Important news that you missed during the 8-day holiday.

On October 7th, the 8-day long holiday for the Mid-Autumn Festival and National Day officially ended. While we were enjoying the holiday, there were still many important events in the encryption industry that needed attention during these 8 days. BlockBeats has compiled the important news worth paying attention to during the holiday for our readers.

September 29th

Sanjian Capital co-founder Zhu Su arrested in Singapore, sentenced to four months in prison

According to Bloomberg, Teneo, the liquidation company of Three Arrows Capital, announced that Zhu Su, co-founder of the hedge fund, was arrested at Changi Airport in Singapore on September 29th when he attempted to leave. After Zhu Su failed to comply with a court order requiring him to cooperate with the liquidation investigation, the company received a commitment order against him. According to a statement, Zhu Su was sentenced to four months in prison.

After the news of the arrest was exposed, the native token OX of the encryption compensation and trading platform OPNX newly created by Zhu Su plummeted to $0.01218, a decrease of more than 45% in 24 hours.

Its friend.tech platform "Keys" price plummeted from 0.961 ETH to 0.638 ETH in a short period of time, dropping more than 33% in just 30 minutes.

SEC delays decision on Bitcoin ETFs from BlackRock and Mirae Asset again

The U.S. Securities and Exchange Commission (SEC) announced on Thursday that it is launching additional procedures to determine whether the Bitcoin spot ETF applications proposed by BlackRock, Invesco, Valkyrie, and Bitwise should be approved. The SEC stated that given the legal and policy issues raised by the proposed rule changes, it is appropriate to launch the relevant procedures at this time.

In the filing submitted to Valkyrie on Thursday, the SEC requested that commentators provide relevant opinions and also wanted to know whether the proposed monitoring sharing agreement with the cryptocurrency exchange Coinbase would help "detect, investigate, and prevent fraud and manipulation." Commentators have 21 days to submit written data, opinions, and arguments, followed by 35 days to rebut, meaning that the approval process will take at least several months.

Former Multichain engineer team launches new cross-chain project ValueRouter

According to official sources from Multichain, the former Multichain engineering team has launched a new cross-chain project called ValueRouter after the dissolution of the Multichain team. It is reported that ValueRouter supports cross-chain asset transactions between Ethereum, Avalanche, Op Mainnet, and Arbitrum through the Circle Cross-Chain Transfer Protocol (CCTP) and ValueRouter relays.

September 30th

FTX vulnerability exploiter's address began transferring funds after 10 months of dormancy

Starting with 0x3e957, the address of the FTX exploiters has been transferring the stolen funds in batches to a new address since September 30th. This is the first time the hacker address has been active since FTX was attacked by hackers 10 months ago.

As of the time of writing, the FTX attacker has exchanged a total of 75,636 ETH (approximately $124 million USD) for BTC and cross-chained it to the Bitcoin network, and still holds 109,485 ETH (approximately $179 million USD).

Due to the fact that the FTX attacker used the THORChain-based cross-chain DEX aggregator THORSwap to transfer funds, THORSwap has decided to temporarily switch the protocol to maintenance mode. Subsequently, the FTX attacker turned to using the Swap function built into Metamask to exchange ETH for tBTC, and then bridged back to the Bitcoin network through the Threshold Network.

SEC Delays Decision on 3 Additional Bitcoin ETFs

On September 30th, the US SEC officially postponed the decision on the applications for three physical Bitcoin ETFs from Fidelity, WisdomTree, and VanEck. The SEC also requested that commentators provide their opinions, with 21 days to submit written data, viewpoints, and arguments. Additionally, there is a 35-day rebuttal period, which means the approval process will be delayed for at least a few more months.

Invesco has submitted an application for an Ethereum spot ETF to the US SEC

The asset management giant Invesco has submitted an application for an Ethereum spot ETF, "Invesco Galaxy Ethereum ETF," to the US SEC. According to the information, Galaxy Digital Funds will serve as the executing agent for the Invesco Galaxy Ethereum ETF, facilitating the purchase and sale of Ether by the trust.

Floki multi-signature address deposits 15.8 billion FLOKI into Binance, sharing the same deposit address with DWF Labs

According to The Data Nerd, Floki's multi-signature address deposited 15.8 billion FLOKI into Binance on September 30th (equivalent to approximately $26.1 thousand USD). It is worth noting that this Binance deposit address has been used multiple times to receive token assets from DWF Labs.

