Today's Headlines:
- Hong Kong Media: Hong Kong Police are Investigating Whether JPEX is Involved in Criminal Activities, and Jordan Chan Once Endorsed JPEX
- Hong Kong Monetary Authority: Some Virtual Asset Institutions' Use of the Term "Bank" is Misleading
- US SEC: Binance.US Refuses to Cooperate with Investigation, Its Use of Ceffu Custody Service May Violate Previous Agreement
- The Wall Street Journal: Binance.US General Counsel and Chief Risk Officer Resign
- Genesis No Longer Provides Trading Services Through Any Business Department
- ssv.network Launches Mainnet Focused on Distributed Validator Technology
- Databricks Raises $500 Million in Series I Funding, Valued at $43 Billion, with a16z Participation
- Celsius Reaches $45 Million Interim Agreement with Core Scientific to Resolve Long-Standing Legal Disputes
Regulatory News
According to am730, a Hong Kong media outlet, the Hong Kong police are investigating whether the cryptocurrency exchange JPEX, which was previously warned by the Hong Kong Securities and Futures Commission, is involved in criminal activities. JPEX had previously advertised extensively in Hong Kong, with actor Jordan Chan serving as its brand ambassador. Additionally, the Hong Kong Monetary Authority has stated that some virtual asset institutions' use of the term "bank" is misleading.
The US SEC has accused Binance.US of refusing to cooperate with an investigation and raised concerns that its use of custody services provided by Ceffu may violate previous agreements.
NFT
Metaverse
Animoca Brands Subsidiary Darewise Entertainment to Launch Bitcoin-Based Metaverse Ecosystem Token
Project Updates
According to The Wall Street Journal, Binance.US's General Counsel Krishna Juvvadi and Chief Risk Officer Sidney Majalya are resigning. Juvvadi joined Binance.US in May last year, having previously served as the global operations compliance lead at Uber and as a trial attorney at the US Department of Justice. Majalya began working at Binance.US in December 2021, having previously served as the chief compliance officer at Intel. It was previously reported that Binance.US had laid off a third of its staff, and CEO Brian Shroder has resigned this week, with Chief Legal Officer Norman Reed temporarily taking over.
Genesis, a digital asset financial company, has announced that it will no longer provide trading services through its business entities. This decision was made voluntarily for business reasons.
FTX has requested the court to reject BlockFi's bankruptcy plan, claiming that it still has fundamental flaws and discriminates against FTX's claims in some aspects. FTX is attempting to recover repaid loans and collateral from BlockFi.
The latest Ethereum core developer execution meeting discussed updates on Devnet, new content for Dencun, and the EIP-4788 update. The next meeting will determine the release date of devnet-9.
Devnet-8 Status Update: The network is in its final stages of confirmation, with many clients beginning to push new updates to it. Additionally, the developer tool system Kurtosis is being used to test MEV/block construction processes. Nethermind has shared that their blob transaction pool is ready, and after several days of testing on a single node, it has been deployed to all Dencun test nodes. Geth's blob transaction pool is also nearing completion. Besu is conducting more extensive checks on its transaction pool (to limit the size of Blob + non-Blob transactions) and is expected to release it in the next version. Erigon is still developing its pool in preparation for devnet-9. Prysm has noted some delays in receiving blob sidecars, which typically appear within about 500 milliseconds after a block (processing takes about 15 milliseconds). They are investigating this issue and whether it may be caused by a race condition between blob and block imports. There was a discussion before the fork about whether to allow support for blob txns in the mempool, and the team agreed not to do so.
The meeting continued the discussion from last week's ACDC conference call, discussing whether to add a constant upper limit to the validator activation queue. Subsequently, the proposal was officially named EIP-7514 (Adding Maximum Epoch Leakage Limit). In essence, this will slow down the growth rate of ETH stake percentages in the worst-case scenario. Ethereum Foundation researcher Dankrad expressed his support for the proposal during the conference call, stating that it buys us time to potentially make more complex changes to validator rewards. All CL teams agreed to this change, but it should be noted that it only applies to the deposit queue and not the withdrawal queue. After further discussion, it was decided to set the limit at 8. Therefore, EIP-7514 will be part of the Dencun upgrade. It is expected that the EIP and related CL specification PRs will be updated in the coming days to reflect all of these.
