Daily Legal News | Ethereum will undergo the Cancun upgrade on the Goerli testnet on January 17th; Domo, founder of BRC20, agrees to upgrade BRC-20 to follow Ordinals.
Top News:
1. Ethereum will undergo the Cancun upgrade on the Goerli testnet on January 17th.
2. BRC20 founder Domo agrees to upgrade BRC-20 to follow Ordinals.
3. TIA short-term breakthrough $17, creating a new historical high.
4. CertiK's Twitter account has been hacked and phishing links have been posted.
5. Bitcoin rebounds above $44,000.
Price Observation
Bitcoin rebounds above $44,000
On January 5th, according to OKX market data, Bitcoin rebounded above $44,000 and is currently priced at $44,203.32, with a 24-hour increase of 3.02%.
TIA short-term breakthrough $17, creating a new historical high
On January 5th, according to OKX market data, TIA broke through $17 in a short period of time, with a current price of $16.68 and a 24-hour increase of 20.91%, setting a new historical high.
Transaction Tracking
On January 5th, 9 hours ago, Celsius Network deposited 10,000 ETH (approximately $22.8 million) into Coinbase at an average price of $2285. Over the past 3 days, they withdrew 30,000 ETH (approximately $68.46 million) from Figment and deposited the tokens into Coinbase and FalconX at an average price of $2,282.
On January 5th, according to Scopescan monitoring, Wintermute has deposited 9.63 million ARB (17.81 million USD) into OKX in the past 24 hours.
A whale withdrew 1.09 million OP coins, equivalent to $3.91 million, from Binance
On January 5th, according to Scopescan monitoring, a whale withdrew 1.09 million OP coins (approximately $3.91 million) from Binance 10 hours ago. Based on trading history, the whale had previously purchased OP coins at a price of approximately $1.46 and deposited them all into CEX at a price of approximately $1.7.
The CryptoZoo project was launched in 2021 with plans to release a game based on animal NFTs. Despite heavy promotion by Paul through YouTube and podcasts, the project has faced scrutiny over its feasibility, despite raising millions of dollars. YouTuber Stephen "Coffeezilla" Findeisen accused the project of being a scam, alleging that Paul failed to pay developers. In January 2023, Paul promised to refund the funds of CryptoZoo NFT buyers.
It is worth noting that the Ethereum-based token ZOO, which is associated with the project, is not included in the buyback plan. Paul emphasized in the announcement: "The buyback plan is not intended to compensate those who gamble in the cryptocurrency market and suffer losses." He also mentioned that the ZOO token was originally created to support the CryptoZoo game and its players, and should not be viewed as an investment tool. In addition, Paul also mentioned in his announcement that he filed a cross-lawsuit against the project's key developers Eduardo Ibanez and Jake "CryptoKing" Greenbaum on Thursday. "I have filed a lawsuit against these bad actors in the federal court in Texas," Paul said. He added that the lawsuit is based on the results of a comprehensive investigation, including a review of all conversations and tracking of illegal trading activities related to the project.
In February 2023, Logan Paul, Ibanez, Greenbaum, and other CryptoZoo affiliates faced a collective lawsuit for allegedly conducting "carpet" fraud against NFT buyers. In legal documents filed on January 4th, Paul denied the fraud charges against him. He also pointed out that despite investing $400,000 in the project, the related NFT game would not be released due to "too many regulatory obstacles."
ARK Invest sold approximately $4.16 million worth of Coinbase stock yesterday.
On January 5th, according to Ark Invest Daily's statistics, Cathie Wood's ARK Invest sold 26,743 shares of Coinbase stock on Thursday, January 4th, with a value of approximately $4.16 million based on yesterday's closing price.
ENS、AAVE、MATIC are among the top Smart Money inflows in the past 24 hours.
On January 5th, according to Nansen 2 data, Smart Money's 24-hour fund inflow tracking list on the Ethereum network is as follows:
ENS: Approximately $3.8 million, currently priced at $13.62, with a 24-hour decrease of 4.29%.
AAVE: Approximately 1.72 million US dollars, currently priced at 103.61 US dollars, with a 24-hour increase of 0.52%.
MATIC: Approximately $1.66 million, currently priced at $0.8584 USD with a 24-hour decrease of 0.81%.
On January 5th, Radiant Capital, a multi-chain lending protocol, announced that its lending and borrowing market on Arbitrum has resumed normal operations after extensive review by OpenZeppelin, independent Ethereum researchers, and white hat hackers. Users can now freely use all available lending markets. Due to the complexity of operational security, native USDC will undergo additional review before being launched in the next few days.
In addition, Radiant DAO will soon propose a Snapshot proposal for voting on how to repay excess debt and fully revive the Arbitrum WETH market. In the initial stage, the liquidation reward will be set at a minimum of 1bps, providing users with a grace period to improve their health scores. Within 24 hours, the liquidation reward will gradually return to normal levels.
