Today's News Highlights:
Apple Releases New AI Preview, Featuring Integrated ChatGPT Functions
Tesla's Bitcoin Holdings Remain Unchanged in Q3 2024, with a Net Profit of $2.167 Billion
Base Mainnet to Introduce Fault Proof on October 30
An Insider's Single Sale of 50% of Total Supply of SHAR Tokens Causes SHAR Price to Plummet by 96%
GOAT's Market Cap Surpasses $800 Million, with a 24-Hour Price Increase of 43.12%
Regulatory News
According to Bloomberg terminal information, as the BRICS summit kicks off in Kazan, Russia, cryptocurrency has become one of the topics of discussion. Russian lawmakers are promoting the idea that Russian miners can sell their tokens to international buyers, who can then use Bitcoin and other cryptocurrencies to pay for imports, effectively bypassing Western sanctions. Sanctions have severely impacted Russia, but cryptocurrency offers an alternative to the traditional financial system that relies on the dollar and banks.
Richard Wolf, an American economist and honorary retired professor at the University of Massachusetts Amherst, commented on the situation, stating that the BRICS alliance is surpassing the already peaked United States; the U.S. is in decline and trying to maintain its international dominance; BRICS countries are also gaining economic advantages over the U.S.
According to CNN, the U.S. Justice Department recently warned Elon Musk's America PAC that its daily $1 million grants to registered voters in swing states may violate federal law. The Justice Department's Public Integrity Section sent a letter to the political action committee, indicating that its "cash giveaways" could constitute election-related violations.
Under federal law, paying people to register to vote is illegal, and Musk's initiative requires participants to be registered voters in designated states and to sign a petition supporting the First and Second Amendments. Although Musk emphasized on social media that the winners are nonpartisan and voting is not mandatory, experts believe that the condition of limiting participation to registered voters still carries legal risks.
After facing criticism, America PAC rephrased the prize as "compensation for spokesperson positions," but the website's terms have not materially changed, still requiring winners to be registered voters. It is unclear whether the Justice Department's letter prompted any adjustments to the initiative.
According to CoinDesk, U.S. government prosecutors handling the case of former FTX executive Nishad Singh have requested that the sentencing judge consider Singh's "substantial assistance" and "exemplary cooperation" in the government's investigation of FTX. In a document submitted on October 23, prosecutors stated that Singh "has shown genuine remorse and a desire to help." Singh assisted the government in understanding how FTX's code allowed for the illegal use of customer funds and detailed transactions made by Sam Bankman-Fried using illicit funds.
In February 2023, the former engineering director pleaded guilty to six criminal charges, including fraud and conspiracy, related to FTX's collapse in November last year. Last week, his lawyers requested that a federal judge waive his imprisonment in a sentencing document submitted on October 16. They described him as "an exceptionally selfless person," claiming his role at FTX was limited and detailing his cooperation with authorities. Singh and former FTX CTO Gary Wang are both awaiting sentencing.
Bank of Canada Cuts Interest Rates by 50 Basis Points, Marking Fourth Consecutive Rate Cut
According to China Fund News, the Bank of Canada cut interest rates by 50 basis points on Wednesday, lowering the benchmark rate from 4.25% to 3.75%, the largest reduction in borrowing costs since the onset of the pandemic in March 2020. The Bank of Canada stated that this is a sign of the country returning to a low-inflation era. To combat soaring prices, the Bank of Canada had previously raised rates to a 20-year high, but has now cut rates four times since June. The inflation rate in September fell to 1.6%, below the 2% target.
AI
Apple Releases New AI Preview, Featuring Integrated ChatGPT Functions
According to TechCrunch, on Wednesday, Apple Intelligence released the latest updates for iOS 18.2, iPadOS 18.2, and macOS Sequoia 15.2, allowing developers to experience the integration of ChatGPT for the first time. Meanwhile, Apple also introduced other smart features, including Genmoji, Image Playground, Visual Intelligence, and Image Wand. The public will also gain access to Apple Intelligence features for the first time, such as integrated writing tools, image cleanup, article summarization, and a redesigned Siri input experience, which were available in iOS 18.1, iPadOS 18.1, and 15.1 versions. However, they will have to wait for future updates to access OpenAI's platform. Users must select Apple Intelligence and ChatGPT during the setup process or later in the settings. They do not need to have a ChatGPT account or a separate application. However, without a premium account, their access to query limits will be restricted, although everyone can access all of OpenAI's models, including GPT-4.
