Headlines
OKX Announces It Is the First Crypto Trading Platform to Obtain Full Operating License in the UAE
Rifad, the General Manager of OKX Middle East, announced that OKX has become the first crypto trading platform in the world to obtain a full operating license in the UAE. Rifad stated that OKX is officially launching its crypto trading platform business in the Dubai region, bringing products into the UAE market, allowing for fiat deposits in dirhams and bank accounts. OKX will continue to invest, grow, and expand in the region. Dubai has become one of the global centers for virtual assets, increasingly recognized for its technological innovation and development strategy, and we are eager to participate in the technological innovation and community building in the evolving digital asset space.
"The UAE is a global hub with an undeniable strategic position. Launching our crypto platform in the UAE allows us to better establish ourselves in the global market. We will continue to increase our investment to provide safer and more convenient crypto services."
US SEC Sues Cumberland DRW, Claims It Operated as an Unregistered Securities Dealer
The U.S. Securities and Exchange Commission (SEC) has sued Cumberland DRW, claiming it operated as an unregistered securities dealer.
According to the SEC's lawsuit information, since March 2018, Cumberland has been trading crypto assets classified as securities for its own account as an unregistered dealer, currently operating over $2 billion in crypto asset securitization, violating the registration requirements of U.S. federal securities laws designed to protect investors. (SEC)
CZ: Will Attend Binance Blockchain Week in Dubai in a Personal Capacity
CZ posted on the X platform that he will attend the Binance Blockchain Week in Dubai from October 30 to 31 in a personal capacity. It is reported to be one of the largest Web3 events of the year.
Mt.Gox: Compensation Deadline Extended by One Year to October 31, 2025
Mt.Gox officially announced today that the bankruptcy trustee has nearly completed the compensation work for bankruptcy creditors who have completed the necessary procedures for receiving compensation and have not encountered any issues during the compensation process.
However, due to many bankruptcy creditors not having completed the necessary procedures to receive compensation, they have not yet received repayment; additionally, due to various issues that arose during the compensation process, a significant number of bankruptcy creditors have also temporarily not received compensation.
To reasonably compensate these bankruptcy creditors as much as possible, the bankruptcy trustee, after obtaining court permission, has changed the compensation deadline from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time).
Industry News
The South Korean Financial Services Commission plans to establish a virtual asset committee to discuss the approval of spot ETFs and the opening of corporate virtual accounts.
The commission previously prohibited trading of virtual asset ETFs like Bitcoin due to a lack of underlying assets and banned companies from opening virtual asset accounts due to money laundering risks. The committee will be led by the vice chairman of the Financial Services Commission, with members including officials from the finance, economy, legal, and technology ministries, as well as private individuals. Meanwhile, the commission is monitoring abnormal market trading to protect investor rights and is considering further institutional improvements.
CryptoQuant CEO Ki Young Ju stated that if the relevant plans are approved, it would be a positive development, as the entry of arbitrage funds and market makers into the South Korean market would alleviate the impact of the kimchi premium.
Project News
Puffer Announces PUFFER Token Economics: Total Supply of 1 Billion, 7.5% for First Season Airdrop
According to official news, the Ethereum restaking protocol Puffer Finance has announced the PUFFER token economics, with a total supply of 1 billion tokens (initial supply of 102,300,000 tokens), of which 7.5% is allocated for the Crunchy Carrot Quest first season airdrop, with the airdrop claim period from October 14, 2024, to January 14, 2025, and the airdrop eligibility snapshot taken on October 5, 2024.
As part of the Protocol Guild Pledge, 1% of the total supply of PUFFER will support Ethereum core development, with a vesting period of 4 years.
Additionally, ecosystem and community allocation accounts for 40%, the second season airdrop allocation accounts for 5.5%, early contributors and advisors allocation accounts for 20%, and investor allocation accounts for 26%.
The Trump family crypto project World Liberty Financial hopes to raise $300 million at a $1.5 billion valuation in next week's token sale. According to the project roadmap, the $1.5 billion figure represents the fully diluted valuation of the project, and by selling 20% of the token supply, raising $300 million indicates there may be more token sales. It was disclosed during last month's X Spaces event that about 63% of the token supply will be sold to the public, approximately 17% for user rewards, and 20% for the team. (TheBlock)
CARV: Token Airdrop Claim Page Now Live, S1 Airdrop of 40 Million Tokens
CARV, a builder of game and AI modular identity and data layer (IDL), recently announced that the CARV token airdrop claim page is now live. It is understood that the total amount of S1 airdrop tokens is 40 million, accounting for 4% of the total supply; S2 and S3 airdrop token shares account for 3% of the total token supply each.
Optimism announced on X that it has opened Airdrop 5 claims, distributing over 10 million OP (10,368,678 tokens) to 54,723 unique addresses.
Users who interacted with at least 20 unique contracts on the superchain between March and September 2024, with a contract-to-transaction ratio of 10%, are eligible for the airdrop, with different airdrop multipliers based on interaction conditions.
As of now, approximately 550 million OP are available for future airdrops.
Uniswap Labs Launches Layer 2 Network Unichain and Plans to Launch Testnet
Uniswap Labs, the developer behind the decentralized cryptocurrency exchange Uniswap, revealed the launch of the Layer 2 network Unichain, which is built using Optimism's OP Stack, and plans to launch the testnet on Thursday. (Coindesk)
Unichain White Paper: Validators Need to Stake UNI on Ethereum Mainnet
The first paragraph of section 4.1 of the Unichain white paper states that to become a validator in the UVN (Unichain Virtual Machine), node operators must stake UNI tokens on the Ethereum mainnet.
