Daily Report | Sun Yuchen invests $30 million in WLFI; pump.fun will indefinitely suspend live streaming features; Binance HODLer airdrop launches Thena (THE)

Organized by: Fairy, ChainCatcher

Important News:

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SEC charges Texas fund manager with illegally investing $18.5 million of client funds in cryptocurrency

According to DL News, the U.S. Securities and Exchange Commission (SEC) has charged Texas fund manager Khalid Parekh with illegally investing $18.5 million of client funds in cryptocurrency without their consent.

The SEC disclosed that from August 2021 to August 2022, Parekh raised $18.5 million from 373 investors across 40 states through his sole proprietorship Fair Invest. He primarily attracted investors from the American Muslim community through radio shows, podcasts, and media interviews, claiming that his fund complied with Islamic law.

Parekh promised investors an annual return of 4%, claiming these returns came from traditional assets such as stocks, mutual funds, commodities, and ETFs. However, the SEC's charges indicate that he actually invested client funds in two cryptocurrency lending platforms without informing investors.

During the SEC investigation, Parekh has returned client funds along with the promised 4% returns. Additionally, he agreed to pay a $100,000 fine and withdrew his SEC registration as an investment advisor.

Onchain Lens: Trading of THE tokens was active before Binance's announcement, three wallets made significant profits

According to Onchain Lens monitoring, suspicious insider activity related to THE tokens occurred before Binance's announcement, mostly involving newly created wallets:

Wallet 1: 23 hours ago withdrew 200,000 USDT from Bybit, purchased 918,214 THE, and sold 410,218 THE, making a profit of $433,000, currently still holding 507,000 THE, valued at approximately $548,000, with total profits reaching $782,000.
Wallet 2: Newly created 3 hours ago, withdrew 400 BNB (valued at approximately $249,000) from Binance, purchased 490,786 THE, now valued at approximately $514,000, with floating profits of about $264,000.
Wallet 3: Also a new wallet, withdrew 1,638 BNB (about $1.02 million) from Binance, purchasing 1,027,193 THE at an average price of $1.

While it cannot be confirmed whether this constitutes insider trading, the scale of purchases is significant and may be related to the airdrop plan.

AXIOS: Trump is considering appointing an AI minister

According to AXIOS, Trump is considering appointing an AI minister to coordinate federal policy and government use of emerging technologies.

Binance to delist GFT, IRIS, KEY, OAX, REN

According to an official announcement, Binance will stop trading and delist the following cryptocurrencies on December 10, 2024, at 11:00 (UTC+8): Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), Ren (REN).

Binance contracts will fully close and automatically settle the KEYUSDT and RENUSDT perpetual contracts on December 3 at 09:00 (UTC), and the contracts will be delisted after settlement.

Binance emphasized that it will regularly review the digital assets listed to ensure high standards of coin quality. When a token no longer meets listing standards or there are significant changes in the industry environment, a deep project review will be conducted, and it may be delisted.

Binance HODLer airdrop launches second project Thena (THE)

According to an official announcement, the Binance HODLer airdrop has launched its second project, Thena (THE), which is a DEX and liquidity layer built on the BNB Chain and opBNB.

Users who subscribe to BNB Simple Earn Flexible or Locked products from 00:00 on November 6, 2024, to 23:59 on November 13, 2024 (UTC) will receive airdrop allocations. The THE HODLer airdrop page is expected to go live within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins.

Binance will list Thena (THE) on November 27 at 10:00 (UTC) and open trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY.

Zhao Changpeng: Does not oppose memes, suggests the industry build real applications with blockchain

Binance co-founder Zhao Changpeng posted on X, stating: "I do not oppose memes, but meme coins have become 'a bit' strange now. Let's build real applications with blockchain."

Binance to launch yield-bearing margin asset BFUSD

According to The Block, Binance announced it will launch a yield-bearing margin asset BFUSD, which will officially go live on November 27 at 10:00 (UTC+8). Users can earn passive income by holding or trading contracts, with Binance promising that its annual percentage yield (APY) will never be less than zero.