The meeting discussed another last-minute proposal: adding an opcode to the EVM to expose the basic cost of a blob. We have a similar opcode that exposes the BASEFEE of EIP-1559, which was introduced at the same time as the EIP activation. This allows L2 to more easily determine the correct gas price to charge users based on L1 data costs. An Optimism developer believed that this is not the only way to obtain the basic cost of a blob for L2, as they can look at the block header (which contains the value used to calculate the basic cost of a blob) and provide merkle proofs for these. However, he also agreed that it is a good feature. Currently, Arbitrum does not parse headers, and if the block header format changes, this will cause problems for immutable L2. One of the authors of the 4844 proposal mentioned that this opcode was not included in the original specification because at the time, there was a hope to develop a more general way to access block header information (rather than adding a one-off opcode). In other words, doing so would be a better change than introducing this opcode, which exposes information that EL clients already need to calculate, and is semantically almost identical to the BASEFEE opcode. The client teams agreed that we should add this opcode just for consistency with BASEFEE. Any redundant functionality of this new opcode in the future would also cause problems for other opcodes that use block header information.
The meeting discussed some updates to EIP-4788, which stores the beacon root in a contract on EL. Over the past few weeks, we have conducted multiple audits and fuzz testing on the contract, resulting in some minor changes described in this PR. The first change is explicitly handling a 0 timestamp, causing it to roll back (similar to other invalid timestamps) rather than returning 0. The second change is the buffer size. Assuming slot times change, the original contract would lead to storage waste considering the workings of modulo arithmetic. By using a prime number (8191), it should use 100% of the buffer regardless of slot time. Finally, gas optimization was performed, reducing the number of times CALLDATA needs to be loaded. Auditors will review these changes, and the final report is expected to be received before the next ACDE. To ensure smooth fuzz testing and implementation, developers agreed to merge the proposed changes now.
The meeting discussed how clients should handle system contract addresses that are part of the state but are empty at the end of execution. While this is practically impossible on the mainnet, it has been an edge case that has appeared in testing by setting the address at genesis. Given the uniqueness of this edge case and the lack of explicit specification behavior, developers agreed to spend more time thinking about this issue and continue the discussion at the testing conference call on Monday. These changes are planned to be included in devnet-9. The client teams unanimously believe that all content should be implemented and tested before the next ACDC, and the release date for devnet-9 will be agreed upon during that call.
Original USDC Now Live on Near Mainnet
Native USDC is now live on the Near mainnet and accessible through Circle accounts and the Circle API.
The native USDC token address is: 17208628f84f5d6ad33f0da3bbbeb27ffcb398eac501a31bd6ad2011e36133a1
Consulting Firm Reverie Launching $20 Million Crypto Fund
According to TechCrunch, cryptocurrency consulting firm Reverie is launching a $20 million flagship fund for investing in seed and pre-seed stage crypto companies. The fund will focus on decentralized social media and security. The fund is led by two US institutional investors, with specific names not disclosed.
ssv.network Launches Mainnet Focused on Distributed Validator Technology
According to The Block, decentralized Ethereum staking infrastructure ssv.network has launched a mainnet focused on distributed validator technology. The mainnet achieves decentralized staking by connecting users to an operator network that collectively manages Ethereum validator nodes. The mainnet's release includes over a dozen launch partners, who will integrate their staking DApps with SSV, including Stader, Ankr, Stakestar, 01node, Metapool, StakeTogether, XHash, Chainup, Coindelta, and Claystack.
SSV's mainnet deployment is being conducted in multiple phases, starting from a limited launch last month. The current phase allows the public to participate in SSV by launching partner applications. In the fourth quarter, when the network begins its "permissionless launch" phase, users will be able to stake directly with the SSV network and become node operators.
