Today's News Highlights:
Ripple founder has donated over $11.8 million to Harris's campaign team
Uniswap Labs launches Unichain without unanimous consent from UNI token holders
Tether-backed Northern Data plans to sell its cryptocurrency mining division Peak Mining
Uniswap protocol's cumulative trading volume on the Ethereum mainnet surpasses $2 trillion
Regulatory News
Indonesian regulators extend cryptocurrency trader registration deadline to the end of November 2024
The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has issued new regulations extending the registration deadline for cryptocurrency traders to the end of November 2024, allowing existing "Candidate Physical Asset Traders" (CPFAK) more time to meet all requirements to become official "Physical Asset Traders" (PFAK).
According to Jinshi, the Australian Securities and Investments Commission (ASIC) has charged James Cumming, the former CEO of cryptocurrency exchange Mine Digital, with fraud.
According to The Block, the Bank for International Settlements (BIS) released a report on Monday titled "Tokenization in the Context of Money and Other Assets: Concepts and Implications for Central Banks," exploring how tokenization is reshaping the financial landscape and affecting the role of central banks. The report emphasizes that tokenization can bring significant benefits, such as reduced transaction costs and increased transaction speed, which have attracted institutional investors; however, these advantages come with inherent risks and challenges.
The report identifies several risks associated with tokenization, including potential governance and legal framework issues, as well as credit, liquidity, custody, and operational risks. These challenges may differ from those faced by traditional market infrastructure, necessitating a comprehensive assessment by central banks. The report states, "Central banks need to assess the trade-offs and appropriate balances between different types of settlement assets in token arrangements, and identify, monitor, and evaluate tokenization arrangements that may require sound regulation and oversight."
The BIS report highlights the potential impact of token arrangements on the implementation of monetary policy, particularly regarding changes in regulated market structures and the demand for central bank money relative to other forms of currency. This evolving landscape may affect how central banks operate in the future. BIS General Manager Agustín Carstens noted that while tokenization can enhance the security and efficiency of the financial system, it also presents economic, legal, and technical challenges that must be addressed. The report points out that the legal risks of tokenization may arise from unexpected or uncertain applications of the law.
Project Updates
According to on-chain detective ZachXBT, cryptocurrency payment service provider Transak recently experienced a ransomware attack. Transak stated in a blog post earlier today that the incident was limited to the names and basic identity information of a small portion of users (1.14% of the user base), while the ransomware group claimed it also included personal identifiable information (PII) and more user data. According to Transak's website, it has been integrated with Metamask, Trust Wallet, Coinbase, Ledger, and others for fiat and cryptocurrency on-ramps and off-ramps.
According to Bloomberg, Qian Zhimin, the main suspect in the UK’s $60,000 Bitcoin money laundering case and the Tianjin Lantian Ge Rui 43 billion yuan illegal fundraising case, was arrested in April this year and charged with two counts of money laundering. The UK’s Crown Prosecution Service has accused her of possessing and transferring illegal cryptocurrency on or before April 23. A man named Seng Hok Ling has also been charged alongside her, and he pleaded not guilty to a charge of participating in money laundering arrangements knowing or suspecting the property was criminal. The trial is set to begin on September 29, 2025, at Southwark Crown Court. "Her lawyer stated after the hearing: 'Ms. Zhang denies all criminal charges and plans to actively defend herself.'"
Rune Christensen, founder of Sky (formerly MakerDAO), posted on the X platform that after two weeks of USDS's release, the total supply has surpassed 1 billion; most of the demand for USDS comes from new users, while the supply of Dai remains stable at 4.7 billion; since the release of USDS, the total inflow of USDS and Dai has increased by about 700 million. Additionally, Christensen stated that aside from renaming 1 MKR to 24,000 SKY, many people are confused about the use of the Sky token and have raised questions about the introduction of token issuance. Furthermore, naming the protocol, token, and frontend all as Sky undoubtedly adds some confusion. It is now clearer than ever that the DeFi community holds a deep affection and trust for the Maker brand. Many people have a strong sense of identity with the brand and what it represents—stability, security, and the scale of DeFi—and many have expressed a willingness to hold MKR tokens rather than upgrade to Sky. In response to community feedback, Christensen has proposed a series of governance proposals regarding the fate of the Maker brand, MKR token economics, and the role of Sky.
