- The JPEX thunderstorm may become the largest financial fraud case in Hong Kong history; Mixin Network was stolen, involving an amount of approximately US$200 million (September 26)
headlines
Mixin Network announced that in the early morning of September 23, Hong Kong time, the database of the Mixin Network cloud service provider was hacked, resulting in the loss of some assets on the main network. Mixin Network has contacted Google and blockchain security company SlowMist to assist in the investigation. According to preliminary verification, the funds involved are approximately US$200 million. Mixin Network deposit and withdrawal services have been temporarily suspended. After discussion and consensus among all nodes, these services will be reopened once the vulnerability is confirmed and fixed. During this period, transfers will not be affected. Regarding how to deal with lost assets, the Mixin team will announce solutions later. Mixin founder Feng Xiaodong will explain the incident in a public Mandarin live broadcast at 13:00 on September 25, Hong Kong time. Mixin will summarize the content in English afterwards for your convenience. Mixin will do its best to minimize the loss and deeply apologizes for this. Previously, SlowMist issued a security alert stating that the Mixin Network cloud service provider database was attacked on September 23, involving an amount of approximately US$200 million. SlowMist is assisting in the investigation, and more information needs to wait for updates from Mixin Network.
cryptocurrency
According to on-chain analyst Ember monitoring, the whale address starting with 0x df 1 once again withdrew 10.29 million CRV (approximately $5.37 million) from Binance 5 hours ago. This giant whale has withdrawn a total of 19.56 million CRV (approximately $10.2 million) from Binance in 3 days, with an average price of $0.5; and then pledged all these CRV on the Convex platform.
Data compiled by 21 Shares parent company 21.co on the Dune platform shows that wallets related to the North Korean hacker group Lazarus Group currently hold digital assets worth approximately US$47 million, including US$42.5 million in Bitcoin and US$1.9 million in Ether. Bitcoin, $1.1 million in BNB and $640,000 in stablecoins (mainly BUSD).
Tether modifies Singapore terms of service, some Singapore customers will not be able to redeem USDT
Tether has modified its terms of service (ToS) in Singapore, limiting the USDT redemption rights of certain customers. According to Julian Hosp, CEO of Cake Group, who posted on the Some community members pointed out that Tether’s recent terms of service changes come against the backdrop of one of the largest cryptocurrency money laundering scandals in Singapore. Others believe that the changes to the USDT redemption terms may be an issue specific to Cake Group, as the email was marked as enhanced due diligence (EDD) and therefore may involve cooperation issues between the two companies. As of now, Tether has not responded to Cointelegraph’s confirmation email.
Project News
According to on-chain analyst Ember Monitoring, Arbitrum airdrop claims have ended at Ethereum network block height 18208000. Ten minutes ago, unclaimed 69, 448, 385 ARB (approximately $56.54 million) were transferred from the airdrop contract to the DAO treasury.
CRV TVL hits $60M on Silo Llama, hits record high
Silo Labs posted on the X platform that CRV TVL on Silo Llama reached $60 million, a record high. According to previous news, in August this year, the decentralized lending protocol Silo Finance launched the risk isolation design protocol Silo Llama on Ethereum, using crvUSD as the only cross-chain asset. Silo Llama adopts a risk isolation design in which each token asset has its own lending market and is paired with crvUSD. Silo will initially launch CRV, LINK, rETH, OHM, YFI, LQTY, USDC, UNI, LDO, cbETH and SNX Capital pool.
ETHGlobal announces the list of 13 finalist projects for the New York Hackathon
ETHGlobal announced the 13 finalists of the New York Hackathon, covering fields such as gaming, social networking, account abstraction and DeFi, as follows: -FRAMED!: a hidden information game built using fhEVM, completely on-chain and without trust. -FAST: The fastest way to interact between 2 users using blockchain. Users snap a photo of themselves to register, pose with others, and seamlessly interact with their addresses. -ZeroTrustBounty: is solving the challenges of traditional bug bounty platforms, where enterprises must trust third parties to provide sensitive data and white hat hackers have no guarantee of receiving payment for their services. -Doom Arena: a distributed DApp used to manage and create Doom game-related competitions. -AirTracker: Decentralized physical asset tracking using AirTags and blockchain storage and messaging. -SafeCreate 2: Use single-chain Safe to ensure safe deployment of multi-chain smart contracts. -ConsciousNFT: Provides AI-based tools for NFT projects to awaken conscious identities in NFTs. -Space Guardians: MetaMask Guardian management system built with Snaps for satellite secure access recovery. -ASR: Provides smart contract ownership recovery function, allowing users to restore the ownership of smart contracts after losing the signing key. -MEVictim Rebate: Identify MEV victims through on-chain historical data, design better market incentives, and airdrop tokens to victims to access the token-gated Uniswap V4 pool on Scroll. -RealReturn: An open and verified real return on investment ranking list, enabled by TLSNotary and Jomo. -Abstract Wallet: Through account abstraction and passes, users can register and log in with one click; they can generate credentials, smart accounts, and mint NFTs with one click. -XSafe: Simplify the cross-chain use of Gnosis Safe multi-signatures, just sign once and the signature will be automatically propagated to all linked chains; execute a single transaction across multiple networks.
