Today's News Highlights:
U.S. SEC appeals Ripple case, requesting appellate court to re-examine relevant rulings
Solv Protocol has opened the SOLV airdrop eligibility inquiry channel
Ronin launches a $10 million ecosystem grant program
Bithumb to launch AGLD, CBK, HPO Korean won trading markets
Texas senator submits SB 778 bill to establish a state-level Bitcoin strategic reserve
ETF analyst: The next approved cryptocurrency ETF may be Litecoin
Regulation/Macro
According to South Korean media "Daily Economy," the South Korean cryptocurrency exchange Upbit has been notified by the country's financial authorities that it will face business suspension and rectification measures for violating customer identification systems (KYC) and other anti-money laundering obligations. The Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission notified Upbit on the 9th of this month about sanctions primarily focused on business suspension due to violations of the "Specific Financial Transaction Information Act." If the sanction is finalized, Upbit will restrict business related to new customers during the suspension period (up to 6 months), but existing users can still trade on Upbit. Upbit can submit a statement regarding this sanction to the FIU by the 20th of this month. The FIU will hold a sanction review meeting on the 21st of this month after receiving Upbit's defense to finalize the suspension period and other sanction matters.
According to CCTV, three informed sources revealed that the Biden administration is considering how to allow TikTok to continue operating in the U.S. One government official stated that officials are "exploring various options" to prevent TikTok from being banned this Sunday (January 19).
Latest data from Sensor Tower indicates that in the past seven days (local time from January 8 to January 14), Xiaohongshu's mobile app downloads in the U.S. increased more than 20 times compared to the previous seven days (local time from January 1 to January 7), and more than 30 times compared to the same period in 2024. From the beginning of the month to now, over one-fifth (22%) of Xiaohongshu's total downloads come from the U.S., while this proportion was only 2% in the same period of 2024. Additionally, data shows that in December 2024, Xiaohongshu's downloads in the U.S. increased by over 130% year-on-year.
Law firm Burwick Law initiates legal action against Pump.fun
According to a notice from Burwick Law, the law firm is initiating legal action on behalf of Pump.fun memecoin investors, claiming that investors suffered losses due to these tokens and may be eligible for compensation. Affected individuals can fill out a free survey form on their official website to participate in the case. Data shows that among the 14 million wallets interacting with Pump.fun, only 0.4% profited over $10,000, with the potential number of victims reaching millions. Burwick Law previously stated that it is not associated with any tokens using its name or image and emphasized its commitment to bringing accountability to the crypto industry. The current case focuses on potential fraud or manipulation related to the Pump.fun token.
Canary submits revised Litecoin ETF application, documents suggest possible engagement with SEC
Bloomberg ETF analyst James Seyffart tweeted that Canary Funds has submitted a revised S-1 application to advance its Litecoin ETF (exchange-traded fund) plan. Although the 19b-4 form (a key document to initiate the approval process) has not yet been submitted, the revised version may indicate that the SEC is engaging with Canary, which is a positive sign. If the Litecoin ETF is approved, it will provide investors with easier exposure to digital assets by tracking LTC prices. However, there is currently no clear timeline, and we must wait for the submission of the 19b-4 form and the SEC's formal response.
UK appoints Emma Reynolds as Minister for Economic Affairs to advance cryptocurrency policy
According to CoinDesk, the UK government has appointed Emma Reynolds as Minister for Economic Affairs, succeeding Tulip Siddiq, who resigned due to a corruption investigation. Reynolds will be responsible for digital assets, central bank digital currencies (CBDC), and broader financial policy. Previously, she served as managing director at TheCityUK and stated that the UK could learn from the EU's cryptocurrency policies. The UK is currently advancing stablecoin and cryptocurrency regulations, with relevant legislation expected to be introduced early this year.
VanEck submits on-chain economy ETF application to SEC
According to Cointelegraph, asset management company VanEck submitted an "Onchain Economy" ETF application to the SEC on January 15, 2025. The fund plans to invest over 80% of its assets in companies undergoing digital transformation and digital asset-related tools, including software developers, mining companies, cryptocurrency exchanges, payment companies, etc., but will not directly hold cryptocurrencies.
According to a statement from Nate Anderson, founder of the well-known short-selling firm Hindenburg Research, the company has decided to officially dissolve. Nate stated that the company has completed its final investigation project, including a Ponzi scheme case submitted to regulators. He plans to open-source Hindenburg's investigation methods and processes within the next six months to help more people understand and apply its model. In the statement, Nate expressed gratitude to the team, family, and readers, revealing that some team members will create a new research institution, while he will focus on personal life and new interests.
