Headlines
Insider: Gary Gensler may announce resignation after Thanksgiving
Odaily Planet Daily reports that Fox Business reporter Eleanor Terrett stated on the X platform that it remains unclear who Trump will choose as the SEC chairman, but Gary Gensler seems increasingly likely to resign voluntarily, opting not to complete his term. Washington insiders are rumored to suggest that Gary is likely to announce his departure after Thanksgiving (November 28), leaving in early January (before Trump's inauguration).
Eleanor added that regarding who will succeed Gary, former CFTC chairman Chris Giancarlo has denied rumors of his nomination, but Robinhood's Chief Legal Officer Dan Gallagher, Bob Stebbins, Paul Atkins, and Brad Bondi are still on the candidate list.
pump.fun cumulative revenue exceeds $200 million, total deployed tokens surpass 3.36 million
Odaily Planet Daily reports that Dune data shows pump.fun's cumulative revenue has surpassed $200 million ($200,778,402), with a total of over 3.36 million deployed tokens.
On-chain trading terminal DEXX suffers attack, most user funds transferred
Odaily Planet Daily reports that the on-chain trading terminal DEXX has suffered an attack, with multiple users confirming that their funds have been transferred. The scope of the attack is not limited to the Ethereum chain, and the transferred assets are not limited to mainstream coins.
After the incident, DEXX's Chinese official account posted on the X platform: "Currently, DEXX has noticed the issue of tokens being transferred as reported by multiple users. Several professional security audit teams are already analyzing and investigating. The team is working hard to resolve the issue; there is no rug pull. Further updates will be communicated promptly through in-site notifications and X/Telegram."
Slow Mist's Yu Xian later posted on X: "As of now, we have analyzed 821 reports of stolen information related to DEXX users, with total losses approaching $20 million, including one user over $1 million, two users in the $500,000 to $1 million range, and 28 users in the $100,000 to $500,000 range. Information on theft is still being collected."
He Yi: Telegram account maliciously reported and blocked, if someone impersonates me, it's a scam
Odaily Planet Daily reports that Binance co-founder He Yi stated on X, "My Telegram account @heyibinance has been maliciously reported and blocked. If someone claims to be He Yi on TG, it is a scam."
Industry News
Insiders: U.S. government efficiency department exploring blockchain election system "eVote"
Odaily Planet Daily reports that Shiba Inu's anonymous chief developer Shytoshi Kusama shared information on the X platform indicating that President Trump and the soon-to-be-established government efficiency department (DOGE) are exploring a blockchain-based federal election voting and identity verification system.
Insiders revealed that the system will be established in collaboration with X, Cardano, HyperLedger, and Hedera. Federal legislation will require all states to implement the "eVote" platform to ensure the fairness of elections across the U.S.
Sources say President Trump insists on implementing a system to eliminate voter fraud, as he is concerned about potential misconduct in 2028.
Kusama believes the success of the system depends on integrating fully homomorphic encryption (FHE) and calls for Trump to appoint a professional blockchain advisor.
Goldman Sachs holds over $25 million in Grayscale and Fidelity Ethereum spot ETF shares
Odaily Planet Daily reports that Goldman Sachs previously disclosed in a 13F filing to the SEC that as of Q3, it held over $731 million in Bitcoin spot ETF shares. In addition, it holds $22.6 million in Grayscale Ethereum mini trust ETF and $2.6 million in Fidelity Ethereum ETF shares. (Bitcoinist)
Elon Musk vetoed OpenAI's token plan in 2018
Odaily Planet Daily reports that according to a public court document submitted on November 14, Elon Musk vetoed OpenAI's ICO plan in 2018. The document shows that Musk and his legal team stated that in early 2018, OpenAI's two founders, Sam Altman and Greg Brockman, wanted to launch a token to help the company profit, but Musk believed this would only damage the credibility of OpenAI and everyone associated with the ICO.
