Today's Headlines:
- Former Vice Chairman of Jiangxi Provincial Committee of the Chinese People's Political Consultative Conference, Xiao Yi, Sentenced to Life Imprisonment
- Coinbase: Invested in Circle, Both Parties Will Share USDC Reserve Interest Income
- OpenSea Pro to Charge 0.5% Platform Fee for All Orders Starting August 31
- Binance Labs Invests in zkWASM Virtual Machine Delphinus Lab
- Data: In the Past 24 Hours, friend.tech Protocol Fees Exceeded Lido Protocol, Second Only to Ethereum Network
- F2Pool Co-founders and Huang Licheng Purchase 24 BAYC and 17 BAYC Today
- Shibarium: Almost Ready to Reopen to the Public, New Monitoring System and Additional Fault Protection Enabled
- Bank for International Settlements: Regulating the Cryptocurrency Industry is More Desirable than Comprehensive Prohibition
Regulatory News
According to the CCTV News client, the Hangzhou Intermediate People's Court of Zhejiang Province publicly sentenced Xiao Yi, former member of the Jiangxi Provincial Committee and vice chairman of the Chinese People's Political Consultative Conference, for bribery and abuse of power. Xiao Yi was sentenced to life imprisonment for bribery, deprived of political rights for life, and all personal property was confiscated. He was also sentenced to six years in prison for abuse of power, with the decision to execute life imprisonment, deprivation of political rights for life, and confiscation of all personal property. The court also decided to confiscate the bribes and their proceeds sealed and seized in the case, and turn them over to the state treasury.
It was found through trial that from 2008 to 2021, Xiao Yi took advantage of his positions as director of the Jiangxi Provincial People's Government Office in Beijing, secretary of the Fuzhou Municipal Committee of Jiangxi Province, and vice chairman of the Jiangxi Provincial Committee to provide assistance to relevant units and individuals in project contracting, project development, and job promotion, and illegally accepted a total of more than 125 million yuan in bribes, of which over 57.82 million yuan has not been actually obtained. From 2017 to 2021, while serving as the secretary of the Fuzhou Municipal Committee, Xiao Yi, in violation of the new development concept and national regulations, provided assistance to enterprises engaged in virtual currency mining operations in fiscal subsidies, fund support, and power guarantee, causing significant losses to public property, the state, and the people, with particularly serious circumstances and extremely adverse effects.
Earlier on November 13, 2021, Xiao Yi, former vice chairman of the Jiangxi Provincial Committee of the Chinese People's Political Consultative Conference, was expelled from the Party for supporting illegal activities such as "mining" virtual currency; on December 29, 2022, Xiao Yi's bribery and abuse of power case was heard in the first instance, and Xiao Yi pleaded guilty in court.
The Bank for International Settlements (BIS) based in Basel published a study stating that so far, cryptocurrency assets have not reduced but amplified financial risks in underdeveloped economies. This technology can still be applied in various constructive ways, and regulation needs to guide innovation in these socially useful directions. The study suggests that considering the difficulties of enforcement and the risks of stifling innovation, regulating the cryptocurrency industry is more desirable than comprehensive prohibition.
NFT
OpenSea Pro to Charge 0.5% Platform Fee for All Orders Starting August 31
OpenSea Pro tweeted that with the adjustment of creator fees, a 0.5% platform fee will be charged for all OpenSea orders and sell orders created on OpenSea Pro starting from August 31. This adjustment is necessary to prevent market manipulation and maintain trade data as accurate as possible.
Metaverse
The Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Energy Administration, and the State Administration for Market Regulation issued a notice on the issuance of the "Implementation Plan for the New Industry Standardization Leading Project (2023-2035)." The "Implementation Plan" mainly focuses on the standardization work of emerging and future industries, forming the key areas of standardization in "8+9." Among them, the focus of emerging industries is on eight major areas including new generation information technology, new energy, new materials, high-end equipment, new energy vehicles, green environmental protection, civil aviation, and marine engineering equipment; the focus of future industries is on nine major areas including metaverse, brain-computer interface, quantum information, humanoid robots, generative artificial intelligence, biomanufacturing, future displays, future networks, and new energy storage.
Project Updates
Coinbase: Invested in Circle, Both Parties Will Share USDC Reserve Interest Income
According to the official Coinbase blog, USDC will be launched on six new blockchains between September and October. Coinbase will increase its support for stablecoins and has invested in Circle. Circle will have full control over the issuance and governance of USDC. Coinbase and Circle will also maintain a business partnership, and both parties will share the USDC reserve interest income.
