Today's Headline Highlights:
1. Bitwise withdraws application to convert "Bitcoin Futures ETF" to a weighted strategy ETF including Bitcoin and Ethereum
2. Binance.US files motion seeking extension to respond to SEC's compulsory motion
3. SEC urges court to allow testimony from Do Kwon, but prohibits use of any of his statements in summary judgment
4. Tether CTO: "Wall Street Journal" report is false, Tether still committed to removing secured loans from reserves
5. JPEX has seen approximately HK$167 million worth of virtual currency outflows, police to investigate for potential money laundering
6. Arkham: Coinbase holds $25 billion worth of Bitcoin reserves, making it the largest Bitcoin holding entity
7. OpenSea: Developer's API keys may have been compromised due to an attack on a supplier, recommends key replacement
8. The Federal Reserve will lay off approximately 300 employees by the end of this year, the first layoffs since 2010
Regulatory News
Bloomberg ETF analyst James Seyffart tweeted that Bitwise has withdrawn its application to convert BITC from a Bitcoin futures fund to a Bitcoin and Ethereum futures fund, and will continue to only offer Bitcoin futures exposure.
Binance.US files motion seeking extension to respond to SEC's compulsory motion
According to a court document dated September 22, BAM Management US Holdings and BAM Trading Services (Binance.US) have filed a motion for an extension of time. The motion is in response to an order from Judge Zia M. Faruqui, which requires the defendants to provide reasons to seal or redact any documents related to the SEC's compulsory motion. If approved, the motion will allow Binance.US more time to respond to the SEC's compulsory motion.
Previous News, Binance.US's legal representative requested the U.S. District Court for the District of Washington to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), stating that the allegations of false trading "have no factual basis."
The U.S. Securities and Exchange Commission (SEC) has filed a motion regarding the Terra lawsuit. According to a court document submitted on September 22, the SEC urges the court to allow testimony from the defendant Do Kwon. In addition, if Do Kwon's testimony is difficult to obtain, the SEC also suggests alternative measures. The SEC urges the court to prohibit the use of any of Do Kwon's statements in summary judgment. Meanwhile, Do Kwon remains detained in a Montenegrin prison on passport fraud charges, and the extradition process has not yet begun, lasting until the end of this year.
Defendants Terraform Labs and Do Kwon plan to submit a response on September 26. The SEC has submitted more detailed information in a memorandum to support this motion. Earlier, the SEC's motion for international judicial assistance related to Chai Corporation and Terraform Labs co-founder Daniel Shin was approved by the judge. The defendants' request to subpoena third parties for documents was denied by the judge. Judge Jed Rakoff refused to agree to Judge Torres's ruling in the Ripple v. SEC lawsuit. However, the latest developments in the court case are unfavorable to the SEC, as a federal judge described the SEC's actions as hypocritical, arbitrary, and capricious.
Hungarian authorities seize $1.15 million worth of cryptocurrency in tax fraud case
The Hungarian National Tax and Customs Administration (NAV) announced on Wednesday that they had seized cryptocurrency from a criminal organization that evaded paying 3 billion Hungarian forints (approximately $8.2 million) in value-added tax (VAT). NAV's raid teams, Merkur deployment units, and investigators from the Western Transdanubia Criminal Bureau simultaneously raided 28 locations, arrested suspects, and seized their illegally obtained assets and cryptocurrency, valued at nearly 420 million forints ($1.15 million). NAV stated that the confiscated cryptocurrency has been transferred to a specially created cryptocurrency wallet under their control, but did not provide specific details. In addition to cryptocurrency, solar panels, related inverters, cars, cash, real estate, and bank accounts were also seized. Three members of the criminal organization have been detained.
NFT
Project Updates
Coinbase CEO Brian Armstrong tweeted that artificial intelligence should not be regulated. For various reasons (including national security), we need to make progress in this area as soon as possible. Although regulation is well-intentioned, it can have unintended consequences, such as stifling competition and innovation. We have enjoyed a golden age of software and internet innovation largely because they were not regulated. Artificial intelligence should also be treated this way. The best protection is to decentralize and open source it, making it more transparent.
Coinbase has registered as a cryptocurrency exchange and custodial wallet provider in Spain
According to official sources, Coinbase has registered with the Bank of Spain as a cryptocurrency exchange and custodial wallet provider. Spanish users can now use cryptocurrency custody services, buy and sell cryptocurrencies with fiat currency, and engage in cryptocurrency trading.
