Today's News Highlights:
Immutable Discloses Receipt of Wells Notice from SEC, Accusing It of "Overreach" in Enforcement
Trump Family Crypto Project WLFI Cuts Fundraising Target by 90% to $30 Million
Florida CFO Claims State Holds $800 Million in Crypto Investments
Tether Reports $2.5 Billion Net Profit in Q3, Total Net Profit Reaches $7.7 Billion Year-to-Date
Paxos Partners with DBS Bank to Launch USD-backed Stablecoin USDG
ZetaChain Mainnet Resumes Block Production After Over 6 Hours of Suspension
bitSmiley Announces Token Economics: Total Supply of SMILE Tokens is 210 Million
Mt. Gox Address Transfers 500 BTC After 2 Months, Worth Approximately $35.04 Million
Regulation and Policy
Immutable Discloses Receipt of Wells Notice from SEC, Accusing It of "Overreach" in Enforcement
According to Decrypt, a spokesperson for Ethereum gaming company Immutable revealed on Thursday that the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Immutable last month, warning that the company may soon face enforcement action.
Immutable stated in a release that the regulator also sent a letter to the company's CEO James Ferguson and the Digital Worlds Foundation, which helped issue the IMX token, detailing the alleged violations of securities laws. Although the company claims that the SEC did not fully explain the alleged misconduct, Immutable believes these accusations stem from the 2021 IMX sale. At that time, Immutable stated on Twitter that after the IMX token was listed on the CoinList platform, the company quickly raised at least $12.5 million. Additionally, the SEC accused Immutable of making false statements to the public regarding its token support, including "pre-listing investments" in IMX.
An Immutable spokesperson stated: "While the SEC indiscriminately claims that tokens across the industry are securities, we are confident that the IMX token is not. The notice only cites statutory provisions and contains limited meaningful details. With the latest actions against Immutable, the SEC's overreach has extended into the gaming sector."
U.S. Poll: Harris Leads Trump by a Slim 1% Margin
According to a report by CCTV News citing Forbes, a recent poll shows that U.S. Vice President and Democratic presidential candidate Harris leads former President Trump, the Republican presidential candidate, by a slim 1% margin, but 10% of voters may change their minds before the election. The poll indicates that Harris currently leads Trump with 49% to 48% support, but there is still room for change in the support rates as about 10% of potential voters and 16% of registered voters stated they are still weighing their options. Furthermore, in seven key swing states that could determine the final election winner, Harris leads Trump with 49% to 48%, a shift from a week ago when Trump led Harris with 50% to 46%. The poll was conducted from October 27 to 29, with 4,523 registered voters and 3,718 potential voters participating.
Trump Celebrates 16th Anniversary of Bitcoin White Paper with a Post to Rally Votes
Trump posted on X platform celebrating the 16th anniversary of the Bitcoin white paper, stating: "We will end Harris's war on cryptocurrency, Bitcoin will be made in America, hope to vote for Trump."
Project Updates
Trump Family Crypto Project WLFI Cuts Fundraising Target by 90% to $30 Million
According to Coindesk, a regulatory filing shows that the Trump family crypto project World Liberty Financial (WLFI) has significantly reduced its fundraising target after its WLFI token sales fell far short of the initial goal. The company now plans to raise up to $30 million from investors, a 90% reduction from the $300 million originally sought by World Liberty Financial.
Florida CFO Claims State Holds $800 Million in Crypto Investments
According to The Block, Florida's Chief Financial Officer Jimmy Patronis stated in a CNBC interview on Thursday that the state's portfolio holds approximately $800 million in "crypto-related" investments. He would not be surprised if this figure grows if former President Trump is re-elected next month. Earlier news on October 30 reported that Florida's CFO proposed using Bitcoin to diversify the state's pension fund.
Time.fun Announces Migration from Base to Solana, Claims Ethereum Ecosystem is Exhausting
The time tokenization platform Time.fun, originally based on Base, announced its migration to Solana. Co-founder 0xKawz stated: "Over the past year, Solana has dominated in most aspects. Meanwhile, the Ethereum ecosystem feels exhausting. In most cases, they only care about technology and are self-righteous. Ethereum feels like a group of philosophers looking down on ordinary people. If Ethereum cannot solve its cultural issues, Solana will dominate as more builders like Time.fun choose to migrate." Previously, Time.fun completed a $3 million seed round financing in August this year, with participation from Coinbase Ventures and others.
