Headlines

SEC Chairman: Crypto Industry Generally Noncompliant with Securities Laws, Many Tokens Fall within SEC's Jurisdiction

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), will testify before the Senate Banking Committee on Tuesday. He remains firm in his belief that cryptocurrencies must comply with the same laws as stocks and other securities, and many cryptocurrencies fall under the jurisdiction of the SEC.

Industry News

Asset Management Giant Franklin Templeton Seeks Approval for Bitcoin ETF

Asset management giant Franklin Templeton has applied to the SEC for a Bitcoin ETF. If approved, the ETF will be listed on the Chicago Board Options Exchange (BZX).

Franklin Templeton was established in 1947 and has assets under management of $1.53 trillion.

Messari: Market Can Absorb Most of FTX's Sale of High Liquidity Assets like BTC and ETH

Crypto research firm Messari stated on the X platform that FTX's liquidation entity holds approximately $1.3 billion worth of liquid crypto assets (excluding stablecoins). Its largest holdings include SOL, BTC, ETH, APT, DOGE, TRX, and MATIC. The data is not calculated based on the absolute value of the tokens held, but rather the holding amount relative to the trading volume of each asset. For example, the BTC holding amount of FTX/Alameda ($353 million) accounts for about 1% of the weekly trading volume of BTC, which means the market can absorb most of the selling pressure. The same applies to ETH.

However, for assets with low liquidity such as DOGE, TRX, MATIC, etc., the amount held by FTX accounts for 6%-12% of the weekly trading volume, which may have a greater impact on the market.
Although SOL and APT have significant USD value and certain impact on market trading volume, these assets are held by Alameda and venture capitalists, primarily consisting of ownership tokens that have not yet been immediately traded on the public market. Only $9.2 million worth of SOL will be unlocked each month, significantly reducing the impact of liquidation and making it controllable in the market, similar to BTC and ETH liquidations.

SEC and Binance US propose joint protective order, seeking confidentiality for litigation evidence

Court documents show that the US SEC and Binance US have filed a motion for a joint protective order, seeking confidentiality for evidence discovered in the lawsuit, including but not limited to documents, interrogatory answers, and deposition transcripts.

Crypto asset management firm Hashdex submits application for spot Ethereum ETF

According to Bloomberg ETF analyst James Seyffart, crypto asset management firm Hashdex has submitted an application for a spot Ethereum ETF.

It is reported that the AUM of Hashdex is $435 million.

Sony to establish joint venture subsidiary with Astar developer, planning to launch Sony Chain as a competitor to Base

Sony's wholly-owned subsidiary Sony Network Communications and Astar Network's developer Startale Labs jointly announced the establishment of a joint venture subsidiary "Sony Network Communications Labs Pte. Ltd." in mid-September. The new company will focus on the research and development of blockchain technology.

Startale Labs CEO Duanbian Chuangtai stated that the new joint venture will promote the development of Sony Chain, which has the potential to surpass the Layer 2 network Base previously released by Coinbase.

Coinbase, Paradigm, and a16z jointly propose transparent and clear cryptocurrency regulations in Texas

a16z, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm have formed an alliance advocating for transparent and unified regulations around digital assets in Texas.

In a statement released on September 11th, the alliance stated that given the federal government's inability to legislate reasonably in this area, Texas has the opportunity to adopt progressive cryptocurrency regulations.
The alliance aims to provide resources for regulators and industry stakeholders in Texas seeking knowledge and harnessing the potential of cryptographic technologies.

Data Changes

BTC surpasses 26000 USDT

According to OKEx market data, BTC has surpassed 26000 USDT, with the current price at 26175 USDT, a 24-hour increase of 2.11%.

ETH surpasses 1600 USDT, with a 24-hour increase of 1.69%

According to OKEx market data, ETH has surpassed 1600 USDT, with the current price at 1615 USDT, a 24-hour increase of 1.69%.

Over the past 24 hours, a total of 177 million USD worth of positions were liquidated across the network, with BTC liquidations totaling 98.6688 million USD

According to Coinglass data, there have been liquidations worth $177 million in the past 24 hours, with long positions liquidated at $111 million, BTC liquidated at $98.668 million, and ETH liquidated at $31.8817 million.

Security Notice

Vitalik Buterin confirms X account being hacked due to SIM card swapping attack

Peter Szilagyi, Chief Information Security Officer (CISO) of SlowMist, stated in a post on the X platform that Ethereum co-founder Vitalik Buterin has confirmed that his X account was hacked due to a SIM card swapping attack. Someone took over his phone number through social engineering and reset the account password.

Vitalik mentioned that his phone number should have been completely removed from the X platform. It's possible that he used the phone number when registering for Twitter Blue. He once saw a prompt saying "Phone numbers are not secure, do not use them for verification," but didn't realize it at that time.

Vitalik also mentioned that he started using the decentralized social protocol Farcaster, and account recovery for Farcaster can be achieved using an Ethereum address.

Google fixes new Chrome zero-day vulnerability, recommends users to upgrade promptly

Security company Bleeping Computer released a report stating that Google has released an emergency security update to fix the fourth Chrome zero-day vulnerability exploited in attacks since the beginning of this year.