Kraken Pro Has Launched PayPal Stablecoin PYUSD and Enabled Trading
Cryptocurrency trading platform Kraken Pro has announced the launch of the PayPal stablecoin PYUSD, with deposit and withdrawal functions enabled, and trading functions also available.
Starknet Mainnet Upgraded to Version 0.12.1
Starknet announced that version 0.12.1 has been launched on the mainnet, with changes including memory pool validation, inclusion of failed transactions, and built-in Keccak. This upgrade signifies the end of the "quantum leap" for the Starknet mainnet.
Earlier News stated that the Ethereum Layer2 scaling solution Starknet announced on Twitter that the Starknet mainnet will be upgraded to version 0.12.1 next week. This upgrade, as the second phase of the Starknet mainnet "quantum leap," aims to improve transaction efficiency.
Exactly Protocol tweeted that they are currently working with teams helping multiple protocols, including Euler Labs, to recover stolen funds. They have sent a message to the hacker on-chain, and if they do not receive a response by tomorrow, they will officially provide a $700,000 reward to the community to assist in capturing the hacker. According to earlier news, Exactly Protocol stated that the protocol has been unsuspended. Users can perform all operations, and no liquidation has occurred. The hacker attack only affected users using the peripheral contract (DebtManager).
According to Decrypt, Racer, co-founder of the decentralized social platform friend.tech, stated in an interview, "We initially launched the application for load testing, but we didn't expect the dApp to catch fire and spread rapidly. The team is currently urgently patching up some shortcomings. We want to take a breather and are excited about many things we can do in the future."
Racer also mentioned that the team is currently focused on expanding friend.tech's infrastructure, fixing errors, and establishing basic policies for the website. As for how to maintain the growth of friend.tech or protect it from increasingly serious legal issues, this must wait until the website stabilizes.
In addition, friend.tech announced on X platform (formerly Twitter) that Shares has been renamed to Keys. In fact, Shares was originally just a placeholder during the development process, and friend.tech believes that Keys better describes its use for unlocking in-app features such as friend chat.
Earlier, SlowMist Cosine stated that the wallet addresses of over 100,000 Twitter accounts corresponding to friend.tech were leaked, posing a risk of further privacy exposure. friend.tech responded to this issue, stating that the association between public wallet addresses and Twitter usernames is not a data leak.
South Korean cryptocurrency exchange Upbit to list CyberConnect (CYBER)
According to the official announcement, South Korean cryptocurrency exchange Upbit has announced the listing of CyberConnect (CYBER) on the BTC market, with trading expected to start at 15:00 local time on August 22. CYBER deposits will be supported within 3 hours after the release of this notice, and CYBER deposits will only be supported from the Ethereum network.
According to the official announcement, Shibarium, the Ethereum Layer2 network launched by Shiba Inu, has released the latest progress: "After two days of testing and parameter adjustments to achieve a 'ready' state, Shibarium has been enhanced and optimized. As mentioned earlier, it is still in testing but is producing blocks. In addition, a new monitoring system and additional fault protection have been enabled, including RPC-level rate limits and automatic server resets to prevent another surge of traffic. We are almost ready to reopen to the public. More validators will come online tomorrow to provide users with more choices, allowing users to stake BONE to share rewards. The testing is coming to an end, and we will be ready for public consumption again."
Earlier on August 18, due to unexpected traffic surge after the launch of Shibarium, the network entered a fault safety mode and stopped running to ensure fund security.
SlowMist: WinRAR Vulnerable to Remote Code Execution, Caution for Cryptocurrency Users to Upgrade
23pds, Chief Information Security Officer of SlowMist, stated on X platform that WinRAR has a remote code execution vulnerability (CVE-2023-40477). Attackers can exploit this vulnerability by luring targets to visit a malicious page or simply opening a malicious file, potentially allowing hackers to take control of the computer. Cryptocurrency users should be cautious and upgrade. Also, be aware that the so-called "WinRAR vulnerability detection tool" is also a malicious phishing program. Be cautious of financial risks.