OpenAI Launches Simplified Consistency Model (sCM), Significantly Enhancing Sampling Speed
According to OpenAI's announcement, it has launched a new sCM (simplified consistency model), which is based on a simplified continuous-time consistency model, providing higher training stability and scalability.
Project Updates
dYdX Announces dYdX v3 Sunset Process Reminder, All Trading, etc., Will Cease on October 28
dYdX posted on the X platform: "dYdX v3 Sunset Process Reminder, all trading, oracle price updates, and fund payments will cease at 20:05 Beijing time on October 28. We encourage users to plan, close positions, and withdraw USDC from the dYdX v3 smart contract." According to previous announcements, this change only affects dYdX v3 users, while users of dYdX Chain, dydx.trade, or v4 API are not affected.
According to an official announcement from the Tapioca Foundation, on October 19, the Tapioca DAO suffered a social engineering attack that resulted in the theft of $4.7 million in funds. The team had offered a $1 million bounty to the hacker in exchange for the return of the remaining $3.7 million, setting a deadline of 4 PM UTC on October 22. As the deadline has passed without a response, the proposal has now been voided.
The Tapioca Foundation is currently collaborating with law enforcement and several security teams, including ZeroShadow, Seal911, and the BNB Smart Chain team, as most of the stolen funds remain on that chain. Tapioca is now offering a 10% reward for any information or actions that help recover the funds, and relevant information can be sent to tapiocahack@protonmail.com.
An Insider's Single Sale of 50% of Total Supply of SHAR Tokens Causes SHAR Price to Plummet by 96%
According to Lookonchain monitoring, an insider sold 500 million $SHAR tokens in a single transaction, accounting for 50% of the total supply, in exchange for 19,620 $SOL (approximately $3.38 million), causing the $SHAR price to plummet by 96%.
The insider had previously used 5,710 $SOL (approximately $948,000) through 16 wallets to purchase 665.6 million $SHAR (accounting for 66.56% of the total supply) and distributed these tokens across more than 100 wallets. Four hours ago, he collected 500 million $SHAR from 104 wallets and sold them all at once, profiting 13,910 $SOL (approximately $2.4 million).
zkLink Core DAO Announces Delay of Over 40% of ZKL Token Unlock for Six Months
According to The Block, zkLink Core DAO announced a delay in its ZKL token unlock plan, postponing the token unlock originally scheduled for October 22 by six months. This decision affects 40.5% of the total ZKL token supply, impacting the token distribution for early private placement investors, teams, and advisors, with the unlock now set to begin on April 22, 2025.
ZachXBT: OTC Trader "Wang Yicong" Has Helped Lazarus Group Launder Tens of Millions of Dollars
Crypto detective ZachXBT disclosed on the X platform: "A Chinese OTC trader named 'Wang Yicong' has helped the Lazarus Group convert tens of millions of dollars in cryptocurrency stolen from various hacking attacks into cash through bank transfers since 2022. A few months ago, a follower contacted me after their trading account was frozen following a P2P transaction with Yicong Wang (an OTC trader who has used aliases such as Seawang, Greatdtrader, and BestRhea977). They shared a screenshot of a WeChat conversation with Wang Yicong, revealing one of his Tron wallet addresses: THsSCBGazjjho7u2BQQsmrpbDv1Q237FL4. Recently, Wang Yicong contacted them, requesting a larger USDT to CNY order of about $1.5 million to be placed on August 13, 2024, at an exchange rate significantly lower than the market rate. The related address is THjaAygUNkzoXufwEoKCzbUZHpsehL9rAZ. Upon reviewing the blockchain data associated with Wang Yicong, you will notice a significant integration of illegal funds from various hacking incidents involving Irys co-founders, Alex Labs, and others related to EasyFi and Bondly."
Michael Saylor's Comments on "Regulated Bitcoin Custody" Criticized by Vitalik
According to The Block, Ethereum co-founder Vitalik Buterin recently criticized MicroStrategy founder Michael Saylor's views. In a recent interview with the New Zealand Herald, Saylor expressed that concerns about using regulated entities to custody Bitcoin mainly stem from "paranoid cryptocurrency anarchists." He elaborated on the reasons Bitcoin is a superior digital asset and store of value, arguing it should be seen as "a digital currency crucial to human progress." However, his views on regulated custody sparked strong reactions within the Bitcoin community, particularly from advocates of self-custody, with some questioning whether Saylor truly understands the essence of Bitcoin.
