Headlines
CZ Submits "Should Be Allowed to Return to UAE Before Judgment" Documents to Court
Former head of the U.S. SEC Internet Enforcement Office, John Reed Stark, posted on X platform that, according to court documents, Binance founder CZ claims that he should be allowed to return to the UAE before the judgment. CZ plans to seek "no prison time" (or choose a few months of imprisonment plus a few months of house arrest).
Montenegro Court Approves Extradition of Do Kwon to South Korea or the United States
The official website shows that the Montenegro court has approved the extradition of Terra founder Do Kwon to South Korea or the United States. The Montenegrin Minister of Justice will make the extradition decision.
Binance's new CEO Richard Teng posted on X platform, "In the coming weeks, I will have multiple speeches, interviews, events, AMAs, and more. Looking forward to meeting everyone. One thing that needs to be emphasized now is that Binance's core values will not change. We are still focused on protecting users and building a platform that people love to use."
JPMorgan stated in a research report on Thursday that Binance's settlement with the U.S. government is positive for itself and the cryptocurrency industry. The report stated that for the broader market, the exchange's trading "will significantly reduce the potential systemic risk of a Binance collapse (assumed)." Analysts led by Nikolaos Panigirtzoglou wrote that this also strengthens "the ongoing shift towards regulated crypto entities and tools, which has been the goal of U.S. authorities since the collapse of FTX."
Industry News
Total Bitcoin Miner Rewards and Fees Reached $46.7 Million This Week
IntoTheBlock posted on X platform that in the past week, Bitcoin's hash rate reached a historic high, and the increasing demand for Ordinals significantly increased the profitability of mining. The total sum of miner rewards and fees reached $46.7 million, the highest in the past six months.
Glassnode: Over 83.6% of Bitcoin's Circulating Supply Is in Profit, Long-Term Holders Remain Firm
According to Glassnode's on-chain weekly report released on November 20, as market trading reached a yearly high, over 16.366 million BTC (equivalent to 83.6% of the circulating supply) is in a profitable state, the highest level since November 2021 (close to the historical high). However, measured by the difference between spot prices and the cost basis of the coins, the unrealized profits held by investors in these coins are still moderate. The degree of unrealized profits held by investors so far is not enough to incentivize long-term holders to sell, thus maintaining a relatively tight total supply.
A Total of $204 Million Worth of BLUR Has Been Staked, with an Average Return Rate of 78%
According to Scopescan monitoring, since the introduction of Blur staking, a total of $204 million worth of BLUR has been staked (including $87 million from airdrops), and $88 million has been unstaked. Currently, there are still 339 million BLUR staked, with an average staking price of $0.342, and stakers have an average return rate of 78%; $21.07 million flowed in and $18.45 million flowed out in the past 24 hours, with a net inflow of $2.6 million.
Binance Margin and Binance Futures Will Delist BUSD
According to the official announcement, Binance Margin and Binance Futures platforms will delist BUSD according to the following schedule:
- Binance Margin:
The Binance Margin trading platform will suspend BUSD/USDT isolated margin lending business at 14:00 on December 1, 2023 (UTC+8);
The Binance Margin trading platform will automatically close and liquidate BUSD/USDT, TUSD/BUSD cross margin, and BUSD/USDT isolated margin positions at 17:00 on December 11, 2023 (UTC+8), canceling all open orders for the above cross/isolated trading pairs. If users have outstanding loans, the above tokens and other token assets may be sold. Subsequently, the above cross/isolated trading pairs will be delisted from the margin trading platform; - Futures:
The Binance Futures trading platform will update the BTCBUSD, ETHBUSD, BNBBUSD, and XRPBUSD U perpetual contract leverage and margin tiers at 22:00 on November 24, 2023 (UTC+8). Users' current positions will be affected. Please refer to the adjusted leverage and margin tiers after the update to avoid forced liquidation.
ChainArgos: Tether Blacklists 8 Tron Wallets Again
According to ChainArgos monitoring, Tether has once again blacklisted 8 Tron on-chain wallet addresses. These wallets seem to mainly transfer funds between multiple exchanges in Asia and Kraken, and may have interacted (not confirmed) with currency service providers such as Al Mutahadun and Dubai For Exchange that have been sanctioned by Israel.
The total amount of USDT received by these wallets is approximately $70 million, and apart from USDT, there seems to be no transfer of other tokens.
Bitcoin's Transaction Fees in the Past 7 Days Reached $61 Million, Surpassing Ethereum
IntoTheBlock posted on X platform that Bitcoin's transaction fees have surpassed Ethereum's this week. In the past 7 days, Bitcoin's total transaction fees reached $61 million.
