Today's News Highlights:
Crypto.com Confirms Receipt of Wells Notice from the SEC and Has Filed a Lawsuit Against the SEC
HBO Documentary Lists 7 Reasons Peter Todd is Satoshi Nakamoto, Despite His Denial
Fosun Wealth: Will Gradually Launch Virtual Asset Trading and Related Financing Services
Google Search Integrates ENS, Users Can Search .eth Domains and View Balances
Scroll: SCR Airdrop Snapshot Scheduled for October 19, Claim Period Starts October 22
Regulatory News
Crypto.com Confirms Receipt of Wells Notice from the SEC and Has Filed a Lawsuit Against the SEC
According to official news, Crypto.com has confirmed that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) and announced that it has filed a lawsuit against the SEC. The Wells Notice indicates that SEC staff believe the company may have violated federal securities laws.
Crypto.com stated that the notice shows that, despite both parties indicating that the next government will take a more constructive and effective approach to promote the development of cryptocurrency technology in the U.S., the SEC's unauthorized and unfair enforcement activities continue. The lawsuit claims that the SEC has unilaterally expanded its jurisdiction beyond statutory limits and has established an illegal rule that nearly all cryptocurrency transactions are considered securities transactions, regardless of the method of sale, while similar transactions involving Bitcoin and Ethereum are not.
Project Updates
Scroll: SCR Airdrop Snapshot Scheduled for October 19, Claim Period Starts October 22
The Ethereum Layer 2 network Scroll announced on the X platform the details of its token distribution design, with a total supply of 1 billion SCR tokens. The airdrop snapshot date is set for October 19, 2024, and the token release and airdrop claim date is October 22, 2024.
Scroll stated that SCR will serve as the primary governance mechanism for the protocol and will evolve into a utility token as Scroll becomes more decentralized. More details regarding the SCR token release and airdrop claims will be shared in the coming days.
According to The Block, based on current prices and the potential impact of Donald Trump's victory in the U.S. presidential election, Standard Chartered's Global Head of Digital Assets Research, Geoff Kendrick, predicts that Solana's price could increase fivefold by the end of 2025, Ethereum could rise fourfold, and Bitcoin's value could increase threefold. He also stated that if Harris becomes president, he expects Bitcoin to outperform Ethereum, which in turn will outperform Solana. He added, "In dollar terms, we expect Ethereum's price to reach $7,000 by the end of 2025 under a Harris presidency." Regardless of the election results on November 5, Kendrick expects Bitcoin's price to rise to $200,000 by the end of 2025.
Kendrick outlined the specific conditions needed to achieve his valuation prediction for Solana. He believes that the Trump administration would be more supportive of the Solana ecosystem compared to the Harris administration. He said, "Under Trump's presidency, the likelihood of launching a Solana ETF is higher." Kendrick noted, "Indicators show that the market is very optimistic about Solana's future growth prospects, expecting its throughput to increase by 100 to 400 times." He emphasized that to achieve his valuation prediction for Solana, the network's throughput needs to increase significantly. Kendrick pointed out that the new third-party validator client software Firedancer, aimed at improving Solana's efficiency, needs to be operational, with a goal of increasing the transaction volume to 1 million per second. Additionally, he mentioned that Solana needs to establish dominance in multiple sectors, including finance, consumer services, and decentralized physical infrastructure (DePIN), which typically have high throughput requirements.
Jupiter Mobile App Launched on iOS, Android Version Coming Soon
The Solana ecosystem trading aggregator Jupiter announced on the X platform that it has launched a mobile application that adopts a zero-platform fee model and includes on-chain functionality, supporting various payment methods such as Apple Pay and credit cards. Currently, the Jupiter mobile app is available on iOS, with the Android version coming soon.
According to CoinDesk, a brokerage firm has several key responsibilities, one of which is to hold assets for clients and ensure accurate tracking and recording of asset ownership. However, in the cryptocurrency space, a major broker named FalconX has failed in this responsibility. It is reported that since 2021, 1.35 million Solana (SOL) tokens (currently valued at approximately $190 million) held by FalconX have not been properly managed and tracked over the years. Recently, this oversight was discovered by FalconX's key liquidity partner, Binance. Binance claims to be the legitimate owner of these SOL tokens and has requested FalconX to return them. Currently, the specific reasons for FalconX's failure to effectively track these cryptocurrencies remain unclear, and it is equally puzzling why Binance also failed to discover and track this fund over the years. This incident has raised widespread questions in the industry regarding the accounting systems and internal control mechanisms of brokerage firms.
