Today's News Highlights:
FTX co-founder Gary Wang developed software tools to help the U.S. government detect fraud
India arrests the main suspect in the $230 million WazirX hacking incident
OpenAI plans to release an AI agent tool codenamed "Operator" in January next year
Binance will launch spot trading pairs ACT/FDUSD, NEIRO/USDC, etc. on November 15
BlackRock's BUIDL fund expands to Aptos, Arbitrum, Avalanche, OP, and Polygon chains
0G Labs completes $40 million seed round financing, with participation from OKX Ventures
The cumulative trading volume of Bitcoin spot ETFs in the U.S. has surpassed $500 billion
Regulation & Policy
According to Bloomberg, sources revealed that Polymarket is under investigation by the U.S. Department of Justice for allegedly allowing U.S. users to bet on the platform. The FBI issued a search warrant for Polymarket CEO Shayne Coplan and seized his phone and electronic devices. Under an agreement reached in 2022 with the Commodity Futures Trading Commission, Polymarket is required to prevent U.S. traders from trading on the platform. Polymarket stated in a release that the company will "stand up for ourselves and our community," accusing the FBI's search of being politically motivated. The company said, "Polymarket is a fully transparent prediction market that helps people better understand the events that matter most to them, including elections."
According to Bloomberg, like his former FTX colleague who became a government witness, Gary Wang provided "outstanding" assistance to federal prosecutors in the case against FTX founder Sam Bankman-Fried (SBF). Prosecutors stated that Wang created "tools" to help the U.S. government detect other fraudulent activities while seeking leniency for him. In a sentencing document submitted on Wednesday, federal prosecutors wrote, "Wang also provided substantial assistance—and took steps to correct past mistakes in the process—using his extraordinary computer programming skills to detect potential fraud in the stock and cryptocurrency markets. Unlike other co-conspirators, Wang did not lie to clients, lenders, or investors, nor did he spend client money." Although prosecutors did not make specific sentencing recommendations, the submitted documents requested the court to consider Wang's outstanding cooperation. Prosecutors also noted that Wang was the first insider from FTX to cooperate with prosecutors, despite little written evidence linking Wang to fraudulent activities. Gary Wang is scheduled to be sentenced on November 20 for his role in the FTX collapse.
According to Jin10, the U.S. Republican Party has won enough seats to control the House of Representatives, achieving a comprehensive victory in the elections, ensuring their control over both chambers of Congress and the White House. The Republican Party had earlier gained control of the Senate.
India arrests the main suspect in the $230 million WazirX hacking incident
According to BeInCrypto, Indian police have arrested SK Masud Alam, a resident of West Bengal, accusing him of involvement in the WazirX hacking attack. Earlier this year, the hack resulted in WazirX losing over $230 million, as customers were unable to withdraw funds. Alam is accused of creating a fake account under the alias Souvik Mondal, which he allegedly sold to the hackers via Telegram. This account was later used to attack the cryptocurrency exchange. Indian police's accusations point out that Liminal Custody, the company responsible for securing WazirX's digital wallets, lacked cooperation. Reports indicate that despite multiple requests, Liminal did not provide key information, raising concerns about its security measures.
AI
OpenAI plans to release an AI agent tool codenamed "Operator" in January next year
According to Bloomberg, OpenAI is preparing to launch a new AI agent tool codenamed "Operator," scheduled for release in January 2025. This tool will be able to automatically perform tasks on users' computers, such as writing code or booking travel.
Sources revealed that OpenAI's leadership announced in an internal meeting on Wednesday that the tool will be released as a research preview and made available to developers via API. This plan is part of a broader push in the AI industry to develop "agent" software, aimed at allowing AI agents to complete multi-step tasks with minimal supervision. Previously, Anthropic and OpenAI's investor Microsoft also launched similar AI agent tools, and Google is developing similar products.
OpenAI CEO Sam Altman hinted at the direction towards "agents" in a Reddit Q&A last month.