For users who were liquidated during the suspension period due to changes in asset prices, Radiant Capital will handle each case according to specific circumstances. According to Chaos Labs' analysis, the total value of collateral at risk of liquidation is less than $100,000, and with a liquidation reward of only 1bps, this risk will be further reduced. Radiant Capital reminds users with health scores below the liquidation threshold to increase collateral during the grace period or face liquidation risk. At the same time, Chaos Labs and Radiant will closely monitor debt situations during the grace period to ensure that the protocol does not accumulate additional bad debts. The liquidation reward will return to normal levels within 24 hours.
On January 5th, Ordz Games, the first NFT + Gamefi project on the Bitcoin mainnet, completed its IDO on the top-tier DEX platform ALEX in the Stacks ecosystem, with an over-subscription rate of 81.705 times and a total of 192.00675 BTC participating. The BRC-20 token name for this project has been changed from $$O$$ to ORDG, which stands for ORDinal + Games = ORDG.
As of the time of writing, all wallets that did not win in the IDO have been refunded.
It is reported that Ordz Games went live on March 22nd, becoming the first Gamefi project to engrave retro game code onto the blockchain and reward users with BRC-20 tokens. BlockBeats previously reported that the project announced the completion of its seed round financing on December 25th, with participation from Waterdrip Capital, Unisat, Satoshi Lab, CoinSummer, Sora Ventures, and others. Shortly after, it was announced as the first IDO project to launch on the multi-chain launchpad ALEX.
Stratis: Switching to StratisEVM, STRAX held by users will be replaced with STRAT at a ratio of 1:10
On January 5th, blockchain technology company Stratis announced on social media that it is in the process of transitioning to StratisEVM. Users holding $STRAX will receive $STRAT at a ratio of 1:10.BlockBeats previously reported that on November 15th, Stratis, a blockchain technology company, announced that the community vote on "launching the EVM Layer1 network" had been approved and token replacement will take place in December. The original token STRAX will be replaced at a ratio of 1:10 with STRAT, which will serve as the new network's native token.
Sleepless AI: repurchased AI tokens worth about $2 million
On January 5th, Sleepless AI announced on social media that it has completed a token buyback worth approximately $2 million.
Marathon Digital produced 1853 bitcoins in December
On January 5th, according to The Block, Bitcoin mining company Marathon Digital announced updates on its December Bitcoin production and mining operations, with a production of 1853 BTC worth approximately $81.2 million, setting a record for the company's monthly Bitcoin production. Marathon attributed its production growth to higher transaction fees on the Bitcoin network. As of December 31st, 2023, Marathon holds over 15,000 BTC, with a total production of 12,852 BTC (worth $563.4 million) in 2023, more than double the mining output of 4,144 BTC in 2022.
Reminder: CertiK Twitter account has been hacked and phishing links have been posted
On January 5th, CertiK's Twitter account was hacked. False information was posted claiming that the Uniswap router contract was vulnerable to reentrancy attacks. A phishing link for RevokeCash was attached. Uniswap is not at risk, please do not trust or click on any links posted on this account.
Foam: Solana's first decentralized NFT launch platform launched
On January 5th, the decentralized launch platform for FoamInscribe is about to launch, with all projects revolving around $Foam. The profits will be shared among the holders, and the first SocialFi+GameFi project will be released this week. FoamInscribe has airdropped to $SILLY token holders in order to further expand its user base. The current trading price of Foam token is about $0.015 USD, with a market value of approximately $1.5 million USD. We will continue to monitor the subsequent developments and progress of FoamInscribe.Fantom Foundation: Validator self-staking requirement reduced from 500,000 FTM to 50,000 FTM
On January 5th, the Fantom Foundation announced on social media that the self-staking requirement for validators has been reduced from 500,000 FTM to 50,000 FTM, effective immediately. Additionally, FTM lost due to early unlocking will now be sent to the SFC treasury to obtain ecosystem funds.CeFi Information
Binance will support ORDI (ORDI) and BNB Smart Chain (BEP20) network upgrades and hard forks.
On January 5th, Binance will support the ORDI (ORDI) and BNB Smart Chain (BEP20) network upgrade and hard fork.ORDI (ORDI) network upgrade and hard fork will take place at block height 824,544, approximately on January 6, 2024 at 12:00. Binance will suspend ORDI (ORDI) token deposits and withdrawals on the network around 11:50 on January 6, 2024.
In preparation for the BNB smart chain (BEP20) network upgrade and hard fork, Binance will perform wallet maintenance on the BNB smart chain (BEP20) at 14:00 on January 8, 2024. To support wallet maintenance, BNB smart chain (BEP20) will suspend deposits and withdrawals starting at 13:55 on January 8, 2024. Maintenance is expected to take approximately two hours.
BNB Smart Chain (BEP20) network upgrade and hard fork will take place on January 23, 2024 at 16:00. Binance will suspend BNB Smart Chain (BEP20) token deposits and withdrawals starting around 15:50 on January 23, 2024.
