Today's News Highlights:
SEC Qualifies: Meme Coins Are Not Securities, Investors Must Bear Risks
US Stock Market Close: Nasdaq Plummets 2.7%, Nvidia Drops Over 8%
OpenAI GPT-4.5 API Officially Launched
Binance to Launch 6 USDC Perpetual Contracts Including KAITO and IP, Supporting Up to 25x Leverage
Uniswap Integrates Robinhood, MoonPay, Transak, Launches Fiat Withdrawal Feature
BTC Briefly Drops Below $79,000, Down 8.61% in 24 Hours
Regulation/Macro
SEC Qualifies: Meme Coins Are Not Securities, Investors Must Bear Risks
The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance has issued guidance on meme coins, stating that meme coins generally do not meet the definition of securities under securities law and are not subject to federal securities regulation. The SEC believes that meme coins are primarily used for entertainment, social, and cultural purposes, with their value driven by market demand and speculation, similar to collectibles, and typically lack practical use or function. Therefore, the buying and selling of meme coins do not involve the issuance or sale of securities under the Securities Act and do not require registration or applicable registration exemptions. The SEC cited the Howey test standard, indicating that trading in meme coins does not involve investing in a business and there is no reasonable expectation of profit from the efforts of others. The price of meme coins is mainly determined by market speculation rather than the management or operational activities of the issuer. However, the SEC warned that if certain meme coins actually constitute securities or involve fraudulent activities, they may face enforcement actions under other federal or state laws.
The Hunan Provincial Financial Committee Office, Hunan Provincial Financial Work Committee, and Hunan Provincial Local Financial Administration's official WeChat account disclosed a fundraising fraud case involving the GBC platform. Zhou, Tong, Wu, and others commissioned Chengdu Xingyi Network Technology Co., Ltd. to design the GBC platform software for computer clients and mobile apps. Wu falsely claimed that GBC coins and wealth coins were blockchain virtual currencies, developing downlines in places like Jinshui District, Zhengzhou. By the time of the incident, the "GBC" platform had developed 47 levels of members, involving 59,548 member accounts, with funds flowing in and out totaling 3.408 billion yuan, of which 40,480 member accounts suffered losses totaling 629 million yuan. The main criminal profited over 226 million yuan through fundraising fraud on the GBC platform. Investigations revealed that the GBC platform's system generated digital symbols out of thin air, with no economic value. The Zhengzhou Intermediate People's Court ruled that based on the facts, nature, circumstances of the crime, and the degree of harm to society, the involved individuals were sentenced to prison terms ranging from fifteen to thirteen years.
China Asset Management (Hong Kong) Successfully Launches Asia-Pacific's First Retail Tokenized Fund
According to the WeChat account of China Asset Management Hong Kong, the company announced today the launch of Asia-Pacific's first retail tokenized fund - "China Hong Kong Dollar Digital Currency Fund" ("the Fund"). The Fund primarily invests in Hong Kong dollar-denominated short-term deposits and high-quality money market instruments.
US Stock Market Close: Nasdaq Plummets 2.7%, Nvidia Drops Over 8%
U.S. stocks closed lower on Thursday, with the Dow initially down 0.45%, the S&P 500 down 1.59%, and the Nasdaq down 2.78%. Chip stocks were hit hard, with Nvidia (NVDA.O) closing down 8.4% and Broadcom (AVGO.O) down 7%. Tesla (TSLA.O) fell 3%, Strategy (MSTR.O) down 8.82%, and Coinbase (COIN) down 2.16%. The Nasdaq China Golden Dragon Index fell 0.9%, with Alibaba (BABA.N) down 1.7%.
