Web3 Daily: Temasek, Sequoia Capital, SoftBank, and other FTX investment institutions face collective lawsuits; RWA track project's total TVL surpasses $1 billion.
Top News:
1. FTX's former law firm was accused of establishing a "shadow entity" to embezzle FTX client funds;
2. Temasek, Sequoia Capital, SoftBank, and other FTX investment institutions have been sued collectively;
3. CoinGecko Report: The top 15 Ethereum NFT trading whales have made nearly $300 million in profits;
4. Data: 2616 bitcoins were transferred from an unknown address to Coinbase, worth approximately $77.79 million.
5. RWA track project's total TVL has exceeded 1 billion US dollars;
Project Updates
Cosmos ecosystem DEX Osmosis has integrated Celestia data availability layer.
The Cosmos ecosystem DEX Osmosis has integrated with the Celestia data availability layer. Osmosis states that in the future, Rollup networks can access liquidity anywhere and use any token on the Osmosis network to pay for cross-chain transactions on Celestia. Osmosis also states that it will soon integrate with the cross-chain application building platform Hyperlane.
Binance's Indonesian CEX Tokocrypto is in talks with investors to expand its business.
Bitget will hold the EmpowerX Summit in Singapore on September 12, 2023, with a focus on cryptocurrency and Web3 empowerment. The main guests participating in this event include Haseeb Qureshi, partner of Dragonfly Capital, Sebastien Borget, co-founder and COO of Sandbox, Sun Yuchen, founder of TRON, Guy Turner, co-founder of Coin Bureau, Sander Görtjes, CEO of Hello Labs, and more.
The options trading platform Aevo has launched Pre-Launch token futures, providing perpetual contract trading services for upcoming tokens. This product has no index price or funding rate, but once the token is listed on the spot market, it will immediately start referencing the index price and enforcing the funding rate. Aevo stated that due to the experimental and high-risk nature of this product, strict position limits and open contract limits will be enforced on these markets. The initial token to be listed is SEI.
欧易 OKX AA wallet reduces Gas fees and upgrades welfare, with 3 free Gas interactions available daily
According to official sources, the Ouyi OKX AA wallet's gas fee reduction benefit has been upgraded. Until August 22, 2023, users can enjoy one free gas interaction per day, which has now been upgraded to three free gas interactions per day. The gas fee reduction for different networks varies, with a maximum of 5U.Bitstamp will ban US users from trading seven tokens including SOL and MATIC
According to an announcement by the cryptocurrency trading platform Bitstamp, starting from August 29, 2023, trading of seven tokens, namely AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL, will be prohibited for users in the United States.
OKX Web3 wallet has now integrated with Layer2 network BaseAccording to official sources, the OKX Web3 wallet has now integrated with the Layer2 network Base and supports DApps within the Base ecosystem in the Discover section. Users can switch to the Base network with just one click without manual configuration. With the OKX Web3 wallet, users can seamlessly trade, store, and manage Base ecosystem assets, as well as explore Base ecosystem DApps at any time. In addition, the OKX Web3 wallet will soon support single-chain and cross-chain transactions of Base ecosystem assets.
Temasek, Sequoia Capital, SoftBank and other FTX investment institutions have been sued collectively
According to Cointelegraph, 18 FTX investment institutions, including Temasek, Sequoia Capital, and SoftBank, were named as defendants in a collective lawsuit filed in Miami due to their association with the now-bankrupt cryptocurrency trading platform FTX. The plaintiffs allege that these investment firms are responsible for "aiding and abetting" FTX's fraud. The plaintiffs point out that the FTX cryptocurrency trading platform violated multiple securities laws and stole customer funds, while the defendants claim that they have conducted due diligence.
Fantom ecosystem DEX project SpiritSwap announced on Discord that due to the Multichain incident, the project has run out of funds to support daily operations, including regular development costs, operational salaries, monthly expenses, and marketing activities. Currently, SpiritSwap is looking for a new team to take over the project. If no potential takeover team is found, SpiritSwap will automatically shut down on September 1, providing community members with the opportunity to safely transfer liquidity. In addition, SpiritSwap said it will release another announcement specifically for ConvergeX in the coming days.
