Compilation: Luan Peng, ChainCatcher
Important Information:
- More than 110 companies are currently building Bitcoin-related businesses in Africa
- Decentralized public network Nillion launches validator program
- EU investigates Telegram over user numbers
- Data: Cryptocurrency industry bankruptcy cases bring in over $700 million in revenue for law firms
- Greeks.live: The fourth quarter is usually a strong period for BTC, with many whales positioning for October market
- Ton community digital resistance movement has 4 million people signing an open letter
"What important events have occurred in the past 24 hours"
More than 110 companies are currently building Bitcoin-related businesses in Africa
Bitcoin Magazine tweeted that more than 110 companies are currently building Bitcoin-related businesses on the African continent. The map shows that these Bitcoin activities are distributed in multiple countries including Nigeria, South Africa, Kenya, and Uganda. These companies and communities cover a wide range of fields, including technology development, mining, education, financial services, and media.
Decentralized public network Nillion launches validator program
Decentralized public network Nillion announced the launch of a validator program, where validators will ensure the integrity of the entire network's data, playing a crucial role in maintaining security and preparing for the mainnet launch. Early validators will have the opportunity to be recognized for their contributions, standing out in the community.
Nillion stated that as the network develops, more complex economic models will be introduced, such as token-based incentive pools, where users can add additional incentives to ensure regular data validation. Early participants will benefit from these developments as their contributions will be highly valued in the network.
EU investigates Telegram over user numbers
According to the Financial Times, Brussels is investigating whether Telegram has violated EU digital regulations by failing to provide accurate user numbers. Officials are pushing to subject the controversial instant messaging app to stricter regulation.
EU legal and data experts suspect that the app underreported its user numbers in the EU to keep them below the 45 million threshold, beyond which large online platforms will be subject to a series of Brussels regulations aimed at limiting their influence.
The EU's investigation is running concurrently with a wide-ranging investigation by France into alleged criminal activities on Telegram, which led to the arrest of its founder, Russian-born billionaire Pavel Durov, on Saturday. On Wednesday night, a judge will decide whether to press charges or release him.
Telegram stated that Durov "has nothing to hide." Durov currently holds French and UAE citizenship.
In February, Telegram stated that it had 41 million users in the EU. According to the EU's Digital Services Act, Telegram was supposed to provide the latest figures this month, but it did not, only announcing that its "average monthly active users in the EU are significantly below 45 million."
Two EU officials stated that Telegram's failure to provide new data violates the DSA, adding that the EU's investigation may reveal that the actual numbers exceed the threshold set for "very large online platforms."
Such designation brings greater compliance and content moderation, third-party audits, and mandatory data sharing with the European Commission.
Data: Cryptocurrency industry bankruptcy cases bring in over $700 million in revenue for law firms
Data shows that as of August this year, law firms handling seven cryptocurrency bankruptcy cases specified under Chapter 11 of the US Bankruptcy Code since 2022 have requested and received a total of $7.51 billion in fees. In some of the largest bankruptcy cases in the cryptocurrency industry, law firms that earned the most fees include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. These four companies earned $4.84 billion in revenue from handling cryptocurrency bankruptcy cases, accounting for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings. Sullivan & Cromwell law firm had the highest revenue, reaching $2.15 billion. The firm served as legal counsel for FTX's debtors. Kirkland & Ellis ranked second in fees received, charging its clients $1.2 billion. The firm was the primary legal counsel for companies such as Voyager, BlockFi, and Celsius.
Greeks.live macro researcher Adam stated on social media that 62,000 BTC options are about to expire, with a Put Call Ratio of 0.59, a maximum pain point of $61,000, and a notional value of $36.6 billion. 530,000 ETH options are about to expire, with a Put Call Ratio of 0.49, a maximum pain point of $2,800, and a notional value of $13.4 billion.
Today is the monthly settlement, and from the options data, it is evident that ETH has been weak this month, with the maximum pain point and settlement price differing by over 10%. The medium-term IV has increased this month, while the short-term IV has decreased. Currently, there is not much room for overall IV decline. Looking at trading data from previous years, September is generally a slightly subdued month, transitioning from weakness to strength, and the fourth quarter will be a stronger period for BTC. Recently, many whales have begun positioning for the October market, and it is expected that the last four months of this year will see a good market.
Ton community digital resistance movement has 4 million people signing an open letter
According to the official TON Telegram channel, the Ton community's digital resistance movement has 4 million people signing an open letter.
The TON community stated: "Pavel Durov has been released. This is an important milestone, and the TON Association will continue to support him until he gains full freedom. Technology is not a crime and should not be prosecuted."
