Headlines
Financial Times: Cryptocurrency broker Genesis stops withdrawals
Odaily Planet Daily News According to Watcher.Guru citing the Financial Times, cryptocurrency broker Genesis has stopped withdrawals.
Polkadot service provider Parity Labs denies layoff rumors
Odaily Planet Daily News Polkadot service provider Parity Labs denies the rumor of "laying off over 300 employees this week," stating that it is seeking to transfer some existing marketing functions to multiple decentralized teams within the Polkadot ecosystem, which will affect the company's personnel allocation in the coming months. Parity stated that it is shifting its focus to providing next-generation technology for Polkadot, aiming to "improve the developer experience" and nurture the developer community, and therefore will cancel some existing marketing functions. (The Block)
Caroline Ellison: SBF planned to have regulators crack down on Binance, acquire SNAP
Odaily Planet Daily News Former Alameda CEO Caroline Ellison had a "list that scared SBF," including plans for SBF to have regulators crack down on Binance, acquire the parent company of Snapchat, raise funds from Saudi Crown Prince Mohammed bin Salman, and trade Japanese government bonds, among other things. (The Block)
Industry News
ARK submits updated version of Bitcoin spot ETF application
Odaily Planet Daily News Bloomberg senior ETF analyst Eric Balchunas stated on X platform that ARK has submitted an updated version of its Bitcoin spot ETF application to the SEC, with changes including the net asset value calculation not complying with GAAP accounting standards; the assets held by the trust company at the custodian are stored in independent wallets on the Bitcoin blockchain, so they will not be mixed with the company's or other clients' assets; among other issues addressed.
SBF believes Binance leaked Alameda's balance sheet to CoinDesk
Odaily Planet Daily News Evidence provided by SBF in court shows that he believes Binance leaked Alameda Research's balance sheet to the media outlet CoinDesk, which was a key event in FTX's collapse last year. Caroline Ellison testified that SBF prepared a memorandum dated November 6, 2022, outlining his and others' plans to seek assistance from potential investors; in the list, SBF listed TRON founder and Huobi exchange advisor Justin Sun as a potential investor to contact, but added that "it turns out he has a close relationship with CZ." (The Block)
Odaily Planet Daily News Former Alameda engineer "Adi (e/acc)" revealed on X platform that a certain Alameda trader caused a loss of over $100 million by clicking on a phishing link while conducting DeFi operations. Adi also disclosed several tens of millions in losses due to security issues.
Court approves Circle's intervention in SEC and Binance cases as a friend of the court
Odaily Planet Daily News A senior judge in the Columbia District Court signed multiple orders before a crucial hearing to clear pending motions in the ongoing lawsuit brought by the U.S. Securities and Exchange Commission against the cryptocurrency exchange Binance. In these key orders, the judge approved stablecoin issuer Circle's submission of a friend of the court statement before the crucial hearing on October 12. Circle submitted a motion to the court on September 29 in the ongoing SEC vs. Binance lawsuit, arguing that assets pegged to the U.S. dollar (such as USDC) are not securities. Judge Amy Berman Jackson accepted Circle as a friend of the court, rejecting motions by the defendant Binance and CEO CZ to dismiss the lawsuit. The court also reminded that a friend of the court can only participate in oral arguments with the court's permission. A friend of the court refers to an individual or group not involved in the legal dispute but allowed to assist the court by providing information, expertise, or insight into the issues of the case. The court has the authority to decide whether to consider the friend of the court statement. (Cointelegraph)
Bitget releases September reserve report, comprehensive reserve ratio at 207%
Odaily Planet Daily News Bitget today released its September reserve report, with a comprehensive reserve ratio of 207%. The reserve ratios for BTC, ETH, USDT, and USDC are 423%, 144%, 132%, and 2052% respectively. As of October 10, the total value of Bitget's reserves has exceeded $1.38 billion, including 31 mainstream digital assets. In December 2022, Bitget launched a reserve proof page, with reserve data updated monthly. Since its launch, the reserve ratio has consistently remained above 200%, stable at more than twice the industry standard (100%).
Okcoin to delist some regional users, requires withdrawal of all assets by October 12
Odaily Planet Daily News Okcoin has sent emails to some regional users stating that due to new local regulations, Okcoin Technology Limited (Hong Kong) is delisting users; starting from October 12, 2023, Okcoin accounts will only provide login and withdrawal services; please do not make deposits thereafter, as they may not be automatically credited to the account; please withdraw all fiat and crypto assets by October 12, 2023, as Okcoin will begin charging monthly maintenance fees from October 16, 2023 for users who do not withdraw their assets.
