Today's Headlines:
- Trump Announces Acceptance of Republican Party's Presidential Nomination
- Market News: Biden Notifies Campaign Officials of Decision to Withdraw from US Presidential Campaign, Will Officially Announce Before Sunday
- OpenAI Launches New GPT-4o Mini for Free, Replacing GPT-3.5 Version
- Binance HODLer Airdrop Launches First Phase Project Banana Gun (BANANA)
- Pixelverse Announces PIXFI Token Airdrop Plan, Airdrop Allocation Accounts for 30%
- SlowMist Warning: Platforms Using Security Defense Software CrowdStrike Need to Pay Attention to Various Attack Risks
- Blockchain Data Provider Allium Labs Completes $16.5 Million Series A Financing
- Polymarket Data: Biden's Withdrawal Probability Rises to 88% to Reach a New High, and the Probability of Winning the Election is Only 5%
Regulatory News:
Trump Announces Acceptance of Republican Party's Presidential Nomination
According to the Daily Economic News, at the final day of the Republican National Convention on the evening of July 18th local time and the morning of today (July 19th) Beijing time, former US President Trump officially announced his acceptance of the Republican Party's presidential nomination. Prior to this, former US President Trump received enough party delegate votes at the Republican National Convention on the 15th and was formally nominated as the Republican presidential candidate for the 2024 US presidential election.
According to Cryptoslate, insiders revealed that former US President Donald Trump will make a milestone statement at the upcoming Bitcoin 2024 conference in Nashville, possibly planning to make Bitcoin a strategic reserve asset for the US. Satoshi Action Fund co-founder Dennis Porter and BnkToTheFuture founder Simon Dixon both shared these rumors on social media, stating that the sources of the information are reliable. However, neither Trump, his team, nor any external public sources have confirmed these claims. Until official confirmation, these assertions should be considered speculative.
Open Source Intelligence Detection Organization OSINTdefender stated on X platform that there are reports that US President Joe Biden has notified campaign officials that he has decided to withdraw from the current presidential campaign and will officially announce before Sunday. Despite announcing his withdrawal, it is believed that he will not resign from the presidency or support other candidates, such as Vice President Kamala Harris; instead, it is expected that the Democratic National Convention in August in Chicago will be the first convention since 1952 to be conducted through proxy voting, with possibly dozens of Democratic candidates vying for the nomination.
South Korea's First Cryptocurrency Law Comes into Full Effect, Focusing on Investor Protection
According to The Block, South Korea's first cryptocurrency regulatory framework has now come into full effect, focusing on investor protection. The new law, the "Virtual Asset User Protection Act," was officially approved on July 18, 2024, and provides a one-year grace period to refine regulatory details. The law imposes stricter requirements on digital asset exchanges, requiring South Korean cryptocurrency exchanges to store at least 80% of user deposits in cold wallets, thereby segregating user deposits from the exchange's own funds. Exchanges must also entrust user cash deposits to licensed local banks for safekeeping and hold cryptocurrency reserves equivalent in quantity and type to customer deposits. In addition to measures to protect user funds, the law also requires exchanges to establish real-time monitoring systems and report potentially illegal abnormal trading activities. Companies that do not comply with the new regulations may face penalties from the Financial Services Commission (FSC) of South Korea or be suspended from service.
SEC Chairman Gary Gensler Issues Fraud Warning Involving "Cryptocurrency Securities"
US Securities and Exchange Commission (SEC) Chairman Gary Gensler issued an investor warning on X platform, stating that fraudsters may deceive victims into participating in scams involving cryptocurrency securities in 5 ways, often using emerging technologies such as cryptocurrency to carry out investment fraud. The link cited by Gensler is an investor alert issued by the SEC on May 29th this year, mentioning 5 ways including contacting victims through social media platforms or text messages to gain their trust, using artificial intelligence (AI) and other emerging technologies for hype, fraudsters impersonating or using reliable sources, pumping up prices before selling, and falsely claiming additional fees to help victims withdraw.