Project News
BMC Has Suspended All Deposit Functions, Bytom Announces Transformation to AI
BytomDAO (Bytom) officially announced the roadmap on X platform and the notice of suspension of BMC services. At the same time, according to the new white paper released by Bytom, Bytom Chain will transform into the AI track, focusing on the combination of decentralization and AI, and will promote the implementation of DAO governance mechanisms and the launch of the AI ecosystem fund.
Atomicals Market: Will Soon Announce Investigation Report and Compensation Plan
Atomicals Market posted on X platform that the team is still investigating the recent user loss incident involving $ATOM, and will later release a detailed event report and compensation plan. Earlier, on November 24, according to shep.eth, an early community member of Atomicals, the founder of Atomicals Market, Erik (@BRC20Coins), will no longer hold a management position. In the two previous "0-dollar purchase" events, all 33,000 $ATOM lost will be fully compensated by the new team within a week after the handover is completed. Yesterday, Atomicals Market posted on X platform to remind all users who had placed orders on Atomicals Market to transfer their assets to a new address as soon as possible to ensure asset security.
Chainlink Staking V0.2 to Be Launched, Priority Migration Opens on November 29
According to official sources, Chainlink Staking V0.2 will be launched within 3 days, with priority migration starting at 12:00 PM Eastern Time on November 28 (1:00 AM Beijing Time on November 29). Within 9 days, V0.1 stakers can migrate their staked LINK and accumulated rewards to V0.2 and ensure their access.
UniSat Wallet Launches RATS and Considers Publicizing More Code to Increase Brc20-swap Transparency
Bitcoin mnemonic wallet Unisat Wallet posted on X platform that it will end the Brc20-swap vote and launch RATS. Unisat Wallet believes that the voting process seems to be manipulated by bots and will consider improving the voting mechanism in the future, and will launch the Brc20-vote module for on-chain voting. The platform stated that in the current system, withdrawal requests need to be matched with deposits. Supporting all Brc20 assets at once may make it difficult to complete withdrawals due to the lack of corresponding deposits for many assets. Therefore, UniSat Wallet will invest time to develop and publicize more code to increase the transparency of Brc20-swap and support the transition of the indexer to a whitelist module. Once successfully transitioned to a whitelist module, the platform will quickly fully support all Brc20 assets.
Top 10 ETH Holders in Blast Deposit Over $119 Million Worth of ETH, Accounting for 26%
According to Spot On Chain monitoring, a total of 219,373 ETH (including stETH) has been deposited into the Blast network, equivalent to approximately $455 million. These ETH will be locked until February 24, 2024. The top 10 ETH holders have deposited a total of 57,202 ETH (approximately $119 million), accounting for 26% of the total ETH deposits in the Blast network. Among them, Huang Licheng (machibigbrother.eth) has deposited a total of 3,000 ETH (approximately $6.25 million), $120,000 of USDC, and USDT into Blast. "boby1337" has deposited a total of 2,243 ETH (approximately $4.63 million) and $3.501 million of USDC into Blast.
Starknet Bridge Total Value Locked Surpasses 800,000 ETH, Approximately $17.2 Billion
Data from Dune shows that the total value locked (TVL) in the Starknet Bridge has reached 824,219 ETH, approximately $17.2 billion at current prices, with a total of 1,196,184 on-chain bridge users. In addition, the Arbitrum bridge has a total value locked of 3,126,789 ETH, the Optimism bridge has a total value locked of 682,424 ETH, the zkSync bridge has a total value locked of 2,409,066 ETH, and the Base bridge has a total value locked of 245,516 ETH.
Over 370,000 SOL Staked in Backpack Beta Version Within a Week
Armani Ferrante, co-founder of Backpack and former FTX employee, posted on X platform that the first phase of the Backpack Exchange Beta has been open for a week, with the following specific data:
- Approximately 370,415 SOL has been staked;
- Backpack has processed approximately 170,000 deposits and approximately 140,000 withdrawals;
- Backpack has approved approximately 116,000 KYC applicants;
- Users have traded approximately 500,000 SOL and approximately 3,250,000 PYTH.
Atomicals Protocol Refutes: Atomicals Market is "Lying," ARC20 PBST Swap Has No Flaws
Atomicals Protocol posted on X platform to refute claims about flaws in its protocol, stating that Atomicals Market and Erik (@BRC20Coins) are "lying" by blaming Atomicals Protocol, when in fact they are using SIGHASHNONE signatures and putting users at risk. ARC20 PBST swap has no flaws. In fact, the team had warned Atomicals Market not to use SIGHASHNONE because it could lead to fund theft, and they can prove it. The fact is that they were eager to push the product to the market, which violates basic security practices. Furthermore, even if ARC20 PBST swap had issues, using SIGHASH_NONE signatures is unacceptable.
