headlines

headlines

New York State Department of Financial Services Orders Paxos to Stop Issuing BUSD, Will Continue to Allow Redemptions

Odaily News The New York State Department of Financial Services ordered Paxos Trust Co. to stop issuing more BUSD tokens. According to Binance’s statement, Paxos will continue to manage BUSD redemptions. (Wall Street Journal)

Binance confirms it was told by Paxos to stop minting new BUSD tokens

Odaily News Binance stated that Paxos Trust Co. informed Binance that it had been instructed to stop minting the new stable currency BUSD. A Binance spokesperson said: “BUSD is a stablecoin wholly owned and managed by Paxos, and as such, the market capitalization of BUSD will only decline over time. Paxos will continue to service the product, manage redemptions, and will Additional information is required. Paxos also assured that the funds are safe and fully covered by the bank’s reserves.” (Bloomberg)

Paxos: BUSD is not a "security" and will sue the SEC if necessary
Additionally, it stated, “Paxos always puts the safety of customers’ assets first. Paxos-issued BUSD is always backed 1:1 by USD-denominated reserves and is fully segregated and held in remote accounts in bankruptcy. We will be working with the SEC on this issue personnel and is prepared to vigorously pursue litigation if necessary."

Regulatory Trends

Regulatory Trends

People familiar with the matter: The US SEC is actually working on implementing an encrypted version of "Night of the Long Knives"

Odaily News The editor-in-chief of TheBlock said that the US Securities and Exchange Commission (SEC) is in an absolute struggle. Paxos will stop issuing BUSD after the SEC threatened to sue. Binance censors other assets under U.S. jurisdiction for delisting. I wouldn't be surprised if they were scrutinizing USDC specifically. A few days ago, a senior executive at an exchange told me that the SEC was actually embarking on its own crypto version of “Night of the Long Knives.”

New draft EU law says EU banks must impose maximum possible risk weight on crypto assets

Odaily News According to a draft law published by the European Parliament on Friday, EU banks must impose the greatest possible risk weight on crypto assets. The planned rules could determine how the traditional financial sector participates in digital assets.

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Industry news

Industry news

Coinbase CEO Visits Washington, D.C. to Promote Regulatory Transparency

Odaily News Armstrong tweeted, "I'm in Washington, DC right now, and a conference has been canceled. For the next hour or so, if anyone wants to chat about cryptocurrencies and how we can get transparency in cryptocurrency legislation and regulation this year , I will stay at the snack bar in Dirksen's Senate office building."

CZ agrees that "UST vision is good but execution is poor"
Odaily News Encryption KOL Miles Deutscher tweeted, "UST has always had the right vision, but it was poorly executed. But the need for a strong decentralized stable currency has not disappeared."

Binance founder CZ commented on this, "Unfortunately, this is true."

BUSD traders have started moving funds to USDT

Odaily News After the US SEC took regulatory action against the BUSD issuer Paxos, the BUSD anchor price began to become unstable. Data show that the range of BUSD to USDT on the Binance platform has dropped to 0.9950. The decline in the BUSD/USDT trading pair indicates that traders have begun to transfer funds Transfer to Tether.

A giant whale address deposited 60,850 ETH and 22,883 stETH to Aave, and borrowed 89 million USDC to transfer to Circle for cash

Odaily News According to the monitoring data of Lookonchain, in the past 24 hours, crypto whales starting with 0x d 27 deposited 60,850 ETH (approximately US$90.4 million) and 22,883 stETH (approximately US$33.9 million) to Aave, And borrow 89 million USDC and transfer to Circle for cash out.

Project News

Project News

Tether issued an additional 1 billion USDT on the TRON network

Tether issued an additional 1 billion USDT on the TRON network

Odaily News According to Whale Alert data, Tether issued an additional 1 billion USDT on the TRON network at 23:19 on February 13, Beijing time.

