Selected News:

1. Stars Arena successfully recovered 90% of the lost funds and rewarded the hacker with 27,610 AVAX.

2. Cryptocurrency trading and lending platform Membrane Labs has completed a $20 million Series A funding round, with participation from Jump Crypto and others.

3. Invesco and 4 other institutional investors recently purchased over 510,000 shares of BitDeer (Nasdaq: BTDR) stock.

4. ARK submits updated prospectus for Bitcoin spot ETF;

5. BIGTIME breaks through $0.14, with a 24-hour increase of over 125%.

Project Updates

LayerZero has now launched on the opBNB mainnet.

The LayerZero protocol for full-chain interoperability has announced that it is now live on the opBNB network, allowing developers building on the BNB Chain to extend their applications to opBNB and over 40 other chains with LayerZero endpoints.

去中心化社交协议 Farcaster 正式上线，用户可自由注册并使用 translates to:

Decentralized social protocol Farcaster officially launched, users can register and use freely.

The co-founder of decentralized social protocol Farcaster, Dan Romero, announced that after three years of development, their social network Farcaster has achieved 100% permissionless use. Now, any user with internet connection and Ethereum can freely register and use Farcaster without relying on any other individuals or organizations.

Former Consensus Lab partner Kevin Ren joins CGV as Asia partner and Hong Kong branch general manager

Japanese cryptocurrency research and investment firm CGV (Cryptogram Venture) has announced that former Consensus Lab partner Kevin Ren has officially joined as the Asia partner and general manager of the Hong Kong branch.

Decentralized auction protocol Bounce integrates ZetaChain for the first cross-chain RWA auction

According to official sources, ZetaChain has announced that the decentralized auction-as-a-service platform, Bounce Finance, has integrated with the ZetaChain testnet. Currently, anyone can launch and participate in decentralized auctions on the ZetaChain testnet through the Bounce application. With the future integration of Bounce and ZRC-20, users will be able to auction any token on any chain (even native BTC), unlocking a new level of cross-chain access and liquidity.

It is reported that ZRC-20 token is an extension of the standard ERC-20 token in the Ethereum ecosystem, which adds the ability to manage all assets connected to ZetaChain. Any fungible token, including Bitcoin, DEGE, other ERC-20 equivalents on other chains, and other Gas assets on other chains, can be represented as ZRC-20 on ZetaChain and arranged like any other fungible token (such as ERC-20).

ARK submits updated prospectus for Bitcoin spot ETF

Bloomberg senior ETF analyst Eric Balchunas said on social media that ARK has just submitted an updated prospectus for its Bitcoin spot ETF. A few weeks ago, the SEC sent an email to the issuer with comments and questions about the S-1 form. It is likely that ARK has responded to these questions in this submission. Balchunas specifically pointed out some changes in the new prospectus, such as the NAV calculation not complying with GAAP accounting principles, and the description of how assets are stored independently in "wallets" without being mixed with other client assets.

Balchunas believes that this means ARK has responded to all of the SEC's comments and has once again handed over decision-making power to the SEC. He said that although approval may not come immediately, this "back-and-forth communication" with the SEC is a very positive signal.

TangibleDAO: USDR faces liquidity issues and breaks away from anchoring, but the real estate and digital assets behind it can still be used for redemption

TangibleDAO has released an announcement stating that all liquidity DAI in the USDR treasury has been redeemed in a short period of time, leading to a rapid decline in market value. Due to insufficient DAI for redemption, panic selling has occurred in the market, causing USDR to deviate from its peg. TangibleDAO is currently seeking solutions and will announce them as soon as possible.

TangibleDAO stated that the current situation is still a liquidity issue. Real estate and digital assets that support USDR still exist and will be used to support redemption. TangibleDAO reminds users to review the transparency plan in its project documentation for details on real estate that supports USDR.

Financial technology giant Plaid partners with Sei Labs to boost user adoption

According to The Block, financial technology giant Plaid has partnered with Sei Labs. Sei Labs hopes to reduce friction, increase user adoption, and encourage developers to build applications using its blockchain through this partnership.

