Today's News Highlights:
MicroStrategy's Bitcoin holdings have gained over $10 billion in unrealized profits.
Tether issued 4 billion USDT on Ethereum in the past three days, with most flowing into exchanges.
Trump proposes to pay Kamala Harris $20 million in campaign debt.
Ethereum's market cap surpasses Johnson & Johnson, ranking 33rd globally in asset rankings.
Cardano founder: Will work with lawmakers and the government to push a bipartisan bill for passage.
CoinGecko: CryptoPunks and BAYC are the only two NFT series that have consistently ranked in the top 10 by monthly average market cap from 2022 to date.
This week, NFT trading volume increased by 14.99% to $95.72 million, but the number of buyers decreased by over 90%.
NEAR AI launches Alpha version, featuring an AI assistant and research center.
Regulatory News
According to the official account of the Yunnan Provincial People's Procuratorate, a recent case involving Li and 10 others organizing and leading pyramid scheme activities was prosecuted by the Shidian County Procuratorate. After court hearings, the 10 defendants, including Li, were sentenced to prison terms ranging from six years to two years for the crime of organizing and leading pyramid scheme activities, and were fined between 500,000 and 100,000 yuan.
Since May 2021, Li has gathered Huang, Jin, and others to use "blockchain" and "virtual currency" as a gimmick to seek illegal profits. They set up five funding pools on online platforms under the pretext of purchasing and holding virtual digital currency A and issuing virtual digital currencies B and C. They created a persona of successful individuals through offline meetings and WeChat groups, leveraging special professional backgrounds, and promoted slogans like "one coin, one mansion; one coin, one luxury car" and "earn hundreds of thousands to millions easily in a day," widely publicizing reward systems and profit prospects to lure the public into purchasing, destroying, and adding to the funding pools to gain entry qualifications and complete assigned tasks, receiving static dividends and dynamic earnings based on the number of people developed and investment amounts, forming five rebate levels. It was determined that the pyramid scheme funds collected by Li and others through online platforms totaled over 210 million yuan.
The Shidian County Procuratorate reviewed and found that Li used virtual currency as a gimmick, colluding with the other nine defendants to defraud property through online platforms, disrupting the economic and social order, with the total pyramid scheme funds exceeding 210 million yuan, which is serious. The actions of Li and the other ten violated Article 224-1 of the Criminal Law of the People's Republic of China, constituting the crime of organizing and leading pyramid scheme activities. The court then made the above judgment.
Trump proposes to pay Kamala Harris $20 million in campaign debt
According to Watcher.Guru, elected President Donald Trump proposed to pay Kamala Harris $20 million in campaign debt.
FTX bankruptcy group sues Anthony Scaramucci and SkyBridge Capital to recover over $100 million
According to Cointelegraph, the FTX bankruptcy group is seeking to recover over $100 million from SkyBridge Capital and founder Anthony Scaramucci, to recoup funds spent by former FTX CEO Sam Bankman-Fried (SBF) since 2022 under sponsorship and investment agreements made with Scaramucci and SkyBridge.
According to legal documents dated November 8, before FTX's collapse, Bankman-Fried engaged in a series of investments and partnerships with SkyBridge Capital and Scaramucci, starting with a $12 million sponsorship for Scaramucci's SALT conference in January 2022. Shortly thereafter, in March 2022, SBF instructed Alameda Research to invest $10 million in the SkyBridge Coin Fund. Later, in September 2022, FTX acquired a 30% stake in the operating company managing SkyBridge investment tools for $45 million. FTX's lawyers believe this investment lacked financial prudence, arguing that "the FTX group could have easily purchased a basket of cryptocurrencies for a much lower cost than the $45 million investment."
FTX files lawsuit to recover $27 million in Alameda's Huobi and Poloniex accounts
FTX creditor Sunil stated on X platform that FTX has filed a lawsuit to recover $27 million held in Alameda's Huobi and Poloniex accounts.
Project Updates
BTC breaks $79,000, up 3.98% for the day
According to OKX market data, BTC has just broken through $79,000, currently priced at $79,356.10, with a daily increase of 3.98%.
According to data disclosed in CoinGecko's NFT report, CryptoPunks currently dominates the NFT market, holding a 30.9% share among top series. Since surpassing Bored Ape Yacht Club (BAYC) in May 2023, its leading position has been solidified. Earlier in early 2022, CryptoPunks held a 24.8% dominance, trailing behind the then-leader BAYC's 29.3%. Although CryptoPunks briefly surpassed BAYC in November 2022, it fell back to second place. However, due to its more resilient floor price, this pixel art NFT successfully maintained a narrow market share gap and reclaimed the top position in May 2023.
Notably, CryptoPunks is the only NFT collection that has seen a 10.0 percentage point increase in dominance within a year, with its market share growing from 23.6% to 33.6% in 2023. Although CryptoPunks' dominance has slightly declined since the beginning of this year, it remains the largest NFT collection to date, with a market share exceeding 29.5%, more than double that of any other collection.