U.S. SEC appeals Ripple case, requesting appellate court to re-examine relevant rulings
According to the preliminary brief filed by the SEC, the U.S. Securities and Exchange Commission has appealed the Ripple case, focusing on the dispute regarding whether XRP sales constitute a securities offering. The SEC argues that the initial court made errors in interpreting securities law in certain rulings and requests the appellate court to re-examine the relevant decisions.
Texas senator submits SB 778 bill to establish a state-level Bitcoin strategic reserve
Texas Senator Charles Schwertner tweeted that he has submitted SB 778, proposing to establish the first state-level Bitcoin strategic reserve in the U.S. If the bill passes, it will position Texas as a leader in the digital economy and promote economic growth and freedom.
According to CoinDesk, eight blockchain associations in the U.S. have jointly established the North American Blockchain Association (NABA) to provide unified cryptocurrency policy recommendations to the federal government. Lee Bratcher, chairman of the Texas Blockchain Council (TBC), expressed optimism about the new government's friendly policies towards cryptocurrencies. Currently, more than half of TBC's funding comes from Bitcoin mining companies. Although the Texas power grid faces challenges in growth, it is expected that there will be no discriminatory restrictions on mining companies.
Ceasefire agreement in Gaza officially reached, to be implemented in three phases
According to Reuters, an informed official stated that Israel and Hamas have officially reached a ceasefire agreement for Gaza, which will take effect on January 19. The agreement outlines a six-week preliminary ceasefire phase, which includes arrangements for the gradual withdrawal of Israeli troops from central Gaza and the return of displaced Palestinians to northern Gaza. During this phase, Hamas will release 33 Israeli hostages, including all women (both soldiers and civilians), children, and men over the age of 50. Israel has stated that it will release all detained Palestinian women and children under 19 before the end of the first phase. Negotiations for the second phase of the agreement will begin on the 16th day after the start of the first phase, expected to include the release of all remaining hostages, including Israeli male soldiers, the establishment of a permanent ceasefire, and the complete withdrawal of Israeli soldiers. The third phase is expected to include the return of all remaining bodies and the commencement of reconstruction in Gaza under the supervision of Egypt, Qatar, and the United Nations.
ETF analyst: The next approved cryptocurrency ETF may be Litecoin
Bloomberg ETF analyst Eric Balchunas posted on the X platform that we have heard that the S-1 application for the Litecoin ETF has received a response from the SEC, which seems to confirm our prediction that Litecoin is most likely to become the next approved cryptocurrency ETF. That said, the new chair of the U.S. SEC has not yet taken office, which is a significant variable.
According to the New York Post, Trump is "open" to the idea of establishing a strategic reserve that includes U.S.-created digital currencies. The article states: "While many in the cryptocurrency community are cheering for Trump's upcoming executive order supporting cryptocurrencies, one proposal has sparked more controversy: establishing a 'America First' strategic reserve that prioritizes U.S.-created digital currencies such as Solana, USD Coin, and Ripple. In recent weeks, Trump has met with the founders of these digital currencies, and sources say he is open to this proposal. Industry insiders, who wished to remain anonymous, expressed concern that this move could undermine efforts to promote Bitcoin."
According to the Financial Times, pension funds are trying to purchase Bitcoin. Pension funds in Wisconsin and Michigan have become some of the largest holders of U.S. stock market funds focused on cryptocurrencies, while some pension fund management institutions in the UK and Australia have also made small allocations to Bitcoin through funds or derivatives in recent months. As of the end of September, the Wisconsin Investment Board became the 12th largest holder of BlackRock's Bitcoin ETF, with holdings valued at approximately $155 million. Michigan is the sixth largest holder of Grayscale's Ethereum ETF, with holdings worth $12.9 million, and is also the 11th largest holder of the ARK 21Shares Bitcoin ETF. Since U.S. Election Day, the UK pension consulting firm Mercer has received a large number of inquiries, as trustees do not want to be uninformed about this popular asset class. Most pension funds have turned to the regulated U.S. spot Bitcoin or Ethereum ETFs approved last year. In the UK, the pension consulting firm Cartwright facilitated the first Bitcoin transaction, with an undisclosed small pension plan directly investing approximately £1.5 million in Bitcoin, hoping to fill funding gaps through excess returns. Meanwhile, over 50 individual savers have expressed a desire to fully transfer their pensions to cryptocurrencies. Cartwright is exploring the possibility of establishing a Bitcoin fund with two multi-employer pension funds. Australia's AMP pension fund management company is also using Bitcoin to enhance returns. AMP senior portfolio manager Steve Flegg stated that although cryptocurrencies are high-risk and novel, their scale and potential cannot be ignored, so the AMP portfolio has made a moderate allocation to Bitcoin futures. However, funds allocating Bitcoin and other cryptocurrencies remain a minority in the pension industry, and most advisors are reluctant to recommend that clients venture into cryptocurrencies.
