytn, and conducted the first plaintiff investigation on October 11.
The prosecutor asked the plaintiff in detail on the same day about the facts, legal background and amount of damages of the main accusation. Prosecutors also allegedly asked the plaintiffs to submit additional data regarding details of cryptocurrency Klay transactions by executives at Kakao-affiliated companies. (Yonhap News Agency)
An Indian businessman had $480,000 stolen and flowed into a Hamas-related account
Odaily reported that 40 million Indian rupees (approximately US$480,000) were stolen from an Indian businessman. After tracing by the Indian police, the funds eventually flowed into Hamas-related accounts.
Indian authorities received information from the Israeli intelligence agency Mossad about some suspicious wallets used to finance terrorist groups. The wallet information traced the user-businessmans funds. The suspicious wallets were owned by Hamass cyber arm Al Wassam Brigades. control. (CryptoNews)
Project News
CoinList launches multi-chain staking fund for US-compliant investors
Odaily News CoinList is launching a new fund that will allow compliant U.S. investors to earn returns from staking a variety of different digital assets, including Ethereum and Near.
CoinList’s new financial instrument will initially only support staking on Ethereum and Near. In the future, the company plans to add support for staking on several other blockchains, including Flow, Sui, and Mina. (The Block)
Odaily News Optimism announced that Test in Prod has joined the core development team of Optimism Collective. As the third core team, Test in Prod will build OP Stack together with OP Labs and Base. Optimism will provide 5 million OP tokens to Test in Prod within four years, with Cliff releasing 30% in one year and the remainder on a monthly basis.
zkSync Era officially open sourced two key components: Block Explorer and Portal (Bridge)
Odaily News zkSync Era announced the official open source of two key components Block Explorer and Portal (Bridge). Currently, these two components have been entrusted to the core contributor community. Subsequent Matter Labs will continue to develop zkSync technology and its ecosystem management. The effect will gradually decrease.
Community users can now run the zkSync Portal on their own and seamlessly bridge tokens. At the same time, the main interface for users and developers to explore transactions, blocks and contracts, Block Explorer, is now fully open source and supports local operation. Currently, zkSync Era has been integrated into the zone. Blockchain explorers Blockscout and L2s can and allow users to access on-chain data.
Odaily News Lido Finance posted on the X platform that after overnight work by the Launchnodes team, the situation has stabilized and the rest of the validator infrastructure has been slowly restored. The root cause of the confiscation incident has been identified and minor details are still being investigated.
Currently, the penalty amount totals 20.04 ETH and is expected to increase to 23.06 ETH upon withdrawal. Infrastructure downtime penalties and overall missed rewards (excluding EL rewards) total 5.663 ETH (including slashed validators). The Launchnodes team immediately expressed their desire to compensate stakers as quickly as possible and thus paid out 25.663 ETH ahead of today’s rebase, meaning stakers will not see their rewards reduced for the day due to outages and slashings.
LayerZero announces the launch of opBNB
Odaily News LayerZero announced the launch of opBNB. Developers building on BNB Chain can now extend their applications to opBNB and more than 40 other chains with LayerZero endpoints.
Curve founder received 11.85 million CRV from the vesting contract
Odaily reports that according to Scopescan monitoring, Curve founder Michael Egorov has just received 11.85 million CRV (approximately US$5.08 million) from the vesting contract.
Based on the vesting schedule and the current CRV price, Michael Egorov can receive 548,600 CRV (approximately $235,000) per day and 16.7 million CRV (approximately $7.16 million) per month.
sFRAX, a pledged vault based on U.S. Treasury bonds, has been launched with a current APY of 10.01%
Odaily news: sFRAX, a pledged vault based on U.S. Treasury bonds launched by Frax Finance, has been launched. The current APY reaches 10.01%, and the supply of sFRAX is currently 4,655,361 pieces.
Tangible announces USDR de-anchoring solution and will launch Baskets swap
Odaily News In response to the USDR de-anchoring incident, Tangible issued an announcement on the X platform. The follow-up action plan is:
1. The collateral ratio of USDR is still 84% after considering the value of $TNGBL and the insurance fund is zero. The protocol has withdrawn the liquidity (POL) owned by the protocol and destroyed USDR. Currently, the protocol still holds approximately US$2.4 million. Stablecoins (DAI, USDC, USDT).
2. Launch of Baskets: This token will be launched soon and will play an important role in the exchange process and provide real estate asset support. Users will be given the option to hold tokens, earn income, or sell them.
