Today's headlines:
Modular Blockchain Network Celestia Goes Live on Mainnet
PaiShield: DeFi Protocol Onyx Suffers Attack, Loses Approximately $2.1 Million
Circle to No Longer Support Consumer Account Stablecoin Minting
Tether Q3 Reserve Report: Cash and Cash Equivalents Account for 85.7%, Reaching a Historical High
Data: 1 Billion XRP Unlocked from Ripple, Valued at Approximately $600 Million
Regulatory News
According to CoinDesk, the US Government Accountability Office (GAO) released an investigation result today, stating that the SEC failed to submit its staff accounting bulletin (SAB 121) to Congress, violating the Congressional Review Act. US Financial Services Committee Chair Patrick McHenry and US Senator Cynthia Lummis issued a joint statement, stating that SAB 121 greatly harmed consumers' interests and clearly exceeded the SEC's authority. It needs to undergo congressional review. The SEC later stated in a release that GAO's opinion will not affect the status of SAB 121.
It is reported that SAB 121 requires financial institutions holding customer crypto assets to include these assets on their balance sheets. The crypto industry and US Republican lawmakers believe that this undermines the willingness of regulated banks to act as crypto custodians, and that the announcement's treatment of crypto assets is inconsistent with other assets.
US SEC Chairman Gary Gensler tweeted his congratulations on the 15th anniversary of the Bitcoin white paper, marking the beginning of the cryptocurrency era. Any cryptocurrency company that deceives investors should start complying with securities laws.
Cryptocurrency Oyster Pearl Founder "Bruno Block" Sentenced to Four Years in Prison
According to the US Department of Justice (DOJ) website, blockchain protocol Oyster Pearl (PRL) founder Amir Bruno Elmaani (also known as "Bruno Brock") has been sentenced to four years in prison for tax crimes. Elmaani pleaded guilty in April 2023, admitting to causing over $5.5 million in tax losses.
NFT & AI
China to Send Representatives to AI Security Summit
According to CCTV News, Deputy Minister of the Ministry of Science and Technology Wu Chaohui will lead a delegation to attend the AI Security Summit held at Bletchley Park in the UK on November 1-2, 2023. With the rapid development of AI technology, opportunities and challenges coexist. President Xi Jinping announced at the opening ceremony of the Third "Belt and Road" International Cooperation Summit Forum that China will propose the "Global AI Governance Initiative." The "Initiative" elaborates on China's AI governance plan in terms of development, security, and governance, and China will introduce the connotation and significance of the "Initiative" to the participants during the AI Security Summit.
Project Updates
Modular Blockchain Network Celestia Goes Live on Mainnet
According to The Block, the mainnet test version of the modular blockchain network Celestia has been successfully deployed, introducing its modular network. The mainnet test version will enable Rollups and other modular chains to use Celestia for data availability and consensus. Celestia's native token TIA will be listed on centralized and decentralized exchanges, including Binance, Bybit, KuCoin, and Osmosis.
SBF Testifies: Spending FTX Customer Deposits is Only "Part of Alameda Risk Management"
SBF Testifies Again, Trial May End in the Coming Days, FTX founder Sam Bankman-Fried (SBF) claimed that spending customer fiat deposits is only "part of Alameda Research's risk management." In SBF's testimony today, New York Southern District prosecutor Danielle Sassoon asked SBF if he believed it was acceptable to spend $8 billion in customer fiat at FTX. SBF stated, "I believe it was included in risk management. As CEO of Alameda, I care a lot about their portfolio. At FTX, I've been watching, but not to the extent I should have." SBF revealed that no one was fired for suspected misappropriation of $8 billion in customer funds for speculative trading during his tenure as CEO of FTX and Alameda. SBF stated that he was not familiar with certain specific employees. SBF also revealed his close relationship with the Bahamian government. Sassoon asked SBF if he provided Bahamian Prime Minister and his wife with sideline seats at the FTX sports stadium in Miami, to which SBF replied, "I'm not sure, I think they did go to a game. I don't know the details." It is alleged that SBF discussed repaying Bahamian debt with Prime Minister Philip Davis, and although SBF denied it, he admitted to helping Philip Davis's son find a job.