Project Updates
Binance Launchpool and pre-market trading will launch Usual (USUAL)
According to the official announcement, Binance Launchpool has now launched its 61st project - Usual (USUAL), a decentralized fiat stablecoin issuer. Users can stake BNB and FDUSD in the USUAL reward pool on the Launchpool website starting from November 15, 2024, at 08:00 (UTC+8) to earn USUAL, with the activity lasting a total of 4 days. The website is expected to update approximately twelve hours after this announcement, before the activity opens.
Binance pre-market trading will list Usual (USUAL) on November 19, 2024, at 18:00 (UTC+8), and open the USUAL/USDT trading market. The end time for pre-market trading and the spot listing time will be announced later, so please stay tuned for announcement information. Eligibility to participate in Binance pre-market trading depends on the user's country or region of residence. The maximum individual holding limit is 40,000 USUAL.
The total supply and maximum supply of Usual (USUAL) tokens is 4 billion, with Launchpool token rewards amounting to 300 million tokens (accounting for 7.5% of the total token supply), and the initial circulating supply at Binance listing will be 494.6 million tokens (accounting for 12.37% of the total token supply).
Three Arrows Capital seeks to increase its claim against FTX to $1.53 billion
According to Cointelegraph, the liquidators of the defunct crypto hedge fund Three Arrows Capital are attempting to amend their claim against FTX, increasing the amount from $120 million to $1.53 billion. The liquidators claim that FTX liquidated and seized their assets on the platform two weeks before the hedge fund's collapse to settle $1.33 billion in debts. The hedge fund argues that these transactions were "avoidable and unfair," causing harm to Three Arrows Capital's creditors. Three Arrows Capital believes the liquidation should be invalidated, accusing FTX of underestimating trades and breaching trust and contract. Three Arrows Capital also claims that FTX delayed providing necessary information, forcing them to parse raw data to calculate losses. Therefore, Three Arrows Capital stated that it could only confirm the liquidation amount in August. However, FTX responded that an unnamed individual associated with Three Arrows Capital initiated the asset liquidation, and FTX has not identified this person. A court hearing will be held on November 20 to discuss Three Arrows Capital's motion to amend its claim.
The ZKsync community has passed the proposal TPP 001 through on-chain voting to "distribute 325 million ZK tokens to DeFi users within 9 months." This proposal suggests distributing 325 million ZK tokens over nine months, with 300 million allocated to users through six minters (with a cap of 50 million each), and an additional 25 million tokens managed by four minters to cover management and unforeseen costs. The proposal aims to establish a DeFi liquidity hub on the ZKsync Era and enhance the liquidity of all interoperable ZK chains (Elastic Chain).
Members of South Korea's DAXA decide to terminate trading support for Radiant Capital (RDNT)
According to an official announcement from Bithumb, members of the Digital Asset Exchange Association (DAXA) in South Korea will terminate trading support for Radiant Capital (RDNT). This decision was made because the project's foundation did not submit explanatory materials regarding the reasons for the trading warning designation, and after reviewing the losses caused by security incidents and the foundation's public stance, it was determined that it did not meet the standards for maintaining trading support. Bithumb will end trading support for RNDT at 15:00 local time on December 12, 2024. It is reported that DAXA consists of South Korea's five major cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.
Binance will launch spot trading pairs ACT/FDUSD, NEIRO/USDC, etc. on November 15
Binance will launch spot trading pairs ACT/FDUSD, ACT/USDC, NEIRO/USDC, PNUT/BTC, PNUT/FDUSD, and PNUT/USDC on November 15, 2024, at 16:00 (UTC+8).