The Swedish digital asset management company Virtune has been listed on the Stockholm Nasdaq Exchange with its Virtune Staked Ethereum ETP SEK. The exchange-traded product (ETP) tracks the price of Ethereum while also offering up to 5% additional annualized return. Virtune uses non-custodial staking and does not transfer Ethereum to third parties.
Web3 compliance solution KNOW YOUR RISK officially launched online today.
Web3 compliance solution KNOW YOUR RISK (KYR) has officially launched online today. KNOW YOUR RISK, initiated by Launch Factor and PANews, can assist project teams or corporate executives in understanding the risks that projects may face at their current stage of development from different perspectives. There is a simple risk assessment tool on the KNOW YOUR RISK website that allows anyone to observe project risks from multiple dimensions for free. After completing the risk assessment, users can leave their email address to immediately receive a risk assessment report, which indicates the severity of the diagnostic results and provides preliminary recommendations for modules such as strategy, legal structure, regulation, anti-money laundering (AML)/know your customer (KYC), risk management, accounting, and operations.
Cryptocurrency derivatives service provider IPOR Labs introduces EDSR into its DAI liquidity pool
According to official sources, the carbon-neutral metaverse ecological platform Green Meta has announced a deep strategic partnership with the Hong Kong digital asset trading platform HKD. HKD has received a CCM listing application and will focus on incubating the CCM ecosystem in the future, jointly building a consensus carbon-neutral metaverse ecological system with Green Meta. Prior to this, Green Meta has completed two rounds of private financing, led by core members of Franklin Templeton and Showtime Holdings.
EOS Network Foundation urges EOS community to reject Block.one's settlement proposal
EOS Network Foundation (ENF) has issued a statement urging the EOS community to reject Block.one's proposed settlement, stating that the proposed settlement with Block.one is not in the best interests of the EOS network and the entire EOS community. The proposed $22 million settlement is only a small fraction compared to the $4 billion raised by Block.one through IC0 and the $1 billion investment promised to the EOS network and community. The EOS Network Foundation stated that the proposed settlement does not adequately compensate community members for the losses suffered due to Block.one's false statements and misconduct, and prohibits collective members from seeking the right to fair and just claims resolution in the future.
According to Cointelegraph, Fenwick & West LLP, the former legal advisor of FTX, is facing a collective lawsuit accusing them of helping FTX complete billions of dollars in fraud. According to court documents, FTX clients submitted documents to the California court on August 7th, alleging that the services provided by Fenwick & West LLP to FTX "far exceeded what a law firm should and usually provides", such as organizing the acquisition of FTX US company in a way that avoids regulatory scrutiny and providing employees to execute the strategies proposed by the law firm. The lawsuit alleges that the "shadow entities" North Dimension and North Wireless Dimension established by the law firm misappropriated funds from FTX clients.
MuesliSwap announced compensation for users affected by high slippage
Cardano decentralized trading platform MuesliSwap announced that it will compensate users who have been affected by high slippage on the platform in the past 12 months through project funds, and will thoroughly analyze all transactions to ensure fair refunds. The results will be announced in 3 to 4 weeks.
Cathie Wood: US SEC may approve multiple Bitcoin spot ETFs simultaneously
According to Bloomberg, Cathie Wood, CEO of ARK Invest, said that "the US Securities and Exchange Commission (SEC) may approve multiple Bitcoin spot ETFs at the same time. I think if the SEC is going to approve one Bitcoin spot ETF, it will approve multiple Bitcoin spot ETFs at the same time."Binance leveraged tokens will stop ADAUP, ADADOWN trading and subscription services
According to an official announcement, Binance will stop the trading and subscription services of the ADAUP/USDT and ADADOWN/USDT leveraged token trading pairs on August 16, 2023 at 11:00 (GMT+8). After the trading is stopped, all pending orders will be automatically cancelled. Redemption services will be retained, and users can still perform redemption operations. The termination time of the redemption service will be announced separately.Binance will launch BNT 1-20x U perpetual contract
According to the official announcement, the Binance futures trading platform will launch the USDⓈ-M BNT perpetual contract with a maximum leverage of 20x at 20:00 on August 10th Beijing time.Rollbit announced changes to its token economics, with daily buybacks and burns of RLB.
