Daily Legal News: Rachel Conlan, Vice President of Global Marketing at Binance, will serve as Chief Marketing Officer; OKX Web3 wallet officially launches P2P token trading market.
Selected News:
1. OKX Web3 wallet officially launches P2P token trading market;
2. The Curve ecosystem incentive platform Votium has been upgraded to version v2;
3. Binance's Global Marketing Vice President, Rachel Conlan, will serve as Chief Marketing Officer.
4. The Telegram-based Web3 social protocol Group.VIP has officially launched.
5. Starknet ecosystem derivative protocol ZKX announced the launch of governance token ZKX.
Project Updates
BM's NFT platform Voice announced shutdown, formerly raised $150 million
NFT platform Voice announced that it will cease operations in a few months due to the high uncertainty of the cryptocurrency and NFT market. Voice has suspended new user registrations and closed its trading market. Existing users' assets are safe and can be migrated to EOS, Polygon, and Ethereum in a few weeks. The assets will be retained on the Voice platform until December 31, 2024. Voice was originally a social platform launched by EOS founder BM in June 2019. It was praised by BM as an application that "changes the industry landscape" and received $150 million in funding from EOS parent company Block.one. Its selling points were token rewards for platform interaction and a guarantee of real users across the platform. However, the user experience was poor after the product was launched, and the community's response was mediocre. It was closed shortly after its launch and then transformed into an NFT creation and trading platform. Now, it has announced its cessation of operations.
OKX Web3 Wallet officially launches P2P token trading market
According to official news from OKX, the OKX Web3 wallet has officially launched a P2P token trading market, which initially supports 6 mainstream public chains including Ethereum, Polygon, Arbitrum, Optimism, BSC, and OKTC. Users are allowed to freely trade any currency with zero transaction fees, no slippage, and no KYC required. This is the industry's first on-chain decentralized P2P token trading market that supports public orders. It is reported that the market ensures user transaction security through smart contracts and aims to solve many pain points such as high transaction fees and slippage for mainstream coins, lack of support for new projects on trading platforms, shallow trading pools, and lack of security guarantees. Users can upgrade their OKX APP to version 6.32.0 or above to experience it immediately.According to official sources, NFT project Nakamigos has announced the new season NFT sale information. The snapshot will be taken from 12:00 to 15:00 Eastern Time on September 21st, and the public sale will begin at 16:00. The whitelist and public sale price are both 0.05 ETH, with a total of 2000 pieces for sale. However, the new season NFT effect is not as expected by the community. According to Blur, Nakamigos' floor fell 42% within 24 hours, dropping to 0.232ETH.
According to official sources, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is testing CBDC interconnectivity solutions with three central banks, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan. The new phase of sandbox testing has begun, integrating the solution with infrastructure in various regions for direct testing. In addition, SWIFT has launched the second phase of sandbox testing, with commercial banks, central banks, and financial market infrastructure exploring other use cases, including trigger-based payments on digital trading platforms, forex models, delivery and payment, and liquidity savings mechanisms. The Reserve Bank of Australia, Deutsche Bundesbank, Hong Kong Monetary Authority, and Bank of Thailand are among the more than 30 institutions expanding the second phase.
Cathie Wood: Integration of Coinbase and Lightning Network will benefit 100 million users
Regarding Coinbase CEO Brian Armstrong's reaffirmation of the platform's decision to integrate the Lightning Network, Cathie Wood, founder of Ark Invest, commented: "Bitcoin is the world's digital currency system, and the Lightning Network is its payment layer. The integration of Coinbase and the Lightning Network will provide its 100 million users with faster and cheaper access to Bitcoin transactions."
Visa has released a research report titled "In-depth Exploration of High-Performance Blockchain Network Solana". The report states that Solana's unique technological advantages, including high throughput parallel processing, low-cost localized fee markets, and high elasticity of a large number of nodes and multi-node clients, together create a scalable blockchain platform with a remarkable payment value proposition. These are some of the reasons why Visa has decided to expand the stablecoin settlement pilot program to include transactions on the Solana network. When Visa tests stablecoin settlement on Solana, we plan to test whether Solana has the ability to meet the needs of modern enterprise financial operations.
