Today's News Highlights:
The US SEC has officially revoked the cryptocurrency accounting policy SAB 121
Trump: The US will become the global capital of artificial intelligence and cryptocurrency
Binance will launch VINEUSDT and PIPPINUSDT perpetual contracts
OKX will launch ARC, SWARMS, and COOKIE perpetual contracts
Bithumb will launch AERO and SOLVE in the Korean won market
Zhao Changpeng: I have never purchased meme coins or NFTs, but that doesn't mean I oppose them
Regulation/Macro
Scammers exploit Trump TRUMP token hype, stealing over $857 million through four fake tokens
According to Beincrypto, scammers took advantage of the hype surrounding the TRUMP token released by Trump last week, sending fake coins to wallets associated with the TRUMP team and its creators, leading cryptocurrency traders closely monitoring these wallets to mistakenly purchase these worthless tokens. They believed that the Trump meme coin team intended to buy these tokens and had insider information. The scammers anticipated this behavior and profited from it. According to Global Ledger, the four scam tokens related to Trump have generated at least $857.5 million in revenue. These tokens—JMilei, MELON, WTRUMP, and PUTIN—have been cashed out on several major exchanges. Further investigation revealed that the PUTIN, KING, and BUFFET tokens are associated with the same deposit wallet on Binance. These wallets have collectively withdrawn $91.3 million. This pattern suggests that the same entity or group may have created and cashed out these tokens.
According to a tweet by American political commentator Brian Tyler Cohen on X platform, Republican congressman Andy Ogles is currently proposing a constitutional amendment that would allow Trump to run for a third term.
The US SEC has officially revoked the cryptocurrency accounting policy SAB 121
According to official news, the US Securities and Exchange Commission (SEC) announced the revocation of the cryptocurrency accounting policy SAB 121 in its latest employee accounting announcement No. 122. The document revokes the interpretive guidance contained in Topic 5.FF, titled "Accounting for an Entity's Obligation to Safeguard Crypto Assets Held for Its Platform Users." Entities should fully retroactively revoke Topic 5.FF in annual periods beginning after December 15, 2024. Additionally, the SEC emphasized that entities are still obligated to disclose risks related to the custody of crypto assets in accordance with existing regulations.
According to Jinshi, citing Fox Business News, Trump signed an executive order establishing a presidential digital asset market working group tasked with developing a federal regulatory framework for managing digital assets (including stablecoins) and assessing the creation of a strategic national digital asset reserve. The working group will be chaired by the White House's "AI and Cryptocurrency Czar" David Sacks, with members including the Secretary of the Treasury, the SEC Chair, and heads of other relevant departments and agencies. The executive order directs departments to propose recommendations to the working group regarding any regulations and other agency actions that should be revoked or modified affecting the digital asset sector. Furthermore, the executive order prohibits agencies from taking any action to establish, issue, or promote central bank digital currencies (CBDCs). The order also revokes the previous administration's "Digital Asset Executive Order" and the Treasury's "Framework for International Engagement on Digital Assets," stating that these two executive orders stifled innovation and harmed America's economic freedom and global leadership in digital finance.
Financing
Decentralized autonomous AI agent network MinionLab completes $2 million Pre-Seed funding round
Decentralized autonomous AI agent network MinionLab has completed a $2 million Pre-Seed funding round led by Jsquare and Capital6 Eagle.
The funds will be used to expand the Minion network. MinionLab will launch more Minions to a broader user base, ensuring wider coverage and more diverse data collection; the AI module team will develop dedicated modules to tackle tasks such as multi-step website navigation, advanced data extraction, and other complex use cases; and develop the ecosystem through partnerships with AI startups, research institutions, and established companies. It is reported that Minions are autonomous AI agents running on user devices. Previously, the decentralized autonomous AI agent network All Stream AI announced its official rebranding to MinionLab.
Bitcoin payment startup Breez completes $5 million funding round
Bitcoin payment startup Breez announced the completion of a $5 million funding round, with participation from Entrée Capital, ego death capital, Plan ₿ Fund, and Timechain. Breez aims to integrate Bitcoin payment functionality into every application, and over 40 applications have implemented the Breez SDK in production or testing phases within the 18 months since its launch. The company is also preparing to launch Misty Breez, a reference application that showcases a user-friendly Lightning UX through its node-less implementation and SDK.
