Today's Headline Highlights:

1. Founder of Tianqiao Capital: Every Wall Street company will have a Bitcoin ETF in the future, and Bitcoin is expected to rise in the next 10 to 20 years

2. FTX's plan to claim all open derivative positions will be displayed separately by project

3. Former external legal team of FTX questions involvement in fraud allegations

4. Hong Kong Legislative Council's Financial Affairs Committee: Will discuss the regulation of virtual asset platforms on October 9, with senior officials from the Securities and Futures Commission and the Financial Services and the Treasury Bureau expected to attend

5. Aave community initiates ARFC proposal to deploy "Aave V3 to zkEVM L2"

6. Hong Kong Police Force: Received 769 complaints of cryptocurrency "Ponzi schemes" in the first 7 months of this year, with victims losing over 400 million Hong Kong dollars

7. False APT tokens sold on Upbit, platform urgently retrieves from users

Regulatory News

Former external legal team of FTX questions involvement in fraud allegations

A law firm that previously provided services to FTX has refuted a class-action lawsuit alleging that the firm assisted the exchange in fraudulent activities. According to court documents filed on September 21, the U.S. law firm Fenwick & West denied all allegations of improper conduct related to legal services provided during FTX's operation. The plaintiffs argued that while Fenwick provided regular legal services within the scope of the law, Sam Bankman-Fried allegedly abused this advice to advance his fraudulent activities. They further pointed out that Fenwick's services to FTX went beyond the standard. Additionally, the document reiterated that Fenwick assisted in establishing companies for Bankman-Fried's fraud and provided advice to FTX on regulatory compliance issues in the evolving cryptocurrency environment. However, Fenwick argued that the firm should not be held responsible as it was not the sole legal representative of FTX. Fenwick played a relatively minor role in providing legal advice to the bankrupt exchange.

Financial Affairs Committee of the Hong Kong Legislative Council: Will discuss the regulation of virtual asset platforms on October 9, with senior officials from the Securities and Futures Commission and the Financial Services and the Treasury Bureau expected to attend

The Chairman of the Financial Affairs Committee of the Hong Kong Legislative Council, Lin Kin-fung, announced that the committee will discuss the regulation of virtual asset platforms on October 9, with senior officials from the Financial Services and the Treasury Bureau and the Securities and Futures Commission expected to attend. Lin Kin-fung also stated that many internet celebrities, including those promoting health products and financial products, are not clear about what they are promoting, and he believes that regulation is necessary, stating "It's not just about getting paid to promote, otherwise it may cause misleading and cause losses to the public."

Previously, JPEX case involved an increase in the amount and number of people, the Lithuanian subsidiary applied for license cancellation, and artist Zhuang Simin is under investigation.

NFT

Project Updates

False APT tokens sold on Upbit, platform urgently retrieves from users

According to @Definalist on X platform, scammers deposited fake APT tokens into Upbit, South Korea's largest exchange. After the fake tokens were deposited into numerous user accounts, many users sold them directly. It is reported that the Upbit customer center has been calling users who sold the fake APT tokens, requesting refunds. It is reported that Upbit announced the suspension of Aptos deposits and withdrawals at 4 pm today, citing wallet system maintenance, but multiple Korean users claimed that they received APT tokens.

According to @mingmingbbs' analysis, it seems that this was due to not checking the type parameters, and all transfers of the same function were identified as the same native APT token. Fortunately, the decimal point of the fake APT token is 6, not the 8 decimal points of the genuine APT, resulting in the value of the fake APT received by users being only $250, not $25,000. If the decimal point of the scam token were 8, all users would have received $25,000 instead of $250, causing thousands of users to sell APT worth $25,000, resulting in serious damage.

Former Ethereum advisor Steven Nerayoff: Ransom allegations against Vitalik are "false accusations" aimed at finding a scapegoat

Former Ethereum advisor Steven Nerayoff once again refutes ransom allegations made by Vitalik Buterin. Previously, XRP lawyer John Deaton revealed that he saw some receipts held by Nerayoff showing irregularities in the 2014 Ethereum ICO. Nerayoff claimed in a video that Vitalik and his father Dmitry Buterin orchestrated a "carefully planned" character attack on him in order to make him a scapegoat. Nerayoff also stated that after Ethereum Foundation's senior researcher and developer Virgil Griffith was "convicted of helping North Korea evade sanctions," he was abandoned by Vitalik.

Terra Classic community votes to halt the minting of Terra Classic USD (USTC)

The Terra Classic community voted to halt the minting of all Terra Classic USD (USTC). The proposal aims to protect the community and external investors by "destroying USTC to help restore the anchored community," and it was passed with a 59% approval rate. USTC is an algorithmic stablecoin, originally named UST, and was at the core of the Terra ecosystem's collapse last May. According to LUNC Metrics, the community has only destroyed 75 billion tokens so far, accounting for about 1% of the nearly 6 trillion circulating tokens. USTC is currently priced at $0.012.

FTX to display all open derivative positions separately in the claims plan

FTX has released more information about the derivative position claims, stating that in the initial customer claims plan submitted on March 15, 2023, it was assumed that all open derivative positions had been closed and included in the USD balance. In the revised customer claims plan submitted on June 27, 2023, all open derivative positions as of the application date and time (November 11, 2022) were split into separate projects to display the number of contracts held by derivative code. These changes will not alter or affect the total value of user claims, and the final USD equivalent valuation will be determined later. The purpose of the changes to the customer claims portal is to split any derivative positions into separate line items to provide greater transparency.