Curve ecosystem incentive platform Votium has been upgraded to version v2
According to official sources, the Curve ecosystem incentive platform Votium has been upgraded to version v2. New features include support for Convex voting on L2, Zap for multiple deposits in a single transaction, the ability for depositors to set a maximum token amount for each vlCVX vote, and optional exclusion addresses to ensure protocol deposits do not interfere with any off-chain transactions, among others.According to Cointelegraph, stablecoin issuer Paxos admitted in a statement that the account that paid nearly 20 BTC in fees in a single transaction on September 11th belonged to the company. Paxos claimed that end users were not affected and all user funds are safe. A Paxos spokesperson stated: "PayPal is not responsible for this, as the error was caused by Paxos itself. This transaction affected Paxos' operations, but Paxos' customers and end users were not affected, and all customer funds are safe. This was due to a vulnerability in a single transfer, which has now been fixed. Paxos is working with miners to recover the funds." It is reported that the block containing the transaction has been confirmed by the Bitcoin mining pool F2Pool.
MobileCoin appoints new CEO to support anonymous encrypted payments for Signal
According to TechCrunch, cryptocurrency payment company MobileCoin has appointed Sara Drakeley as its new CEO. Previously, Drakeley served as MobileCoin's Chief Technology Officer. Earlier, end-to-end encrypted communication tool Signal launched a test version of its MobileCoin-supported payment solution. Currently, the feature has officially ended its testing phase, allowing any user around the world to immediately send MobileCoin's native Mob token to other Signal users, with network fees being negligible.
Insiders: Binance.US will not be able to grow unless CZ sells shares or resolves regulatory issues
According to The Block, CZ's relationship with Binance.US and the current regulatory environment will be obstacles to the development of Binance.US, according to sources. Currently, Binance.US has proposed three solutions.
The first plan is to continue implementing growth measures according to plan, but this requires CZ to resolve his regulatory issues with the SEC and sell all of his holdings in Binance.US or transfer them to a confidential trust.
The second option is to moderately reduce the company's expenses while investing in the platform, such as implementing sub-account functionality and AWS/infrastructure optimization. However, this option requires investors to be willing to invest in the company during the current bear market.
The third option is to go into hibernation until there is substantial improvement in the situation at Binance.US. This will greatly reduce expenses while maintaining normal business operations. If CZ is able to improve the regulatory situation, Binance.US may continue its growth plan after the hibernation period.
Banana Gun has completed refunds to 591 wallets for a total of 740 ETH
Banana Gun stated on social media: "As previously announced, we have just distributed ETH to those who purchased tokens after the snapshot, distributing a total of 740 ETH to 591 wallets. It took some time to properly analyze and verify all transactions beforehand."
DWF Labs Partner: Considering Purchasing FTX Assets
DWF Labs Managing Partner Andrei Grachev posted on social media that DWF Labs is considering purchasing FTX assets in order to provide the best execution price for creditors and mitigate the risk of significant aggressive selling pressure, which could potentially bring the market back to 2020 levels.
Ancient8 has launched the Ethereum Layer 2 network Ancient8 Chain.
According to Chainwire, Ancient8 has announced the launch of Ancient8 Chain, an Ethereum Layer 2 network centered around gaming and driven by the community. The network is built on the Optimism Superchain technology stack.DCG released a letter to shareholders stating that DCG has submitted a declaration to the court regarding the principle agreement reached on August 29th between Genesis, the Official Committee of Unsecured Creditors, and DCG. As part of the Genesis bankruptcy proceedings, unsecured creditors may receive 70-90% of the debt amount, with the total compensation covering the total debt. According to the terms, some loans will be repaid in cash shortly after the transaction is completed, and the remaining portion will be converted into a two-year note. DCG stated that this is a great outcome for any Chapter 11 liquidation case, let alone in the turbulent cryptocurrency industry. DCG has always maintained flexibility and focused on seizing every opportunity to help creditors maximize their recovery.
