Compilation: Fairy, ChainCatcher

Important Information:

• Billionaire Michael Novogratz's Galaxy is raising $113 million for a new crypto venture capital fund
• Bitcoin conference tonight focuses on Bitcoin mining, Bloomberg ETF analyst James Seyffart to speak
• Insiders: Key members of L1 project Syscoin Foundation plan to resign and form a new entity
• The Information: OpenAI may lose $5 billion this year, cash reserves to run out within 12 months
• Senator Lummis plans to announce legislation to designate Bitcoin as a strategic reserve asset at Bitcoin conference
• Tianqiao Capital founder: Harris has an open attitude towards cryptocurrency and will take a more moderate approach in the crypto space

What important events have happened in the past 24 hours?

Billionaire Michael Novogratz's Galaxy is raising $113 million for a new crypto venture capital fund

According to Bloomberg, billionaire Michael Novogratz's Galaxy Asset Management division has raised $113 million for its new venture fund, which invests in early-stage startups focused on crypto software, infrastructure, and financial applications.

Galaxy Ventures Fund I LP will seek to establish a portfolio of approximately 30 investments. The fund has already invested in projects such as Ethena, Monad, and Plume. In a statement on Thursday, Galaxy Digital Holdings indicated that the fund is expected to continue raising funds, with a target of reaching $150 million by next year at the latest. Will Nuelle, another general partner of the fund, stated that the fund expects to invest $3-5 million in each project, although the amounts may vary.

Bitcoin conference tonight focuses on Bitcoin mining, Bloomberg ETF analyst James Seyffart to speak

The 2024 Bitcoin conference will officially begin tonight at 9:00 PM Beijing time (8:00 AM local time in Nashville), with today's agenda focusing primarily on Bitcoin mining. Notable mining companies such as Core Scientific and Riot Platforms will be speaking.

Notable speeches for today:

Topic: FROM STRATEGY TO INNOVATION: BLACKROCK’S BITCOIN JOURNEY

• Time: 1:30 PM - 2:00 PM (July 26th, 2:30 - 3:00 AM Beijing time)
• Speakers: Robert Mitchnick, BlackRock Digital Assets Head; James Seyffart, Bloomberg ETF Strategist

Topic: BITCOIN ON THE BALANCE SHEET

• Time: 3:00 PM - 3:45 PM (July 26th, 4:00 - 4:45 AM Beijing time)
• Speakers: Eric Semler, Semler Scientific Chairman; Dylan LeClair, Bitcoin Magazine Research Director; Simon Gerovich, Metaplanet Inc. President; Andrew Kang, MicroStrategy CFO

Topic: A LOOK BEHIND THE SCENES OF DEALS IN THE MINING INDUSTRY

• Time: 11:30 AM - 12:00 PM (July 26th, 00:30 - 1:00 AM Beijing time)
• Speakers: Kevin Dede, H.C. Wainwright Managing Director, Senior Research Analyst; Steve Weiner, Cohen & Company Capital Markets Managing Director, M&A Business Director; Andrew Bond, Arkon Energy Chief Strategy Officer

Data: Ark Invest sold 110,000 shares of ARKB spot Bitcoin ETF worth $7.76 million yesterday

According to The Block, Ark Invest sold 118,209 shares of ARKB spot Bitcoin ETF stock worth $7.76 million on Wednesday due to a rebalancing of its fund weights. This is the first time Ark has sold ARKB shares since launching the spot Bitcoin ETF in January.

Ark's investment strategy aims to prevent any single holding from constituting more than 10% of the exchange-traded fund portfolio. This is to maintain diversity within its funds—meaning if ARKB rises relative to Ark's other holdings in the fund, it is likely to continue adjusting its weight.

Coinbase's CB PAYMENTS LIMITED fined $4.5 million by FCA

According to The Block Pro, CB PAYMENTS LIMITED, a subsidiary of Coinbase Group, has been fined $4.5 million by the FCA for "high-risk" client compliance violations.

Insiders: Key members of L1 project Syscoin Foundation plan to resign and form a new entity

Multiple insiders revealed that due to mismanagement and lack of financial transparency, the early L1 project Syscoin is expected to undergo leadership changes in the coming days. Key members of the Syscoin Foundation plan to resign and form a new entity—Syscoin Red. The Syscoin Foundation is a non-profit organization aimed at further developing the project.

Insiders stated that internal disputes over fund allocation have erupted between the foundation and another for-profit entity, SYS Labs, leading to disarray within the foundation. Willy Ko, a board member and financial officer of the foundation, stated that the new entity aims to restore transparency and trust within the Syscoin community and clearly define who controls project funds.

The Information: OpenAI may lose $50 billion this year, cash reserves to run out within 12 months

The Information reports that OpenAI may face losses of up to $50 billion in 2024, potentially depleting its cash reserves within 12 months.

The report indicates that OpenAI is expected to spend $7 billion on AI training and $1.5 billion on employee expenses, far exceeding its competitors. This may force the company to seek additional funding within 12 months. OpenAI has already completed 7 funding rounds totaling over $11 billion. Additionally, the company is developing a new AI model called "Strawberry" with enhanced reasoning capabilities.

Furthermore, OpenAI is facing potential scrutiny from the U.S. Securities and Exchange Commission, as well as questioning from U.S. lawmakers regarding security standards and hiring practices.

