Today's Headlines:
- The Federal Reserve cuts interest rates by 50 basis points, the first rate cut in 4 years
- Trump uses Bitcoin to pay for meals at a Bitcoin-themed bar in New York for the first time
- Solana Mobile releases its second encrypted phone "Seeker" with a price of $450
- Programmable privacy network Aleo's mainnet is now online
- Fintech company Revolut plans to issue stablecoins
- Banana Gun responds to community member's wallet theft: investigation ongoing, robot service temporarily suspended
- Derivatives platform Drift completes $25 million Series B financing, led by Multicoin Capital
- Borderless Capital launches $100 million DePIN fund supported by Peaq and Solana Foundation
Regulatory News
The Federal Reserve cuts interest rates by 50 basis points, the first rate cut in 4 years
The Federal Reserve has lowered the federal funds rate by 50 basis points to 4.75%-5.00%, the first rate cut since March 2020. The Federal Reserve raised interest rates 11 times from March 2022 to July 2023, with a cumulative increase of 525 basis points. Over the past year, the Federal Reserve has maintained the target range for the federal funds rate at 5.25% to 5.5%, the highest level in 23 years. The Federal Reserve's FOMC statement stated that inflation has made further progress towards the 2% target but remains "slightly elevated"; the risks to the employment and inflation targets are in balance; the committee is firmly committed to supporting full employment; the decision to lower interest rates was passed by a vote of 11-1, with Director Bowman dissenting, believing that the rate should be lowered by 25 basis points. Federal Reserve Chairman Powell said: The Federal Reserve will speed up, slow down, or pause rate cuts as needed.
SEC accuses DeFi platform Rari Capital of unregistered securities issuance and reaches a settlement
According to The Block, the U.S. Securities and Exchange Commission (SEC) has reached a settlement on its charges against DeFi platform Rari Capital, finding that the company and its co-founders misled investors and did not register as a broker. SEC stated that Rari Capital's co-founders Jai Bhavnani, Jack Lipstone, and David Lucid told investors that their managed Earn platform allowed investors to lend tokens to earn returns, "automatically and autonomously rebalancing" their cryptocurrencies, but the company sometimes failed to do so. SEC also stated that they were involved in "unregistered broker-dealer activities" related to the Fuse platform. SEC stated that the two platforms collectively held over $1 billion worth of crypto assets at their peak. Some Earn platform investors were also eligible to receive Rari governance tokens, which the agency claimed to be an unregistered security. As part of the settlement agreement, Rari Capital Infrastructure LLC, which acquired Rari Capital in 2022, agreed to cease violating securities laws in the future, and Rari's co-founders agreed to pay fines and be banned from serving as executives and directors for five years. Earlier, lending platform Fuse was hacked in May 2022, resulting in the theft of $80 million. Rari Capital subsequently stopped new deposits and began to gradually shut down the Fuse platform.
Project Updates
Trump uses Bitcoin to pay for meals at a Bitcoin-themed bar in New York for the first time
Former President Trump purchased hamburgers for supporters at the Bitcoin-themed bar PubKey in New York and paid with Bitcoin. Trump used the Strike payment app to pay $998.70 in Bitcoin, which is built on the Lightning Network. The bar used the Zaprite app to receive Bitcoin.
Fintech company Revolut plans to issue stablecoins
According to CoinDesk, four sources revealed that London-based fintech company Revolut, which provides cryptocurrency trading, plans to issue its own stablecoin. The company obtained a banking license in July and was valued at $45 billion earlier this year. It is said to have made significant progress in creating stablecoins. When asked about its stablecoin plans, a Revolut spokesperson stated that the company hopes to expand its cryptocurrency products in a compliant manner and become a safe haven for the entire cryptocurrency community.
MicroStrategy announced the issuance of $875 million in principal amount of 2028 convertible senior notes, with the offering expected to close on September 19. These notes will be unsecured senior obligations of MicroStrategy, with an interest rate of 0.625% per annum, payable semi-annually on March 15 and September 15, beginning on March 15, 2025. The notes will mature on September 15, 2028, unless repurchased, redeemed, or converted pursuant to their terms. MicroStrategy intends to use the net proceeds from this offering to redeem all $500 million aggregate principal amount of its outstanding 6.125% senior secured notes due 2028 and to use the remaining net proceeds to acquire additional Bitcoin and for general corporate purposes.
According to Financefeeds, crypto-friendly bank Silvergate's parent company, Silvergate Capital, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The bankruptcy filing shows that the company's assets are between $100 million and $500 million, and its liabilities are between $10 million and $50 million. In March 2023, Silvergate Capital announced the voluntary liquidation of its subsidiary Silvergate Bank, citing challenges in the banking industry due to rising interest rates and regulatory scrutiny following the collapse of the crypto exchange FTX in November 2022. Silvergate Bank, known for its close ties to the crypto industry, saw its reputation and confidence among clients plummet after the FTX collapse. In July of this year, Silvergate Capital reached a settlement with the U.S. SEC, the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI), agreeing to pay $63 million. The Federal Reserve stated that it had concluded its enforcement action against Silvergate Capital after Silvergate Bank completed its liquidation plan, repaid deposits, and ceased banking operations. Earlier, the U.S. SEC sued Silvergate Capital in a federal court, accusing it of securities fraud. The SEC stated that after the collapse of FTX in 2022, Silvergate misled investors about its bank secrecy regime, anti-money laundering compliance program, and poor financial condition.
