Headlines
Odaily Planet Daily News Singapore has proposed new regulations to further strengthen its stance against retail speculation in cryptocurrencies, including banning individual investors from trading with borrowed funds. The Monetary Authority of Singapore (MAS) stated in a Thursday announcement that digital payment token service providers are not allowed to offer any incentives for retail cryptocurrency trading, provide financing, margin, or leveraged trading, and cannot accept local credit card payments. The agency has also expanded the retail trading rules to include all investors regardless of residency, whereas previously the restrictions only covered investors located in Singapore. The MAS also explicitly stated that incentives such as referrals, learning programs, and similar marketing activities will be restricted. The new measures will be gradually implemented starting from mid-2024. (Bloomberg)
U.S. Department of Justice Proposes Motion to Prevent CZ from Leaving the U.S. Before Sentencing
Odaily Planet Daily News Former head of the U.S. SEC Internet Enforcement Office, John Reed Stark, stated on X platform that after CZ pleaded guilty, U.S. District Judge Brian A. Tsuchida allowed CZ to return to the UAE before sentencing. However, the U.S. Department of Justice requested Judge Richard A. Jones to review this decision and ordered CZ to stay in the U.S. According to the DOJ, the reasons for detaining CZ are:
- CZ is extremely wealthy, a billionaire.
- Most of CZ's wealth may be beyond the reach of U.S. authorities.
- CZ resides in the UAE, which does not have an extradition treaty with the U.S.
- Despite CZ voluntarily pleading guilty, with the increasing possibility of imprisonment, CZ is likely to choose not to return for sentencing.
According to the current bond agreement terms, CZ can leave the U.S. as he has deposited $15 million in a trust account, signed a $175 million personal surety bond, and found a guarantor to provide additional funds.
CZ: Mental State is Stable, Currently "Enjoying" Leisure Time
Odaily Planet Daily News CZ stated on X platform, "Thank you for your concern, although I cannot respond, or even see everyone, I am really grateful." CZ also mentioned, "Although I often joke about wanting to retire early, the transition has finally come and I am trying to adapt to this change. In the past two days, some friends have informed me that there will be a 'resilient mindset' phase. Although I am not sure if this is true, as always, my mental state is stable, and I am currently 'enjoying' all the leisure time I suddenly have."
KyberSwap Attacked on Multiple Networks, Losses Amount to $48.3 Million
Odaily Planet Daily News According to Spot On Chain monitoring, KyberSwap was attacked on multiple networks, including Arbitrum, Optimism, Ethereum, Polygon, and Base. The losses amount to $48.3 million, mainly including 16,217 ETH (worth $33.5 million), 3,987,332 ARB (worth $4.06 million), 591,441 OP (worth $1.03 million), and 1,111,926 DAI.
Industry News
Odaily Planet Daily News Bloomberg ETF analyst James Seyffart stated on X platform that Grayscale has submitted a new S-3/prospectus for the conversion of GBTC to an ETF, with the biggest update being the plan to change the code from GBTC to BTC. This confirms that Grayscale is in negotiations with the SEC and has updated/changed its product documents after discussions and feedback with the SEC.
Yesterday, James Seyffart stated on X platform that Grayscale had a meeting with the SEC's Trading and Markets Division (responsible for approving or rejecting 19b-4 filings) the day before. There are rumors that other potential Bitcoin physical ETF issuers have also met with the SEC in the past week.
Insiders: OpenAI Resumes Employee Stock Sale Plan, Current Company Valuation Reaches $86 Billion
Odaily Planet Daily News According to an insider, since Sam Altman took over as CEO of OpenAI, the company will resume the plan to sell employee stock, and the current company valuation is $86 billion. A group of investors led by Thrive Capital will purchase up to $1 billion of company stock, and may buy more. The transaction is expected to be completed next month.
At least before the Altman incident, it was expected that a series of investors would participate, including Ashton Kutcher's Sound Ventures, which is an existing shareholder, and there had been no reports of his participation in the upcoming tender offer.
An insider stated that Sound Ventures had committed to participate in the tender offer before the dismissal event, with an amount of approximately $100 million. It is currently unclear whether Sound still plans to participate. (The Information)
CoinFLEX Creditors Claim OPNX "Misappropriated" Assets During Reconstruction
Odaily Planet Daily News Creditors of the cryptocurrency futures exchange CoinFLEX claim that OPNX, established by Kyle Davies and Su Zhu of Three Arrows Capital (3AC), was created using CoinFLEX assets without their consent. OPNX co-founder and former CEO Mark Lamb allegedly misappropriated and/or improperly used assets, human resources, and intellectual property to transfer CoinFLEX's trade secrets and other technology to OPNX. The allegations state that Lamb's actions violated his responsibilities to CoinFLEX creditors during his tenure. (Cointelegraph)
Silvergate Capital Fully Repays Deposit Liabilities
Odaily Planet Daily News Silvergate Capital stated that it has fully repaid all outstanding deposit liabilities, and according to the statement, Silvergate's current assets are less than $10,000. The bank had previously announced its intention to voluntarily wind down due to losses from the collapse of the crypto trading platform FTX in March. (Reuters)
Project News
Starknet: Testnet Migrated to Sepolia, Support for Goerli Testnet to End by the End of 2023
Odaily Planet Daily News Ethereum layer 2 scaling solution Starknet announced on X platform that after Goerli is deprecated, Starknet will migrate its testnet to Sepolia, and support for the Goerli testnet will end by the end of 2023, encouraging developers to migrate to Sepolia.
