LianGuai Daily | Google Cloud is planning more Web3-centered products; Celsius reaches a key settlement, customers may receive compensation by the end of this year.

Google Cloud plans to launch more Web3-focused products, while Celsius has reached a significant settlement, with customers potentially receiving compensation by the year-end.

Today’s News Highlights

1. Former CEO of Archblock, the developer of stablecoin TrueUSD, sues the company.

2. US SEC lawyer: SEC may appeal the Ripple case and is considering review options.

3. OpenAI will release the ChatGPT Android app next week.

4. Google Cloud is planning more Web3-centered products.

5. Crypto social payment app Bundle will terminate its transaction function, and users should withdraw before September 12th.

6. Celsius Network reaches a crucial settlement, and customers may receive compensation by the end of this year.

7. Blockchain startup Cymbal completes a $18.5 million financing round.

8. Worldcoin announces that the World ID SDK is now open to developers.

Regulation

US SEC lawyer: SEC may appeal the Ripple case and is considering review options

This Friday, a lawyer from the US Securities and Exchange Commission (SEC) hinted that the SEC may appeal the Ripple case in the ongoing Terra and Do Kwon enforcement case. The SEC lawyer argued in a filing submitted to Judge Jed Rakoff of the United States District Court for the Southern District of New York, “Frankly, some of Ripple’s partial rulings are wrong, and this court should not follow them. SEC staff is considering various avenues for further review.”

Project Updates

Google Cloud is planning more Web3-centered products

James Tromans, the head of Web3 at Google Cloud, stated that Google Cloud is planning more Web3-centered products. Google Cloud recently launched a program aimed at supporting participants in the Web3 space. Tromans said that Google Cloud will continue to provide on-chain datasets like Ethereum on BigQuery, helping customers “become transformative participants in the Web3 ecosystem,” which is now a core part of the company’s mission. Additionally, Google Cloud is partnering with financial services and gaming companies to explore how Web3 can simplify their operations and unlock other business models and revenue streams.

Celsius Network reaches a crucial settlement, and customers may receive compensation by the end of this year

According to court documents cited by The Wall Street Journal, bankrupt crypto lending institution Celsius Network has reached a crucial settlement, which may pave the way for Celsius to obtain court approval to return assets to customers and conclude the bankruptcy proceedings. It is reported that a total of 30,000 customer claims have reached a settlement, with a total amount of $78 billion. The court will approve the settlement agreement at a hearing on August 10th. The Wall Street Journal also added that a confirmation hearing for Celsius’ restructuring plan is scheduled for October, and customers may start receiving cryptocurrencies and other assets by the end of this year. While Celsius’ lawyers argued that Celsius’ debt to customers does not exceed their deposits, some users filed claims seeking compensation for alleged misconduct by the former management.

Earlier this month, the US Securities and Exchange Commission (SEC) filed a lawsuit in federal court against Celsius and its former CEO Alex Mashinsky, accusing them of raising billions of dollars through fraud and unregistered sales, deceiving investors and manipulating the price of native tokens. About a year ago, Celsius filed for bankruptcy, while the institution once held $30 billion in assets.

Worldcoin announces that World ID SDK is now available to developers

Worldcoin, a cryptocurrency project under the leadership of OpenAI CEO Sam Altman, announced today that World ID SDK is now available to developers. World ID SDK enables fast and easy integration of networks, mobile, and on-chain, including web widgets (JS), developer portal, development simulator, examples, guides, etc. Given the permissionless architecture of World ID, developers from around the world can integrate with it for free.

World ID also aims to support existing open identity standards. It already supports OAuth 2.0 and OIDC (OpenID Connect), and in the future, it will be able to support verifiable credentials (VC), decentralized identifiers (DID), and Ethereum login (SIWE).

Twitter will limit the daily direct messages (DMs) for unverified users

According to official sources, Twitter will introduce a daily limit on direct messages (DMs) for unverified users to reduce spam in private messages.

OpenAI to release ChatGPT Android App next week

According to official sources, OpenAI announced that it will release the ChatGPT Android App next week. Users can now pre-order the app on the Google Play Store.

