Rhythm Morning News｜SBF appeared in court to testify without the presence of a jury; Arbitrum “Orbit” mainnet is ready
Selected News:
1. SBF: Can't remember discussing a $13 billion fund loophole with FTX executives.
2. SEC Chairman Gensler: Enforcement actions in 2023 involve a total amount of $5 billion, and the cryptocurrency market is "highly non-compliant".
3. dYdX Chain has officially launched on the mainnet.
4. Arbitrum "Orbit" mainnet is ready.
5. Citadel Securities denies being the mastermind behind the UST crash.
Price Observation
On October 26th, according to OKX market data, Ethereum fell below $1800 with a 24-hour decline of 0.03%.
Transaction Tracking
Arkham: 0xSifu reduced its $20 million ETH short position by 33%, resulting in a loss of $750,000
On October 26th, according to Arkham monitoring, 20 minutes ago, 0xSifu, the former CFO of Frog Nation, reduced his short position of 20 million USD worth of ETH by about 33%, resulting in a loss of about 750,000 USD. Later, 0xSifu responded that his short position was transferred to GMX and actually increased instead of decreased. However, according to the screenshot he released, 0xSifu only held about 1 million USD worth of ETH short positions on GMX and GMX V2, far less than the short positions he reduced on the Synthetix perpetual contract. Currently, Arkham has deleted the tweet.
On October 26th, according to @EmberCN's monitoring, the 25 million WLD that 5 market makers need to repay this period have all been transferred to the Worldcoin project party's wallet, and the remaining 75 million WLD will be repaid on December 15th. BlockBeats previously reported that World Assets Ltd. decided to extend the initial loan agreement with market makers to December 15, 2023, while keeping all other terms of the agreement unchanged. Therefore, on October 24, 2023, the market makers will repay the current outstanding loan of 25 million WLD, and the remaining 75 million WLD will be repaid on December 15, 2023.
On October 27th, according to Lookonchain monitoring, FTX/Alameda affiliated addresses transferred 253,862 LINK (approximately $2.67 million) and 1.59 million AGLD (approximately $1.34 million) to Coinbase this morning. According to Arkham Intelligence data, an additional $4.8 million worth of MATIC remaining in the FTX wallet was transferred to an intermediate address early this morning, and then the address transferred $1.8 million worth of tokens to Coinbase.
Project Updates
Floki launches asset tokenization platform TokenFi, with 56% of tokens allocated to Floki stakers
On October 26th, the Meme project Floki announced the launch of its cryptocurrency and asset tokenization platform TokenFi. TokenFi (token: TOKEN) aims to simplify the process of cryptocurrency and asset tokenization and become the world's leading tokenization platform. The official website of TokenFi will be launched on October 27th, and multiple products are expected to be launched in the fourth quarter of 2024. The total issuance of tokens is 10 billion, with 5 billion issued on the BNB Chain and 5 billion on the Ethereum chain. 10% of the tokens will be used to provide liquidity on Uniswap and PancakeSwap, with trading expected to begin on October 27th, 2023 at 15:00 UTC. Floki stakers will receive 56% of the supply as a reward over four years. It is reported that DWF Labs is the main institutional partner and market maker of TokenFi.
On October 26th, the blockchain security team Cyfrin proposed in the Arbitrum community to approve a $2 million fund to launch the "Arbitrum Security Enhancement Fund", specifically for sponsoring audit work for projects in the Arbitrum ecosystem. The fund will cover 60% of the audit fees for ecosystem projects, with the remaining portion to be paid by the project applying for the funding. The $2 million fund is planned to be used for 20-25 audit works within the next year.
On October 26th, according to CoinDesk, EVM-compatible blockchain IoTeX announced its integration with Solana to provide real-time analysis on hardware devices connected to Solana. This integration allows for verifiable off-chain data from IoT projects based on Solana, such as Helium, Render, and Hivemapper, to be included in its transparent data analysis platform. Now, any project and its related devices connected to Solana will be visible on DePINscan, which provides public data about the DePIN (decentralized physical infrastructure network) project for investors and decision-makers.