AI
According to Titanium Media, in the early morning of July 19th Beijing time, the US company OpenAI launched a new AI model "GPT-4o mini," which is a smaller parameter and simplified version of GPT-4o. OpenAI stated that GPT-4o mini is currently the most powerful and cost-effective small parameter model, with performance approaching the original GPT-4, and a cost more than 60% cheaper than GPT-3.5 Turbo. It supports 50 different languages and replaces the GPT-3.5 version of ChatGPT, but the company did not disclose the training parameter scale. At the API level, GPT-4o mini supports 128k and 16k input tokens (images and text); at the price level, GPT-4o mini costs 15 cents per million input tokens (approximately 1.09 RMB) and 60 cents per million output tokens (approximately 4.36 RMB). According to the plan, GPT-4o mini will be available to free users of ChatGPT, as well as ChatGPT Plus and Team paid subscribers, starting today, and will be available to ChatGPT Enterprise customers next week. Additionally, in the coming days, OpenAI will also release a fine-tuned version of GPT-4o mini. OpenAI CEO Sam Altman also revealed that just two years ago, the best model in the world was the GPT-3 text-davinci-003 version, which performed much worse compared to today and was 100 times more expensive. In other words, in just two years, the cost per token of large GPT models has dropped by 99%.
Google and Other Tech Giants Launch Secure AI Alliance
According to Jinshi, Google has launched the Confidential Computing Consortium (CoSAI), with founding members including Amazon (AMZN.O), Intel (INTC.O), Microsoft (MSFT.O), Nvidia (NVDA.O), IBM (IBM.N), Cisco (CSCO.O), Paypal (PYPL.O), OpenAI, AI startups Anthropic, Cohere, cybersecurity startups Chainguard, WIZ, GenLab, and others. Google stated in a blog post that artificial intelligence needs a security framework and application standards to keep up with its rapid growth. This is also the reason why it shared the Secure AI Framework (SAIF) last year. However, implementing any industry framework requires close collaboration with others. Therefore, Google has launched CoSAI with industry peers.
Project Updates
Binance HODLer Airdrop Launches First Phase Project Banana Gun (BANANA)
Binance announced the launch of the HODLer Airdrop for the first phase project Banana Gun (BANANA). Users who purchased regular and/or flexible products on the Binance Earn platform using BNB between 8:00 on June 23, 2024, and 7:59 on July 6, 2024 (GMT+8) will receive the airdrop allocation. The BANANA HODLer airdrop page is expected to go live within five hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins. Binance will list BANANA on July 20, 2024, at 17:00 (GMT+8) and open trading pairs for BANANA/BTC, BANANA/USDT, BANANA/BNB, BANANA/FDUSD, and BANANA/TRY.
Grayscale Revises S-1 Filing, Reduces Ethereum Mini Trust Fee to 0.15%
Bloomberg analyst James Seyffart stated on X platform that Grayscale has just submitted a revised S-1 filing, reducing the fee for its Ethereum Mini Trust (code ETH) from 0.25% to 0.15%. Grayscale also changed the fee waiver details: initially similar to BlackRock, the fee was reduced to 0.12% for 12 months, but now the fee has been reduced to 0% for 6 months.
Fuel: Mainnet Launch Scheduled for Early Q4, Testnet Snapshot Completed
The Ethereum modular execution layer Fuel shared a recap of the Fuel Points community call on its official Discord, with the following main points: 1. The mainnet launch is scheduled for early Q4; 2. The Fuel Points plan aims to provide liquidity to the network, empower Fuel developers and the entire Fuel ecosystem, and launch DApps when the mainnet goes live; 3. Users will not lose points for participating in other plans such as Renzo, Ethena, EtherFi, etc. If they participate in different plans, the points will continue to accumulate; 4. The Renzo team supported the Fuel team in the early stages and helped launch the plan, so ezETH has these multipliers, and similar actions may be taken for other assets in the future, but this has not been confirmed yet; 5. Points are non-transferable and cannot be transferred to any wallet; 6. The asset list will be expanded in the coming weeks; 7. Users should lock all assets to qualify for any plan rewards when the mainnet goes live; 8. There are no restrictions on deposits, and there are currently no changes to the plan; 9. The testnet snapshot has been completed, and new users will no longer receive incentives in the future. Eligibility criteria will be announced as soon as possible after the team analyzes the snapshot data; 10. Users who are not residents or citizens of specific jurisdictions are eligible for rewards. Eligibility criteria for testnet users will be announced later and may change; 11. Once the Fuel mainnet goes live, users will have the opportunity to earn more rewards by participating in various activities.
