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Daily Legal News: The US SEC has met with Hashdex regarding the matter of a Bitcoin ETF for spot trading; Wormhole has completed a $225 million financing and established Wormhole Labs.

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Good morning! Here is a summary of important news in the cryptocurrency industry from last night and this morning on November 30th.

Selected News:

1. Wormhole has completed a $225 million financing with a valuation of $2.5 billion and announced the establishment of Wormhole Labs.

2. The US SEC has met with Hashdex regarding the matter of a Bitcoin ETF for spot trading.

3. IOTA has launched a $100 million fund to promote the construction of digital networks.

4. BlackRock presents physical model design for Bitcoin ETF to the US SEC.

5. The court approves FTX's sale of Grayscale's cryptocurrency trust shares worth $744 million.

Price Observation

IOTA short-term surge over 10%, now priced at $0.193

According to OKX market data, influenced by the news of "establishing a $100 million fund", IOTA rose more than 10% in a short period of time, and is now priced at $0.1935.

IOTA short-term increase expanded to 20%, now priced at $0.208

According to OKX market data, influenced by the news of "establishing a $100 million fund", IOTA's hourly increase has expanded to 20.26%, with a current price of $0.2082.

IOTA short-term increase expanded to 42%, now priced at $0.24

According to OKX market data, influenced by the news of "establishing a $100 million fund", IOTA's increase within 2 hours has expanded to 42%, and it is now priced at $0.24.

Transaction Tracking

Fetch.ai Foundation transfers 10 million FET to a new address

According to Lookonchain's monitoring, an address marked as "Fetch.ai: Foundation" transferred 10 million FET (approximately 5.3 million USD) to a new address.

It is reported that the last time FET was transferred out from this address was on October 26, 2022, when 10 million FET tokens were transferred to Binance.

A certain whale address withdrew 9070 ETH from OKX 4 hours ago.

According to the on-chain data analyst Yu Jin, a certain whale address withdrew 9070 ETH (approximately $18.59 million) from OKX 4 hours ago. The whale address also holds:

· 800 WBTC (approximately $30.45 million), with an average cost of $29,312 per coin, currently has a floating profit of $6.95 million (+29%).

· 994,974 FTT (equivalent to approximately $4.01 million), with an average cost price of $1.43 per FTT. Currently, there is a floating profit of $2.59 million (+182%).

GSR withdrew 6.86 million MATIC from Binance in the past 2 days

According to Lookonchain's monitoring, market maker GSR withdrew 6.86 million MATIC (approximately 4.3 million USD) from Binance in the past 2 days.

An address starting with 0x098 received LINK worth $55 million in the past 10 days, and has deposited LINK worth $26 million into Binance.

According to Arkham monitoring, a multi-signature address starting with 0x098 has received a total of $55 million worth of LINK in the past 10 days. The address withdrew LINK from Coinbase Prime and may be selling it on Binance.

Up to now, the address has sent $26 million worth of LINK to a Binance deposit address, with the last transaction occurring 4 hours ago. It still holds $31 million worth of LINK.

Project Updates

SpaceX "Doge-1" lunar mission approved by the US National Telecommunications and Information Administration

According to Coindesk, the SpaceX "Doge-1" lunar mission, funded by DOGE, has received approval from the US National Telecommunications and Information Administration and is currently awaiting final approval from the Federal Communications Commission (FCC).

It is reported that the DOGE-1 satellite was developed by the space technology company Geometric Energy Corporation, which announced the project in May 2021. The satellite will be launched by SpaceX Falcon 9 rocket. The micro screen on the DOGE-1 satellite will display advertisements, images, and logos, which will then be broadcasted to Earth. DOGE-1 is the first satellite to be fully paid for with DOGE tokens.

Regulatory News

The US Treasury Department announced sanctions on the mixer Sinbad, and the FBI will work with the Finnish police to seize its website.

According to Coindesk, the US Treasury Department has announced sanctions against the mixer Sinbad.io. The Federal Bureau of Investigation will work with the Finnish police to seize its website. OFAC believes that the platform is the main money laundering tool of the Lazarus Group, a state-sponsored cybercrime organization.

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has designated two Bitcoin addresses and two email addresses associated with Sinbad, prohibiting all Americans and anyone transacting with the global financial system from interacting with these addresses in the future. It is reported that Sinbad handled funds from the Horizon Bridge and Axie Infinity hacks.