Enjin announced that its Layer 1 network, Enjin Blockchain, has officially launched.
The blockchain game development platform Enjin has announced that its Layer 1 network, Enjin Blockchain, is officially online.
Based on Telegram, the Web3 social protocol Group.VIP has officially launched.
According to official sources, the Web3 social protocol Group.VIP has officially launched today. Users can enter the Telegram link provided by the official account to experience it in advance. Group.VIP is a Web3 social protocol based on Telegram. Through this protocol, users can purchase and hold Telegram group keys, enjoy governance rights or other specific benefits of the group, as well as participate in subsequent ecological projects within the group. It is reported that Group.VIP plans to launch a points system to incentivize early participants.
Binance Global Marketing Vice President Rachel Conlan will serve as Chief Marketing Officer
Binance announced that its Global Marketing Vice President, Rachel Conlan, will be appointed as the Chief Marketing Officer (CMO). The company stated that Rachel will continue to oversee and manage Binance's global and regional teams. Over the next few months, she will launch a series of new global initiatives and increase efforts to collaborate with key online influencers (KOLs) to attract new entrants to the field and find innovative ways for users to interact with Web3 and cryptocurrency.
Coinbase suspends 38 USDT and EUR trading pairs on its platform
Coinbase announced that in order to improve the overall health of the market and strengthen liquidity, multiple non-US dollar (USD) trading pairs have been temporarily suspended on Coinbase Exchange, Advanced Trade, and Coinbase Prime. These include: ALCX-USDT, BIT-USDT, BOBA-USDT, CLV-EUR, CLV-USDT, CTX-EUR, CTX-USDT, DIA-EUR, DIA-USDT, DYP-USDT, FARM-USDT, FIDA-EUR, FIDA-USDT, FIS-USDT, HOPR-USDT, INDEX-USDT, KRL-EUR, KRL-USDT, MATH-USDT, MDT-USDT, NCT-EUR, NCT-USDT, ORN-BTC, ORN-USDT, POLS-USDT, PRQ-USDT, QSP-USDT, SHPING-EUR, SHPING-USDT, SUKU-EUR, SUKU-USDT, SYLO-USDT, TIME-USDT, WAMPL-USDT, WCFG-BTC, WCFG-EUR, WCFG-USDT, XCN-USDT.
Muverse announced that it will deploy NFT trading protocol based on Binance opBNB.
The Muverse team participated in the Ecosystem Mixer event hosted by BNBChain. They also announced on Twitter that they will deploy their NFT trading protocol based on opBNB Chain. According to official sources, the Muverse NFT trading protocol will adopt a new market-making method, providing users with a new trading experience and sufficient liquidity. The Muverse team is optimistic about the development of Layer2 and believes that deploying the protocol on Layer2 will help achieve the project's large-scale adoption. Muverse is a community-driven Web3 entertainment platform dedicated to promoting frictionless trading of global music, gaming, and movie NFTs.
Starknet ecosystem derivative protocol ZKX announces the launch of governance token ZKX
Starknet ecosystem derivative protocol ZKX announced the launch of governance token ZKX. Users can obtain governance rights, protocol income priced in USDC, and other community benefits by staking ZKX. It is reported that the total supply of ZKX is fixed at 100 million, and according to its token economic model, 18% is allocated as transaction rewards, 17% is allocated to core contributors, 1% is allocated to protocol advisors, 20% is allocated to early investors, 20% is allocated to the DAO treasury, 15% is allocated to the community, and 9% is allocated to liquidity providers.