Binance Feed renamed Binance Square and transformed into a social platform
Odaily Planet Daily News Binance announced that Binance Feed has been renamed Binance Square and has evolved from a content aggregator into a social platform. In addition to supporting news, Binance Square also facilitates communication between content creators and followers. Binance users can share experiences, track hot trends, and participate in topic discussions on Binance Square. Binance Square recently introduced a reward option to compensate creators for their content contributions.
Genesis submits proposed order to court for $175 million settlement agreement with FTX
Headlines
Genesis Global Capital Submits Proposed Order for Settlement Agreement with FTX
Odaily Planet Daily News Genesis Global Capital (GGC) has submitted a proposed order to the Southern District of New York Federal Bankruptcy Court on Thursday to enforce the settlement agreement reached with FTX.
According to the settlement agreement, based on the loan provided by Genesis to FTX subsidiary Alameda Research, FTX has the right to file a $175 million bankruptcy claim against Genesis. In exchange, FTX has agreed to withdraw several other claims against Genesis, with a total amount potentially exceeding $1 billion.
Previously, Judge Sean H. Lane made a decision on October 6, approving the agreement between Genesis and FTX to resolve the claims between the two companies.
Genesis initially sought approval for the agreement in August. However, major creditors Gemini Trust and the ad hoc group of Genesis creditors opposed the settlement terms. Following a hearing in September, Judge Lane rejected these objections in his decision on October 6. He deemed the agreement reasonable, considering the litigation risks and the potential for greater losses if FTX's claims were not resolved.
The proposed order submitted by Genesis on Thursday still requires approval from Judge Lane. A hearing is scheduled for October 18, and opposing parties will have a final opportunity to object to the settlement terms before implementation. (Cryptoslate)
CFTC Votes to Sue Voyager Co-Founder for Alleged Derivatives Regulation Violations
Odaily Planet Daily News Fox Business reporter Eleanor Terrett stated on X platform that the U.S. Commodity Futures Trading Commission (CFTC) has voted to sue Voyager co-founder Stephen Ehrlich, accusing him of violating derivatives regulations and misleading users about the security of their assets.
Mastercard Tests CBDC Tokenization Solution, Supports Purchasing NFTs on Ethereum
Odaily Planet Daily News Payment giant Mastercard has announced the successful demonstration of a new feature solution that supports the tokenization of central bank digital currencies (CBDCs) on different chains, providing consumers with more payment options.
The solution, developed in collaboration with Cuscal and Mintable, is part of the RBA and DFCRC research project aimed at exploring potential use cases for CBDCs in Australia. In a live test environment, Mastercard demonstrated how the solution allows holders of pilot CBDCs to purchase NFTs on the Ethereum chain by "locking" the required amount of pilot CBDC on the pilot CBDC platform of the Reserve Bank of Australia and minting an equivalent amount of pilot CBDC wrapped tokens on Ethereum for the transaction to be completed. (Finextra)
South Korean Prosecutors Investigate Kakao Former Chairman and Klaytn Executives for Embezzlement and Misappropriation
Odaily Planet Daily News South Korean prosecutors have begun a comprehensive investigation into allegations of embezzlement and misappropriation of virtual currencies involving Kakao's former chairman Kim Bum-so and executives of its affiliate company Klaytn, with the first plaintiff interrogation conducted on October 11.
The prosecutors detailed the main allegations, legal background, and amount of damages during the interrogation. It is reported that the prosecutors also requested additional data on cryptocurrency Klay transactions by executives of Kakao's affiliate company. (Yonhap News)
Indian Businessman's Stolen Funds Flow into Hamas-Related Accounts
Odaily Planet Daily News A certain Indian businessman was robbed of 40 million Indian rupees (approximately $48,000), and after an investigation by the Indian authorities, the funds ultimately flowed into accounts related to Hamas.
The Indian authorities received information from the Israeli intelligence agency Mossad about some suspicious wallets used by terrorist organizations for funding, and traced the funds of the user businessman in these suspicious wallets controlled by Hamas's network division, Al Wassam Brigades. (CryptoNews)
Project News
CoinList Launches Multi-Chain Staking Fund for U.S. Accredited Investors
Odaily Planet Daily News CoinList is launching a new fund that will allow accredited U.S. investors to earn returns from staking various digital assets such as Ethereum and Near.