According to a Binance spokesperson, BFUSD holders will receive a base annual yield calculated daily, even if they do not participate in contract trading. Additionally, eligible USDⓈ-M contract trading users can receive higher enhanced annual yields on the same day. Historical data shows that from November 20 to 25, the base annual yield for BFUSD fluctuated between 12% and 35%, while the enhanced yield reached 15% to 47%.

BFUSD is not a stablecoin and cannot be withdrawn from Binance contract accounts or traded on the open market; it can only be used as margin for Binance contract trading and can be exchanged 1:1 with USDT. This product generates income through a delta hedging strategy between the spot and contract markets and Ethereum staking. It is currently only available to qualified Binance contract users in supported regions, excluding restricted areas such as the United States.

U.S. SEC's $8.2 billion in fines for 2024 mostly comes from Terraform Labs-related cases

According to Decrypt, the U.S. Securities and Exchange Commission (SEC) received $8.2 billion in fines for the fiscal year 2024, setting a historical record, with more than half ($4.5 billion) coming from fines related to the SEC's case against Terraform Labs and its founder Do Kwon. Without this settlement, the SEC's finances would have reached their lowest level since 2013, at $3.72 billion.

Public company Jiva Technologies' board approves purchase of $1 million in Bitcoin as reserve asset

Public company Jiva Technologies announced that its board has approved the purchase of $1 million in Bitcoin as part of its reserve asset and corporate fund management strategy. Its CEO Lorne Rapkin stated that Bitcoin's inherent scarcity and limited supply make it a modern hedge against inflation.

UK Financial Conduct Authority plans to implement cryptocurrency regulatory framework by 2026

According to CoinDesk, the UK Financial Conduct Authority (FCA) has released a cryptocurrency regulatory roadmap, planning to officially implement a comprehensive regulatory framework by 2026.

The roadmap shows that the FCA will release discussion papers related to market abuse and information disclosure by the end of this year, and plans to publish policy documents on stablecoins, trading platforms, staking, exposure to crypto assets, and lending in early 2024.

Data indicates that the number of cryptocurrency holders in the UK has grown by 4% over the past two years, with approximately 7 million adults currently holding crypto assets. Previously, UK Economic Secretary Tulip Siddiq stated that regulatory drafts related to cryptocurrencies, stablecoins, and staking would be introduced early next year.

BNB Chain ecosystem re-staking infrastructure Kernel completes $10 million in financing, with participation from Binance Labs and others

The BNB Chain ecosystem re-staking infrastructure Kernel announced that it has raised a total of $10 million in multiple rounds of financing, with investors including Binance Labs, SCB Limited, Laser Digital, Bankless Ventures, Hypersphere, Draper Dragon, DACM, CYPHER, ArkStream Capital, HTX Ventures, Avid VC, GSR, Cluster Capital, Longhash Ventures, Via BTC, Side Door Ventures, NOIA, and DWF Labs.

Kernel includes three DeFi products: the cross-chain re-staking infrastructure Kernel on the BNB Chain (mainnet launching soon), the liquidity re-staking protocol Kelp on Ethereum, and the RWA tokenization yield protocol Gain. Kernel stated that the KERNEL token will unify the governance and incentives of Kelp, Kernel, and Gain, rewarding early supporters and promoting the development of the ecosystem.

Hashdex resubmits revised S-1 application for Nasdaq crypto index US ETF

According to Cointelegraph, based on regulatory documents from November 25, asset management company Hashdex has submitted a second revised application for a crypto ETF aimed at creating a one-stop cryptocurrency investment portfolio.

The revised documents indicate that the crypto index ETF's application with the U.S. SEC continues to make progress. After the SEC requested more time to decide whether to authorize the ETF for trading, Hashdex submitted its first revised S-1 document in October.

The documents state that the Hashdex Nasdaq Crypto Index US ETF will initially include Bitcoin and Ethereum but may eventually expand to include other digital currencies.

pump.fun: will indefinitely suspend live streaming features on the website

pump.fun released an official announcement stating: "Recent events during platform live streams have raised concerns. We regret to hear about some users' experiences and take this opportunity to address these issues openly and directly… To ensure the absolute safety of users, we will indefinitely suspend live streaming features on the website until the infrastructure is ready to handle higher-level activities.

