Headlines
The first round of Grass airdrop will start at 21:30 on October 28
According to official news, the first round of Grass airdrops will start at 21:30 Beijing time on October 28, 2024. The Grass Foundation stated that GRASS Airdrop One is one of the most widely distributed airdrops in history, and Airdrop One represents a key step towards building the first user-owned Internet map.
Regarding the question of “why the Ethereum Foundation does not pledge its ETH holdings and only uses revenue to cover costs”, Vitalik Buterin responded in a post on X: “One internal reason is that we do not want to be forced to make an ‘official choice’ in the event of a controversial hard fork.
An interesting idea being considered around this is to give some grants in the form of you can stake our ETH, you can choose how to stake it, as long as its ethical and keeps the upside.
Another way to solve this problem is to spread the legitimacy and resources to more interested parties so that there are multiple organizations that credibly represent Ethereum in people’s eyes. In this regard, we are in a much better position than we were two years ago.”
Tether reveals it holds a total of $9.45 billion in BTC and gold
At the Plan ₿ forum in Lugano, Switzerland, Tether disclosed that its reserves include $5.58 billion in BTC and $3.87 billion in gold (based on October 27 prices), for a total of $9.45 billion.
This does not seem to fully match the market support of USDT, which has raised questions in the community. In response, Tether CEO Paolo Ardoino clarified that Tether also has about $100 billion in U.S. Treasury bonds. (Bitcoin.com)
Industry News
South Korea plans to strengthen regulation of cross-border cryptocurrency transactions
According to South Korean media eadily, South Korea’s deputy prime minister announced at the G20 meeting in Washington, “We will promote the prior monitoring of virtual asset transactions that are abused in illegal activities such as cross-border tax evasion and currency exchange.”
South Koreas deputy prime minister pointed out that South Korea plans to revise its foreign exchange laws in the first half of next year to make it mandatory to report the purpose and details of transactions in advance, with the goal of formally implementing it from the second half of the year.
Dutch Crypto Tax Reporting Bill Consultation to End on November 21
The Netherlands has begun consultations on the Crypto Tax Reporting Bill and hopes to collect opinions from stakeholders before submitting the Crypto Tax Reporting Bill to the House of Representatives in the first half of 2025. The purpose of the bill is to increase transparency and prevent tax avoidance and evasion. It is reported that this consultation will end on November 21. (Coindesk)
Ripple files Form C to challenge SECs definition of XRP as a security
Ripple Labs has filed a Form C document, a pre-trial statement of a civil appeal, in its ongoing legal dispute with the U.S. SEC. In the document, Ripple asked the appellate court to review the legal application issues using a de novo standard. The main appeal focuses include the Southern District Court of New Yorks ruling on the application of the Howey test to Ripples XRP transfers, and the SECs unfair notification of Ripples behavior.
Ripple is also seeking to reassess the “essential elements” for a transaction to be classified as an investment contract and the scope of the SEC’s injunction against Ripple.
Ripples chief legal officer said XRP has been clarified as not a security and the SEC has not raised a challenge. (The Block)
The United States and Nigeria have established a task force (Bilateral Liaison Group on Illicit Finance and Cryptocurrency) to integrate resources and combat crypto-related crimes.
Earlier news, the Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, who has been facing trial in a local detention center since April. On Wednesday morning local time, a lawyer representing the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Federal High Court in Abuja.
Japans mainstream financial institutions support the priority launch of Bitcoin and Ethereum ETFs
Some mainstream Japanese institutions said discussions on allowing cryptocurrency exchange-traded funds should focus on major tokens such as bitcoin and ether, after the country considered whether to follow overseas moves to allow such instruments.
The group, which includes major trust banks such as Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges such as bitFlyer and brokerages such as Nomura Securities and SBI Securities, said in a set of proposals released on Friday that the huge market value and stable track record of these cryptocurrencies make them suitable for investors to accumulate assets in the medium to long term. It also called for a review of the tax system, including separate taxation of income.