CoinList's new financial tool initially supports staking for Ethereum and Near. In the future, the company plans to add support for staking on several other blockchains, including Flow, Sui, and Mina. (The Block)
Test in Prod Joins Optimism Collective Core Development Team, to Receive 5 Million OP Tokens Over Four Years
Odaily Planet Daily News Optimism announced that Test in Prod has joined the Optimism Collective core development team as the third core team, and will build the OP Stack alongside OP Labs and Base. Optimism will provide Test in Prod with 5 million OP tokens over four years, with 30% released in the first year and the remainder released monthly.
zkSync Era Officially Open Sources Block Explorer and Portal (Bridge)
Odaily Planet Daily News zkSync Era has announced the official open sourcing of the "Block Explorer" and "Portal (Bridge)" components. These components have been entrusted to the core contributor community, and the role of Matter Labs in zkSync technology development and ecosystem management will gradually decrease.
Community users can now run zkSync Portal and seamlessly bridge tokens, while the main interface for exploring transactions, blocks, and contracts, "Block Explorer," is now fully open source and supports local operation. zkSync Era has integrated blockchain explorers Blockscout and L2scan, allowing users to access on-chain data.
Lido: Launchnodes Team Compensates Validator Slashing Event Losses
Odaily Planet Daily News Lido Finance stated on X platform that after an all-night effort by the Launchnodes team, the situation has stabilized and the remaining part of the validator infrastructure has slowly recovered. The root cause of the slashing event has been identified, and the minor details are still under investigation.
Currently, the total amount of the slashing is 20.04 ETH, expected to increase to 23.06 ETH by the time of withdrawal. The total penalties for infrastructure downtime and overall missed rewards (excluding EL rewards) amount to 5.663 ETH (including the slashed validators). The Launchnodes team immediately expressed their desire to compensate stakers as soon as possible, and therefore paid 25.663 ETH before today's rebase, meaning stakers will not experience a reduction in rewards for the day due to the interruption and slashing.
LayerZero Announces Launch of opBNB
Odaily Planet Daily News LayerZero has announced the launch of opBNB, allowing developers on the BNB Chain to extend their applications to opBNB and over 40 other chains with LayerZero endpoints.
Curve Founder Withdraws 11.85 Million CRV from Vesting Contract
Odaily Planet Daily News According to Scopescan monitoring, Curve founder Michael Egorov has just withdrawn 11.85 million CRV (approximately $5.08 million) from the vesting contract.
Based on the vesting schedule and the current CRV price, Michael Egorov can withdraw 548,600 CRV (approximately $235,000) per day and 16.7 million CRV (approximately $7.16 million) per month.
sFRAX, a Collateralized Stablecoin Based on U.S. Treasuries, Goes Live with Current APY at 10.01%
Odaily Planet Daily News The collateralized stablecoin sFRAX launched by Frax Finance has gone live with a current APY of 10.01%, and the current sFRAX supply is 4,655,361 tokens.
Tangible Unveils USDR Unpegging Solution, to Introduce Baskets Swaps
Odaily Planet Daily News In response to the USDR unpegging event, Tangible announced on the X platform that the following action plan will be implemented:
- With the consideration that the collateralization ratio of USDR remains at 84% even when the value of $TNGBL and the insurance fund is zero, the protocol has withdrawn the protocol-owned liquidity (POL) and burned USDR. The protocol currently holds stablecoins (DAI, USDC, USDT) worth approximately $2.4 million.
- Introduction of Baskets: The token is set to be launched and will play a crucial role in the swapping process, providing real estate asset backing. Users will have the option to hold the token, earn yields, or sell it.
- USDR Swaps: Once the basket token is launched, users will be able to swap USDR and other assets.
Odaily Planet Daily News According to Shield Monitor, the stablecoin trading project Platypus Finance in the Avalanche ecosystem has reportedly been targeted in a hacker attack, resulting in losses of approximately $1 million.
Decentralized Social Protocol Farcaster Opens Permissionless Registration
Odaily Planet Daily News Decentralized social protocol Farcaster announced on the X platform that it has opened permissionless registration, allowing developers to build applications, register users, and read/write Hub data without any third-party involvement.
