Today's News Highlights:
Fox Reporter: US SEC Includes Cryptocurrency in Its 2025 Review Priority List
Market News: Nigerian Government Drops Charges Against Binance Executive
Bill Gates Privately States He Has Donated $50 Million to Harris
Bitcoin Mining Difficulty Increased by 3.94% to 95.67 T This Morning
Arkham: Tesla's 11,509 BTC Have Not Been Sold
Regulatory News
According to Cointelegraph, Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), sent a "sweet sixteen" wish for the 16th anniversary of the Bitcoin white paper during an interview with Bloomberg. He stated that the SEC will continue to maintain its current "enforcement regulatory" strategy regarding crypto assets, emphasizing the importance of protecting investors and the healthy development of the market.
Gensler declined to comment on speculation regarding Trump potentially replacing him if elected president in 2024. The day before this interview, the SEC's review department listed crypto assets as a key regulatory focus for 2025. Despite controversies surrounding Gensler's regulatory approach, he did not indicate any intention to change current policies.
The Bitcoin white paper was released on October 31, 2008, marking its 16th anniversary this year.
Fox Reporter: US SEC Includes Cryptocurrency in Its 2025 Review Priority List
Fox Business reporter Eleanor Terrett posted on X platform stating, "Although there are no major cryptocurrency players registering with the SEC in 2024, the commission has included cryptocurrency in its 2025 review priority list. The only two crypto assets I can think of that the SEC has interacted with in a regulatory role (rather than enforcement) are Bitcoin and Ethereum ETFs. Will the review focus on these ETFs and the companies working with them?"
Market News: Nigerian Government Drops Charges Against Binance Executive
According to Tree News citing Bloomberg, the Nigerian government has dropped charges against Binance executive Tigran Gambaryan.
AI & NFT
AI company Anthropic announced that the upgraded Claude 3.5 Sonnet has launched a new "computer use" feature, enabling AI to operate computers like humans and complete complex tasks. This technology is currently in public beta, supporting task execution through screen interaction, mouse operation, and text input. Anthropic also released a new model, Claude 3.5 Haiku, designed to handle coding tasks faster and more cost-effectively, set to launch at the end of this month.
NFT Platform Magic Eden Adds Support for BeraChain and ApeChain
According to The Block, NFT platform Magic Eden has added support for BeraChain and ApeChain, bringing the total number of supported blockchains to nine. The platform plans to add Monad testnet as its tenth supported Layer 1 network after its launch. BeraChain features a "liquidity proof" consensus mechanism, while ApeChain is developed by Yuga Labs to support the ApeCoin ecosystem. Magic Eden aims to support ten blockchains by the end of the year to expand its multi-chain ecosystem.
Project Updates
Bill Gates Privately States He Has Donated $50 Million to Harris
The New York Times reported that Bill Gates, who has largely stepped back from politics for decades, privately stated that he recently donated about $50 million to the nonprofit Future Forward, which supports Vice President Harris's campaign. This donation was originally intended to be secret. According to someone familiar with Gates' thoughts, he expressed concern about the prospect of Trump being re-elected during private calls with friends and others this year, although he emphasized that he could work with any candidate. Gates praised the Biden-Harris administration's work on climate change. According to two sources, Gates' charitable organization—the Bill and Melinda Gates Foundation—is very concerned that funding for family planning and global health programs may be cut if Trump is elected.
According to an official reminder from Radiant Capital, all users who have interacted with Radiant must take immediate action to revoke authorization for related contracts. Radiant warned that if authorization is not revoked in a timely manner, user funds may be at risk of theft. Users can visit revoke.cash to remove permissions and ensure asset safety.
Radiant stated that the team is working hard to track and freeze stolen funds and is closely collaborating with security experts and law enforcement to prevent further losses.
Across Proposes Limiting Token Supply After LayerZero Founder Raises Contract Issues
According to The Block, after being criticized by 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 believes it is more of a transparency issue rather than a security vulnerability. Pellegrino stated, "You incorrectly exposed the 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 ownership should be transferred to an immutable smart contract to prevent minting tokens beyond the total supply, disallowing burning and transferring ownership.
Lambur initially refuted Pellegrino's claims but later admitted that while Pellegrino mistakenly believed there were serious flaws in its ERC-20 implementation, "the design choice was 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.
Aurum Equity Partners to Launch $1 Billion Tokenized Equity and Debt Fund on XRP Ledger Blockchain
Aurum Equity Partners, a private equity firm, has launched the world's first $1 billion tokenized fund that combines equity and debt. This fund utilizes Zoniqx's asset tokenization technology and the XRP Ledger blockchain, aiming to drive innovation in AI, IoT, and cloud infrastructure. The project will establish data centers in the US, UAE, Saudi Arabia, India, and Europe, enhancing investment liquidity and transparency through tokenization. Aurum's collaboration with Zoniqx demonstrates the practical application of blockchain technology in traditional financial markets, facilitating the digital transformation of global asset management.
Coinbase International to 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 22, 2024, at 20:30 Beijing time or later.
MakerDAO Community to Vote on "Whether to Abandon the Sky Brand" on November 4
According to CoinDesk, MakerDAO is discussing whether to abandon the Sky brand due to a lukewarm market response after rebranding. Although the launch of the USDS stablecoin was successful, the SKY token has performed poorly, recently dropping 23%, far below the performance of the CoinDesk 20 index. The community plans to hold a formal governance vote on November 4 to decide whether to revert to the original Maker brand, maintain the Sky brand, or undergo a rebranding. MakerDAO founder Rune Christensen stated that the community still holds a high level of recognition for the stability and trustworthiness of the Maker brand.