The Grass Foundation has announced the Airdrop One plan and opened the query for airdrop eligibility. This airdrop will allocate 100 million GRASS tokens, accounting for 10% of the total supply. The specific allocation is as follows: 9% will be distributed to users who earned Grass Points in the first phase network snapshot, 0.5% to GigaBuds NFT holders, and another 0.5% to users who installed desktop nodes or the Saga application. The network snapshot includes users who earned over 500 Grass Points during a specific period. Each eligible GigaBuds NFT holder will receive 515 GRASS.
Crypto custody firm Komainu, backed by Nomura Holdings, announces acquisition of Propine
According to Bloomberg, crypto custody firm Komainu, backed by Nomura Holdings, has announced the acquisition of Singapore-based competitor Propine Holdings Pte Ltd, marking its first acquisition deal. The acquisition is subject to approval by the Monetary Authority of Singapore, and Komainu co-CEO Paul Frost-Smith stated that this is part of the company's expansion strategy in Asia. Through the acquisition, Komainu will obtain a capital markets services license in Singapore, laying the groundwork for future development.
Additionally, Komainu plans to apply for a major payment institution license in Singapore to provide comprehensive payment services. Komainu also plans to complete a new round of financing in the coming weeks, although the specific amount has not been disclosed.
Scroll: First airdrop opens for claiming on October 22 at 15:00, claiming page is now live
Ethereum Layer 2 project Scroll introduced its first airdrop in an official blog post, allocating 7% of the total supply of SCR for the first airdrop. The snapshot was taken at 08:00 UTC on October 19, 2024. Claiming will begin at 15:00 Beijing time on October 22, 2024, and will be open for 90 days, with the claiming page now live. The main contributor categories for the first airdrop include: community airdrop (55 million SCR, accounting for 5.5% of the total supply), ecosystem projects (6.677 million SCR), industry contributors, and the global community.
MetaMask integrates with Space ID to simplify crypto transactions and wallet access
According to The Block, MetaMask has announced an integration with Space ID aimed at simplifying the sending of digital assets and accessing crypto wallets. According to the statement, this new integration will allow users to "replace all public wallet addresses with a secure and customizable handle when transacting on MetaMask." This means that Space ID users can send cryptocurrency by simply entering a username, avoiding the confusion of a 42-character alphanumeric string, which, if mistyped, could result in total loss of funds.
MetaMask's product lead, Christian Montoya, stated that the integration with Space ID will enable "MetaMask users to send and receive cryptocurrency more easily and securely across any EVM-compatible chain." Space ID noted in its statement that users will now be able to "organize and store handles from multiple chains in one wallet."
VanEck's European compliant Solana ETN now has staking functionality
According to an official announcement, asset management company VanEck has launched staking functionality for its Solana exchange-traded note (ETN) in Europe. The staking method adopted by VanEck is fully non-custodial, meaning that the custodian of the ETN assets always retains complete control over the staked assets, with no lending risks involved. Solana ETN investors do not need to take any action; if rewards are distributed, they will be credited to the ETN's token rights. Regardless of whether the custodian purchased the ETN last year or last week, the total staking rewards earned during the final time period will be distributed equally (after deducting a 25% staking fee). VanEck instructs the custodian to use the physical SOL held by the ETN for staking, delegating the SOL to validators. The validator nodes are owned and maintained by staking service providers, but the delegated SOL is always controlled by the custodian.
Ripple founder has donated over $11.8 million to Harris's campaign team
According to CNBC, the latest election data shows that with two weeks to go until the U.S. election, Ripple co-founder and chairman Chris Larsen donated nearly $9.9 million to Future Forward in September, along with over $800,000 to the Harris Victory Fund. Including the $1 million worth of XRP tokens donated by Larsen in August, he has contributed over $11.8 million to PACs supporting Harris's campaign, making him one of the largest individual donors from the crypto industry in this election cycle.
Larsen has supported bipartisan candidates over the past few years, and in an interview, he stated that his trust in Harris comes from conversations with people within the campaign team and his observations of the Vice President since she became the candidate in July, replacing President Biden.
Upbit adds support for Uniswap (UNI) in KRW and USDT markets
According to an announcement from Upbit, the South Korean digital asset exchange has added support for Uniswap (UNI) in the KRW and USDT markets. This asset, based on the Ethereum network, will officially launch for trading on October 22 at 16:00 (KST).
Upbit will add support for trading Bonk in the USDT market
According to an announcement from Upbit, the South Korean digital asset exchange will add support for trading Bonk (BONK), with the USDT trading market set to launch on October 22 at 18:00 (KST). This asset is based on the Solana network, and users must confirm network information before deposits and withdrawals; transfers from other networks will not be supported.