In response to this controversy, Vitalik shared his thoughts on the X platform. He bluntly stated, "I am happy to say that I think Michael Saylor's comments are simply absurd. He seems to explicitly support the idea of protecting cryptocurrency through regulatory capture, but there are many precedents of this approach failing. I believe this completely contradicts the core principles of cryptocurrency." Vitalik's remarks were a response to Casa co-founder and CTO Jameson Lopp, who had previously warned, "Self-custody of Bitcoin is not the exclusive choice of the paranoid. Convincing people to trust third-party custodians can actually lead to many long-term negative consequences." He emphasized that self-custody is crucial not only for individual Bitcoin holders but also for maintaining decentralization, enhancing network security, ensuring governance participation, and promoting ongoing innovation and expansion without relying on third parties.
In contrast to Lopp's views, Saylor advocates for holding Bitcoin through regulated entities like BlackRock, Fidelity, JPMorgan, and State Street. He believes this approach is not only safer but also reduces volatility and minimizes the risk of loss. Because the government and legislators have investments in these institutions, they are less likely to become targets of government crackdowns compared to unregulated private entities.
Layer 1 Blockchain MANTRA Focused on RWA Assets Launches Its Mainnet
The Layer 1 blockchain MANTRA, focused on RWA assets, announced on the X platform that its mainnet is now live. Users will be able to perform several important activities, including: bridging OM tokens from ERC-20 to MANTRA mainnet tokens to gain access to future RWA tokens; staking OM to help secure the network and earn on-chain staking rewards; OM will become an integral part of the RWA ledger; and earning KARMA by completing new tasks on the mainnet.
Ripple CEO Says Citibank Has Terminated His Personal Banking Relationship Due to Crypto Background
According to CoinDesk, Ripple CEO Brad Garlinghouse revealed at DC Fintech Week in Washington that Citibank, a long-time partner, has terminated its personal banking relationship with him due to his background in the cryptocurrency industry. Garlinghouse stated that this is a result of pressure from the U.S. government on banking institutions to be cautious in their dealings with crypto assets. He mentioned that Citibank gave him five days to manage his account funds and explicitly stated that this action was due to his "significant position in the crypto industry," which led to increased scrutiny from federal regulators.
Garlinghouse criticized the Biden administration's regulatory stance on the crypto industry, particularly blaming SEC Chairman Gary Gensler for his hardline approach, and stated that regardless of the outcome of the presidential election in November, U.S. crypto policy will improve in the future. Additionally, he mentioned that an ETF linked to XRP is "inevitable" and suggested that crypto startups register overseas to avoid the uncertainties of U.S. regulation.
Upbit to Launch SAFE Trading Pairs in KRW, BTC, and USDT
According to Upbit's announcement, the platform will support trading of the new digital asset SAFE, launching KRW, BTC, and USDT markets. SAFE is based on the Ethereum network, and trading is expected to begin on October 24 at 18:00 (KST), with deposits opening two hours after the announcement.
Safe (SAFE) is a project dedicated to providing users with flexible and complete control over their crypto assets, aiming to allow users to truly "own" various digital assets such as digital identities, financial assets, and digital art. Safe realizes its vision through a smart contract-based multi-signature wallet Safe{Wallet} and an open-source modular account abstraction framework Safe{Core}, and promotes future realization through the ecosystem participation reward system Safe{Pass}.
Binance Completes Integration of Worldcoin (WLD) Mainnet
Binance announced that it has completed the integration of the Worldcoin (WLD) mainnet and has opened deposit and withdrawal services.
According to Bitwise's Q3 crypto market report, stablecoins are becoming key applications in crypto technology, gradually penetrating multiple trillion-dollar markets. Bitwise noted that the total amount of U.S. Treasury bonds held by the top five stablecoins has surpassed that of some G20 countries like Germany. Additionally, several publicly traded companies, including Visa, have begun adopting stablecoins, with Tether's profits even surpassing those of BlackRock last year.
The business model of stablecoins earns interest by holding income-generating assets like Treasury bonds, making them a bridge between traditional finance and the digital economy. Despite price stability, investment opportunities still exist. Bitwise believes that with clearer regulations and the entry of payment giants, stablecoins may become alternatives to money market funds. Furthermore, blockchains like Ethereum are also benefiting from the growth of stablecoins.
The report suggests that stablecoins have enormous potential, and investors should closely monitor their development. Currently, the total amount of liquid deposits in the U.S. is about $18 trillion, while the scale of stablecoins is only 1% of that market. If interest-bearing stablecoins are widely approved in the future or if regulatory frameworks become clearer, the market share of stablecoins could significantly increase.