Tether Reports $2.5 Billion Net Profit in Q3, Total Net Profit Reaches $7.7 Billion Year-to-Date
According to The Block, stablecoin issuer Tether announced on Thursday that, according to its latest audit report, the company achieved a profit of $2.5 billion in the third quarter, bringing its total profit for the nine months to $7.7 billion, up from $5.2 billion in the first half of 2024. The company stated in a release: "A highlight of this quarter is that Tether's stablecoin issuance reached a new high of nearly $120 billion USDT in circulation, representing a 30% increase in USDT tokens issued year-to-date, equivalent to $27.8 billion, almost matching the entire market cap of its closest competitor." In its quarterly audit report, Tether stated that its reserves consist of over $105 billion in cash and cash equivalents, with direct and indirect holdings of U.S. Treasury bonds amounting to $102.5 billion. CEO Paolo Ardoino stated: "By increasing our reserve buffer to over $6 billion and continuing to focus on strategic investments, Tether has once again set the standard for stability in the financial sector."
Later news revealed that Tether's Q3 financial report disclosed it holds 75,353.56 BTC, having reduced its holdings by 187.71 BTC.
Digital Asset Exchange Archax Acquires Spanish Brokerage KSCM
According to CoinDesk, UK crypto exchange and custody platform Archax announced the acquisition of Spanish brokerage King & Shaxson Capital Markets (KSCM) to expand its business footprint in the EU. The acquisition is still subject to approval by Spanish regulators. KSCM, established in 2019, primarily serves pan-European institutional clients, and after the acquisition, it will become a wholly-owned subsidiary of Archax, enabling it to expand brokerage, trading, and custody services in the EU and increase its crypto derivatives business.
Kraken Launches Desktop Trading Application Kraken Desktop
According to The Block, cryptocurrency exchange Kraken has launched Kraken Desktop, a fully customizable desktop trading application designed for active traders. Inspired by the popular Cryptowatch tool, which was discontinued last year, Kraken Desktop aims to provide a more efficient trading experience through proprietary charts and technical analysis tools. Kraken stated that Kraken Desktop officially launched after successful private testing, offering complete access to all spot and futures markets, along with various new tools to enhance trading functionality and performance. The application is developed using the Rust technology stack, supports low-latency trading, and offers advanced features such as tiered trading and automated orders. Additionally, Kraken recently launched kBTC (its wrapped Bitcoin on Ethereum and OP Mainnet) and plans to introduce an OP Stack-based Ethereum Layer 2 solution called Ink in early 2025.
Asset Management Giant Franklin Templeton Expands On-chain Money Market Fund to Base Chain
According to CoinDesk, asset management giant Franklin Templeton has expanded its on-chain U.S. Treasury money market fund (FOBXX) to Coinbase's Layer 2 blockchain Base, becoming the first asset management company to establish business on the platform. The fund has a market value of $410 million and is now tradable on five blockchains, including Stellar, Aptos, Avalanche, Arbitrum, and Polygon, with Stellar being the primary network. Since its launch in 2022, Base has rapidly developed, currently boasting a total value locked (TVL) of over $8 billion, second only to Arbitrum. FOBXX was launched in 2021 as the first money market fund to record transactions and ownership on a public chain and is currently the second-largest tokenized fund by market value.
Coinbase Derivatives to Launch Silver (SLR) and Stellar (XLM) Futures Contracts on November 11
According to a Coinbase announcement, Coinbase Derivatives will launch retail-scale futures contracts for Silver (SLR) and Stellar (XLM) on November 11, further expanding its derivatives product lineup regulated by the Commodity Futures Trading Commission (CFTC), which already includes contracts for BTC, ETH, BCH, LTC, DOGE, SHIB, AVAX, DOT, LINK, Gold, and Oil. The newly launched Silver and Stellar futures will be based on 50 ounces of silver and 5,000 Stellar, respectively, aimed at providing easier market access for traders at all levels while meeting the needs for price discovery and risk management. Coinbase stated that combining traditional commodities with innovative cryptocurrencies helps create a more comprehensive trading experience, offering investors diversified risk management and portfolio options.
