Today's News Highlights:
Taiwan Opens Up for Professional Investors to Invest in Foreign Virtual Asset ETFs via Re-Delegation
Hong Kong ZA Bank Approved for Virtual Asset Trading
Binance to Launch EigenLayer (EIGEN) and Add Seed Tag
South Korean Crypto Exchange Bithumb Considering Listing on NASDAQ
Ethena Proposes Building a Spot and Perpetual DEX Named Ethereal on Its Network
AI Social Metaverse Project SecondLive Completes $12 Million Private Placement Financing
Regulatory News
Taiwan Opens Up for Professional Investors to Invest in Foreign Virtual Asset ETFs via Re-Delegation
According to Chain News, Taiwan's "Financial Supervisory Commission" has announced that it will allow professional investors to invest in foreign virtual asset ETFs via re-delegation. Eligible professional investors include: professional institutional investors, high-net-worth investment entities, high-asset clients, legal entities or funds that qualify as professional investors, and natural persons who qualify as professional investors. To ensure that investors have sufficient investment experience and knowledge, securities firms must establish a comprehensive suitability assessment system, which must be reviewed and approved by the board of directors when providing virtual asset ETF services. Before a client makes their first purchase of a virtual asset ETF, the securities firm must assess whether the client possesses relevant investment experience and professional knowledge to ensure the suitability of the client's investment risk. Other than professional institutional investors, other investors must sign a risk warning letter before their first purchase of a virtual asset ETF. Securities firms must provide relevant product information to investors before accepting their first purchase of a virtual asset ETF to help them fully understand the characteristics and associated risks of the virtual asset ETF they are investing in.
Japanese Regulators Plan to Reduce Crypto Earnings Tax Rate from 55% to 20%
According to Bloomberg, Japan is beginning to review its cryptocurrency regulatory rules, potentially lowering the tax rate on digital assets and promoting the launch of domestic cryptocurrency ETFs. The Financial Services Agency will assess in the coming months whether the current payment law applies to cryptocurrencies or if it needs to be reclassified as a financial instrument. This move could reduce the tax rate on crypto earnings from a maximum of 55% to 20%, aligning it with other assets like stocks. The crypto industry hopes this review will ease regulations and promote industry development.
Project Updates
Binance to Launch EigenLayer (EIGEN) and Add Seed Tag
According to an official announcement, Binance will launch EigenLayer (EIGEN) on October 1, 2024, at 13:00 (UTC+8), and will open the following spot trading pairs: EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, EIGEN/TRY. The EIGEN deposit channel is now open; EIGEN withdrawals are expected to open on October 2, 2024, at 13:00 (UTC+8). The seed tag will apply to EIGEN.
Hong Kong ZA Bank Approved for Virtual Asset Trading
According to Hong Kong Financial News, a spokesperson for ZA Bank stated that the bank has received approval from the Hong Kong Securities and Futures Commission to add virtual asset trading under its Type 1 license, and the bank will actively prepare for relevant sandbox testing.
According to The Block, under a newly disclosed agreement, FTX debtors will allocate up to $230 million from the proceeds of government confiscation actions to compensate preferred shareholders. The agreement was finalized after the deadline for FTX creditors to vote on the claims plan and was announced 30 days later, surprising and angering some creditors. Before the voting deadline on August 16, creditors overwhelmingly approved the FTX restructuring plan, but they were unaware of this clause. While shareholders typically receive compensation last in bankruptcy proceedings, FTX debtors stated that compensating preferred shareholders would help avoid high litigation costs and delays associated with confiscated proceeds. Additionally, according to the latest FTX bankruptcy documents, the claims plan has not yet been approved by the court. The next court hearing to confirm the restructuring plan is scheduled for October 7, 2024. If the plan is approved, creditors with claims under $50,000 may begin receiving compensation by the end of 2024, while those with larger claims may have to wait until the first or second quarter of 2025.
Meta CEO Zuckerberg's Wealth Surpasses $200 Billion, Becoming the Fourth Richest Person in the World
According to Caixin, as the social media giant Meta's stock price hits a historic high, its CEO Zuckerberg's wealth has surpassed $200 billion, making him the fourth richest person in the world, and he may soon surpass Amazon founder Bezos and LVMH chairman Bernard Arnault. According to the Bloomberg Billionaires Index, Zuckerberg's wealth has increased by an astonishing $73.4 billion this year, bringing his total net worth to $201 billion. The world's richest person, Musk, remains at the top with a net worth of $272 billion, followed by Bezos with $211 billion. Arnault's wealth has also surged recently, bringing his total fortune to $207 billion.
Sonic Labs (formerly Fantom) announced on the X platform that users can start earning approximately 200 million S airdrop points through Sonic Arcade this week, with no fees or cross-chain requirements to participate in this event.
