Daily Report | The U.S. Department of Justice is authorized to sell $6.5 billion in Silk Road Bitcoin; Trump's team reviews at least 6 candidates for CFTC chairman; Backpack clarifies the FTX EU acquisition process.

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"What Important Events Happened in the Last 24 Hours"

OKX to Launch J (Jambo) Spot Trading

OKX will launch J (Jambo) spot trading, with the J/USDT spot trading opening at 7:00 PM (UTC+8) on January 22, 2025.

Binance Alpha Adds FAI, VERTAI, VADER

According to official news, Binance Alpha has added FAI, VERTAI, and VADER.

FDIC Accused of Deliberately Concealing Documents on Actions Against the Crypto Industry, Conducted Social Media Investigations on Multiple Critics

Multiple insiders from the Federal Deposit Insurance Corporation (FDIC) have exposed a series of misconducts by the agency in Operation Chokepoint 2.0 (actions against the crypto industry).

According to the revelations, the FDIC employed various means to evade Freedom of Information Act (FOIA) disclosure requirements, including marking documents as attorney-client privileged, conducting incomplete searches within regional systems, and hiding documents generated on collaborative platforms like Microsoft Teams. Insiders claim that about 150 key documents were not submitted.

Additionally, the FDIC has been accused of conducting social media investigations on several well-known figures in the industry, including Coinbase Chief Legal Officer Paul Grewal, WSPN CEO Austin Campbell, Custodia Bank founder Caitlin Long, Castle Island Ventures founder Nic Carter, and Unchained podcast regulatory reporter Veronica Irwin. Insiders stated that they were personally assigned to investigate whether these individuals posed a threat to the FDIC.

UK Court Orders Seizure of $4.3 Million in Bitcoin from Crime Boss Alexander Surin

A UK court has ordered the seizure of approximately $4.3 million in Bitcoin from crime boss Alexander Surin (also known as Don Car-Leone) because he failed to prove that these crypto assets were obtained through legal means. This decision was made following an investigation into Surin's financial transactions related to his criminal activities.

Surin fled to Dubai after being convicted of drug trafficking in France in 2015, prior to which a significant amount of his wealth, including luxury cars and properties in London, was confiscated by authorities.

Backpack Clarifies FTX EU Acquisition Process, Asset Purchase to be Completed in June 2024

FTXestate claims that the announcement of Backpack Exchange's acquisition of FTX EU was made without their knowledge and stated that Backpack was not involved in the process of returning funds to any FTX creditors approved by the U.S. bankruptcy court.

Backpack clarified that in February 2024, the FTX Group sold its European assets (including FTX EU) to a former insider, a transaction that was approved by the bankruptcy court and completed in May 2024. German court records show that Backpack later purchased these assets from the insider in June 2024. The transfer of FTX EU to Backpack required regulatory approval from the Cyprus Securities and Exchange Commission, which was obtained in December 2024.

Backpack stated, "After obtaining approval, FTX Asset Management is obligated to transfer shares according to the court-approved sale and purchase agreement. We look forward to completing the transfer so that we can begin returning customer funds to former FTX EU customers, just like the FTX bankruptcy asset management company."

U.S. Department of Justice Authorized to Sell $6.5 Billion in Silk Road Bitcoin

An official confirmed to DB News today that the U.S. government has been authorized to liquidate 69,000 Bitcoin ($6.5 billion) from Silk Road, notably just under two weeks after the new administration took office, which had vowed not to sell.

Trump Team Has Reviewed at Least 6 Potential Candidates for CFTC Chair

According to FOX Business, Trump's transition team has reviewed at least six potential candidates to serve as chair of the U.S. Commodity Futures Trading Commission (CFTC), as Trump aims to fulfill his promise of providing a more favorable regulatory environment for the cryptocurrency industry. Under Trump's leadership, the CFTC may play a larger role in regulating the $3.5 trillion crypto market, including overseeing the spot markets for digital assets like Bitcoin and Ethereum, where the regulatory environment remains unclear.

In recent weeks, Trump's transition team has interviewed CFTC Commissioner Summer Mersinger, Andreessen Horowitz crypto policy head Brian Quintenz, and former Kraken Chief Legal Officer Marco Santori, who has not yet announced his departure from the crypto exchange and may seek a position in the U.S. government. Other candidates reviewed and still on the list include Republican Commissioner Caroline Pham, as well as lawyers Neal Kumar and Josh Sterling, who have held senior positions at the agency.