LooksRare updates token economic model, 50% of future fees will be used to repurchase LOOKS tokens

According to official sources, the NFT marketplace LooksRare has updated its token economic model. In the future, 50% of the fees will be used to repurchase LOOKS tokens from the market, 10% will be used as LooksRare protocol rewards, and 40% will be contributed to the protocol treasury.

October 1st

U.S. Senate passes short-term spending bill to avoid government shutdown

According to Jin10's report, the US Senate passed a short-term spending bill to avoid a government shutdown on October 1st. President Biden has signed the short-term spending bill to prevent a government shutdown in the United States.

China Mobile's MiGu Video's first NFT "Meelier" announced that it will be sold in blind box form on OpenSea

According to official sources, China Mobile's Migu Video announced on its official Weibo account that its first NFT "Meelier" will be globally released during the Asian Games. The first NFT launched by Meelier will be officially released globally on October 12th. The NFT is based on characters from the popular mobile game "Panda Cafe" and will be sold in blind boxes on OpenSea, with a limited global release of 2000 units.

October 2nd

SEC convenes multiple Bitcoin spot EFT applicants to attend and discuss

Bloomberg analyst Eric Balchunas tweeted on social media that the US SEC is convening multiple Bitcoin spot EFT applicants for discussion. In addition, although the SEC ultimately postponed its decision on Bitcoin spot EFTs last week, it still responded to various applicants regarding legal issues, breaking the typical pattern of "delay-delay-cold treatment and then rejection". Although the specific timeline is not yet clear, this is a good sign.

Grayscale has applied to convert Grayscale Ethereum Trust to Ethereum spot ETF

Grayscale CEO Michael Sonnenshein announced on social media that Grayscale has applied to convert the Grayscale Ethereum Trust into an Ethereum spot ETF.

Coinbase receives major payment institution license from the Monetary Authority of Singapore

Coinbase announced that Coinbase Singapore has been granted the Major Payment Institution (MPI) license by the Monetary Authority of Singapore. Coinbase will develop and release products tailored specifically for Singapore and will launch training and recruitment programs at its Singapore technology center.

171st Ethereum Core Developer Consensus Meeting: Devnet-9 Release Delayed Again

Galaxy Research Vice President Christine Kim summarized the 171st Ethereum Core Developer Consensus Meeting (ACDE), where developers discussed the progress of the Dencun upgrade test and the delayed release of Devnet-9. Developers also stated that after the launch of Devnet-9, the 10th devnet will need to be launched for the Dencun upgrade, and the lifecycle of Devnet-10 will be relatively short. Developers will also test the workflow of validators to use the MEV-Boost software on Devnet-9 and 10 to obtain MEV.

October 3rd

美联储梅斯特：可能需要在 2023 年再次加息，并保持一段时间

Federal Reserve's Mester: May need to raise interest rates again in 2023 and maintain for a period of time.

The Federal Reserve's Mester said that it may be necessary to raise interest rates again in 2023 and maintain them for a period of time. Despite progress, the inflation rate remains too high. The Fed may have already reached or approached the peak of interest rates and is now evaluating the time to maintain this level. (Jinshi)

New Singapore's largest money laundering case involves assets worth further expanding to SGD 2.8 billion

According to Bloomberg, the Singaporean authorities have further expanded the total value of assets seized or frozen in the region's largest money laundering case to SGD 2.8 billion (equivalent to USD 2 billion). These assets include 152 properties, 62 cars, thousands of bottles of alcohol, cryptocurrencies, gold bars, and jewelry. The government also indicated that it may tighten immigration regulations to curb the inflow of illegal funds.

It is reported that the initial amount involved was over 1 billion Singapore dollars, which later increased to 1.8 billion Singapore dollars. On September 20th, it rose to 2.4 billion Singapore dollars. As of today (October 3rd), the total amount of assets frozen or subject to restraining orders has increased to 2.8 billion Singapore dollars.

Starknet Ecological Derivative Protocol ZKX Launches Token Airdrop Phase One, Distributing 4 Million ZKX Tokens

Starknet's decentralized derivative protocol, ZKX, has announced the launch of the first phase of its token airdrop. The token, ZKX, is the governance token of the protocol, with a maximum supply of 100 million. The first phase of the airdrop will distribute 4% of the total supply, and the second phase will distribute 11%. The claiming period for the first phase is from October 2nd to October 16th.