Financing
Crypto custody company Komainu completes $75 million financing, Blockstream CEO joins the board
Crypto custody company Komainu Holdings Ltd., supported by Nomura Holdings, announced that it has raised $75 million from Blockstream Capital Partners. This financing will be used to support Komainu's global expansion plans and integrate collateral management and tokenization technologies developed by Blockstream Corp., pending regulatory approval. Additionally, Blockstream CEO Adam Back will join Komainu's board, further strengthening the collaboration and technological integration between the two companies.
Project Updates
Solv Protocol has opened the SOLV airdrop eligibility inquiry channel
According to an official announcement, the Bitcoin staking protocol Solv Protocol has opened the SOLV airdrop eligibility inquiry channel. It is reported that SOLV will officially open for collection on January 17 at 17:00. The SOLV token will be listed on exchanges such as Binance, Bybit, and Hyperliquid at 18:00 on January 17. Unclaimed tokens will be returned to the community rewards and DAO treasury after 17:00 on March 18. Previously, it was announced that the SOLV airdrop eligibility inquiry would open at 17:00 on January 16.
Ronin launches a $10 million ecosystem grant program
The gaming blockchain Ronin has announced the launch of the "Ronin Ecosystem Grants" program, providing a total of $10 million in funding to support developers in innovating within the Ronin ecosystem. Individual projects can receive funding support ranging from $20,000 to $300,000, along with community exposure and opportunities to connect with other developers in the ecosystem.
Stability AI's official Twitter suspected of being hacked, beware of scams
Stability AI's official Twitter posted information related to the STAI token contract, suspected of being hacked, so beware of scams. Subsequently, multiple related CA information has been deleted.
Indian telecom giant Jio partners with Polygon to introduce Web3 to 450 million users
According to CoinDesk, Indian telecom and technology company Jio Platforms (JPL) has announced a partnership with Polygon Labs to introduce Web3 and blockchain services into its existing applications and services. JPL is a wholly-owned subsidiary of Indian energy giant Reliance Industries, led by Asian billionaire Mukesh Ambani. Polygon's advanced blockchain technology will help Jio provide decentralized digital services to 450 million users, promoting the rapid development of the Web3 ecosystem in India.
Bithumb to launch AGLD, CBK, HPO Korean won trading markets
According to Bithumb's announcement, Adventure Gold (AGLD), Cobak Token (CBK), and Hippocrat (HPO) will be launched on the Korean won trading market today, with trading starting at 18:00 (local time) on January 16, 2025.
Zilliqa mainnet has resumed normal functionality
According to Zilliqa's official announcement, the team has completed the mainnet recovery work after several hours of effort. The Zilliqa mainnet is now fully restored to normal functionality, and users can resume network transactions. Last night, Zilliqa stated that the failure to successfully upload transactions to the blockchain for processing was due to unsynchronized look-up nodes, and the issue is being resolved.
CoinList to launch Aligned token sale
According to CoinList's announcement, the Aligned token sale will start at 1:00 AM (Beijing time) on January 17, 2025, on a first-come, first-served basis. Aligned focuses on accelerating Ethereum scaling through faster and lower-cost zero-knowledge proof (ZK) verification. This sale is divided into two options, with token prices set at $0.03 and $0.04, and total FDVs of $300 million and $400 million, respectively. Participants must complete KYC, with a minimum purchase amount of $100 and a maximum of $480,000.
Binance Alpha adds LLM, SEKOIA, and PYTHIA
According to official news, Binance Alpha has added a new batch of project listings, including: LLM, SEKOIA, and PYTHIA. Project descriptions are as follows: LLM: A Solana memecoin about large language models; SEKOIA: On-chain VC terminal; PYTHIA: Connecting neurobiology, artificial intelligence, and the future.