Decentraland releases Q4 roadmap: supports cross-chain NFT purchases, social account login function, etc.

Decentraland has released its Q4 development roadmap, which indicates that it will further improve its existing tools and products. It is expected to release multiple updates in mid-November and early December, including:

Support social account login function (covering Gmail, Twitter, Discord, etc.), support cross-chain NFT purchase, use any token in any EVM compatible chain to purchase land, emojis, domain names, etc. in Decentraland.

Web3 marketing startup Fuul enters beta testing phase

According to The Block, Fuul, a Web3 alliance marketing startup based in New York City, has entered private beta testing. Fuul uses blockchain to achieve alliance marketing automation between Web3 brands and creators.

Fuul co-founder and CEO Leandro 'Locha' Schlottchauer said, "Each subsidiary project on the Fuul protocol is itself a smart contract." He added that when settling on-chain, the protocol handles distribution, ownership, and payment.

Fuul charges a fee of 8% in addition to the affiliate commission, and is currently compatible with the EVM network.

CoinMarketCap has launched a plugin for ChatGPT to provide the latest data.

CoinMarketCap has launched a plugin for ChatGPT, which aims to provide the latest data on CoinMarketCap to compensate for errors caused by insufficient data and information when answering cryptocurrency-related questions on ChatGPT.

CoinMarketCap indicates that over time, the plugin will also learn from user queries and become more intelligent.

FT Simulation Platform Stars Arena has written a new contract, which will be open sourced after completion of the audit.

FT Simulation Platform Stars Arena announced that its technical team has developed a new smart contract and is undergoing a comprehensive contract audit with Paladin Blockchain Security. The contract will be open-sourced after the audit is completed.

Before restarting, there is a paused and verified contract, and the funds obtained to fill the gap will be directly transferred to the contract after the audit is completed.

Meanwhile, Stars Arena is conducting load testing on its servers to handle the traffic during restart.

Invesco and 3 other institutional investors recently purchased over 510,000 shares of BitDeer (Nasdaq: BTDR).

According to the latest equity disclosure data from Futu, as of September 30, 2023, four new institutional investors have purchased shares of Bitdeer (Nasdaq: BTDR), a provider of cryptocurrency mining services. These investors include Invesco Capital Management, Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA), Exchange Traded Concepts (ETC), and BetaShares Capital Limited.

Invesco, an independent investment management company, has purchased 20,380 shares of Bitdeer stock. TIAA, one of the leading financial retirement service providers in the academic, research, medical, cultural, and government sectors, currently holds 22,100 shares. ETC, a global pioneer in white-label ETFs, has acquired 290,730 shares. Another Australian ETF provider, BetaShares, currently holds 178,360 shares of Bitdeer stock.

Cosmos will upgrade Gaia v13 and update the inter-chain security module.

The Cosmos Hub will undergo the Gaia v13 upgrade at block height 17,380,000, which is expected to take place around 4:40 on October 12th. This upgrade will include two updates:

One is to remove the old Gravity DEX liquidity module code from the Gaia codebase;

The second is the update of the interchain security provider module for Cosmos Hub.

Base on-chain DEX LeetSwap is now live on Scroll.

According to official sources, the decentralized trading platform LeetSwap on the Base chain has been launched on Scroll Network.

Polygon Labs Ventures: Proposes ApeCoin DAO to use Polygon CDK to develop its L2 network ApeChain

According to The Block, Sandeep Nailwal, co-founder of Polygon Labs, proposed that ApeCoin DAO use the Polygon Chain Development Kit (CDK) to develop and maintain its L2 network, ApeChain.

This proposal suggests that ApeCoin DAO launches the L2 network ApeChain, and receives approximately $200,000 annually from ApeCoin DAO. It also includes the establishment of a $3.35 million development fund from the DAO Treasury, to support the development of ApeCoin ecosystem-related projects with the support of Polygon Labs.

TangibleDAO announced its action plan to deal with the USDR anchor event and decided to abandon USDR in the future.

