Daily Report | Musk to Lead Government Efficiency Department; Linea to Launch Token in Q1 Next Year; Upbit Lists USDT Trading Pairs for AGLD, FIL, ARPA, and Others

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Important News:

"What important events have occurred in the past 24 hours?"

OKX to launch MAJOR (Major) spot trading

According to an official announcement, OKX will launch MAJOR (Major) spot trading. The MAJOR/USDT spot trading will open at 8:00 PM (UTC+8) on November 28.

Major is a Play to Earn game on Telegram, and the MAJOR token will be used for game mechanics, as well as for renting Telegram usernames and phone number NFTs.

FTX has filed 23 new lawsuits to recover funds, targeting Binance, SkyBridge Capital, and others

According to Forbes, the bankruptcy estate of FTX has initiated 23 new lawsuits against institutions including Binance, Anthony Scaramucci, SkyBridge Capital, Crypto.com, and even the lobbying group Fwd.us supported by Mark Zuckerberg, in an effort to recover funds for creditors.

These lawsuits allege that the funds transferred to these organizations were part of a larger "influence-buying campaign" orchestrated by FTX founder Sam Bankman-Fried. According to the lawsuit documents, Bankman-Fried funneled money into political and traditional finance sectors through sponsorships, investments, and donations to enhance his reputation while concealing FTX's worsening financial instability.

The lawsuits claim that these expenditures provided "almost no benefit" to FTX or its creditors, primarily serving to maintain the illusion of financial stability as the company struggled with a significant gap in its balance sheet.

South Korean police arrest 215 people involved in $232 million cryptocurrency investment fraud

South Korean police have arrested 215 individuals in connection with a cryptocurrency investment fraud case involving 325.6 billion won ($232 million).

The Anti-Corruption and Economic Crime Investigation Department of the Gyeonggi Southern Provincial Police Agency stated that the arrested suspects include staff from a fake investment consulting company and an unidentified YouTuber with 620,000 subscribers. Between December 2021 and March of last year, the scheme allegedly defrauded over 15,000 people by promising high returns on investments in virtual assets. The scheme primarily targeted middle-aged and elderly individuals, promising 20 times returns and encouraging people to sell apartments and take out loans to fund their investments.

The investments included 28 different tokens, six of which were created by the gang. The remaining 22 had low trading volumes and were considered to have little value. Among those arrested, 12 remain in custody, including the YouTuber, who is also the head of the consulting company. He initially fled from South Korea to Australia via Hong Kong and Singapore.

Reports indicate that the names of those involved have not been disclosed.

Linea announces the establishment of Linea Association, plans to launch Linea token in Q1 2025

According to Cointelegraph, the Ethereum scaling solution Linea announced the establishment of the Linea Association at the Devcon conference in Bangkok, Thailand. This is a Swiss non-profit organization dedicated to promoting the development and governance of Linea. The association will support Linea technology, develop the Linea market, and advance its decentralization roadmap. The association plans to launch the Linea token in Q1 2025, enabling governance for token holders. Token holders will have governance rights over certain activities of the association, which will manage the core intellectual property of Linea and funds supporting its mission.

Linea is a Layer-2 zero-knowledge Ethereum Virtual Machine (zkEVM) rollup solution developed by ConsenSys. ConsenSys founder Joseph Lubin stated that the establishment of the Linea Association is an important step for the network to achieve true decentralization, avoiding excessive control by any entity.

Linea founder Nicolas Liochon emphasized that decentralization is at the core of Linea's vision. He stated that Linea must be publicly owned and governed by everyone, just like Ethereum Layer-1. Lubin added that Layer-2 projects overly controlled by companies or a few participants struggle to succeed or maintain proper alignment with the Ethereum platform.

Brazil prepares to allow traditional financial institutions to accept cryptocurrencies

The Central Bank of Brazil is preparing to open the cryptocurrency market to traditional financial institutions, which will be able to operate clearly in the industry once the upcoming regulations are enacted. Due to the high thresholds imposed by this framework, small cryptocurrency startups may face challenges in regulating their status.

Upbit launches USDT trading pairs for AGLD, FIL, ARPA, and others

According to an official announcement, Upbit will add USDT trading pairs for AGLD, AHT, ARPA, ASTR, BNT, EGLD, FIL, LWA, NEAR, OXT, RAD, and XLM.

Bitwise acquires Ethereum staking service provider Attestant

According to Bloomberg, Bitwise Asset Management Inc. has acquired Ethereum staking service provider Attestant, aiming to expand beyond its core business, with specific terms of the deal not disclosed. Following the completion of the transaction, Bitwise's assets under management will reach $10 billion. Additionally, 11 employees from Attestant will join Bitwise.

Trump announces Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency

Trump campaign advisor Alex Bruesewitz stated on X that Trump announced Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (abbreviated as DOGE).

Musk posted on X, stating, "All actions of the Department of Government Efficiency will be published online for maximum transparency. If the public believes we have cut important expenditures or failed to cut wasteful spending, please let us know. We will also list the most ridiculous tax expenditures, which is tragic but very interesting."