The Aave community launched a proposal to freeze BUSD on the Aave V2 Ethereum market

dForce: The attacker has returned all the stolen funds, and details of the distribution of funds will be announced soon

Odaily News dForce tweeted that the attackers have returned all the stolen funds to the multi-signature addresses of the projects on Arbitrum and Optimism. All affected users will be compensated, and the team will announce details of the distribution of funds in the coming days. Shortly after the attack, dForce had a conversation with the attackers (white hat hackers). dForce has agreed to offer the bounty and waive all ongoing investigations and enforcement actions.

The Aave community launched a proposal to freeze BUSD on the Aave V2 Ethereum market

Odaily News The Aave community launched a proposal to freeze the BUSD reserve on the Aave V2 Ethereum market. The proposal believes that the circulating supply of BUSD assets will eventually approach zero. The inability to mint new BUSD could hurt peg arbitrage opportunities and asset pegs with no real growth prospects. So it seems like the most logical path for Aave is to freeze this reserve and invite users to switch to another stablecoin.

Odaily News The Aave community launched a proposal to freeze the BUSD reserve on the Aave V2 Ethereum market. The proposal believes that the circulating supply of BUSD assets will eventually approach zero. The inability to mint new BUSD could hurt peg arbitrage opportunities and asset pegs with no real growth prospects. So it seems like the most logical path for Aave is to freeze this reserve and invite users to switch to another stablecoin.

Web3 game studio XP Foundry migrates its mobile game Rooniverse from Solana to Immutable X

Odaily News Web3 game studio XP Foundry migrated the on-chain assets of its mobile game Rooniverse from Solana to ImmutableX. Rooniverse's open alpha testing is scheduled for mid-February, beta testing in the second or third quarter, and the full game in the fourth quarter.

Paxos Announces End of Partnership with Binance on Stablecoin BUSD, Existing BUSD Remains Fully Backed and Redeemable Until February 2024

Odaily News Paxos announced that it will end its relationship with Binance on the branded stablecoin BUSD. Effective February 21, Paxos will cease issuing new BUSD at the direction of the New York Department of Financial Services (NYDFS), and is working closely with NYDFS. BUSD will continue to be fully supported by Paxos and will be redeemable to enrolled customers until at least February 2024. New and existing Paxos customers will be able to redeem their funds in USD, or convert their BUSD into Pax Dollar (USDP), a regulated USD-backed stablecoin also issued by the Paxos Trust . (PR News Wire)

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data

data

CoinShares: Net outflow of digital asset investment products last week was 6.8 million US dollars

Odaily News According to the CoinShares report, the net outflow of digital asset investment products last week was 6.8 million US dollars. Among them, the net outflow of Bitcoin investment products was US$10.8 million, the net inflow of Ethereum investment products was US$5.1 million, and the net outflow of investment products shorting Bitcoin was US$3.5 million.

The average Bitcoin block size hit a new high yesterday at 2.52 MB
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Investment and Financing

Investment and Financing

Odaily News Web3 infrastructure provider Caldera announced that it has raised a total of US$9 million in two rounds of financing, led by Sequoia Capital partner Shaun Maguire and Dragonfly partner Ani Pai, Neo, 1kx and Ethereal Ventures, and other angel investors participated in the investment , the funds will be used for hiring, partnerships and integrations.

Game studio Empires Not Vampires completes $1 million in financing, Shima Capital and others participate

Game studio Empires Not Vampires completes $1 million in financing, Shima Capital and others participate

Odaily News Independent game studio Empires Not Vampires has completed $1 million in financing, with participation from Shima Capital, Zee Prime Capital, Fomocraft Ventures and FireX Capital. The financing was used to develop its latest game, Paradise Tycoon, a social building and crafting multiplayer game powered by blockchain technology. (game developer)

Web3 payment company Slash completed a $1.5 million seed round last year and has now launched a Series A round of financing

Odaily News Web3 payment company Slash completed a $1.5 million seed round of financing during the bear market last year. MZ Web3 Fund and several private investors participated in the investment. This transaction was not made public until recently. It is reported that the company said it is in the process of Series A financing, but the financing scale and participating investors have not yet been disclosed.