Headlines
Grass's first round of airdrop will start at 21:30 on October 28
According to official news, the first round of Grass's airdrop will start at 21:30 Beijing time on October 28, 2024. The Grass Foundation stated that GRASS Airdrop One is one of the most widely distributed airdrops in history, representing a key step towards building the first user-owned internet map.
Vitalik: The Ethereum Foundation is considering granting support for its ETH staking strategy
In response to the question of "why the Ethereum Foundation does not stake its ETH holdings and only uses income to cover costs," Vitalik Buterin posted on X, stating: "One internal reason is that we do not want to be forced to make an 'official choice' in a controversial hard fork event.
An interesting idea being considered around this issue is to provide some grants in the form of 'you can stake our ETH, you can choose how to stake it, as long as it is ethical and maintains upward momentum.'
Another way to address this issue is to spread legitimacy and resources to more stakeholders, so that multiple organizations can credibly represent Ethereum in the eyes of the public. In this regard, we are in a much better position than we were two years ago."
Tether discloses it holds a total of $9.45 billion in BTC and gold
At the Plan ₿ forum held in Lugano, Switzerland, Tether disclosed that its reserves include $5.58 billion in BTC and $3.87 billion in gold (calculated at prices as of October 27), totaling $9.45 billion.
This seems to not fully match the market support for USDT, raising questions within the community. In response, Tether CEO Paolo Ardoino clarified that "Tether also holds about $100 billion in U.S. Treasury bonds." (Bitcoin.com)
Industry News
South Korea plans to strengthen regulation of cross-border cryptocurrency trading
According to South Korean media eadily, the South Korean Deputy Prime Minister announced at the G20 meeting in Washington, "We will advance pre-monitoring of virtual asset transactions abused in illegal activities such as cross-border tax evasion and currency exchange."
The Deputy Prime Minister pointed out that South Korea plans to amend the foreign exchange law in the first half of next year, mandating advance reporting of transaction purposes and details, with the goal of formal implementation in the second half of the year.
Netherlands' consultation on cryptocurrency tax reporting bill expected to end on November 21
The Netherlands has begun consultations on a cryptocurrency tax reporting bill, hoping to gather stakeholder opinions before submitting the bill to the House of Representatives in the first half of 2025. The purpose of the bill is to increase transparency and prevent tax avoidance and evasion. The consultation is expected to end on November 21. (Coindesk)
Ripple submits Form C, challenging SEC's definition of XRP as a security
Ripple Labs submitted Form C in its ongoing legal dispute with the U.S. SEC, which is a pre-trial statement for a civil appeal. Ripple requests the appellate court to review the legal applicability issues under the "de novo" standard, with the main appeal focus including the Southern District of New York court's ruling on Ripple's XRP transfer application and the SEC's unfair notice issue regarding Ripple's actions.
Ripple also seeks to reassess the "essential elements" of transactions classified as investment contracts and the scope of the SEC's injunction against Ripple.
Ripple's Chief Legal Officer stated that XRP has been clarified as a non-security, and the SEC has not challenged this. (The Block)
The U.S. and Nigeria have established a special task force (the Illegal Finance and Cryptocurrency Bilateral Contact Group) aimed at integrating resources and combating crypto-related crime.
Previously, it was reported that the Nigerian government had dropped all charges against Binance executive Tigran Gambaryan, who had been facing trial in local detention since April. A lawyer representing the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Abuja Federal High Court on Wednesday morning.
Some mainstream institutions in Japan have stated that discussions about allowing cryptocurrency exchange-traded funds should focus on major tokens like Bitcoin and Ethereum, as the country considers whether to follow overseas actions to allow these instruments.
The organizations include major trust banks such as Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges like bitFlyer, and brokerage firms like Nomura Securities and SBI Securities. In a set of proposals released on Friday, they stated that the significant market value and "stable performance record" of these cryptocurrencies make them suitable for investors to "accumulate assets in the medium to long term." They also called for a review of the tax system, including separate taxation on income.
An official from Japan's Financial Services Agency stated last month that the agency would review its approach to cryptocurrency regulation, which could pave the way for funding investment and reducing taxes. This official warned that the review has no conclusions and may take some time to complete. Japan currently imposes taxes of up to 55% on cryptocurrency gains. (Bloomberg)
Bank of England Governor: Will continue to provide cash, is establishing retail CBDC for innovation
As concerns grow that the Bank of England's digital currency (CBDC) Britcoin will replace cash, Bank of England (BOE) Governor Andrew Bailey stated, "Evidence shows that people do indeed want cash, so we will continue to provide it."