ZKX has stated that the first phase of the airdrop is aimed at participants of SZN1 and SZN2 Yakuza, and the tokens can be traded once they are listed in early 2024.

October 4th

StarkWare will delay the first token unlocking until April 2024

According to The Block, StarkWare has announced a delay of over five months for the first unlock date of its native StarkNet (STRK) token, with the new unlock date set for April 15, 2024. The previously planned unlock date was November 29, 2023.

Regarding this delay, a spokesperson for StarkWare stated: "We are focused on technical development. We will update the roadmap as needed, including updates to the lock-up period." The first unlocked tokens will belong to StarkWare's core contributors, early supporters of the ecosystem, and employees.

Speaker of the US House of Representatives McCarthy is impeached, and crypto-friendly Congressman Patrick Mchenry takes over temporarily

The motion to impeach the Speaker of the United States House of Representatives, McCarthy, was passed by a vote in the House of Representatives, making McCarthy the first Speaker of the House to be impeached in American history. Patrick Mchenry, the Chairman of the House Financial Services Committee, who is friendly to cryptocurrency, has been appointed as the interim Speaker of the House of Representatives. The House of Representatives will now need to elect a new Speaker, and McCarthy can run for the position again.

Ripple receives major payment institution license from the Monetary Authority of Singapore

Ripple announced that its Singapore subsidiary has been granted a major payment institution license by the Monetary Authority of Singapore, allowing it to continue providing digital payment token services in this rapidly growing region. Ripple received preliminary approval in June, but now its subsidiary, Ripple Markets APAC Pte Ltd, has obtained the official license.

October 5th

Sui Foundation will retrieve 117 million SUI from external market makers to support ecosystem and community development

The Sui Foundation announced that it will retrieve 117 million SUI from external market makers and redistribute them to multiple channels to support the growth of the Sui network. As these SUI have already been released, their redistribution will not affect the circulating supply of SUI. These SUI also include the 25 million SUI pledged for Sui liquidity by the recent hackathon winners.

These new funds will be used to support the growing Sui ecosystem, including providing funding to developers to build the next generation of decentralized applications on Sui, as well as supporting the most advanced DeepBook CLOB, automated market makers, liquidity staking, and lending protocols on Sui.

Arthur Hayes: Bitcoin price will reach $750,000-$1,000,000 by 2026

BitMEX founder Arthur Hayes predicts that the price of Bitcoin will reach $750,000 to $1 million by 2026. This will be the largest financial market boom in human history, driven by the widespread issuance of legal tender by countries around the world and the advent of the era of artificial intelligence.

October 6th

Web3 credential data network Galxe attacked, website shut down

Multiple community users have reported that their assets were stolen after authorizing Web3 credential data network Galxe platform using their wallets. Subsequently, Galxe announced that its website is currently closed and they are working to fix the issue. Users are advised not to connect their wallets to Galxe during this period. As of the time of writing, the issue is still being addressed and a security vulnerability affecting the official website's DNS records has been discovered.

The on-chain detective ZachXBT posted on social media that the Galxe theft case appears to have been carried out by the same attacker who recently conducted a front-end attack on Balancer.

Avalanche ecosystem game Ascenders announced to stop development

The chain game Ascenders recently announced to the community on Discord that it will stop developing the game, and its company will also cease operations. The announcement stated that the team's carefully prepared Land NFT casting results for May 2023 fell far short of expectations.

According to niels, who claims to be an angel investor with Ascenders, the investment has been written off and the company is facing bankruptcy due to a lack of remaining funds, as of July this year.

On March 8th of last year, Ascenders, an action role-playing game project based on Avalanche, announced the completion of a $6.4 million private placement round of financing. The round was led by Paramount Capital, Three Arrows Capital, Sino Global Capital, and Merit Circle, with participation from DeFiance Capital, Blizzard Fund, Colony Labs, GuildFi, Momentum 6, Forward Analytics, Avocado Guild, Zee Prime Capital, Snack Club, Layer X, and Mintable.

Investment and Financing

Greylock launches its latest early-stage fund, Greylock 17, with a size of $1 billion

The well-known venture capital firm Greylock announced the launch of its latest early-stage fund, Greylock 17, with a scale of up to $1 billion, as well as a customized program called Greylock Edge to help founders achieve the fit between their ideas and initial revenue and product market.

