Today's News Highlights:
Hackers have begun returning funds to the U.S. government, having returned 13.19 million aUSDC and 2,408 ETH.
Tether is reportedly under investigation by U.S. prosecutors and facing sanctions from the Treasury, which Tether's CEO denies.
Binance has relaunched Binance Connect, integrating fiat and cryptocurrency for Web3.
The Scroll ecosystem stablecoin project Essence Finance is suspected of a rug pull.
Lido: The Community Staking Module (CSM) has been launched on the mainnet.
Coinbase will delist Decentralized Social (DESO).
Coinbase Exchange will be temporarily offline for 2 hours due to a technical system upgrade.
Regulatory News
According to Onchain Lens monitoring, hackers are suspected to have started returning funds to the U.S. government, with the government wallet receiving 13.19 million aUSDC and 2,408 ETH (worth $6.1 million) from the hackers' address.
Earlier today, reports indicated that the U.S. government wallet address was allegedly attacked, with about $20 million transferred to the attackers' address.
According to Onchain Lens monitoring, after the hackers returned the funds, the U.S. government has now transferred the assets to a new wallet. Address: 0x0CaB63E3e978D1f66c19C480c206b01fB62F1243.
According to a report by The Wall Street Journal citing informed sources, the U.S. federal government is investigating the cryptocurrency company Tether for potential violations of sanctions and anti-money laundering rules. The criminal investigation is led by prosecutors from the Manhattan U.S. Attorney's Office, aiming to determine whether cryptocurrencies are being used by third parties to fund illegal activities such as drug trafficking, terrorism, and hacking, or to launder the proceeds from these activities. Meanwhile, the U.S. Treasury has been considering sanctions against Tether, as individuals and groups under U.S. sanctions have used this stablecoin.
In response, Tether CEO Paolo Ardoino refuted on the X platform, stating that there is no evidence that Tether is under investigation, and that the reported content is old news.
Pump.fun "attacker" requests to withdraw guilty plea, lawyer withdraws from case
According to Decrypt, two months after admitting to "attacking" Pump.fun, Jarett Dunn (also known as Stacc) has requested to withdraw his guilty plea. The charge was abuse of power and transferring criminal property. Following this move, his legal team has withdrawn from the case.
The "attack" occurred while Jarett Dunn was an employee of Pump.fun, and he stated he wanted to "terminate" the agreement because it had "long unintentionally harmed people." When Jarett Dunn stole about $2 million from the agreement, he sent the tokens to some random, unauthorized addresses. Although this "attack" still harmed some everyday traders, a group of bystanders hailed Dunn as the Robin Hood of cryptocurrency. Jarett Dunn attended a hearing at the Wood Green Crown Court in London, which was originally scheduled for his sentencing. If everything went as planned, he could face over seven years in prison. However, at the last moment, Jarett Dunn changed his mind and requested to withdraw his guilty plea. This move could lead to Dunn facing a longer prison sentence.
Jarett Dunn currently has two weeks to find representation for the hearing, where he will seek to change his request. If the request is accepted, the case will enter the trial phase, during which many witnesses (possibly including the founder of Pump.fun) will be summoned to testify. Nevertheless, the court may still reject Jarett Dunn's request.
Project Updates
Binance relaunches Binance Connect, integrating fiat and cryptocurrency for Web3
According to the official blog, Binance has announced the launch of the revamped Binance Connect, a fiat-to-cryptocurrency gateway service designed to support Web3 projects. It allows users to trade cryptocurrencies directly from their existing Binance accounts through DeFi wallets like Trust Wallet. Binance Connect supports over 100 fiat currencies, 300 cryptocurrencies, and 300 payment methods, providing flexible trading options and competitive pricing. Binance Connect simplifies the integration process for cryptocurrency businesses, requiring minimal technical resources while complying with regulatory requirements.
Previously, in August last year, Binance announced the closure of the cryptocurrency payment platform Binance Connect.
Tether CEO: There are currently no plans to list Tether
According to Fox Business reporter Eleanor Terrett, Tether CEO Paolo Ardoino stated that he currently has no plans to list Tether, as he believes it would undermine the company's ability to act quickly and "disrupt the status quo." He believes that a company should go public when it needs to raise capital and liquidity, while Tether has made $12 billion in profit over the past two years and does not face this issue.