According to Portaldo Bitcoin, Binance Brazil Director Guilherme Haddad Nazar (also the nephew of Brazil's Finance Minister Fernando Haddad) testified at a hearing in the country on Thursday (14th), where he was summoned to explain Binance's alleged involvement with GAS Consultoria & Tecnologia and Braiscompany, two Ponzi schemes under investigation by the country's regulatory agency CPI. GAS Consultoria & Tecnologia went bankrupt in February this year, with about 127,000 creditors and debts exceeding 9 billion reais (approximately $1.85 billion). Braiscompany is a crypto "brokerage company" suspected of running a scheme worth 1.5 billion reais (approximately $300 million). Binance's regulatory issues in Brazil were also a topic of discussion, as the brokerage company is facing administrative litigation from the Brazilian Securities and Exchange Commission for allegedly illegally offering derivatives to Brazilians.
During the hearing, Nazar stated that Binance Brazil is only a "victim" of the financial pyramid. Nazar said, "I want to reiterate that in all investigations, we have cooperated closely with the authorities, sharing all the information requested in the letters." Nazar stated that Brascompany never had an account with Binance and had no relationship with the brokerage, and claimed that there is no close relationship with GAS Consultoria & Tecnologia, which used Binance's name, as it is defamation against Binance. An analysis conducted by AML Reputacional found that 95% of the top 700 users of Binance in Brazil may be using the platform for money laundering. Nazar denied knowledge of this study and suggested that representatives request the document from the research company. When asked about the number of suspicious activity reports submitted to the Financial Activities Control Council (COAF) by Binance, Nazar stated that the number is approximately 557, but the CPI chairman expressed skepticism about this.
Additionally, Nazar admitted that Binance has not obtained any authorization in Brazil but stated that it collaborates with regulated partners to provide fiat gateways for customers. When asked whether Binance reports investor movements to the Federal Revenue Service in accordance with the 1888 law and whether Binance pays taxes in Brazil, Nazar acknowledged the issue but stated that the 1888 law currently does not apply to international cryptocurrency brokers. Furthermore, Nazar explained why Binance ignored the stop issuance order from the Brazilian Securities and Exchange Commission (CVM), stating that measures have been taken and warnings have been issued to local users. It is reported that local users can still trade crypto derivatives on Binance even after the language option was changed.
Earlier in June, Binance Brazil Director was summoned to testify in parliament to assist in the investigation of Ponzi schemes using its platform to transfer assets.
Bloomberg: Intel-Backed Blockchain Company R3 Lays Off 20% of Staff Last Week
According to Bloomberg, sources revealed that blockchain startup R3 laid off one-fifth of its staff last week to preserve cash amid a bear market in the industry. The layoffs affected various functional areas globally, but specific numbers were not provided. R3 has previously received investments from Bank of America, Intel, and others.
Stolen Funds of Over $20 Million Harmony Flow to Russian Exchange
Chainalysis data shows that cryptocurrency worth $21.9 million stolen from Harmony Protocol was recently transferred to a Russian exchange known for handling illicit transactions. Additionally, Chainalysis evidence indicates that a North Korean entity has been using Russian services, including the exchange, for money laundering since 2021.
Multiple AI Painting Websites Based on AIGC Technology Suspended for Suspected Violations
According to 36kr, multiple AI painting websites built on AIGC technology in China have suddenly been taken offline. Websites like 4B3.com and liblibai.com have been shut down without warning or have been moved to overseas domains and are inaccessible within China. Many users suspect that there may be compliance issues.
Funding News
According to Crunchbase, AI-powered data analytics company Databricks announced a Series I funding round at a valuation of $43 billion, raising $500 million. The round saw participation from chip manufacturing giant Nvidia, Capital One Ventures, Ontario Teachers' Pension Plan, Andreessen Horowitz, Baillie Gifford, ClearBridge Investments, Counterpoint Global, Fidelity Management & Research Co., Franklin Templeton, GIC, Octahedron Capital, and Tiger Global. In June, Databricks acquired MosaicML, a generative AI startup, for approximately $1.3 billion, aiming to compete with OpenAI.
Mining News
Bloomberg crypto analyst Jamie Coutts stated on the X platform that Bitcoin mining's clean energy usage has surpassed the 50% threshold, exploring the evolving energy narrative in a report.