On October 26th, according to Ming Pao, the digital Hong Kong dollar (eHKD) trial project conducted by blockchain fintech company Ripple and Fubon Bank will be announced during Fintech Week. Rahul Advani, Ripple's Director of Public Policy for the Asia Pacific region, stated that there are currently no licenses available in the Hong Kong market that are suitable for Ripple's business, but Brooks Entwistle, Ripple's Senior Vice President and Managing Director, added that Ripple will explore more application scenarios in compliance.
On October 26th, Conflux announced a partnership with NAGA, a Web3 gaming platform under the Blueport Interactive, to jointly provide GameFi ecosystem solutions for game developers and players.
Horizen has launched its EVM-compatible sidechain and smart contract platform, Horizen EON.
On October 26th, Horizen announced the launch of its EVM-compatible sidechain and smart contract platform, Horizen EON. Horizen aims to become a permissionless, interoperable, and customizable multi-chain network, and EON is the first of many smart contract sidechains on Horizen.
Solana launches incubator to stimulate growth and attract startups
CeFi Information
Binance will launch POWR 1-50x U perpetual contract
On October 26th, according to official sources, Binance will launch POWR 1-50x U perpetual contracts at 10:30 AM on October 27th, 2023 Beijing time.
Viewpoint Data
On October 26th, the US economy grew at its fastest pace in nearly two years in the third quarter, boosted by rising wages due to a tight labor market, which helped to stimulate consumer spending. The US economy once again ignored the persistent warnings of an economic recession since 2022. According to data from the US Department of Commerce, the seasonally adjusted annualized GDP growth rate for the third quarter was 4.9%, the fastest since the fourth quarter of 2021.
Although this strong economic growth is unlikely to continue, it demonstrates the resilience of the economy. Due to the strike by the United Auto Workers and millions of Americans resuming repayment of student loans, growth in the fourth quarter of the United States may slow down. Most economists have revised their forecasts and believe that the Federal Reserve can achieve a "soft landing" for the economy. The financial markets expect the Federal Reserve to maintain interest rates in November.
Matrixport: The fifth Bitcoin bull market is coming, with an expected price of up to $125,000
On October 26th, Matrixport's latest report showed that the fifth Bitcoin bull market officially began on June 22nd, 2023, with Bitcoin hitting a new high for the year for the first time in a year. Historically, when this signal is triggered, Bitcoin's average return rate is +310%. Based on this signal, Matrixport predicts that Bitcoin may reach $125,000 by December 2024. The report points out that this bull market is mainly driven by institutional adoption expectations. Bitcoin's characteristics have traditionally been associated with other safe-haven investments such as gold and government bonds, which has led institutions to consider using Bitcoin to achieve asset allocation diversification. As the ratio of US debt to GDP reaches unsustainable levels, Bitcoin's surge is no coincidence.
Report: Mainstream PoS Token Market Cap Drops 7% to $254 Billion
On October 26th, according to a report from Staked, a non-custodial staking platform, cited by The Block, the market value of mainstream Proof of Stake (PoS) assets decreased by 7% to $254 billion compared to the previous quarter. In addition, the value of staked assets increased by 3% to $74 billion, while the annualized staking rewards decreased by 7% to $4.1 billion. Overall, PoS accounts for 22% of the total cryptocurrency market capitalization, a 2% decrease from the previous quarter. Despite the disappointing quarterly data, Staked suggests that this indicates a positive sign for the market to emerge from the bottom.
Justin Sun: Group Q3 profit of $98 million, predicts Q4 profit will exceed $100 million
On October 26th, Justin Sun posted on social media that the group's actual revenue for the third quarter was $202 million, with expenses of $104 million and a profit of $98 million, a 14% increase compared to the previous quarter. The group's measures to increase revenue and reduce costs continue to be effective. The forecasted revenue for the fourth quarter is $190 million, with expenses of $88 million and a profit of $104 million. Justin Sun pointed out that this indicator is an operational indicator of the group's finances, excluding investment gains and losses. In the third quarter, the group's investment in related companies such as Luckin Coffee has greatly increased in stock price, bringing good returns. Justin Sun's group includes Tron, TRC20-USDT revenue, Huobi, Poloniex, TUSD, and more.
