Compilation: Fairy, ChainCatcher
Important Information:
Fed cuts interest rates by 50 basis points, starting a rate cut cycle
Trump uses Bitcoin to pay for meals at a New York bar for the first time
Hong Kong Monetary Authority cuts base rate by 50 basis points to 5.25%
"What important events have happened in the past 24 hours"
Founder of Inception Capital reappears after being missing for months, agrees to relinquish some key responsibilities
According to Fortune, last May, Inception Capital founder David Gan informed investors that his father was under investigation and went to China, after which he disappeared for several months.
During this period, investors were dissatisfied with his "disappearance" and voted to shut down the fund. At the end of June, Gan reappeared and agreed to relinquish some key responsibilities. Gan stated that the fund was operating well and he had resumed his daily work.
In 2019, Gan was selected for the "Asia's 30 Under 30" list for his work as an executive director at Huobi Labs. He left Huobi in 2021, raised the first $50 million venture capital fund supported by notable figures such as Bill Ackman, Alan Howard, Y Combinator CEO Garry Tan, and Galaxy, and closed the second $30 million fund in 2024. According to documents from the U.S. Securities and Exchange Commission, Inception managed assets close to $100 million.
Solana-based asset trading platform Drift completes $25 million Series B financing, led by Multicoin Capital
Solana-based asset trading platform Drift completes $25 million Series B financing, led by Multicoin Capital, with participation from Blockchain Capital, Primitive Ventures, and Folius Ventures.
Cindy Leow, co-founder of Drift Labs, stated that her goal is to build a suite of financial service tools on top of Solana, including spot and derivative trading, as well as prediction markets, to make Drift the "Robinhood of cryptocurrencies."
According to RootData, Drift Protocol is an on-chain asset trading center based on Solana, providing services such as Perps and prediction markets.
Hubei cracks down on virtual currency pyramid scheme, involving over 57 million RMB
According to Jiemu News, the Zhongxiang City Procuratorate in Hubei Province recently issued a judgment on a major virtual currency pyramid scheme. The main offenders, Chen, Ding, and Fu, were sentenced to three years in prison with a five-year probation, and each fined 350,000 RMB for organizing and leading pyramid schemes.
In February 2022, the three main offenders developed and launched a virtual currency trading app under the guise of investing in virtual currency, establishing the "Community" pyramid scheme. The organization extensively promoted through internet platforms and offline training sessions, inducing members to purchase virtual currency and develop downlines. The organization was divided into 5 major battle zones and 16 vanguard groups based on geographical regions, and implemented strict hierarchical management.
As of the December 2022 case, the organization had developed over 10,000 member accounts, with the highest level reaching 17 tiers, involving over 57 million RMB. The three main offenders voluntarily returned all illegal gains, totaling over 22.59 million RMB. The prosecutor emphasized that virtual currency does not have the same legal status as legal tender, and related business activities are illegal financial activities that will be strictly prohibited. The public should remain vigilant, guard against false promises of "guaranteed profits," reject high-interest enticements such as "recruiting others," and avoid falling into similar pyramid scheme traps.
Vitalik: Insurance DAO model is underestimated, symmetrical models can bring fairer incentives
Vitalik Buterin, co-founder of Ethereum, stated on social media, "In my opinion, the insurance DAO is underestimated. N people concerned about similar risks pool funds and agree to provide protection for anyone at risk. The symmetrical model ensures that the imbalance of interests is smaller."
If necessary, DAOs can still hire professional claims judges, but their incentives are fair and just, as each participant does not know if the next beneficiary will be themselves.
Similar models have existed in the past and still exist in some places today.
Solana Mobile Chapter 2 renamed as Solana Seeker, planned for release in 2025
Solana Mobile has officially announced detailed information about the next-generation Web3 smartphone, Solana Seeker. The device, originally named "Chapter Two," is planned for release in 2025 and will offer multiple improved features.
Seeker has received over 140,000 pre-orders, and the Solana mobile development community has actively embraced Seeker, developing numerous exclusive dApps and features for the device. Key features of Seeker include a built-in self-custody Seed Vault wallet, Solana Mobile dApp store, Seeker Genesis Token (a soul-bound NFT), and upgraded hardware configurations.
Solana co-founder Anatoly Yakovenko stated that Seeker will offer a higher standard than Saga at a more affordable price, aiming to become the most defining Web3 mobile device next year.
Solana developer platform Helius completes over $20 million in financing, with participation from Haun Ventures
Solana developer platform Helius announced the completion of a $21.75 million financing round, with participation from Haun Ventures, Founders Fund, Foundation Capital, 6th Man Ventures, Chapter One, and Spearhead.
Data: Hong Kong Monetary Authority cuts base rate by 50 basis points to 5.25%
The Hong Kong Monetary Authority has cut the base rate by 50 basis points to 5.25%.
Previous news reported that the Fed announced a 50 basis point rate cut in the early morning.
Trump uses Bitcoin to pay for meals at a bar in New York for the first time
According to Fox News, former U.S. President Trump used Bitcoin to pay for meals at a bar in New York for the first time.
Fed cuts interest rates by 50 basis points, starting a rate cut cycle
According to Jinshi, the Fed has started a rate cut cycle, lowering the federal funds rate by 50 basis points to 4.75%-5.00%, the first rate cut since March 2020.
"What exciting articles are worth reading in the past 24 hours"
Don't miss it! A summary of important project updates announced during the TOKEN2049 conference
On September 18, the highly anticipated annual Web3 summit TOKEN2049 officially kicked off in Singapore, attracting Web3 experts from around the world and bringing intense highlights to the long-dormant crypto market.
During the conference, meme coins experienced a general rise, and many projects chose to announce important strategic plans during this time. ChainCatcher has summarized some important project updates.
After the second shooting, Trump continues to support the family's encrypted project
Recently, U.S. presidential candidate Trump led the core team of World Liberty Financial in an interview with Farokh, the founder of Rug Radio, on the X platform. This came just a day after Trump experienced a second shooting incident.
In this live broadcast, Trump explained his views on the crypto industry, the SEC's hostility towards the crypto industry, his policies towards the crypto industry if elected, and other related aspects such as NFTs.
After Trump's interview, his good friend Steve Witkoff also expressed his views on the crypto industry and World Liberty Financial, followed by core members of World Liberty Financial. Finally, Zak Folkman, the operations director of World Liberty Financial, officially disclosed information about the project.
Neiro and NEIRO listed on Binance, a turning point for meme coins?
The "capitalization dispute" of meme coin Neiro has once again put Binance in the spotlight.
However, this time, the response from Binance co-founder He Yi was unusually calm and restrained, which may also indicate that the listing strategy for meme coin projects on Binance will be more cautious in the future. In a recent article titled "He Yi responds to listing controversy: considering community feedback, we have listed several relatively dispersed and low market cap MEME tokens," we can clearly see that community feedback still has a significant impact on Binance's decision-making. At the same time, the internal organization of Binance is not as "unruly" as previously imagined by the outside world.
However, the simultaneous listing of new Shiba Inu coin Neiro and NEIRO on Binance is indeed a rare "grand occasion" for meme coins, and can also be seen as a "turning point for meme coins" to some extent. This article provides a brief summary and analysis of the related events.
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