- G20 Joint Communiqué: Roadmap for regulating crypto assets; US government monitors Chinese-related Bitcoin mining companies (10.16)
headlines
G20 leaders issued a joint communique and unanimously adopted a cryptocurrency regulatory roadmap
Odaily News G20 finance ministers and central bank governors issued a joint communiqué in Marrakech, Morocco, announcing the unanimous adoption of a comprehensive roadmap for regulating crypto assets. The roadmap aims to enhance global financial stability and ensure that cryptocurrencies are effectively managed within an international economic framework.
Tether appoints former CTO Paolo Ardoino as CEO
Odaily News Stablecoin issuer Tether has appointed Paolo Ardoino (former CTO) as its new CEO, with former CEO Jean-Louis van der Velde transitioning to an advisory role. Van der Velde will continue as Bitfinex CEO, while Ardoino retains his position as Bitfinex and Holepunch CTO. Ardoino became Tether’s chief technology officer in 2017 after joining Bitfinex three years ago.
Odaily News U.S. government officials have been keeping a close eye on certain cryptocurrency mining operations linked to China. One of the sites authorities are monitoring is a crypto mining operation in Wyoming near a Microsoft data center that supports some Pentagon operations.
The Reserve Bank of India has piloted CBDC in the current loan market, including asset tokenization
Odaily News People familiar with the matter said that the Reserve Bank of India has started testing its wholesale central bank digital currency (CBDC) on the call money market and has already conducted some transactions. More use cases will be tested in the coming days, with the roadmap covering the entire wholesale space, such as asset tokenization, repo trading, and more. The e-rupee will shift from bonds to redemption funds and buybacks. Once the entire segment is covered, a final pilot will be conducted for the entire wholesale segment.
Odaily News According to CME Fed Watch data, the probability that the Federal Reserve will keep interest rates unchanged at 5.25% -5.50% in November is 93.8%, and the probability of raising interest rates by 25 basis points to a range of 5.50% -5.75% is 6.2%.
Industry News
Odaily News Taiwans Financial Supervisory Commission confirmed that it has received reports alleging that JPEX illegally solicited and provided evidence in Taiwan, and has transferred the information to the investigation and investigation office. Since there are many victims in Taiwan, the current amount is tens of millions of dollars. After an investigation by the Taipei City Investigation Bureau, they recently secretly interviewed Chen Lingjiu, the singer who was responsible for the endorsement. The reason for the case was fraud. JPEX has no business person in charge in Taiwan, and the Bureau of Investigation interviewed Chen Lingjiu (real name Chen Zhihao) as a witness. Chen Lingjiu confessed that the whole matter was approached by Rolling Stone record manager Liu Boliang. He was only responsible for endorsements and he was also a victim. The Bureau of Investigation is still evaluating whether to interview Liu Boliang.
Odaily News On the second day of the Amsterdam Bitcoin Conference, Miguel Albuquerque, president of the Madeira Autonomous Region in Portugal, announced the creation of a Bitcoin Business Center in the region to promote innovation. This center aims to develop technology and Bitcoin and welcomes everyone who wishes to collaborate.
U.S. Judge Asks Binance and SEC to Resubmit Joint Status Report on October 30
Odaily News According to documents submitted to the court on October 13, U.S. District Judge Zia M. Faruqui gave Binance, Binance.US, Binance CEO CZ, and the U.S. SEC more time. He requested that the parties cooperate in required documentary discovery and witness testimony under a previous consent order. Binance, Binance.US and CZ, as well as the U.S. SEC, have filed joint status reports on Wednesday, but Judge Faruqui was not satisfied with the parties’ performance. Plaintiff and Defendant were unable to reach any conclusion regarding the discovery request.
According to Spot On Chain monitoring, the whale address (starting with 0x 88 e) that has been dormant for 3 years deposited 3,000 ETH ($4.66 million) to Binance again about 20 hours ago at an average price of $1,552, plus the previously deposited 4,500 ETH. ETH, a total of 7,500 ETH ($11.6 million) was deposited to Binance within 24 hours. Currently, the whale still holds 4,404 ETH ($6.83 million) and is expected to make a profit of $15.55 million in ETH.
ProShares to launch short Ethereum futures ETF next week
Odaily News Bloomberg ETF analyst James Seyffart posted on the The fund does not directly short ETH and aims to profit from falling prices in the asset.