On November 15th, Starknet migrated full nodes, API services, SDK, and other Starknet development tools to the Sepolia testnet. Once ready, all developers will be urged to migrate to Sepolia. The Sepolia testnet will remain in a Clean state and will support all Cairo v0, v2.0.0, and higher versions.
Sui Announces Latest Grant Projects, Including DeFi, Gaming, Education, and Tool Projects
Odaily Planet Daily News Sui has announced its latest grant projects, including DeFi, gaming, education, and tool projects, with each project receiving over $500,000 in grants:
- Institutional DeFi product KriyaDEX;
- PVP chain game SuiAutoChess;
- Verification API application WelldoneStudio;
- Blockchain incentive layer fluiditymoney;
- Staking derivatives protocol LegatoFinance;
- DAO tool MPay;
- Data project blockvisionhq;
Kava 15 Mainnet to Launch on December 7, KAVA Token Inflation Rate to Permanently Decrease to Zero
Odaily Planet Daily News Kava Network officially announced that the Kava 15 mainnet will launch on December 7, with a new feature planned to permanently reduce the KAVA inflation rate to zero at midnight on December 31 UTC. At that time, the circulating supply of KAVA will be set to the maximum KAVA supply, and no new KAVA tokens can be created, only destroyed. All KAVA inflation mechanisms will be reset to zero or removed from the chain protocol, strengthening Kava's commitment to a stable and predictable ecosystem.
After December 31, Kava's operations will transition to a sustainable mode, driven by transaction fees, emissions from native projects, and temporary allocations from the Kava Foundation. This model aims to maintain and generate a net surplus of KAVA through on-chain activities. The Kava community will have the right to decide whether to destroy this surplus or reinvest it to further adoption, enhance security, and promote decentralization within the network.
Astar and Sony's Jointly Developed Blockchain to Launch in Several Months
Odaily Planet Daily News Sota Watanabe, founder of Astar Network, stated on X platform that Startale Labs has set a schedule for the launch of the blockchain jointly developed with Sony, and the next few months will be exciting.
Earlier, it was announced that Sony's wholly-owned subsidiary, Sony Network Communications, and Astar Network's development company, Startale Labs, jointly established a joint venture company "Sony Network Communications Labs Pte. Ltd." in mid-September. The new company will focus on blockchain technology research and development.
Sota Watanabe, CEO of Startale Labs, stated that the new joint venture company will advance the development of Sony Chain, which has the potential to surpass the Layer 2 network Base previously released by Coinbase.
Movement Labs Launches Ethereum L2 M2 Based on Move
Odaily Planet Daily News Movement Labs has launched Ethereum L2 M2 based on Move, which extends the modular data availability layer to accelerate the creation of high-performance consumer DApps. The Move VM is optimized for high throughput, with a native fee market and embedded support for formal verification. M2 is also extended through Blobstream to transfer Celestia's high-throughput modular DA to Ethereum for integration by L2.
Odaily Planet Daily News The official governance page shows that the Uniswap community has voted to pass the "Authorize UNI to Active but Underrepresented Delegates" temperature check proposal. The proposal seeks to authorize 10 million UNI from the DAO treasury to underrepresented delegates. The top four candidates can receive a maximum of 2.5 million UNI authorization each, with the remaining tokens evenly distributed among other candidates. These tokens will be non-transferable and will only be used by these delegates for voting purposes, thereby increasing their voice in governance proposals.
According to the voting results, it is confirmed that the top 4 delegates 404 DAO, Wintermute Governance, PGov, and StableLab will receive 2.5 million UNI authorization. The remaining UNI will be distributed among Keyrock, Karpatkey, and atiselsts.eth based on their respective votes. The next step will be to calculate the amount of authorization required for each and incorporate a technical understanding of the execution.
Odaily Planet Daily News The official announcement from the cross-chain trading platform Chainflip on X platform states that the token FLIP has been officially launched and is listed on Bybit, KuCoin, Gate.io, and Crypto.com, and can be traded on Uniswap. In addition, Thunderhead's liquidity staking service is now available, allowing users to stake FLIP and earn rewards without running their own nodes.