OpenAI was originally a non-profit organization, and Musk joined OpenAI as co-chairman of the board, investing $44 million in the startup. Musk even suggested merging OpenAI with Tesla to solve the funding issues of the AI startup. However, Musk left OpenAI in February 2018 and founded his own AI company, xAI. (The Block)
Odaily Planet Daily reports that Societe Generale's subsidiary SG Forge announced plans to launch its euro stablecoin EURCV on the XRP Ledger (XRPL). The company uses Metaco's technology for custody, which was previously acquired by Ripple and is now renamed Ripple Custody. EURCV was launched on Ethereum and has announced plans to expand to Solana, making XRPL its third blockchain for launch, expected in 2025.
Odaily Planet Daily reports that according to Bitcoin Archive, SEC filings show that billionaire Paul Tudor Jones increased his fund's BTC holdings fivefold to $159.9 million through BlackRock IBIT.
Bloomberg ETF analyst Eric Balchunas shared this news and added that Tudor Jones is now one of the top 10 holders of IBIT.
Robert F. Kennedy Jr.: I have invested most of my wealth in Bitcoin
Odaily Planet Daily reports that former U.S. presidential independent candidate Robert F. Kennedy Jr. stated in a recently re-released video, "I am a staunch supporter of Bitcoin. A year ago, I attended another Bitcoin conference here. After I got home, I invested most of my wealth in Bitcoin, so I am all in."
He recently also posted describing Bitcoin as "freedom money" and reiterated the digital asset's ability to hedge against currency inflation. Kennedy has been a loyal supporter of Bitcoin for years, believing that decentralization, supply caps, neutral currency, and other hard assets like gold and silver can stabilize the dollar and prevent currency devaluation. (Cointelegraph)
Project News
Ethereum Foundation announces launch of 2025 EF internship program, applications due by December 9
Odaily Planet Daily reports that the Ethereum Foundation has announced the launch of its first formal summer internship program, including research internships and software engineering internships, aimed at cultivating the next generation of Ethereum developers and researchers. Participants will directly contribute to core projects in key areas such as protocol security, account abstraction, scalability research, and client development. Selected interns will be assigned a short-term project and a mentor and are expected to work independently to some extent. Applications are currently open, with a deadline of December 9, 2024. After preliminary screening, formal interviews will be conducted, and selection notifications are expected to be completed by January 10, 2025.
Odaily Planet Daily reports that certain class action lawsuits against Ripple and its CEO Brad Garlinghouse are entering the final judgment phase, which may assist in their ongoing litigation with the U.S. SEC.
On Thursday, Judge Phyllis Hamilton approved the final judgment for the resolved class action lawsuit and ordered a stay on the remaining unresolved lawsuits. This decision shortens the timeline for the class action and paves the way for a trial starting on January 21, 2025.
The plaintiffs in the class action argue that Ripple sold XRP without registration from 2017 to 2023, violating federal and California securities laws.
Analysts point out that the final judgment in this case could have a ripple effect on similar lawsuits filed by the SEC in 2020. Specifically, a ruling favorable to Ripple could greatly assist its defense against the SEC's allegations of violating federal securities laws.
StarkWare CEO: Starknet to quadruple TPS and reduce fees by five times in three months
Odaily Planet Daily reports that StarkWare CEO Eli Ben Sasson expects the transaction speed of the company's Ethereum L2 Starknet to quadruple in the next three months, while fees will decrease by "five times."
Sasson stated at DevCon 2024 held in Bangkok last week that the network improvements mainly come from "better compilation and faster execution" of Starknet's native smart contract language, Cairo.
Starknet is set to surpass the milestone of 1000 TPS and compete with chains like Solana, which typically handles between 800 and 1050 non-voting TPS according to Solana Compass data. Sasson asserted that Starknet's TPS will exceed 1000 or more in the next "three months."
He added that Starknet fees will also be further reduced, stating, "We expect to reduce transaction costs on Starknet by five times, which could make it the cheapest L2." (Cointelegraph)
Odaily Planet Daily reports that recently, in an email disclosed by X user @sarah07144297, a Kalshi growth department executive allegedly "revealed" to an unidentified reporter the existence of wash trading on Polymarket.
The email stated, "Many accounts on Polymarket exhibit typical wash trading behavior, and most of these wash trades are quite obvious."