Layer3 Foundation: L3 Token Airdrop Query Page to Go Live on July 24
The token distribution protocol Layer3 Foundation announced in its official Discord community that it will launch the initial L3 token distribution checker on July 24, but the tokens will not go live on that date. Earlier on July 5, the token distribution protocol Layer3 announced the token economics, with the initial airdrop increased to 7.5% of the total supply.
Pixelverse Announces PIXFI Token Airdrop Plan, Airdrop Allocation Accounts for 30%
The Telegram-based encrypted game Pixelverse announced its airdrop plan, with 10% of PIXFI allocated to holders of rare, epic, and legendary NFTs, and an additional 20% of PIXFI as rewards for Pixelverse and Pixelchain users, distributed over time. Users can claim without fees through the Dashboard and PixelTap mini-program, and automatic staking is provided for additional rewards. Regarding NFT rewards, all users will receive their NFT rewards: PixelTap and Dashboard users as of July 18 will receive NFTs based on their level of participation, which can be claimed on July 25. It is reported that the PIXFI token was launched yesterday. Additionally, Pixelverse also announced the staking mechanism, where withdrawing PIXFI immediately will only receive 10% of the total airdrop, with the remaining 90% being recycled into the community incentive pool to reward the Pixelverse community.
Project Behind Ethereum Meme Coin FIGHT Announces Donation of 10 Million FIGHT to Trump's Campaign
The Ethereum-based meme project FIGHT TO MAGA (FIGHT) stated on X platform: "We have sent 10 million FIGHT tokens to support Trump's campaign, which is approximately $470,000 at the current price." The FIGHT token is a meme coin themed around the "Trump Assassination Event," with a current price of $0.06809, a 22.41% increase in the past hour, and a 43.26% increase in the past 24 hours.
SlowMist Security Chief Information Security Officer 23pds stated on X platform that the top security defense software CrowdStrike has experienced a global failure, causing all Windows PCs with CrowdStrike installed to enter an infinite loop of blue screens. The CrowdStrike team is currently working to resolve the issue. During this defense gap, platforms using CrowdStrike should be aware of various attack risks. Note: CrowdStrike is the only threat service provider that integrates next-generation antivirus, endpoint detection, and response.
Later, CrowdStrike stated that affected users are advised to boot their computers into safe mode or recovery environment. The CrowdStrike issue has caused banks, airlines, hospitals, and IT interruptions in multiple countries including the United States and Japan.
According to News1, the Seoul Southern District Prosecutors' Office in South Korea, in conjunction with the Cryptocurrency Crime Investigation Department, announced the arrest and prosecution of four members of the Queenbee (QBZ) token project. They are accused of defrauding approximately 4,000 individuals through fraudulent listings and market manipulation, involving a total amount of 15.1 billion Korean won (approximately $10.9 million). Additionally, the team is accused of selling all their remaining tokens to a seasoned token fraudster between March and April 2021, illegally profiting 15 billion Korean won (approximately $10.9 million).
Cryptocurrency exchange WazirX released the preliminary findings of its investigation into a network attack on X platform, stating that a multi-signature wallet was subjected to a network attack, resulting in a loss of over $230 million. Since February 2023, the wallet has been operated using Liminal's digital asset custody and wallet infrastructure services. The wallet has six signers—five from the WazirX team and one from Liminal—who are responsible for transaction verification. A transaction typically requires approval from three WazirX signers (all using Ledger hardware wallets for security) and then final approval from Liminal's signer. To enhance security, WazirX also implemented a policy of whitelisting destination addresses. These whitelisted addresses are marked and set by Liminal on the interface, allowing the WazirX team to initiate transactions to these whitelisted addresses. The nature of the network attack stemmed from a discrepancy between the data displayed on the Liminal interface and the actual transaction content. During the attack, the information displayed on the Liminal interface did not match the content actually signed, leading to suspicion that the attacker replaced the payload to control the wallet. WazirX stated, "This is an event beyond our control, but we are making every effort to track and recover the funds. We have blocked several deposits and contacted relevant wallets for recovery. We are working with the best resources to help us complete this task. While this is the result of our preliminary investigation, we will continue to provide further updates."