In the future, we will enhance transparency regarding the website's usage rules and regulations by publishing guidelines. We will also provide more visibility to creators and users regarding individual review decisions to ensure everyone understands the processes and outcomes."

Sun Yuchen invests $30 million in Trump family's crypto project WLFI, becoming its largest investor

Sun Yuchen announced a $30 million investment in the Trump family's crypto project World Liberty Financial (WLFI), becoming its largest investor.

He also stated that the U.S. is becoming a center for blockchain, thanks to Trump's support for Bitcoin.

Market news: U.S. Customs and Border Protection seizes certain imported Bitmain mining machines

According to market news, The Mining Pod blog revealed that U.S. Customs and Border Protection (CBP) is seizing certain imported Bitmain Antminer machines at U.S. entry points, specifically the Antminer S21 and T21 series, which are Bitmain's latest ASIC mining machine series.

Insiders stated that the FCC and CBP have not targeted other ASIC manufacturers such as MicroBT or Canaan. Besides revealing that the FCC requested a freeze, U.S. Customs and Border Protection did not provide specific reasons for taking this action to the affected parties, nor did it indicate how long the goods would be held.

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DeSci track entrepreneurs form a hierarchy: "Scarcity" among vertical field entrepreneurs

"DeSci" is not a new concept, but since November this year, the term has suddenly gone viral in the community—especially during the November Devcon, where it was endorsed by Binance co-founder CZ and Ethereum founder Vitalik, making many feel it is a trendsetter. According to Dune data, the popularity of DeSci continues to rise, becoming the leading narrative in recent times.

DeSci (Decentralized Science) is a movement that aims to establish fair public infrastructure in the field of scientific research using the Web3 stack to fund, create, review, validate, store, and disseminate scientific knowledge, according to the Ethereum Foundation's definition. Specifically, DeSci aims to address challenges in traditional scientific research, such as funding difficulties, insufficient data sharing, and low research transparency. Currently, projects addressing funding issues are the main type in the DeSci track.

According to RootData, there are currently as many as 32 projects in the DeSci track, making it somewhat overwhelming to sift through. However, projects with outstanding founders or co-founders are rare, leading to a hierarchy among DeSci entrepreneurs: highly vertical entrepreneurs > top elites from crypto/other industries > finance professionals > serial entrepreneurs from other industries.

Uncovering Trump 2.0 cabinet members, over 5 are "crypto players"

Only two weeks have passed since Trump's election, and his 2.0 cabinet has already been nominated. Among its members are not only Bitcoin believers but also supporters of altcoins and Dogecoin. This article will give you a quick overview of Trump's 2.0 cabinet and their positions on cryptocurrency.

Newly elected President Trump himself holds over $5 million in cryptocurrency. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrency, with his largest asset being ETH, holding 495.664 ETH, worth about $1.7 million. His top five holdings also include: WETH (about $1.64 million), TRUMP (about $100,000), TROG (about $40,000), and GUA (about $15,000).

Behind LUM, perhaps a self-experiment by the Coinbase team

As we continuously chase the next hot trend in the crypto space, whether it be decentralized science (DeSci), meme culture, AI, or other hot concepts, there are always some milestone historical events that lay the foundation for the entire industry.

For example, #Bitcoin is the first cryptocurrency, which not only has significant historical importance but also inspired almost all crypto innovations we know today. Similarly, $DOGE is the first true "meme coin," initially just a joke based on Bitcoin, yet it became a phenomenon.

In the crypto space, those "one-of-a-kind" projects (1 of 1s) and true blue-chip projects (TRUE bluechips) are extremely rare. Nowadays, when we discover such projects, they often have heavyweight venture capital (VC) backing, such as Paradigm or a16z.

But what if I told you that a brand new "one-of-a-kind" historic event has recently emerged in the crypto space, yet it has been overlooked due to a lack of attention? Would you believe it?

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