OKX launches coin earning products on NEAR and ATOM chains
On January 5th, according to official sources, OKX has launched NEAR and ATOM on-chain earning products, with a minimum investment of 1 unit and redemption periods of approximately 3-6 days and 21 days respectively. The annualized reference rates are 6%-10% and 15%-17% respectively. Users can purchase on-chain earning products by selecting "Chain Earning" in the financial section of the OKX App or the navigation bar on the OKX official website, searching for NEAR or ATOM, and completing the purchase.It is reported that OKX's on-chain earning product has many highlights, such as no subscription limit, simplified on-chain operation process, improved user experience, and benefiting from real on-chain annualized returns. However, according to OKX, the platform only provides project display and profit distribution services, and does not bear any asset losses caused by potential risks such as contract vulnerabilities, hacker events, and project parties running away.
Huobi Korea announced that it will stop its services on January 29th.
Perplexity was founded in 2019. The company's CEO, Aravind Srinivas, previously interned at DeepMind, Google, and OpenAI before becoming a research scientist at OpenAI. Perplexity's CTO, Denis Yarats, has worked at Facebook and Microsoft. With Perplexity's search tool, users can immediately obtain reliable answers to any question, including complete sources and citations. There is no need to click on different links, compare answers, or endlessly dig for information. In an era where misinformation and AI illusions are receiving increasing attention, Perplexity's philosophy is that accuracy and transparency are prerequisites for ubiquitous AI-driven search.
Viewpoint Data
On January 5th, BitVol, a Bitcoin volatility index launched by financial index company T3 Index in collaboration with Bitcoin options trading platform LedgerX, rose to 69.71, marking a continuous increase over the past month with a 30-day increase of 18.29%.
Hayes predicts that as the RRP balance decreases, liquidity will be affected and the market may experience volatility. In addition, he believes that the Fed may decide to cut interest rates at its March meeting, and if the BTFP plan is not renewed, some non-major banks may face financial pressure, which will also have a significant impact on the market. He expects these factors to collectively lead to a short-term significant adjustment in the cryptocurrency market.
Hayes expects that Bitcoin will experience a healthy correction of 20% to 30% in early March, and if a US-listed Bitcoin spot ETF has started trading, the correction could be even greater. Hayes said that if it is expected that billions of fiat currency will flow into these ETFs in the future, the price of Bitcoin may rise to $60,000 or even approach its historical high of $70,000 in 2021. However, after reaching this high point, due to the shortage of US dollar liquidity, he foresees that Bitcoin may face a significant correction of 30% to 40%.
Hayes plans to capture the market high point for selling at the end of February and buy a large amount of put options at the beginning of March. He chooses options that expire on June 28th instead of March 29th to reduce the impact of time value on profits. He will set a maximum loss amount that is relatively larger than the standard trading position and purchase these options. The strike price he chooses will be 20% to 25% lower than the current quarterly futures contract price. Hayes also points out that many traders do well in determining entry points but often make mistakes when exiting. He plans to try to catch the market bottom and close his position during a significant market adjustment period starting around March 12th. If his policy judgment is correct but the Bitcoin price remains stable or rises, he will immediately close his put option position.
Hayes expects the market to return to normal by the end of March. He anticipates that US Treasury Secretary Yellen and Federal Reserve Chairman Powell will once again confirm their commitment to maintaining the fiat stability of the Pax Americana financial system by any means necessary. With the brief market turbulence coming to an end and speculation about the upcoming Bitcoin block reward halving, cryptocurrencies may soar again. Therefore, he plans to resume selling US Treasury bonds for Bitcoin and other cryptocurrencies after the market's brief fluctuations.
Nansen: The current total amount of ETH pending withdrawal on Celsius exceeds 200,000 coins
On January 5th, according to Nansen data, Celsius has a total of 206,300 ETH waiting for withdrawal, accounting for 32% of the current total amount of ETH waiting for withdrawal.
CME "Fed Watch": Probability of Fed Maintaining Interest Rates Unchanged in January is 95.3%
On January 5th, according to CME's "FedWatch" data, the probability of the Fed maintaining interest rates in the range of 5.25%-5.50% in January is 95.3%, while the probability of a 25 basis point rate cut is 4.7%.
Data: Manta Pacific's total lock-up amount exceeds $700 million, reaching a new historical high.
On January 5th, L2beat data showed that the total value locked (TVL) of Layer2 network Manta Pacific reached $701 million, with a 7-day increase of 50.52%, setting a new historical high.Regulatory News
Nigeria will launch compliant naira stablecoin cNGN on February 27
On January 5th, according to Cointelegraph, the Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to conduct a cNGN stablecoin pilot in its regulatory sandbox. The cNGN stablecoin will be launched on February 27th, 2024. ASC, composed of Nigerian banks and fintech operators, stated that the cNGN stablecoin meets the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. ASC is working with regulatory agencies to ensure compliance, consumer protection measures, and transparency.It is reported that cNGN stablecoin is a supplementary product to the Central Bank of Nigeria's digital currency eNaira, rather than a substitute. ASC will be responsible for supervising cNGN. According to Forbes' report on December 28th, a consortium composed of Nigerian banks, fintech companies, and blockchain enterprises is developing a Naira stablecoin named cNGN, which is planned to be launched in 2024, according to sources.
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