US Treasury official: Cannot allow overseas stablecoin providers to not cooperate in preventing terrorist abuse

According to a report by Coindesk, Wally Adeyemo, the Deputy Secretary of the US Treasury, gave a speech at a blockchain association event in Washington, warning against illegal financing in the cryptocurrency industry.

Wally Adeyemo said, "We cannot allow foreign US dollar-backed stablecoin providers to have the privilege of using our currency without being responsible for implementing procedures to prevent terrorists from abusing their platforms."

BlackRock presents physical model design for Bitcoin ETF to US SEC

Bloomberg senior ETF analyst Eric Balchunas said that BlackRock has once again met with the Trading and Markets Division of the US Securities and Exchange Commission (SEC) and presented them with a "revised" physical model design for a Bitcoin ETF based on staff recommendations at the November 20 meeting. In the new model, offshore entities act as market makers and obtain Bitcoin from Coinbase, then prepay cash to US-registered broker-dealers (who are not allowed to touch Bitcoin).

The US SEC has met with Hashdex regarding the issue of spot Bitcoin ETF.

According to The Block, the US Securities and Exchange Commission (SEC) has reportedly held a meeting with Hashdex on November 27 regarding a spot Bitcoin ETF matter.

Pando Asset, a fund management company, has submitted an application for a spot Bitcoin ETF to the US SEC.

According to The Block, Swiss asset management company Pando Asset submitted an application for a spot Bitcoin ETF to the US Securities and Exchange Commission (SEC) on Wednesday.

The S-1 form shows that the ETF will be traded on the Cboe BZX trading platform, with Coinbase serving as the custodian. Bitcoin pricing will be based on CME's CF Bitcoin Reference Rate. According to its website, Pando has currently issued a cryptocurrency exchange-traded product (ETP) "Pando Asset Crypto 6 ETP" on the Swiss Stock Exchange.

SEC Chairman: Will Not "Pre-Judge" Whether Spot Bitcoin ETF Application Will Be Approved

According to The Block, Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), remained silent when asked about any action on spot Bitcoin ETF applications in the cryptocurrency industry. He stated that he would not "pre-judge" the matter and reiterated his position that Bitcoin is considered a commodity, while expressing concerns about the entire cryptocurrency industry.

Financing Express

DeFi yield platform Coinchange completes $10 million financing, led by G1.VC

According to The Block, DeFi yield platform Coinchange has completed a $10 million financing round. The round was led by G1.VC, Spirit Blockchain, Good News Ventures, K2.CA, and Atoia Ventures, with participation from Mintfox and others.

Coinchange allows its commercial users to trade and earn digital asset returns through its Earn API as a service. The Earn API is a risk management platform that supports Bitcoin, Ethereum, and all major stablecoins, providing stable returns.

Wormhole completed a $225 million financing with a valuation of $2.5 billion and announced the establishment of Wormhole Labs.

According to Fortune, Wormhole has completed a $225 million financing round at a valuation of $2.5 billion. There was no lead investor in this round, with participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading. This round of financing is also the largest cryptocurrency project financing round in 2023.

Wormhole Foundation's Chief Operating Officer, Dan Reecer, stated that investors' shares will be entirely composed of token subscription warrants, rather than company equity. However, he declined to comment on the name of the Wormhole token (which has not been previously reported) or when it will be launched.

In addition, the team behind Wormhole has announced the establishment of a new company, Wormhole Labs, which will help develop the protocol. The unveiling of Wormhole Labs ultimately confirmed the split between Wormhole and Jump Crypto. Dan Reecer also refused to disclose how much of the $225 million will be allocated to Wormhole Labs and the Wormhole Foundation.

Cryptocurrency financial operating system company Acctual completes $3.85 million financing, led by Third Prime and IDEO

According to TechCrunch, Acctual, a company specializing in encrypted financial operating systems, has completed a seed round of financing worth $3.85 million with a post-investment valuation of $15 million. The round was led by Third Prime and IDEO, with other investors including Alchemy Ventures, OrangeDAO, Soma Capital, Ryan Selkis (founder of Messari), and Prajit Nanu (founder of Nium).

Acctual was co-founded by Bana, Issa Hassan, and Mohamedeq Mohamed. Bana and Mohamed had a background in product development at Stripe, while Hassan was previously a software engineer at Google. Acctual is committed to helping cryptocurrency companies better manage their funds.