According to Bitcoin.com, Coinbase Institutional wrote in its "Token2049 Conference Highlights" report released last Friday: "Due to US rate cuts and China's large-scale fiscal and monetary stimulus policies, we expect a positive trend in Q4 2024, which will enhance market liquidity and support Bitcoin's performance." The report focuses on Bitcoin and high-beta crypto assets, maintaining an optimistic outlook on the overall market for the coming months. The report also discusses Ethereum's recent challenges, particularly the rise in its transaction fees. It noted, "On-chain activity is increasing, with rising trading volumes on decentralized exchanges (DEX), and Ethereum gas prices are also higher." However, despite the recent launch of a spot Ethereum ETF in the US, the token has not benefited as Bitcoin has. The report described, "While many market participants are optimistic about Bitcoin, we encountered some skepticism regarding Ethereum, as the token does not seem to have benefited from the launch of the US spot Ethereum ETF over two months ago." Nevertheless, the report pointed out that Solana and other L1 networks are more focused on scalability and transaction efficiency, and improvements in decentralized exchanges and blockchain infrastructure bring positive signals to the crypto space.
South Korean Crypto Exchange Bithumb Considering Listing on NASDAQ
According to CoinDesk, South Korean cryptocurrency exchange Bithumb is considering listing on NASDAQ in the US. Previously, Bithumb planned to list on Korea's Kosdaq and had selected Samsung Securities as the IPO management company, aiming for a listing in the second half of 2025. Bithumb stated at a shareholders' meeting that the choice of listing location is still undecided, with options for domestic or overseas.
Binance to Launch COSUSDT Perpetual Contract
Binance's contract platform will launch the COSUSDT perpetual contract on September 30, 2024, at 21:00 (UTC+8), with a maximum leverage of up to 75 times.
Ethena Proposes Building a Spot and Perpetual DEX Named Ethereal on Its Network
According to The Block, the Ethena community is discussing a proposal to integrate a decentralized exchange (DEX) named Ethereal into Ethena's reserve management and provide on-chain support for USDe. According to the proposal, the DEX will be built on the upcoming Ethena network. The proposal includes distributing 15% of the Ethereal governance tokens to Ethena token holders. Ethereal plans to launch its testnet in the fourth quarter, aiming to support one million transactions per second and integrate with Ethena's hedging engine. Ethena Labs will soon release a voting snapshot, with the specific date yet to be announced.
Financing News
According to official news, Round Coin Technology announced the completion of $7.8 million in A1 round financing. In this round, Round Coin Technology received strategic investments from well-known industry companies such as Sequoia China, Hivemind Capital, Aptos Labs, Hash Global, SNZ Capital, Solana Foundation, Anagram, and Upward Capital. Round Coin Technology stated that this round of financing will connect the Web2 and Web3 worlds and continue to contribute to the construction of Hong Kong's Web3 ecosystem. It was reported that on July 18, 2024, Round Coin Technology announced that its subsidiary, Round Coin Innovation Technology Co., Ltd., had been included in the Hong Kong Monetary Authority's (HKMA) stablecoin issuer sandbox program. Meanwhile, another subsidiary, Round Coin Wallet Technology Co., Ltd., has obtained a Stored Value Facility (SVF) license issued by the HKMA and will officially operate by the end of 2023. This A1 round of financing marks another significant progress for Round Coin Technology following its seed round financing in 2020. Round Coin Technology has been supported by original shareholders such as ZhongAn Digital Asset Group Limited, HashKey Group, Dragonfly, Bright Venture, and Eminent Vision.
AI Social Metaverse Project SecondLive Completes $12 Million Private Placement Financing
According to official news, the AI & XR social metaverse project SecondLive announced the completion of $12 million in private placement financing, led by Crypto.com, with participation from Spark Digital, Cypher Capital, MetaEstate, TAISU Ventures, NewTribe Capital, BitValue Capital, Titans Ventures, Newave Capital, and CSP DAO. This round of financing brings SecondLive's total financing amount to $15 million, with the seed round led by Binance Labs. Currently, SecondLive covers eight public chains, including BNB Chain, Ethereum, and TON, continuously iterating on scenes, characters, and social methods through generative AI, driving innovation in spatial networks.
Important Data
Ethereum Foundation Sells 100 ETH via CoWSwap Again
Spot On Chain monitoring shows that the Ethereum Foundation sold 100 ETH via CoWSwap in exchange for 262,474 DAI. As of now, the foundation has sold a total of 3,766 ETH in 2024, worth approximately $10.46 million, at an average price of $2,777 per coin. In September, 1,250 ETH were sold, valued at approximately $3.06 million.
Vitalik-Associated Wallet Deposits 649 ETH into Paxos 20 Hours Ago
According to Spot On Chain monitoring, the Vitalik-associated wallet "0x556" deposited the last 649 ETH (approximately $1.72 million) into Paxos about 20 hours ago. Notably, on September 19, wallet "0x556" received 1,300 ETH (worth $3.21 million) from wallet "0xd04," from which Vitalik Buterin transferred 70,000 ETH in 2022. Over the past 11 days, as the ETH price rebounded, the wallet deposited all 1,300 ETH into Paxos at an average price of $2,581 (totaling $3.35 million).