Previous news: The Ton community launched a movement to support the CEO of Telegram, calling on community members to change their social media account avatars to participate.
OKX CEO Star replied to questions about OKX's lending mechanism on the X platform.
He stated:
- OKX's current collateral borrowing is a user-to-user C2C market, where OKX only provides a platform to help match users with borrowing and earning needs.
- The 100% reserve requirement is a fundamental responsibility of OKX. When the borrowed amount exceeds the deposited amount, the platform's automatic coin exchange mechanism will be triggered due to the 100% reserve requirement.
- OKX has imposed limits on the maximum borrowing amount, not allowing it to exceed 100%.
- Due to market activity in the Floki currency, there was a large amount of coin redemption by depositors, causing the borrowed amount to exceed 100%, triggering the automatic coin exchange.
- The OKX team will review the underlying design mechanism of the collateral borrowing platform to see if there are optimization solutions, and welcomes everyone to provide more feedback.
According to Protos, based on a Freedom of Information request (FOI), the UK Financial Conduct Authority (FCA) has spent the equivalent of 25 years processing cryptocurrency applications. The Financial Times reported that an FOI submitted by law firm Reed Smith showed that the average time for the FCA to assess cryptocurrency applications was 459 days.
From May 2023 to April 2024, the number of applications submitted decreased to 29, significantly lower than the previous two years' 42 and 59 submissions. Only 7 applications were submitted in the first quarter of 2024.
The report shows that in the past three years, the number of cryptocurrency companies registered with the FCA has decreased by 51%, with a total of 186 companies withdrawing their applications submitted to the financial regulatory authority.
Reed Smith partner Brett Hillis stated: "If the decrease in the number of applications is due to cryptocurrency companies giving up and starting to turn to overseas options, this should send a clear warning about London's competitiveness."
According to The Paper, the Xuhui District People's Procuratorate in Shanghai released a report on the situation of virtual currency crimes. Since 2022, the procuratorate has handled 23 cases involving virtual currency crimes, involving 45 people. The number of cases accepted has been on the rise for three consecutive years. At the same time, the related cases have shown characteristics of complex modus operandi, technical specialization and concealment, and high amounts of crime. In the cases handled, the average illegal gains of the criminals were over 1 million RMB, and in some cases, the illegal gains of the criminals were over 5 million RMB.
In addition, according to Xinmin Evening News report, in response to the increasing number and large amounts of virtual currency crime cases in recent years, the Xuhui District Procuratorate and the Xuhui District Public Security Bureau jointly signed the "Normative Guidelines for Handling Criminal Procedure Virtual Currency" to provide specific guidelines for the entire process and various aspects of handling virtual currency cases, including inquiry and evidence collection, seizure and custody, transfer and disposal, in a more detailed and clear manner, providing a specific guide for the lawful disposal of virtual currency involved in the cases.
According to Decrypt, Salvadoran President Nayib Bukele now admits that his Bitcoin experiment did not go entirely as planned.
Nayib Bukele stated: "Bitcoin has not reached the widespread adoption we expected. Many Salvadorans use it, and most large businesses in El Salvador accept it. You can pay with Bitcoin at McDonald's, supermarkets, or hotels. But it has not reached the level of adoption we expected. The positive side is that it is voluntary; we have never forced anyone to adopt it. We offer it as an option, and those who choose to use it have already benefited from the rise in Bitcoin."
Musk and Tesla win lawsuit, dismissing Dogecoin manipulation and insider trading charges
According to Reuters, Elon Musk and his electric car company Tesla (TSLA.O) have successfully won a dismissal of a federal lawsuit that accused them of defrauding investors by inflating the value of the cryptocurrency Dogecoin and engaging in insider trading, causing billions of dollars in losses. U.S. District Judge Alvin Hellerstein in Manhattan issued the ruling on Thursday evening.
Investors accused the world's richest person of profiting from trades at their expense through Twitter posts, an appearance on NBC's "Saturday Night Live" in 2021, and other promotional gimmicks, using multiple Dogecoin wallets controlled by him or Tesla. They also claimed that Musk intentionally inflated the price of Dogecoin by over 36,000% in two years, then let it crash, and that he and Tesla often arranged trades based on Musk's public statements and activities related to Dogecoin.
