Headlines
Odaily Planet Daily News Binance Binance Chinese posted on X platform recently, a screenshot from a certain large V community in the Chinese community sparked discussions about Binance's "rat trading." Although the content of these screenshots was ultimately confirmed to be a misunderstanding, Binance takes such issues very seriously. Any behavior involving leaks or corruption, once confirmed, will be dealt with seriously.
In accordance with the compliance requirements of the exchange, all Binance employees are required to complete mandatory compliance training. At the same time, Binance also has an independent audit team dedicated to investigating such violations. If there is evidence of information leakage or suspicion of insider trading, Binance will immediately initiate legal proceedings to refer the relevant personnel to the judicial authorities, and serious offenders will face criminal liability.
Reports of any form of corruption are welcome, with rewards of up to $5 million. The reporting channels are open and transparent, and any clues about listing or other forms of corruption are welcome at any time. After verification, if it involves Binance internal personnel, you will be provided with a reward of $10 to $5 million while protecting your personal information.
63% of WLFI will be sold to the public, 17% for user rewards, and the remaining 20% for the team
Odaily Planet Daily News World Liberty Financial will publicly sell 63% of WLFI tokens, allocate 17% for user rewards, and reserve the remaining 20% for the team. (Tree News)
Trump: If I am not elected president, participants in the US crypto industry "will be in hell"
Odaily Planet Daily News Former US President Trump stated in a live broadcast on World Liberty Financial that if he is not elected in November this year, he believes that crypto builders under investigation by the US SEC "will be in hell."
Trump said, "If we don't win the election, those under investigation, those who are currently free, and those who have not received attention in the crypto world, they will be living in hell."
Trump discussed what he described as the "incredibly hostile" regulatory approach to the crypto industry under the leadership of the current SEC chairman, Gary Gensler.
Some had speculated that Trump's public announcement of support for the cryptocurrency and his promise to bring more friendly regulation to the industry may have persuaded the Biden administration to ease up on crypto enforcement. Trump himself believes this makes sense, "Frankly, since they heard that I got involved, their attitude towards industry participants has improved a lot, maybe they think this is a way to get votes." (Decrypt)
Market News: Crypto venture capital Dragonfly is seeking to raise $500 million for a new fund
Odaily Planet Daily News According to informed sources, crypto venture capital firm Dragonfly Capital is seeking to raise $500 million for its fourth fund, which will invest in early-stage projects. It is reported that the fund has successfully raised $250 million and plans to complete the financing in the first quarter of next year. (Bloomberg)
EigenLayer has opened the second season for airdrop applications
Odaily Planet Daily News The Eigen Foundation announced on X that the second season for airdrop applications has been opened, and the application window will remain open until March 16, 2025.
Industry News
Odaily Planet Daily News According to Trader T monitoring, the US Bitcoin spot ETF had a net inflow of $12.87 million yesterday, marking the third consecutive trading day of net inflows.
Yesterday, the US Ethereum spot ETF had a net outflow of $9.51 million
Odaily Planet Daily News According to Trader T monitoring, the US Ethereum spot ETF had a net outflow of $9.51 million, with the Belay ETHA seeing a net inflow of $4.16 million.
Odaily Planet Daily News Coinbase founder and CEO Brian Armstrong denied allegations that the company had sold its wrapped Bitcoin cbBTC to Belay and did not maintain a 1:1 backing. These allegations sparked debates in the crypto community, with some accusing Coinbase of lacking transparency in Bitcoin reserves.
Armstrong explained in a statement on X to crypto analyst Tyler Durden that the Bitcoin minting and burning for Belay's spot Bitcoin ETF are transparent and on-chain.
Durden shared Cryptoquant data showing that Coinbase is the largest buyer and seller at market highs and lows. Additionally, he implied that the exchange allows Belay to borrow Bitcoin without providing collateral. As Belay is one of the largest Bitcoin holders globally, the analyst suggested that these two companies may profit by controlling the price of Bitcoin.
Armstrong also noted that for privacy reasons, Coinbase cannot share the wallet addresses of its institutional clients.
Bloomberg ETF analyst Eric Balchunas also refuted these allegations, adding that the ETF provided by Belay helped stabilize Bitcoin prices during market volatility.
Furthermore, Armstrong admitted that cbBTC is backed by a centralized custodian, in this case, Coinbase itself. (CryptoPotato)
MicroStrategy plans to privately issue $700 million in convertible senior notes
Odaily Planet Daily News According to official sources, MicroStrategy announced that, based on market conditions and other factors, the company plans to privately issue $700 million in aggregate principal amount of 2028 convertible senior notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
MicroStrategy also expects to grant to the initial purchasers of the notes an option to purchase up to an additional $105 million aggregate principal amount of the notes within 13 days from the date of the initial issuance of the notes. The issuance is subject to market and other conditions and there is no guarantee as to whether, when, or under what conditions the issuance will be completed.