Former CEO of Archblock, the developer of stablecoin TrueUSD, sues the company

According to DL News, the former CEO who was ousted from Archblock, the developer of stablecoin TrueUSD, is suing his former colleagues, claiming that they forced him out of the business so that they could continue to benefit at the expense of investors. Daniel Jaiyong An, the co-founder of Archblock, filed a complaint with the Delaware court on July 14, stating that he was removed from the CEO position in mid-2020. The lawsuit alleges that at that time, he was negotiating with Justin Sun to sell TrueUSD to his blockchain company Tron. Justin Sun responded that this lawsuit has nothing to do with him and that “this is a former Archblock employee suing Archblock.” He did not answer the question of whether Tron attempted to purchase TrueUSD in 2020 as alleged in the lawsuit.

The transaction for TrueUSD did indeed take place that year. A British Virgin Islands consortium called Techteryx acquired TrueUSD from Archblock in 2020, but Archblock continued to manage the operation of TrueUSD.

Cryptofinance company Delio to suspend some services and stop paying virtual asset interest to users on July 24

According to an official announcement, South Korean cryptofinance company Delio announced that it will suspend some services and stop paying virtual asset interest to users on July 24. Delio explained that in the search and seizure conducted on July 18, all assets owned by customers and the company, as well as other cold wallets and account books, were confiscated by the prosecutors.

The encrypted social payment application Bundle will terminate its transaction function, and users should withdraw their funds before September 12th.

The encrypted social payment application Bundle announced that it will terminate its transaction function and focus on expanding its cash payment business. Users are advised to withdraw their assets from the application before September 12th.

Craig Wright wins appeal, may be able to assert Bitcoin copyright protection in the UK

According to a court document, Craig Wright, who claims to be the inventor of Bitcoin, Satoshi Nakamoto, will be able to defend his case by arguing that the Bitcoin file format should be protected by copyright under UK law. Previously, three British judges accepted his appeal against the court’s dismissal. On February 8, 2023, the UK court rejected Wright’s request to be able to stop the operation of Bitcoin and its fork Bitcoin Cash, claiming that they infringed his intellectual property rights. Wright’s claim is directed at numerous defendants (a total of 26) associated with Bitcoin, including developers and cryptocurrency exchange Coinbase. Wright claims that the Bitcoin Satoshi Vision blockchain, created from another Bitcoin fork, is the true blockchain behind the Bitcoin cryptocurrency.

A statement from the Bitcoin Legal Defense Fund states, “This ruling means that the judge only agrees that Wright should be allowed to defend himself, and that the definition of the Bitcoin file format is clear enough to obtain copyright protection under UK law.”

Important Data

Data: LianGuaintera Capital releases 24.12 million 1INCH tokens

According to Spot On Chain, LianGuaintera Capital released 24.12 million 1INCH tokens nine hours ago. The company has now released all 96.5 million tokens invested in 2021, and all tokens are currently held in wallets starting with 0x233.

Fundraising

Blockchain startup Cymbal completes $18.5 million fundraising

Blockchain startup Cymbal has completed an $18.5 million fundraising round with participation from First Round Capital, Solana Ventures, CAA Connect, Coinbase Ventures, LianGuaitron, GV, Acrew, and UTA Ventures. The company plans to use this funding to expand its business and development. Cymbal is building a human-readable blockchain explorer that allows users to view the Ethereum blockchain and search for events and activities stored on the chain (including holdings, transactions, social media accounts, etc.).

Blockchain startup Super Block completes $8 million fundraising

Superblock, the developer of the lightweight node protocol Over Protocol, has raised a total of $8 million in two rounds of fundraising, with participation from SK, Netmarble, DSC, E&Investment, Schmidt, SpringCamp, and NaverZ. Earlier reports stated that in February of this year, Superblock announced the completion of a Series A fundraising round of 9 billion Korean won (approximately $7.22 million), with participation from major South Korean companies and venture capital firms such as SK, Netmarble, DSC Investment, E & INVESTMENT, and Schmidt. Superblock, founded in 2021, is a L1 blockchain that provides lightweight full nodes.

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