Organized by: Fairy, ChainCatcher
Important News:
- Canary Capital submits spot SOL ETF application to the US SEC
- Zhejiang Jingde Court rules virtual currency mining machine sales contract invalid, orders defendant to return payment
- Meta's metaverse division reports a $4.4 billion loss in Q3, total losses exceed $58 billion
- Blueport Interactive founder Wang Feng: proposed company invest in Bitcoin in 2019 but faced threats of lawsuits from shareholders
- OpenEden has fired a team member accused of attempted drugging
- Data: 95% of popular tokens from 2017 have now faded from the market
- MicroStrategy financial report: plans to raise $42 billion over the next 3 years to buy more Bitcoin
"What important events have occurred in the past 24 hours?"
Zhejiang Jingde Court rules virtual currency mining machine sales contract invalid, orders defendant to return payment
According to The Paper, the Zhejiang Jingde Court recently concluded a dispute case regarding a virtual currency mining machine sales contract. In April 2021, the plaintiff, Hang, purchased a "mining machine" platform and 64 hard drives from the defendant, Chen, for a total value of 429,000 yuan. After paying the full amount, Chen failed to deliver the equipment as agreed and only refunded 180,000 yuan.
The court cited the National Development and Reform Commission's notice on rectifying virtual currency "mining" activities from September 2021 and the central bank's notice on further preventing and handling risks of virtual currency trading speculation, determining that activities related to virtual currencies are illegal financial activities. The court ruled that the mining machine sales contract was invalid due to violation of public order and good customs, ordering the defendant to return the remaining 249,000 yuan.
The appellate court upheld the original ruling, stating that the relevant contract not only violated public order and good customs but also did not conform to the basic principles of resource conservation and environmental protection.
Russia to lift Bitcoin mining ban tomorrow and plans to build mining and AI facilities
Nico Smid, founder of Digital Mining Solutions, stated that Russia plans to build Bitcoin mining and artificial intelligence computing facilities in BRICS countries, with other countries potentially following suit by utilizing underutilized energy to mine Bitcoin.
The Russian sovereign wealth fund is collaborating with Russian data center operator BitRiver to construct Bitcoin mining and AI computing facilities for BRICS countries. This project could facilitate BRICS countries settling global trade in Bitcoin—an alternative to a basket of local currencies and gold as monetary support.
Russia will lift the Bitcoin mining ban on November 1, but not without restrictions. It requires all Bitcoin miners to register with the Federal Tax Service of Russia and submit a list of machine models and wallet addresses.
US SEC has received application to convert Grayscale Digital Large Cap Fund (GDLC) to ETF
Nate Geraci, president of The ETF Store, tweeted that the US Securities and Exchange Commission (SEC) has received an application to convert the Grayscale Digital Large Cap Fund (GDLC) into an ETF. Currently, GDLC holds approximately 77% BTC and 17% ETH, with the remainder in SOL, XRP, and AVAX. The SEC is now seeking public comments on this.
Meta's metaverse division reports a $4.4 billion loss in Q3, total losses exceed $58 billion
US tech giant Meta's latest financial report shows that its metaverse business continues to lose billions of dollars each quarter. Meta announced its Q3 financial results on Wednesday, stating that its Reality Labs division, which develops augmented reality and virtual reality technologies, incurred an operating loss of $4.43 billion. The loss was slightly less than the $4.68 billion expected by analysts surveyed by StreetAccount.
Reality Labs' Q3 revenue grew 29% year-on-year to $270 million, primarily earning through sales of Meta's Quest VR headsets and Ray-Ban Meta smart glasses. Since 2020, Reality Labs has accumulated over $58 billion in operating losses.
Blueport Interactive founder Wang Feng: proposed company invest in Bitcoin in 2019 but faced threats of lawsuits from shareholders
Wang Feng, founder of Blueport Interactive, recalled on social media today that in 2019 he proposed the company invest $20 million in Bitcoin (then priced at less than $6,000 each), but faced strong opposition and threats of lawsuits from board members and a major shareholder representative. It wasn't until early 2023, when Wang Feng resumed the role of CEO, that the company began to implement its Bitcoin investment plan, but by then the price of Bitcoin had risen to $26,000 each.
This statement stemmed from Wang Feng's comments on MicroStrategy's recent plan to raise $42 billion in funding over the next three years. Notably, MicroStrategy only began large-scale Bitcoin purchases in 2020, and if Blueport Interactive had executed its investment plan in 2019, it could have achieved substantial returns.