The executive's account has now been set to private. The email and its contents have not been independently verified. However, its content suggests that this may be an attempt to further discredit Polymarket under increasing scrutiny, without providing new or conclusive evidence. (Protos)
Uniswap front-end trading revenue surpasses $100 million
Odaily Planet Daily reports that DefiLlama data shows that as of November 16, Uniswap's front-end trading revenue has surpassed $100 million ($100.56 million).
Odaily Planet Daily reports that the Ethena Foundation announced that the "Enable ENA fee conversion" proposal put forward by Wintermute has been approved by the risk committee. The foundation will work with the risk committee to finalize the parameters for activating the fee switch by November 30, with specific implementation mechanisms to be announced later.
Odaily Planet Daily reports that DL Research stated on X that the decentralized stablecoin crvUSD launched by Curve Finance has generated $18 million in fees since its launch in June, with a market cap of $66 million.
Jupiter co-founder: Confirms LFG will resume in February next year
Odaily Planet Daily reports that Jupiter co-founder meow stated on X, "Confirming that LFG will resume in February next year after Catstanbul."
Yuxian: Lending project polterfinance lost $12 million due to "empty market" issues
Odaily Planet Daily reports that Slow Mist founder Yuxian stated on X that a lending project on FTM, polterfinance (@polterfinance), lost $12 million due to "empty market" issues, equivalent to the entire TVL of the protocol.
The project noted in its audit statement that its smart contract is identical to Geist's, except that the flash loan feature was removed from the lending pool, and provided the Geist audit report.
Thala suffers attack, THL briefly drops over 50%
Odaily Planet Daily reports that CoinGecko data shows Thala (THL) briefly dropped over 50%, falling below $0.37 at one point, currently quoted at $0.6281, with a 24-hour decline of 12.4%.
According to official personnel's announcement in the community, the Thala protocol was affected by a series of transactions earlier on Saturday, leading to a temporary impairment of the v1 liquidity pool. Thala's contributors have collaborated with several security agencies to regain access to all user funds. Efforts are currently underway to restore and compensate affected users.
The team will release a complete post-mortem report later today, and all protocol functions will be restored once the affected liquidity pool returns to normal.
Odaily Planet Daily reports that Pump Science released a security incident update on X, with the main points as follows: API key permissions were tampered with; hackers accessed the UI and published false experiments; the real developers discovered the issue and fixed it; final testing is currently underway, after which it will relaunch.
The official reminder states that the real tokens are only $RIF/$URO, and all new tokens are only announced through official channels.
Regulatory Trends
Bloomberg analyst: CFTC has cleared obstacles for the launch of Bitcoin spot ETF options
Odaily Planet Daily reports that the U.S. Commodity Futures Trading Commission (CFTC) clearing and risk department stated in an employee advisory notice that spot Bitcoin ETF options are for ETF stocks registered as securities with the U.S. Securities and Exchange Commission (SEC), which are listed and traded on national securities exchanges registered with the SEC, with the options clearing corporation as the sole issuer for all stock options clearing and settlement. Given relevant court precedents, these spot commodity ETF stocks are likely to be considered securities, so their listing on national securities exchanges registered with the SEC does not involve CFTC jurisdiction, and clearing will be conducted as a registered clearing agency supervised by the SEC.
Bloomberg analyst Eric Balchunas posted on social media that the CFTC has cleared the way for the listing of spot Bitcoin ETF options. This is the second obstacle that needs to be cleared after the SEC. Now we just need to wait for the OCC (Options Clearing Corporation) to list the names.
Odaily Planet Daily reports that U.S. President-elect Trump is considering a new Treasury Secretary candidate: including former Fed governor Kevin Warsh and Wall Street billionaire Marc Rowan.
It was originally expected that Trump would choose Howard Lutnick, CEO of Wall Street firm Cantor Fitzgerald, or Scott Bessent, a former fund manager for George Soros.
However, Trump has been reconsidering the first two candidates and has slowed down his selection process, with expectations that he will invite candidates to meet with him at Mar-a-Lago this week. (New York Times)
Odaily Planet Daily reports that according to TASS, the Russian Ministry of Energy has formally proposed a plan to restrict cryptocurrency mining activities in certain special areas affected by energy shortages.