Bailey's remarks reaffirmed what senior Bank of England official Sarah Breeden said last year during a Treasury Committee inquiry. She stated:
"We will ensure that cash is available as long as there is demand. We will ensure that the cash infrastructure in the financial system exists as long as there is demand—both cash and digital currency are options."
Since the idea of CBDC was first proposed a few years ago, lawmakers and citizens have been divided over its pros and cons. Proponents of Britcoin argue that it has the potential to reduce costs and risks. However, opponents worry that it could empower the government to monitor people's spending and replace cash.
The Bank of England began designing a digital version of the pound in January this year. However, the Bank of England has yet to decide whether to actually launch it. Bailey stated that he supports the issuance of wholesale CBDC but is cautious about issuing retail CBDC.
He added that in terms of retail CBDC, "it is hard to see central bank money playing an anchoring role." However, wholesale CBDC can play a "special role" in "wholesale high-value payments and settlement of payment systems."
Bailey further stated that the Bank of England is establishing retail CBDC for innovation. He believes that CBDC innovation should be open to the private sector, which will ensure that commercial banks modernize digital payment systems.
He also pointed out that banks lack the motivation to improve efficiency in certain areas (such as cross-border payments), which "stifles innovation." Therefore, in the "cross-border payment area, modernization progress remains slow," Bailey stated, and better digital systems are needed, "there is no sufficient reason for arbitrary decision-making on this issue." (Bloomberg)
The Russian government released a document on Friday detailing a law signed by President Putin that expands the scope of digital currency regulation. This new law significantly broadens the government's oversight of cryptocurrency mining activities and related infrastructure nationwide.
The legislation will take effect on November 1 and includes several amendments aimed at strengthening oversight and imposing restrictions on crypto mining activities based on regional needs. The law enables the Russian government to implement mining restrictions based on location and defines specific procedures and circumstances for prohibiting mining operations. A notable provision in the law grants the government the power to block digital currency mining pools from operating in certain areas. Additionally, the government now has the authority to regulate infrastructure providers that support mining operations.
This legislation also authorizes multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), to access digital currency identification addresses. This expansion includes federal administrative agencies and law enforcement agencies, enhancing their ability to track transactions that may be related to money laundering or terrorist financing activities.
Furthermore, the amendments transfer the responsibility of the national mining registry from the Ministry of Digital Development to the Federal Tax Service, which will now oversee the registration of mining enterprises and remove companies that repeatedly violate regulations. While individual miners can continue to operate without registration if they comply with specific electricity consumption limits, companies and individual entrepreneurs must adhere to the new registration requirements. (Bitcoin.com)
Project News
According to official news, Tether recently stated that it is extremely irresponsible for The Wall Street Journal to write an article with reckless allegations so definitively without official confirmation of the related rumors or disclosing sources. Tether confirmed that it is unaware of any such investigations into the company, and these reports are entirely speculative.
The article also obscured the extensive documented transactions Tether has with law enforcement aimed at combating bad actors attempting to misuse Tether and other cryptocurrencies.
Yesterday, Tether CEO Paolo Ardoino responded on the X platform to the report by The Wall Street Journal that "the U.S. Treasury is considering sanctions against Tether," stating: "At Tether, we often deal directly with law enforcement officials to help prevent rogue states, terrorists, and criminals from misusing USDT. If we were being investigated as falsely claimed in the article, we would know. Based on this, we can confirm that the allegations in the article are absolutely false."
Magic Eden: TestME eligibility will be announced soon, running from October 29 to 31
Magic Eden announced on X: "TestME (ME test token) will run from October 29 to October 31. It has no monetary value, but it is a way for users to familiarize themselves with the token claiming process. By participating, users can also ensure their wallets are correctly linked and ready to accept the official ME token claim.
TestME is available for eligible wallets in all accepted regions, except in the U.S. and the U.K.
Applying for TestME allows users to:
- Ensure their wallets are correctly set up and connected to the official platform;
- Familiarize themselves with the token claiming process;
- Help the team identify and resolve any potential issues before the official ME token claim goes live.
Please make sure to use the official links shared on the Magic Eden Foundation's X page and be wary of scam links.
If users do not have the Magic Eden mobile wallet, they need to create one during the claiming process by downloading the mobile app from the app store; if they already have the Magic Eden mobile wallet, claiming will be done by scanning a built-in QR code linked to the user's Magic Eden mobile wallet.