FalconX confirmed the existence of a "reconciliation anomaly" involving Solana tokens. According to a spokesperson for FalconX, the company reconciled with all exchanges, clients, and partners, but no one showed any transaction records. Binance stated that its clients have never faced the risk of losing funds due to this incident, and if these 1.35 million tokens were never found, Binance would have absorbed the loss.
To profit from the assets they are responsible for holding, major brokers like FalconX typically utilize the assets as collateral or for lending or arbitrage opportunities. However, a spokesperson for FalconX stated that this was not the case, as these assets were in custody. Shortly after CoinDesk raised questions about the missing Solana tokens, the two companies responded with a joint statement saying that the relevant assets have been returned to Binance and the matter has been fully resolved. The two companies stated in an email: "Binance and FalconX will continue to operate as usual."
Coinbase Assets tweeted that Coinbase will add support for io․net (IO) on the Solana network (SPL Token). Please do not send this asset via other networks, as funds may be at risk of loss. If liquidity conditions are met, trading will begin at 9 AM Pacific Time on October 9 (midnight Beijing time on October 10) or later. Once the asset supply is sufficient, the IO-USD trading pair will be launched in phases.
Crypto Investment Firm Canary Capital Applies to the SEC for a Spot XRP ETF
According to The Block, crypto investment firm Canary Capital has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) to apply for a spot XRP exchange-traded fund (ETF). In the submitted S-1 registration statement, the company stated that the Canary XRP ETF provides investors with "the opportunity to access the XRP market through traditional brokerage accounts without facing the potential entry barriers or risks of directly purchasing and holding XRP." Currently, the custodian or administrator of the ETF has not been disclosed. Canary Capital founder Steven McClurg stated that the company sees "encouraging signs of a more progressive regulatory environment and growing demand."
Previous News, crypto asset management firm Bitwise has applied to establish the first XRP ETF.
Former Bitcoin Developer Peter Todd Denies Being Satoshi Nakamoto Hours Before HBO Documentary Airs
According to Coindesk, leaked clips from an upcoming HBO documentary about Satoshi Nakamoto seem to point to former Bitcoin developer Peter Todd as the creator of Bitcoin, but Peter Todd has denied this, calling filmmaker Cullen Hoback "baseless." "Yes, that interview did happen, and I believe that specific shot is not deepfake," he added, but mentioned he has not yet seen the documentary.
Previously, the HBO documentary claimed Peter Todd is the creator of Bitcoin.
Google Search Integrates ENS, Users Can Search .eth Domains and View Balances
Google Web3 product manager nalin stated on the X platform that Google Search has integrated ENS, allowing users to search for .eth domains and view ETH balances.
Last May's News, Google Chrome launched the feature "search Ethereum addresses to display balances and link to Etherscan."
Binance to Stop Supporting Deposits and Withdrawals for Certain Tokens on October 23
According to an official announcement, Binance will stop supporting deposits and withdrawals for the following tokens through the specified networks starting from October 23 at 16:00 (UTC+8). Any deposits sent through these networks will not be credited and may result in asset loss.
- Beta Finance (BETA) via BNB Smart Chain
- Cream Finance (CREAM) via BNB Smart Chain
- Linear Finance (LINA) via BNB Smart Chain
- IRISnet (IRIS) via BNB Smart Chain
- Unfi Protocol DAO (UNFI) via BNB Smart Chain
- Kava Lend (HARD) via BNB Smart Chain
- CLV (CLV) via BNB Smart Chain
- Prosper (PROS) via BNB Smart Chain
- VITE (VITE) via BNB Smart Chain
- Ooki Protocol (OOKI) via Matic Network
Note: Users can still deposit or withdraw the above tokens through other networks supported by Binance.
HBO Documentary Lists 7 Reasons Peter Todd is Satoshi Nakamoto, Despite His Denial
According to a summary report by db, HBO believes Peter Todd is Satoshi Nakamoto for the following reasons (which he has denied):
- In 2010, Todd (using a new account) replied to Satoshi on bitcointalk; HBO claims he inadvertently completed Satoshi's post from his own account.