Wang Feng revealed that when he founded Mars Finance in 2018, the platform secured nearly $10 million in funding within a year, with monthly advertising revenue reaching up to 120 Bitcoins, and a single conference in the summer of 2020 could garner about 10 million yuan in sponsorship.
Vitalik praises Polygon's ZK contributions, Polygon co-founder expresses gratitude
Daniel Lubarov, a member of the Polygon Zero team, posted on X: "Plonky3 can now process over 2 million Poseidon2 hashes per second. The recent acceleration is mainly related to memory: avoiding copies, skipping zeroing, merging some FFT steps to keep content in cache, etc."
In response, Vitalik Buterin stated: "2 million hash/s = 62 MB/s of Merkling is enough to completely re-hash the theoretically maximum size of Ethereum's consensus state within a single slot, now please execute blake3 or sha256."
Polygon co-founder Sandeep expressed gratitude for Vitalik's praise of Polygon's ZK contributions, stating they will continue to work hard.
Bitcoin white paper marks its 16th anniversary
The Bitcoin white paper celebrates its 16th anniversary. Sixteen years ago today (October 31), Bitcoin's anonymous founder Satoshi Nakamoto published the white paper "Bitcoin: A Peer-to-Peer Electronic Cash System" on the cypherpunk mailing list.
Bitcoin mining company Riot Platforms reports a net loss of $154.4 million in Q3
Bitcoin mining company Riot Platforms released its Q3 2024 financial report. The report shows that the company's total revenue for Q3 was $84.8 million, with Bitcoin mining revenue accounting for $67.5 million, resulting in a net loss of $154.4 million, or $0.54 per share, significantly exceeding the market expectation of a loss of $0.18 per share.
In Q3, the company produced 1,104 Bitcoins, nearly unchanged from 1,106 Bitcoins in the same period last year. As of the end of the quarter, the company held approximately $1.3 billion in cash, restricted cash, and securities, as well as 10,427 Bitcoins.
OpenEden has fired a team member accused of attempted drugging
OpenEden stated in a Thursday announcement, without disclosing the individual's name (referring to Eugene Ng), "Based on yesterday's statement, we have officially terminated the employment relationship of a certain individual related to OpenEden. We reiterate that this individual no longer represents OpenEden. OpenEden takes these allegations seriously and will not condone this person's personal behavior." Eugene Ng is a founding partner of DWF and co-founded OpenEden with Jeremy Ng, who remains the CEO.
Previously reported, X user @hananotsorry posted on social media that they encountered danger while interacting with a DWF Labs partner, accusing the partner of drugging and attempting to rape them, and was subsequently rescued after being informed by relevant restaurant staff.
On October 30, DWF Labs announced on social media that one of its partners was accused of inappropriate and unacceptable behavior. During the investigation of this matter, DWF Labs decided to immediately terminate the management and operational duties of the aforementioned partner.
Data: 95% of popular tokens from 2017 have now faded from the market
Cryptocurrency analyst Miles Deutscher revealed on social media platform X that data shows that the vast majority of cryptocurrency projects that ranked in the top ten by market capitalization have faded from the mainstream market since 2017. The data indicates that, aside from Bitcoin, Ethereum, and XRP, most of the popular tokens from 2017, such as Litecoin (LTC), Monero (XMR), and Ethereum Classic (ETC), have exited the top ten by market capitalization. Notably, the USDT stablecoin, which rose to prominence in late 2018, has maintained its market capitalization position.
Deutscher pointed out that the cryptocurrency market changes rapidly, and investors need to maintain flexible investment strategies. He suggested, "Do not become overly attached to a particular investment target; instead, prioritize emerging trends, as these new projects often yield better returns."
US government sells $974,000 ANT seized from Alameda before ANT destruction
According to Arkham data, the US government has sold ANT tokens seized from Alameda Research, marking the first fund transfer from this wallet in nearly two years, which contains approximately $974,000 worth of cryptocurrency. In November 2023, Aragon (token ANT) voted to dissolve and redeem ANT tokens with 86,343 ETH (valued at $155 million at the time), requiring users to exchange their ANT tokens by November 2, 2024. After redemption, all ANT tokens will be destroyed, meaning "from now on, holding ANT is meaningless."
Coinbase Q3 earnings and revenue fall short of expectations, stock price plummets in after-hours trading
According to CoinDesk, Coinbase reported total revenue of $1.2 billion for Q3, below the market expectation of $1.26 billion. Earnings per share were $0.28, while analysts had expected $0.45; Coinbase's adjusted EBITDA for Q3 was $449 million, also below the expected $469.2 million.