Google has revealed in a security bulletin released on Monday that it has become aware of the zero-day vulnerability CVE-2023-4863 being exploited in the wild. The new version is currently being rolled out to stable channel and extended stable channel users, and is expected to cover the entire user base in the coming days or weeks. Google recommends that Chrome users upgrade their web browser to 116.0.5845.187 (Mac and Linux) and 116.0.5845.187/.188 (Windows) as it fixes the CVE-2023-4863 vulnerability on Windows, Mac, and Linux systems.
Google stated that access to vulnerability details and links may be restricted until most users have applied the patches.

Project News

Banana Gun to change token contract due to a vulnerability, plans to compensate affected traders through airdrop

Telegram Bot project Banana Gun announced on X platform early this morning that a new contract needs to be replaced due to an unfixable vulnerability in the token contract. DEX Screener data shows that the BANANA/WETH trading pair on Uniswap opened at 0.6549 this morning, briefly reaching 8.6, and then dropping close to zero.

Banana Gun stated that a snapshot will be taken (block height 18115275) before taking any action and that all holders, LPs, and presale participants will receive a token airdrop, even if they later sell the tokens.
Banana Gun will also restore the LP pool and, after analyzing the gains and losses of all traders before 22:30 local time, will compensate them in ETH if the amount they bought exceeds the amount they sold.

Coinbase Prime launches Web3 wallet for institutional and corporate clients

According to official news, Coinbase Prime has launched an institutional-level Web3 wallet. Institutional and corporate clients can use the non-custodial wallet's MPC technology to store all tokens from the supported networks (including assets not yet available on Prime Custody), access funds instantly, interact directly with DApps and smart contracts, trade large amounts of assets using decentralized liquidity, vote on DAO governance, lend assets or pledge them for direct access to DeFi, buy/sell/mint/manage NFT collections, and manage Web3 social accounts.

MakerDAO has added $100 million in RWA assets in the past 24 hours, with a total of $2.613 billion in RWA assets

Data from makerburn.com shows that MakerDAO has once again added $100 million in RWA assets in the past 24 hours, including $50 million in RWA assets added through BlockTower Andromeda, mainly invested in short-term US Treasury bonds with an annualized interest rate of 4.5%. And $50 million in RWA assets added through Monetalis Clydesdale with an annualized interest rate of 4%.

In addition, the current protocol has a total of $2.613 billion in RWA assets.

zkSync Era block explorer data has not been updated for half an hour

The block explorer data of zkSync Era has not been updated for half an hour. The cause of the failure is yet to be determined, and zkSync has not yet issued a statement on this matter.

MetaMask announces new feature Snaps, allowing its extension to non-EVM chains

MetaMask announces a new feature called Snaps, which allows it to expand to non-EVM chains such as Cosmos, Solana, and Starknet. Snaps is a software module that can integrate with MetaMask, enabling the wallet to be used across different chains.

PayPal launches cryptocurrency to USD conversion service

PayPal has launched a cryptocurrency to USD conversion service. By adding Off Ramps service, US cryptocurrency wallet users can directly convert their cryptocurrencies into USD and have it credited to their PayPal balance, which can then be used for shopping or transferred to a bank account. The PayPal Off Ramps service is supported on wallets, DApps, NFT markets, and MetaMask.

It is reported that PayPal has previously launched On Ramps service, which allows US customers to directly purchase cryptocurrencies using PayPal through integration with Metamask and Ledger.

People's *Voice

Justin Sun: Considering acquiring tokens and assets held by FTX

Justin Sun, the founder of TRON, posted saying that he is considering acquiring tokens and assets held by FTX to mitigate the impact of their sell-off on the crypto community.

Arthur Hayes: Bitcoin to quickly rise to $70,000 after the Fed cuts interest rates

Arthur Hayes, the founder of BitMEX, tweeted that the Fed's primary duty is to protect the banks and other financial institutions from going bankrupt. The widespread and far-reaching problems in the bond market could potentially lead to the collapse of the entire system. The Fed's only choice is to cut interest rates, restore the health of the US banking system, and watch Bitcoin quickly rise to $70,000.

Coinbase CEO : Flatcoins will be the next generation of stablecoins

Coinbase CEO Brian Armstrong said that flatcoins (stablecoins that can track inflation rates) will be the next generation of stablecoins. Armstrong further stated that this is a new product to be launched, and several teams are researching this issue. There are no direct results yet, but we are very interested in it.

The design basis of flatcoins is inflation rates, rather than being pegged to a currency or asset. By tracking inflation, flatcoins can provide better value retention, thus generating better investment returns.

Gary Gensler: Cryptocurrencies are full of fraud, rule-making takes years

SEC Chairman Gary Gensler attended a hearing of the U.S. Senate Banking Committee, where Gensler stated that cryptocurrencies are full of fraud. Additionally, Gensler mentioned that the usual rule-making comment period takes 12-24 months after public feedback, but it could take years for the cryptocurrency industry.