Greylock 17 focuses on Pre-Seed, Seed, and Series A founders, covering AI-first companies in fields ranging from cybersecurity, infrastructure, SaaS, to consumer, market, and business, as well as fintech and encryption.

(Greylock has invested in 15 well-known blockchain projects, including Coinbase, Magic Eden, and 0x.)

ParaFi Capital is seeking to raise $100 million for its second fund, and has currently raised $39 million.

According to a report by unchainedcrypto, a new filing from the US Securities and Exchange Commission (SEC) shows that ParaFi Capital, a crypto venture capital firm managing $633 million in assets, has raised nearly $39 million for its second venture fund, ParaFi Venture Fund II, with a target of $100 million. Filing data shows that since the fund opened for investment on May 15th, ParaFi Venture Fund II LP has raised $38,915,000 from 52 investors.

CMCC Global's new fund has raised $100 million, with a focus on Hong Kong blockchain startups

According to the South China Morning Post, CMCC Global, a Hong Kong-based venture capital firm focused on cryptocurrency, announced that its newly established fund, "Titan Fund," has completed its first round of fundraising, raising $100 million. Over 30 investors, including Block.one, IDG Capital, Winklevoss Capital, Jebsen Capital, and Yat Siu, founder of Animoca Brands, participated in the funding.

CMCC Global co-founder Martin Baumann stated in an interview that Titan Fund is the fourth fund of CMCC Global, which will provide equity investment for early-stage blockchain startups, with a focus on Hong Kong. Two out of the five investments made so far are in Hong Kong companies.

New Silkroutes Group and Saison Capital plan to launch $100 million venture capital fund, focusing on blockchain investments

According to sources cited by Nikkei Asia Review, Whampoa Group, headquartered in Singapore and a multi-family office investing in global technology companies, will launch a $100 million risk fund by the end of this year as global cryptocurrency trading volumes gradually recover. The fund may invest in Series A financing for Web3 and digital assets, and it was previously reported that the fund will be launched in the fourth quarter of 2022.

Meanwhile, Saison Capital, the venture capital arm of Credit Saison, is also doubling down on blockchain and cryptocurrency investments, having set aside $100 million for risk investment, including Web2 and Web3. So far, it has completed 42 transactions in the blockchain field.

Web3 startup IYK completes $16.8 million seed round financing, led by a16z Crypto

According to The Block, Web3 startup IYK has completed a $16.8 million seed round of financing, led by a16z Crypto, with participation from 1kx, Synergis Capital, Collabcurrency, Lattice Capital, and gmoney.

IYK is a Web3 startup founded in 2021 that provides tools for brands such as Adidas and Johnny Walker to connect the real world with the digital world. The company has already recruited over 100 creators from industries such as fashion, music, and art. To attract more brands and creators, it is launching a self-service platform to help create digital physical experiences.

Blackbird completes $24 million Series A funding round, led by a16z Crypto

Blackbird announced the completion of a $24 million Series A financing, led by a16z Crypto, with participation from Amex Ventures and QED Investors. Blackbird aims to provide loyalty and connection tools for restaurants, allowing every guest to have a dining experience like a regular. Every time you dine out, click Blackbird to access privileges, rewards, benefits, and FLY loyalty points.

TON receives multi-million dollar investment from MEXC Ventures, a subsidiary of MEXC

According to Cointelgraph, the TON blockchain has announced receiving tens of millions of dollars in investment from MEXC Ventures, a venture capital firm under MEXC. The specific amount has not been disclosed. MEXC and the TON Foundation have established a strategic partnership, with MEXC providing marketing and promotion services for TON-based projects listed on its platform. MEXC also plans to launch TON mortgage loan services and eliminate trading fees for TON tokens.

TomoChain announced receiving a seven-figure investment from DWF Labs

TomoChain announced on October 2nd that it has received a seven-figure lock-up token investment from DWF Labs to strengthen Web3 infrastructure construction and promote the large-scale adoption of Web3.

DWF Labs announced a $7.5 million investment in AirDAO

According to official sources, DWF Labs has invested $7.5 million in AirDAO.