Coinbase announced a stock buyback authorization of up to $1 billion in October. This buyback has no expiration date, and the company will purchase shares based on market conditions. Within minutes of the report's release, the trading platform's stock price fell nearly 7%.
MicroStrategy financial report: plans to raise $42 billion over the next 3 years to buy more Bitcoin
MicroStrategy released its financial report and announced the "21/21 plan," intending to raise $21 billion each through equity and debt over the next three years, totaling $42 billion for purchasing Bitcoin. Company President and CEO Phong Le stated that as a Bitcoin reserve company, they will use the new funds to buy more Bitcoin to achieve a higher "BTC yield."
It is reported that MicroStrategy's last purchase occurred in mid-September 2024, when it acquired 7,420 Bitcoins for $458.2 million. The company currently holds 252,220 Bitcoins, with a total investment of $9.9 billion and an average purchase price of $39,266. At the current price of approximately $72,000, the market value of the holdings exceeds $18 billion.
Additionally, the company has raised its "BTC yield" target range from the previous 4%-8% to 6%-10%, with the actual yield for Q3 reaching 17.8%.
Canary Capital submits spot SOL ETF application to the US SEC
Fox Business reporter Eleanor Terrett posted on social media that cryptocurrency investment firm Canary Capital has submitted a SOL ETF application to the US SEC.
This is the third cryptocurrency ETF application submitted by the company this month, following applications for LTC ETF and XRP ETF.
"What are some interesting articles worth reading in the past 24 hours?"
2024 Asia-Pacific Web3 Early Investor Research Report: RootData is the preferred data platform for early investors, DeFi is the most undervalued track currently
As the Web3 industry enters a new development cycle, the Asia-Pacific market, with its rich resources of developers and investors, is rapidly becoming an important part of the global Web3 ecosystem. To gain deeper insights into the dynamics of this key market, ChainCatcher collaborated with Taiwan's leading crypto media platform Blocktempo to conduct a comprehensive survey on the research methods of early Web3 investors in the Asia-Pacific region. Ultimately, 1,084 questionnaires were collected, providing valuable firsthand data for the industry to understand the early investor community in Web3.
Ordinals protocol founder releases new rune, is it as expected?
If you are familiar with the Runes protocol, you should know that the 0th rune "UNCOMMON•GOODS," which was the first rune to be etched (deployed) after the Runes protocol went live, came from Casey. However, this rune is "limited time and unlimited quantity," and the minting period lasts a full four years, making it difficult to form short-term speculative space.
However, last week, Casey made another move. This time, he etched a new rune named "MEMENTO•MORI" on the 0th inscription, with a total of 100 million (100,000 pieces). Half of this total, or 50 million (50,000 pieces), has already been airdropped at Bitcoin block height 868113, targeting users who subscribed to the Bitcoin podcast "Hell Money" and submitted their airdrop addresses. This podcast is co-hosted by Casey and Erin Redwing.
According to Casey and Erin in the Hell Money podcast, "MEMENTO•MORI" was not a random idea. First, before the rune protocol went live, Casey proposed a hard-coded idea for the first ten runes (essentially deploying the first ten runes directly), although this idea was ultimately not implemented, "MEMENTO•MORI" was one of the considerations for those ten runes at the time.
"MEMENTO•MORI" is a Latin phrase meaning "remember that you will die," reminding people to reflect on the brevity of life and the inevitability of death, encouraging them to confront the limitations of life in their daily lives, cherish the present, and live a meaningful life rather than being solely obsessed with material wealth or fame. The rune was ultimately etched on the "skull" image of the 0th inscription, corresponding to this theme and the spooky atmosphere of Halloween.
Polymarket's trading volume suspected to be inconsistent with on-chain data, how serious is the "wash trading"?
The prediction market Polymarket became popular during the 2024 US presidential election, reporting that the betting amount on whether Trump or Harris would win the presidency in early November has reached $2.7 billion.
Although Polymarket's odds have been widely circulated on social media and mainstream media, analysts from two cryptocurrency research firms have found rampant wash trading on Polymarket. Notably, Polymarket currently shows that Trump's chances of winning are 67%.
In independent investigations conducted by blockchain companies Chaos Labs and Inca Digital, analysts found signs of wash trading on the Polymarket platform. Wash trading is a form of market manipulation where stocks are repeatedly bought and sold simultaneously to create a false appearance of trading volume and activity. Chaos Labs reported that wash trading accounts for about one-third of the trading volume in Polymarket's presidential election market, while Inca Digital found that "a large portion of the trading volume" in the market may be attributed to potential wash trading.
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