Additionally, CryptoPunks and BAYC are the only two NFT series that have consistently ranked in the top 10 by monthly average market cap from 2022 to date. In these three years, five other series have also frequently entered the top 10 but failed to maintain continuity: Mutant Ape Yacht Club (MAYC), Azuki, Autoglyphs, Snowfro's Chromie Squiggle, and Tyler Hobbs' Fidenza.
Cardano founder: Will work with lawmakers and the government to push a bipartisan bill for passage
According to CoinGape, Cardano founder Charles Hoskinson stated in a recent speech that he will work with lawmakers and the government to push a bipartisan bill for passage. His company, Input Output Global (IOG), will establish a separate policy department for cryptocurrency regulation. This office will focus on creating a legislative framework that incorporates the provisions of the Financial Innovation and Technology Act (FIT21) and the Responsible Financial Innovation Act (RFIA).
NEAR AI launches Alpha version, featuring AI assistant and research center
NEAR AI announced on the X platform that the Alpha version has been launched, which includes the NEAR AI Assistant (Alpha) with user-specific memory, capable of taking actions on Web2 and Web3 by connecting with other AI agents and services. The assistant knows how to present responses and generates custom front-ends when needed. Additionally, it includes the NEAR AI Research Center, supporting community-built AI research and foundational model creation.
In a recent interview, Solana founder Anatoly Yakovenko discussed the unique position of this ecosystem in the blockchain space. "In my view, scalability, infrastructure focus, and transaction efficiency are Solana's three main advantages." Of course, he also acknowledged the challenges Solana faces in a world where blockchain technology is continuously evolving and platforms are further developing.
Anatoly Yakovenko compared Solana with Ethereum and various L2 solutions, emphasizing the trade-offs between L1 and L2. L2 solutions typically use centralized sorters for low-latency transaction ordering. However, Yakovenko pointed out that these could lead to the same congestion issues as L1 chains. While L2 is often seen as a short-term solution to congestion, they face scaling bottlenecks when multiple applications or markets use them.
Yakovenko emphasized that Solana's advantage lies in its execution. While Ethereum is scaling through L2, Solana's development remains focused on perfecting its L1. He acknowledged that one day, blockchains will offer similar functionalities to Solana and provide faster iterations, but for now, Solana's pace of improvement keeps it far ahead of its competitors. For Anatoly Yakovenko, the core of Solana's potential lies in refining its infrastructure to support fairer and more open transaction processing, achieving a truly decentralized future. He stated that this will position Solana as one of the leading blockchains in the coming years.
Financing News
Former ParaFi Capital partner launches private equity fund Inversion Capital
According to The Block, Santiago Roel Santos, a former partner at blockchain venture capital firm ParaFi Capital, announced the launch of a private equity fund, Inversion Capital, aimed at acquiring traditional businesses and transforming their operations through the adoption of crypto technology. Santos believes that some businesses can address coordination issues by adopting crypto tools, which manifest as higher operating costs, capital expenditures, or declining unit economics. It does not matter whether business owners are reluctant to embrace cryptocurrency, as Inversion Capital will not become an investment partner—it will directly acquire these businesses.
Important Data
According to News.bitcoin, this week NFT sales reached $95.72 million, a 14.99% increase from the previous week, which had seen a declining trend in trading volume. However, the number of buyers this week plummeted by 90.21%, while the number of NFT sellers decreased by 88.80%. Ethereum was the highest-selling blockchain this week, with sales of $31.14 million, up 13.25%. Following closely, Bitcoin-centered NFT sales ranked second at $26.01 million, while Solana came in third with sales of $12.97 million from November 2 to November 9.
Pendle team transfers 1.4 million PENDLE to Binance, valued at approximately $7.74 million
According to on-chain analyst Yu Jin, another Pendle team address transferred 1.4 million PENDLE (worth $7.74 million) to Binance in the past half hour. Adding to this, another team address transferred 625,000 PENDLE yesterday afternoon, bringing the total to 2.025 million PENDLE (valued at $11.11 million) that has flowed into Binance in just over a day.
Tether issued 4 billion USDT on Ethereum in the past 3 days, with most flowing into exchanges
According to Spot On Chain monitoring, Tether issued 4 billion USDT on Ethereum in the past three days. Notably, approximately 3.44 billion USDT has been transferred to various exchanges, with 1.75 billion USDT flowing into Binance and 770.8 million USDT into Coinbase.
According to Onchain Lens monitoring, a whale that invested $5.2 million and suffered significant losses when MOODENG's market cap fell below $100 million has now made over $3 million in profits as MOODENG reached new highs, while still holding onto its MOODENG.
Ethereum's market cap surpasses Johnson & Johnson, ranking 33rd globally in asset rankings
According to Infinite Market Cap data, Ethereum has surpassed Johnson & Johnson in global asset market cap rankings, now sitting at 33rd place.
MicroStrategy's Bitcoin holdings have gained over $10 billion in unrealized profits
At the current price of Bitcoin at $79,000, MicroStrategy's Bitcoin holdings have gained over $10 billion in unrealized profits. As of today, MicroStrategy holds a total of 252,220 Bitcoins, with a total purchase cost of approximately $9.9 billion, averaging about $39,266 per Bitcoin.
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