According to Cointelegraph, Coinbase Wallet is about to launch a "Tap to Pay" crypto solution, joining the competition with Cash App, Venmo, PayPal, and other fast payment companies. Jesse Pollak, head of Coinbase Wallet and founder of Base, revealed in an interview that this feature is "currently in internal alpha testing" and a full release is "coming soon." Additionally, Pollak hopes to integrate Coinbase Wallet into 50 markets by the end of 2025. He noted that part of the integration will involve connecting users' bank accounts to Coinbase Wallet. Meanwhile, Pollak stated that Base is seeking to resolve Ethereum Layer 2 interoperability issues within the "next six months." Despite various cross-chain solutions between the Ethereum mainnet and Ethereum Layer 2, Base and other Ethereum Layer 2s remain decentralized. Pollak mentioned that this issue is being "quickly resolved" through two important specifications—ERC-7683 (which introduces interoperability standards for cross-chain transfers) and RIP-7755 (which enables trustless execution between chains).
Solana ecosystem wallet Phantom posted on X that "a small number of iOS users are experiencing app resets, and these users can restore their wallets using recovery phrases. A new iOS app update has been released to prevent this issue from affecting any other users." According to posts on social media earlier on Wednesday, some iOS users reported that after downloading the latest Phantom update, they were automatically logged out of their Phantom wallets and could not access them. This issue seems to affect users who did not back up their recovery phrases.
Musk: The stable inflation rate of DOGE is not a bug, but a feature
DOGE founder Shibetoshi Nakamoto (@BillyM2k) posted on X, stating, "If you want to eliminate Dogecoin's inflation, the code is on line 146 of the GitHub repository, returning 10000*COIN; you can change it there, submit a pull request, and persuade the community and miners to use the new version. Now stop bothering me." Musk commented on X, "I think Dogecoin's stable inflation rate is a feature, not a bug, which means the inflation rate will decrease at a certain ratio." Shibetoshi Nakamoto replied, "I agree it is very suitable as a currency because of its stable and predictable inflation rate, decreasing proportionally, far below that of the dollar."
Coinbase has listed dogwifhat (WIF) on its platform
Coinbase Assets tweeted that it has added dogwifhat (WIF) to its listing roadmap. Update: dogwifhat (WIF) is now live on Coinbase.com and the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, exchange, send, receive, or store these assets.
Upbit to list Pepe (PEPE) in the Korean won market
According to an official announcement, South Korean cryptocurrency exchange Upbit will list Pepe (PEPE) in the Korean won market, with trading starting today at 11:30 local time.
Coinbase acquires Utopia Labs team to accelerate on-chain payment initiatives
According to the Coinbase blog, Coinbase announced that the Utopia Labs team will join its Ethereum Layer 2 network Base to accelerate the development of on-chain payments for Coinbase Wallet. Utopia Labs, a stablecoin studio, has extensive experience in the on-chain payment space and will help Coinbase achieve its vision of low-cost, fast global on-chain payments. Data shows that stablecoin trading volume reached $8.5 trillion in Q2 2024, with over 1.1 billion transactions.
BlackRock's BUIDL fund expands to Aptos, Arbitrum, Avalanche, OP, and Polygon chains
According to a Securitize announcement, BlackRock has announced that its U.S. Dollar Institutional Digital Liquidity Fund (BUIDL) will launch new share classes across multiple blockchains, including Aptos, Arbitrum, Avalanche, Optimism's OP mainnet, and Polygon. The fund was initially launched on the Ethereum network in March 2024 and is being tokenized by Securitize.
Cardano Foundation spent $23.7 million in 2023, with ADA as the main asset holding
According to CoinDesk, the Cardano Foundation released its first "Financial Insights Report" for 2023, disclosing total expenditures of $23.7 million for the year. Of this, $19.22 million was spent on operations, education, and ecosystem promotion, while another $4.55 million was for central operating costs. Foundation CEO Frederik Gregaard stated that the report reflects the foundation's commitment to transparency, showcasing resource allocation and its role in promoting Cardano's development. As of December 31, 2023, the total assets of the Cardano Foundation amounted to $478.24 million, with 82.5% in ADA, 10.1% in BTC, and the remainder in U.S. dollar liquidity. Since the beginning of this year, Bitcoin has risen by 109%, while ADA has fallen by 9%. Additionally, the governance token of Cardano surged 35% over the weekend after founder Charles Hoskinson announced plans to assist the Trump administration in formulating crypto policies.