Users will soon be able to check their eligibility on the official claiming website; TestME eligibility does not equate to ME eligibility. Users can visit the official claiming website to check their personal status. If eligible, they can follow the instructions on the page to claim.
After receiving TestME, users do not need to keep it, but they can retain it until the official ME is released to confirm their wallet setup is correct. Magic Eden strongly discourages users from trading TestME."
Previously, Magic Eden announced in its official Telegram community that it would conduct the ME test token (TestME) claim at the end of this month, followed by the announcement of the token economics and the official ME token claim.
Lido: Community Staking Module (CSM) has launched on the mainnet
Lido announced on X that the Community Staking Module (CSM) has launched on the mainnet.
Previously, Lido initiated on-chain voting for proposals related to the Community Staking Module, with the main phase ending at 00:00 on October 25. The proposal suggests launching the Community Staking Module (CSM) and upgrading the Staking Router to enhance compatibility with CSM and future modules.
TON to launch ecosystem developer collaboration platform TON Talent
According to TON Community, TON is about to launch TON Talent, a platform connecting developers and outsourcing teams within the TON ecosystem, serving as a hub for collaboration and project development.
For developers: Find job opportunities within the TON ecosystem and contribute to exciting projects;
For founders: Easily connect with skilled developers and agencies to meet your project needs;
For technical experts and institutions: Showcase services and expertise, and directly contact the TON team for collaboration opportunities.
Vitalik released a discussion on the future development of the Ethereum protocol (Part Five: The Purge), with key goals as follows:
Reduce client storage requirements by decreasing or eliminating the need for each node to permanently store all history or even state;
Reduce the complexity of the protocol by eliminating unnecessary features.
The article mentions that Ethereum has begun to move away from the model where all nodes permanently store all historical records. Consensus blocks (i.e., parts related to proof-of-stake consensus) only store about 6 months of data. Blobs are stored for about 18 days. EIP-4444 aims to introduce a one-year storage period for historical blocks and receipts. The long-term goal is to have a coordinated period (possibly around 18 days) during which each node is responsible for storing everything, after which a peer-to-peer network of Ethereum nodes will store old data in a distributed manner.
In addition to the need for clients to store historical records, client storage requirements will continue to grow by about 50 GB per year as the state (account balances, random numbers, contract code, and contract storage) continues to expand, placing a burden on current and future Ethereum clients.
To reduce protocol complexity, two things need to be done:
Stop making changes and stabilize the protocol;
Be able to actually remove features and reduce complexity.
Additionally, Vitalik mentioned that a more radical approach to reducing complexity is to keep the protocol as is but move most of its functionality from the protocol to contract code; a more moderate approach is to maintain the relationship between the beacon chain and the current Ethereum execution environment, allowing for the choice of RISC-V, Cairo, or other VMs as the new "official Ethereum VM," and then forcibly convert all EVM contracts into new VM code that interprets the original code logic (through compilation or interpretation). Theoretically, even the "target VM" could be completed as an EOF version.
Curve Finance: There is currently no official app on the App Store
Curve Finance announced on X that counterfeit Curve Finance applications are still running, and Apple has yet to remove these counterfeit apps. Currently, there is no official app for Curve Finance on the App Store.
Sophgo, an AI company associated with Bitmain, stated in a written statement that it has never had any direct or indirect business relationship with Huawei, but it did not deny reports of being cut off from chip supply by TSMC.
Additionally, the company stated, "We have provided TSMC with a detailed investigation report to prove that the company's investigation is unrelated to Huawei."
Yesterday, it was reported that the U.S. Department of Commerce initiated an investigation into TSMC earlier this month to confirm whether it provided chips to Huawei, after which TSMC stopped supplying chips to the AI company Sophgo associated with Bitmain.
Two insiders stated that TSMC has cut off chip supplies to the related companies. Since 2020, Huawei has been banned from purchasing chips manufactured using U.S. technology, including those produced by TSMC. TSMC stated that it uses U.S. technology in its chip manufacturing process and will comply with U.S. laws. Previously, it was reported that semiconductor research firm TechInsights claimed that after disassembling Huawei's current high-end AI accelerator chip Ascend 910B, it found that this chip might have been manufactured by TSMC, which also implies that TSMC may have violated U.S. export controls.
Polymarket bets on the U.S. presidential election exceed $2.5 billion
Prediction market Polymarket data shows that the current probability of Trump winning the U.S. presidential election is 64.5%, while Harris's probability is 35.3%, with the gap widening again to 29.2 percentage points.