TangibleDAO has announced an action plan to address the USDR anchor problem. Recently, due to the large redemption of liquidity DAI in the USDR fund pool and the complex real estate liquidation process, the market value has rapidly declined, leading to panic selling and anchoring. TangibleDAO's action plan includes:

Utilize the protocol's proprietary liquidity (POL) and insurance fund assets to support USDR. Currently, the mortgage rate for USDR is 84%, and there are plans to continue supporting redemption through the protocol's stablecoins (DAI, USDC, USDT).

Introducing Baskets, an asset pool tokenized by real estate that will play a key role in the USDR redemption process. Users can choose to hold these real estate-backed tokens and collect profits through rebase, or sell them on Pearl.

Enable redemption function, USDR can be fully exchanged for stablecoins, Basket pool tokens, and locked TNGBL 3,3+ NFTs.

TangibleDAO emphasizes that it will no longer include Real USD in the future and promises that once the redemption process is completed, USDR will be discontinued.

Coinbase: The issue of some users being unable to generate deposit addresses for BIGTIME has been resolved.

Coinbase announced that the issue of some users being unable to generate deposit addresses for BIGTIME has been resolved. Coinbase stated that once liquidity conditions are met, trading is expected to begin soon.

Lido Finance suffered 20 penalty events due to validator issues, with an expected loss of $31,000.

Lido indicates that the stakers on the protocol will not be affected by anything other than a reduction in daily rewards reflected in the next benchmark adjustment.

A user claimed to have lost over 20 ETH due to storing mnemonic phrases in LastPass.

Twitter user flippen.eth has issued a warning that he lost over 20 ETH overnight due to storing his mnemonic phrase in the password management tool LastPass. He suggests that this issue seems to have become quite common and advises users who have used LastPass to stop using it, update their passwords, and abandon wallets that store mnemonic phrases in it.

Stars Arena successfully recovered 90% of the lost funds and rewarded the hacker 27,610 AVAX.

Stars Arena announced in the security update that the team has successfully recovered nearly 90% of the lost funds. The security incident was caused by an individual, and an agreement has been reached between the two parties. As a reward, Stars Arena paid a bounty of 10% (26,610 AVAX) to the person, plus 1000 AVAX lost in the cross-chain bridge, totaling 27,610 AVAX. Preliminary statistics show that Stars Arena lost a total of 266,104 AVAX, and has successfully recovered 239,493 AVAX so far.

Stellar conducts security check on upcoming smart contract platform SorobanAccording to The Block, Stellar's development team is beginning security checks on its upcoming smart contract platform Soroban. Stellar is partnering with security firm Certora for the audit.

Soroban is currently running on the testnet, providing developers with a new mechanism for deploying smart contracts and expanding the application ecosystem based on the Stellar blockchain. The platform utilizes WebAssembly (WASM), a binary code format specifically designed for seamless integration with both traditional networks and blockchains.

Regulation

US senators call for early implementation of reporting requirements for cryptocurrency trading platforms

A group of senators led by Democratic Senator Elizabeth Warren and Independent Senator Angus King are calling on US tax officials to advance the date for cryptocurrency trading platforms and brokers to report customer transaction information to the government.

Federal Reserve Meeting Minutes: Most Officials Believe Another Rate Hike is Appropriate

According to the minutes of the Federal Reserve meeting, most Fed officials believe that another interest rate hike is appropriate. The vast majority of participants continue to view the future economic outlook as "highly uncertain." (Jinshi)

Federal Reserve Meeting Minutes: Everyone agrees to maintain restrictive interest rates for a period of time

According to the minutes of the Federal Reserve meeting, all members agreed that the Fed can "proceed cautiously" and generally believed that the risks facing the target are two-way. They agreed to maintain restrictive interest rates for a period of time, and most people continue to believe that there is an upward risk of inflation. (Jinshi)

Federal Reserve Board Member: "Very Good" Inflation Data in the Past Three Months

The Federal Reserve Board member, Bullard, stated that the inflation data over the past three months has been "very good," and the Federal Reserve has finally achieved the desired level of good inflation.