An official from Japans Financial Services Agency said last month that the agency will review its approach to crypto regulation, a move that could open the way to funding investments and lower taxes. The official warned that the review is inconclusive and could take some time to complete. Japan currently taxes cryptocurrency gains as much as 55%. (Bloomberg)
Amid growing concerns that the UK central bank’s digital currency (CBDC) Britcoin will replace cash, Bank of England (BOE) Governor Andrew Bailey said, “The evidence shows that people do want cash, so we will continue to provide it.”
Bailey’s comments reiterate what senior Bank of England figure Sarah Breeden said during a Treasury Committee inquiry last year. She said:
“We will ensure that cash is available as long as there is demand. We will ensure that the cash infrastructure in the financial system exists as long as there is demand – both cash and digital currencies are options.”
Since the idea of CBDC was first proposed several years ago, lawmakers and citizens have been divided over its pros and cons. Britcoin supporters believe it has the ability to reduce costs and risks. Opponents, however, worry that it could give governments the power to monitor people’s spending and replace cash.
The Bank of England began designing a digital version of the pound in January this year. However, the Bank of England has still not decided whether to actually launch it. Bailey said he supports banks issuing wholesale CBDCs, but is cautious about issuing retail CBDCs.
He added that “it’s hard to see central bank money playing an anchoring role” when it comes to retail CBDC. However, wholesale CBDC could play a “special role for central bank money in wholesale high-value payments and payment system settlements.”
Bailey further added that the Bank of England is building a retail CBDC for innovation. He believes that CBDC innovation should be open to the private sector and it will ensure that commercial banks modernize digital payment systems.
He also noted that banks lack the incentive to improve efficiency in certain areas, such as cross-border payments, which suppresses innovation. As a result, in the cross-border payments space, modernization remains slow, Bailey said, adding that better digital systems are needed and there is no good reason to be arbitrary on this issue. (Bloomberg)
Russia releases new crypto regulations, expanding regulation of mining and related infrastructure
The Russian government released a document on Friday detailing a law signed by President Vladimir Putin that expands the scope of digital currency regulation. The new law significantly expands government oversight of cryptocurrency mining activities and related infrastructure across the country.
The legislation, which will take effect on November 1, includes several amendments aimed at increasing oversight and imposing restrictions on crypto mining activities based on regional needs. The law enables the Russian government to implement mining restrictions based on location and defines specific procedures and circumstances for prohibiting mining operations. One notable provision in the law gives the government the power to prevent digital currency mining pools from operating in certain regions. Additionally, the government now has the power to regulate infrastructure providers that support mining operations.
The legislation also grants multiple federal agencies beyond the Federal Financial Monitoring Service (Rosfinmonitoring) access to digital currency identification addresses. This expansion includes federal administrative and law enforcement agencies, enhancing their ability to track transactions that may be related to money laundering or terrorist financing activities.
In addition, the amendments transfer responsibility for the National Mining Register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee the mining registers of companies and remove companies that repeatedly violate regulations. While individual miners can continue to work without registration if they comply with certain electricity consumption limits, companies and individual entrepreneurs must comply with the new registration requirements. (Bitcoin.com)
Project News
According to official news, Tether recently issued a statement saying that it was extremely irresponsible for the Wall Street Journal to write articles with reckless accusations so confidently without officially confirming the rumors or revealing the source of the news. Tether confirmed that it knew nothing about any such investigation of the company and that these reports were purely speculation.
The article also obscures Tether’s extensive and well-documented dealings with law enforcement to crack down on bad actors seeking to abuse Tether and other cryptocurrencies.
Yesterday, Tether CEO Paolo Ardoino once again posted on the X platform in response to the Wall Street Journal report that the U.S. Treasury is considering imposing sanctions on Tether. He said: At Tether, we often deal directly with law enforcement officials to help prevent rogue states, terrorists, and criminals from abusing USDT. If we were investigated as the article falsely claims, we would know. Based on this, we can confirm that the allegations in the article are absolutely wrong.