NFT minting platform Manifold has announced that it has added support for Base, a Layer 2 blockchain built on OP Stack by Coinbase. The platform now offers NFT minting, claiming, burning, and airdrop functions.
Aave community votes on proposal to "reduce CRV LT, LTV, and debt ceilings on Ethereum and Polygon"
According to the governance page, the Aave community has passed the on-chain proposal to "reduce CRV LT, LTV, and debt ceilings on Ethereum and Polygon" with a 100% support rate, which can be executed within 12 hours. According to the proposal, on Ethereum Aave V3, CRV LT will be reduced from 61% to 41%, LTV will be reduced from 55% to 35%, and the debt ceiling will be reduced from $20 million to $5 million. On Polygon Aave V3, CRV LT will be reduced from 75% to 65%, and LTV will be reduced from 70% to 35%.
The Twitter account of Blockchain Capital, a cryptocurrency venture capital firm, has reportedly been hacked and used to promote a fake BCAP token airdrop. The account posted several messages promising to give away "BCAP" tokens and directed users to a fake website that imitated the original appearance of the VC company. The URL of the fake website contained an extra letter "n" and asked users to connect their cryptocurrency wallets. This is a common phishing strategy aimed at emptying users' funds. Users are advised to be cautious and vigilant against phishing risks and avoid participating in similar activities.
Binance adds FDUSD as borrowable asset for cross and isolated margin tradingAccording to an official announcement, Binance has added FDUSD as a borrowable asset for both cross and isolated margin trading. The following trading pairs are now available for cross margin trading: BTC/FDUSD, ETH/FDUSD, FDUSD/USDT, and YGG/BTC. For isolated margin trading, the available pairs are BTC/FDUSD, ETH/FDUSD, FDUSD/USDT, and OP/BTC.
The encrypted wallet Phantom has launched a test version of the transaction auto-confirm feature. Users can enable this feature by setting it up, and once enabled, it supports automatic signature of transactions in the background without the need for manual confirmation of each transaction. This test version feature is only available to trusted applications, including Magic Eden, OpenSea, Star Atlas, Matcha, Jupiter, and Tensor, and will expire in two hours.
Base and Backdrop launch the ecological acceleration plan "100 Builders"
The Layer 2 blockchain Base, built by Coinbase on OP Stack, announced its collaboration with Web3 social platform Backdrop to launch the "100 Builders" ecological acceleration plan, aimed at helping 100 developers build open source projects on Base. The program will launch from August 21 to September 15, and developers can receive over $40,000 in prizes.
The Sandbox relaunches LAND cross-chain service
The Sandbox has resumed its LAND cross-chain service after disabling it for a week. The Sandbox has stated that the maintenance and updates for the LAND smart contract and LAND cross-chain contract have been completed, and the cross-chain smart contract has passed the audit by OpenZeppelin. Currently, LAND minted on Ethereum and Polygon can be cross-chain in both directions.
Saddle Finance proposes to shut down operations and liquidate funds into ARB
The decentralized trading platform Saddle Finance will shut down operations and distribute funds to investors. Saddle's founder, Sunil Srivatsa, proposed on Tuesday to liquidate its funds into Arbitrum (ARB) tokens and airdrop the proceeds to SDL and veSDL token holders. Srivatsa said that the Curve Finance attack reminded the Saddle team that the threat of exploiting vulnerabilities always exists. Previously, Saddle had raised over $10 million from venture capitalists. The platform mainly deals with stablecoin trading and currently has user deposits worth about $2 million.
MakerDAO founder proposes adjusting EDSR to prioritize ordinary DAI holders
The founder of MakerDAO has released a new proposal regarding EDSR (Enhanced DSR) in the community. Within 48 hours since EDSR was activated, the DAI supply has increased by nearly 500 million, and the DSR utilization rate has approached the threshold of 20%, which will automatically reduce EDSR to about 5.8%. The proposal points out that the current EDSR structure may be too favorable for ETH and Staked ETH holders. To ensure that EDSR primarily benefits ordinary DAI users, the proposal suggests reducing the maximum value of EDSR from 8% to 5%. In addition, the proposal suggests increasing the borrowing interest rate of cryptocurrencies to match EDSR, thereby avoiding large-scale "borrowing arbitrage". For Spark Protocol, the proposal suggests establishing a traceable subdao token mining airdrop plan for its early users to reward their early participation in Spark Protocol and support for the Spark DAO community.