AirDAO Chairman Grimmers stated in the official community that on the first day of announcing the investment from DWF Labs, AirDAO provided 1.5 billion tokens to them for market-making on CEX and future DEX, with no lock-up period, as DWF Labs needs tokens to fulfill its commitment at the time of investment. After 36 months, the loan will be repaid to AirDAO in the same way as the last transaction.

As for the $7.5 million investment from DWF Labs, the tokens purchased at a small discount will have a lock-up period of 12 months. DWF Labs will receive 1/3 of these token shares at the end of the 12 months, and then receive 1/36 of the total amount each month until the end of 36 months.

Web3 Social Protocol Phaver Completes $7 Million Financing, with Participation from Polygon Ventures

Web3 social protocol Phaver has completed a $7 million financing round, with participation from Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, 33DAO, Foresight Ventures, Alphanonce, f.actor, and Superhero Capital.

The new funds will be used to expand the team, develop the product, and establish other partnerships. Phaver aims to help users easily join Web3 social platforms and provide a Web3 onboarding experience similar to existing social platforms.

Two agreements previously invested by Paradigm announced the cessation of operations

The fixed-rate lending agreement Yield Protocol has announced that it will cease operations. Due to the current lack of demand for fixed-rate borrowing on Yield Protocol, as well as increasing regulatory requirements in the United States, Europe, and the United Kingdom, the team has decided to discontinue development of the protocol.

In June 2021, Yield Protocol, a fixed-rate lending agreement, announced the completion of a $10 million Series A financing led by Paradigm.

DAO Payment System Utopia recently announced that it will shut down its services on November 6, 2023. The product will be available for free use until the end of this month. The announcement emphasizes that this action does not mean the closure of the company, but rather the abandonment of existing products and directions.

In June 2022, DAO salary payment system Utopia announced the completion of a $23 million Series A financing led by Paradigm.

Macro-economic and Cryptocurrency Market Data

Number of active developers in the encryption field hits the lowest since 2020

According to data from Web3 venture capital firm a16z and Electric Capital, the number of active open-source developers in the cryptocurrency field has reached its lowest point since 2020. a16z's Cryptocurrency Development Index shows that the number of cryptocurrency developers has dropped by nearly half from last year's peak, falling from 36,500 in January 2022 to 19,630 in September 2023. The last time the number of developers was below this level was at the start of the cryptocurrency bull market in December 2020, when there were approximately 18,100 developers.

6 Ethereum Futures ETFs launched with a total trading volume of only $2 million on the first day

K33 Research's Vetle Lund said that the six Ethereum futures ETFs launched in the United States on October 2 were "disappointing", with a total trading volume of only $2 million on the first day, and investors have not yet shown interest in Ethereum futures ETFs.

Lund said that ProShares' EETH and VanEck's EFUT are the most popular Ethereum ETFs, with trading volumes of approximately $850,000 and $500,000, respectively, and nearly 50% of EFUT's trading volume occurred in the first minute of trading. Monday's series of releases were similar to the debut of Bitcoin futures ETF in 2021, but in terms of trading volume, the situation was completely different. The trading volume of Bitcoin futures ETF exceeded $1 billion in just two days, and ProShares' BITO had a trading volume of $200 million in the first 15 minutes of trading.

September DEX trading volume hits new low since January 2021

According to data from The Block, the total DEX trading volume on the entire network in September was 31.89 billion US dollars, a decrease of 23.54% from August's 41.71 billion US dollars, setting a new low since January 2021 (51.12 billion US dollars).

US core PCE recorded the smallest monthly increase since the end of 2020, and traders continue to bet that the Fed's rate hike has ended (September 29).

The potential inflation indicator favored by the Federal Reserve has grown at its slowest monthly pace since the end of 2020, while consumer spending has risen slightly. The data released shows that the core PCE price index, which excludes volatile food and energy components, rose 0.1% in August. The overall PCE price index rose 0.4%, reflecting the increase in energy costs.

After the release of US PCE data, traders continue to bet that the Fed's interest rate hike has ended.

September non-farm data in the United States was nearly twice the expected amount, and the market expects the interest rate cut to be postponed from July next year to September (October 6).

In September, the seasonally adjusted non-farm employment in the United States increased by 336,000, exceeding the expected 170,000 and the previous value of 187,000. After the data was released, the Fed's interest rate swap market fully priced in the Fed's interest rate cut time, which was postponed from July next year to September next year.