If the current trend continues, inflation will basically return to the target level. Currently, the real economy is also performing well. I believe the Federal Reserve can start observing and see the later development of interest rates from now on.

The question of the usage of the central bank digital currency remains unanswered. (Jinshi)

Cryptocurrency-friendly bank Xapo obtains European securities broker license, will provide S&P 500 index trading services

According to CoinDesk, crypto-friendly bank Xapo has obtained a European securities broker license, which allows them to offer S&P 500 index trading services and sell their cryptocurrency wealth management products. Additionally, Xapo will also allow customers to trade Ethereum.

The Xuhui Court heard a Bitcoin entrusted wealth management contract case and recognized the Bitcoin entrusted wealth management agreement.

Shanghai Xuhui District People's Court today heard a Bitcoin entrusted wealth management contract case. The case was settled through mediation. The plaintiff entrusted the defendant with wealth management, and the defendant promised to guarantee the principal and pay interest, but was unable to fulfill the obligation later.

Regulatory agencies and legal experts from various states in the United States intervene in the SEC and Coinbase lawsuit case.

According to CoinDesk, regulatory agencies and legal experts from various states in the United States have intervened in the case of the Securities and Exchange Commission (SEC) suing Coinbase. According to newly submitted documents, the newly involved parties believe that, apart from speculation, the vast majority of digital assets have no established or widely adopted practical economic use cases, and that cryptocurrencies are neither important nor special. The SEC can regulate digital assets according to existing laws.

In addition, two legal experts pointed out that Coinbase's reference to the legal principle that prevents government agencies from making significant economic interventions without explicit congressional authorization is incorrect, as the Coinbase case involves enforcement against a specific company rather than the establishment of quasi-legislative rules. The SEC is far from advocating new powers to regulate the "national economy," but rather has filed specific appeals in federal courts.

BlockBeats previously reported that on June 6th, the US SEC sued the cryptocurrency trading platform Coinbase in the New York Federal Court.

Funding

Cryptocurrency trading and lending platform Membrane Labs completes $20 million Series A financing, with participation from Jump Crypto and others

The encryption trading and lending platform Membrane Labs has completed a $20 million Series A financing, with participation from Brevan Howard Digital, Point72 Ventures, Jane Street, Flow Traders, QCP Capital, Two Sigma Ventures, Electric Capital, Jump Crypto, GSR Markets, Belvedere Trading, and Framework Ventures.

Data analysis platform Parsec completes $4 million financing, led by Galaxy Digital

The encrypted on-chain data analysis platform Parsec announced the completion of a new round of $4 million financing, led by Galaxy Digital, with participation from Uniswap Labs Ventures, BODL Ventures, Robot Ventures, CMT Digital, and others.

This is a round of seed funding that was postponed earlier this year. The structure and valuation of this funding round have not been disclosed. Parsec has been streamlining since its establishment in 2020 and has raised new funds to continue expanding its products and user base.

TRM Labs acquires Bitcoinabuse, a platform for reporting cryptocurrency scams

Blockchain analysis company TRM Labs has acquired the cryptocurrency scam reporting platform Bitcoinabuse and will integrate its information into Chainabuse, a community-based scam reporting platform launched by TRM Labs.

NFT horse racing company Game of Silks completes $5 million financingAccording to The Block, NFT horse racing company Game of Silks has completed a $5 million financing round, with the investors undisclosed.

Game of Silks supports users to purchase NFTs corresponding to real racing horses, and NFT holders can receive rewards based on the performance of the horses corresponding to their tokens in the real world.

Privacy technology startup Beldex completes $3 million financing, with Enflux fully participating

Privacy technology startup Beldex has completed a $3 million financing round, with Web3 market maker Enflux fully participating.

SBF

Former Alameda CEO: SBF once considered acquiring Snapchat's parent company and having regulatory agencies suppress Binance

According to The Block, former Alameda Research CEO Caroline Ellison revealed in court that she frequently updates a list called "Sam's Concerns," which includes "buying SNAP" as well as "raising funds" and "trading Japanese government bonds" with Saudi Arabian Crown Prince Mohammed bin Salman. In addition, Ellison also mentioned that Bankman-Fried had hoped regulatory agencies would suppress Binance.

