Today's News Highlights:
U.S. Department of Justice Approves Sale of $6.5 Billion in Silk Road Bitcoin
Oklahoma Lawmaker Proposes Bitcoin Freedom Bill to Allow Employees to Receive Salaries in Bitcoin
LLM Briefly Surpasses $0.1, Up 58.88% in One Hour
El Salvador Purchases 11 More Bitcoins as Strategic Reserves
Analog Announces 1:100 Split of ANLOG Tokens
Binance to Launch Dar Open Network (D) Perpetual Contracts with Up to 75x Leverage
Regulation/Macro
IMF Recommends Kenya Establish Clear Cryptocurrency Regulatory Framework
The International Monetary Fund (IMF) recommends that Kenya create a clear and predictable regulatory environment for the cryptocurrency market to protect consumers and address risks related to anti-money laundering (AML) and combating the financing of terrorism (CFT). The IMF points out that Kenya currently relies on outdated regulations from traditional markets and lacks legally binding oversight of the crypto market, leading to an increase in crypto-related scams and criminal activities. The IMF suggests that Kenya develop a crypto regulatory environment consistent with international frameworks and standards while considering the unique challenges and opportunities of the local market, ensuring that the regulatory framework protects consumers, maintains financial stability, and promotes innovation.
"Elon Musk Unfollows Zhao Changpeng Again" is False, Due to X Platform's Follow System Error
According to information from the X platform, Elon Musk has unfollowed Zhao Changpeng again. Previously, in December last year, Zhao Changpeng interacted with Musk regarding the acquisition of Twitter, with Musk thanking Zhao for his financial support in the acquisition and refollowing him after replying to Zhao's tweet. Update: Musk did not unfollow Zhao on X; it was an error in the X platform's follow system.
According to a press release from the Hong Kong government, the Hong Kong Monetary Authority has launched a regulatory incubator for distributed ledger technology (DLT) to assist banks in responsibly exploring the potential of DLT, aiming to help banks fully leverage DLT's potential and effectively manage related risks. The incubator is expected to enhance the risk management capabilities of individual banks and the banking sector as a whole, particularly regarding risks that may arise when banks launch services involving both DLT banking infrastructure and traditional banking infrastructure (e.g., deposits and loans). For individual banks, the incubator will provide a one-stop regulatory platform to confirm that they have fully implemented relevant risk management measures before fully launching DLT projects, communicate with the Monetary Authority's dedicated team for regulatory advice, and choose to conduct real-world testing as needed to pragmatically and continuously validate and improve risk management measures. The incubator will also introduce a series of measures to promote awareness and understanding of best practices in DLT risk management within the banking industry, including regulatory guidelines, industry sharing sessions, and forward-looking research projects, which will ultimately help enhance the banking sector's capacity to adopt DLT solutions.
CFTC Issues Subpoena to Coinbase Regarding Polymarket Case, Requesting Certain Customer Information
According to information shared by eric.eth, a co-author of EIP-1559, the Biden administration's Commodity Futures Trading Commission (CFTC) has issued a subpoena to Coinbase regarding the Polymarket case, requesting Coinbase to provide information related to certain customers. In an email sent to customers, Coinbase stated: "You do not need to take any action, but Coinbase may need to send information related to your account to the Commodity Futures Trading Commission in response to the subpoena unless Coinbase formally receives a motion to withdraw the subpoena or other legal documents preventing Coinbase from sharing such information before the close of business on January 15, 2025."
FTX States Backpack's Acquisition of EU Subsidiary Has Not Yet Received Court Approval
According to Cointelegraph, the bankrupt cryptocurrency exchange FTX stated that the acquisition of its European division, FTX EU, by the cryptocurrency exchange Backpack has not yet received approval from the bankruptcy court, and Backpack has not been authorized to distribute funds to FTX creditors. Backpack announced on January 7 that it had acquired FTX EU and stated that it would assume responsibility for repaying debts to EU customers as part of the court-approved bankruptcy process. Backpack founder Armani Ferrante stated that his exchange would not conduct any transactions in the EU until it could repay FTX creditors, adding that it might be ready as early as February. However, in a statement on January 8, FTX stated that Backpack "claims" the acquisition of FTX EU has not occurred and has not received approval from the U.S. Bankruptcy Court for the District of Delaware, adding that all statements released by Backpack were made without FTX's knowledge. FTX stated that FTX debtors had previously agreed to sell FTX EU to some "former insiders" of FTX Europe under a settlement agreement supervised by the bankruptcy court but only mentioned that they were informed that these former insiders had agreed to indirectly transfer FTX EU to Backpack. FTX also noted that Backpack had not been granted authority to manage creditor repayments.