These notes will be unsecured senior obligations of MicroStrategy and will pay interest semi-annually on March 15 and September 15 of each year, beginning on March 15, 2025. The notes will mature on September 15, 2028, unless repurchased, redeemed, or converted in accordance with their terms.
Cathedra Bitcoin, a Canadian Bitcoin mining company, is ceasing its seven-year mining operations and adopting a new strategy: emulating MicroStrategy in purchasing as much Bitcoin as possible on the open market. In the "Bitcoin Treasury Strategic Memorandum" on September 16, Cathedra explained that under the new plan, "all capital allocation decisions" will now maximize the company's Bitcoin reserves on a per-share basis, which is the "most important" metric for many major shareholders.
According to OpenSea data, the Ethereum domain name trump.eth was sold 12 hours ago for 48.4 WETH, equivalent to about $110,000.
Project News
According to sources, real estate investor Witkoff and Eric Trump, Executive Vice President of the Trump Organization, are the two decision-makers for the Trump family's crypto project World Liberty Financial. Both companies are new participants in the crypto industry. CNBC contacted Eric Trump and Witkoff to inquire about their leadership roles in World Liberty Financial but did not receive an immediate response. A source familiar with the project revealed that Witkoff has little interest in understanding the workings of the platform. It was also mentioned that anyone wanting to know important details about the platform (including the white paper) is required to sign a confidentiality agreement. Additionally, Donald Trump has not yet been involved in the construction of the platform. (CNBC)
The team behind the Trump family's cryptocurrency project, World Liberty Financial, stated that the project will provide cryptocurrency lending services on the Ethereum blockchain, similar to many existing applications in DeFi. It promises to be more "user-friendly" and accessible than existing high-tech alternatives and will be based on non-transferable WLFI governance tokens. The World Liberty Financial crypto team, led by Operations Director Zak Folkman and Data and Strategy Director Chase Herro, today released new details about the WLFI token distribution plan, explicitly stating that the token sale will be regulated by the US SEC. Folkman stated in an interview today, "There are no presales, no venture capital, and no early buying. The token distribution that is now being launched is very fair, just like any other DeFi project you can expect to see." According to excerpts from its white paper, the majority of the token supply (62.66%) will be allocated in the upcoming token sale, with part of the net proceeds being used for the project's multi-signature wallet treasury reserve. The remaining net proceeds will be paid to project founders, teams, and service providers. Approximately 17.33% of the WLFI supply will be specifically used to incentivize participation in World Liberty governance development and other community growth plans. The remaining 20% of the token supply will be used for the project team, advisors, and future employees, with a portion of WLFI specifically allocated to the WLF Foundation, Trump Organization affiliates, and the Witkoff Group, operated by Trump's long-time ally and friend Steve Witkoff, who is a participant in World Liberty. (Decrypt)
The programmable privacy network Aleo has announced its token economics, with 34% allocated to early supporters. At the launch of the mainnet, there will be 1.5 billion Aleo tokens. After the mainnet launch, the consensus algorithm will automatically generate tokens to reward validators and stakers. Specifically, 34% will be allocated to early supporters; 25% to grants, ecosystem contributors, and education; 17% to employees and project contributors; 16% to the Aleo Foundation and Provable; and 8% to strategic partner staking and proof-of-stake rewards, resulting in a roughly 75% increase in the circulating token supply over ten years (from 1.5 billion to over 2.6 billion). The inflation rate will gradually decrease from 13.5% in the first year to 1.6% in the tenth year.
Web3 communication protocol WalletConnect will launch its native token WCT on Optimism. WalletConnect stated that registration for the WCT airdrop will open on September 24, and eligibility for the airdrop will be based on the usage of the WalletConnect network. WalletConnect CEO Houlgrave stated that the initial supply limit of the WCT token is 1 billion, with 18.5% or 185 million tokens allocated for the first season airdrop. Houlgrave mentioned that the airdrop will cover end-users of WalletConnect, as well as wallets, applications, nodes, software development kits, and communities that have contributed to the success of WalletConnect. (The Block)
Phantom announced the addition of username functionality, allowing users to create Phantom identities, send encrypted assets to other Phantom users, and synchronize accounts across devices. Additionally, Phantom will roll out usernames based on the time users joined Phantom in the coming days (OGs will receive early access), and eligible users will receive a banner with an official claim link in their wallets. Usernames are an optional feature that allows users to personalize their wallet experience without compromising privacy.
Sui co-founder and CEO Evan Chen announced on X that Sui has partnered with Circle and will soon add support for USDC.
According to official sources, Taiko has completed the Trailblazers Season 1 snapshot and launched Season 2, which will run from September 17, 2024, to December 16, 2024, offering 6 million TAIKO tokens, with 5 million tokens for participants and 1 million tokens for DApps.
Odaily Star News LayerZero Foundation announced on X that the deadline for claiming airdrops will close at 9:00 AM PT on September 20 (12:00 AM Beijing time on September 21), and unclaimed tokens will be proportionally distributed to all eligible addresses that have claimed the airdrop. Claims will reopen later that day.
