Today's Headline Highlights:
Binance has launched the BRC-20 token Sats (1000SATS) at 8 p.m. tonight.
The "Script Bug" in Bitcoin has been officially adopted by the U.S. National Vulnerability Database, with a base score of 5.3, classified as a medium-level risk.
Hashdex has submitted a revised prospectus for a Bitcoin spot ETF to the SEC.
HashKey Exchange is about to launch dYdX (DYDX).
Richard Teng: Binance currently has 167 million users, and compliance is the industry's major trend.
El Salvador's "Volcano Bonds" have received regulatory approval and are expected to be launched in Q1 2024.
Uniswap expands to the Bitcoin sidechain Rootstock.
FTX: The U.S. Internal Revenue Service's demand for $24 billion in taxes is "absurd and unfounded."
Regulatory News
Hashdex has submitted a revised prospectus for a Bitcoin spot ETF to the SEC
Bloomberg analyst James Seyffart tweeted that Hashdex has submitted a revised prospectus for a Bitcoin spot ETF (S-1 document) to the U.S. SEC.
A vulnerability (CVE-2023-50428) in Bitcoin Core software up to version 26.0 and Bitcoin Knots up to version 25.1.knots20231115 has been officially adopted by the NVD (U.S. National Vulnerability Database). This vulnerability allows bypassing data carrier size limits by disguising data as code (e.g., using OPFALSE OPIF). The NVD has assigned a CVSS (Common Vulnerability Scoring System) base score of 5.3 to this vulnerability, classifying it as a medium-level risk.
According to Cointelegraph, El Salvador's highly anticipated Bitcoin bonds, known as "Volcano Bonds," have received regulatory approval and are expected to be launched in early 2024. El Salvador's Digital Assets Council approved the Volcano Bonds on December 11 and is expected to launch in the first quarter of 2024. El Salvador passed significant legislation on January 11 to provide a legal framework for Bitcoin-backed bonds. The Volcano Bonds aim to repay sovereign debt and fund the proposed "Bitcoin City" in the country. The National Bitcoin Office (ONBTC) stated that the bonds will be issued on the Bitcoin securities platform Bitfinex Securities, a blockchain stock and bond trading site registered in El Salvador. Additionally, El Salvador recently launched a $1 billion Bitcoin mining project, which will utilize the country's volcanic resources through a partnership with Luxor Technology.
FTX: The U.S. Internal Revenue Service's demand for $24 billion in taxes is "absurd and unfounded"
According to The Block, FTX's lawyers stated in a new filing submitted to the Delaware bankruptcy court that the U.S. Internal Revenue Service (IRS) should explain how it calculated the $24 billion in unpaid taxes owed by FTX. The IRS initially made a preliminary claim of approximately $44 billion in April, which was revised to $43 billion in September, and then reduced to $24 billion in November. FTX insists that it does not owe any debt to the IRS, and the IRS's claims are "absurd and unfounded." FTX has never distributed dividends or profits and has "never earned profits that could support the IRS's $24 billion tax claim." Instead, FTX has lost a significant amount of funds. FTX stated that unless the judge rejects the government's demand for the $24 billion in unpaid taxes, U.S. officials will take funds belonging to FTX's bankruptcy victims. The two parties will argue in court on Tuesday. FTX hopes to establish a fast schedule to estimate the claims. The IRS argues that its audit is still ongoing. Federal lawyers stated in the filing that the government is not seeking windfall, but only to determine the correct amount of tax owed.
Project Updates
Coinbase to list Seamless (SEAM)
Coinbase Assets tweeted that Coinbase will add support for Seamless (SEAM) on the Base network (ERC-20 tokens) and has labeled the asset as "experimental." Do not send this asset through other networks, as it may risk losing funds. If liquidity conditions are met, trading will begin at 2 a.m. on December 12, Beijing time. Once the asset supply is sufficient, the SEAM-USD trading pair will be phased in for trading.
BSC plans to conduct the Kepler hard fork on the mainnet on January 23 next year
According to the official blog, Binance Smart Chain (BSC) is set to undergo the Kepler hard fork. This fork will be closely integrated with the Ethereum Shanghai upgrade, introducing several important updates, optimizing the "Fast Finality" incentive mechanism, and supporting EVM compatibility. After the Kepler hard fork, updates will shift from being based on block height to impacting Unix time. The Kepler hard fork is scheduled to take effect on the testnet at 4 p.m. on December 19, 2023, and on the mainnet at 4 p.m. on January 24, 2024.
Uniswap expands to the Bitcoin sidechain Rootstock
Decentralized exchange Uniswap expands to the Bitcoin sidechain Rootstock, with Uniswap v3 deployed on Rootstock by the team behind the trading terminal Oku, GFX Labs. Oku will provide trading tools for Rootstock, including analysis, limit orders, and liquidity provider position management.