According to Cryptoslate, Injective Labs and 21Shares announced a collaboration to launch AINJ, an Injective staking exchange-traded product (ETP) pegged to INJ, which will include staking functionality. The fund will allow users to access the INJ token through major traditional financial exchanges and brokerage firms while earning staking rewards. The ETP will be traded on the pan-European exchanges AINJ NA in Amsterdam and AINJ FP in Paris, with support from 25 different banks and brokers, including Interactive Brokers, Saxo Bank, Swissquote, and eToro, among others.
Bloomberg reported that Anatoly Legkodymov, the founder of the cryptocurrency exchange Bitzlato, has been sentenced to 18 months in prison for operating an unlicensed money transfer business and laundering over $700 million in illegal gambling and drug trade proceeds. Since Legkodymov has been detained since his arrest in January 2023, his sentence has been served, and he will not have to serve any further time. In December of last year, Legkodymov pleaded guilty, admitting that he had been aware for years that Bitzlato was being used as a channel for dark web transactions, including the notorious drug market Hydra Market, which was shut down by authorities in 2022. Breon Peace, a federal prosecutor in the Brooklyn U.S. Attorney's Office, argued that Legkodymov should be sentenced to at least four years in prison because he "built a clearinghouse for dirty money." However, at the sentencing hearing, Judge Eric Vitaliano stated that the Metropolitan Detention Center where Legkodymov was held is "a terrible place," which was a factor in the decision not to continue his imprisonment. Two cases of inmate murders have occurred at the prison in the past five weeks. The judge also stated that Legkodymov "realized the illegal nature of what he was doing" and called him "an entrepreneur and a visionary" who was "living an admirable life" before his arrest. Legkodymov had moved to Pennsylvania, USA, from Russia and Shenzhen at the time of his arrest. As part of the plea agreement, he also agreed to relinquish his claim to $23 million in cryptocurrency seized by French authorities.
Bloomberg analyst James Seyffart stated on X platform, "Today we added some Ethereum ETFs to the Bloomberg Terminal. These include ETHW from Bitwise, CETH from 21Shares, and FETH from Fidelity. Other funds are likely to be added tomorrow and Monday. Trading is still scheduled to begin next week."
Elon Musk responded to news about political donations on Twitter, stating that he did create a political action committee (PAC) focused on supporting a U.S. presidential candidate, but he did not promise any donations to anyone. So far, the donated funds are "far below" the reported level of $45 million per month.
LI.FI releases security incident report, stating "human error" led to protocol attack
Cross-chain bridge protocol LI.FI stated in its latest security incident report that a "human error" during the smart contract update process led to an attack on the protocol. An estimated 153 wallets were affected, resulting in a loss of approximately $11.6 million in USDC, USDT, and DAI stablecoins. The team continued to state that they quickly detected the security vulnerability, initiated an "incident response plan," and disabled the erroneous code, thereby containing the threat and preventing "any further unauthorized access." According to the report, the vulnerability occurred shortly after deploying the new smart contract. A flaw in the upgrade allowed attackers to gain unauthorized access to user wallets within minutes of the contract deployment. The vulnerability stemmed from the ability of the contract caller to arbitrarily call any contract without verification. Due to human error during the supervised deployment process, verification checks were missing. LI.FI stated that their current top priority is to assist in recovering user funds and collaborate with law enforcement and Web3 security companies.
According to a tweet from Coinbase International Exchange, Coinbase International Exchange and Coinbase Advanced will support perpetual contract trading for Bittensor, Toncoin, and Tellor. The TAO-PERP, TON-PERP, and TRB-PERP markets will begin trading on or after 9:30 AM UTC on July 25, 2024.
According to The Block, the social network graph protocol Lens plans to migrate to the ZKsync network in the fourth quarter of this year, aiming to achieve privacy control of user data and AI data monetization. Lens V3 will be launched after the mainnet migration, providing early privacy settings where users can choose to share data. The ultimate goal is to allow users to control data using zero-knowledge proofs and earn rewards by allowing AI models to access the data. Lens will use other networks to store data to reduce costs, considering multiple data availability networks including Celestia.