Binance to Support Harmony (ONE) and VITE (VITE) Network Upgrades and Hard Forks
Binance will support network upgrades and hard forks for Harmony (ONE) and VITE (VITE). The Harmony (ONE) project plans to upgrade at block height 64,847,872, expected to occur on October 31, 2024, at 21:00 Beijing time. Binance will suspend ONE deposits and withdrawals at 20:00 on the same day. Additionally, the VITE (VITE) project will undergo a network upgrade at block height 166,869,900, expected to occur on October 31, 2024, at 22:30 Beijing time. Binance will suspend VITE deposits and withdrawals at 21:30 on the same day.
According to PeckShieldAlert monitoring, the hacker address involved in the Radiant Capital attack has bridged almost all stolen funds from Arbitrum and BNB Chain to the Ethereum network, totaling approximately 20,500 ETH, worth about $52 million.
Base Mainnet to Introduce Fault Proofs on October 30
According to an official announcement from Base, the Base mainnet will introduce fault proofs on October 30, marking an important step towards decentralization. With this mechanism in place, anyone can monitor and challenge invalid withdrawal transactions without permission, eliminating the need for trust in third parties. The Base team stated that they have been working closely with Optimism to ensure a smooth launch of fault proofs and enhance security. During the upgrade, all pending withdrawal transactions will need to be re-verified.
Financing News
According to The Block, Variational, a crypto derivatives trading protocol built on the Ethereum Layer 2 network Arbitrum, has raised $10.3 million in a seed round. Bain Capital Crypto and Peak XV Partners (formerly Sequoia India and Southeast Asia) co-led the round, with participation from Coinbase Ventures, Dragonfly Capital, North Island Ventures, Hack VC, and other investors.
Web3 Data and AI Company Validation Cloud Completes $10 Million New Round of Financing
According to a press release, Web3 data and AI company Validation Cloud announced it has secured $10 million in funding from True Global Ventures. The company plans to use the funds to expand its AI products and achieve seamless access to Web3 data. The company's product platform consists of three parts: staking, node API, and data and AI. In terms of staking, Validation Cloud's staked assets have exceeded $1 billion. Some of Validation Cloud's clients include Chainlink, Aptos, Consensys, Stellar, and Hedera. Earlier in February, Validation Cloud completed a $5.8 million financing round led by Cadenza Ventures.
According to The Block, Bitkraft Ventures led a $9 million seed round financing for the Web3 mobile gaming platform Party Icons. This round also included participation from IDG Capital and The Sandbox co-founder Sebastien Borget. The funds will be used to drive the development of Party Icons' gaming and social experiences and strengthen its Web3 infrastructure.
Bitkraft partner Jonathan Huang stated that Party Icons aims to combine the social elements of party games with the intensity of shooting games. Party Icons currently offers three different modes and hopes to become a platform for players not only to play games but also to engage in social interactions. Although crypto gaming has struggled to penetrate the mainstream market in the past, investors continue to support Web3 gaming projects.
Self-custody digital trading company Shuttle Labs announced it has completed a $6 million seed round financing, with participation from Anthony Scaramucci, CMCC Global, SALT Fund, Flow Traders, and several former FTX employees. Shuttle Labs also announced the launch of the beta version of its self-custody digital trading platform Genius, which aims to address a series of issues that led to FTX's bankruptcy, such as security, user control, and decentralization, and explore the risks eliminated by self-custody models, ensuring users always hold their private keys.
European Digital Asset Platform STOKR Completes $7.98 Million Financing, Led by Fulgur Ventures
According to The Block, European digital asset platform STOKR has completed $7.98 million in financing, planning to use most of the funds to establish one of the first corporate Bitcoin reserves in Europe. This round of financing was led by Fulgur Ventures and includes 100 Bitcoin (approximately $6.78 million) and €1.2 million in cash (totaling €7.4 million).
STOKR stated that it will emulate MicroStrategy's strategy and actively expand its Bitcoin reserves over the next few years. Additionally, the company plans to launch tokenized assets based on Bitcoin and develop institutional tokenization infrastructure on native Bitcoin Layer 2 technologies (such as Liquid Network).