Coinbase has gone to court asking the SEC to take action on its rulemaking petition within 30 days
Odaily News Coinbase Chief Legal Officer Paul Grewal posted on the X platform that Coinbase has submitted a response to the Third Circuit Court, requiring the SEC to take action on Coinbase’s rulemaking petition within 30 days.
Odaily News Binance.US announced that it has updated the digital asset listing process and will proactively announce selected assets that are being considered for listing. Currently, Binance.US is evaluating Sui (SUI) and may list it on the platform soon.
Justin Sun pledged 282,796 ETH on Lido through 2 addresses, worth US$439 million
Odaily reports that according to on-chain analyst Ember Monitoring, Justin Sun is now the largest pledger of ETH. He currently pledges 282,796 ETH (approximately US$439 million) on Lido through 2 addresses.
-0x176f3dab24a159341c0509bb36b833e7fdd0a132（192,656 ETH);
-0x9fcc67d7db763787bb1c7f3bc7f34d3c548c19fe（90,140 ETH).
Moscow exchange plans to issue housing and real estate digital assets in 2024
Odaily News Moscow Exchange, Russia’s largest exchange, announced that it plans to issue blockchain-based housing and real estate digital assets in 2024. The exchange had proposed completing a similar offering in August 2022 and is currently in talks with housing and development companies to start such operations next year, its director of digital assets Sergei Kharinov said.
Odaily News The Financial Intelligence Unit (FIU) under South Korea’s Financial Services Commission (FSC) reported that Hanbitco, the country’s cryptocurrency exchange, frequently experienced abnormal trading activities such as cross-trading. On October 13, the FIU fined Hanbitco 1.942 billion won (US$1.43 million) for violation of the obligation to verify customers and restrict transactions and violation of the obligation to provide information when transferring virtual assets and gave it an institutional warning. .
Project News
Odaily News Big Time staff said in the community that the team is about to launch a hot fix patch to correct a large number of bugs. The significant changes in this patch include: fixing the problem that the hourglass is not charged correctly when dismantling it; fixing an issue that may cause the task status to take a long time Time update issues; 14 fixes including some issues that caused the progress of the novice tutorial tasks to get stuck were fixed.
Odaily News The first round of voting for the Short-term Incentive Plan (STIP) launched by Arbitrum has been completed. 29 of the 95 projects that participated in the voting (duplication of the two main bodies) were selected, including Camelot, Jones, Dopex, GMX, Galxe, LODESTAR, Socket , Timeswap, RADIANT, Pendle, MUX, Frax, Tally, Rysk, Silo, etc.
Odaily reported that according to Lookonchain monitoring, a whale who was long WBTC, ETH, LINK, UNI and MKR on Aave began to sell WBTC to repay debt. The whale deposited $11 million in assets on Aave and borrowed $8.45 million in stablecoins. The current health rate is 1.08, on the verge of liquidation.
Bitcoin-based friend.tech imitation disk New Bitcoin City TVL exceeds 1 million US dollars
Odaily News DefiLlama data shows that New Bitcoin City TVL, a friend.tech imitation disk project based on the Bitcoin Layer 2 network NOS, has exceeded US$1 million and was US$1.07 million as of press time.
Linea’s ecological social protocol Tomo TVL exceeds US$1.4 million
Odaily News DefiLlama data shows that Linea’s ecological social protocol Tomo TVL exceeded US$1.4 million and was US$1.46 million as of press time.
The Compound community votes to approve the “Compound V2 Deprecation (Phase 2)” proposal
Odaily News The Compound community has voted to adopt the Compound V2 Deprecation (Phase 2) proposal, which is expected to be implemented within two days.
The proposal was proposed by Gauntlet, and the proposed multiple protocol risk parameters involved in Compound V2 Deprecation (Phase 2) include: 1. Set the cAAVE mortgage factor to 68.0%; 2. Set the cCOMP mortgage factor to 55.0%; 3. Set the cLINK mortgage factor to 74.0%; 4. Set the cMKR mortgage factor to 68.0% and other 8 numerical adjustments.
Odaily News The non-custodial liquidity staking protocol ether.fi announced its decentralization roadmap on the X platform and will implement market share restrictions, promising to limit the number of validators and ETH of the protocol to less than 25% of the consensus layer. According to the roadmap, ether.fi will launch the native restaking token eETH on EigenLayer within a month. In addition, the team plans to make the entire protocol open source in December this year and implement DAO governance in March 2024.
According to official news from Odaily, Sui stated on the 10,000 SUI to support ecosystem and community development, which means that 157 million SUI will be used to support the development of the Sui ecosystem.