According to Binance's announcement, Scroll (SCR) will be fully launched across multiple Binance products and services. The SCR capital-protected savings product will open for subscription on October 22 at 17:00 (UTC+8); starting from October 23 at 18:00, users can purchase SCR using credit cards, Google Pay, Apple Pay, or wallet balances. Additionally, SCR can be swapped for assets like BTC and USDT without fees on the swap platform within one hour of its spot launch. Furthermore, Binance will introduce SCR leverage trading pairs at 19:00 on October 22, supporting both cross and isolated margin modes. On the same day at 18:00, SCR perpetual contracts with 1-75x U-based leverage will also be launched.
Uniswap Labs launches Unichain without unanimous consent from UNI token holders
According to Protos, one of the largest holders of UNI tokens has raised concerns about Uniswap's decentralization and behind-the-scenes dealings, particularly regarding its series of transformations justified by "efficiency," as well as potential undisclosed financial interests between Uniswap Labs and another blockchain, Optimism. Billy Gao, governance lead of Stanford University's Stanford Blockchain Club (a representative holding UNI governance tokens on behalf of thousands of individuals), published a 22-post complaint addressing Uniswap's sudden decision to launch its own blockchain, cancel a proposed fee switch mechanism that could benefit UNI holders, and bypass the DAO that ostensibly governs Uniswap. Gao wrote that the rushed launch of Unichain "surprised many" and left "representatives in the dark." He also pointed out that this decision "essentially changed" the ERC-20 contract of UNI, which is only "immutable" under the strictest and most meaningless definitions—because UNI is now tied to an entirely new blockchain. The representative questioned, "What real control do token holders have?" Gao also expressed skepticism about the potential financial motivations behind Uniswap's "illegal" bypassing of the DAO. While he did not make formal accusations, he noted that "there must be a reason" for adopting the OP (Optimism) stack to support Unichain. Gao asked Uniswap Labs why they chose OP and why everyone should believe that this decision was free of behind-the-scenes dealings. Previously, on October 10, it was reported that Uniswap developers launched their own Layer 2 network, Unichain, built on Optimism technology.
Coinbase International will launch Scroll perpetual futures contracts
Coinbase International announced on the X platform that it will add support for Scroll perpetual futures contracts on Coinbase International and Coinbase Advanced, with the SCR-PERP market expected to open on October 23, 2024, at 08:30 or later (UTC+8).
Across proposes to limit token supply after LayerZero founder raises contract issues
According to The Block, following criticism from LayerZero Labs CEO Bryan Pellegrino, Across Protocol co-founder Hart Lambur proposed on Monday evening to permanently limit the supply of ACX tokens to 1 billion. If this proposal is approved by the Across community, it will also relinquish Across Governance's ownership of ACX tokens and set it to 0x0—preventing any future changes to the token supply through minting or burning.
Previously, Pellegrino pointed out "serious issues" with the Across token contract. However, this move faced opposition from the community, which viewed it more as a transparency issue rather than a security vulnerability. Pellegrino stated, "You incorrectly exposed internal private functions written by OpenZeppelin in its ERC-20 token implementation (for burning tokens) and handed them to your contract owner—allowing them to withdraw (burn) tokens from any wallet at any time, arbitrarily zeroing out any account." He also claimed that Across Protocol and UMA protocol contracts could mint tokens indefinitely and suggested that to resolve this issue, ownership should be transferred to an immutable smart contract to prevent minting tokens beyond the total supply, disallowing burning and ownership transfer.
Lambur initially dismissed Pellegrino's accusations but later acknowledged that while Pellegrino mistakenly believed there were serious vulnerabilities in its ERC-20 implementation, "the design choices were wrong," adding that the proposal was made in the spirit of "decentralization and transparency." The proposal is currently undergoing a temperature check vote, with results showing 99.5% in favor of setting a supply cap.
Sushi releases Super Swap roadmap, covering native DEX products for multiple blockchains
According to the official blog, Sushi has released the Super Swap roadmap, focusing on multi-chain expansion, cross-chain aggregation, Swap API integration, and further development of SushiXSwap. Sushi has provided traders with features such as tax token support, dollar-cost averaging, and limit orders, and is optimizing the token listing process while preparing to launch Blade AMM to address impermanent loss for liquidity providers. Kubo and ALM smart pools aim to enhance the yield and management experience for liquidity providers. Additionally, Sushi is developing native DEXs for different blockchain ecosystems, such as Saru (ApeChain), Susa (Layer N), and Wara (Solana). These DEXs will integrate into the Sushi ecosystem, share liquidity, and utilize innovative routing processor technology to ensure seamless cross-chain liquidity.