Zhao Changpeng: If the market is predictable, then it is no longer a market, and there is no longer any profit

Binance CEO Zhao Changpeng tweeted that if the market is predictable, then it is no longer a market, and there is no longer any profit. To "buy low and sell high," corresponding actions must be taken at the low point. But dollar-cost averaging and holding are simpler.

JPEX claims 70% of voting users agree to the dividend plan, legislative council members warn shareholders of potential debt

The virtual asset trading platform JPEX, which is suspected of operating without a license, recently proposed a "DAO stakeholder dividend plan" and stated that 70% of the users participating in the public vote agreed on the first day. Hong Kong Legislative Council member Wong Chun Shui reminded investors that under the plan, the maximum dividend for investors is only 49%, indicating that JPEX still holds the decision-making power. Investors should be particularly aware that transitioning from a creditor to a shareholder does not mean they can retrieve their investment, and if the company incurs debt, it could lead to users being "burdened with debt." According to previous reports, as of September 22, the Hong Kong police had received a total of 2,265 reports, with the amount involved increasing to approximately 1.4 billion Hong Kong dollars.

Founder of Tianqiao Capital: Every Wall Street company will have a Bitcoin ETF in the future, and Bitcoin is expected to rise in the next 10 to 20 years

Anthony Scaramucci, the founder of Skybridge Capital, explained at the Messari Mainnet conference why he still believes in Bitcoin. He emphasized that every Wall Street company will have a Bitcoin exchange-traded fund (ETF) and will sell it to clients, predicting a "very bullish" outlook for the next 10 to 20 years. He believes that young people "will make Bitcoin mainstream," just as his generation "made the internet mainstream."

The Skybridge Capital founder warned that there are still unfavorable factors in the macro environment, including rising interest rates, a Securities and Exchange Commission (SEC) chairman focused on enforcement, and negative sentiment surrounding the adoption of cryptocurrencies. Nevertheless, he remains optimistic about Bitcoin and stated, "As society creates wealth, some of that wealth will be replaced by digital assets (most likely Bitcoin)." He also reiterated his long-held view that "Bitcoin is better than gold."

The ApeCoin community has passed the AIP-297 proposal to "establish a sister DAO and NFT community treasury"

The ApeCoin DAO community recently voted to pass the AIP-297 proposal. The AIP-297 proposal, co-authored by Animoca Brands co-founder Yat Siu in July, aims to "position ApeCoin as a cultural token to power a broader web3 ecosystem." The proposal suggests a budget of 750,000 APE from the ApeCoin DAO treasury, with 500,000 APE allocated to purchasing NFTs that align with the vision and values of ApeCoin in various markets, and 250,000 APE reserved for future NFT purchases and initial treasury maintenance. The list of NFTs to be acquired at the base price includes 8 Bored Ape Yacht Club, 12 Mutant Ape Yacht Club, 15 Bored Ape Kennel Club, 15 Cool Cats, 15 World of Women, and 12 Pudgy Penguins.

Previous news indicated that over 70% of the ApeCoin DAO community supports the AIP-297 proposal to establish a sister DAO and NFT community treasury.

The Aave community has passed the ARFC proposal for the "upgrade of the GHO liquidity strategy"

The Aave community has passed the ARFC proposal for the "upgrade of the GHO liquidity strategy" with a 99.99% approval rate. The proposal aims to improve the anchoring of GHO and promote diversified liquidity across multiple trading platforms. The strategy covers multiple DeFi platforms, including Maverick, Uniswap, Bunni, Liquis, Balancer, and Aura. Each platform provides different liquidity solutions to meet the varying needs of the GHO token.

Previous news indicated that the Aave community is voting on the "upgrade of the GHO liquidity strategy" ARFC proposal.

Worldcoin: Over 200,000 people in Chile have completed World ID verification

Worldcoin stated that since the launch of the Worldcoin project in July, the demand for the privacy-protecting digital identity protocol has continued to grow, with over 200,000 people in Chile verifying their World ID. In a country with approximately 19.5 million residents, this number exceeds 1% of the total population.

The Aave community has initiated the ARFC proposal to "deploy Aave V3 to zkEVM L2"

The Aave community has initiated the ARFC proposal to "deploy Aave V3 to zkEVM L2." The ARFC proposes to deploy a minimum viable product (MVP) version of Aave V3 on the zkEVM L2 network, which is an EVM-compatible zk-rollup developed by the Polygon team. The proposal plans to deploy Aave V3.0.1 on zkEVM L2, including three collateral types (WETH, WMATIC, and USDC) and one borrow asset (USDC). The purpose of deploying Aave V3 on zkEVM L2 is to establish a strategic position on this new network as early as possible, promote L2 diversity, and expand Aave's influence in the DeFi space. The voting deadline is September 26.

Key Data

Hong Kong Police Force: Received 769 complaints of cryptocurrency "Ponzi schemes" in the first 7 months of this year, with victims losing over 400 million Hong Kong dollars

The Hong Kong Police Force stated that they received a total of 769 complaints of cryptocurrency "Ponzi schemes" from January to July this year, primarily involving organized crime groups from Southeast Asia using cryptocurrency to defraud victims seeking romantic relationships, and conducting industrialized online scams. The victims lost a total of 407.8 million Hong Kong dollars (approximately 52 million US dollars), and the number of cases this year may double compared to 2021. It was reported that there were a total of 642 similar cases in 2021, triple the number from 2020.

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