Unibot launches loyalty program, enjoy discounts based on transaction volume and UNIBOT holdings
Unibot announced the launch of its loyalty program on social media, which offers discounts based on transaction volume and UNIBOT holdings. It is reported that a transaction volume of $500,000 or holding 100 UNIBOT coins can enjoy a 30% discount at level three. A transaction volume of $2 million or holding 1,000 UNIBOT coins can enjoy a 50% discount at level five. Unibot stated that currently 4% of users/holders have reached level three.
friend.tech "Keys" price ranking latest data shows: platform founder Racer ranks first with 8.01025 ETH; crypto KOL Levi ranks second with 5.929 ETH; crypto KOL Hsaka ranks third with 5.36556 ETH; crypto KOL Herro ranks fourth with 4.59006 ETH; crypto KOL Cobie ranks fifth with 3.93756 ETH.
Binance Labs released an article on "Five Key Points for Web3 Startups".
Binance Labs has released a new blog post titled "Five Key Points: Finding Product-Market Fit". The article lists five important points that Binance Labs believes are crucial for Web3 startups, including:· User-centered development: First, identify specific user groups in the Web3 space. Understand their pain points, motivations, and behaviors to lay the foundation for products that deeply resonate with their needs.
· Iterative evolution: Embrace the iterative development process. Build, test, and collect feedback from identified user groups. User feedback is a goldmine - use it to improve and optimize the product.
· Focused on deep community engagement: Prioritizing community building and participation from the early stages. Communities play a crucial role in driving adoption, participation, and governance, providing measurable insights for organic expansion.
· Leveraging Network Effects: Utilizing the network effects of Web3 technology to expand the project's ecosystem and create engaging experiences for users. Interconnectivity and collaboration are at the core of the Web3 ethos.
· Sustainable Growth: While growth is important, it is important to focus on sustainable growth driven by user satisfaction. This can ensure that as your Web3 startup expands, it can maintain a user-centric quality.
BlockBeats reporter reported from the front line of Token2049 that the cryptocurrency exchange platform Huobi has officially changed its name to HTX on its tenth anniversary. Currently, the official Huobi X account has been renamed to HTX, and the handle has been changed to @HTX_Global. According to insiders, Huobi's work email has already been changed to @HTX suffix in August 2022.
Justin Sun: HTX is only an English brand upgrade, the Chinese brand name remains unchanged.
Justin Sun posted on social media that the upgrade from Huobi to HTX is only an English brand upgrade, and the Chinese brand name remains unchanged.
OKX will delist some spot trading pairs
According to the official announcement from OKX, in order to provide users with a good trading experience, they will delist the trading pairs that violate the "Ouyi's rules on hiding tokens and delisting trading pairs" and those that may have high risks. The specific trading pairs involved in this delisting are shown in the figure below. OKX reminds users who have placed orders for the above currency pairs to cancel their orders before the delisting time. If the cancellation is not completed in time, the order system will automatically execute it for the user. The cancellation may take 1-3 working days to complete. In addition, OKX has suspended the deposit operation of the currencies HEGIC and MDA on September 12, 2023 at 4:00 pm (UTC+8), and will not reopen them in the future. The withdrawal of currencies HEGIC and MDA will be suspended on November 25, 2023 at 4:00 pm (UTC+8). Users are advised to handle their assets before November 19, 2023 at 4:00 pm (UTC+8) to avoid asset losses.
Regulation
SBF trial postponed from October 2 to October 3
FOX Business reporter Eleanor Terrett stated on her social media platform that the trial of SBF has been postponed from October 2nd to October 3rd Eastern Time, and jury selection will begin at 9:30 am on October 3rd.
Coinbase CEO: CFTC should not take enforcement action against DeFi protocols
Coinbase CEO Brian Armstrong wrote that "the CFTC should not take enforcement action against DeFi protocols, as they are not financial services businesses and the Commodity Exchange Act is unlikely to apply to them. I hope these DeFi protocols can take these cases to court and set a precedent. The fact is that the courts are very willing to uphold the rule of law, and the only purpose of the CFTC's actions is to push an important industry overseas."
FTX has been approved by the court to liquidate its cryptocurrency assets
According to Coindesk, a Delaware judge has approved an order allowing bankrupt cryptocurrency exchange FTX to sell or invest its $3.4 billion worth of cryptocurrency. The plan indicates that most tokens can only be sold for $100 million per week, but the cap for each token may be permanently raised to $200 million. When selling bitcoin, ethereum, and other tokens, the management agency must notify the US trustee's office 10 days in advance.