Circle to No Longer Support Consumer Account Stablecoin Minting
According to The Block, stablecoin issuer Circle stated, "Circle is gradually ceasing support for traditional consumer accounts and has notified individual consumers of this decision. Account closures do not apply to business or institutional Circle Mint accounts."
Circle sent an email on Tuesday announcing the termination of support for zero-balance consumer accounts on November 30th.
This means that users wishing to mint Circle stablecoins (such as USDC and EURC) will need to turn to other platforms.Tether still supports individual consumer accounts, but the minimum threshold is $100,000.
According to CoinDesk, sources revealed that if regulators approve BlackRock's Bitcoin spot ETF, some of the world's largest market-making firms may provide liquidity for it. Internal documents seen by insiders show that trading giants Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading have discussed market-making roles with BlackRock.
MakerDAO Transfers $250 Million from Coinbase to Maintain DAI's Peg
According to Blockworks, MakerDAO transferred $250 million from Coinbase to the Peg Stabilization Module (PSM) for maintaining the stablecoin DAI's peg to the US dollar. Previously, the USDC reserves for DAI were close to falling below $60 million, while the reserves need to exceed $200 million to be considered safe. The PSM is a collateral pool that allows users to exchange USDC and DAI at a 1:1 ratio.
Frax Finance: Do Not Use frax.finance and frax.com Domains Until Further Notice
Frax Finance just tweeted: "Do not use the http://frax.finance and http://frax.com domains until further notice." Earlier, the co-founder of Frax Finance stated, "Do not use until we regain control of the domains." Analysts suggest that the Frax Finance front end may have been compromised, and the website's DNS may have been hijacked.
Linen Wallet, a multi-signature wallet built on Safe, announced that due to reduced demand for advanced self-custody solutions for retail investors and regulatory uncertainty, the Linen Wallet application will be closed on November 30, ending company operations and returning remaining funds to investors. The assets in Linen Wallet are secure, and Linen is just the user interface for managing assets in the Safe multi-ID wallet. The Linen infrastructure will be completely shut down after November 30, and the application, email, and Intercom chat support channels will be disabled thereafter.
Invesco and Galaxy's Bitcoin Spot ETF Ticker Added to DTCC Website
According to Cointelegraph, the ticker symbol BTCO for the Bitcoin spot exchange-traded fund (ETF) jointly launched by Invesco and Galaxy has appeared on the website of the Depository Trust & Clearing Corporation (DTCC). It is worth noting that the addition of a code to the "ETF Products" list on the DTCC website does not guarantee approval of a specific product in the future.
A DTCC spokesperson stated that adding securities to the NSCC Securities Eligibility File is a standard practice "in preparation for the launch of new ETFs to the market." Being listed does not indicate the outcome of any pending regulatory or other approval processes.
mBridge Cross-Border CBDC Project Adds 25 Observing Members, Including IMF, ECB, World Bank
An update on the mBridge project published on the website of the Bank for International Settlements (BIS) shows that 23 central banks, as well as the International Monetary Fund (IMF) and the World Bank, are observing the initiative. So far, 11 of the 25 observing members have participated in the sandbox, allowing participants to simulate mBridge nodes and transactions. The observing members of mBridge show a bias towards the Asia/Middle East region. Participants in the group come from various continents, with six from Asia (Indonesia, South Korea, Malaysia, Nepal, the Philippines, Turkey), and five from the Middle East (Bahrain, Egypt, Jordan, Israel, Saudi Arabia). The representative from the United States is the New York Innovation Center, which is part of the Federal Reserve Bank of New York. There are also five EU member states among the observing members, including the European Central Bank (ECB).
The mBridge project plans to launch a minimum viable product in mid-next year. The mBridge project was founded by central banks from Thailand, Hong Kong, China, and the UAE and is part of the Hong Kong Innovation Hub of the Bank for International Settlements.
BitGo Obtains Cryptocurrency Custody License in Germany
Cryptocurrency custody company BitGo has obtained a cryptocurrency custody license from the Federal Financial Supervisory Authority (BaFin) in Germany.