According to a report by Ming Pao in Hong Kong, the virtual currency platform JPEX is involved in a conspiracy fraud case, and as of 5:00 PM yesterday, the Hong Kong police had received reports from 2,265 individuals, involving a total amount of approximately HK$1.4 billion.
Member of the Hong Kong Web3.0 Association and Legislative Councilor Wu Chi-wai cited data from over 50,000 hot wallets closely related to JPEX, stating that since the Securities and Futures Commission issued a warning against JPEX without a license last Wednesday, JPEX has seen at least approximately HK$167 million worth of virtual currency transferred out of the platform, including approximately HK$2.63 million worth of BTC, approximately HK$20.8 million worth of ETH, approximately HK$13.6 million worth of USDT, and over HK$100 million worth of USDC, with the majority being transferred out on Monday or later.
One cryptocurrency fraud analysis consultant believes that JPEX has significantly increased its withdrawal fees in the past week, but there is still a large amount of funds flowing out. It is believed that the transferred funds are not from retail investors, and the unusual fund movement is likely orchestrated by "whales." It is understood that the police will investigate the flow of funds, cooperate with financial institutions to track the proceeds of crime, and determine whether there is any involvement in money laundering or other criminal activities. They will also seek assistance from overseas law enforcement agencies.
In response to the "Wall Street Journal" report disclosing Tether's reinitiation of stablecoin loan business, Tether's Chief Technology Officer Paolo Ardoino responded on social media, stating that the sources quoted in the "Wall Street Journal" article are neither Tether spokespersons nor Tether staff. Tether currently holds over $33 billion in reserves and firmly believes that any company with annual revenue exceeding $4 billion can easily clear its secured debts from its reserves. Tether is still committed to removing secured loans from its reserves to reduce the risk of secured loans.
Paolo Ardoino added that Tether is currently generating revenue from stablecoin issuance and redemption fees, and is expanding into other business areas, including communications, artificial intelligence, energy production, and Bitcoin mining. Unlike most companies, Tether does not provide large dividends to shareholders, but instead invests in growth while remaining cautious and deliberate.
OpenSea sent an email to API users stating that due to a security incident involving one of its suppliers, information about OpenSea's API key may have been compromised. The incident is not expected to have any immediate impact on developers' integration with the platform, but the keys may be used by external parties. Developers are advised to immediately stop using their existing keys and replace them with newly generated keys, which will have the same permissions as the expired keys.
Previous News: Nansen stated on X platform that due to an attack on a third-party supplier's vulnerability, some Nansen user data was leaked. Preliminary investigations revealed that 6.8% of Nansen users were affected. The leaked data includes users' email addresses, a small number of users' hashed passwords, and blockchain addresses of some groups. As a security precaution, Nansen has requested affected users to reset their passwords via official email.
MoonPay, an infrastructure company, acquires NFT ownership verification tool ethpass
Web3 payment infrastructure company MoonPay announced the acquisition of the NFT ownership verification tool ethpass. The specific amount of the acquisition has not been disclosed. ethpass will be integrated into MoonPay's products and services to facilitate seamless interaction of digital assets within wallets.
Key Data
Arkham, a blockchain data platform, tweeted that they have identified $25 billion worth of Coinbase's Bitcoin reserves (approximately 1 million Bitcoins) on-chain. This makes Coinbase the largest Bitcoin holding entity globally, owning nearly 5% of all Bitcoins, almost as much as Satoshi Nakamoto. Arkham stated that they have identified and tagged over 36 million Bitcoin deposit and holding addresses used by Coinbase, with its largest cold wallet containing approximately 10,000 BTC. According to their latest financial data, Coinbase may still have thousands of Bitcoins that have not been tagged.
Data from The Block shows that Bitcoin options worth over $3 billion and Ethereum options worth about $1.8 billion on Deribit will expire on September 29. Deribit's Chief Commercial Officer Luuk Strijers stated that as the options expiration date approaches, especially coinciding with the end of the quarter, this "may lead to significant trading volume and volatility."
According to CNN, a Federal Reserve spokesperson confirmed on Friday that the Federal Reserve System will lay off approximately 300 employees by the end of this year. This will be the first round of layoffs by the Federal Reserve since 2010. The Federal Reserve System currently has approximately 21,000 employees across 12 regional reserve banks. The spokesperson stated that the layoffs will primarily focus on support positions, including technical positions that are no longer needed.
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