Chainlink price feed service goes live on Base network
According to The Block, Chainlink's price feed service has integrated with Coinbase's Layer 2 network Base. This update allows Base developers to access Chainlink data sources.
Data
Bitcoin mining company Marathon Digital reported in its Q2 financial report that its hash rate increased by 54%, from 11.5 EH/s to 17.7 EH/s. After installation in Garden City, Texas, Marathon has reached its predicted level of 23 EH/s. Despite setting a new production record of 2926 BTC in Q2, the company still recorded a net loss of $21.3 million from April to June. Marathon's total revenue increased from $51 million in Q1 to $82 million in Q2. CEO Fred Thiel stated that the company is focused on achieving profitability before the next halving event expected in April 2024 and may look for acquisition opportunities among financially struggling competitors.
CoinGecko Report: Top 15 Ethereum NFT Whales Have Made Nearly $300 Million in Profit
The encrypted data analysis website CoinGecko released a report stating that the top 15 Ethereum NFT traders have made a profit of $299 million. 94.5% of the total profits of the top 15 Ethereum NFT trading whales come from NFT series launched by Larva Labs, Yuga Labs, and Art Blocks. According to realized profits, the top-ranked anonymous NFT trader is SethS, who has made a profit of 55,291 ETH (approximately $100 million) from NFT investments. These profits are collected through 9 addresses and converge to the whale address starting with 0x2238.
JPEX token JPC is currently priced at 0.02744 USD, with a daily increase of 3.47%.
According to market data, JPEX platform currency JPC is currently priced at 0.02744 US dollars, with a daily increase of 3.47%.Scopescan: A certain whale address adds unilateral liquidity with 13 million RLB on UniswapAccording to Scopescan monitoring, the whale address with the domain name izebel.eth added unilateral liquidity on Uniswap 3 hours ago using 13 million RLB, with a price range set at $0.22 to $0.28. The current trading price of RLB is $0.16.
Bitget has released its latest reserve data, with a comprehensive reserve ratio of 201%.
Bernstein report: The market size of stablecoins will grow to $2.8 trillion in the next 5 years
According to Scopescan monitoring, the stolen amount of Earning.Farm protocol is 283 ETH. The hacker received 10 ETH from Tornadocash, created an attack contract, and profited 283 WETH (worth about $527,000).
DeFi protocol Steadefi released an update on the attack incident, stating that the stolen funds (about 624 ETH) were transferred to a new address at 20:29 on August 8th Beijing time. The Steadefi team successfully recovered about $418,000 of user funds from the remaining treasury at 20:43. Steadefi has reported the case to relevant authorities and is currently working with security companies to track the attacker's on-chain and off-chain activities. The team will continue to investigate the attack and formulate an action plan.
派盾：Earning.Farm protocol may have been hacked, hacker gains 154 ETHAccording to Paiduin's monitoring, the Earning.Farm protocol may have been hacked, with the hacker profiting 154 ETH (worth $287,000).
Data: The total number of accounts created on the Arbitrum chain has exceeded 10 millionAccording to Dune data, the total number of created accounts on the Ethereum Layer 2 solution Arbitrum has reached 10.129 million, and the total number of created contracts on the Arbitrum chain is 2,827,914.
RLB (Rollbit Coin) briefly touched $0.1768, with a 24-hour increase of 76.15%.
According to CoinGecko market data, Rollbit Coin's RLB token briefly touched $0.1768 and is now priced at $0.1742, with a 24-hour gain of 76.15%.RWA track project total TVL exceeds 1 billion US dollars
According to DefiLlama data, the total TVL of RWA track projects has exceeded 1 billion US dollars, reaching 1.057 billion US dollars. It has risen to 10th place in the Protocol Categories ranking, surpassing the total TVL of Synthetics track projects.C98 briefly touched $0.177, with a 24-hour increase of 23.35%According to market data, C98 (Coin98) has risen to touch 0.177 USD and is currently priced at 0.1728 USD, with a 24-hour increase of 23.35%.