Solana ecosystem crypto derivatives exchange Ranger Protocol completes $1.9 million funding round
Solana ecosystem crypto derivatives exchange Ranger Protocol has completed a $1.9 million funding round led by RockawayX, with participation from Asymmetric, Big Brain Holdings, RISE Capital, and Anagram. This funding round was completed in December last year, with a valuation of $30 million. Ranger Protocol co-founder Coby Lim stated that the protocol is currently planning to add new product lines that will allow customers to use AI-assisted trading strategies, with AI expected to be launched in "the coming quarters."
Shared sorter solution Radius completes $7 million seed funding round, led by Pantera Capital
Shared sorter solution Radius announced the completion of a $7 million seed funding round, led by Pantera Capital. Radius is a trustless sorting layer that provides sorting as a service and cross-rollup interoperability solutions for dedicated blockchains called rollups. In 2025, Radius will launch Lighthouse to help Rollups capture MEV revenue, and by 2026, Radius plans to expand on Ethereum to increase revenue opportunities.
Decentralized protocol Swarm Network completes $3 million seed funding round
Decentralized protocol Swarm Network announced the completion of a $3 million seed funding round, led by y2z Ventures and Zerostage. Swarm Network is a decentralized protocol that converts raw off-chain data into verifiable on-chain information in real-time. By integrating AI agents, human intelligence, and zero-knowledge proofs, it rewards integrity and promotes transparency.
AI
According to Jinshi, OpenAI released its first AI agent tool, Operator, on Thursday, which can execute web-based operations on behalf of users. Additionally, OpenAI founder Sam Altman stated that a free version of ChatGPT will be launched, called O3-mini.
Trump: Developing artificial intelligence requires doubling US energy supply
President Trump: To achieve the scale we expect for artificial intelligence, the US needs to double its current energy supply. The energy emergency declaration is aimed at accelerating the regulatory approval process in the US. We will allow for the very rapid construction of energy plants that can use any fuel necessary. If companies produce products in the US, the corporate tax rate will be reduced to 15%.
Trump: The US will become the global capital of artificial intelligence and cryptocurrency
According to Solid Intel, President Trump mentioned cryptocurrency in his latest speech, stating that the US is committed to becoming the world capital of artificial intelligence and cryptocurrency.
Project Updates
Binance will launch VINEUSDT and PIPPINUSDT perpetual contracts
Binance Futures announced the launch of USDⓈ-based VINEUSDT and PIPPINUSDT perpetual contracts, supporting up to 25x leverage. The specific opening times are: VINEUSDT perpetual contract will launch on January 24, 2025, at 18:00 (Beijing time), and PIPPINUSDT perpetual contract will launch at 18:15 (Beijing time). Additionally, Vine Coin and Pippin have been listed on Binance Alpha Market.
OKX will launch ARC, SWARMS, and COOKIE perpetual contracts
OKX announced that it will officially launch ARCUSDT, SWARMSUSDT, and COOKIEUSDT perpetual contracts on January 24, 2025, from 19:00 to 19:30 on the web, app, and API. The specific opening times are: ARCUSDT contract trading will open at 19:00, SWARMSUSDT contract trading will open at 19:15, and COOKIEUSDT contract trading will open at 19:30.
According to X user TCB, THORChain is currently in a state of insolvency. Data shows that THORChain's current liabilities include $97 million in loans (ETH and BTC) and about $102 million in savings and synthetic assets, while available assets are only $107 million in external liquidity. TCB stated that THORChain's loan obligations are fulfilled by minting and selling RUNE tokens, a design that has led to high reflexivity, exacerbating the problem. After repaying $4 million in RUNE debt yesterday, the protocol has incurred additional millions in RUNE debt. Validation nodes have paused network operations and are voting on a restructuring plan. THORChain faces two options: one is to maintain the status quo, where about 5-7% of the value will be extracted by the first exiters, causing RUNE to continue to decline; the other is to declare a debt default, retain valuable parts through bankruptcy restructuring, and gradually repay creditors without affecting the protocol's viability. TCB recommends adopting the second option to protect liquidity providers' rights, maintain network value, and achieve long-term development. Market data shows that THORChain (RUNE) is currently priced at $2.27, with a 24-hour decline of 29%. Update: X user TCB released the latest explanation, stating that the THORChain network is still operational, only the savings and loan functions have been suspended.
Video sharing platform Rumble is set to launch Rumble Wallet, supporting Bitcoin and USDT
Chris Pavlovski, founder and CEO of the video sharing platform Rumble, which is invested by Tether, stated on X platform: "Rumble Wallet is confirmed to be launching soon, a major internal project that creates a new way for creators to transact." Screenshots released about the wallet show that the wallet balance is displayed in USDT and Bitcoin. Additionally, Rumble's official X account stated that creators will be able to receive tips and subscriptions in BTC or USDT through Rumble Wallet.