Former Alameda Research engineer reveals company lost $190 million due to security negligence

Former Alameda Research software engineer Aditya Baradwaj revealed on social media that the trading company co-founded by Sam Bankman-Fried lost $100 million due to clicking on a phishing link. Baradwaj stated that this was not the first time the company had lost millions of dollars due to security negligence. He also described two other incidents that resulted in a total loss of at least $190 million for the company.

The judge rejected SBF lawyer's request to the jury for lack of cryptocurrency rules and FTX recovery issues

According to The Block, a New York judge has criticized SBF's lawyer regarding potential topics that may arise during his trial, including asset recovery in the FTX bankruptcy case and the lack of cryptocurrency regulation in the United States.

The judge rejected SBF's lawyer's request to reconsider the previous partial ruling, which prohibited the former CEO from mentioning evidence of asset recovery in the FTX bankruptcy proceedings.

According to the document on Wednesday, "As the court has ruled, from a legal perspective, whether the defendant intends to repay (or is able to repay) the misappropriated funds is irrelevant, because in the case being charged here, there is immediate malicious misappropriation and fraudulent intent, and the criminal act has already been completed."

Former Alameda CEO prepared 7 different balance sheets in the months leading up to bankruptcy to submit to Genesis

According to Inner City Press, SBF allegedly asked former Alameda CEO Caroline Ellison to come up with different ways to hide billions of dollars in loans on Alameda's balance sheet.

In her testimony on October 11th, the former CEO of Alameda Research described what she and SBF did before meeting with Matt Ballensweig, the joint head of trading and lending at cryptocurrency lending institution Genesis. Ballensweig requested the latest information on Alameda's balance sheet.

Caroline Ellison said: "SBF said not to send the balance sheet to Genesis. We borrowed 10 billion US dollars from FTX and provided 5 billion US dollars in loans to our own executives and affiliated entities. We believe that Genesis may share this information."

"He asked me to come up with alternative ways to present the information. He wanted me to conceal some things on the balance sheet. So I prepared seven different balance sheets. I didn't want to be dishonest, but I presented SBF with alternative options and let him decide." According to court testimony, this incident occurred on June 19, 2022.

SBF Defense Letter Reveals Anthropic and Alameda's Automatic Deletion Policy, Questioning the Prosecutor's Account

According to Blockworks, on Tuesday evening, SBF's lawyer submitted two letters to the Southern District of New York Court regarding key elements of the ongoing federal fraud trial. The first letter was addressed to Judge Lewis Kaplan, requesting that the court allow legal counsel for the establishment of an automatic deletion policy at Alameda to participate in the discussion.

The defense is taking a stance on the allegations that SBF is implementing these automatic deletion policies on platforms such as Signal and Slack to cover up illegal activities. A key point in this letter is whether Alameda's former CEO Caroline Ellison was aware that these policies were developed under legal supervision, implying that they were not made with malicious intent.

The second letter from the defense questions the prosecution's exclusion of the discussion on SBF's $500 million investment in Anthropic AI, stating that it is irrelevant. They argue that the technology company has significantly appreciated since its acquisition by the former CEO of FTX in April 2022.

They believe that this value-added reflects the effectiveness of Alameda's investment strategy, thereby refuting the official narrative that Alameda's venture capital activities are unstable and unprofitable.

The US prosecutor's office expects the SBF case to end as early as November 9th, and co-founders of BlockFi will testify in court.

According to CoinDesk, US prosecutors told the court at the end of the SBF trial on Tuesday local time that Caroline Ellison's testimony is expected to continue throughout Wednesday. The US Assistant Prosecutor stated that the Department of Justice is expected to subpoena BlockFi co-founder Zac Prince and former Alameda software developer Christian Drappi.