However, Hellerstein stated that Musk's tweets about "Dogecoin being the currency of the future, being able to buy Tesla cars, or being sent to the moon by his company SpaceX" were "aspirational and exaggerated, not statements of fact, and easily susceptible to misinterpretation," meaning that no rational investor could rely on these tweets to bring a securities fraud lawsuit, and therefore "cannot understand" the market manipulation and insider trading charges brought by investors. Hellerstein dismissed the lawsuit on bias grounds, meaning it cannot be brought again. Investors initially sought $258 billion in damages and amended their complaint four times in two years. In seeking the dismissal of the lawsuit, Musk's lawyers argued that his "harmless and often foolish tweets" were not a problem. They also stated that there was no evidence that Musk had two wallets for suspicious trades, and no evidence that he or Tesla had ever sold Dogecoin.
French President Macron: Unaware of Pavel Durov's arrival in France, and no plans to meet with him
French President Emmanuel Macron held a press conference during his diplomatic visit to Serbia. In a televised interview, the French leader told reporters that he did not invite Telegram co-founder Pavel Durov to France, nor was he aware of Durov's intention to come to France.
According to the translated version of Macron's response, the French President said: "As far as I am concerned, I am completely unaware of Mr. Pavel Durov coming to France. This is normal, because I am not aware of people coming to France from all over the world, whether they have French citizenship or not."
The French President then reiterated that Pavel Durov's case will be handled by the "independent action of the French judicial system." France has faced widespread international opposition for the decision to arrest Durov, and Macron insisted that the detention of the tech entrepreneur was not politically motivated.
Previous news: According to sources from the French "Canard Chain de l'Elysée," Telegram founder Durov told the police that he was supposed to have dinner with French President Macron on the day of his arrest.
According to Crypto Intelligence Orange, many key personnel from the Non-small Team have been taken away by the Inner Mongolia police for investigation, and it has been half a year. The reasons are unknown, possibly due to some pyramid schemes and problematic currencies on Non-small. Currently, there are still teams claiming to be Non-small on the market, but they may not be the original team. Crypto media Wu Shuo also confirmed the above information from relevant sources.
According to Web3 asset data platform RootData, Non-small is one of the earliest cryptocurrency data platforms in the Chinese blockchain industry.
"What are the exciting articles worth reading in the past 24 hours"
Gavin Wood: How to prevent civil resistance for effective airdrops?
Gavin has been focusing on the issue of civil resistance recently. PolkaWorld reviewed Dr. Gavin Wood's keynote speech at Polkadot Decoded 2024, aiming to explore Gavin's insights on how to prevent civil resistance.
OKX Ventures: A detailed explanation of the six core asset markets in the RWA track
In the current market environment, "Real-World Assets" (RWA) are rapidly rising. In July of this year, CoinGecko pointed out in the 2024 second-quarter cryptocurrency industry report that Meme Coins, artificial intelligence, and RWA have become the most popular categories, accounting for 77.5% of network traffic.
Traditional financial giants such as Citigroup, BlackRock, Fidelity, and JPMorgan have also entered the market. According to data from Dune Analytics, the growth rate of RWA narratives ranks second this year, with a 117% increase, second only to Meme. This article will comprehensively review the current development and future opportunities of the RWA track.
Garry Gensler is the current chairman of the U.S. Securities and Exchange Commission, a person who has undergone a great reputation change in the crypto community, from being highly anticipated to facing severe criticism. According to Coinbase founder Brian Armstrong, in just a few years, Gensler has transformed from the instructor of a blockchain course at the Massachusetts Institute of Technology to the crypto community's number one "sniper," all due to his political identity.
Vitalik's debate on DeFi: The communication gap between 1% developers and 90% traders
This article is divided into three parts:
1. The importance of effective communication, including communication with ordinary users and partners. The preface uses a general example and sets the background for the topic.
2. 1-9-90: The second part discusses the 1-9-90 guideline and my interpretation of it. This can be widely applied to the self-starting of any community.
3. The difficulty of maintaining consistent communication in large groups, and the potential situation where it may no longer be needed in the later stages (today's Ethereum). You can consider the third part as a notable overview of the Ethereum debate over the past week, which is also part of the same issue. Does 1-9-90 apply to Ethereum? This is one of the questions discussed in this part.
Two days ago, I became MakerDAO…
To bring firsthand information to readers, FN members are always attentive to various sources of information. I am the same—so I learned at the first time that "Maker has been rebranded."
Firsthand information often "lacks weight," so in order to provide readers with complete and effective information, we often delve deep—Maker has been rebranded into what? Clicking on their official account, everything is the same; refreshing, the nickname has changed to Sky, but the username hasn't changed.
Like our users, FN members are all astute and able to infer and distill actionable insights from information. I am the same—my nickname has changed, so should my username. So I'm going to change my username now, maybe I can get this special username?
Smoothly, surprisingly smoothly. Soon I was staring at the changed username and my slender fingers on the screen, lost in thought—am I really a genius?
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