Blast merges operations with Arcade Research and launches Blast Mobile app
Ethereum Layer 2 network Blast announced on X platform that it is merging the operations of Arcade Research and the Blast Foundation into a streamlined structure managed by Pacman. Additionally, Blast has launched Blast Mobile, offering over 50% annual percentage yield (APY) in USD. The earnings from Blast Mobile come from Blast's own revenue (currently 11.5%, provided by Maker revenue) and BLAST rewards. Earnings are paid in BLAST, so the APY will fluctuate based on market prices. Blast Mobile is the iOS of the cryptocurrency space. It allows users to use funds within the app without leaving their wallets or creating separate wallets for each application. Initially, applications created by the Pacman and Arcade Research teams will be released, followed by a gradual rollout of more whitelisted applications until the whitelist is eventually lifted, with more applications on the way.
Bithumb will launch AERO and SOLVE in the Korean won market
According to the official announcement, the South Korean cryptocurrency exchange Bithumb will launch AERO and SOLVE in the Korean won market.
According to GMGN data, the market cap of the namesake Meme token ALON, created by Pump.fun co-founder Alon Cohen, once exceeded $260 million and has now fallen to around $140 million. Earlier today, Pump.fun co-founder Alon Cohen stated that he did not create the ALON token but has taken over the token's TG group and paid Dexscreener fees.
Opinions
Zhao Changpeng: I have never purchased meme coins or NFTs, but that doesn't mean I oppose them
Zhao Changpeng posted on X platform: "I can see both sides of the argument. But I can't say I know which side is right and which side is wrong. I think the bottom line is that in a decentralized world, no one is forcing anyone to buy (or not buy) meme tokens (or any cryptocurrency). If you don't want to, you don't have to participate. But others should also have their choices. I am a builder myself. I have never purchased meme coins (or NFTs). But just because I don't understand how to appreciate something doesn't mean I oppose it." Additionally, Zhao Changpeng shared a guide on "How to Issue Meme Coins on BNB Chain" and stated that he could recommend consulting teams. Previously, in November last year, Zhao Changpeng stated that he had no intention of attacking meme coin investments, only hoping to encourage more developers to participate in building.
Ethereum co-founder Vitalik Buterin published a new blog post titled "Scaling Ethereum L1 and L2 in 2025 and Beyond," pointing out that L2 currently faces two main challenges: 1. Scaling: Our blob space is barely sufficient to cover current L2 and use cases, far from meeting future demands. 2. The challenge of heterogeneity: each shard is created by different participants, and the infrastructure treats them as different chains, often following different standards, which translates into composability and user experience issues for developers and users. Buterin stated that abandoning L2 would sacrifice too many benefits of Ethereum's current social structure, so we should stick to the current route, primarily scaling through L2, but ensuring that L2 truly delivers on its promises. This means: 1. L1 needs to accelerate the scaling of blobs; 2. L1 also needs to moderately scale EVM and increase gas limits to handle the activities it will continue to have even in an L2-dominated world; 3. L2 needs to continue improving security; 4. L2 and wallets need to accelerate improvements and standardization of interoperability; 5. L2 deposit and withdrawal times need to become faster; 6. As long as basic interoperability needs are met, L2's heterogeneity is good; 7. We should clearly think about ETH's economics, ensuring that even in an L2-dominated world, ETH can continue to appreciate, ideally addressing various value appreciation models. The article mentioned that with the Pectra plan set to launch in March, it aims to increase the number of blobs to six per slot. Regarding ETH's economics, Buterin stated that a multi-pronged strategy should be adopted, covering all major potential value sources of ETH as a Triple Point asset (value storage asset, cash flow asset, consumable asset). Some key points of this strategy may include: 1. Broad consensus to establish ETH as the main asset of the larger (L1 + L2) Ethereum economy; 2. Encouraging L2 to support ETH with a certain proportion of fees; 3. Supporting rollup-based partial paths; 4. Increasing the number of blobs, considering setting a minimum blob price, and treating blobs as another potential source of income.
Riot Platforms' Vice President of Research Pierre Rochard posted on X platform: "The biggest obstacle to Bitcoin strategic reserves is not the Federal Reserve, the Treasury, banks, or Warren, but Ripple (XRP). Ripple is actively lobbying against Bitcoin strategic reserves and has invested millions of dollars to politicians in an attempt to hinder the plan. During the Biden administration, Ripple also attacked the Bitcoin mining industry in this way. It is clear that they want to protect their market promotional effects and push for the implementation of CBDCs based on that network."
