Today's Headlines:
- Bloomberg: Former Binance CEO CZ has been released
- Fantasy sports platform Sorare sued in the UK for providing unlicensed gambling facilities
- Mango DAO agrees to settle with the US SEC on "selling unregistered securities," will destroy MNGO tokens and pay a $700,000 fine
- Coinbase adds EigenLayer (EIGEN) to its listing roadmap
- Eigen Foundation: EIGEN can be transferred on October 1
- Market News: OpenAI's August revenue reaches $300 million, expected to reach approximately $3.7 billion for the year
- Weekly ETH fee income rises to $45 million, BTC's correlation with US stocks reaches the highest level in two years
Regulatory News
Sorare sued in the UK for providing unlicensed gambling facilities
According to CoinDesk, the Web3-based fantasy sports platform Sorare has been sued in the UK for providing unlicensed gambling facilities. This is the first time the UK Gambling Commission has taken action against a blockchain platform. Sorare, headquartered in Saint-Mande, France, operates fantasy games for football, basketball, and baseball, allowing users to purchase and trade cards using NFTs. The company has partnerships with several sports associations including the English Premier League and the German Bundesliga. The commission stated that Sorare does not hold a gambling operating license and is required to appear in Birmingham Magistrates' Court on October 4. Sorare denies the allegations, stating that its platform is not a gambling product.
Bloomberg: Former Binance CEO CZ has been released
According to Bloomberg, Zhao Changpeng (CZ), former leader and co-founder of Binance, has been released two days earlier than originally planned. A spokesperson for the US Federal Bureau of Prisons declined to provide specific information about CZ's release. The US Department of Justice had previously requested to extend CZ's sentence to 36 months, alleging that he intentionally violated the law for the benefit of the company and himself. On the other hand, CZ's lawyer stated that CZ has taken responsibility and "deeply regrets" his actions, requesting the court to grant him probation.
According to The Block, Mango DAO, accused of illegally selling MNGO tokens, has agreed to settle with the US Securities and Exchange Commission. Mango Labs, Mango DAO, and Blockworks Foundation have agreed to settle the charges and pay a total of $700,000 in fines. The three companies also agreed to destroy their MNGO tokens. The settlement agreement is still subject to court approval.
According to the SEC's complaint, starting from August 2021, Mango DAO and the Panamanian entity Blockworks Foundation, allegedly decentralized autonomous organizations (DAOs), raised over $70 million from hundreds of investors globally through unregistered offers and sales of MNGO tokens (governance tokens of the so-called Mango Markets platform), including in the US. Since at least August 2021, Blockworks Foundation and Mango Labs have operated as unregistered brokers, actively soliciting and recruiting Mango Markets users to trade securities; providing advice and valuations on the benefits of securities investments; and facilitating securities transactions on the Mango Markets platform by assisting clients in opening accounts and regularly handling client funds and securities.
Previous news on August 20th, Mango DAO began voting on a governance proposal that required paying a $223,228 fine, relinquishing ownership of MNGO tokens, and requesting delisting from exchanges. The settlement only involves the investigation by the US Securities and Exchange Commission.
CZ posted "gm" on X platform, possibly confirming his release, and the post received 10,000 community responses within 15 minutes.
Virtual asset trading volume in Bolivia has more than doubled in the past three months
According to Cryptoslate, based on a report from the Central Bank of Bolivia (BCB), since Bolivia lifted the ban on Bitcoin in June, the country's virtual asset trading volume has more than doubled in the past three months. The average monthly trading volume surged to $15.6 million from July to September, compared to $7.6 million in the first half of the year. This significant increase resulted in a total trading volume of $46.8 million for this quarter, surpassing the levels of the previous six months. The number of virtual asset transactions also increased by 141%, from 932,000 transactions during the same period to 1,123,000 transactions. This growth reflects the increasing acceptance of virtual assets by financial institutions and individual users. Since the issuance of Resolution No. 082/2024 on June 25, the trading volume of virtual assets has surged, allowing the use of electronic payment methods to purchase and sell virtual assets, with stablecoins accounting for the majority of transactions.
Project Updates
According to The Information, two years ago, behind-the-scenes giants of the US financial markets launched one of Wall Street's most ambitious blockchain projects, "Project Ion." The project aimed to revolutionize stock trading settlement methods using blockchain technology, including cash settlement and obtaining stock certificates. Notable companies such as JPMorgan and Robinhood were involved, but the project ultimately failed to gain widespread adoption and quietly ended at the end of last year.
Coinbase adds EigenLayer (EIGEN) to its listing roadmap
According to The Wall Street Journal, sources revealed that Apple recently exited the current round of financing negotiations for OpenAI, which is set to conclude next week. Microsoft and Nvidia have been in talks to participate in this round of investment. According to insiders, Microsoft is expected to invest approximately $1 billion, adding to its existing $13 billion investment.
Eigen Foundation: EIGEN can be transferred on October 1
The Eigen Foundation announced on X platform that EIGEN tokens will be transferable on October 1 at 12:00 (UTC+8).
Previous News, the Eigen Foundation announced on the X platform: "The next major step in the evolution of EIGEN is coming. The transfer restrictions on EIGEN tokens are expected to be lifted on September 30, 2024. Please note that if a user's EIGEN is currently staked, there is a 7-day withdrawal period to unstake the EIGEN."
Coinbase International to launch FET perpetual contracts on October 3
According to an announcement from Coinbase International Exchange, Coinbase International and Coinbase Advanced will launch FET perpetual contracts (FET-PERP) trading. The FET-PERP market is expected to open at 17:30 (UTC+8) on October 3.
Important Data
According to Jin10, relevant documents show that OpenAI's revenue reached $300 million in August, a 170% increase from the beginning of 2023. In terms of annual revenue, the company is expected to reach approximately $3.7 billion this year, which is projected to soar to $11.6 billion next year. However, an analysis by a financial professional who has also reviewed the relevant documents indicates that after paying costs related to service operations, employee salaries, office rent, and other expenses, the company is expected to incur a loss of approximately $5 billion this year. OpenAI will need to continue raising funds in the future as its expenses increase with the growing number of users using its products.
According to Lookonchain monitoring, a wallet related to Cumberland deposited 11,800 ETH (approximately $31.88 million) into Coinbase 7 hours ago. ParaFi Capital withdrew 5,134 ETH (approximately $13.83 million) from Lido and deposited it into Coinbase Prime.
According to Intotheblock's weekly data report, ETH fee income has significantly increased this week, reaching $45 million, the highest level since early June 2024. After a week of price increases, both BTC and ETH inflows to exchanges have seen moderate growth, possibly due to users taking profits. The correlation between BTC and US stocks has reached the highest level in two years.
An address lost approximately $32.43 million due to signing a phishing signature
According to Scam Sniffer monitoring, an address lost 12,083 spWETH (approximately $32.43 million) after signing a "permit" phishing signature.
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