CoinGecko's post commemorates the 13th anniversary of the last public message from Bitcoin creator Satoshi Nakamoto on the Bitcointalk forum. In this message, Nakamoto mentioned, "[Denial of Service] There is more work to be done in DoS attacks." This statement reflects his concern for the security of the Bitcoin network, especially in resisting potential denial of service attacks. Since then, Nakamoto has not made any further public statements, and his identity and whereabouts remain one of the biggest mysteries in the cryptocurrency world.
Binance to launch BRC-20 token Sats (1000SATS) at 8 p.m. tonight
Today's Headline Highlights:
Binance will launch the BRC-20 token Sats (1000SATS) at 20:00 on December 12, 2023 (Beijing time) and open trading pairs for 1000SATS/USDT, 1000SATS/FDUSD, and 1000SATS/TRY. Deposits for 1000SATS are now accepted, and withdrawals will be available tomorrow night. 1000SATS represents 1000 times SATS. Seed labels will be applied to 1000SATS. SATS is a BRC-20 token that pays homage to satoshi. SATS is an abbreviation for satoshi, the smallest unit of Bitcoin. One satoshi equals 0.00000001 BTC.
Additionally, within 48 hours from 20:00 on December 12, 2023 (Beijing time), Binance will add 1000SATS as a new borrowable asset on isolated margin. Binance will also launch 1000SATS perpetual contracts at 22:00 tonight.
Upbit's Korean won market will list the Creditcoin token CTC
Upbit, a South Korean digital asset exchange, announced that it will add the CTC (Creditcoin) digital asset to its Korean won (KRW) market on December 12, 2023. The exchange only supports CTC deposits via the Ethereum network and does not support deposits via other networks such as BSC. Trading support is expected to start from 18:00 on December 12, 2023.
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Binance released an article titled "Assessment of Binance's Compliance Improvements by U.S. Regulatory Agencies," stating that when Binance was first launched, there were not enough compliance controls to meet the needs of its rapidly growing company. Binance takes full responsibility for past actions and is currently working with U.S. agencies, including accepting strong supervision of compliance and sanction control plans, and will continue to take proactive measures to correct historical issues. The investigations by U.S. agencies are a result of past actions, and the statements from U.S. regulatory agencies OFAC, the Department of Justice, and FinCEN describe Binance's cooperation and measures in AML, CFT, and KYC. It has helped shape the comprehensive compliance plan seen at Binance today.
Richard Teng: Binance currently has 167 million users, and compliance is the industry's major trend
Binance's new CEO, Richard Teng, stated during an AMA in the Binance Chinese community that Binance will continue to focus on users and maintain close cooperation with global regulatory agencies and partners. Currently, the Binance platform has 167 million users, and this number continues to grow. The major direction and trend in the current industry is compliance, so Binance will continue to increase investments in protecting users, supporting innovation, and making relevant investments in compliance.
Data storage network BNB Greenfield unveils its technical roadmap
The decentralized data storage network BNB Greenfield has unveiled its technical roadmap, designed based on the principles of high performance, simplified development experience, and multi-chain platform. It will increase SP performance by 5 times, with current upload speeds of approximately 2MB/s and download speeds of approximately 20MB/s. Greenfield aims to improve the developer experience by focusing on better storage capabilities, account abstraction, and introducing the Greenfield Paymaster proposal. Cross-chain programmability allows smart contracts to become resource owners, bringing transparency to the operation of BSC and opBNB. Greenfield will be an important DA layer for opBNB, reducing gas prices and supporting cross-chain communication with EVM-compatible chains. It will also introduce AI capabilities on the BNB chain, such as storage solutions and off-chain general computing.
HashKey Exchange is about to launch dYdX (DYDX)
According to the official announcement, HashKey Exchange is about to launch dYdX (DYDX). Deposits and withdrawals are now open, and trading will commence at 16:00 on December 14. Trading for the DYDX/USD pair is limited to professional investors.
Key Data
Binance's cryptocurrency trading market share drops to around 30%
Lookonchain tweeted that since Binance announced the launch of BRC-20 formatted SATS, the price of SATS has risen by about 120%. On-chain data shows that the top 20 SATS holders collectively hold 33.33 trillion SATS (valued at approximately $1.508 billion), accounting for 15.90% of the total supply. Among them, 6 of the top 20 holders acquired SATS through minting, collectively holding approximately 78.57 million SATS (valued at approximately $35.5 million).
Market: AVAX surges over 20% intraday, reaching a new high since May 2022
Market data shows that AVAX has surged past $42, currently trading at $42.61, with a 24-hour increase of approximately 21%, reaching a new high since May 2022.
Three Arrows Capital liquidator Teneo deposits 4.45 million DYDX into Binance
Spot On Chain monitoring shows that Three Arrows Capital liquidator Teneo has deposited 4.45 million DYDX (approximately $12.73 million) into Binance. It is worth noting that prior to the deposit, Teneo was the sixth-largest holder of DYDX. The address still holds 10.42 million DYDX (approximately $29.8 million) now.
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