Odaily Planet Daily News The community administrator of blockchain game AbyssWorld released a notice stating: "In order to secure the funds needed for game development, we have decided to postpone the SUI airdrop for Gazer this month. We have encountered prolonged deception, and our early major investor Chainhill Capital has experienced a payment default issue, with outstanding investments in AbyssWorld and other games not received. AbyssWorld has been owed for over half a year, and we have expanded the team as planned but have consumed more cash reserves than planned."
Additionally, the announcement mentioned that the project will make every effort to compensate and reimburse affected community users and will keep a record of Gazer holders. Due to financial constraints, the project is unable to fulfill market-making commitments and has decided to unlock and release all remaining AWT tokens from Gazer and IDO to help disappointed investors exit early. They also plan to announce the burning of a portion of the repurchased tokens in the near future.
Funding and Investment
Crypto Wallet Provider Account Labs Completes $7.7 Million Funding, Led by Amber Group
Odaily Planet Daily News Crypto wallet provider Account Labs announced the completion of a $7.7 million funding round, led by Amber Group, MixMarvel DAO Ventures, and Sequoia Capital China.
They also launched the self-custody smart wallet UniPass Wallet, which will utilize account abstraction to improve user experience. (Decrypt)
Binance Labs Announces Investment in Initia
Odaily Planet Daily News According to the official blog, Binance Labs has announced an investment in Initia, with the amount of funding undisclosed. The raised funds will be used to support the development of Initia's infrastructure and developer tools.
Initia is an L1 on Cosmos that utilizes OP Rollup for application-specific L2. Through Initia's architecture, including L1, L2, and the communication layer, developers can easily launch application-specific blockchains based on Initia L2 without the need to understand complex chain-level infrastructure or run validator sets.
Invesco and 3 Other Institutional Investors Recently Acquire Shares of Bitdeer (Nasdaq: BTDR)
Odaily Planet Daily News On October 12, according to the latest equity disclosure data from Futu, as of September 30, four new institutional investors have acquired shares of the cryptocurrency mining service provider Bitdeer (Nasdaq: BTDR). Specifically, Invesco Capital Management purchased 20,380 shares of Bitdeer stock. TIAA, one of the financial retirement service providers in the academic, research, medical, cultural, and government sectors, currently holds 22,100 shares. Exchange Traded Concepts (ETC) acquired 290,730 shares. Another Australian ETF provider, BetaShares, currently holds 178,360 shares of Bitdeer stock.
Global Policies
U.S. September Unadjusted CPI Records 3.7% Year-on-Year, Exceeding Expectations of 3.6%
Odaily Planet Daily News The U.S. unadjusted CPI for September recorded a 3.7% year-on-year increase, exceeding the expected 3.6%.
Chair of UK FCA: Blueprint for Tokenizing Funds to Be Released Later This Year
Odaily Planet Daily News Ashley Alder, the chair of the UK Financial Conduct Authority (FCA), stated in a speech on Thursday that they have been working with a technology working group to develop a blueprint for tokenizing funds, and the working group will release this content later this year. In February of this year, the FCA released a discussion paper on updating and enhancing the country's asset management regime, involving "how fund managers can use distributed ledger technology to offer fully digitalized funds to the public."
Personalities & Voices
Analysis: One of the Main Causes of USDR Unpegging is Using Liquid Assets to Support Illiquid Assets
Odaily Planet Daily News Analyst TomWan from 21.co analyzed the reasons for the USDR unpegging event. Data shows that half of the assets backing USDR come from stablecoins, and the other half comes from real estate (assets). When a run occurs (a large redemption of USDR), it first depletes the liquidity of stablecoins in the reserve, for example, the DAI liquidity of USDR was depleted on October 11, and the remaining tokenized real estate reserve is minted in the form of ERC-721 instead of ERC-20 tokens. Given the illiquidity of real estate and the inability to immediately split ERC-721, the USDR treasury cannot make redemptions.
Tom Wan stated that the USDR unpegging event has two major lessons: one is not to use liquid assets to support illiquid assets, and the other is that illiquid assets should be tokenized using ERC-20 for ease of trading.
Odaily Planet Daily News Huang Licheng stated in a post on the X platform: "We need transparency to understand which APE wallets belong to Yuga, founders, VC funds, and token issuance contributors."
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