Ripple CTO: The first RWA protocol on XRP Ledger may be launched as early as next year
Odaily News Ripple Chief Technology Officer David Schwartz said in a video shared by the Flip The Chain team yesterday that XRP Ledger can be a good platform to launch a tokenization protocol due to its low transaction fees and seamless integration with on-chain trading mechanisms. Schwartz emphasized that when interacting with real-world assets (RWA), users specifically want to be able to buy, sell, store and transfer assets without relying on fiat currencies such as the U.S. dollar. Therefore, various XRPL DEXs will provide all market participants with a platform that meets their needs. The first viable RWA protocol on XRP Ledger may launch in 2024 or early 2025. Members of the crypto community believe that gold and real estate could be the first assets to run their virtual form on XRP Ledger.
STEPN announces Apple Music integration
According to official news from Odaily, STEPN announced that it has cooperated with Apple again and has integrated Apple Music. Users can listen to their favorite Apple Music tracks directly from the STEPN App. Users must have an Apple Music account to use this feature. Earlier in May, STEPN announced that it had become the world’s first blockchain game application to integrate Apple Pay. Users simply add their bank card to their Apple Wallet and can trade NFTs in the in-app marketplace without using a crypto wallet.
CertiK will lay off approximately 15% of its workforce
Odaily News CertiK co-founder and CEO Gu Ronghui said in an email, In order to respond to the changing market, CertiK is making strategic employee adjustments today, affecting less than 15% of employees.
Cool Cats Avatars launches October 19th
Odaily News NFT project Cool Cats announced on the X platform that it will launch Cool Cats Avatars on October 19. It is reported that Cool Cats and Shadow Wolf holders will have the opportunity to participate in obtaining Avatar, and will be expanded to more ecological derivative projects in the future.
Stars Arena is back online, trading functionality has not yet been restored
Odaily News Avalanche ecological social protocol Stars Arena announced on the X platform that it has been re-launched, but the trading function has not yet been restored.
Investment and Financing
Odaily News Virgo Group, the holding company of Canadian compliant cryptocurrency platform VirgoCX Inc and Australian trading platform Virgo.co, announced that after receiving 10 million Canadian dollars in Series A financing in 2022, it has once again received investors such as Waterdrip Capital, Skylean Capital and Nextport Capital. Additional capital injection of CAD 5 million. The new financing will be used to grow its compliance entities and continued plans to expand into new geographies, as well as further solidify its integrated ecosystem from trading to asset management.
Crypto asset synthesis platform Noahswap receives $3 million investment from Coinstore Labs
Odaily News Noahswap, a crypto asset synthesis and risk hedging platform, announced that it has received US$3 million in financing from Coinstore Labs, a blockchain innovation laboratory owned by Coinstore. It is reported that the core mechanism of Noahswap is synthetic asset casting, which is designed to hedge the risk of loss by allowing investors to pledge bad crypto assets. Investors can reallocate distressed assets into more valuable digital assets to protect and add value to their portfolios.
Odaily News The 2023 Q3 Chain Game Status report released by DAppRadar shows that Web3 game projects received US$600 million in funding during the quarter, a 38% decrease from the second quarter (US$973 million). That brings the year-to-date total to about $2.3 billion, equivalent to just 30% of last year’s total. In addition, Q3 chain game activities had an average of 786,766 independent active wallets per day, an increase of 12% from the previous quarter. In terms of wallet-to-blockchain interaction, Alien Worlds leads the pack, accounting for over 60% of WAX’s activity.
Stock and crypto trading API service company Alpaca secures $15 million in funding from SBI Group
Odaily News Alpaca, a stock and cryptocurrency trading API services company, received US$15 million in financing from SBI Group in the form of convertible notes. Alpaca CEO Yoshi Yokokawa said the strategic investment brings the companys total funding since its founding in 2015 to $120 million and will accelerate its expansion in Asia.
global policy
Odaily News In the past month since the JPEX unlicensed operation case occurred, more than 2,500 victims have reported the case, involving an amount of approximately HK$1.57 billion. Hong Kong Legislative Council member Ng Kit-chuang met with the government authorities today and expressed the need to strengthen cross-border cooperation and strengthen regional publicity and education. Law enforcement officials should also strengthen communication with relevant departments such as the Securities and Futures Commission, banks and telecommunications companies. He also pointed out that a major private anti-fraud alliance will be established in the future, and proposed at the Legislative Council House Committee to establish a Web 3.0 and virtual asset development group as soon as possible to achieve dual-track supervision and support for industry development.