- A few days later, both accounts went silent.
- Todd later implemented the "fee alternative" concept discussed in the post.
- Claims Todd used the pseudonym "John Dillon" to promote RBF.
- Both used British/Canadian spelling.
- The timing of Satoshi's posts aligns with the student timeline claimed in the documentary, with more posts on weekends.
- Todd had discussed "sacrificing" Bitcoin; documents suggest this refers to destroying Satoshi's tokens.
According to an official announcement, Binance will conduct wallet maintenance on the Tron Network (TRX) on October 10 at 15:00 (UTC+8). To support this maintenance, Binance will suspend TRX deposits and withdrawals starting at 14:55 (UTC+8) on October 10. The maintenance is expected to last 1 hour, and deposits and withdrawals will automatically resume after the maintenance is completed.
Fosun Wealth: Will Gradually Launch Virtual Asset Trading and Related Financing Services
According to Hong Kong Commercial Daily, Jin Hualong, Chairman of Fosun Wealth Holdings, stated that they will seize the development opportunities brought by Web 3.0 and actively expand into emerging fields such as virtual assets. Fosun Wealth is an important technology financial service and investment entity wholly owned by Fosun International in Hong Kong. Its subsidiary, Fosun International Securities Limited, was approved by the Hong Kong Securities and Futures Commission in June this year to provide virtual asset trading service licenses. They are currently expanding their product portfolio and providing integrated financial solutions, and Fosun Wealth Holdings will gradually launch virtual asset trading and related financing services.
Financing News
According to The Block, Bitcoin Layer 2 network Bitlayer raised $9 million in Series A extension financing just three months after its $11 million Series A funding. The new round of financing was led by Polychain Capital, with Franklin Templeton co-leading, along with SCB Limited, Selini Capital, G-20.Group, and other investors participating. Bitlayer co-founder Charlie Hu told The Block that this round of financing began in early August and concluded last week. Like the previous Series A funding, Bitlayer's Series A extension financing uses a Simple Agreement for Future Equity (SAFE) structure and includes token warrants, with a valuation of $300 million, encompassing both equity and fully diluted token valuations. The latest round of financing brings Bitlayer's total funding to $25 million. Bitlayer is preparing to launch its Bitcoin scaling network V2 version, and this new financing is aimed at that preparation.
Bitlayer is the first Bitcoin security-equivalent Layer 2 based on BitVM, aiming to become the computational layer for Bitcoin. Bitlayer aims to introduce ultra-scalability to Bitcoin while inheriting its security, providing users with a high-throughput, low-cost trading experience. According to DeFiLlama data, Bitlayer is currently the top-ranked Bitcoin scaling project by total value locked, exceeding $500 million. Bitlayer is preparing to launch its V2 mainnet in the fourth quarter, which will utilize its OpVM technology, a verification tool that combines validity proofs and fraud proofs.
Important Data
Bitcoin Spot ETF Saw a Net Outflow of $18.663 Million Yesterday, ETF Net Asset Ratio Reached 4.68%
Ethereum Spot ETF Saw a Net Outflow of $8.188 Million Yesterday, ETF Net Asset Ratio Reached 2.27%
Justin Sun Unlocked 3.62 Million EIGEN Last Night and Deposited All into Binance
According to Spot On Chain monitoring, Justin Sun received 3.62 million EIGEN (worth $14.1 million) from the unlocking of 9.93 million tokens from EigenLayer last night and deposited all of it into Binance at a price of approximately $3.89. Since the listing of EigenLayer on October 1, Justin Sun has claimed and deposited a total of 8.86 million EIGEN (worth $35.61 million) into Binance, with an average price of $4.02.
Three Major A-Share Indices Adjust Collectively, Over 5,000 Stocks in the Market Decline
According to Jinshi, the three major A-share indices adjusted collectively, with the Shanghai Composite Index falling below 3,300 points. By the close, the Shanghai Composite Index fell 6.62%, the Shenzhen Component Index fell 8.15%, and the ChiNext Index fell 10.59%. Over 5,000 stocks in the market declined, with a trading volume exceeding 2.9 trillion yuan.
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