Lido: The Community Staking Module (CSM) has been launched on the mainnet
According to The Block, liquid staking provider Lido Finance has launched the Community Staking Module (CSM) on the mainnet. The plan was approved by Lido DAO community members and aims to make Ethereum staking more inclusive, breaking down the high technical and financial barriers traditionally associated with solo staking.
Dmitriy Gusakov, LidoDAO's technical lead and community member, stated that CMS will ultimately become Lido's first permissionless staking module. At launch, the protocol will be limited to participants from the Lido "early adopter" phase that started in early October, including independent Ethereum and Gnosis stakers, Obol Techne certificate holders, and others.
Once the mainnet is launched, anyone with 1.5 ETH can become a node operator by binding tokens to earn validator rewards. At current prices, this is about $3,800, although the subsequent binding requirement for validators will be reduced to 1.3 ETH. Regardless, this is much lower than the 32 ETH (approximately $81,000) typically required to start an Ethereum node.
TON launches development collaboration platform Ton Talent
TON has announced the launch of the collaboration platform TON Talent, aimed at connecting builders within the TON ecosystem, including developers and founders. The initiative aims to accelerate project development and promote the growth of the TON ecosystem.
The Scroll ecosystem stablecoin project Essence Finance is suspected of a rug pull
The Scroll ecosystem stablecoin project Essence Finance is suspected of having executed a rug pull, with the stablecoin CHI dropping 93.94% to $0.06 in the past 6 hours, allegedly removing over $20 million in collateral. The last tweet from the official account was posted on September 11.
Coinbase will delist Decentralized Social (DESO)
Coinbase Assets stated on the X platform that Coinbase will suspend trading of Decentralized Social (DESO) around 2 PM ET on November 8. The team has switched the DESO order book to limit order mode. Following this news, Decentralized Social (DESO) has dropped 17.3% in the last 24 hours, currently priced at $4.93.
Coinbase Exchange will be temporarily offline for 2 hours due to a technical system upgrade
Coinbase Assets stated on the X platform that Coinbase Exchange will be temporarily offline for 2 hours starting at 9 AM PT on October 26 due to a planned technical system upgrade.
Vitalik posts about key goals for Ethereum's future development in the Purge phase
Ethereum co-founder Vitalik Buterin published a new article titled "The Future Development of the Ethereum Protocol (Part 5): The Purge," stating that one of the challenges facing Ethereum is that, by default, the expansion and complexity of any blockchain protocol tend to grow over time. This occurs in two areas: historical data and protocol features.
To ensure Ethereum can sustain itself in the long term, strong counter-pressure must be applied to both trends to reduce complexity and bloat over time. At the same time, one of the great features of blockchain—permanence—must be preserved. The key goal of The Purge is to reduce the storage requirements of clients by decreasing or eliminating the need for each node to permanently store all historical records, and possibly even declaring them obsolete; and to lower protocol complexity by eliminating unnecessary features.
Important Data
James Fickel loses approximately 22,500 ETH from long positions on ETH/BTC
According to Lookonchain monitoring, James Fickel lost approximately 22,500 ETH ($55 million) from long positions on the ETH/BTC trading pair. From January 10 to July 1, he borrowed 3,061 WBTC ($172 million) from Aave and exchanged it for 56,445 ETH at a rate of 0.05424. Since August 7, he has spent 12 million USDC to purchase 211 WBTC and exchanged 47,476 ETH for 1,888 WBTC ($113.5 million) at a price of $0.04 to repay his Aave debt. He currently has a debt of 980 WBTC ($132 million) on Aave, totaling a loss of approximately 22,500 ETH ($55 million).
Long position holder James Fickel transferred 20,000 ETH to Coinbase Prime 7 hours ago
According to on-chain analyst Yu Jin, the largest long position holder on the ETH/BTC exchange rate, James Fickel, transferred 20,000 ETH ($50.63 million) to Coinbase Prime 7 hours ago.
Today, in addition to continuing to sell 2,000 ETH for WBTC to reduce his position as he did in the previous two days, he also redeemed 26,624 ETH ($67.35 million) from Lido and transferred 20,000 ETH ($50.63 million) to Coinbase Prime.
Coinglass data shows that in the past 24 hours, the cryptocurrency market experienced $407 million in liquidations across the entire network, with $344 million in long liquidations and $62.977 million in short liquidations. The total liquidation amount for BTC was $66.7785 million, and for ETH, it was $66.4081 million.
Bitcoin spot ETF saw a net inflow of $402 million yesterday, with an ETF net asset ratio of 4.93%
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