Aethir to Launch Ecosystem Fund of Up to $100 Million
Aethir, a decentralized GPU cloud computing infrastructure platform in the AI and gaming sectors, announced it will launch an ecosystem fund of up to $100 million. The fund consists of multiple grant programs aimed at accelerating the adoption of the Aethir computing platform and empowering startups in the AI and gaming sectors.
Aethir has launched its core grant program, Aethir Catalyst, which will distribute 336 million ATH tokens next year. Aethir Catalyst is a $20 million program that will provide financial support in the form of grants or subsidies to over 100 projects, aimed at supporting startups and enterprises with high computing demands. For many innovative companies, access to GPU resources is a key factor for their growth, and Aethir Catalyst lowers the barriers to high-performance computing, providing essential resources for project development, directly addressing the pain points of enterprises' needs.
Aethir Catalyst, along with two other $10 million ecosystem grant programs, is a key component of the Aethir ecosystem fund, which will collaborate with XAI and XPLA to drive innovation.
In addition to grant programs, the Aethir ecosystem fund also offers a subsidy program that provides companies needing GPU computing resources with discounts of up to 35% on off-platform service costs, ensuring that developers from self-sufficient startups or other more mature organizations can access computing resources through Aethir's platform, thereby advancing their project development.
Investment and Financing
Yala Completes $8 Million Seed Round Financing, Led by Polychain Capital and Ethereal Ventures
Bitcoin liquidity protocol and stablecoin issuer Yala announced the successful completion of an $8 million seed round financing, receiving over three times the funding commitments of its target. This round was led by Polychain Capital and Ethereal Ventures, with participation from Galaxy, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, UpHonest Capital, UTXO Management, and 280 Capital. The specific valuation has not been disclosed, and the funds from this financing will primarily be used for team expansion, product development, and security enhancements, as well as preparations for the mainnet launch. Additionally, investors have committed to collateralizing over 2,000 bitcoins to Yala.
It is reported that Yala's mission is to connect Bitcoin with major ecosystems through stablecoins as a medium, enhancing Bitcoin's liquidity. Its modular architecture allows Yala to deploy across EVM-compatible platforms (such as Ethereum) and non-EVM systems (such as Solana), thereby enhancing Bitcoin's composability and promoting the development of an open Bitcoin DeFi ecosystem. According to official sources, Yala's testnet will be launched next week. (TheBlock)
German Investment Firm Lennertz & Co. Seeks to Raise $165 Million for Its Third Crypto Fund
German investment firm Lennertz & Co. is seeking to raise $165 million for its third crypto fund. Oksana Tiedt, the fund's investment director, stated in an interview that the fund has completed its first closing but declined to disclose specific figures.
Founded in 2015, Lennertz is a multi-family office that invests in various asset classes, including private equity and traditional venture capital. The firm began betting on the blockchain space around 2016, privately investing in a fund before launching a $35 million fund of funds in 2020, and subsequently launching a second $65 million fund in 2022.
As a fund of funds, Lennertz does not directly invest in portfolio companies or token trading but invests in other firms, including well-known crypto venture capital firms such as Multicoin, Polychain, and Hack VC. Its second fund focuses on generalist funds with crypto strategies, including Bain Capital, Lightspeed, and Andreessen Horowitz.
Through the third fund, Lennertz plans to invest in 8 to 10 venture capital funds focused on blockchain, some of which are in Europe, but most are in the U.S. Tiedt stated that Lennertz has already raised enough funds to invest in two funds, specifically Polychain and Bain Capital's crypto funds. (Fortune)
Regulatory Trends
Thailand SEC Proposes New Rules Allowing Mutual Funds and Private Funds to Invest in Digital Assets
The Thai Securities and Exchange Commission (SEC) has proposed new regulations allowing mutual funds and private funds to invest in digital assets to align with international developments and meet the growing interest from institutional investors. A draft proposal released on Wednesday is seeking public feedback on the revised standards for funds investing in digital assets.
The SEC proposed allowing securities firms and asset management companies to provide services to large investors interested in investing in crypto-related products (such as ETFs), creating more opportunities for investors to diversify their portfolios under expert management. (Decrypt)
Voices
Andrew Kang: ETH Leverage Rising to Levels Seen During ETF Hype May Pressure ETH
Andrew Kang, co-founder of Mechanism Capital, posted on the X platform stating, "ETH leverage has risen to levels seen during the ETF hype. Is there a good reason to explain that this phenomenon is driven by directionless long positions? If not, this will put pressure on ETH."
BlackRock: Fed Unlikely to Cut Rates Quickly
BlackRock strategists stated in a report that the likelihood of the Federal Reserve quickly cutting rates is low due to stable economic growth prospects. They said, "We believe there is room for the Fed to lower rates to 3.5% or slightly higher by early 2025." BlackRock noted that the Fed's September meeting minutes also indicated a gradual rate cut. "We expect normalization of monetary policy rather than monetary easing."
Fed's Williams: Economy Expected to Allow Further Rate Cuts
Fed's Williams stated that it is appropriate to shift policy to neutral over time, and the economy is expected to allow the Fed to further cut rates. The recent Fed rate cuts should keep the economy strong, with an expected unemployment rate of 4.25% this year, maintaining that level around 2025. The future job market is unlikely to become a driver of inflation. (Jin10)
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