Magic Eden: TestME eligibility will be announced soon, and will run from October 29th to 31st
Magic Eden said in a post on X: “TestME will run from October 29th to October 31st. It has no monetary value, but is a way for users to familiarize themselves with the token claiming process. By participating, users can also ensure that their wallets are correctly linked and ready to accept official ME token claims.
TestME is available for eligible wallets in all accepted regions and is not available in the US and UK.
Applying for TestME allows users to:
- Ensure that the wallet is correctly set up and connected to the official platform;
- Familiarize yourself with the process of claiming tokens;
- Help the team identify and resolve any potential issues before the official ME token claim goes live.
Please always use the official links shared on the Magic Eden Foundation X page and be wary of scam links.
If the user does not have a Magic Eden mobile wallet, they will need to create one during the claim process by downloading the mobile app from the app store; if they already have a Magic Eden mobile wallet, the claim will be linked to the users Magic Eden mobile wallet by scanning the built-in QR code.
Users will soon be able to check their eligibility on the official claiming website. TestME qualifications are not equivalent to ME qualifications. Users can visit the official claiming website and check their personal status. If they meet the requirements, they can apply according to the instructions on the page.
After receiving TestME, users do not need to keep it, but can keep it until the official release of ME to confirm that the wallet is set up correctly. Magic Eden strongly discourages users from trading TestME. ”
According to previous news, Magic Eden announced in its official Telegram community that it will apply for ME test coins (TestME) at the end of this month, and will then announce the token economics and the official ME token application.
Lido: Community Staking Module (CSM) is now live on the mainnet
Lido posted on the X platform that the Community Staking Module (CSM) has been launched on the mainnet.
According to previous news, Lido has started on-chain voting for proposals related to the community staking module, and the main phase will end at 0:00 on October 25. The proposal proposes to release the community staking module (CSM) and upgrade the staking router to enhance compatibility with the CSM and future modules.
TON will launch TON Talent, a collaborative platform for ecosystem developers
According to TON Community, TON is about to launch TON Talent, a platform that connects developers and outsourced teams within the TON ecosystem as a hub for collaboration and project development.
For developers: Find job opportunities within the TON ecosystem and contribute to exciting projects;
For founders: Easily connect with skilled developers and agencies to meet your project needs;
For technical experts and institutions: showcase your services and expertise and connect directly with the TON team for collaboration opportunities.
Vitalik released the future development of the Ethereum protocol (Part 5: The Purge), the key goals are as follows:
Reduce client storage requirements by reducing or eliminating the need for each node to permanently store all history or even state;
Reduce protocol complexity by eliminating unnecessary features.
The article mentions that Ethereum has begun to move away from the model where all nodes permanently store all history. Consensus blocks (that is, the part related to proof-of-stake consensus) are only stored for about 6 months. Blobs are only stored for about 18 days. EIP-4444 aims to introduce a one-year storage period for historical blocks and receipts. The long-term goal is to have a coordinated period (probably about 18 days) during which each node is responsible for storing everything, and then the peer-to-peer network of Ethereum nodes stores old data in a distributed manner.
In addition to the need for clients to store history, client storage requirements will continue to grow, at about 50 GB per year, as the state continues to grow (account balances and nonces, contract code, and contract storage), and users can pay a one-time fee to burden current and future Ethereum clients.
There are two things that need to be done to reduce protocol complexity:
Stop changes and make the agreement fixed;
Ability to actually remove functionality and reduce complexity.
In addition, Vitalik mentioned that a more radical way to reduce complexity is to keep the protocol as it is, but transfer most of it from protocol functions to contract code; a more moderate way is to keep the relationship between the beacon chain and the current Ethereum execution environment unchanged, and choose RISC-V, Cairo or other VM as the new Ethereum official VM, and then force all EVM contracts to be converted to new VM code (by compilation or interpretation) that interprets the logic of the original code. In theory, this can even be done with the target VM as the EOF version.