Borderless Capital launches $100 million DePIN fund supported by Peaq, Solana Foundation
According to CoinDesk, Borderless Capital has launched its third DePIN fund with a support amount of $100 million. The fund's investors include blockchain Peaq, which focuses on DePIN, as well as the Solana Foundation and Jump Crypto, among others. As of April this year, the top 10 DePIN projects have raised over $1 billion.
Coinbase to list Zetachain (ZETACHAIN)
Coinbase Assets tweeted that Coinbase will add support for Zetachain (ZETACHAIN) on the Zetachain network. Please do not send this asset through other networks, as there may be a risk of funds being lost. If liquidity conditions are met, trading will begin after 12:00 AM on September 20th Beijing time. Once the asset supply is sufficient, the ZETACHAIN-USD trading pair will be phased in for trading.
Coinbase has listed Aleo (ALEO)
Coinbase Assets tweeted that Coinbase will add support for Aleo (ALEO) on the Aleo network. Please do not send this asset through other networks, as there may be a risk of funds being lost. Aleo (ALEO) is now listed on coinbase.com, Coinbase iOS, and Android applications with an experimental label. Coinbase customers can log in to buy, sell, convert, send, receive, or store these assets.
According to Bloomberg, hackers who targeted drug distributor Cencora Inc. received a total of $75 million, paid in Bitcoin in three installments in March. This is the largest known sum of money paid in a network ransom to date. According to two sources, the initial ransom demand was for $150 million. According to regulatory filings, Cencora learned in February that its system data had been stolen. Two months after disclosing the incident, Cencora began notifying individuals and state governments that their personal data (including names, addresses, birthdates, diagnoses, prescriptions, and medications) had been stolen. The company's quarterly report for July stated that most of the $31.4 million in "other" expenses incurred in the nine months ended June 30 were related to the data breach network security incident, and it is currently unclear how these funds are related to the network attack.
Cencora is a Pennsylvania-based company with a market value of approximately $46 billion and revenue of $26.2 billion in the last fiscal year. The company was formerly known as AmerisourceBergen.
MANTRA mainnet to launch in October this year
MANTRA, a Layer 1 blockchain built for RWA, has announced the launch of its mainnet in October. MANTRA Chain will provide a comprehensive and customizable set of tools that allow developers to tailor solutions to their specific needs. These tools not only simplify the process of bringing real-world assets onto the chain but also ensure that the solutions comply with regulatory requirements.
Aleo's programmable privacy network mainnet is now online
Aleo, the programmable privacy network, announced that its mainnet is now online, allowing developers to build next-generation decentralized applications supported by zero-knowledge encryption technology.
According to an official announcement from Ethena Labs, the company's domain registration account was recently compromised, and the team took measures to temporarily disable the website to protect user safety. The protocol was not affected, and funds are secure. Ethena Labs has now regained control of its domain and, in collaboration with multiple parties, has blocked phishing websites. The only valid domain is ethena[.]fi, and the team will relaunch the frontend website after completing further investigation. Ethena reminds users not to interact with any counterfeit Ethena applications or websites.
Binance to launch KDA 1-75x leveraged perpetual contracts
According to an official announcement, Binance will launch 1-75x leveraged perpetual contracts for Kadena (KDA) at 9:30 PM on September 18th.
According to The Block, Andrew Vranjes, International Head and Vice President of Blockdaemon, stated that Hong Kong regulators may approve the staking feature of an Ethereum spot ETF by the end of this year. The Blockdaemon team is currently working closely with the spot crypto ETF issuer in Hong Kong and local regulators to develop a feasible staking solution. Vranjes noted that the staking feature is expected to be approved within a "specific framework" and may initially be open to qualified investors. He added that the team has made progress and expects relevant announcements to be made soon.
Upbit to list MEW on BTC and USDT markets
According to an announcement from Upbit, the platform will support trading for the new digital asset Cat in a Dogs World (MEW) on the BTC and USDT markets, based on the Solana network. Deposits and withdrawals will open within 3 hours of the announcement, and trading is expected to begin at 7:00 PM on the same day (Korean time). The platform reminds users to ensure they are using the correct network, as deposits and withdrawals on other networks are not supported.
PeckShield: Decentraland's X account has been compromised, do not click on phishing links
PeckShieldAlert issued a warning that Decentraland's X account has been compromised, and the phishing website launch-decentraland[.]org is now online. Users are advised not to click on this link and to wait for further official announcements to ensure safety.
Binance is expected to suspend token deposits and withdrawals for the Manta (MANTA) network on September 20, 2024, at 05:00 (GMT+8) to support its network upgrade and hard fork. The project team is expected to carry out the network upgrade and hard fork at approximately 06:00 (GMT+8) on the same day.