According to Decrypt, Reddit announced that it will discontinue support for its Polygon-based Collectible Expressions feature on August 5, 2024. The feature provides animated expressions for users' Collectible Avatars NFT. Reddit stated that while these animations will still be visible in past comments, they will no longer be usable in the future. Collectible Avatars are an NFT series based on the Polygon blockchain and have been popular since their launch. To date, over 33 million Collectible Avatars have been minted, with a market value of $43 million. Reddit plans to continue supporting its NFT ecosystem through new community partnerships and more activities.
According to DEXTools and DEXScreener data, tokens related to CrowdStrike, STRIKE, Microsoft, bluescreenofdeath, and BSoD have been issued and actively traded on Ethereum and Solana blockchains. The liquidity of some tokens has reached up to $50,000 in stablecoins, and their market value has quickly reached $1 million on paper. On the Pump Fun platform on Solana, hundreds of tokens related to these companies' various memes have been created by users.
Indian cryptocurrency exchange WazirX stated on X platform that after responding to a network attack, they have filed a police report and taken additional legal action, and will continue to provide the community with the latest developments.
In terms of immediate action: the company has reported this incident to the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In), and has contacted over 500 exchanges to block identified addresses. Many exchanges are cooperating, and WazirX is actively working with them to provide more resources to assist in the recovery efforts.
The action plan includes tracking the stolen funds, recovering customer assets, and conducting a more in-depth analysis of the network attack. WazirX is collaborating with forensic experts and law enforcement agencies to identify and apprehend the perpetrators.
Funding News
According to The Block, blockchain data network developer Chainbase has completed a $15 million Series A funding round led by well-known internet companies and Matrix Partners China, with other investors including Folius Ventures, Hash Global, JSquare, Mask Network, and Bodl Ventures. Chainbase plans to launch its mainnet and governance token CBT in the fourth quarter of this year. This funding round will be used to establish a global local community, enhance developer and user participation, and increase network awareness. Chainbase's network supports over 15,000 developers and 8,000 projects, managing over 500 billion data calls.
According to CoinDesk, Allium Labs, a data partner of Visa, has completed a $16.5 million Series A funding round led by Theory Ventures, with its founder Tomasz Tunguz joining the board. Kleiner Perkins and Amplify Partners also participated in this funding round. Allium Labs stated that it has raised a total of $21.5 million and plans to invest in data infrastructure and listing plans to provide services that enable financial institutions to accept digital assets. Allium Labs provides enterprise-level blockchain data for companies such as Visa, Stripe, and Uniswap Foundation, and plans to use the funds for data infrastructure development and market expansion. The latest data from the Visa OnChain Analytics Dashboard, a collaboration with Visa, shows a resurgence in stablecoin demand in 2024, with circulating supply approaching $150 billion and monthly active users reaching 27.5 million.
According to sources cited by The Information, cryptocurrency market maker Wintermute Trading is in discussions for a new funding round. The company plans to sell $100 million worth of shares, with a portion of the funds flowing to existing shareholders. Wintermute will also issue new shares, but the specific amount has not been determined yet. The sources added that the negotiations are still ongoing, and the details have not been finalized.
Key Data
Polymarket data shows that the probability of Biden's withdrawal has risen to 88%, reaching a historic high. In addition, in the prediction for the "winner of the 2024 presidential election," Harris's chances of winning have risen to 22%, ranking second, while Biden's chances have dropped to 5%, ranking fourth.
Banana Gun Treasury Address Transfers 800,000 BANANA, Suspected Preparation for Airdrop
According to on-chain analyst @ai_9684xtpa, the Banana Gun Treasury address bananagun-treasury.eth received 800,000 unlocked BANANA tokens an hour ago, which were then transferred to the new address 0xa1a, possibly in preparation for a Binance airdrop. Earlier today, Binance announced the launch of the BANANA as the first HODLer airdrop project, with a quantity of 800,000 tokens, accounting for 27% of the total token supply, leading to a nearly 35% price increase.
A Certain Smart Money Address Achieves a High Return Rate of 6258% through MIGGLES Trading
According to on-chain analyst @ai_9684xtpa, the smart money address 0xB98…ED7dA achieved a return rate of up to 6258% through MIGGLES trading. This smart money spent 2.6 ETH to buy 19.13 million MIGGLES at an average price of $0.00047 per token after the token was listed. They have already sold 75% of their holdings, making a profit of $279,000, and the remaining 4.64 million tokens are still floating at a profit of $283,000, resulting in a total profit of $562,000.
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