Curve Finance: Currently no official app on the App Store
Curve Finance posted on the X platform that the fake Curve Finance app is still running and Apple has not removed the fake app. Currently, Curve Finance has no official app in the App Store.
Sophgo, an artificial intelligence company associated with Bitmain, said in a written statement that it has never had any direct or indirect business relationship with Huawei, but did not deny reports that its chip supply had been cut off by TSMC.
In addition, the company said it had provided a detailed investigation report to TSMC to prove that the company had nothing to do with the Huawei investigation.
Yesterday, it was reported that the U.S. Department of Commerce launched an investigation into TSMC at the beginning of this month to confirm whether it provided chips to Huawei. Subsequently, TSMC stopped supplying chips to Sophgo, an artificial intelligence company affiliated with Bitmain.
Two people familiar with the matter said TSMC has cut off chip supplies to related companies. Since 2020, Huawei has been banned from purchasing chips made with U.S. technology, including chips produced by TSMC. TSMC said it used U.S. technology in its chip manufacturing process and said it would comply with U.S. law. Earlier, semiconductor research company TechInsights claimed that after dismantling Huaweis current most advanced artificial intelligence (AI) accelerator chip Ascend 910B, it was found that the chip may have been manufactured by TSMC, which also means that TSMC may have violated U.S. export controls.
Polymarkets US presidential election betting exceeds $2.5 billion
Data from the prediction market Polymarket shows that the current probability of Trump winning the US presidential election is 64.5%, and the probability of Harris winning the election is 35.3%. The gap between the two has widened again to 29.2 percentage points.
In addition, the amount of bets on the US election on the platform exceeded US$2.5 billion.
Coinbase announced the launch of a new set of fully on-chain AI agents, “Based Agents”, which users can create in three minutes on the Base chain. Built using tools from Coinbase, OpenAI, and Replit, these agents can manage crypto wallets, connect to X, and perform other tasks.
Recently, Coinbase and its CEO Brian Armstrong presented a far-reaching vision for a new era of AI and blockchain integration. In this world, AI agents have financial independence and can spend and trade through cryptocurrency wallets. Armstrong said that this will become a game-changer for DeFi, that is, the digital economy is reshaped autonomously through AI-driven systems without human intervention. (CoinGape)
UniSat: LP rewards on PizzaSwap will be launched on November 6
UniSat posted on the X platform that it will launch PizzaSwaps first milestone, LPfest, on November 6, 2024 to bring rewards to liquidity providers. In this update, PizzaSwap will also be open to all brc-20 tickers on Fractal and allow users to create any trading pair.
At the same time, PizzaSwap’s medium-term goal is to delete deposit/withdrawal operations, and its long-term goal is to bridge to more blockchains.
FTX and Bybit reach $228 million settlement to accelerate the process of returning customer funds
FTX announced that it had reached a settlement agreement with the crypto trading platform Bybit, which will pay a settlement of US$228 million and FTX will withdraw the relevant lawsuit.
According to a settlement agreement recently announced by the court, FTX will recover $175 million worth of digital assets from the Bybit platform, while Bybits investment arm Mirana Corp. will acquire additional assets including BIT tokens for $53 million.
Previously, FTX had accused Bybit-related accounts of transferring $327 million in assets on the eve of its collapse, preventing other users from withdrawing cash. Earlier this month, FTXs approved compensation plan is expected to distribute at least $12.6 billion in funds to affected users. The compensation plan will be launched within 60 days of the effective date, and the specific date has not yet been determined. (BeInCrypto)
Character*Voice
Base protocol leader Jesse Pollak published a post on the X platform in response to the frequent inquiries from the meme community about whether he has ever kept any animals.