Skybridge Capital founder: Harris has an open attitude towards cryptocurrency, will take a more moderate approach in crypto

Anthony Scaramucci, founder of Skybridge Capital, tweeted that Vice President Kamala Harris has faced criticism for not speaking at the Bitcoin 2024 conference. However, Scaramucci pointed out that Trump called Bitcoin a "scam" in 2022, and his administration held a hostile attitude towards digital assets. Harris has an open attitude towards cryptocurrency and has not made decisions on crypto policy within the Biden administration. Harris has a strained relationship with Elizabeth Warren, and if Harris becomes president, it is expected that Gary Gensler will be dismissed, and Warren will be excluded from financial services affairs. Scaramucci suggested maintaining bipartisan support for cryptocurrency to benefit the long-term health of the ecosystem.

Scaramucci believes that attacks on Bitcoin within the Democratic Party mainly come from Elizabeth Warren and her supporters. It was a mistake for the Biden administration to entrust financial services affairs to Warren. Harris will take a more moderate approach to cryptocurrency. Although Trump now supports cryptocurrency, he did not study Bitcoin in 2018. Scaramucci called for giving Harris the same opportunity to develop her own cryptocurrency policy, as her presidency will not continue Warren's anti-cryptocurrency stance.

Senator Lummis plans to announce legislation to designate Bitcoin as a strategic reserve asset at Bitcoin conference

According to FOX Business, U.S. Senator Cynthia Lummis of Wyoming plans to announce legislation at the Bitcoin conference in Nashville that would require the Federal Reserve to hold Bitcoin as a strategic reserve asset.

Lummis's plan is still uncertain and may be delayed. This move aims to establish Bitcoin as a mainstream financial asset and gain support from the president and Congress. Lummis's team hopes that Trump will support the bill and announce the news at the conference on Saturday.

Biden speaks about withdrawing from the 2024 U.S. presidential election

According to Jin10, on the 24th local time, U.S. President Biden spoke in the Oval Office of the White House, explaining the reasons for his withdrawal from the 2024 presidential election. On July 21st, President Biden announced his withdrawal from the 2024 presidential election. In a letter posted on his personal social media that day, he stated that he had intended to seek re-election, but for the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and focus on fulfilling his duties during his term.

Hashdex submits Bitcoin and Ethereum ETF S1 filing to establish crypto index ETF with the SEC

Hashdex has submitted S1 filings to the SEC for its Bitcoin and Ethereum ETF, aiming to establish an ETF based on a cryptocurrency index. The fund will hold Bitcoin and Ethereum, but may hold more assets based on regulatory conditions in the future. Once approved, the fund will be listed and traded on Nasdaq, with Coinbase Custody and BitGo Trust as custodians.

"What are some exciting articles to read in the past 24 hours?"

Besides Trump, which politicians will attend this year's Bitcoin conference?

Bitcoin Magazine CEO David Bailey confirmed today that Vice President Harris will not speak at the Bitcoin 2024 conference. Despite Harris's absence, this year's Bitcoin conference will not lack the presence of U.S. politicians. The conference has invited 10 U.S. political guests, including Trump, with 8 being Republicans, 1 Democrat, and 1 independent (former Democrat).

This is not surprising. On one hand, the conference is being held in Nashville, Tennessee, a traditional "red state" and Republican stronghold. Both of Tennessee's senators will be attending. On the other hand, compared to the conservative stance of the Democratic Party, the majority of Republicans are optimistic about cryptocurrency. A recent Paradigm survey showed that 28% of Republicans hold or have purchased cryptocurrency, exceeding the national average, and 60% of Republicans lean towards clear cryptocurrency regulations in Congress. A more direct indication is that in May of this year, the Republican-led FIT21 bill was passed, as shown in the figure below, reflecting the voting results of both parties and their attitudes towards digital asset regulation. Recently, the Republican National Convention approved a new agenda proposed by Trump for the Republican Party, which includes support for innovative cryptocurrency policies.

Selling V3 trading software, dYdX, the leader in DeFi derivatives, faces a hacker attack. What's next?

On July 24th, according to ChainCatcher, the decentralized derivatives trading leader dYdX was reported to be planning to sell its dYdX V3 trading software.

However, within less than an hour of this news being leaked, the dYdX V3 website (dydx.exchange) was attacked by hackers. The hackers first took over the website and then implanted phishing links, posing a risk of asset or information theft for users who authorize the links.

The news of the planned sale of V3 led to the domain being attacked by hackers. The community speculated whether this was purely coincidental or a premeditated action.

The sale and security turmoil at dYdX have triggered a series of chain reactions, with users and investors showing clear concerns. The price of the DYDX token quickly dropped in response to this news, falling from $1.45 to a low of $1.23, with an intraday decline of over 15%. At the time of writing, the token price was fluctuating at $1.27.

Why sell V3? Is the dYdX team cashing out? Why did the hackers choose this timing to attack? Can the DYDX token still be held? These and other questions are filling the community chat pages.

Entering the stablecoin arena, JD.com once again picks up blockchain

On July 24th, according to Caixin, JD Coin Chain Technology (Hong Kong) will issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar in Hong Kong.

JD Coin Chain Technology (Hong Kong) is a subsidiary of JD Technology Group and is the only potential stablecoin issuer under JD. According to the official website, JD stablecoin is a stablecoin pegged 1:1 to the Hong Kong dollar (HKD) based on a public chain and will be issued on a public blockchain.

Each JD stablecoin can be redeemed at a 1:1 ratio, and its reserves consist of highly liquid and trustworthy assets held in independent accounts at licensed financial institutions. The integrity of the reserves is rigorously verified through regular disclosures and audit reports. In terms of regulation, JD stablecoin will actively cooperate with global regulatory agencies and comply with existing and evolving legal and regulatory standards.

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