According to The Block, data from Glassnode shows that Bitcoin's current price trend is very similar to the patterns of previous market cycles, particularly the 2015-2018 cycle. Glassnode's analysis of Bitcoin's historical market data highlights significant growth in early cycles. The first cycle began with the genesis block in 2009 and ended in 2011, during which Bitcoin's price increased by 80.51 times. The subsequent cycle from 2011 to 2015 saw a growth of 55.30 times. However, more recent cycles, such as 2015-2018 and 2018-2022, exhibited more moderate growth rates of 2.80 times and 3.31 times, respectively, reflecting a trend of diminishing returns as Bitcoin matures as an asset class. In the latest report, Glassnode noted that the current cycle's growth closely resembles that of the 2015-2018 cycle. During the corresponding phase of the 2015-2018 cycle, Bitcoin rose by 562%. Today, it has increased by approximately 630% from the 2022 cycle low of $15,000, indicating the potential for further growth. However, the scale of future increases remains uncertain. Bitget Wallet's Chief Operating Officer Alvin Kan made a speculative prediction that if Bitcoin could replicate the percentage increase of the 2015-2018 cycle, it could theoretically reach $1.7 million—a rise of 11,374% from previous lows. However, such predictions highlight the challenges of applying historical patterns to future scenarios. Kan stated: "While historical cycles provide valuable context, today's market environment is fundamentally different."
Vitalik Warns: Political Tokens are "Tools for Unlimited Political Bribery"
According to The Block, Ethereum co-founder Vitalik Buterin stated on social media on Thursday that political tokens could lead to "unlimited" bribery. Buterin's comments are part of a broader discussion about trends in the cryptocurrency industry, especially in the context of political leaders like President Trump embracing cryptocurrency. Buterin pointed out that certain parts of the industry conflict with each other due to their short-term and long-term values, comparing them to "highly addictive mobile games" and chess. Buterin wrote on X: "Over the past year, we are entering a new order, and now the most powerful people in the world are cheering for the idea of creating tokens for anything at any scale for anyone. Therefore, it is time to discuss the difference between those short-term 'sugar high' fun experiences that are not recommended for newcomers and the long-term sense of achievement and wealth accumulation. This is not to say that 'fun is bad,' but rather the distinction between modern highly addictive mobile games and chess or World of Warcraft. It is time to discuss the fact that large-scale political tokens cross another line: they are not just sources of fun, whose harms are limited to mistakes made by voluntary participants; they are tools for unlimited political bribery, including bribes from foreign governments." Recently launched large-scale political tokens include TRUMP and MELANIA, both associated with President Trump and First Lady Melania Trump. These tokens were launched before Trump took office as the 47th President of the United States on January 20 and experienced significant price drops shortly thereafter.
Important Data
Circle Mints 250 Million USDC, Total Minted 3.5 Billion USDC in a Week
According to Lookonchain monitoring, Circle minted an additional 250 million USDC 14 minutes ago. In the past week, Circle has minted a total of 3.5 billion USDC on the Solana network.
According to SoSoValue data, the total net inflow for Bitcoin spot ETFs yesterday (January 23, Eastern Time) was $189 million. Yesterday, Grayscale's ETF GBTC saw a net outflow of $49.944 million, with a historical net outflow of $21.752 billion. Grayscale's Bitcoin Mini Trust ETF BTC had a net inflow of $11.904 million yesterday, with a historical total net inflow of $1.108 billion. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, which had a net inflow of $155 million, bringing its historical total net inflow to $39.573 billion. Following that was Bitwise ETF BITB, with a net inflow of $42.1475 million, and its historical total net inflow reached $2.431 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $121.599 billion, with an ETF net asset ratio (market cap compared to total Bitcoin market cap) of 5.94%, and the historical cumulative net inflow has reached $39.420 billion.
A Trader Sold Part of ALON Purchased for $2,500 Last April, Realizing a Profit of $3.4 Million
According to Lookonchain monitoring, a trader invested 2,500 USDC to purchase 44.86 million ALON in April 2024 and held it. In the past four hours, he sold 28 million ALON for 13,534 SOL (worth $3.41 million), realizing a profit of $3.4 million.
Solana Becomes the First Blockchain in History to Exceed $200 Billion in Monthly DEX Trading Volume
Data from Defillama shows that Solana's ecosystem DEX had a trading volume of $226 billion in the past month, making it the first blockchain in history to exceed $200 billion in monthly DEX trading volume.
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