Jesse said: By the way, I dont have any pets. All the cats I had as a child died, and the only cat I have as an adult (originally a stray I adopted) got along well with its new owner, who later took it from the Bay Area to Korea. Im sorry, I love you guys.
In response, community users still asked, Would you raise a pet for meme tokens? Jesse replied, Everything is possible.
Ink founder: Ink has no plans to issue any tokens
Ink’s founder made a disclaimer in a Bankless podcast that Ink has no plans to issue any tokens.
Earlier news said that the cryptocurrency exchange Kraken launched the OP Stack-based blockchain Ink, and the test network will be launched in two weeks.
Fox reporter: Tether CEO says there are currently no plans to go public
According to a post by Fox Business reporter Eleanor Terrett on the X platform, Tether CEO Paolo Ardoino said he currently has no plans to list Tether because he believes it would undermine the companys ability to move quickly and break the status quo. Paolo Ardoin believes that a company should go public when it needs to obtain capital and liquidity, and Tether has made a profit of $12 billion in the past two years and does not face this problem.
Deribit CEO: The number of Bitcoin call options expiring on November 8 is twice that of put options
Deribit CEO Luuk Strijers said derivatives traders are preparing for a bullish move in Bitcoin in the days after the U.S. election on November 5. Data shows that the number of Bitcoin call options expiring on November 8 is twice that of put options, which is the first option to expire after the U.S. presidential election.
Strijers also said that for options expiring on November 8, open interest is worth more than $2 billion, with major strike prices of $70,000, $75,000 and $80,000, and the put/call ratio is 0.55, indicating that the number of open call options is twice the number of put options.
Strijers added that forward implied volatility is 72.29%, suggesting that prices could move about 3.78% in the days following the presidential election. (THE BLOCK)
Polymarket CEO: The platform has no partisan stance
Shayne Coplan, CEO of decentralized prediction platform Polymarket, has refuted a recent New York Times article that claimed Polymarket took a political stance after the platform gave Donald Trump a 64% chance of winning the 2024 presidential election.
Coplan noted that Polymarket is strictly nonpartisan and has never envisioned itself as a political platform. Instead, political bets may drive Polymarkets focus on market-based predictions. (THE BLOCK)
Vitalik: I have not sold ETH in the past month, but the amount of holdings has increased
Ethereum founder Vitalik said on the X platform that he had not sold a single ETH in the past month, and the number of ETH he held had increased instead, in response to community members suggestions to stop selling ETH.
Casey, founder of Ordinals, posted on X that if users use ord to send runes, please upgrade to ord version 0.21.2. This version fixes a more serious bug, that is, ord wallet send does not create change outputs in some cases, which may cause the loss of runes.
This bug has been fixed in this release. When using ord wallet send, the wallet must select an input UTXO that contains enough runes to cover the amount being sent. The bug was that if the input had multiple runes selected, Rune A and Rune B, and the user was sending Rune A, the wallet would not create a change output to receive the Rune B that was in the input but not sent.
This release also introduces other updates, such as: ord wallet sign can be used to sign messages with an address of the wallet; if the minting is currently open, its progress is only displayed on /rune; the problem of incorrect minting progress display has been fixed.
Willy Woo: Altcoins are an insiders game, current cycle is dominated by meme coins
Willy Woo, a cryptocurrency analyst, wrote on X yesterday: I havent talked about altcoins for several years. After the shit rolls downhill chart depicted the performance of 10,000 altcoins, I gave up interest in them. But someone specifically asked me, here is my opinion on the market value of altcoins:
This cycle is clearly different from the others. This is the third cycle since altcoins entered the mainstream in 2017 where retail investors began to lose money on a large scale.
2020-21 was the year of ‘innovation’ for DeFi and NFTs, and a large number of retail investors lost money again.
The third altcoin cycle is about Meme Coin, which is a mockery of the cryptocurrency space. It doesnt pretend to be a technology that subverts the world, but is just an honest bubble casino. So I think retail investors may have figured it out. It usually takes three tries to learn something.