Investment and Financing
Crypto infrastructure Pimlico announced the completion of a $1.6 million Pre-Seed round of financing, led by 1co nfirmation, with participation from Safe and Consensys. Pimlico will work to expand the platform and facilitate Ethereum’s transformation into smart accounts.
regulatory policy
In response to recent public concerns about unregulated virtual trading platforms, the Hong Kong Securities and Futures Commission will take a number of measures to strengthen information dissemination and investor education. Leung Fengyi, Chief Executive of the Hong Kong Securities and Futures Commission, said that the Securities and Futures Commission will publish four lists of virtual asset platforms online, including a list of licensed platforms, a list of closed platforms, a list of platforms deemed to be licensed, and a list of new applicants. In addition, the China Securities Regulatory Commission will publish a list of suspicious virtual asset trading platforms to help the public become more alert to local unlicensed or suspicious operating practices. The SFC will publish the relevant list on its website and will consider providing more information about unregulated virtual asset platforms to alert the public as soon as possible. The Securities and Futures Commission of Hong Kong will continue to work closely with the Hong Kong SAR government and other regulatory agencies to safeguard investor interests and market confidence on the one hand, and create a convenient business environment on the other to promote the Hong Kong Web3 ecosystem through regulated service providers. Develop sustainably and responsibly.
The U.S. Justice Department agrees to extend Sun’s preparation time to defend against SEC lawsuit
Regarding the SEC’s lawsuit against Justin Sun and his company Rainberry, the judicial department has agreed to extend Sun’s defense preparation time, and the deadline has been extended to December 8, 2023. This provides Sun’s lawyers with time to “explore a solution to the SEC before the motion takes effect.” the likelihood of charges being brought against the defendant.” Reports indicate that there may be two reasons for the delay. The first is that the Tron Foundation was disbanded in April 2023 and is currently being rebuilt in Singapore. Another reason is that regarding the SEC’s lawsuit against Ripple, Justin Sun’s legal team believes it is necessary to delve into the proceedings related to the judge’s ruling. As previously reported by Odaily, in March this year, the SEC formally sued Justin Sun, founder of TRON and member of Huobi’s global advisory board, accusing him of illegal sales of securities, fraud and market manipulation. It is reported that the SEC stated in a press release that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and BitTorrent (now known as Rainberry) for selling tronix (TRX) and BitTorrent (BTT) tokens, describing them as unregistered crypto Asset Securities, and further accused Justin Sun of fraudulently manipulating TRX’s secondary market.
Character*Voice
Vitalik: CBDC is becoming the “front end” of the traditional banking system
Ethereum co-founder Vitalik Buterin said in an interview with CNBC that central bank digital currencies (CBDC) are not developing the way he once hoped. He was once more optimistic about CBDCs, but now he believes they have mostly become the “front end” of the traditional banking system. According to Vitalik, CBDC may not be a private digital asset. Instead, a CBDC would allow governments and businesses to monitor users’ financial transactions.
The JPEX case had more than 2,000 victims and involved more than HK$1.3 billion (approximately US$166 million). Industry insiders and analysts pointed out that JPEXs thunderstorm may become the largest financial fraud case in Hong Kongs history, which has sounded the alarm to local retail investors and brought great consequences to those virtual asset companies that hope that the Hong Kong SAR government will promote the development of the industry. Here comes the short term challenge. Cyrus Ip, chief commercial officer of AI startup DreamWld Technology, said: At a time when people have not fully understood what Web3 is, the JPEX case has left a negative impression on Hong Kong people in terms of digital assets and the Web3 industry. However, Daiwa Capital Markets block Carlton Lai, director of chain and cryptocurrency research, said that retail investors’ interest and confidence in cryptocurrencies will recover over time, especially when a bull market forms; before that, the Hong Kong SAR government needs to continue to educate the public about its new regulatory framework and advance investor protection measures.