The KyberSwap team posted a negotiation message to hackers on-chain, stating that they can allow hackers to keep 10% of the stolen funds as a bounty and safely return all user funds. KyberSwap claims to know how the hackers carried out the attack and limits the hackers to return 90% of the stolen funds to the address starting with 0x8180 before 14:00 on November 25 Beijing Time, otherwise they will continue to pursue the hacker's information.
Bankless Co-founder: BanklessDAO is Completely Independent from Bankless
Ryan Sean Adams, co-founder of Bankless, posted on X platform that people are concerned about BanklessDAO's request for ARB funding from Arbitrum and are confusing BanklessDAO with Bankless. However, BanklessDAO is a completely independent entity from Bankless and is a true community DAO. Ryan, the other co-founder David Hoffman, and Bankless have not received any financial benefits from the DAO, have never sold BANK tokens, and have not participated in DAO governance voting.
TreasureDAO is Building a Game Chain, Plans to Use MAGIC as the Gas Token
Blue Fox Note posted on X platform that TreasureDAO co-founder Karel Vuong revealed that TreasureDAO is building a game chain and plans to use MAGIC as the gas token. Blue Fox Note stated that it is estimated that the game chain is most likely based on the Arbitrum chain, and the possibility of being based on the Cosmos chain is not ruled out. In response, TreasureDAO co-founder Karel Vuong commented, "Yes, it's true."
According to 0xScope monitoring, in the past 30 minutes, an address related to Sun Yuchen removed liquidity from multiple trading pairs on SUN.IO and deposited stablecoins (22.32 million USDT, 3.03 million USDC, and 3.16 million TUSD) into Binance.
Global Policies
The Australian Tax Office (ATO) released new guidelines on November 9, suggesting the imposition of capital gains tax (CGT) on a range of DeFi transactions. The new guidelines indicate that when users transfer tokens to an address or smart contract that does not have "beneficial ownership," or if the token balance of that address is non-zero, capital gains tax needs to be paid.
According to the Hong Kong Securities and Futures Commission website, the Hong Kong Digital Asset Institute (hkdao) has been included in the list of suspicious virtual asset trading platforms today. The Securities and Futures Commission of Hong Kong pointed out that the company appears to target Hong Kong investors and claims to have obtained a license from the Hong Kong Securities and Futures Commission, which is not the case. So far, the Securities and Futures Commission of Hong Kong has listed 9 suspicious virtual asset trading platforms.
Investment and Financing
The distributed computing platform Expanso has completed a $7.5 million seed round financing, led by General Catalyst and Hetz Ventures. Expanso's founder and CEO, David Aronchick, previously worked at Protocol Lab. David Aronchick stated that the funds from this round of financing will be used to drive the development of its open-source data processing platform Bacalhau and deploy additional nodes to increase capacity to handle more data tasks, including distributed training of AI machine learning and processing application logs.
Personal Voices
Huang Licheng's APE Holdings Currently Break Even and Gain $2.83 Million
According to Yu Jin monitoring, with the recent rise in APE, Huang Licheng's APE holdings have currently broken even and gained $2.83 million. Huang Licheng continuously bought and staked APE from August 14 to November 23, spending a total of $8.59 million to buy 5.77 million APE at an average cost of $1.49. If his staking earnings in the past few months are included, the average cost is $1.31. Since August, APE has been bought by Huang Licheng from $2 to $1.
Sun Yuchen Mentions "Inscriptions on the Tron Chain" in a Post, Possibly Testing Market Reaction
Sun Yuchen posted on X platform, "Inscriptions on the Tron chain?" This move may be a test of the market reaction. Recently, on-chain inscriptions on Solana, Polygon, Fantom, and other chains have become a market hot topic. This may be related to the inscription minting activity on Fantom, as yesterday the gas fees on the Fantom network briefly surged to 10,000 gwei.
Founder Racer's X Account at friend.tech Can No Longer Be Displayed
Founder Racer's X account @0xRacerAlt at friend.tech appears to have been deactivated, and the current search results show "this account does not exist."
Elon Musk: X Platform to Integrate with Grok and Add Related Buttons
Elon Musk posted on X platform that the artificial intelligence project xAI's Grok will integrate with the X platform in the coming weeks and will add a "Grok, analysis!" button to posts on the X platform.
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