Organized by: Fairy, ChainCatcher

Important News:

• Upbit to Launch Injective (INJ) KRW and USDT Trading Pairs
• TikTok Faces Allegations of Operating a Cryptocurrency Exchange-like Business in the UK
• Bitwise Submits XRP ETF S-1/A Registration Filing to the US SEC
• Radiant Capital Suspends Its Lending Market Due to Exploit Attack, Estimated Loss of About $58 Million
• Digital Asset Solution Mento Labs Completes $10 Million Financing, with Participation from HashKey Capital and Others
• Game Developer FractureLabs Sues Jump Trading for Alleged Token Price Manipulation

"What Important Events Happened in the Last 24 Hours"

Upbit to Launch Injective (INJ) KRW and USDT Trading Pairs

According to an official announcement, the South Korean cryptocurrency exchange Upbit will launch Injective (INJ) in the KRW and USDT markets, with trading support starting at 18:15 local time on October 17.

Animoca Brands to Acquire More WATCoin from the Open Market

Animoca Brands disclosed that it will acquire more WATCoin from the open market. WATCoin is the utility token of WatBird, a Telegram Mini App developed by Animoca Brands' subsidiary GAMEE.

According to RootData, Animoca Brands is a Web3 game software company and venture capital firm founded by Yat Siu in 2014. It has several subsidiaries, including The Sandbox, Blowfish Studios, Quidd, and GAMEE.

Musk Retweets NFT Whale Supporting Trump

Musk retweeted a post from NFT whale Jason (@Bitcoin4Freedom) stating he would vote for Trump, mentioning that "Trump's victory would put Musk in the cabinet to establish a government efficiency department, which might be the best reason to vote for him."

Ord.io: Rumors Say Coinbase is Conducting Internal Security Audit and Compliance Assessment on Runes Protocol

Bitcoin Ordinals browser Ord.io posted on social media X that rumors suggest insiders at Coinbase have revealed that the exchange is conducting an internal security audit and regulatory compliance assessment on the Runes protocol. These claims have not yet been independently verified.

TikTok Faces Allegations of Operating a Cryptocurrency Exchange-like Business in the UK

According to Cryptonews, the short video app TikTok is under scrutiny for allegedly operating in the UK in a manner similar to a cryptocurrency exchange. A compliance expert reportedly warned the UK's Financial Conduct Authority (FCA) to conduct money laundering and terrorist financing checks on TikTok. The expert highlighted concerns that virtual tokens on TikTok could be indirectly exchanged for real currency through its creator program.

This scrutiny stems from TikTok's virtual currency system—TikTok tokens. Users can purchase tokens with real money and gift them on the platform or during live streams. They may also be able to exchange these tokens back for cash. This process is similar to cryptocurrency trading. Given the strict regulations surrounding cryptocurrency businesses, this system has raised regulatory concerns. Critics argue that TikTok's handling of virtual currency may face the same scrutiny as cryptocurrency platforms. Additionally, such cryptocurrency-like transactions have raised concerns about the security of users' financial data, especially considering geopolitical sensitivities.

Reports indicate that the letter stated: "TikTok provides funding transfer services for money service businesses through its rewards program and facilitates the exchange of crypto assets for currency or currency for crypto assets, or makes arrangements for such exchanges." As of the time of publication, neither TikTok nor the FCA had responded to Cryptonews' request for comment.

Vitalik: Ethereum Will Achieve Over 100,000 TPS Through L2 in the Future

At the "10th Global Blockchain Summit" hosted by Wanxiang Blockchain Lab, Vitalik Buterin stated, "In the future, Ethereum can achieve over 100,000 TPS through L2, with transfers between any chains possible within 2 seconds, and a unified user experience will also be formed. The infrastructure of Ethereum is also expanding, and the security link is more important than EVM."

Bitwise Submits XRP ETF S-1/A Registration Filing to the US SEC

Asset management firm Bitwise has submitted an XRP ETF S-1/A registration filing to the US Securities and Exchange Commission (SEC).

Game Developer FractureLabs Sues Jump Trading for Alleged Token Price Manipulation

According to Bloomberg, video game developer FractureLabs has filed a lawsuit against well-known cryptocurrency market maker Jump Trading in the federal court in Chicago, accusing it of fraud and deception through the manipulation of DIO token prices.

FractureLabs originally planned to launch the DIO token on the Huobi exchange (now renamed HTX) in 2021 to raise funds. The company hired Jump Trading as the market maker for DIO and lent 10 million tokens to its subsidiary while sending 6 million tokens to HTX for sale.

The lawsuit claims that Jump Trading systematically liquidated DIO holdings, causing the token price to drop to about 0.5 cents, generating millions of dollars in profit for itself. Subsequently, Jump repurchased about $53,000 worth of tokens at a significant discount and returned them to FractureLabs, then terminated the market maker agreement.

Radiant Capital Suspends Its Lending Market Due to Exploit Attack, Estimated Loss of About $58 Million

According to Cointelegraph, Radiant Capital and two cybersecurity firms disclosed that after a cybersecurity incident exceeding $50 million occurred on the BNB Chain and Arbitrum, Radiant Capital has suspended its lending market.

