Headlines
Citi Launches Token Service, Allowing Clients to Convert Deposits into Digital Tokens for Transfers
Citigroup Inc. announced the launch of "Citi Token Services," a new product that converts client deposits into digital tokens for immediate global transfers. The service is provided by Citi's Treasury and Trade Solutions department, which has been focused on using the service to enhance cash management and trade finance capabilities.
The company stated that the new product will rely on its own private blockchain, and clients will not need to set up their own digital wallets but can access the service through the bank's existing systems.
Citi has already tested this new service in collaboration with a canal authority and one of the world's largest shipping companies, Maersk. The pilot project demonstrated that the bank can transfer tokenized deposits to suppliers immediately based on smart contracts. (Bloomberg)
Insiders: Ant Group Plans to Withdraw from A&T Capital, Potentially Exiting the Cryptocurrency Field
According to insiders, Ant Group is planning to withdraw its investment from A&T Capital, a core investment in the cryptocurrency field for the Ant Group. It is currently unclear whether the venture capital firm will continue to operate or attract new investors. As of Monday afternoon, the company's website returned a timeout error to users. An Ant Group spokesperson did not respond to requests for comment. (Jinse)
Cryptocurrency
BTC Breaks 27000 USDT
According to OKX market data, BTC broke 27000 USDT last night, reaching a peak of 27415 USDT, with a 24-hour increase of 2.8%.
An Ethereum ICO Participant Deposits 6000 ETH into Kraken
According to Lookonchain monitoring, a whale address deposited 6000 ETH (worth approximately 9.96 million USD) into Kraken 50 minutes ago. It is reported that this address received 254,908 ETH (currently worth 422.6 million USD) when participating in the Ethereum ICO, with the ICO price of ETH at approximately 0.31 USD.
OKX Completes the 21st OKB Burn, Destroying a Total of 6,140,520.48 Tokens
According to the official announcement, OKX announced the start of the new quarterly OKB burn from June 1, 2023, to August 31, 2023. This is the 21st burn of OKB, with a total of 6,140,520.48 tokens burned and transferred to a black hole address. As of now, the cumulative number of OKB tokens burned is 70,182,835.18.
A Whale Buys Ether Call Options Worth $150 Million in the Past 24 Hours on Deribit
According to data from the options tracking website Greeks.Live, a whale purchased nearly 92,600 Ether call options on Deribit in the past 24 hours, with a nominal value of 150 million USD. (CoinDesk)
Project News
SEC Requests Court Approval to Inspect Binance.US
According to a court filing on Monday, the U.S. SEC is urging the Washington, D.C. court to approve an inspection of Binance.US and once again emphasizes Binance.US's lack of cooperation with the SEC's investigation. The company's custody, settlement, and brokerage services are said to violate federal securities regulations. (CoinDesk)
Earlier, the court approved the SEC's motion to unseal documents related to the Binance case, including "the SEC's motion for enforcement and other relief, as well as the opposition to the defendant BAM's motion for a protective order," "the proposed order for the SEC's motion for enforcement," and a series of accompanying statements.
Aave's Proposal to Deploy Freeze Stewards Across Multiple Chains Approved, Allowing Asset Freezing
Aave's proposal to deploy Freeze Stewards across multiple chains has been approved. Freeze Stewards allow administrators to freeze assets, which was previously deployed on Aave V3's Ethereum pool. The proposal aims to deploy this feature across multiple chains, including Optimism, Arbitrum, Polygon, Metis, and Base.
Retool Reveals Details of the $15 Million Theft at Fortress Trust
Retool has revealed details of the $15 million theft at Fortress Trust, with Google account cloud sync being a major factor in the breach. Snir Kodesh, Retool's engineering lead, stated, "Google Authenticator cloud sync became the attack vector. We initially had implemented multi-factor authentication, but due to a Google update, the previous multi-factor authentication quietly (to the administrator) turned into single-factor authentication." Sources indicate that the theft was the result of a phishing attack, prompting Fortress Trust to agree to sell the company to Ripple. (The Hacker News)
Aave Initiates Proposal to Increase GHO Borrowing Rate to 2.5%
Aave's governance page shows that Aave has initiated a proposal to increase the GHO borrowing rate to 2.5%, which will end on September 19. The proposal suggests raising the GHO borrowing rate from the current 1.5% to 2.5%, aiming to address anchoring issues and ensure its growth and market credibility. The current support rate for the proposal is 99.95%.