Market News: U.S. Department of Justice Approves Sale of $6.5 Billion in Silk Road Bitcoin
According to DB News, a U.S. official confirmed that a federal judge ruled on December 30 that the Department of Justice could sell 69,370 bitcoins seized from the Silk Road darknet market. After Battle Born Investments' attempt to delay the sale was unsuccessful, this long-standing dispute over the ownership of the seized bitcoins has finally been settled. The group had claimed that these bitcoins belonged to its bankruptcy estate and lost in a recent Freedom of Information Act-related case. Battle Born's lawyer called it "another egregious example of the Department of Justice abusing civil asset forfeiture procedures" and claimed the government "relies on procedural tricks to ensure the facts are never known." The Department of Justice cited the volatility of bitcoin prices when seeking permission to sell the assets. When asked about the next steps, a Department of Justice spokesperson stated: "The government will continue to move forward based on the ruling in this case." Currently, the seized bitcoins are valued at approximately $6.5 billion.
CFTC Chairman Behnam Calls on Crypto Industry Innovators to Protect Investors in Farewell Speech
According to CoinDesk, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), emphasized the importance of enhancing the CFTC's role as a cryptocurrency regulatory body in his final public speech before stepping down. Behnam will resign on January 20, making way for a future appointee of President Trump. In his speech at the Brookings Institution, he stated that cryptocurrency "has been a part of every stage of my tenure." Behnam pointed out that "in the absence of federal legislation, issues of customer protection, fraud, and market abuse incidents are increasing, as well as concerns about market resilience and financial stability. History has repeatedly shown that placing a significant amount of financial activity outside of regulation ultimately leads to poor outcomes." He directly called on industry "innovators" to protect those investors "eager to include digital assets in their portfolios," emphasizing that "the role of market regulators is crucial; they ensure that financial innovation is integrated into a regulatory and compliance culture that protects consumers and provides legal certainty." He also stated that he has never supported a law enforcement-led regulatory approach. In contrast, SEC Chairman Gary Gensler has long been criticized by the industry for adopting an "enforcement over regulation" approach. Earlier today, SEC Chairman Gary Gensler reiterated that the crypto space "is rife with bad actors."
U.S. Judge Sets Trial Start Date for Do Kwon as January 26, 2026
According to The Block, Terraform Labs founder Do Kwon appeared in court on Wednesday at the U.S. District Court for the Southern District of New York, marking his second appearance and signaling that this high-profile and repeatedly delayed federal case has entered the evidence disclosure phase. If convicted due to the collapse of the TerraUST stablecoin, he faces a maximum sentence of 130 years in prison. The "initial conference" on Wednesday aimed to determine whether the U.S. case could be resolved without going to trial and to establish other pre-trial details. U.S. District Judge Paul Engelmayer set the trial start date for January 26, 2026, and encouraged plea negotiations. The U.S. government noted that both parties submitted 6 TB of evidence for verification, including four mobile phones Kwon carried while in a Montenegrin prison, social media accounts, and other non-public information, most of which requires translation and decryption. Prosecutors indicated that some of this data may have been collected without a search warrant, and the encryption keys appear to be "lost." Prosecutor Jared Lenow pointed out that the trial could last up to six weeks, with the prosecution needing four weeks alone. The judge also questioned whether securities law would play a significant role in Kwon's case, stating that "the jury needs to have an extremely clear understanding." Prosecutors stated that whether Bitcoin or USDT is considered a commodity is not crucial to their case and noted that District Judge Jed Rakoff previously ruled that "Terraform's crypto assets are investment contracts."