Investment and Financing
According to CoinDesk, Borderless Capital has announced the launch of a $50 million Latin America fund aimed at supporting Web3 innovation projects in the region. The fund will focus on promoting the development of blockchain and decentralized technologies in Latin America. Ariel Muslera from Borderless Capital stated that the fund will provide funding to startups to help them grow and expand within the Web3 ecosystem.
Mining News
Tether-backed Northern Data plans to sell its crypto mining division, Peak Mining
According to Bloomberg, Northern Data AG is considering selling its cryptocurrency mining business to raise funds to expand its artificial intelligence operations. The company's main shareholder is Tether Holdings Ltd., which stated in a release on Monday that it will focus on its AI solutions division using the proceeds from the sale of Peak Mining, with the success of the divestiture depending on the "current dynamic market environment" of cryptocurrencies.
Northern Data AG will use the proceeds from the sale to support its AI solutions business, which includes its generative AI cloud platform that helps businesses launch their own AI applications. The company will also invest in the purchase and development of more data centers, as well as additional hardware procurement. According to data compiled by Bloomberg, as of February, Tether held approximately 46% of Northern Data AG's shares.
Bitcoin mining company Ionic Digital restarts IPO plans
Bitcoin mining company Ionic Digital has restarted its initial public offering (IPO) plans after appointing BDO USA as its new auditor. As of September 30, 2024, the company holds 2,102.29 BTC, valued at approximately $135.3 million. Ionic Digital plans to liquidate part of its Bitcoin reserves in the fourth quarter to fund future infrastructure projects.
Important Data
According to SoSoValue data, yesterday (October 21, Eastern Time), Bitcoin spot ETFs had a total net inflow of $294 million, achieving net inflows for seven consecutive days. Among them, BlackRock's ETF IBIT had the highest single-day net inflow of $329 million, with a historical cumulative net inflow of $23.169 billion. Fidelity's ETF FBTC had a single-day net inflow of $5.9042 million, with a cumulative net inflow of $10.310 billion.
In contrast, Grayscale's GBTC had a single-day net outflow of $4.8493 million, with a total historical net outflow of $20.101 billion. The total net asset value of Bitcoin spot ETFs is currently $65.337 billion, accounting for 4.88% of Bitcoin's total market capitalization, with a historical cumulative net inflow of $21.231 billion.
Uniswap protocol's cumulative trading volume on the Ethereum mainnet surpasses $2 trillion
Data shows that the cumulative trading volume of the Uniswap protocol on the Ethereum mainnet has surpassed $2 trillion.
BlackRock's Bitcoin spot ETF assets under management rank in the top 2% of all ETFs
Bloomberg senior ETF analyst Eric Balchunas posted on social media, stating: "BlackRock's Bitcoin spot ETF IBIT performed exceptionally well last week, with new funds totaling $1.1 billion, marking the best single-week performance since March, surpassing VTI and ranking third in the annual fund inflow list (which is incredible for a newly launched product later in the year, especially since the other top five products have been around for over 20 years and have assets exceeding $300 billion). IBIT's assets under management stand at $26 billion, placing it in the top 2% of all ETFs."
Bitcoin hash rate hits an all-time high, publicly listed mining companies reach peak network share
According to Coindesk, data from Glassnode shows that the seven-day moving average of Bitcoin's hash rate has reached an all-time high of 703 EH/s (currently at 725.20 EH/s, peaking at 791.62 EH/s), marking the first time the network's hash rate has surpassed 700 EH/s. Since the halving event in April, Bitcoin's hash rate has grown by nearly 13%.
Pump.fun fee account sells 40,000 SOL again five hours ago, worth about $6.68 million
According to Lookonchain monitoring, the Pump.fun fee account sold 40,000 SOL again five hours ago, worth about $6.68 million. So far, Pump.fun has generated a total of 969,945 SOL (approximately $162 million), of which 503,343 SOL (approximately $78.7 million) have been sold at an average price of $156.4.
Solana TVL rises to $6.468 billion, reaching the highest level since January 2022
According to DefiLlama data, Solana's TVL has risen to $6.43 billion, reaching the highest level since January 6, 2022.
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