Additionally, the amount bet on the U.S. election on the platform has exceeded $2.5 billion.
Coinbase announced the launch of a new fully on-chain AI agent called "Based Agent," which allows users to create these agents on the Base chain within three minutes. These agents are built using tools from Coinbase, OpenAI, and Replit, and can manage crypto wallets, connect to X, and perform other tasks.
Recently, Coinbase and its CEO Brian Armstrong showcased a profound vision for the new era of AI and blockchain integration. In this world, AI agents have financial independence and can consume and trade through cryptocurrency wallets. Armstrong stated that this will be where DeFi changes the game, as the digital economy is autonomously reshaped by AI-driven systems without human intervention. (CoinGape)
UniSat: LP rewards on PizzaSwap will launch on November 6
UniSat announced on X that it will launch the first milestone of PizzaSwap—LPfest—on November 6, 2024, bringing rewards to liquidity providers. In this update, PizzaSwap will also open all brc-20 tickers on Fractal and allow users to create any trading pair.
At the same time, PizzaSwap's mid-term goal is to eliminate deposit/withdrawal operations, while the long-term goal is to bridge to more blockchains.
FTX and Bybit reach $228 million settlement, accelerating the process of returning customer funds
FTX announced a settlement agreement with the cryptocurrency trading platform Bybit, which will pay $228 million in settlement fees, while FTX will withdraw the related lawsuit.
According to a recently released settlement agreement by the court, FTX will recover digital assets worth $175 million from the Bybit platform, while Bybit's investment division, Mirana Corp., will acquire additional assets, including BIT tokens, for $53 million.
Previously, FTX accused Bybit of transferring $327 million in assets from associated accounts on the eve of its collapse, preventing other users from withdrawing funds. Earlier this month, FTX's approved compensation plan is expected to allocate at least $12.6 billion to affected users. The compensation plan will commence within 60 days after the effective date, with the specific date yet to be determined. (BeInCrypto)
People * Voices
Base protocol head responds to meme community: No pets, all previous ones have died
Jesse Pollak, head of the Base protocol, responded on the X platform to frequent inquiries from the meme community about whether he has any pets.
Jesse stated: "By the way, I have no pets. The cats I had as a child have all died, and the only cat I had as an adult (originally a stray I adopted) got along well with its new owner, who later took it from the Bay Area to Korea. Sorry, I love you all."
In response, community users continued to ask, "Would you get a pet for a meme token?" Jesse replied, "Anything is possible."
Ink founder: Ink currently has no plans to issue any tokens
The founder of Ink made a disclaimer on a Bankless podcast, stating that Ink has no plans to issue any tokens.
Previously, it was reported that the cryptocurrency exchange Kraken launched the Ink blockchain based on OP Stack, with the testnet set to launch in two weeks.
Fox reporter: Tether CEO says there are currently no plans for an IPO
According to Fox Business reporter Eleanor Terrett's post on the X platform, Tether CEO Paolo Ardoino stated that he currently has no plans to take Tether public, as he believes it would undermine the company's ability to act quickly and "disrupt the status quo." Paolo Ardoino believes 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.
Deribit CEO: The number of Bitcoin call options expiring on November 8 is twice that of put options
Deribit CEO Luuk Strijers stated that derivatives traders are preparing for a bullish trend in Bitcoin a few days after the U.S. election on November 5. Data shows that the number of Bitcoin call options expiring on November 8 is twice that of put options, marking the first options expiration after the U.S. presidential election.
Strijers also mentioned that for the options expiring on November 8, the open interest is valued at over $2 billion, with the main strike prices being $70,000, $75,000, and $80,000, and a put/call ratio of 0.55, indicating that the number of open call options is twice that of put options.
Strijers added that the forward implied volatility is 72.29%, suggesting that prices may fluctuate by about 3.78% in the days following the presidential election. (THE BLOCK)
Polymarket CEO: The platform has no partisan stance
Shayne Coplan, CEO of the decentralized prediction platform Polymarket, refuted a recent article published by The New York Times, which claimed that Polymarket has a political stance, showing a 64% chance of Donald Trump winning the 2024 presidential election.
Coplan pointed out that Polymarket is "strictly nonpartisan" and has never envisioned itself as a political platform. Instead, political betting may drive Polymarket to focus on market-based predictions. (THE BLOCK)
Vitalik: No ETH sold in the past month, holdings have actually increased
Ethereum founder Vitalik responded on the X platform to community members suggesting he stop selling ETH, stating that he has not sold a single ETH in the past month and that his holdings have actually increased.