SEC Plans to Withdraw Enforcement Lawsuit Against ConsenSys and Its MetaMask
According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) plans to withdraw its enforcement lawsuit against ConsenSys' wallet tool MetaMask. ConsenSys CEO Joe Lubin stated on the X platform that the case requires approval from SEC commissioners, but the company welcomes this decision and emphasizes that it has been prepared for a long-term fight. The SEC sued ConsenSys in June 2024, accusing MetaMask of being an unregistered securities broker and illegally providing securities trading services. Prior to this, the SEC had concluded its investigation into Ethereum 2.0. This withdrawal is the latest action in the SEC's adjustment of its crypto regulatory strategy under the new acting chair Mark Uyeda, who has previously withdrawn related cases against Coinbase, Gemini, Robinhood Crypto, Uniswap Labs, and OpenSea, and paused lawsuits against Binance and the Tron Foundation. Lubin expressed support for the SEC's new leadership's "innovation-friendly, investor-focused" approach and will continue to collaborate with policymakers to promote the development of the U.S. crypto industry.
Financing/Sales
Insiders: BitMEX Seeks Sale, Has Engaged Investment Bank Broadhaven to Assist in the Transaction
According to CoinDesk, the crypto trading platform BitMEX is seeking a sale and has engaged boutique investment bank Broadhaven Capital Partners to assist with the sales process since the end of last year. BitMEX, established in 2014, is known for launching perpetual contract trading. Insiders revealed that the exchange is looking for buyers, which is expected to spark interest in mergers and acquisitions within the industry. Currently, the crypto derivatives market is actively consolidating, with Kraken and Coinbase bidding for Deribit, and FalconX acquiring Arbelos Markets to expand its derivatives business. BitMEX was previously charged in 2020 for insufficient anti-money laundering measures and subsequently pleaded guilty. Co-founders Arthur Hayes, Ben Delo, and Samuel Reed resigned afterward.
Finisterra Labs Completes $3.75 Million Seed Round Financing, Led by Haun Ventures
According to Finisterra Labs' announcement, the company has completed a $3.75 million seed round financing, led by Haun Ventures, with participation from Lightshift Capital, to develop the decentralized data marketplace Baselight. Baselight aims to address data fragmentation, high access costs, and unfair profit models, providing a queryable, computable, and monetizable data platform for financial analysts, DeFi developers, AI teams, and more. The team plans to expand the data ecosystem, optimize the analysis engine, and deepen the integration of AI, finance, and blockchain to promote data democratization.
AI
OpenAI GPT-4.5 API Officially Launched
OpenAI product manager Nikunj Handa stated in the OpenAI developer community that the GPT-4.5 has been integrated into the API service. He mentioned that they are evaluating whether to continue providing it in the API long-term, as they need to balance supporting current features with building future models.
Project Updates
Binance to Launch 6 USDC Perpetual Contracts Including KAITO and IP, Supporting Up to 25x Leverage
Binance announced that it will successively launch the following USDC-denominated perpetual contracts from March 5 to March 7, all supporting up to 25x leverage: March 5, 18:00: KAITOUSDC Perpetual Contract; March 5, 18:15: IPUSDC Perpetual Contract; March 6, 18:00: TRUMPUSDC Perpetual Contract; March 6, 18:15: ADAUSDC Perpetual Contract; March 7, 18:00: PNUTUSDC Perpetual Contract; March 7, 18:15: HBARUSDC Perpetual Contract.
Bithumb to Launch SHELL KRW Trading Pair
According to Bithumb's announcement, Myshell (SHELL) is about to launch in the Korean won (KRW) trading market, supporting only Ethereum (Ethereum) network deposits and withdrawals. Myshell (SHELL) is a decentralized AI consumer layer based on the opBNB chain.
According to CoinDesk, the popular Ethereum wallet MetaMask has announced a new development roadmap focused on optimizing user experience, planning to launch smart contract accounts (CA), ERC-5792 batch trading features, and the MetaMask debit card. New features include the introduction of smart contract wallets, which support transaction recovery mechanisms compared to the current externally owned accounts (EOA) that rely on private keys, enhancing asset security. Additionally, MetaMask will support ERC-5792 batch trading, allowing users to approve and trade with one click, reducing gas fees and operational steps. The MetaMask team also announced that its debit card will be launched in some U.S. states in mid-March, having previously been trialed in the UK and EU. The card allows users to pay directly with crypto assets in their wallets and is compatible with the Mastercard network. Furthermore, MetaMask will add support for Bitcoin (BTC) and Solana (SOL), enabling users to manage multiple blockchain assets within the same wallet. The team stated that they will continue to optimize multi-chain integration to enhance the overall user experience.