According to information on the SEC website, the SEC has charged Stoner Cats 2 LLC (SC2) with conducting unregistered offerings of cryptocurrency securities in the form of so-called non-fungible tokens (NFTs), raising approximately $8 million from investors to fund an animated web series called Stoner. Without admitting or denying the SEC's findings, SC2 has agreed to a cease-and-desist order and to pay a civil penalty of $1 million.
SEC Commissioner opposes SEC enforcement action against NFT project Stoner Cats
SEC commissioners Hester Peirce and Mark Uyeda have opposed SEC's enforcement action against NFT project Stoner Cats 2 LLC (SC2). The two wrote that "we should develop clear guidance for artists and other creators who want to try NFTs to support their creative efforts and build their fan communities." The article pointed out that in some cases, the sale of NFTs may involve US securities laws. However, when applying securities laws to this area, the SEC must be careful to maintain the ability of artists to sell their works, build fan communities, and involve them in future creative activities.
According to Bloomberg, the lawyer of SBF, co-founder of FTX, submitted a proposed list of jury questions to the Manhattan Federal Court. The list reportedly includes questions such as "Do you believe that only the owners of a company involved in the cryptocurrency or financial industry are to blame if the company fails?" Other questions will ask jurors about their knowledge of FTX and SBF, whether they have never traded cryptocurrencies, whether donating large amounts of money to political candidates is wrong, and whether they have a history of attention deficit hyperactivity disorder.
Funding
Move language infrastructure Movement Labs completes $3.4 million financing, led by dao5 and others
According to the official blog of Avalanch, Move language infrastructure Movement Labs has completed a $3.4 million Pre-Seed round of financing. The round was led by Varys Capital, dao5, Blizzard The Avalanche Fund, Borderless Capital, and Cross-Chain Fund, which focuses on the Wormhole ecosystem. Participating investors include Colony, Interop Ventures, Elixir Capital, BENQI, and individual investors such as George Lampeth (dao5), Calvin Liu (Eigenlayer), Smokey The Bera (Berachain), Anurag Arjun (Avail), CoinFlipCanada (GMX), and a co-founder of Ankr.
According to Chainwire, DeFi yield aggregator Portals has completed a $500,000 seed round extension financing, with investors including Bankless Ventures, Digital Currency Group (DCG), and Founderheads. This seed extension is built on top of their recent $2 million seed round financing (led by Lightshift Capital), further solidifying the project's financial foundation and enabling the team to accelerate the creation of a user-friendly, efficient, and comprehensive DeFi experience.
According to 36Kr, Shanghai Boundary Intelligent Technology Co., Ltd. has completed tens of millions of yuan in Series A financing, which was jointly invested by Xialang Fund under Hengdian Capital and Fuxing Fan Yi Fund. This round of financing will be used to increase investment in technology research and development, as well as global market expansion. It is reported that since 2020, Boundary Intelligence has launched a platform service model, based on the underlying blockchain core technology, to create an open and compliant open alliance chain product that can serve many small and medium-sized enterprises, and provide customers with full life cycle Web3.0 distributed business system services in the form of platform services. So far, Boundary Intelligence has launched a number of products, including self-developed enterprise-level alliance chain product "IRITA", open alliance chain "Wenchang Chain", and multi-chain cross-chain distributed application service platform "AVATA".
Ethereum Layer 2 network Layer N has completed a $5 million seed round of financing, led by Founders Fund and dao5, with participation from Kraken Ventures and Spencer Noon. Founders Fund's investment in this round is reportedly $1.8 million. Layer N focuses on improving transaction throughput and reducing latency to replicate the speed of traditional financial markets in the blockchain space. The founders of Layer N believe that other Layer 1 and Layer 2 solutions are still too slow to attract high-frequency trading systems commonly seen on exchanges such as Nasdaq.