3. USDR exchange: Once the basket token is launched, users can exchange USDR and other assets.
Stablecoin trading project Platypus is suspected of being attacked, losing about US$1 million
According to Odaily, Platypus Finance, the Avalanche ecological stablecoin trading project, is suspected of being hacked and has lost approximately US$1 million.
Decentralized social protocol Farcaster opens permissionless registration
Odaily News The decentralized social protocol Farcaster announced on the X platform that it has opened permissionless registration. Developers can now build applications, register users, and read/write Hub data without any third party.
Odaily news chain game AbyssWorld community administrator issued a notice saying: In order to protect the funds needed for game production, we have decided to postpone this months SUI airdrop to Gazer. We have encountered long-term deception, and our early main investor Chainhill Capital appeared Due to the thunderstorm problem, the investment in Abyss World and other games has not been received. We have been in arrears with Abyss World for more than half a year. We expanded the team as promised but consumed more cash reserves than planned.
In addition, the announcement also mentioned that the project will try its best to repay and compensate community users who have been harmed, and will keep records of Gazer holders. Due to financial constraints and being unable to fulfill its market-making commitments, the project decided to unlock and release all remaining AWT tokens from Gazer and IDO to help disappointed investors exit as soon as possible. They also plan to announce the burning of some of the previously repurchased tokens soon.
Investment and Financing
Odaily News Crypto wallet provider Account Labs announced the completion of US$7.7 million in financing, led by Amber Group, MixMarvel DAO Ventures and Qiming Venture Partners.
At the same time, the self-hosted smart wallet UniPass Wallet is launched, which will also leverage account abstraction to improve user experience. (Decrypt)
Binance Labs announces investment in Initia
According to Odaily’s official blog, Binance Labs announced its investment in Initia. The funds have not yet been disclosed. The funds raised will be used to support the development of Initia infrastructure and developer tools.
It is reported that Initia is L1 on Cosmos, using OP Rollup’s application-specific L2. Through Initias architecture, including L1, L2 and communication layers, developers can easily launch application-specific blockchains based on Initia L2 without having to understand complex chain-level infrastructure or run a validator set.
Invesco and other 4 institutional investors recently bought Bitdeer shares (Nasdaq: BTDR)
Odaily News On October 12, according to Futu’s latest equity disclosure data, as of September 30, 2023, 4 new institutional investors had purchased the shares of Bitdeer (Nasdaq: BTDR), a provider of crypto mining services. Specifically including Invesco Capital Management, Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA), Exchange Traded Concepts (ETC) and BetaShares Capital Limited.
Invesco, an independent investment management firm, purchased 20, 380 Bitdeer shares. TIAA, one of the providers of financial retirement services in the academic, research, medical, cultural and government sectors, currently holds 22, 100 shares. ETC purchased 290, 730 shares. BetaShares, another Australian ETF provider, currently holds 178, 360 Bitdeer shares.
global policy
Odaily News: The U.S. CPI in September, not seasonally adjusted, recorded an annual rate of 3.7%, which was expected to be 3.6%.
UK FCA Chairman: Will release fund tokenization blueprint later this year
Odaily News The UK Financial Conduct Authority (FCA) Chairman Ashley Alder said in a speech on Thursday that it has been working with a technical working group to develop a blueprint for fund tokenization, and the working group will release this content later this year. The FCA published a discussion paper in February this year on updating and improving the country’s asset management regime, covering “how fund managers can adopt distributed ledger technology to offer fully digital funds to the public”.
Character*Voice
Odaily News 21.co analyst Tom Wan published an article on the X platform analyzing the reasons for the de-anchoring of USDR. The data shows that half of the USDR-anchored assets come from stable coins and half from real estate (assets). When a run occurs (massive redemption of USDR), the stablecoin liquidity in the reserve will first be exhausted. For example, USDR’s DAI liquidity was exhausted on October 11, and the remaining tokenized real estate reserves were converted into ERC-721 Rather than being minted in the form of ERC-20 tokens, the USDR treasury cannot make redemptions due to the illiquidity of real estate and the inability of ERC-721 to be immediately divisible.
Tom Wan said that there are two major lessons from the USDR unanchoring incident. One is that liquid assets cannot be used to support illiquid assets, and the other is that illiquid assets should be tokenized using ERC-20 to facilitate transactions.
Odaily News Huang Licheng posted on the X platform: We need transparency to understand which APE wallets belong to Yuga, founders, venture capital and contributors to token issuance.