TON Foundation Announces Launch of New Governance Model Society DAO
According to the official blog, the TON Foundation has announced the launch of a new governance model called Society DAO, aimed at promoting decentralization and enhancing its growing ecosystem. Society DAO will serve as the organizational body for core ecosystem functions, with founding members including: TON Core (core development, upgrades, and maintenance of the blockchain), TON Studio (developer experience), TON Society (community operations), and the wallet in Telegram (payment method).
The operational model of Society DAO is as follows: Society DAO will publish the goals of the TON ecosystem; DAO members can propose relevant strategies, expected timelines, and specific key outcomes to achieve these goals; relevant DAO members will evaluate proposals from various specialized working groups; once approved by the DAO, the foundation will fund the plans, and the community team will be responsible for progress and performance.
The initial goals of Society DAO include: positioning TON as a gateway for real-world cryptocurrency use cases; establishing TON as the most stable and scalable blockchain; and developing the developer and user community in the super app market.
Paxos Partners with DBS Bank to Launch USD-backed Stablecoin USDG
According to Cointelegraph, Paxos has announced the launch of its second localized stablecoin product, USDG, in Singapore. This stablecoin complies with Singapore regulations, with its U.S. dollar reserves managed and held by DBS Bank. USDG adheres to the upcoming stablecoin framework established by the Monetary Authority of Singapore (MAS) in August 2023. Therefore, USDG is currently available on the Ethereum blockchain and will be launched on other blockchains as regulations evolve. This move comes just five months after the establishment of its interest-bearing stablecoin Lift Dollar (USDL) regulated by the UAE. Paxos Digital Singapore, Paxos's branch in Singapore, received approval from MAS for USDG in July.
BNB Chain Completes 29th BNB Quarterly Burn, Destroying Approximately $1.07 Billion Worth of BNB
According to official news, BNB Chain has completed its 29th BNB quarterly burn, destroying a total of 1,772,712.363 BNB, with a dollar value of approximately $1.07 billion at the time of the burn.
ZetaChain Mainnet Resumes Block Production After Over 6 Hours of Suspension
The ZetaChain status page indicates that the issue causing the ZetaChain mainnet network interruption has been resolved, and all systems are operating normally after the mainnet experienced over 6 hours of block production suspension.
Later news revealed that the ZetaChain status page shows that the testnet has paused block production and is taking measures to restore the network.
ZachXBT: Crypto Exchange M2 Hacked Yesterday, Approximately $13 Million Stolen
According to on-chain detective ZachXBT, cryptocurrency exchange M2 was hacked yesterday, with approximately $13 million stolen from multiple on-chain hot wallets. The addresses receiving the stolen funds include: Ethereum address 0x968b6984cba14444f23ee51be90652408155e142, Bitcoin address bc1qu4kh7wa38xpkrp8frgxl4sak88wx0jug8n3vfj, and Solana address EKko14NvgqdvNttUb8JjXkVGuUs6BTikjfN3hqW4LQoL.
bitSmiley Announces Token Economics: Total Supply of SMILE Tokens is 210 Million
Bitcoin DeFi infrastructure bitSmiley is set to launch its governance token $SMILE, based on the ERC-20 standard, with a total supply of 210 million tokens. The distribution of $SMILE tokens is as follows: 26% for bitSmiley DAO, 21.5% for user incentives, 12.5% for the team and advisors, 12.5% and 7.5% for staking and liquidity, respectively, with the remainder allocated to investors, airdrops, and launch pads. Release rules include linear release for investors after a lock-up period of 150-180 days and linear release for the team after a 2-year lock-up period over 48 months. $SMILE holders can participate in decentralized governance, engage in surplus auctions, enjoy fee discounts, priority liquidation rights, and earn staking rewards from bitUniverse.
Investment and Financing
According to Fortune magazine, Ethereum-based blockchain solar company Glow has completed $30 million in financing, led by Framework and Union Square Ventures. Glow operates a decentralized physical infrastructure network (DePIN) composed of solar power plants in the U.S. and India, aiming to promote the development and management of clean energy through blockchain technology.