An anonymous source stated that the official proposal will implement these restrictions starting in December this year, emphasizing: "The Ministry of Energy indeed has a proposal, and we will review it at the government committee meeting on November 18."
The Ministry of Energy stated that the potential restrictions are reasonable due to expected energy shortages in certain areas. The department explained, "It is wise to prohibit cryptocurrency mining in regions critical to regulatory and financial parameters and in areas with electricity price subsidies during anticipated energy shortages." (Bitcoin.com)
Voices
Elon Musk: Starting to feel that DOGE (Department of Government Efficiency) has real potential
Odaily Planet Daily reports that Elon Musk stated on X that he is starting to feel that DOGE (Department of Government Efficiency) has real potential.
Cathie Wood: At the current price of $90,000, Bitcoin is still a good investment
Odaily Planet Daily reports that ARK Invest CEO Cathie Wood recently reiterated her bullish prediction for Bitcoin prices in an interview, insisting that despite market volatility, the company's forecast for 2030 remains unchanged.
She stated, "In the base case, Bitcoin's value is expected to be around $650,000 by 2030. In a bull market scenario, it could range between $1 million and $1.5 million."
These Bitcoin price predictions were first introduced in Ark Invest's 2023 Big Ideas report released last February. Unlike the single prediction in earlier reports, the company presented three scenarios. Based on the most likely assumptions, the "base case" predicts Bitcoin will reach $682,800 by 2030, while the "bear market case" estimates a price of $258,500, and the "bull market case" anticipates Bitcoin could rise to $1.48 million.
Wood emphasized that at the current price, Bitcoin is still a good investment, stating, "Remember, we were the first public asset management company to invest in Bitcoin at $250 in 2015."
She further explained, "With Bitcoin currently priced at $90,000, we believe there is still a long way to go. Why? First, we are gaining regulatory relief here, which I think is one of the most important initiatives of the new government. We will receive regulatory relief for various innovations, including healthcare.
Another thing is that we now view Bitcoin as a new asset class, not just a global currency system, but a new asset class, which means that institutions and asset allocators will typically say, 'Wait a minute, this asset behaves differently from all our other assets, and we need to include it.'"
Wood cited Bitcoin's historical performance during halving cycles, predicting that as inflation decreases and halving events reduce supply, Bitcoin will continue to maintain its upward momentum. (Bitcoin.com)
Odaily Planet Daily reports that Coinbase CEO Brian Armstrong stated on X that the Department of Government Efficiency (DOGE) is a once-in-a-lifetime opportunity to increase economic freedom in the U.S. and restore government size to a healthy state.
The Founding Fathers were geniuses, but they may have overlooked the adverse incentives of expanding the size of democratic government over time (winning elections by promising more free stuff).
To prove this in the future, we may need a constitutional amendment to limit total government spending (for example, to 10%), or find a way to coordinate incentives (as Buffett suggested, an unbalanced budget would disqualify all congressional members who voted for it from re-election).
Ideally, the government should have a way to temporarily control spending (for example, during wartime), but still have appropriate incentives to prevent spending from spiraling out of control in the long term. One example is a U.S. sovereign wealth fund, where every citizen has a share (perhaps people could buy more on demand), and any budget surplus would pay dividends. Then every citizen would have a share, and perhaps Congress would receive a slightly larger share.
What are the best ideas to align incentives with long-term fiscal discipline?
Anthony Pompliano: A global Bitcoin arms race is underway
Odaily Planet Daily reports that asset manager and investor Anthony Pompliano recently stated that a global "arms race" for Bitcoin among sovereign nations and governments has begun.
Pompliano said on Yahoo Finance that market participants believe that elected President Trump will keep his campaign promise to establish a Bitcoin strategic reserve, which aligns with America's best interests and prevents being "outpaced by other countries."
Pompliano asserted, "There is currently a Bitcoin race happening globally. Whether you are a local, state, or federal government official, you should find ways to incorporate as much Bitcoin as possible into your balance sheet. This is not like gold, which we can dig more of from the ground."
He explained that the race to adopt Bitcoin is primarily driven by currency devaluation, noting that U.S. residents have lost about 25% of their purchasing power over the past five years. (Cointelegraph)
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