Whale that Redeemed 24,000 ETH from Lido Sells 7,000 ETH Again, Worth Approximately $18.29 Million
According to PANews on September 30, on-chain analyst @ai_9684xtpa monitored that a whale that redeemed 24,000 staked ETH from Lido on September 27 sold 7,000 ETH (approximately $18.29 million) two days later, expecting a profit of $700,000. The whale transferred 7,000 ETH to the new address 0x416…81768 16 hours ago, and then deposited all of it into Coinbase six hours ago, likely for sale.
Bitcoin Early Developer Hal Finney's Dormant Address Transfers 46 BTC to Kraken This Month
iChainfo posted on the X platform that, according to data from search.ichainfo.com, Bitcoin early developer Hal Finney's dormant address transferred another 10 BTC to Kraken. Since "waking up" from a decade-long slumber on September 1, this wallet has transferred a total of 46 BTC to Kraken. Hal Finney was the first person to receive Bitcoin, and he passed away in 2014. Before his death, he stated that he would keep the private key of this address secure.
According to CoinShares' latest weekly report, last week saw a net inflow of $1.2 billion into digital asset investment products for the third consecutive week, likely in response to ongoing expectations of a dovish monetary policy in the US and related positive price momentum, with total assets under management increasing by 6.2%. The approval of options for certain US investment products may have boosted market sentiment, although trading volume did not see a corresponding increase, in fact, it slightly decreased by 3.1%. Regionally, market sentiment showed polarization. The US and Switzerland attracted inflows of $1.2 billion and $84 million, respectively, with Switzerland's inflow being the highest since mid-2022. In contrast, Germany and Brazil experienced outflows of $21 million and $3 million, respectively. Bitcoin attracted $1 billion in inflows, although this also stimulated further inflows of $8.8 million into short Bitcoin investment products. Ethereum broke a five-week downtrend with inflows of $87 million, marking the first measurable inflow since early August. In contrast, Solana saw outflows of $4.8 million. Sentiment around altcoins was mixed, with inflows for Litecoin and XRP at $2 million and $800,000, respectively, while outflows for BNB and Stacks were $1.2 million and $900,000, respectively.
According to Beincrypto, Cyvers reported that losses from cryptocurrency hacks reached $2.114 billion in the first three quarters of 2024, exceeding the total losses for the entire year of 2023. This figure represents a significant increase of 72% compared to the same period last year. In 2024, CeFi platforms were hit the hardest, with a 984% increase in cryptocurrency hacking attacks. There were five major incidents in the second quarter of 2024 alone, resulting in losses of $401 million. Notably, the DMM Bitcoin exchange data breach caused losses of $305 million. Turkey's BtcTurk also suffered losses of $55 million, along with other exchanges like Lykke and FixedFloat. Compared to the same period in 2023, losses on DeFi platforms decreased by 25%. Nevertheless, 62 incidents in the second quarter of 2024 still resulted in losses of $171.3 million, with Ethereum and BNB Chain continuing to be primary targets due to their large ecosystems.
Token Unlocks data shows that tokens such as SUI, OP, and IMX will experience large unlocks next week, totaling $295.7 million. Among them:
Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 AM Beijing time on October 1, accounting for 2.40% of the current circulating supply, valued at approximately $107 million;
Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 AM Beijing time on September 30, accounting for 2.50% of the current circulating supply, valued at approximately $60 million;
Immutable (IMX) will unlock approximately 32.47 million tokens at 8:00 AM Beijing time on October 4, accounting for 2.02% of the current circulating supply, valued at approximately $59 million;
ZetaChain (ZETA) will unlock approximately 53.89 million tokens at 8:00 AM Beijing time on October 1, accounting for 13.43% of the current circulating supply, valued at approximately $39 million;
dydx (DYDX) will unlock approximately 8.33 million tokens at 8:00 AM Beijing time on October 1, accounting for 1.32% of the current circulating supply, valued at approximately $9 million;
Maverick Protocol (MAV) will unlock approximately 36.40 million tokens at 8:00 AM Beijing time on October 1, accounting for 9.56% of the current circulating supply, valued at approximately $9 million;
Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 AM Beijing time on October 2, accounting for 0.05% of the current circulating supply, valued at approximately $7.5 million;
Galxe (GAL) will unlock approximately 2 million tokens at 8:00 AM Beijing time on October 1, accounting for 1.57% of the current circulating supply, valued at approximately $4.9 million;
Manta Network (MANTA) will unlock approximately 1.87 million tokens at 7:59 AM Beijing time on October 1, accounting for 0.50% of the current circulating supply, valued at approximately $1.8 million;
Liquity (LQTY) will unlock approximately 18.53 million tokens at 8:00 AM Beijing time on October 2, accounting for 0.05% of the current circulating supply, valued at approximately $7.5 million.
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