DWF Labs to Launch Institutional OTC Trading Platform DWF Liquid Markets
DWF Labs co-founder Andrei Grachev posted a screenshot about "DWF Liquid Markets" on X platform, with the caption: "An institutional OTC/RFQ (over-the-counter/request for quote) platform is coming soon, offering the best pricing, no counterparty/platform risk, and supporting instant settlement. Launching soon, stay tuned.""
SBF Trial: Closing Arguments Scheduled for Today, Jury Deliberations Expected to Begin on Thursday
According to The Wall Street Journal, the defense and prosecution in the trial of FTX founder Sam Bankman-Fried (SBF) are scheduled to present closing arguments on Wednesday morning local time (expected Wednesday night Beijing time), with each side allotted approximately two to three hours. Jury deliberations are expected to begin on Thursday local time.
Yesterday evening, U.S. prosecutors sought to portray SBF's public statements, media interviews, and tweets as misleading or outright lies, many of which occurred between the collapse of FTX and SBF's arrest in December 2022. SBF reiterated in court his previous argument that he was not involved in the day-to-day trading decisions of Alameda Research. He stated that he could not recall all the coverage about him from the time of FTX's collapse until his arrest in December 2022.
PaiShield: DeFi Protocol Onyx Suffers Attack, Loses Approximately $2.1 Million
PANews reported on November 1st that according to PaiShield monitoring, the DeFi protocol Onyx has suffered an attack, resulting in approximately $2.1 million in losses. PaiShield analysis suggests that the Onyx hacker exploited a rounding issue, and the compromised oPEPE market was deployed five days ago with no liquidity. This market borrowed funds from other liquid markets through "donations." Then, using the known rounding issue, the hacker redeemed the "donated" funds. It is worth noting that the same vulnerability was exploited in a previous Hundred Finance attack, resulting in approximately $7 million in losses.
Pyth Network to Airdrop PYTH Tokens to Over 75,000 Wallets
According to the official blog, oracle project Pyth Network announced that it will airdrop PYTH tokens to over 75,000 wallets. Pyth community members who have contributed to the Pyth network, 27 applications using Pyth data on various blockchains, and individual users of these applications will be eligible for this airdrop.
Pyth Network has not yet announced the date for claiming this airdrop. The PYTH tokens for this airdrop come from the "Community and Launch" portion. All eligible participants can receive 6% of the total supply of PYTH tokens (600 million tokens), with dApps receiving 100 million PYTH tokens, DeFi participants in on-chain activities receiving 200 million PYTH tokens, and active community members receiving 100 million PYTH tokens. The airdrop snapshot has been completed.
Important Data
Tether Q3 Reserve Report: Cash and Cash Equivalents Account for 85.7%, Reaching Historic High
Tether released its Q3 reserve report, showing that the proportion of cash and cash equivalents (C&Ceq) in the reserves has reached a historic high of 85.7%, with the vast majority being U.S. Treasury bonds valued at $72.6 billion, including direct and indirect exposure. Additionally, the report emphasized a significant reduction of $330 million in secured loans issued by Tether.
Investments in energy, Bitcoin mining, and P2P technology are not included in the reserves, which remain stable at $3.2 billion. The impact of Bitcoin and gold volatility on the excess reserves is relatively small. As of September 30, 2023, Tether's consolidated total assets are at least $86,384,653,832, with total liabilities of $83,176,997,409, of which $83,153,363,663 is related to issued digital tokens. The comprehensive assets exceed the comprehensive liabilities.
Data: 1 Billion XRP Unlocked from Ripple, Valued at Approximately $600 Million
Whale Alert monitoring shows that at 08:00 today Beijing time, 1 billion XRP was unlocked from Ripple's escrow. Valued at approximately $600 million.
Spot On Chain monitoring shows that approximately 3 hours ago, FTX deposited crypto assets worth $8.12 million into Coinbase, including: 46.5 million GRT ($4.85 million); 972,073 RNDR ($2.3 million); 708.1 MKR ($967,000)
As of November 1, 2023, FTX and Alameda Research have deposited a total of approximately $78.1 million worth of 22 EVM tokens into exchanges. They still hold various EVM assets worth approximately $700.1 million.
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