Gary Gensler's Farewell Message: The Crypto Space is Full of "Bad Actors," Proud of SEC's Regulatory Work in Crypto

In an interview with the media on Wednesday, outgoing SEC Chairman Gary Gensler stated that the cryptocurrency space is filled with "bad actors" and is a "non-compliant" area, with market sentiment affecting it far more than fundamentals.

Gensler emphasized that while Bitcoin accounts for 60% to 80% of the cryptocurrency market value, the remaining 10,000 to 15,000 crypto projects also raise funds from the public, many of which ultimately fail, with numerous "pump and dump" schemes and other issues.

Gensler mentioned that he has achieved some results in the field of cryptocurrency regulation since taking office, continuing the work of his predecessor Jay Clayton. Over the past four years, the SEC has initiated about 100 enforcement actions in the cryptocurrency space, accounting for 5% of its enforcement work. He expressed pride in the SEC's regulatory work in the cryptocurrency field but believes there is still much work to be done.

Oklahoma Lawmaker Proposes Bitcoin Freedom Bill to Allow BTC as Salary

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 that participation is completely voluntary, respects free market principles, and grants employees, employers, and businesses the right to choose the payment method that best suits them. The SB325 bill is eligible for consideration in the 60th legislative session starting on February 3.

Grayscale Updates Fund Components for Various Products: Including Adding SUI to GSCPxE Fund Portfolio

According to Globenewswire, Grayscale announced that it has updated the fund components and weights for its products based on the review for the fourth quarter of 2024. ① Grayscale has included Livepeer (LPT) in the AI Fund portfolio. ② Grayscale DEFI Fund has added Curve (CRV) and removed Synthetix (SNX). ③ Grayscale GDLC Fund has added Cardano (ADA) and removed Avalanche (AVAX). ④ Grayscale has included SUI in the GSCPxE fund portfolio.

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

Comparison of New and Old AI Concept Coins: Chasing the Sunrise Once Again Before the Sun Sets

At the CES 2025 in the United States on January 7, Jensen Huang, the founder of Nvidia and a leading figure in the AI industry, stated, "AI Agents are expected to become the next robotics industry, with a market scale of trillions of dollars." Although the audience at the event reacted lukewarmly to this bold claim, the crypto industry has already bought into AI Agents—tokens related to AI Agents such as VIRTUAL, ai16z, and swarms have become some of the few focal points in the recent market, showing impressive price trends compared to the broader market; in contrast, many established AI concept projects like FET, WLD, and ARKM have recently appeared somewhat desolate, with their prices significantly down from their peaks.

69,000 Bitcoins to be Sold? What Impact Will the Silk Road Bitcoin Sale Have on the Market?

Just ten days after the U.S. government once again pledged $6 billion in military aid to Ukraine, the U.S. Department of Justice is preparing to initiate the liquidation of a massive Bitcoin asset.

On January 9, an official confirmed to DB News that the Department of Justice has been authorized to dispose of 69,370 Bitcoins seized in connection with the infamous Silk Road case. This asset currently has a market value of approximately $6.5 billion.

It is reported that the Department of Justice requested permission to sell these assets, citing Bitcoin price volatility. When asked about the next steps, a DOJ spokesperson stated, "The government will take further action based on the judgment in this case."

Following the news, Bitcoin dropped over 2.5% in 24 hours, and as of the time of writing, the price is $94,400.

Overview of the New Hot Token $LLM: Behind the $55M Trading Volume in 4 Hours, the "Fat Girl" Conquers the Crypto Market

$LLM was launched 4 hours ago, with a trading volume reaching $55 million, and a trading volume/market cap ratio of 1.5x. This is one of the most attractive meme projects we have seen recently. Its image is a "fat girl" (symbolizing large language models), inspired by the logo of $ai16z. The virality of this meme is extremely strong, comparable to the relationship between $LLM and $ai16z, just like $FARTCOIN and $GOAT. At the current valuation, we believe its risk/reward ratio is very attractive, especially with factors such as continuous growth in trading volume, an increasing number of holders, and the strong virality of the meme. We expect that over time, its valuation may be repriced to $200 million+, aligning with some high-quality meme projects.

Meme Popularity Rankings

According to meme token tracking and analysis platform GMGN, as of January 9, 19:40:

The top five popular Ethereum tokens in the past 24 hours are: KEKIUS, KUMA, SPX, PERCY, KUMA

The top five popular Solana tokens in the past 24 hours are: LLM, GM, PERCY, TRENCH, VOID

The top five popular Base tokens in the past 24 hours are: VIRTUAL, AIXBT, USD+, AKUMA, CATOF

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