Solana Mobile releases second crypto phone "Seeker" priced at $450
Solana Labs' Solana Mobile unveiled its second crypto phone, "Seeker," at the TOKEN2049 conference, with over 140,000 units already pre-sold. As the successor to Solana Saga, Seeker has garnered widespread attention since its launch in January, especially after a surge in demand following two cat-themed memecoin airdrops in April. Seeker is priced at $450 (until the end of Breakpoint on September 21) and comes with a mobile-first Seed Vault wallet and an integrated new version of the Solana dApp store, with shipping expected in mid-2025.
The new web3 phone "Solana Seeker" features a lighter and brighter design compared to its predecessor Saga, improved camera and battery life, and a more affordable price. Its core feature is the Seed Vault wallet, complemented by the Solflare wallet for seamless self-custody. The Solana dApp store has also been updated with navigation and reward tracking features. Additionally, each Seeker comes with a Seeker Genesis Token, providing exclusive rewards and content within the Solana ecosystem.
Yuga Labs co-founder: Workshop team releases first ApeChain native product "Top Trader"
According to Yuga Labs co-founder Garga.eth (Greg Solano), the Workshop team has launched the first ApeChain native product, "Top Trader," a blockchain-based trading simulation game that allows users to trade with up to 1000x leverage without real financial risk. Top Trader integrates multiple tools, such as Ape Portal for cross-chain payment of buying fees, Yuga ID for seamless account abstraction, gas-sponsored transactions to enhance user experience, and tournament rewards managed through the restart protocol.
Some members of the Banana Gun Telegram Bot project community reported that BananaGun wallets were allegedly stolen. The official response stated that the issue is being investigated and robot services have been temporarily suspended.
ZachXBT: to release investigation involving over $100 million worth of security events
Blockchain detective ZachXBT announced on the X platform that one of the best investigations in his career, involving an event worth over $100 million, will be released within the next 24 hours.
Binance to launch FIDAUSDT perpetual contract with up to 75x leverage at 20:30 tonight
According to an official announcement, Binance Futures will launch the FIDAUSDT perpetual contract with leverage of up to 75x at 20:30 (UTC+8).
Funding News
Crypto startup Hemi Labs raises $15 million, led by Binance Labs
According to Fortune, the startup Hemi Labs, co-founded by Bloq's Jeff Garzik, has completed a $15 million funding round, with Binance Labs, Breyer Capital, and Big Brain Holdings leading the investment, and participation from Crypto.com, Web3.com Ventures, Hyperchain Capital, Alchemy, and SALT Fund, among others. Co-founder Max Sanchez stated that the company plans to use the funds to build Hemi's engineering team, add more Bitcoin interoperability features, and provide advanced customization for developers, as well as incentives, grants, and community adoption. Max Sanchez declined to disclose the company's valuation.
Former Coinbase executives' crypto exchange TrueX completes $9 million seed round
According to Fortune, TrueX, a new crypto exchange based on stablecoins created by two former Coinbase executives, has completed a $9 million seed round, with investments from RRE Ventures, Hack VC, as well as crypto investors Paxos, Solana Foundation, and Aptos. TrueX's operational model is similar to Coinbase's, using PayPal's PYUSD as the default settlement currency. TrueX will launch its trading functionality in the next two to four weeks, initially opening spot trading of top assets to institutional traders.
TrueX's parent company is True Markets, co-founded by Vishal Gupta, former head of trading at Coinbase, and USDC head at Circle, and Patrick McCreary, former senior engineer at Coinbase. Vishal Gupta previously oversaw the launch of the USDC stablecoin at Circle. Patrick McCreary previously served as a senior engineer at Coinbase. Both have also worked at Goldman Sachs.
The Solana ecosystem development platform Helius has raised $21.75 million in its latest funding round, with primary investors including Haun Ventures and Founders Fund, and participation from Foundation Capital, 6th Man Ventures, Chapter One, and Spearhead. This funding will be used to further drive the development infrastructure for developers within the Solana ecosystem.
Helius is a platform that provides core infrastructure for Solana developers, focusing on RPC services and data APIs. The platform helps developers address pain points on the Solana network and has introduced weighted staking services during network congestion. Helius also supports the issuance of compressed NFTs, with over 500 million compressed NFTs issued through the protocol.
Derivatives platform Drift completes $25 million Series B funding round, led by Multicoin Capital
According to Fortune, the Solana-based derivatives trading platform Drift has completed a $25 million Series B funding round led by Multicoin Capital, with participation from Blockchain Capital, Primitive Ventures, and Folius Ventures.
Key Data
Ethereum briefly rebounds above $2400, Bitcoin rebounds above $62,000
According to OKX market data, Ethereum briefly rebounded above $2400, currently trading at $2399.39, with a 4.48% increase within the day. Bitcoin is currently trading at $62258 per coin, with a 4.78% increase within the day.
WazirX attacker's address transfers 7th batch of 5000 ETH and starts laundering through Tornado Cash
According to PeckShieldAlert, the address identified as the WazirX attacker has transferred the seventh batch of 5000 ETH (approximately $12 million) to a new intermediary address 0x46b9…0A0a and has started laundering operations through Tornado Cash.
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