Data
A certain whale exchanged 1100 ETH for 1535 MKR in the past 2 days.
According to Spot On Chain, a whale address starting with 0x432 exchanged 1100 ETH for 1535 MKR in the past 2 days, with an average price of $1146 (approximately $1.76 million) and a floating profit of $27,800. It is worth noting that this whale previously earned $4.02 million from LDO and MATIC from the end of 2022 to the beginning of 2023, but lost $1.98 million from ARB, MAGIC, and RDNT in September of this year.
According to on-chain analyst Yu Jin's monitoring, from August 30th to now, the address starting with 0xCcE7 has withdrawn 489,000 TRB (approximately $15.65 million) from Binance and OKX in the past half month, accounting for 19% of the total token supply, becoming the second largest address after Binance wallet. The average cost calculated based on the withdrawal price is $19.6. Coincidentally, the TRB token price also rose from $14 to $32 in the past half month. In addition, the address starting with 0x0B58 withdrew 73,284 TRB (approximately $2.3 million) from Binance 7 hours ago.
A whale address that has recently suffered consecutive losses bought 1514 MKR 1 hour ago
According to on-chain data analyst Yu Jin, a whale address that recently suffered a loss of $1.36 million from continuous stop-loss selling of MAGIC, ARB, and RDNT, exchanged 1,085 ETH for 1,514 MKR (approximately $1.73 million) at an average price of $1,143 per MKR, one hour ago.K33 Research: CME Ethereum futures prices lower than spot prices indicate a bearish outlook
The cryptocurrency research company K33 Research stated that in recent weeks, the premium of Ethereum futures has been lower compared to Bitcoin futures, and the gap has continued to widen in the past week. The current trading price of Ethereum futures is discounted compared to the spot market. This indicates that the Chicago Mercantile Exchange (CME) has shown an unusually pessimistic outlook for Ethereum futures ETF before its expected launch. Analysts say, "As the Ethereum futures ETF is expected to be listed in October, this is considered positive news, so the current price performance of Ethereum futures looks a bit strange. There are no other signs that the Ethereum ETF will be rejected, and historically, the difference between Ethereum and Bitcoin futures is not a cause for concern."
According to the data, the year-on-year CPI of the United States in August, before seasonal adjustment, recorded 3.7%, reaching a new high since May this year, and has risen for the second consecutive time; the year-on-year core CPI of the United States in August, before seasonal adjustment, recorded 4.3%, reaching a new low since September 2021, and has been declining for six consecutive months; the seasonally adjusted CPI of the United States in August recorded a monthly rate of 0.6%, reaching a new high since June 2022. (Jin10)
The core CPI for August in the United States increased by 0.3%, higher than the expected 0.20% and the previous value of 0.20%. (Jin10)
According to the latest report from Glassnode, a market intelligence company in the cryptocurrency industry, the market is currently experiencing severe liquidity tightening, with both on-chain and off-chain transaction volumes falling to historic lows. Analysts point out that although Bitcoin and Ethereum have seen net capital inflows since the beginning of this year, all three assets have returned to neutral or negative inflows since the end of August, indicating stagnation and uncertainty. Glassnode's on-chain indicators show that the total USD transaction volume of Bitcoin has dropped to a daily average of $2.44 billion, the same level as in October 2020. In the off-chain derivatives market, Bitcoin's daily trading volume has also reached a historic low, falling to $1.2 billion for the first time since the 2022 low.
Glassnode added that despite the market downturn, the "holding" trend remains strong. Glassnode defines the long-term holder group as on-chain entities that have held tokens for more than 155 days, and the group's holdings have reached a historic high of 14.7 million bitcoins. Meanwhile, short-term holder supply (holding time less than 155 days) has dropped to its lowest level since 2011.
派盾：CoinEx experienced losses of up to $54 million in the recent hacking incident
According to the latest data from PeckShieldAlert, the loss amount of the cryptocurrency trading platform CoinEx in this hacking incident has been updated to 54 million US dollars.
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