Ordinals founder Casey posted on X that if users are sending runes using ord, they should upgrade to version ord 0.21.2. This version fixes a serious bug where "ord wallet send" would not create change outputs in certain cases, potentially leading to rune loss.
This bug has been fixed in this release. When using "ord wallet send," the wallet must select an input UTXO containing enough runes to cover the amount being sent. The bug was that if multiple runes were selected as inputs, rune A and rune B, and the user was sending rune A, the wallet would not create a change output to receive rune B, which was in the input but not sent.
This release also introduces other updates, such as: ord wallet sign can be used to sign messages through a specific address of the wallet; if minting is currently open, its progress will only be displayed on /rune; the issue of incorrect minting progress display has now been fixed.
Willy Woo: Altcoins are a game for insiders, the current cycle is dominated by meme coins
Cryptocurrency analyst Willy Woo posted on X yesterday: "I haven't talked about altcoins for years. After the 'shit rolls downhill chart' depicted the performance of 10,000 altcoins, I lost interest in them. But someone specifically asked me, and here is my view on the market cap of altcoins:
This cycle is distinctly different from other cycles. This is the third cycle since altcoins entered the mainstream in 2017, where retail investors began to incur massive losses.
2020-21 was the 'innovation' of DeFi and NFTs, where retail investors lost again in large numbers.
The third altcoin cycle is about meme coins, which is a satire of the cryptocurrency space. It doesn't pretend to be a technology that will disrupt the world; it's just an honest bubble casino. So I think retail investors might have figured it out. It usually takes three tries to learn something.
Its dominance has not fully returned to long-term equilibrium, but no one knows what that long-term equilibrium will be.
I'm not saying there won't be an altcoin season. Of course, as investors chase higher returns on the risk curve, small and mid-cap altcoins will see a rise after BTC surges. This is a normal part of the market, and we've seen this in stocks. However, since the altcoin bubble began in 2017, each cycle's altcoin season has become weaker.
Also remember that the market cap of altcoins is the sum of all new winners… losers are not counted in the market cap.
Of course, you can trade if you want to participate… but never hold them unless you understand the insider situation well enough, because altcoins are a game for insiders, just like a casino, where the house always wins. But you already know that."
Jeremy Allaire, CEO of Circle Internet Financial Ltd., recently stated in an interview that the company has long desired to go public, and this vision has not changed. The company does not need to raise funds from private markets but continues to seek an IPO.
Allaire said, "We are very committed to the path to going public, and we can become a truly interesting company in the public market."
After the failed attempt to merge with the blank check company Concord Acquisition Corp. in 2022, Circle's path to going public has been rocky. Earlier this year, Circle chose a more traditional route and secretly submitted an IPO registration draft to the U.S. SEC in January.
In the nine and a half months since submitting the IPO registration draft, Allaire has declined to comment on any interactions the company has had with the SEC or other regulatory bodies during a period when the U.S. government has conducted a massive crackdown on companies in the cryptocurrency industry. Although the process of waiting for IPO approval has been prolonged, Allaire stated that the company does not need to raise more funds.
"Our financial condition is good, and we are able to build a very solid business; we are not currently seeking any funding," Allaire said.
According to reports in June, the company has been strengthening its staffing in anticipation of going public. The hiring spree has also been driven by regulatory optimism that Washington lawmakers may eventually provide some regulatory framework for the industry in the form of a stablecoin bill.
Capitol Hill is reviewing several drafts of cryptocurrency-related bills, and Allaire expressed strong optimism that stablecoin legislation could even be passed during the lame-duck session after the November elections.
He added that new regulatory measures would reassure more traditional financial participants (including banks, asset management companies, and payment companies) to enter the digital asset ecosystem, "They will only work with regulated infrastructure, and we are ready for that." (Bloomberg)
The co-founder of the crypto fund NDV and NFT whale Christian posted on social media that he will participate in Sotheby's Cattelan banana auction. If successful, he will represent the Cheems community by "feeding this masterpiece to my lovely Shiba Inu Cheems." Christian stated that spreading memecoin transformation will be very interesting in this cycle.
Previously, the meme coin BAN, themed around the Cattelan banana, gained market hype, with a market cap exceeding $50 million just one day after its launch.
Crypto artist Beeple: NFT speculators have left, leaving only core enthusiasts
Crypto artist Mike "Beeple" Winkelmann sold the NFT artwork "Everydays: The First 5,000 Days" for $69.3 million in 2021, setting a historical record. Since then, enthusiasm around NFTs has significantly cooled, with trading volume plummeting over 90%.
