Today's Headlines:
- FTX opens claims window, compensating Bitcoin at a price of $16,871
- Ethereum scaling project Taiko completes $15 million Series A financing
- EigenLayer TVL surpasses $10 billion
- DWF Labs deposits 2.05 million FET to Binance, and the FET holdings have been fully transferred
- Parallel Network: Early Access testnet to be launched next Monday
- BlackRock's IBIT asset management scale has surpassed the largest silver ETF, ranking third among all commodity ETFs
- Bitcoin mining revenue in February increased by $40 million month-on-month, reaching $1.39 billion
Regulatory News
UK government to freeze crime-related crypto assets without conviction from April
The UK government recently released statutory documents announcing that from April 26, UK law enforcement agencies will be able to freeze crypto assets used for crime without the need for a conviction. The document, released on February 29, outlines revisions to the 2023 Economic Crime and Corporate Transparency Act, expanding the powers of the National Crime Agency to seize and detain crypto assets suspected of being involved in illicit activities without formal legal proceedings. Additionally, authorities will be able to obtain crypto assets directly from exchanges and custodial wallet providers. If necessary, they can also choose to destroy crypto assets.
According to Nigerian media The Punch, the Nigerian House of Representatives' Financial Crimes Committee has summoned Richard Teng, CEO of Binance Holdings Limited, on suspicion of financing terrorism and money laundering. On Friday, committee chairman Ginger Onwusibe issued a 7-day ultimatum to the management of Binance Holdings, requiring them to attend the committee meeting by March 4, 2024. Ginger Onwusibe warned that if Binance Holdings does not comply with the summons, the committee will be forced to invoke the constitutional powers of the committee and take appropriate action.
Previously, the committee had issued a letter dated December 12, 2023, signed by chairman Onwusibe, calling for a hearing with the directors of Binance, scheduled for December 18, 2023.
Project Updates
Variant Chief Legal Officer: Not very confident in the approval of an Ethereum spot ETF this year
Variant's Chief Legal Officer Jake Chervinsky tweeted that he is less confident in the approval of an Ethereum spot ETF this year compared to many others. The SEC faced significant political resistance in approving a Bitcoin spot ETF. Emotions now control the market, and an Ethereum ETF will only exacerbate this sentiment. BlackRock has an almost perfect record in ETF approvals, not only due to its relationship with the US SEC, but also its ability to exert pressure. If the SEC requires BlackRock and other Ethereum ETF sponsors to withdraw (a common practice), I bet they will.
ARKB becomes the second largest holding under ARK Invest's fund ARKW, with a weight of 9%
Nate Geraci, President of ETF Store, tweeted that the ARK Bitcoin spot ETF (ARKB) has become the second largest holding under ARK Invest's fund ARKW, with a weight of 9%. The top three holdings of ARKW are Coinbase stock (COIN), ARKB, and Block stock (SQ), together accounting for nearly 30% of the weight.
Parallel Network: Early Access testnet to be launched next Monday
The full-chain L2 Parallel Network based on Arbitrum announced on Twitter that it will open the Early Access testnet next Monday. Previously, Parallel Network announced the launch of an early access version of Parallel Network in the next 1-2 weeks, where users will receive six sources of income and rewards: ETH staking APR, restaking APR, EigenLayer points, liquidity restaking token points, Parallel Diamonds, additional Parallel, and partner bonuses.
FTX opens claims window, compensating Bitcoin at $16,871
According to official information, FTX Digital Markets Ltd (in formal liquidation) has notified customers and non-customer creditors to submit electronic claims by May 15, 2024. Eligible customers and non-customer creditors can view the balance in their FTX accounts on the website and submit electronic claims in the FTX Digital liquidation.
The FTX Digital Claims Portal website is managed by joint official liquidators on behalf of PricewaterhouseCoopers, and the first interim distribution is expected to be made at the end of 2024 or early 2025. The joint official liquidators will provide further information on the distribution in due course. According to information on the PricewaterhouseCoopers website, under Bahamian law, they are obligated to distribute each eligible claim in US dollars, regardless of size. Currently, the claim pricing on FTX for major crypto assets is: BTC $16,871, ETH $1,258, SOL $16.24, BNB $286.
Investment and Financing
Ethereum scaling project Taiko completes $15 million Series A financing
The Ethereum scaling project Taiko has completed a $15 million Series A financing, led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital, with participation from Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures. Taiko has raised a total of $37 million through three rounds of financing. Taiko is a decentralized Type-1 ZK-EVM, and it plans to launch its mainnet by the end of the first quarter of this year.
Key Data
EigenLayer TVL surpasses $10 billion
According to information on the official website of the Ethereum restaking protocol EigenLayer, EigenLayer's TVL is approximately 2.93 million ETH, worth approximately $10.5 billion.
According to HODL15Capital statistics, the ranking of Bitcoin spot ETFs in the commodity ETF rankings is rising based on assets under management (AUM). Currently, BlackRock's IBIT, Fidelity's FBTC, ARK 21Shares' ARKB, and Bitwise's BITB are ranked third, fifth, ninth, and eleventh, respectively. It is worth noting that the AUM of IBIT has surpassed that of the largest silver ETF, SLV.
Bitcoin mining revenue increased by $40 million month-on-month in February, reaching $13.9 billion
In February, Bitcoin miners mined a total of 4,446 blocks, earning $1.39 billion in revenue, with $71 million coming from on-chain transaction fees, a significant decrease from January's $133 million and notably lower than December's $337 million. Despite the reduced fees in February, Bitcoin mining revenue increased by $40 million compared to January. Since February 25, 2024, the hash price per petahash has risen to over $100.
Tether mints 1 billion authorized but unissued USDT on the Ethereum network
Whale Alert monitoring data shows that Tether Treasury has minted 1 billion USDT. Tether CEO Paolo Ardoino stated that this 1 billion USDT is a replenishment of the inventory on the Ethereum network. This is an authorized but unissued transaction, meaning that this issuance will be used for the next issuance request and cross-chain exchange inventory.
DWF Labs deposits 2.05 million FET to Binance, and the FET holdings have been fully transferred
According to @ai_9684xtpa monitoring, approximately five minutes ago, DWF Labs deposited 2.05 million FET to Binance, worth $3.87 million; after this transfer, DWF's FET holdings have been fully transferred. Between February 29 and March 3, DWF has deposited a total of 3.05 million tokens to exchanges (costing $0.2), and if all sold, it would result in a profit of $4.56 million.
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