Huang Lizheng Buys and Stakes 386,721 BLUR, Currently Worth $188,000
Odaily Planet Daily News According to Lookonchain monitoring, Huang Lizheng is buying and staking BLUR. So far, he has purchased 386,721 BLUR (worth $188,000).
Sudoswap Introduces sudoAMM Gradual Dutch Auctions
Odaily Planet Daily News NFT trading protocol Sudoswap has announced the introduction of sudoAMM Gradual Dutch Auctions (GDA), allowing for the gradual sale or purchase of NFTs over time.
During sales, GDA features a high initial price, which then adjusts over time, similar to a Dutch auction. The pool price increases with each token sold, allowing for continuous price discovery. During purchases, the initial price is low and increases over time, then adjusts downward with each purchase.
POLS Market Trading Market Launched, POLS Open for Trading
Odaily Planet Daily News The official announcement from POLS Market on X platform states that its trading market polsmarket.wtf has been launched, and POLS is now open for trading.
Investment and Financing
VC Firm Leo Ventures Launches $10 Million New Fund, Plans to Invest in Web2 and Web3 Tech Startups
Odaily Planet Daily News
Singapore VC Firm Leo Ventures Launches $10 Million New Fund, Plans to Invest in Web2 and Web3 Tech Startups
Singapore-based venture capital firm Leo Ventures announced the launch of a $10 million fund, which will focus on investing in Web2 and Web3 technology startups in the APAC, India, and Middle East regions. In the Web2 space, the fund aims to support projects related to fintech, deep tech, ESG technology, as well as verticals such as artificial intelligence and machine learning. In the Web3 space, it will support projects related to DeFi, L0, L1, infrastructure, Web3 payment solutions, and Web3 consumer technology. (GlobeNewswire)
NFT Gaming Company Matr1x Completes $10 Million Series A-2 Financing, Led by Folius Ventures
Singaporean NFT gaming company Matr1x announced the completion of a $10 million Series A-2 financing round, led by Folius Ventures (co-led by SevenX), with participation from ABCDE Capital, Jambo, Initiate Capital, and Find Satoshi lab. With this funding, Matr1x has raised a total of $20 million. The new financing will be used to launch its NFT shooting mobile game. Matr1x Fire, the studio's flagship product, is a first-person shooter game for mobile devices where players can choose from a playable character list and engage in battles in a five-person team format. The game is still in development, and the studio has released two NFT series, with plans for a third series that will serve as membership passes and provide buyers with upgradeable battle pets. (Decrypt)
Global Policies
Indian Finance Minister: Countries Need Effective Mechanisms to Control Crypto Assets, Should Not Implement Comprehensive Bans
Indian Finance Minister Nirmala Sitharaman shared the latest developments in implementing the roadmap for cryptocurrency regulation at yesterday's G20 leaders' online summit. Regarding the timeline for regulatory actions outside the roadmap in India, Sitharaman stated that it is still in the early stages. Sitharaman emphasized the need for countries to establish effective mechanisms to control crypto assets, highlighting the importance of not only involving G20 countries but also members of the FSB from around the world. While acknowledging that countries may develop their own cryptocurrency laws, she cautioned against implementing "comprehensive" bans on cryptocurrency activities. (Cryptonews)
Voices
Scroll Co-founder: All L2 Can Do the Same as Blast, But This Will Not Bring Real Growth
Scroll co-founder Ye Zhang stated on X platform that it is not a bad thing to see experiments like Blast, as it demonstrates how much TVL scale Layer2 can achieve once it fulfills airdrop expectations. While all Layer2 can do exactly the same thing, it will not drive real growth and long-term network effects.
Kraken Co-founder Comments on Binance Settlement: Game Feels More Fair, Calls for Self-Regulation in Crypto Industry
Jesse Powell, co-founder of the crypto exchange Kraken, stated that despite the historic settlement between the U.S. Department of Justice and Binance, and the recent new lawsuit filed against Kraken by the SEC, Kraken is "playing the long game." Powell mentioned that with Binance paying a $4.3 billion fine, the game feels "more fair." He pointed out that facing new industry reputation threats, every misconduct is an opportunity for the government to pick on the crypto industry, and called for self-regulation in the industry, as timely protection cannot be relied upon. Powell also mentioned Coinbase and Ripple, stating that they, like Kraken, have become "easy targets" for the SEC. Previously, the SEC had accused Kraken's parent company of offering unregistered sales of its crypto asset equity reward service, ultimately settling the charges by paying a $30 million fine. Powell emphasized that this was just the beginning of the SEC's extortion, highlighting that $30 million can only last for about 10 months. He suggested that crypto companies unable to afford high-cost legal battles should leave the U.S. (The Block)
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