In addition, the prosecutor is expected to conclude the statement in about four weeks, with the earliest possible end date being October 27th. Assuming the defense presents their case, it is expected to take another week and a half, meaning the trial could potentially end as early as November 9th (November 10th is Veterans Day in the United States, and the court will not be in session that day).

Data

BIGTIME breaks through $0.14, up over 125% in 24 hoursAccording to Coingecko data, possibly influenced by the listing on Coinbase, BIGTIME has broken through $0.14 and is currently trading at $0.140681, with a 24-hour increase of over 125%.

Data: Arca transfers all 1.48 million ARB to Binance

According to on-chain analyst Yu Jin's monitoring, on June 8th, Arca withdrew 1.48 million ARB (approximately $1.68 million) from Coinbase at an average price of $1.13. Early this morning, Arca transferred all of the ARB to Binance at an average price of $0.82.

Data: A new wallet withdraws 1.32 million LQTY from Binance

According to Lookonchain monitoring, 10 minutes ago, a newly created wallet withdrew 1.32 million LQTY (worth approximately 1.98 million USD) from Binance.

BIGTIME breaks through $0.098, up over 58% in 24 hoursAccording to Coingecko data, possibly influenced by the listing on Coinbase, BIGTIME has broken through $0.098 and is currently trading at $0.0989, with a 24-hour increase of 58.3%.

Bitcoin falls below $27,000, with a 24-hour drop of 2.11%According to OKX market data, Bitcoin has fallen below $27,000 and is currently priced at $26,847.38, with a 24-hour decline of 2.11%.

USDR has seriously deviated from its peg and is currently trading at 0.51 US dollars

According to Coingecko data, USDR (Real USD) has severely deviated from its peg and is currently trading at $0.51, with a 24-hour decrease of 48.2%.

BlockBeats previously reported that on August 25, 2022, TangibleDAO announced the issuance of USDR, a stablecoin anchored to the US dollar and backed by physical real estate, on the Polygon network. According to the white paper released by Tangible, USDR can be exchanged for DAI at a 1:1 ratio at any time. USDR will be issued through over-collateralized real estate to distribute profits to holders, offsetting the depreciation of its pegged currency and achieving tokenization of real estate.

Analysis: Tornado Cash usage dropped by 90% after being sanctioned by the United StatesAccording to a report from blockchain analysis company TRM Labs, Tornado Cash usage has decreased by 90% after being sanctioned by the United States. TRM researchers stated that although most North Korean hackers have turned to other mixers, there are still money laundering activities using Tornado Cash.

A whale withdrew 839 MKR, worth about $1.18 million, from Binance.

According to @EmberCN's monitoring, a whale address withdrew 839 MKR (approximately $1.18 million) from Binance three hours ago. The address has withdrawn a total of 2296 MKR (approximately $2.84 million) from Binance since July 25th, with an average price of $1238.

The US PPI for September recorded a monthly rate of 0.5%, with an expected rate of 0.30% and a previous rate of 0.70%.

The US September PPI rose by 0.5% on a monthly basis, exceeding the expected 0.30% and the previous value of 0.70%. The core PPI for September rose by 0.3% on a monthly basis, exceeding the expected 0.20% and the previous value of 0.20%. (Jin10)

Justin Sun has staked a total of 90,000 ETH on Lido in the past month, equivalent to approximately $146 million.

According to The Data Nerd's monitoring, Justin Sun's associated address (0x9fc) withdrew 4500 ETH (approximately $7.04 million) from Houbi and then staked it on Lido Finance.

Standard Chartered Bank: Ethereum price may reach $8,000 by the end of 2026According to The Block, Standard Chartered Bank stated that by the end of 2026, the price of Ethereum's native cryptocurrency, ETH, on the Ethereum blockchain, may rise from its current level of around $1,600 to $8,000.

Geoffrey Kendrick, Head of Foreign Exchange and Cryptocurrency Research at Standard Chartered Bank, stated in a report on Wednesday that "we believe Ethereum's established dominant position in the smart contract platform, as well as its emerging uses in gaming and tokenization, could push ETH to $8,000 by the end of 2026 (5 times its current price of $1,600)."

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