LianGuai Daily | French data regulatory agency inspects Worldcoin office; CyberConnect to introduce new proposal and appoint experts to audit cross-chain bridges.

French data regulator inspects Worldcoin office; CyberConnect proposes new measures and appoints auditors for cross-chain bridges.

Today’s News Highlights:

1. Cryptocurrency investment firm Coin98 Ventures renamed Arche Fund, supporting Web3 in three major modules.

2. CyberConnect: Introducing new proposals and appointing experts to conduct security audits on cross-chain bridges.

3. Hong Kong police crack down on London gold and virtual currency investment scams, with 19 people involved in money laundering exceeding HKD 300 million.

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4. FTX creditors: Alameda transferred over 900 million US dollars to SBF.

5. Cross-chain liquidity protocol Symbiosis mistakenly launched an experimental feature, reminding users to withdraw ERC20 on-chain transactions.

6. Data: Upbit Wallet transferred a total of 3.6 million CYBER coins since the evening of September 2nd.

7. French data regulatory agency inspects Worldcoin office.

Regulatory News:

US Congressman Tom Emmer: Cryptocurrencies are not an industry “filled with non-compliant behavior.”

US Congressman Tom Emmer tweeted, “With the SEC losing consecutive cases against Ripple and Grayscale, we await the outcome of pending litigation. But policymakers should be clear that, despite Gary Gensler’s grandstanding, cryptocurrency is not an industry ‘filled with non-compliant behavior.'”

French data regulatory agency inspects Worldcoin office.

The French National Commission on Informatics and Liberty (CNIL) conducted an “inspection” at the Worldcoin office. A spokesperson for CNIL stated that the inspection took place at the Worldcoin office, but the French regulatory agency refused to provide further details. CNIL is an independent regulatory agency in France tasked with ensuring that French data privacy laws apply to the collection, storage, and use of personal data. In July of this year, the agency announced that it was investigating Worldcoin due to the “suspected” legality of its biometric data.

Hong Kong police crack down on London gold and virtual currency investment scams, with 19 people involved in money laundering exceeding HKD 300 million.

Hong Kong police have dismantled a local fraud group disguised as London gold and virtual investment businesses. The fraud group used 50 shell companies and dummy accounts to launder HKD 320 million in ill-gotten gains over the past year. Inspector Duan Yuheng of the Serious Crime Unit in East Kowloon District said the fraud group used cold calls to promote investment projects such as London gold and virtual currencies to deceive victims. After the victims fell for the scam, group members claimed to transfer cash or make transfers to specific accounts. These application accounts were only virtual trading platforms and had no connection to the London gold or virtual currency on the market. Currently, Hong Kong police have arrested 19 men and women on charges of “money laundering” and “conspiracy to defraud.”

Wuchang District People’s Court concludes a Filecoin mining contract dispute case and rules the contract invalid.

The Wuchang District People’s Court in Wuhan has concluded a contract dispute case involving Filecoin “mining” contracts and ruled the contracts invalid. The court held that although the involved contract was titled “Storage Server Purchase Contract,” it was essentially a contract to purchase computing power storage servers for obtaining the virtual currency Filecoin tokens. Considering the agreement between the parties to place the purchased storage servers in a technology company’s data center for hosting, it is evident that the transaction involved in the case is the “mining” activity of producing virtual currency using dedicated computer equipment.

This type of “mining” activity consumes a significant amount of energy and has a large carbon footprint, which is not conducive to optimizing China’s industrial structure and achieving energy conservation and emission reduction goals. Additionally, it involves multiple risks such as false asset risks, business failure risks, and speculative investment risks, which are detrimental to the public interest. The transaction under the involved contract contradicts the principles of green development, damages the public interest, and does not comply with the provisions and regulatory requirements of relevant administrative regulations for industrial structure adjustment. Therefore, the involved contract should be deemed invalid.

According to reports, the plaintiff, Mr. Zhou, signed a “Storage Server Purchase Contract” with the defendant, a technology company, on July 7, 2021. The parties agreed that Mr. Zhou would purchase an IPFS storage server for 179,800 yuan. The IPFS storage server would be deployed in the data center and managed by the technology company. The technology company guaranteed that the provided IPFS storage server could provide services on the IPFS network and obtain Filecoin rewards, perform hardware iteration and upgrades according to network demands, and promised that the amount of produced coins would not be lower than the market average (investment return rate). Otherwise, the technology company would make up for the shortfall. After signing the contract, the technology company managed the storage server purchased by Mr. Zhou as agreed. Mr. Zhou could use the application software developed by the technology company to understand the daily coin production and pledge release status of the storage server. Later, Mr. Zhou realized that the virtual currency generated by the storage server was explicitly prohibited by the state, so he filed a lawsuit to the court, requesting confirmation of the contract’s invalidity, the return of all contract payments, and the payment of interest for funds used.