Financing Express
Regulatory News
On October 26th, according to Cointelegraph, Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), gave a speech at the 2023 Securities Enforcement Forum, revealing that the SEC conducted over 780 enforcement actions in 2023, with judgments and orders totaling $5 billion and distributing $930 million to victimized investors. In addition, Gensler described the cryptocurrency market as a "highly non-compliant" area and emphasized that the vast majority of crypto assets may meet the "investment contract" test and therefore should be subject to securities regulations. He also compared the current crypto ecosystem to the financial landscape of the 1920s, emphasizing the need for stricter regulations to prevent fraud and bankruptcy.
On October 26th, Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), stated that there are 8-10 applications before the SEC regarding potential Bitcoin exchange-traded products.
SBF defense team's request for acquittal rejected by judge
On October 26th, according to The Wall Street Journal, Sam Bankman-Fried's defense team requested the presiding judge to make a not guilty verdict, stating that the prosecutor failed to prove the charges. This is a request that the defense team typically makes after the government rests its case. The judge denied the request, which means the trial will continue and the defense team will soon begin presenting its case.
SBF: I don't remember discussing a $13 billion fund vulnerability with FTX executives
On October 27th, according to WSJ, SBF testified in court that he did not remember discussing the closure of Alameda Research with his senior deputy via the Signal messaging application in 2022. When asked if he remembered the conversation about how the company lost $13 billion, he said "I don't remember." Meanwhile, SBF also stated in court that FTX client assets are stored together in "omnibus wallets" rather than separate cryptocurrency wallets, and he mentioned that storing client assets in omnibus accounts is an industry practice. He said he had sent funds to his wallet on the cryptocurrency exchange Huobi and then immediately saw the funds transferred to the omnibus wallet.
In addition, when defense lawyer Mark Cohen asked SBF if he believed it was legal to receive FTX deposits through Alameda, he replied "yes." SBF mentioned that he was the CEO of both companies at the time of the establishment of North Dimension under Alameda and FTX, and FTX did not yet have a bank account. Former Chief Regulatory Officer Daniel Friedberg was responsible for setting up the bank account, which transferred FTX customer deposits to sister hedge fund Alameda Research.
Citadel Securities denies being the mastermind behind the UST crash
On October 27th, according to CoinDesk, billionaire Ken Griffin's trading company Citadel Securities denied Terraform Labs' claim that Citadel Securities was behind the UST crash in May of last year. Citadel Securities stated that Terraform Labs' actions were used to shift attention away from the accusations against them, forcing people to pursue absurd conspiracy theories. The requested time period is irrelevant and the theory is unfounded. BlockBeats previously reported that on October 13th, Terraform Labs submitted a motion to the court requesting that market maker Citadel Securities "provide certain data pursuant to a third-party subpoena," stating that this is "critical" to its defense in the lawsuit filed by the US SEC. The motion stated that Terraform Labs issued subpoenas to Citadel Securities and Citadel Enterprise Americas for trading data related to the "May 2022 anchor break." Terraform pointed out that public evidence shows that Ken Griffin, the head of Citadel entities, planned to short UST before and after the May 2022 anchor break.Ryder Ripps will pay nearly $1.6 million in compensation to Yuga Labs for copyright infringement
On October 27th, a US district court judge ordered artist Ryder Ripps and NFT marketplace Not Larva Labs founder Jeremy Cahen to pay nearly $1.6 million in damages and legal fees to Yuga Labs, thus ending the related lawsuit. In June 2022, Yuga Labs filed a lawsuit against California artist Ryder Ripps and NFT marketplace Not Larva Labs founder Jeremy Cahen, accusing them of copying and selling the Bored Ape Yacht Club (BAYC) series of NFTs and devaluing their original products.
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