Recently, Beeple recalled in an interview: "Looking back at those days, I thought it was crazy because NFTs were hated for much longer than they were loved. There was a brief moment when people would say, 'Yes, this is the future,' and then they would say, 'Oh, you jerk, don't come at me with that.'"
"We lost a lot of people," Beeple added, "but those people were never here for the art; I could see that right away." He pointed out that at the "Everydays" auction, the market was "100% a bubble."
Beeple said, "Before that, I had been creating digital art for 20 years, and I saw people buying garbage, feeling like, 'This can't hold value; that's garbage.' It won't last; you'll realize that's true."
Although Beeple acknowledged that the NFT market "will return to reality" and speculators have "turned away," he noted that "people are still very enthusiastic about these products," leaving a group of "core enthusiasts who understand the technology."
He pointed out that earlier this year, sales of CryptoPunks reached millions of dollars, saying, "That's crazy to me; it's become so normalized."
Beeple also discussed the "segmentation" of the NFT market, where some projects have overlooked the true vision of the technology. He pointed to the BAYC series, stating, "This technology, its use, and the people associated with it are not like art; they even say it's collectibles. They are trying to build a social club, and so on," and he believes that the different use cases of NFTs have become "mixed up." (Decrypt)
Investment and Financing
SevenX Ventures announces investment in the next-generation social platform Bluesky
According to an official announcement, SevenX Ventures has announced an investment in the next-generation social platform Bluesky, which aims to build a social media platform that is not controlled by a single company, protects free speech, resists regulation and censorship, and is open and ecological. Currently, Bluesky has surpassed 13 million users.
SevenX sees potential in Bluesky as a protocol-based social media platform, expanding developers in the most efficient way and allowing them to compete widely, thus fostering a large number of high-quality innovative projects and bringing about truly open and high-quality ecological development. As an investor, SevenX will also continuously empower Bluesky in ecological construction, economic models, and more.
KaJ Labs commits to invest $75 million in developing the on-chain enterprise platform Atua AI
KaJ Labs, a decentralized research institution focused on advancing artificial intelligence and blockchain technology, has committed to investing $75 million in the development of the on-chain enterprise platform Atua AI. This investment will accelerate the growth and expansion of Atua AI, enabling the platform to provide advanced AI-driven solutions for businesses in the Web3 ecosystem. (MENAFN)
Security Incidents
According to CertiK Alert monitoring, a price manipulation attack on the Base chain affected an unverified lending contract starting with 0x5c52, where the attacker manipulated the prices of WETH and SUI and obtained approximately $1 million in tokens through excessive borrowing.
CertiK: October private key leak leads to a total loss of $60 million
According to CertiK monitoring, the largest hacker loss in October so far comes from private key leaks. Since the third quarter, most losses have been caused by PKC and phishing. Since the beginning of this month, CertiK has recorded three major PKC incidents, with a total loss of about $60 million, including approximately $55 million from Radiant Capital, about $4.5 million from Tapioca DAO, and about $500,000 from Burve Protocol.
Scroll ecosystem stablecoin project Essence Finance suspected of rug pull
The Scroll ecosystem stablecoin project Essence Finance is suspected of a rug pull, with its stablecoin CHI dropping over 92% to $0.077 in the past 24 hours, and over $20 million in collateral is suspected to have been removed. The last tweet was posted on September 11. The project's audit report comes from FEI Protocol V2. (Wu Says)
On October 25, the Ministry of Public Security held a special press conference in Beijing to report on the effectiveness of the nationwide police action against ethnic asset unfreezing fraud crimes.
Zhou Qiancheng, head of the Criminal Investigation Team of the Ningbo Public Security Bureau in Zhejiang Province, introduced that local police discovered earlier this year that residents were participating in the "China International Plum Blossom Association" ethnic asset unfreezing fraud project. After investigation, the suspects established an illegal organization called "China International Plum Blossom Association," luring participants nationwide with high pension returns and charging fees under the names of "membership fees," "venue fees," "document fees," and "personal income tax," using virtual currency to launder money and illegally profit, with confirmed funds involved exceeding 58 million yuan.
The case is still under further investigation. (Ministry of Public Security Criminal Investigation Bureau)
A certain address on the Tron chain containing over 16.15 million USDT was frozen this morning
According to Whale Alert monitoring, around 6:01 AM Beijing time, an address on the Tron chain containing 16,152,303 USDT was frozen.
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