Opinion
Singaporean crypto investment firm QCP Capital stated today that global markets rebounded last night following the release of a lower-than-expected Consumer Price Index (CPI) report, alleviating concerns about rising inflation. Bitcoin surged by 4.13%, reaching a high of $100,800, before stabilizing slightly below the $100,000 mark. The stock market also exhibited optimism, with the S&P 500 rising by 1.83% and the Nasdaq increasing by 2.27%. Yesterday, both Bitcoin and Ethereum spot ETFs experienced healthy inflows, with Bitcoin spot ETF inflows astonishingly reaching $723.2 million. The rapid recovery of inflows reflects strong institutional demand, indicating a promising future for the cryptocurrency market. In the options market, Bitcoin January call options dominated, with traders becoming increasingly bullish, eagerly purchasing contracts with strike prices between $100,000 and $110,000. As we approach March (currently, the highest open interest is for contracts with a $120,000 strike price), this is a positive sign. Given this momentum, is an altcoin season on the horizon? With Bitcoin's market share plummeting from 58.6% to 57.4%, profits are flowing into Ethereum and other altcoins, which are expected to perform better. To confirm the arrival of altcoin season, Bitcoin's market share needs to drop below the support level of 57.3%, while Bitcoin's price remains fluctuating around $100,000.
Gabriel Shapiro, founder of the crypto governance consulting firm MetaLeX, responded on social media that someone used a fake MetaLeX token to scam $55,000 and attempted to link it to this incident. He stated that the scammers had sent him messages through multiple accounts, requesting a refund of the $50 ETH previously transferred to a friend's account. After confirming, Shapiro refunded the amount and immediately severed the connection between his social accounts and the old address. He emphasized that he is not associated with the fake MetaLeX token and pointed out that he has never monetized his personal reputation or social influence through tokenization. He also mentioned that the scammers created a false association using this small transaction to lure some investors into purchasing the token. Shapiro expressed regret over this but insisted that he was completely unaware and would not damage his or MetaLeX's reputation for a mere $55,000. Previously, it was reported that the crypto governance consulting firm MetaLeX completed a $2.75 million seed round financing.
CryptoQuant CEO: Americans use Coinbase, the world uses Binance
CryptoQuant CEO Ki Young Ju posted on the X platform, stating: "Americans use Coinbase. The world uses Binance." Data shows that Binance dominates the markets in Asia, Africa, South America, the Middle East, and Europe, with Africa accounting for as much as 72%, South America 68%, and Europe and Asia both over 50%. In North America, Coinbase is the preferred choice with a 45% market share.
Important Data
WBTC recently released its annual review, stating that in 2024, WBTC's market cap peaked at $14.3 billion (on December 18), with daily trading volume surpassing $1.01 billion (on December 5), and daily transactions reaching 1,029,900, accounting for 75.8% of the Ethereum Bitcoin token market. Its transaction fees are as low as $0.03, and it has integrated over 10 new projects, expanding to seven new chains including Base and zkSync, achieving a multi-chain ecosystem layout. Since its launch in 2019, WBTC has maintained zero security incidents, solidifying its position as a leading Bitcoin tokenized asset in the DeFi ecosystem. In 2025, it will continue to focus on promoting cross-chain interoperability and DeFi innovative applications.
Data: Bitcoin spot ETF saw a net inflow of $755 million yesterday
According to SoSoValue data, on January 15 (Eastern Time), the total net inflow for Bitcoin spot ETFs was $755 million, marking the first net inflow after four consecutive days of net outflows. Among them: • Fidelity FBTC: Net inflow of $463 million, historical total of $12.506 billion • Ark Invest & 21Shares ARKB: Net inflow of $139 million, historical total of $2.535 billion • Grayscale GBTC: Net inflow of $50.54 million, historical total net outflow of $21.605 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $11.3637 billion, accounting for 5.76% of Bitcoin's total market cap, with a historical cumulative net inflow of $36.477 billion.
An address holding over 50 million USDT has been frozen
According to Whale Alert monitoring, an address holding 50,251,106 USDT (approximately $50,246,458) has just been frozen.
An address with a balance of 14 million USDT has been frozen
Whale Alert monitoring shows that at 4:02 AM Beijing time, an address with a balance of 14,000,000 USDT (approximately $14,002,344) was frozen.
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