Data: A certain whale address spent 1 million USDC to buy PEPE 7 hours ago
According to Lookonchain monitoring, 7 hours ago, after the price of PEPE rose, a whale address starting with 0xa38a spent 1 million USDC to purchase 807 billion PEPE at an average purchase price of $0.000001239.According to on-chain analyst Yu Jin, 4 hours ago, Certus One continued to transfer 1 million LDO (approximately $1.85 million) to Binance. It is reported that Certus One has accumulated 6,517,487 LDO (approximately $12.1 million) transferred to Binance since 26 days ago (July 14th); the possible average selling price of LDO transferred to Binance by Certus One is $2.05; Certus One currently holds 3,482,513 LDO (approximately $6.47 million).
Funding
DeFi lending protocol GoldLink Finance announced the completion of a $1.4 million Pre-Seed round of financing, led by Polychain Capital, with participation from Kronos, Modular Capital, Reverie, Veda, SkyVision Capital, Double Peak, as well as angel investors George Zeng and Vijay Chetty. GoldLink Finance provides high transparency DeFi lending services based on modular risk management, supporting real-time feedback on lending data, allowing users to timely grasp changes in their positions. GoldLink co-founder and CEO Sam Weinberg was previously a dYdX protocol and backend engineer.
LBank Labs announced investment in liquidity staking protocol Puffer Finance.
Puffer Finance has effectively mitigated the risk of costly penalties to stakeholders by limiting access to validator keys through its open-source remote signing tool, Secure-Signer. This tool helps to prevent the impact of validator software errors and user mistakes. Additionally, Puffer Finance is actively developing a protocol that lowers the staking threshold and creates additional revenue streams, providing a viable alternative to centralized LSPs.
Puffer Finance's investment philosophy is perfectly aligned with LBank Labs' Platform Standard Ecosystem (PSE). LBank Labs places great emphasis on a key question in its future investment portfolio companies: "How does this project change industry standards?" Puffer Finance has the potential to bring hundreds of millions of users into the cryptocurrency field, with a mission to create universal and fair access to decentralized assets for billions of people. This makes Puffer Finance a potential new benchmark in the field of liquidity staking.
Web3 security company SphereX has completed an $8.2 million financing round with a valuation of $24 million. Aleph led the investment, with participation from Pillar VC, Fabric Ventures, and Mensch Capital Partners. SphereX's product, SphereX Protect, allows blockchain applications to prevent the execution of suspicious transactions. Developers of protocols and applications can inject SphereX's code into their software to flag future transactions that SphereX deems suspicious by analyzing past normal and abnormal transactions. (fortune)
Pixel Vault announced the acquisition of blockchain game Wolf Game.
PUNKS Comic and MetaHero Universe publisher Pixel Vault announced that it has acquired blockchain game Wolf Game and obtained the exclusive permanent rights to the future development and growth of the game. The acquisition amount has not been disclosed.
Regulation
According to Bloomberg, Ryan Salame, former co-CEO of FTX Digital Markets, is in negotiations with federal prosecutors to admit to criminal charges related to the bankruptcy of FTX. Salame, a well-known Republican donor who also handled FTX's political donations, is expected to plead guilty to crimes including violating campaign donation laws as early as next month. It is unclear whether he will reach a cooperation agreement with prosecutors and testify against SBF. Previously, Gary Wang, Caroline Ellison, and Nishad Singh have all pleaded guilty and will be key witnesses in the US government's case against SBF.
The Federal Reserve has developed a plan to strengthen its supervision of banks involved in digital assets and blockchain technology. The plan will focus on the relationship between banks and fintech companies, where state-owned banks in the United States must obtain approval from the Federal Reserve before issuing, holding, or trading stablecoins. State-owned banks under the supervision of the Federal Reserve must demonstrate that they have appropriate safeguards in place to mitigate risks, including liquidity, network security, and illegal financial risks, and they must also demonstrate that they can continue to monitor these issues. At the same time, banks should notify the Federal Reserve before engaging in certain stablecoin activities and wait for a "written notice of non-objection" before continuing.
According to CoinDesk, US prosecutors stated in a letter on Tuesday that the Department of Justice still plans to charge Sam Bankman-Fried (SBF) with illegal campaign donations when he goes on trial in October. Previously, on July 27th, prosecutors had stated that they were unable to bring this charge against SBF due to obligations under the Bahamas treaty.
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