Ellipsis Labs Completes $21 Million New Round of Financing to Launch L2 Blockchain Atlas
According to CoinDesk, the team behind the Solana ecosystem DEX Phoenix, Ellipsis Labs, has completed a new round of financing totaling $21 million, including $20 million raised from Haun Ventures and $1 million from other investors, to accelerate the launch of the Layer 2 blockchain Atlas focused on verifiable finance. Ellipsis aims to address key issues in DeFi, such as inefficient price discovery and high transaction costs, which make it difficult for decentralized finance platforms to compete with traditional financial systems. Ellipsis stated that it plans to apply the experience gained from building Phoenix to Atlas, which was initially launched as a Layer 2 solution on Ethereum, aimed at accessing liquidity pools from both Ethereum and Solana; key features will include low-latency transaction processing, reliable oracle updates, and sorting for non-custodial on-chain price discovery. Previously, Ellipsis completed a $20 million Series A financing round led by Paradigm in April.
Bitcoin Rollup Project Citrea Completes $14 Million Series A Financing, Led by Founders Fund
According to CoinDesk, Bitcoin rollup project Citrea has announced the completion of $14 million in Series A financing, led by Peter Thiel's Founders Fund, with participation from angel investors such as Erik Voorhees and Balaji Srinivasan. Citrea aims to utilize zero-knowledge (ZK) technology to transform Bitcoin into a programmable asset, introducing Ethereum-like smart contract functionality. Citrea employs the BitVM computing model, making it compatible with the Ethereum Virtual Machine (EVM), allowing applications on Ethereum to be deployed on Citrea without modification. Citrea stated that Bitcoin lacks scalable solutions in the DeFi space, and without enhancing its utility, it may gradually become marginalized. Through ZK technology, Citrea expands the capacity of Bitcoin's block space, providing a foundation for supporting diverse on-chain applications and preventing Bitcoin's position in decentralized finance from being affected.
Important Data
Immunefi Report: Losses in the Crypto Industry Due to Hacks and Scams Exceed $1.4 Billion in 2024
According to the latest report from Immunefi, losses in the crypto industry due to hacks and scams have exceeded $1.4 billion in 2024, involving 179 incidents. Although the losses in October amounted to $55.1 million, a 56.6% decrease from September's $126.9 million, the cumulative losses remain significant. The losses in October were primarily from two incidents, including a $50 million hack of the decentralized finance (DeFi) protocol Radiant Capital and a $4.4 million exploit of Tapioca DAO. Immunefi's security head Gonçalo Magalhães noted that project teams have generally strengthened security measures, including audits and bug bounty programs, making attacks more difficult. The report also indicated that BNB Chain was the most attacked network in October, accounting for 50%, followed by Ethereum and Arbitrum, each at 25%. To date, Immunefi has paid over $100 million in rewards to white hat hackers, saving user assets exceeding $25 billion.
According to The Block, the Blockchain Association has released data showing that since Gary Gensler took office as the chairman of the U.S. Securities and Exchange Commission (SEC), the U.S. crypto industry has spent over $400 million to respond to the agency's enforcement actions. This figure is based on self-reports from Blockchain Association members and reflects the significant compliance costs and potential harm to industry innovation and employment caused by SEC enforcement. Members of the association include companies such as Ripple, Coinbase, Crypto.com, Grayscale, and Kraken. Additionally, a survey conducted by the association in collaboration with HarrisX showed that about two-thirds of respondents believe the SEC should wait for Congress to provide clearer regulatory guidance. There are also partisan divides among voters regarding support for crypto innovation, with 34% believing the Republican Party is more supportive, while 32% believe the Democratic Party is more supportive.
MicroStrategy's Market Value Surpasses Coinbase
According to Cointelegraph, MicroStrategy's market value has surpassed that of Coinbase, with MicroStrategy's stock (MSTR) currently valued at $49.54 billion, while Coinbase's stock (COIN) is valued at $44.87 billion.
According to on-chain analyst @ai_9684xtpa, a whale address that had been long on the ETH/BTC exchange rate sold 3,987 WETH (approximately $10.05 million) at an average price of $2,519 over the past four hours to convert to WBTC to repay Aave loans, completely liquidating its position and ending a year-long "long position on the exchange rate." Since the beginning of 2024, this address has accumulated losses exceeding $22.45 million due to its long position.
Mt. Gox Address Transfers 500 BTC Again After 2 Months, Worth Approximately $35.04 Million
According to on-chain analyst Yu Jin, the Mt. Gox address transferred 500 BTC again two hours ago, worth approximately $35.04 million, after a two-month hiatus. Notably, the Mt. Gox address still holds 44,900 BTC (approximately $3.11 billion) awaiting subsequent compensation.
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