NFT

Project Update

Elon Musk explains the reason for the decline in X (formerly Twitter) revenue: the revenue sharing is still using beta code

In response to Billy Markus, the co-founder of Dogecoin, revealing that X platform (formerly Twitter) revenue is declining, Elon Musk clarified that the reason for the decrease in income for some content creators is largely due to the current use of beta code for revenue sharing on the X platform. However, over time, the income should become more stable. Musk also added that currently, only verified users, i.e., X Premium subscribers, are included in the advertising revenue category.

Billy Markus announced yesterday that his revenue on the X platform is only one-third of what it was 14 days ago. Billy Markus is currently the second-highest earner on the X platform, with the highest earner being the “Internet Hall of Fame” with 2.15 million followers.

FTX Creditors: Alameda has transferred over 900 million USD to SBF

Documents submitted by FTX creditors show that Alameda Research has transferred over 900 million USD to Sam Bankman-Fried (SBF), the founder of FTX. They have also transferred 3.5 million USD to former Alameda Research CEO Caroline Ellison, 9.5 million USD to former FTX Co-CEO Ryan Salame, and over 17 million USD to former FTX CTO Nishad Singh. In addition, former Alameda Research Co-CEO Samuel Trabucco received 2.51 million USD (which was used to purchase a yacht).

CyberConnect: Introducing new proposals and appointing experts to conduct security audits on cross-chain bridges

CyberConnect has released a statement regarding CYBER Bridge and CP-1. CyberConnect stated that on September 1, community users alerted Cyber DAO to an error in the first proposal. Although the official quickly invalidated the proposal, it did not prevent rumors in the market, causing panic, uncertainty, and doubt about CYBER. The official team takes full responsibility for this mistake and is introducing security measures to ensure that such incidents do not happen again. CyberConnect emphasizes that the rumors about CYBER token manipulation and market manipulation are unfounded. Starting from earlier this week, there has been a surge in demand for CYBER tokens in the Korean market. Due to major Korean exchanges only supporting CYBER deposits and withdrawals on Ethereum, an unprecedented price discrepancy has occurred. To address this issue, the official has introduced the CP-1 CYBER multi-chain liquidity balancing proposal in the CYBER DAO, aiming to optimize the liquidity of CYBER tokens on three networks (ETH, OP, and BNB) by introducing cross-chain bridges. However, there was an error in the proposal regarding the currently unlocked amount of CYBER in the community treasury, which ultimately led to the proposal being invalidated. The team will take the following three measures to correct the issue:

1. Introduce a new proposal in Cyber DAO to obtain community approval for the cross-chain bridges, allowing Cyber to freely bridge between Ethereum, Optimism, and BNB.

2. Before deployment, appoint a reputable external expert to conduct a security audit on the cross-chain bridges to ensure the maximum security of community funds.

3. A Dune dashboard has been set up to clearly display the total supply and circulating supply of CYBER, as well as the multisig wallet holding the unlocked tokens.

Cross-chain liquidity protocol Symbiosis mistakenly launched an experimental feature, reminding users to revoke ERC20 on-chain transactions

The cross-chain liquidity protocol Symbiosis stated that an experimental feature was accidentally launched on all networks. Therefore, if users made on-chain ERC20 transactions between 21:48 on August 30 (UTC+8) and 18:01 on September 1 (UTC+8), please revoke the approval through https://revoke.cash. This experimental feature does not affect cross-chain transactions, and operations have now returned to normal.

The cryptocurrency investment firm Coin98 Ventures has been renamed Arche Fund, supporting Web3 in three major modules.

In consideration of its growing influence and broader goals, the cryptocurrency investment firm Coin98 Ventures has been renamed Arche Fund. Arche Fund will provide services based on the specific requirements, stages, and scale of Web3 projects, supporting the development of the Web3 field through three modules: the Web3 venture capital firm Arche Ventures, the Web3-native accelerator application KomLianGuaiss, and Arche Capital.

It is reported that in January 2021, the blockchain company Coin98 Finance decided to establish a venture capital division. This move aims to increase value and provide opportunities for potential DeFi protocols and projects to realize their innovative ideas. Since 2021, Coin98 Ventures has invested in more than 30 companies and protocols across the Web3 stack, including GuildFi, Magic Eden, and Aura Network.

Important Data

Data: Upbit Wallet transferred a total of 3.6 million CYBER tokens on the evening of September 2nd.

According to on-chain analyst Yu Jin’s monitoring, the Upbit Wallet began accumulating CYBER tokens from 8 a.m. on August 29th when the CYBER price was $7. By noon on September 2nd (when the CYBER price was $13), the Upbit Wallet held a maximum of 3.947 million CYBER tokens. Starting from 8 p.m. on September 2nd (when the CYBER price was $9), the Upbit Wallet began transferring CYBER tokens. Currently, a total of 3.6 million CYBER tokens have been transferred, with the majority flowing into Binance.

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