Odaily Star News Ethereum liquidity re-staking protocol Eigenpie announced on X that the Dapp front end now supports querying the amount of airdrops and IDO shares. Earlier, Eigenpie revealed that 11% of the EGP token economic model is allocated for airdrops.
Odaily Star News Wintermute announced that it is developing a new prediction market product, OutcomeMarket, using Chaos Labs' Edge Proofs Oracle. The product will initially launch betting markets for the TRUMP and HARRIS tokens (related to the US election). Wintermute plans to launch OutcomeMarket next week on multiple networks, including the Ethereum mainnet, Arbitrum, and Base. (TheBlock)
Regulatory Trends
Odaily Star News Fox Business reporter Eleanor Terrett revealed that all five members of the US SEC are preparing to testify before the US House Financial Services Committee next Tuesday. This will be the first time since 2019 that the entire SEC, not just the chairman, will testify together. Gary Gensler himself will testify separately before the Senate on Wednesday.
Odaily Star News US CFTC Chairman Rostin Behnam stated that the agency will continue to prove that Kalshi's political prediction election contracts are illegal and warned of potential negative impacts. Behnam mentioned that the agency also plans to closely monitor offshore prediction markets. Last week, a judge in the District of Columbia ruled that the CFTC's move to prevent the prediction market Kalshi from listing contracts related to the US election was an overreach. The CFTC quickly appealed this ruling and warned of the risks associated with election betting. Behnam stated at the Financial Market Quality Conference at Georgetown University on Tuesday that the appeals court will decide on Thursday whether to uphold these contracts. Behnam said, "We believe this situation is illegal. We will continue to push this litigation forward." He also expressed concerns that having the CFTC oversee election contracts could have negative impacts, stating, "I just don't think Congress or the public wants a federal financial regulator to regulate elections." (The Block)
Investment and Financing
Odaily Star News Venture capital firm Asylum Ventures recently launched a new $55 million fund, primarily investing in early-stage companies, planning to invest $1-2 million in Pre-Seed and Seed stage companies. The fund is led by Notation Capital founder Nick Chirls, who is also an early investor in Livepeer, Solana, Near, and Bison Trails (now Coinbase Cloud), as well as former Aztec Networks growth lead Jonathan Why. (Cointelegraph)
Odaily Star News The decentralized clearing network Yellow Network has completed a $10 million seed round financing, led by Ripple co-founder Chris Larsen, with participation from Consensys, GSR, NxGen, MV Global, Gate Labs, ZBS Capital, Moonrock Capital, Math, Cobo, NOIA Capital, and LD Capital. (Cointelegraph)
Odaily Star News Fermah, a developer of a universal proof generation layer, has completed a $5.2 million seed round financing, led by a16z's CSX and Lemniscap, with participation from Bankless Ventures, Longhash Ventures, P-OPS team, Public Works, ZK Validator, Lambda Class, Daedalus, Zero DAO, Velocity Capital, Daemon Ventures, and angel investors including Balaji Srinivasan and Sandeep Nailwal. (Theblock)
Odaily Star News On X, on-chain perpetual DEX LogX announced the completion of a $4 million strategic round financing, bringing its total financing to $10.1 million, with participation from Hashed Emergent, Cumberland VC, Saison Capital, Gate Labs, DWF Labs, Antler, Coinswitch Ventures, Wagmi Ventures, Kairos Capital, and others. LogX will use the new financing to develop into a DeFi super app, offering leveraged prediction markets and exotic perps, while expanding to the TON, Solana, Bitcoin, Move, and EVM ecosystems. Previously, LogX completed a $6.1 million seed round financing with participation from Coinbase Ventures, Sequoia Capital, and others.
Odaily Star News Based on Base, the prediction market platform Limitless Network has completed a $3 million Pre-Seed round of financing, led by 1confirmation, with participation from Paper Ventures, Collider, and Public Works. (Coindesk)
Voices
Trump: It is important to establish a legal framework for cryptocurrency in the United States
Odaily Star News Trump stated that the cryptocurrency industry is "a very powerful market" and that it is important to establish a legal framework for cryptocurrency in the United States.
Trump: Cryptocurrency companies should have certain security measures
Odaily Star News Former US President Trump stated that cryptocurrency companies should have certain security measures. (Jinshi)
Trump: The cryptocurrency industry is "still young and growing"
Odaily Star News Trump stated in a live broadcast that cryptocurrency "really has the potential to be something special. It is still young and growing… I believe in it."
Vitalik: Web3 products can fully achieve social recovery functions similar to Web2 products
Odaily Star News Vitalik Buterin, speaking at the Web3 Transitions Summit today, stated that Web3 products can fully achieve social recovery functions similar to Web2 products, with the underlying technology based on blockchain. Users do not need to know the code behind the product, as social relationships (data) are stored on the chain. With just a simple interaction with friends, social recovery functions can be achieved.
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