Jamie Coutts further explained this with data, stating that after a more accurate assessment of the specialized integrated circuit (ASIC) machines used in the mining process by Coin Metrics, the Cambridge Centre for Alternative Finance recently revised its 2022 Bitcoin mining power consumption estimate from 105.3 TWh to 95.5 TWh. Climate tech investor Daniel Batten's further improvements addressed some shortcomings of the Cambridge model, as the model previously did not account for off-grid power and torch natural gas, as well as the large-scale geographic shift to lower fossil fuel-intensity grids over the past three years. Since China's mining ban in mid-2021, emissions have decreased by 37.5%, reaching 60.9 million tons of CO2e, indicating that concerns about Bitcoin's carbon footprint have been exaggerated. With clean energy usage in Bitcoin mining exceeding 50% and emissions decreasing while hash rate sharply rises, Bitcoin mining is consuming more sustainable energy. As energy accounts for about 50% of mining costs, the industry's shift towards sustainability could impact global energy dynamics.
It is worth noting that Musk previously stated in June 2021 that Tesla would resume accepting Bitcoin once the clean energy usage in Bitcoin mining exceeds 50%.
According to CoinDesk, court documents show that bankrupt crypto lender Celsius reached a $45 million interim agreement with Bitcoin mining firm Core Scientific to resolve a long-standing legal dispute. Under the agreement, Celsius will pay $14 million in cash, with the remaining portion as adjusted debt. The transaction must be approved by judges in Texas and New York, as Core and Celsius have filed for bankruptcy in these jurisdictions. As part of the agreement, Celsius will also acquire the 85-acre Cedarvale mining facility in Texas.
Previously, Celsius claimed losses of hundreds of millions of dollars due to its mining equipment being shut down for non-payment of fees.
Key Data
Report: Cryptocurrency Market Saw Outflows of $55 Billion in August
According to Cointelegraph, a report released by cryptocurrency exchange Bitfinex shows that the cryptocurrency industry saw outflows of $55 billion in August. The analysis is based on the Total Realized Value metric, which measures the realized capital of Bitcoin and Ethereum, as well as the combined supply of the top five stablecoins USDT, USDC, BUSD, DAI, and TUSD. Bitfinex stated that the outflows affected not only Bitcoin but also the liquidity of Ethereum and stablecoins.
The analysis also pointed out the regression of so-called event-driven volatility, where individual events may have a greater impact on prices and the overall market trend. In August, two isolated events significantly affected the price of Bitcoin. On August 17, a flash crash caused Bitcoin to plummet by over 11.4%. Similarly, Grayscale's partial legal victory against the U.S. Securities and Exchange Commission on August 29 led to a 7.6% price surge in Bitcoin within two hours. Bitfinex stated, "While volatility metrics continue to remain low, market liquidity tightness has led to isolated events having a greater impact on market trends."
The analysis noted that Bitcoin's open interest contracts have outperformed the cryptocurrency market due to increased interest from institutional investors and wash trading on some exchanges. Trading volume for Ethereum futures and options has significantly decreased to $14.3 billion per day, nearly 50% lower than the two-year average. Bitfinex wrote, "The trend in the derivatives market, especially open interest contracts for futures and options, suggests that the market is experiencing a shift."
Web3 social graph protocol Cyber Connect announced on the X platform that the Season 1 CYBER community rewards have concluded, with a total of 230,000 CYBER tokens claimed by 130,722 addresses in the past 30 days. The remaining 97,243 CYBER tokens will be transferred to the community treasury.
Data from makerburn.com shows that MakerDAO has once again added $100 million in RWA assets through BlockTower Andromeda, primarily investing in short-term U.S. government bonds with an annualized interest rate of 4.5%. Additionally, the protocol's total RWA assets now amount to $2.713 billion.
Mempool: F2Pool Returns Overpaid Nearly 20 BTC Fees to Paxos
Mempool stated on the X platform that F2Pool has returned overpaid fees of 19.82108632 BTC to Paxos.
PANews APP Points Mall Officially Launched
Free exchange of hardcore prizes: imKeyPro hardware wallet, First Class Research Report monthly card, Ballet REAL series wallet, AICoin membership, various peripherals, and hundreds of selected research report collections. First come, first served, experience now!
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