Trump-Themed Digital Cards Debut on Bitcoin Network via Ordinals Protocol
According to Cryptoslate, an NFT series supported by U.S. President-elect Donald Trump has launched its first 160 pieces on the Bitcoin network using the Ordinals protocol, named "Trump Bitcoin Digital Trading Cards." Users who obtained 100 NFT cards from the "Mugshot Edition" are eligible to claim them through the NFT marketplace Magic Eden after submitting their Bitcoin wallets. As of the time of writing, users have minted 19 out of 119 available Ordinals, with the claiming period lasting until January 31. The Trump Bitcoin Digital Trading Cards utilize "Alpha sats." Users have listed 11 Trump-inspired Ordinals on Magic Eden, with the lowest asking price at 0.1988 BTC, while the most expensive Ordinals in the series are priced at 20 BTC. Although this is the first Ordinals series related to Trump, the president-elect has a history in the NFT space, having launched multiple series over the years, including four sets of "Trump Digital Trading Cards," showcasing photos of him holding BTC and performing his signature dance.
Oklahoma Lawmaker Proposes Bitcoin Freedom Bill to Allow Employees to Receive Salaries in Bitcoin
According to Bitcoin Magazine, Oklahoma State Senator Dusty Deevers has submitted the "Bitcoin Freedom Bill," numbered SB325, which would allow employees in Oklahoma to choose to receive their salaries in Bitcoin and permit vendors to accept Bitcoin payments. The SB325 bill ensures participation is entirely voluntary, respects free market principles, and grants employees, employers, and businesses the right to choose the payment methods that best suit them. The SB325 bill is eligible for consideration in the 60th legislative session starting on February 3.
Federal Reserve Meeting Minutes: Officials Lean Towards Slowing Rate Cuts, Inflation Risks Increase
According to Caixin, on Wednesday local time, the Federal Reserve released the minutes of its December monetary policy meeting on its official website. The minutes indicate that, given the still high inflation risks, Federal Reserve officials have taken a new stance on rate cuts, deciding to slow the pace of rate cuts in the coming months. The minutes noted that participants believe the committee is at or near the appropriate time to slow the pace of rate cuts. They anticipate that the pace of rate cuts may be moderated, entering a more cautious operational phase. A series of factors suggest that, in the current complex economic environment, Federal Reserve decision-makers believe it is necessary to carefully adjust monetary policy to avoid the negative impacts of overly aggressive policy adjustments. For example, rapid rate cuts could lead to renewed inflationary pressures. Participants expect inflation to continue to converge towards 2%, although they noted that recent inflation data exceeding expectations, along with potential changes in trade and immigration policies, indicate that this process may take longer than previously anticipated. Some participants pointed out that the anti-inflation process may have temporarily stalled or highlighted potential risks. "Fed mouthpiece" Nick Timiraos noted that the Federal Reserve minutes further indicate that at the upcoming meeting at the end of this month, officials are generally willing to keep rates unchanged. The minutes state: "Participants indicated that the committee is at or near the appropriate level to slow the pace of policy easing." Officials believe that based on their current outlook for economic activity, the Federal Reserve may continue to cut rates at a slower pace than in recent months.
AI
Kava Plans to Become DeAI Blockchain, AI Development Roadmap to be Announced in January
L1 blockchain Kava has officially announced plans to become the first DeAI (Decentralized Artificial Intelligence) blockchain by 2025 and will launch important updates in January 2025, including the DeAI Lightpaper, the 2025 AI development roadmap, and a product that supports users in embedding AI functionalities into dApps. Previously, Kava launched a decentralized Memecoin Launchpad platform, HARD.fun.
Project Updates
Analog Announces 1:100 Split of ANLOG Tokens
The cross-chain interoperability protocol Analog has announced a token split, increasing the total supply from 90,579,710 to 9,057,971,000 $ANLOG tokens. The official statement indicates that this adjustment will not affect the value distribution for existing token holders and aims to support the sustainable development and expansion of the ecosystem. It stated that by increasing the token supply, Analog can achieve lower-cost cross-chain transaction fees, better aligning with user needs. Previously, the cross-chain interoperability protocol Analog completed a $16 million financing round led by Tribe Capital.