Peoples Court News: Virtual currency mining contract violates basic legal principles
Odaily News The Peoples Court Newspaper, which is under the jurisdiction of the Supreme Peoples Court, today published an article Virtual currency mining contracts violate basic principles of law. The article stated that recently, the Intermediate Peoples Court of Zhengzhou City, Henan Province heard a contract dispute involving virtual currencies. The court determined that signing a contract to conduct Bitcoin mining violated social order and good customs, and was inconsistent with the basic legal principles of conserving resources and protecting the environment. , so the contract is confirmed to be invalid.
Character*Voice
Analysts refute Glassnode data shows ETH whales continue to sell: data is inaccurate and staking factors are not considered
Odaily News According to data from Glassnode, the number of Ethereum whales holding at least 1,000 ETH (worth approximately $1.5 million) has been in a sharp downward trend since 2020, with 20 million ETH being sold. It’s worth noting that Glassnode’s data, and the conclusions it draws, appear to be incomplete. Kunal Goel, senior research analyst at Messari, believes that the above data does not take ETH staking into account, explaining: “Transfers to the staking contract may look like an on-chain sale, but it is not.”
Slow Mist: Malicious bookmark script targeting friend.tech may steal user passwords and funds
Odaily News Slow Mist issued a reminder on the X platform that a malicious script targeting friend.tech (ft) has recently appeared. This is a piece of JavaScript code that scammers trick potential victims into adding as a (browser) bookmark. When a user visits the ft site and executes this bookmark, the malicious script attempts to steal their password and the token associated with Privy, the embedded wallet used by ft. This means that users’ ft accounts and related funds are at risk of being stolen. This is not a new technology. This malicious bookmark has been used in scams targeting Discord accounts before.
Ripple chief legal officer: America needs to stop putting politics over sound policy
Odaily News Ripple’s chief legal officer Stuart Alderoty said the United States needs to “stop putting politics over sound policy.” Noting that countries and regions outside the United States such as Singapore, the United Kingdom, the European Union, and Japan welcome cryptocurrency businesses, he emphasized: “I think we need a reasonable regulatory framework.” In addition, he emphasized that some U.S. regulatory agencies are competing for the technology’s control rather than focusing on the right policy outcomes.
Dragonfly partners: Will not invest in the next FTX again
Odaily News Dragonfly managing partner Haseeb Qureshi talked about the SBF and FTX bankruptcy cases in an interview. He said that the venture capital has changed its investment methods because of the FTX incident, but there will still be problems in the encryption market in the future, although it may not be similar to FTX because of human greed. But people do learn lessons and stay vigilant. As a crypto-native VC, all Dragonfly can do is no longer invest in the next FTX and ensure that the projects/companies it has invested in will not become FTX. Haseeb Qureshi also said that investment giants such as Sequoia Capital, Tiger Global Fund, and SoftBank did lose money in their investments in FTX, but there are still crypto funds still active in the industry, and venture capital investors such as Paradigm and Pantera Capital have not left.
Gitcoin founder: The current focus is on building public funds and Sybil-resistant infrastructure
Odaily News Gitcoin founder Kevin Owocki said in an interview that he hopes Gitcoin will become a key platform that all other projects in the ecosystem rely on to achieve resistance to Sybil (Sibyl attacks) and public product financing. Therefore, the current focus is on building public funding and Sybil-resistant infrastructure. It is said that since its establishment in 2019, Gitcoin has funded 3,000 different projects, donated more than US$50 million to fund public goods, and the cumulative market value of funded projects has reached US$28.2 billion.
Odaily News Some crypto enthusiasts believe that Ripple and XRP are competitors of Ethereum in the crypto field. However, Cardano founder Charles Hoskinson said that XRP does not belong to the same category as Ethereum, let alone become a threat to Ethereum. In comparison, other projects such as Nxt and Bitshares pose a greater threat to Ethereum than XRP. Therefore, claims that members of the Ethereum community allegedly bribed members of U.S. regulators not to crack down on ETH but instead go after XRP (the SEC previously sued Ripple and considered XRP a security) are baseless in Hoskinson’s opinion.
Analyst: Spot Bitcoin ETF has 90% chance of being approved before January 10 next year
Odaily News Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the probability of a spot Bitcoin ETF being approved before January 10, 2024 to 90%.
Odaily News ARK Invest CEO Cathie Wood posted on the The Fed continues to make decisions based on lagging indicators. Artificial intelligence, blockchain technology, robotics and multi-omics sequencing will exacerbate deflationary pressures.