Bybit Hacker Has Laundered Over 50% of Stolen ETH, Mainly Exchanging for BTC via THORChain
According to Spot On Chain monitoring, the Bybit hacker has laundered over 50% of the stolen ETH within a week of the attack, transferring a total of 266,309 ETH (approximately $614 million) over the past 5.5 days, accounting for 53.3% of the total stolen 499,000 ETH. The hacker primarily used THORChain to exchange for BTC, averaging a transfer of 48,420 ETH per day. Currently, there are still 233,086 ETH remaining, and if the current pace continues, the remaining funds are expected to be fully laundered within 5 days.
Web3 Dining Platform Blackbird Officially Launches Flynet Mainnet Based on Base Chain
According to CoinDesk, the dining loyalty platform Blackbird has announced the official launch of its Flynet mainnet, bringing restaurant payments and membership reward systems onto the blockchain. Flynet is a Layer-3 blockchain based on the Coinbase Base chain, designed to reduce transaction costs, eliminate intermediaries, and provide innovative dining reward models. Blackbird previously launched a payment platform allowing users to pay for meals using the $FLY token, which can be earned through restaurant spending or purchased with USDC. After the launch of Flynet, $FLY will still be used for payments, but restaurants can also use the token to pay platform fees. Additionally, Blackbird has introduced a new token, $F2, for network gas fees and plans to airdrop 13% of the supply to early users and restaurants. Blackbird has raised $85 million in funding, with investors including a16z, Coinbase, Spark Capital, and American Express. Currently, the platform has launched in New York, San Francisco, and Charleston, partnering with approximately 500 restaurants to promote the blockchain development of the dining industry.
Uniswap Integrates Robinhood, MoonPay, Transak, Launches Fiat Withdrawal Feature
Uniswap Labs has launched a native fiat withdrawal (off-ramp) feature, allowing users to convert crypto assets directly into fiat currency within the Uniswap wallet and deposit them into their bank accounts. This feature is achieved through integration with Robinhood, MoonPay, and Transak, and will be expanded to the Uniswap browser extension and official website in the future. Users can exchange supported ERC-20 tokens for stablecoins like USDC and ETH, and then quickly withdraw the funds. Uniswap Labs stated that this feature covers over 180 countries, significantly enhancing the liquidity between crypto assets and fiat currencies.
According to CoinDesk, crypto and AI company Olas has launched Mech Marketplace, a decentralized platform that enables AI agents to autonomously hire other AI agents to complete specific tasks, enhancing collaboration efficiency. Olas operates on multiple blockchains, including Ethereum, Solana, and Polygon, with the most active transactions occurring on the Gnosis Chain. Currently, nearly 2,000 AI agents are deployed within the Olas ecosystem, with about 500 active daily. Olas recently raised $13.8 million in funding and plans to launch an AI agent app store called Pearl, allowing users to own and manage their AI agents. Olas co-founder David Minarsch stated that current AI agents cannot independently complete all tasks, necessitating specialized division of labor and market mechanisms for transactions between AI agents. The Olas ecosystem has already seen over 4 million transactions, with more than half being interactions between agents. The Mech Marketplace allows AI agents to freely match demands without pre-setting specific interaction targets.
Coinbase and NEAR Establish Open AI Alliance to Promote Decentralized AI Services
According to CoinDesk, Coinbase, NEAR AI, and several blockchain and AI projects have jointly established the Open Agents Alliance (OAA) to leverage blockchain infrastructure to promote open artificial intelligence (AI) services. The alliance is committed to "ensuring secure, open-source, economical, and fair access to AI." Member organizations will provide AI agent frameworks, cloud hosting, and conversion channels for fiat/crypto, supporting developers in building and deploying AI tools.