Binance to Launch Dar Open Network (D) Perpetual Contracts with Up to 75x Leverage
Binance will launch leverage, contracts, financial products, one-click buy, and swap features for Dar Open Network (D). Additionally, the USDⓈ-M perpetual contracts for D will go live on January 9, 2025, at 18:00 (Beijing time), with a maximum leverage of 75x.
The meme project BABYSHARK officially released a video on the X platform, hinting at a potential strategic collaboration with the globally recognized children's entertainment IP company Pinkfong. It is understood that Pinkfong is a global family entertainment company with several well-known IPs, including Pinkfong, Baby Shark, Hogi, and Ninimo. The original children's song video "Baby Shark Dance" has accumulated over 10 billion views on YouTube, making it one of the most-watched videos globally. Additionally, the meme project BABYSHARK will launch on Kucoin at 8 PM today and has already been listed on several major exchanges, including Gate Pilot and MEXC. According to CoinMarketCap data, as of the time of writing, BABYSHARK's market cap is approximately $140 million, with a peak market cap of $240 million.
Stablecoin issuer Avalon Labs announced on its official blog that its governance token AVL's TGE event will take place in early Q1, with the claiming process to open shortly thereafter. AVL will be listed on centralized exchanges (CEX) simultaneously with the TGE. The circulating supply of AVL will evolve based on strategic factors to ensure alignment with the platform's growth and ecosystem expansion. The main drivers of AVL supply include: token redemption plans, protocol growth, yield incentives, strategic partnerships, and growth-oriented funding. The total supply cap for AVL tokens is 1 billion, with 30% allocated for community incentives, 20% for airdrop distribution, 16% for ecosystem and treasury distribution, 10% for team allocation, 4% for advisor allocation, 2% for initial liquidity allocation, and 18% for investor allocation. Previously, in December last year, stablecoin issuer Avalon Labs completed a $10 million Series A financing round led by Framework Ventures.
Blast's Mobile Platform to Launch Later This Month Alongside Tokenomics Update
Ethereum Layer 2 network Blast announced on the X platform: "Blast's mobile platform will launch later this month alongside a tokenomics update. All Blast Dapps should ensure the distribution of points and coins to users before these changes. There will be no coin distribution in January. All users should also ensure they log in to the Blast website using their own wallets. The official launch date will be announced soon."
Kraken and a16z Executives Among Several Crypto-Friendly Individuals Eyeing CFTC Chair Position
According to Cryptoslate, Fox Business News reporter Eleanor Terrett reported that President-elect Donald Trump's transition team is seeking candidates friendly to cryptocurrency to serve as the next chair of the Commodity Futures Trading Commission (CFTC). Competing for the position are current CFTC Commissioner Summer Mersinger, a16z crypto policy head and former CFTC Commissioner Brian Quintenz, and Kraken's Chief Legal Officer Marco Santori. According to insiders, Quintenz and Mersinger are considered "top candidates" for the position, both of whom have extensive experience and credentials in crypto policy. Mersinger is regarded as a thought leader at the intersection of crypto innovation and consumer protection. She frequently speaks at industry events and has advocated for balanced regulation to promote growth in the sector. Meanwhile, Mersinger has actively championed a regulatory environment that accommodates crypto innovation, a stance she has honed during her tenure as a CFTC commissioner and in her current role at a16z. If elected, either of these candidates could guide the agency in formulating policies that prioritize clarity and innovation in the U.S. crypto industry.
While Quintenz and Mersinger are leading, several other candidates remain on the shortlist, including Republican CFTC Commissioner Caroline Pham, who has a strong regulatory background, and Neal Kumar and Josh Sterling, both of whom have held senior positions at the CFTC and are regarded as regulatory experts. Reports indicate that Trump's transition team has reviewed at least six candidates for the position, reflecting the administration's focus on finding a leader aligned with its vision for the crypto industry.
Opinions
El Salvador President Believes Silk Road Bitcoin Sale May Present Buying Opportunity at Low Prices
El Salvador President Nayib Bukele commented on X regarding the "U.S. Department of Justice's approval to sell $6.5 billion worth of Bitcoin related to the Silk Road case," stating that perhaps we all have the opportunity to buy Bitcoin at a discount.