Bhutan's BTC holdings currently account for over one-third of its GDP

According to Coindesk, data from Arkham Intelligence shows that the small South Asian country of Bhutan, with a population of only 800,000 (compared to El Salvador's 6.4 million), holds 12,574 bitcoins, valued at $1.1 billion at current prices, which accounts for over one-third of Bhutan's GDP (slightly below $3 billion). In contrast, El Salvador's $500 million in bitcoin holdings only accounts for 1.5% of its GDP.

Reports indicate that Bhutan's bitcoin holdings have been accumulated through bitcoin mining, as the country has abundant hydropower resources. In September, Arkham reported that Bhutan is likely to become the fourth-largest holder of bitcoin.

Bloomberg: The Italian government plans to raise the cryptocurrency trading tax rate to 28%, instead of the previously proposed 42%

According to Bloomberg, sources revealed that the government led by Italian Prime Minister Giorgia Meloni may approve a proposal from coalition partners to lower the tax increase on cryptocurrency trading.

A copy of the proposal shows that as a junior partner in Meloni's ruling coalition, the League has proposed an amendment to limit the cryptocurrency trading tax rate to 28%, down from the previously proposed increase to 42% in last month's budget. The current tax rate is 26%.

Cryptocurrency executives have stated that the proposed tax rate is too high and would make the local industry less competitive compared to other EU countries. The EU is preparing to fully adopt its first comprehensive cryptocurrency regulation across the EU, known as "MiCA," by the end of this year.

Additionally, another ruling coalition party, Forza Italia, founded by the late Silvio Berlusconi, has proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for gains of €2,000 ($2,120) or less.

As part of the amendment proposed by the coalition, Italy will establish a permanent working group composed of digital asset companies and consumer associations to educate investors about cryptocurrency. Two informed sources indicated that the government is likely to approve the proposal from the League party, although a final decision has not yet been made and modifications may occur.

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ME Token TGE Approaches: Magic Eden's Leap from NFT Market to One-Stop Crypto Asset Trading Platform

"The economic model of the ME token will be announced on November 18." This was the latest update revealed by Magic Eden CEO Jack Lu during a live broadcast on November 8. This news undoubtedly brings much-anticipated hope to the crypto community, marking the imminent realization of Magic Eden's desire to issue a token.

In the TestME application testing event for the ME token that ended on November 1, over 400,000 wallet addresses actively participated in the claiming process within just three days of its launch. This event served as a crucial technical validation before the issuance of the ME token, and its successful completion indicates that the TGE (Token Generation Event) for the ME token is not far off.

As the issuance date of the ME token approaches, every step of Magic Eden's progress not only attracts the attention of the crypto community but also prompts a reevaluation of the platform's value and its future development potential.

Magic Eden has transformed from an initial single NFT trading platform into a comprehensive ecosystem that integrates wallet services, NFT trading, token trading, and cross-chain bridging, among many other functions. This stunning transformation is truly eye-catching.

Soon, users will be able to easily trade all types of assets across chains within the Magic Eden DApp, with its rich product features rivaling those of "decentralized Binance/Coinbase."

Earn Millions in 2 Seconds: The Millisecond Information Gap Behind the Wealth Leap of a Post-00s Billionaire

"Now I say, I am the richest and most cash-flowing post-00s person on Zhihu, is there anyone who disagrees?"

This is Vida's somewhat provocative self-introduction, claiming to be the current post-00s richest person on Zhihu, with at least $7 million in spare cash (approximately 51 million yuan), and because of his rapid trading speed, he has received five investigation notices from Binance's risk control department.

Seeing this, many might think this is just another attention-seeking statement from a Zhihu show-off. But what if all of this is true?

On November 11, Binance listed two low-market-cap tokens, ACT and PNUT. According to on-chain data monitoring platform Lookonchain, within just 2 seconds after Binance announced the listing of ACT, one address quickly bought 10.9 million ACT with $320,000. After ACT rapidly surged, the profit from this investment quickly soared to $3.4 million (approximately 24 million yuan).

The buying time of this address was even 7 seconds faster than the announcement time of the listing on Binance's Chinese platform, leading to suspicions from users that this was "front-running" and insider trading due to the extremely fast buying speed and huge profits.

Musk to Join the U.S. Department of Government Efficiency: Will DOGE Dance Again?

Recently, just as Trump was about to officially win the U.S. presidential election, Musk tweeted in advance to celebrate, posting a picture of himself entering the White House with a sink. Following the release of this image, Musk has now truly "joined the cabinet."

According to public documents, Trump announced today that Elon Musk will collaborate with American patriot Vivek Ramaswamy to lead the soon-to-be-established Department of Government Efficiency (abbreviated as "DOGE").

Once the news was released, market data showed that Dogecoin (DOGE), sharing the same abbreviation as the department, rose from $0.36 to above $0.4 again.

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