According to official sources, World App has released an update for bundled transactions, which eliminates a significant portion of L1 gas fees and reduces the load on Optimism by two-thirds through techniques such as batch processing and compression. It is reported that since the update was released, World App's daily transaction volume has exceeded 500,000.
Investment and Financing
Blockchain Capital Raises $580 Million for Two New Crypto Investment Funds, Backed by Visa
Blockchain Capital has raised $580 million for two new crypto investment funds, focusing on investing in crypto startups in the infrastructure, gaming, DeFi, consumer, and social sectors. This is one of the largest fundraisings in the crypto space this year and the largest in the 10-year history of the venture capital firm.
The company announced today that the two funds are the sixth early-stage fund and the first opportunity fund, with backing from payment giant Visa. Visa and PayPal also invested in Blockchain Capital's fifth fund in 2021, which was valued at $300 million. (The Block)
Crypto Custody Infrastructure Provider Bastion Completes $25 Million Seed Round, Led by a16z crypto
Crypto startup Bastion has completed a $25 million seed round, with a16z crypto leading the investment and participation from Nomura Group's Laser Digital Ventures, Robot Ventures, Not Boring Capital, and others.
Bastion, co-founded by former CTO Riyaz Faizullabhoy and Chief Security Officer Nassim Eddequiouaq of a16z crypto, also includes regulatory and compliance executives from cryptocurrency exchanges such as Kraken among its initial employees.
Arianna Simpson, a general partner at a16z crypto, stated in a release, "We've long believed that the space needs compliant, secure custody wallet infrastructure for NFTs and tokens to fully realize their potential in Web3. Bastion is building exactly that." (Bloomberg)
Regulatory Policies
According to a proposed updated guideline released by the New York Department of Financial Services (NYDFS) on Monday, cryptocurrency listings will face stricter restrictions, especially when targeting retail investors.
Under the consultation opinion proposed by NYDFS official Adrienne Harris, licensees need to assess the legal, reputational, and market risks of any new tokens. To mitigate these risks, licensees must also establish appropriate token delisting procedures.
Additionally, the regulatory agency has listed a "greenlisted tokens" which includes BTC, ETH, and stablecoins issued by PayPal and Gemini in this updated guideline. Licensees can list or custody these coins without encountering further regulatory obstacles. (CoinDesk)
Foreign Media: South Korean FSC May Consider Regulating the Cryptocurrency OTC Market
According to South Korean media reports, South Korea's Financial Services Commission (FSC) Vice Prosecutor Ki No-Seong and Park Min-woo, along with other key regulatory officials, attended a meeting on "criminal legal issues related to virtual assets," focusing on unregulated OTC markets. During the meeting, No-Seong called for the regulation of this market due to concerns about money laundering risks.
It is reported that South Korea's largest compliant crypto exchange platform, Upbit, has listed a total of 172 cryptocurrencies, while OTC trading platforms offer up to 700 cryptocurrencies. South Korean customs estimates that the scale of illegal transactions using cryptocurrencies reached $4 billion (approximately 56 trillion Korean won) last year. (Cointelegraph)
Personalities*Voices
The police arrested internet celebrity Lin Zuo yesterday, who is suspected to be related to the JPEX case named by the Securities and Futures Commission. It is understood that another internet celebrity, Chen Yi, has also been arrested. They are suspected of conspiracy to commit fraud, and the police conducted a search at "CYOTC" Chen Dayi's cryptocurrency exchange store in Wing On Plaza, Tsim Sha Tsui. It is reported that the police also targeted another entertainment industry figure, but the person was not in Hong Kong and could not be arrested.
JPEX was named by the Hong Kong Securities and Futures Commission as an unlicensed platform. The police stated that on September 14, they received relevant referrals from the Securities and Futures Commission and subsequently arrested four men and two women in various districts on suspicion of "conspiracy to commit fraud," and they are currently detained for investigation. The police stated that as of 2 p.m. yesterday, a total of 1,408 reports related to the incident had been received, involving an amount of approximately 1 billion USD. (Ming Pao)
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