Messari: friend.tech daily fee revenue reaches 6 times that of OpenSea, about $320,000

According to the statistics from the encryption research institution Messari, friend.tech has attracted 300,000 independent users and generates a daily revenue of $320,000 (6 times that of OpenSea).

"The Big Short" Author FTX Reveals New Book

The new book "Going Infinite: The Rise and Fall of a New Tycoon" by Michael Lewis, author of "The Big Short", was published on October 3rd. The book reveals several unknown stories behind FTX and SBF, including exclusive information such as "SBF once considered paying $5 billion to Trump to stop him from running for president".

CZ refused SBF's proposal to collaborate on a $40 million futures trading platform, but later agreed to pay $80 million for a 20% stake in FTX

FTX founder Sam Bankman-Fried (SBF) proposed a collaboration with Binance founder CZ in early 2019, hoping to introduce his team's cryptocurrency futures trading platform technology to Binance for $40 million. In this proposal, Alameda Research was responsible for providing technical support, while Binance was responsible for bringing in customers and market trust.

After careful consideration, CZ decided to reject SBF's proposal and chose to develop a futures trading platform independently. As a result, SBF turned to self-development and planned to build a futures trading platform that could not only meet the needs of the cryptocurrency community, but also cater to large professional trading companies such as Jane Street. FTX initially issued 350 million FTT tokens, some of which were offered to employees at a price of 5 cents, and some were offered to important cryptocurrency figures at a price of 10 cents, including CZ. Despite CZ and most FTX employees choosing to decline, strong demand from external investors prompted SBF to raise the token price from 20 cents to 70 cents. On July 29, 2019, FTT was listed on FTX with an opening price of $1, which subsequently rose to $1.5. Several weeks later, CZ contacted SBF and proposed to purchase 20% of FTX for $80 million.

SBF repurchased FTX shares held by CZ for $2.275 billion in 2021 to address regulatory challenges.

In the face of increasingly stringent regulatory scrutiny, especially the strict requirements of regulatory agencies for the FTX investor list and their personal details, SBF believes that maintaining CZ as the second largest shareholder of FTX no longer meets the company's long-term interests.

In order to avoid regulatory pressure, SBF took the initiative to propose to CZ to repurchase the FTX shares it purchased for $80 million at the end of 2019 in mid-2021. CZ proposed a price of $2.2 billion. Despite the high price, SBF agreed to pay. However, when the two parties were about to sign the formal agreement, CZ suddenly requested an additional $75 million. SBF agreed to this additional cost and finally completed the equity repurchase.

FTX suffered significant financial losses due to a hacker attack but concealed the information. The highest single loss from the attack reached $600 million USD.

FTX suffered significant losses in a hacking attack, but chose to keep the losses confidential in order to avoid "encouraging" other hackers.

The largest-scale hacking attack occurred in March and April 2021. A trader opened an account on FTX and monopolized the market for two tokens with extremely low trading volumes, BitMax (BTMX) and MobileCoin (MOB). His buying behavior greatly pushed up the prices of these two tokens, with MobileCoin's price rising from $2.50 to $54 in just a few weeks.

The reason for the price increase of the two tokens was that the trader discovered a flaw in FTX's risk management system, which allowed traders to borrow Bitcoin and other easily sellable cryptocurrencies against the value of their MobileCoin and BitMax holdings. The trader inflated the value of MobileCoin and BitMax to absurd levels so that he could borrow valuable cryptocurrencies from FTX. Once he successfully borrowed, he disappeared, leaving FTX with a pile of collapsed tokens. FTX lost about $600 million from this incident alone, and the total value of all losses caused by the theft has exceeded $1 billion.

Jump Trading lost over $200 million in FTX bankruptcy

Jump Trading lost $206 million in the bankruptcy of FTX, which is one of the largest losses among all companies except FTX or Alameda. In addition, "Tai Mo Shan Limited" is a subsidiary of Jump Trading, which lost over $75 million.

SBF modified the rules and extended the employee SRM lock-up period after a significant increase in SRM.

Due to the significant increase in the price of Serum (SRM) tokens in 2021, SBF is concerned that its employees may become wealthy due to holding a large amount of SRM tokens and may no longer be willing to work for its cryptocurrency trading platform for up to 14 hours a day. Therefore, the release rules for SRM tokens have been modified to lock employees' SRM tokens for a period of seven years.

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