Its dominance has not yet fully returned to the long-term equilibrium, but no one knows what the long-term equilibrium will be.
I’m not saying there won’t be altcoin seasons. Of course, small and mid-cap altcoins will rally after a BTC surge as investors chase higher returns on the risk curve. This is a normal part of the market, and we’ve seen it in stocks. It’s just that since the 2017 altcoin bubble, each cycle altcoin season has gotten weaker.
Also remember that altcoin market cap is the sum of all new winners… losers are not counted in the market cap.
Sure trade them if you want to get involved… but never hold them unless you know the inside story because altcoins are an insider’s game and like a casino, the house wins in the end. But you already knew that.”
Circle Internet Financial Ltd. CEO Jeremy Allaire said in a recent interview that the company has been eager to go public for many years and has not changed its vision. The company does not need to obtain funds from the private market, but continues to seek a listing.
“We are very committed to the path to going public and we can be a really interesting company in the public markets,” Allaire said.
Circles road to going public has been rocky after its efforts to merge with blank-check company Concord Acquisition Corp. in 2022 fell through. Earlier this year, Circle chose a more traditional path, confidentially filing a draft registration for an IPO with the U.S. SEC in January.
Allaire declined to comment on any of the company’s engagement with the SEC or other regulators in the nine and a half months since it filed its draft IPO registration, a period during which the U.S. government has launched a massive crackdown on companies in the cryptocurrency industry. While the wait for IPO approval has dragged on, Allaire said the company has no need to raise more money.
“We are in a good financial position to build a very solid business and we are not seeking any funding at this time,” Allaire said.
As Cointelegraph reported in June, the company has been beefing up staffing this year in anticipation of an IPO. The hiring spree has also been fueled by regulatory optimism that Washington lawmakers may finally provide some regulatory framework for the industry in the form of a stablecoin bill.
Several drafts of cryptocurrency-related bills are being considered on Capitol Hill, and Allaire said there is strong optimism that stablecoin legislation could even be passed during the lame-duck session following the November election.
He added that the new regulatory measures will allow more traditional financial players (including banks, asset management companies and payment companies) to enter the digital asset ecosystem with confidence. They will only work with regulated infrastructure, and we are ready for this. (Bloomberg)
Christian, co-founder of crypto fund NDV and NFT whale, posted on social media that he will participate in Sothebys Cattelan banana auction. If successful, he will feed this masterpiece to my lovely Shiba Inu Cheems on behalf of the Cheems community. Christian said that it will be very interesting to spread the memecoin revolution during this cycle.
According to previous news, the meme coin BAN, which is based on Cattelan bananas, has been hotly speculated in the market, and its market value has exceeded 50 million US dollars within one day of its listing.
Crypto artist beeple: NFT speculators have left, leaving only core enthusiasts
Crypto artist Mike Beeple Winkelmann sold the NFT artwork Everydays: The First 5,000 Days for $69.3 million in 2021, setting a record. Since then, enthusiasm around NFTs has cooled significantly, with trading volume plummeting by more than 90%.
Recently, Beeple recalled in an interview: Looking back on those days, I feel crazy because NFTs have been hated for much longer than they have been loved. For a short while, people said, Yes, this is the future, and then they said, Oh, you bastard, dont do this to me.
“We lost a lot of people,” Beeple added, “but these people were never there for the art, I could tell right away,” noting that at the “Everydays” auction the market was “100 percent” a bubble.
“I’d been making digital art for 20 years before that, and I saw people buying crap and it was like, ‘There’s no way this is going to hold its value, it’s garbage,’ ” Beeple said. “It doesn’t last, and you realize that’s right.”
While Beeple acknowledged that the NFT market “will return to reality” and that speculators have “pivoted,” he noted that “people are still very enthusiastic about this type of product,” leaving a core group of enthusiasts who “understand the technology.”