Web3 cybersecurity firm De.Fi Antivirus stated on the X platform: "By exploiting the 'transferFrom' function on the BSC and ARB chains, attackers targeted the Radiant Capital contract, stealing user funds, including USDC, WBNB, ETH, etc. This attack resulted in approximately $58 million in stolen funds." This estimate is similar to that of another cybersecurity firm, Ancilia Inc., which estimated the loss to be around $50 million. Radiant is controlled by a multi-signature wallet, and the attackers gained control of the private keys of multiple signers, then controlled multiple smart contracts.

Radiant posted on the X platform: "We are aware of the issues with the Radiant lending market on the BNB Chain and Arbitrum. We are working with SEAL911, Hypernative, ZeroShadow, and Chainalysis and will provide updates as soon as possible. The markets on Base and the mainnet will be suspended until further notice."

Digital Asset Solution Mento Labs Completes $10 Million Financing, with Participation from HashKey Capital and Others

According to CoinDesk, the development team of the decentralized EVM platform Mento on the Celo network, Mento Labs, announced the completion of $10 million in financing. This round of financing was supported by T-Capital, HashKey Capital, Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures, and w3.fund.

Mento Labs also announced a stablecoin roadmap, planning to add three local digital currencies to its expanding decentralized stablecoin lineup: Philippine Peso (PUSO), Colombian Peso (cCOP), and Ghanaian Cedi (cGHS).

According to project documentation, the Mento stability protocol can be viewed as an over-collateralized, decentralized, and transparent stable asset mechanism. The protocol utilizes crypto reserves, allowing users to adjust the supply of Mento stable assets based on demand changes. Users can exchange between Mento stable assets and reserve collateral assets through the protocol.

Additionally, the Web3 asset data platform RootData shows that Mento Labs is a stablecoin and digital asset innovation lab derived from cLabs (Celo). The lab offers the Mento basket of cryptocurrency assets platform, with all Mento stablecoins (cEUR, cREAL, cUSD) fully backed by USDC and DAI. Furthermore, Mento also has support for loyalty and engagement, regenerative finance, as well as risk management, monitoring, and maintenance.

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

Clone of "MicroStrategy" Enters in Bulk, Has the BTC "Lying Win Strategy" Been Confirmed?

Last week, after founder Michael Saylor announced that Microstrategy (NASDAQ:MSTR) aims to become the leading "Bitcoin bank," MSTR surged nearly 16% last Friday, breaking through $212 (currently retreated to $194), with its market capitalization soaring to $43 billion, setting a new historical high.

Since Microstrategy launched its Bitcoin investment strategy in August 2020, MSTR has increased by over 1600%, outperforming BTC and major S&P 500 tech stocks like Nvidia.

MicroStrategy's "lying win" model has also attracted more imitators. The Japanese listed company Metaplanet has seen its stock price rise by 480% since it began its Bitcoin investment strategy in April. Recently, the German listed company Samara Asset Group announced it would issue €30 million in bonds, part of which will be used to purchase Bitcoin.

Why can a listed company "lie win" just by holding a large amount of BTC? What risks might exist in the MicroStrategy model?

Vitalik's New Article: The Possible Future of Ethereum, The Surge

Initially, Ethereum's roadmap included two scaling strategies. One (refer to an early paper from 2015) is "sharding": each node only needs to verify and store a small portion of transactions, rather than verifying and storing all transactions in the chain. Other peer-to-peer networks (like BitTorrent) work this way, so we can certainly make blockchains work in the same manner. The other is Layer 2 protocols: these networks will sit on top of Ethereum, allowing them to fully benefit from its security while keeping most data and computation off the main chain. Layer 2 protocols refer to state channels from 2015, Plasma from 2017, and then Rollup from 2019. Rollup is more powerful than state channels or Plasma, but they require a lot of on-chain data bandwidth. Fortunately, by 2019, sharding research had resolved the large-scale verification of "data availability" issues. As a result, the two paths merged, and we got a Rollup-centric roadmap, which remains Ethereum's scaling strategy today.

a16z Annual Crypto Report: Crypto Activity Hits New Highs, Becomes Key Topic in US Elections

Two years ago, when we first launched the annual State of Crypto Report, global attention on cryptocurrencies was still low. Bitcoin and Ethereum's exchange-traded products (ETPs) had not yet received approval from the US Securities and Exchange Commission (SEC), and Ethereum had not yet transitioned to an energy-efficient proof-of-stake mechanism. Layer 2 (L2) networks aimed at enhancing transaction capacity and reducing costs were hardly used, and even when there were transactions, fees were much higher than they are now.

Now, as we release the 2024 State of Crypto Report, we see significant changes. The report details the process of cryptocurrency becoming a hot policy topic, the latest advancements in blockchain technology, and new trends among cryptocurrency developers and users. The report also includes:

• In-depth analysis of key applications like stablecoins, which are considered one of the "killer applications" of cryptocurrency;

• Exploration of the intersection of cryptocurrency with other technological trends such as artificial intelligence, social networks, and gaming;

• New data on swing states' interest in cryptocurrency ahead of the US elections, along with more information.

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