Opinions
Ethereum co-founder Vitalik Buterin has reminded that many users' losses in crypto assets are not due to theft but rather due to software vulnerabilities, forgotten passwords, lost devices, or accidental damage to paper wallets. He pointed out that since there are no attackers to hold accountable, many victims are ashamed to discuss these losses, but such incidents occur frequently in reality. Vitalik emphasized that security solutions for crypto wallets should also consider asset loss issues and called for the promotion of social recovery mechanisms to reduce permanent losses of assets due to personal errors.
f2pool: Current Price, 30 W/T Miners Are Close to Breakeven Point
According to f2pool data, at a Bitcoin price of $80,000 and an electricity price of $0.06 per kWh, there is a significant difference in the electricity cost ratio among different miners. The 30 W/T miners are close to the breakeven point, while low-power, high-performance models are more competitive.
Important Data
According to CoinMarketCap data, in the past month, among the top 100 cryptocurrencies by market capitalization, 5 tokens including RAY, TRUMP, and WIF have fallen over 50%, including: Raydium (RAY): down 69.20%, currently priced at $2.07; OFFICIAL TRUMP (TRUMP): down 59.74%, currently priced at $11.23; dogwifhat (WIF): down 56.95%, currently priced at $0.5686; Virtuals Protocol (VIRTUAL): down 51.21%, currently priced at $0.9871; Bonk (BONK): down 50.96%, currently priced at $0.00001234; Movement (MOVE): down 49.42%, currently priced at $0.4206; Cronos (CRO): down 46.51%, currently priced at $0.06913; Bitget Token (BGB): down 46.43%, currently priced at $3.73; Solana (SOL): down 44.69%, currently priced at $129.55; Ethena (ENA): down 44.29%, currently priced at $0.3907; Dogecoin (DOGE): down 44.24%, currently priced at $0.1846; The Sandbox (SAND): down 43.96%, currently priced at $0.2902.
BTC Briefly Drops Below $79,000, Down 8.61% in 24 Hours
According to Binance market data, BTC briefly dropped below $79,000, down 8.61% in 24 hours, currently priced at $79,123.
500,000 SOL Transferred from Bybit to Unknown Wallet, Valued at Approximately $64.426 Million
According to Whale Alert monitoring, approximately 500,000 SOL (valued at about $64.426 million) was transferred from Bybit exchange to an unknown wallet at 15:09.
59,000 BTC and 529,000 ETH Options Will Expire Today, Total Notional Value of $5.78 Billion
According to data from Greeks.live, today there will be 59,000 BTC and 529,000 ETH options expiring, with a total notional value of $5.78 billion.
- BTC options: Put Call Ratio is 0.7, maximum pain point is $96,000, total notional value is $4.66 billion.
- ETH options: Put Call Ratio is 0.52, maximum pain point is $3,000, total notional value is $1.12 billion. The market is affected by the sharp decline in U.S. stocks and multiple security incidents, leading to a significant drop in major cryptocurrencies, with BTC's short-term implied volatility (IV) soaring to 90%, and ETH even surpassing 100%. Institutions previously predicted a lack of funds and hotspots in the February market, with options whales continuously selling short- to mid-term call options, and current market panic sentiment continues to spread.
Bitcoin Spot ETF Sees Net Outflow of $276 Million Yesterday, Marking 8 Consecutive Days of Outflows
According to SoSoValue data, on February 27, Eastern Time, the Bitcoin spot ETF saw a net outflow of $276 million in a single day, marking the eighth consecutive day of capital outflow.
- Grayscale GBTC saw an outflow of $7.2592 million in a single day, with a historical cumulative net outflow of $22.6262 billion.
- Grayscale Bitcoin Mini Trust ETF had an outflow of $5.5429 million, with a historical net inflow of $1.045 billion.
- Bitwise ETF BITB became the ETF with the highest inflow for the day, with a net inflow of $17.6492 million, and a historical cumulative net inflow of $2.075 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $94.302 billion, accounting for 5.69% of Bitcoin's total market capitalization, with a historical cumulative net inflow of $36.847 billion.
ETH Drops Below $2,100, Down 9.71% on the Day
According to OKX market data, ETH has just dropped below $2,100, currently priced at $2,097.65 per coin, down 9.71% on the day.
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