Noting that CryptoPunks sales reached millions of dollars earlier this year, he said: “It’s crazy to me how normalized it has become.”
Beeple also talked about the segmentation of the NFT market, where some projects have lost sight of the true vision of the technology. Pointing to the BAYC series, he said: This technology, its uses, and the people associated with it are not really like art, they even say its a collectible, theyre trying to build a social club, and so on, and believes that the different use cases of NFTs have been conflated. (Decrypt)
Investment and Financing
SevenX Ventures Announces Investment in Next-Generation Social Platform Bluesky
According to the official announcement, SevenX Ventures announced that it has invested in the new generation social platform Bluesky, whose goal is to build a social media that is not controlled by a single company, protects freedom of speech, resists regulation and censorship, and is open, protocol-based, and ecological. Currently, Bluesky has more than 13 million users.
SevenX is optimistic about Blueskys potential as a protocol-based social media, expanding developers in the most efficient way and allowing developers to compete widely, thereby giving birth to a large number of high-quality innovative projects and bringing about truly open and high-quality ecological development. As an investor, SevenX will also continue to empower Bluesky in terms of ecological construction and economic models.
KaJ Labs commits $75 million to develop on-chain enterprise platform Atua AI
KaJ Labs, a decentralized research organization focused on advancing artificial intelligence and blockchain technology, has pledged to invest $75 million to develop Atua AIs on-chain enterprise platform. The investment will accelerate Atua AIs growth and expansion, enabling the platform to provide advanced AI-driven solutions to enterprises in the Web3 ecosystem. (MENAFN)
Security incidents
CertiK: An unverified loan contract on the Base chain was attacked, losing about $1 million
According to CertiK Alert monitoring, the price manipulation attack on the Base chain affected the unverified loan contract starting with 0x 5 c 52. The attacker manipulated the prices of WETH and SUI and obtained approximately $1 million in tokens through over-borrowing.
CertiK: Private key leak in October resulted in a total loss of $60 million
According to CertiK monitoring, the largest hacker losses so far in October came from private key leaks. Since the third quarter, most of the losses have been caused by PKC and phishing. Since the beginning of this month, CertiK has recorded 3 major PKC incidents with a total loss of approximately US$60 million, including: Radiant Capital approximately US$55 million, Tapioca DAO approximately US$4.5 million, and Burve Protocol approximately US$500,000.
Scroll Ecosystem Stablecoin Project Essence Finance Suspected to be Rug Pull
Scroll ecosystem stablecoin project Essence Finance is suspected of Rug Pull. Its stablecoin CHI has fallen by more than 92% to $0.077 in the past 24 hours, and more than $20 million in collateral is suspected to have been removed. The last tweet was published on September 11. The project audit report comes from FEI Protocol V2. (Wu said)
The Ministry of Public Security held a special press conference in Beijing on October 25 to report on the effectiveness of the special campaign deployed by the Ministry of Public Security to combat and rectify ethnic asset unfreezing fraud crimes.
Zhou Qiancheng, captain of the Criminal Investigation Brigade of the Ningbo Public Security Bureau of Zhejiang Province, introduced that at the beginning of this year, the Ningbo Public Security Bureau discovered that some local residents were participating in the national asset unfreezing fraud project of the China International Plum Blossom Association. After investigation, it was found that the suspects set up an illegal organization China International Plum Blossom Association and used high pension returns as bait to develop personnel from all over the country to participate. They also collected fees in the name of membership fees, venue fees, certificate fees, personal income tax, etc., and used virtual currency to launder money and make illegal profits. It has now been found that the funds involved in the case are more than 58 million yuan.
At present, the case is still under further investigation. (Criminal Investigation Bureau of the Ministry of Public Security)
An address on the Tron chain containing more than 16.15 million USDT was frozen this morning
According to Whale Alert monitoring, at around 6:01 Beijing time, an address containing 16,152,303 USDT on the Tron chain was frozen.