Arthur Hayes Comments on "U.S. DOJ Approved Sale of $6.5 Billion Bitcoin": Ready to Buy the Dip
Regarding the "U.S. DOJ's approval to sell $6.5 billion of seized Silk Road Bitcoin," BitMEX co-founder Arthur Hayes posted on X that diamond hands are ready to buy the dip.
In response to the "U.S. DOJ's approval to sell $6.5 billion of seized Silk Road Bitcoin," CryptoQuant CEO Ki Young Ju posted on X, stating: "Last year, based on realized market cap, $379 billion entered the market, about $1 billion daily. The $6.5 billion (Bitcoin) sold by the U.S. government may be absorbed within a week. Don't panic."
Ripple President: XRP ETF Expected to Launch Soon in the U.S.
According to Bitcoin.com, Ripple President Monica Long stated in an interview with Bloomberg on Tuesday that favorable U.S. cryptocurrency legislation could bring significant benefits to domestic companies, and an XRP ETF may soon become a reality. Long said, "I believe we will see more spot ETFs launched in the U.S. this year, and I think XRP is likely to be next after Bitcoin and Ethereum. We believe that especially with the change in government, the approval of these applications will accelerate." Additionally, Long revealed that Ripple's new RLUSD stablecoin will be launched on more exchanges, and the company expects it to play a significant role in its currency and payment business.
Opinion: U.S. Government May Take Months to Begin Selling BTC Seized from Silk Road
On-chain analyst Trader T stated on X that regarding the "U.S. government has been authorized to liquidate 69,370 BTC seized from the Silk Road," it may take months from authorization to actual sale. Furthermore, according to Spot On Chain, the U.S. government currently holds about 197,000 BTC, and previous sales were conducted through over-the-counter transactions, so they did not directly impact prices, but the resulting market panic may have caused a temporary price drop. HODL15Capital also posted that it has confirmed on-chain that the BTC held by the U.S. has not been transferred or sold.
Important Data
LLM Temporarily Breaks $0.1, Up 58.88% in One Hour
According to GMGN.AI market data, the Solana ecosystem meme coin Large Language Model (LLM) temporarily broke $0.1, rising 58.88% in one hour, currently priced at $0.0939, with its market cap briefly surpassing $100 million before retreating to $93.9 million.
A Whale Deposited 300 WBTC into Binance Before the "U.S. Government Approved Sale of BTC" News Broke
According to Spot On Chain monitoring, just before the news broke that the U.S. government approved the sale of BTC, a whale with a $234 million portfolio deposited 300 WBTC (worth $28.5 million) into Binance, reportedly making a profit of $9.98 million. This whale has been trading WBTC since March 2023, frequently buying low and selling high. Currently, this whale holds 195 WBTC (worth $18.4 million) on Aave, with an estimated total profit from WBTC of $33.7 million (+33.2%).
According to SoSoValue data, yesterday (January 8, Eastern Time), the total net outflow from Bitcoin spot ETFs was $583 million. Yesterday, Grayscale's ETF GBTC saw a net outflow of $8.9376 million, with a historical net outflow of $21.58 billion. Grayscale's Bitcoin Mini Trust ETF BTC had a net outflow of $0.00 yesterday, with a historical total net inflow of $924 million. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $106.815 billion, with an ETF net asset ratio (market cap relative to total Bitcoin market cap) of 5.74%, and historical cumulative net inflow has reached $36.366 billion.
PANews reported on January 9 that, according to on-chain analyst @ai_9684xtpa, a whale that "made a profit of $6.24 million by buying low and selling high PEPE" increased its holdings of PEPE by $7.14 million 12 hours ago, bringing the total holdings to 791.3 billion, worth approximately $14.23 million. Between December 20, 2024, and January 3, 2025, this whale withdrew 610.6 billion tokens from Kraken at an average price of $0.00001732; the current average cost of holdings is $0.00001769, with an unrealized profit of $103,000.
El Salvador Purchases 11 More Bitcoins as Strategic Reserves
According to Cointelegraph, El Salvador has just purchased 11 more Bitcoins as part of its strategic reserves, valued at over $1 million.
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