Mining News
According to The Block, Bitcoin mining company TeraWulf plans to raise $350 million by issuing convertible senior notes to support a $200 million stock buyback plan. The company stated that initial purchasers can choose to increase the amount by $75 million within 13 days after the note issuance, which will mature on February 1, 2030, with specific interest rates not yet disclosed. TeraWulf's board has approved the buyback of up to $200 million of common stock by December 31, 2025.
Previously, TeraWulf announced earlier this month that it sold a 25% stake in the Nautilus facility for approximately $92 million. According to the latest operational data, the company mined 176 Bitcoins in September, a decrease of 8 from August. Currently, TeraWulf is the fifth-largest publicly traded Bitcoin mining company, with a market capitalization of $2.44 billion.
Important Data
Tesla's Bitcoin Holdings Remain Unchanged in Q3 2024, with a Net Profit of $2.167 Billion
Tesla (TSLA) did not sell its Bitcoin holdings worth $763 million in the third quarter of 2024. According to the latest financial report, the company neither increased nor decreased its holdings. However, Tesla transferred its Bitcoin assets from public wallets for the first time this quarter, involving $760 million. According to Arkham Intelligence data, Tesla conducted several large transfers, including sending $75.18 million, $76.08 million, and $77.16 million to anonymous wallets, with no sales or conversions to other crypto assets reported. Since reducing its holdings by 75% in the second quarter of 2022, Tesla has not sold any further Bitcoin. Additionally, Elon Musk's SpaceX holds approximately $560 million in Bitcoin, with the two companies collectively owning about 19,788 Bitcoins, valued at approximately $1.3 billion.
According to Tesla's Q3 2024 financial report, the company's quarterly profit exceeded analysts' expectations, and it expects "slight growth" in vehicle deliveries this year, causing the stock price of the world's largest electric vehicle manufacturer to surge over 9% in after-hours trading. The report showed that Tesla's net profit for the third quarter was $2.167 billion, compared to an expected $1.78 billion, with a gross margin of 19.8%, higher than the expected 17.3%. Revenue grew by 8% to $25.2 billion, slightly below the average expectation of $25.4 billion. Tesla stated, "Despite the continued deterioration of macroeconomic conditions, we expect a slight increase in vehicle deliveries in 2024." Additionally, Tesla's cost per vehicle sold has dropped to a historic low of approximately $35,100. Tesla still expects to begin production of its cheaper models in the first half of 2025.
Ethereum Foundation-Related Address Suspected of Exchanging 100 ETH for Approximately 257,400 DAI
According to Arkham monitoring, last night, a suspected Ethereum Foundation-related address (0xd7…c1f4) transferred 100 ETH to CoW Protocol, and subsequently received approximately 257,400 DAI from CoW Protocol, which was then transferred to an on-chain address marked as "Ethereum Foundation" starting with 0x9eE.
It is reported that since the beginning of this year, the suspected Ethereum Foundation address (0xd7…c1f4) has been selling ETH for DAI through Cow Protocol almost every week or every two weeks, typically in amounts of 50, 100, and 200 ETH.
According to The Data Nerd monitoring, five hours ago, a whale (boby1337eth) deposited 1,000 ETH (approximately $2.55 million) into Binance. Over the past week, this whale has deposited a total of 11,320 ETH (approximately $29.57 million) into Binance. Two hours ago, a wallet (possibly belonging to imToken) also deposited 5,000 ETH (approximately $1.276 million) into HTX.
A Bitcoin Address Holding 150 Bitcoins Activated After 13.3 Years of Dormancy
According to Whale Alert monitoring, a Bitcoin address that had been dormant for 13.3 years has just been activated. This address holds 150 Bitcoins, currently valued at approximately $10.03 million, compared to just $2,540 in 2011.
Nate Geraci, president of The ETF Store, posted on the X platform: "As of 2024, the U.S. has launched 575 exchange-traded funds (ETFs). In terms of fund inflows, 14 of them are Bitcoin or Ethereum spot ETFs, including 6 in the top 10. Additionally, there are 2 ETFs related to MSTR (a company that holds a significant amount of Bitcoin) in the top 30. The traditional financial industry's interest in cryptocurrencies is real."
GOAT's Market Cap Surpasses $800 Million, Price Up 43.12% in 24 Hours
Market data shows that the AI concept meme coin GOAT has surpassed a market cap of $800 million, with the token price currently at $0.8021, reflecting a 43.12% increase in 24 hours.
Data: Total Net Inflow of Bitcoin Spot ETFs Reached $192 Million Yesterday
Data: Total Net Inflow of Ethereum Spot ETFs Reached $1.2663 Million Yesterday
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