Head of DWF Lab: Transferring CRV to Binance is for trading purposes
Regarding the event of DWF Labs transferring 2 million CRV to Binance, Andrei Grachev, head of DWF Labs, responded on Twitter: "Transferring 2 million CRV to Binance is not for liquidation purposes (selling now would be foolish), but for trading purposes. And more transfers may continue. Once we complete the plan, we will withdraw the CRV back to the chain."
It is reported that DWF Labs transferred 2 million CRV (valued at approximately $1 million) to Binance on August 19. Earlier, on August 1, DWF Labs spent 5 million USDT to purchase 12.5 million CRV from the founder of Curve through OTC trading, at a unit price of $0.4.
Investment and Financing
Binance Labs Invests in zkWASM Virtual Machine Delphinus Lab
According to the official announcement, Binance Labs has announced an investment in Delphinus Lab, an infrastructure provider in the zkWASM field. Delphinus Lab aims to develop the Web3 DApp ecosystem through dedicated application-specific extension services built on its novel zkWASM implementation. Delphinus Lab has implemented the first known open-source zkWASM virtual machine, supporting trustless computation and application SDK. The funds will be used for the continued development of zkWASM Hub, an application extension platform based on zkWASM, which provides automated proofs and batch processing services for Web3 application development.
Maple Finance Completes $5 Million Financing, Led by Tioga Capital and Blocktower Capital
Cryptocurrency lending protocol Maple Finance has announced the completion of a new $5 million financing round, led by Tioga Capital and Blocktower Capital, with other participating investors including GSR Ventures, Cherry Ventures, Veris Ventures, and The Spartan Group. The new financing will be used to expand Maple's global services, with a primary focus on strategic expansion in the Asia-Pacific region.
Mining News
Oman Invests $370 Million to Launch New Cryptocurrency Mining Center
According to Cointelegraph, the Sultanate of Oman has invested $370 million to launch a new cryptocurrency mining center in the Salalah Free Zone. The facility will be operated in partnership with local company Exahertz International and Dubai-based blockchain company Moonwalk International, as part of Oman's accelerated economic digitization plan.
The construction cost of the center is 135 million Omani rials (approximately $370 million), and it will utilize the latest hardware from Bitmain Technologies, with 15,000 machines expected to be installed by October 2023. Currently, the center is operating on a trial basis with 2,000 online machines consuming 11 megawatts of power.
Another mining center in the country opened in November 2022, with an investment of 150 million Omani rials ($389 million). In 2022, the commercial electricity price in the country was approximately $0.166 per kilowatt-hour.
Key Data
According to Bitinfocharts data, the address starting with bc1ql4 has accumulated 118,300.20 BTC in the past three months, worth approximately $3.1 billion, ranking third in holdings. Wu Shuo analyzed that the address may be Gemini's cold wallet address.
The address first received Bitcoin on May 9 and received the last large amount of Bitcoin (6,600 coins) on June 29. Apart from a small transfer out on May 10, there have been no other outgoing records. Earlier on June 15, it was observed that the address held 15,200 BTC, ranking fourth in holdings.
Data: Blur TVL Falls Below $90 Million, Down Approximately 50% from the Peak on June 26
According to DeiLlama data, Blur TVL has fallen below $90 million to $89.94 million, marking the lowest point since February 17 and a nearly 50% drop from the peak on June 26.
DefiLlama data shows that in the past 24 hours, the friend.tech protocol generated a total of $1.68 million in protocol fees, exceeding the fees of the Lido protocol ($1.61 million), Uniswap ($888,000), and the Bitcoin network ($392,000), and ranking second only to the Ethereum network ($3.45 million).
F2Pool co-founder has spent 574.1 ETH to purchase 24 BAYC today
Blur data shows that F2Pool co-founder Wang Chun has been gradually purchasing 24 BAYC NFTs, spending a total of 574.1 ETH.
Earlier today, Huang Licheng spent 390.68 ETH to purchase 17 BAYC.
Data: A whale has withdrawn 13,301 ETH from OKX since August 20, worth approximately $22.11 million
According to Lookonchain monitoring, the whale address starting with 0x3cee withdrew 13,301 ETH (approximately $22.11 million) from OKX after the market crash. By examining on-chain data, it was found that this address made three withdrawals from OKX on August 20 at 1:57 am, 2:00 pm, and today at 9:59 am.
In other news later today, an address has withdrawn a total of 14,275 ETH from Binance since August 17, worth approximately $24.45 million.
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PANews Launches Global LEAP Tour!
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