Financing News
Digital asset trading infrastructure provider Wyden completes $16.4 million Series B funding round
According to Bitcoin.com, digital asset trading infrastructure provider Wyden announced the completion of a $16.4 million (14.5 million Swiss francs) Series B funding round, led by French fintech investment firm Truffle Capital, with new investors such as Postfinance, SBI-Sygnum-Azimut Digital Asset Opportunities Fund, and Fivet Fintech also participating. Existing investor C3 Venture Capital also took part in this funding round. Wyden stated that it plans to use this investment to accelerate its expansion among banks, brokers, and exchanges. It also aims to enter markets that regulate digital asset operations like traditional financial services. In addition to integrating another 20 banks, brokers, and exchanges, Wyden plans to strengthen its functions and development center in Poland. Wyden has been expanding its client base, particularly among regulated banks and brokers in Europe. It is actively seeking partnerships with more banks and brokers to obtain crypto licenses across various European countries.
0G Labs completes $40 million seed round financing, with participation from OKX Ventures and others
According to The Block, Crypto-AI startup 0G Labs has announced $290 million in new funding, which includes $40 million in seed funding and a $250 million token purchase commitment. The project aims to build a decentralized AI operating system (dAIOS) to support the development of on-chain AI applications. Investors in 0G Labs include Hack VC, Delphi Digital, OKX Ventures, Samsung Next, Bankless Ventures, Animoca Brands and its co-founder Yat Siu, Polygon and its co-founder Sandeep Nailwal, Stanford Blockchain Fund, Abstract VC, Alchemy, Blockdaemon, Foresight Ventures, and others. Michael Heinrich, co-founder and CEO of 0G Labs, stated that this token commitment will be used for the ecological development of the 0G protocol, with the token expected to be listed on exchanges next year. The total funding amount has now reached $325 million, and the new funds will support the team’s expansion to 80 people, driving ecosystem projects such as developer incentives, hackathons, and community building.
Important Data
Data: The trading volume of Hong Kong virtual asset ETFs today is approximately HKD 174 million
BTC breaks $93,000, setting a new historical high
Tether Treasury mints an additional 2 billion USDT
According to iChainfo monitoring, a dormant Bitcoin address (1Law…9YMQ) that had been inactive for seven years transferred 2,720 BTC five hours ago, with a total value of approximately $245.14 million. This is about 20 times higher than its value seven years ago.
Squirrel Meme coin PNUT price rises 447.9% in 24 hours, market cap surpasses $2 billion
Coingecko data shows that the squirrel-themed Meme coin PNUT is currently priced at $2.29, with a 24-hour increase of 447.9%, and its market cap has risen to $2.277 billion. This morning, Musk commented on a news story about "Costco being asked to recall 80,000 pounds of butter" and again used the "peanut" emoji.
The cumulative trading volume of the U.S. Bitcoin spot ETF has surpassed $500 billion
According to The Block, the U.S. Bitcoin spot ETF has surpassed $500 billion in cumulative trading volume since its launch in January 2024. This milestone coincides with BlackRock's IBIT Bitcoin ETF setting a new daily trading volume record of $5 billion. Since the beginning of this week, the Bitcoin ETF has seen a net inflow of $2.4 billion.
The trading volume of the spot Bitcoin ETF has grown rapidly since its launch in January, surpassing $100 billion in March and reaching $200 billion in April. With the recent correction in the crypto market, Bitcoin prices fluctuated between $50,000 and $70,000 for several months until Trump's recent victory drove prices above $90,000, pushing ETF trading volumes to rise again. BlackRock's IBIT fund currently holds a market share of 67%, with assets under management (AUM) reaching $41.1 billion.
Additionally, the trading volume of the U.S. Ethereum spot ETF has also increased since its launch in July, with a single-day trading volume of $702 million on November 13, totaling $22.3 billion.
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