Binance to Delist IDRT, KP3R, OOKI, and UNFI on November 6
Binance announced that it will delist and cease spot trading for the following tokens on November 6, 2024, at 11:00 (Beijing time): Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). The affected trading pairs include KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, and USDT/IDRT.
Binance to Remove ALGO/FDUSD, CHR/ETH, and Other Spot Trading Pairs
Binance announced that it will delist and cease trading for the following spot trading pairs on October 25, 2024, at 11:00 (UTC+8): ALGO/FDUSD, CHR/ETH, DGB/BTC, GMX/BTC.
Ethereum co-founder Vitalik Buterin released a new article titled "Future Development of the Ethereum Protocol (Part 4): The Verge," stating that Ethereum plans to enhance blockchain validation efficiency through the "Verge" project. The Verge initially focused on stateless validation of Verkle trees and has now expanded to comprehensive resource optimization, including using STARK technology to validate the execution and consensus layers of the chain. This design will enable ordinary devices like smartphones to run fully validated nodes, potentially lowering hardware barriers. Current project focuses also include increasing validation speed, reducing data storage requirements, and addressing potential threats from future quantum computers.
Andre Cronje: Sonic Spent $35.6 Million on R&D, Ecosystem, Legal, and Compliance Over the Past Year
Sonic Labs CTO Andre Cronje posted on the X platform, stating that the cost of running a Layer 2 or application chain is approximately $13.2 million, including upfront and annual expenses such as oracles, stablecoins, RPC services, governance, etc. Cronje also listed the cost centers for the Sonic project over the past year, totaling $35.6 million, primarily including R&D, ecosystem development, legal, and compliance expenses. He noted that these costs do not include exchange listing fees, indicating that no such operations have been conducted this year.
Binance Completes USDC Integration on zkSync Era Network and Opens Deposit and Withdrawal Services
Binance has completed the integration of USDC on the zkSync Era network and has opened deposit and withdrawal services.
On-chain detective ZachXBT mentioned in a comment on the MistTrack tweet from SlowMist's on-chain security tracking platform, "I have never seen publicly reported figures like this before, but I estimate that social engineering/phishing scams impersonating Coinbase customer support have led to user thefts of around $100 million to $150 million over the past year."
Survey: Nearly 35% of Tokens Launched in South Korea in the Past 7 Years Have Been Delisted
According to the Seoul News, a survey by the Financial Supervisory Service of South Korea shows that nearly 35% of virtual assets listed on the five major crypto exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, and Gopax) have been delisted from January 2018 to August 2024. Since the rise of cryptocurrency trading in 2018, these five exchanges have listed a total of 1,482 cryptocurrencies, of which 517 have been delisted. The average lifespan of these virtual assets on the platforms is about 748 days, just over two years. The report also noted that 54% of the delisted assets were removed within the first two years of listing.
Financing News
DeFi Platform Azura Completes $6.9 Million Seed Round Financing, Initialized Leads
According to Fortune magazine, DeFi platform Azura officially launched after raising $6.9 million in a seed round led by Initialized on Tuesday. Other investors include Volt Capital, Winklevoss Capital, and Solana co-founder Raj Gokal. The funds will be used to scale the application, including increasing company payroll expenses, improving software, and purchasing better servers.
Azura provides access to market data, complete trading lifecycle support, and DeFi asset trading. It connects various crypto wallets, blockchains, exchanges, and other protocols through a single interface layer, while also reducing trust risks by eliminating intermediaries and returning control to users. Azura was initially launched a year ago under the name Thunder as a closed beta available only by private invitation, allowing a select group of users to participate, and all Thunder users are expected to migrate to Azura.
Important Data
$4.2 Billion Nominal Value of BTC Options and $1 Billion ETH Options Set to Expire This Friday
According to CoinDesk, data shows that nominal values of $4.2 billion and $1 billion for BTC and ETH options contracts, respectively, will expire on Friday at Deribit. The maximum pain point for Bitcoin options is at $64,000, with a put/call ratio of 0.62, indicating a bullish market sentiment. Ethereum's current trading price is around $2,600, right at its maximum pain point price.
Notably, options worth over $682 million in BTC (equivalent to 16.3% of the total $4.2 billion) will be "in-the-money" at expiration, most of which are call options. A call option is considered in-the-money when its strike price is below the current market price, while an in-the-money put option is one where the strike price is above the spot price.
Bitcoin Mining Difficulty Increased by 3.94% to 95.67 T This Morning
CloverPool data shows that Bitcoin mining difficulty was adjusted at block height 866,880 (2024-10-23 02:05:01), increasing by 3.94% to 95.67 T, setting a new historical high. The current average network hash rate is 706.03 EH/s.
According to on-chain analyst Yu Jin, in the past week, the Worldcoin multisig wallet (address 0xE79…1a3) distributed 5.3 million $WLD (approximately $12 million) to five market makers. Since April 29, this wallet has continuously distributed $WLD to market makers such as Wintermute, GSR, Flow Traders, Auros Global, and Amber, totaling 44.9 million $WLD (approximately $103 million) distributed over six months.
Arkham: Tesla's 11,509 BTC Have Not Been Sold
According to Arkham Intelligence analysis, despite a large number of Bitcoin transfers last week, Tesla's holding of 11,509 BTC (approximately $777 million) remains intact.
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