LianGuai Daily | Proof Group is participating in the bidding for FTX’s relaunch plan; Ava Labs lays off 12% of its employees.

LianGuai Daily | Proof Group Joins Bidding Process for FTX's Relaunch Program; Ava Labs Cuts 12% of Workforce in Layoff Decision

Today’s Headlines:

US lawmakers propose lowering SEC Chairman Gary Gensler’s annual salary to $1

OpenAI releases custom version of ChatGPT called “GPTs”

Silicon Valley investment firm Proof Group participating in bid for FTX relaunch plan

• The Grand Handover Traditional Finance Steals the Spotlight in Crypto’s Next Era
• CBDCs The Hip New Alternative to SWIFT?
• Bitcoin ETFs Fueling the Rise of Digital Investment or Just Another Wild Ride for Crypto Enthusiasts?

Ava Labs founder: Layoffs affected 12% of company employees

Insiders: Kraken seeking partners to help build its Layer 2 network

Bankrupt cryptocurrency company pays $770 million in bankruptcy expenses to lawyers and other professional service firms

Evmos plans to stop supporting Cosmos transactions, focusing only on EVM-based transactions

DWF Labs co-founder: Research report discloses projects of only 40% of the company’s investment portfolio

Regulatory News

US lawmakers propose lowering SEC Chairman Gary Gensler’s annual salary to $1

According to Cointelegraph, US Congressman Tim Burchett has proposed lowering the annual salary of Securities and Exchange Commission (SEC) Chairman Gary Gensler to $1 as part of a broader proposal to defund regulatory agencies. The proposal was made in the Financial Services and General Government (FSGG) appropriations bill, which was introduced on July 13th this year and aims to significantly reduce government spending.

Burchett is not the only lawmaker targeting the SEC, as the entire bill aims to greatly reduce funding for government agencies. Congressman Steve Womack outlined during the bill’s submission to the House Rules Committee on November 6th that the SEC and other government agencies have become sacrificial lambs of overregulation and are becoming an inappropriate fiscal burden on the government. Womack suggested that the best course of action would be to strip funding from the SEC to help limit its “intrusiveness” and force the regulatory body to refocus on its core mission.

NFT & AI

OpenAI launches custom version of ChatGPT called “GPT”

According to official sources, OpenAI has announced the launch of a custom version of ChatGPT called “GPT”, which allows users to create personalized ChatGPTs for everyday life, specific tasks, or work, and can be shared with others. Anyone can create GPT without coding. Later this month, OpenAI will also launch the GPT Store, offering works by verified authors. In the coming months, creators will also be able to earn money based on the number of people using their GPT. OpenAI also stated that they will release a preview version of GPT-4 Turbo, which is built on a large amount of online data from April of this year, enabling it to better understand current events.

News later today, OpenAI CEO Sam Altman stated that ChatGPT has 100 million weekly active users. Later today, OpenAI launches Assistants API, developers can customize AI assistants for their own applications.

Moody’s launches AI-powered service to predict stablecoin detachment

According to Cointelegraph, Moody’s Analytics is launching a new stablecoin service that uses AI to predict potential detachment “within a 24-hour range”, while providing real-time insights into the liquidity and stability of stablecoin issuers. Moody’s DAM will track 92% or more of the stablecoin total market value, including USDT, USDC, PYUSD, and more stablecoins will be timely included in the service according to their website. In an announcement on November 6th, Moody’s noted that the stablecoin market is becoming more stable. From 2023 to date, there have been 1,914 detachment events, with 609 being major stablecoins supported by fiat currencies. In comparison, there were 2,847 companies listed in 2022, with 707 of them being major stocks.

Project updates

Silicon Valley investment firm Proof Group is participating in the FTX relaunch bid

According to CoinDesk, Silicon Valley investment firm Proof Group is participating in the FTX relaunch bid. Proof Group is part of the Fahrenheit Consortium, which successfully acquired the bankrupt crypto lending agency Celsius. Proof Group has also invested in cryptographic projects such as Aptos, LightsLianGuairk, and Sui. In addition, fintech company Figure has also expressed interest in the FTX relaunch. Venture capital firm Tribe Capital has also submitted a tender offer for FTX. According to the investment bank Perella Weinberg LianGuairtners, which is involved in the bidding process, the bidders have been narrowed down to three companies. FTX plans to make a decision on the relaunch plan before mid-December. Other options under consideration include selling the entire exchange, including a list of over 9 million customers, or bringing in partners.

Ava Labs Founder: Layoffs Affect 12% of the Company’s Staff

Ava Labs Founder and CEO Emin Gün Sirer confirmed the news of layoffs at Ava Labs on the X platform, revealing that this round of layoffs affected 12% of Ava Labs’ employees. Emin Gün Sirer said, “This allows us to reallocate resources, doubling the growth of our company and the Avalanche ecosystem. Bear markets are hard to tame. Ava Labs is fortunate to have significant runways and resources, and we will focus these resources on advancing the Avalanche ecosystem in the coming years.”

Previously, Ava Labs employees revealed layoffs, many affected, which have already impacted the company’s communication and marketing teams.

Insider: Kraken Seeking Partners to Help Build Layer 2 Network

Insiders have indicated that cryptocurrency exchange Kraken is considering partnering with several leading blockchain technology companies to launch its own Layer 2 network. This move would align Kraken with competitor Coinbase, which launched its own Layer 2 network earlier this year. Sources revealed that Kraken is considering companies such as Polygon, Matter Labs, and Nil Foundation to use their technology as the foundation for the new network. A spokesperson for Kraken stated, “We have been actively seeking and addressing new industry challenges and opportunities. Currently, we have no further information to share.”

Kraken recently added a job posting on its website, seeking a “Senior Cryptography Engineer” with “modern cryptography knowledge (including ZK proofs)” with potential responsibilities including “designing and implementing Layer 2 solutions.”

Radiant’s STIP Incentive Proposal Now Live, Airdropping 2 Million ARB

Multi-chain lending protocol Radiant Capital tweeted that it will airdrop 2 million ARB. Radiant’s STIP incentive proposal has been approved by the Arbitrum DAO and is now live. New dLPs that lock their tokens on Arbitrum for 6-12 months between the first snapshot (block 147753665) and the second snapshot (within the next 30-90 days) are eligible for the airdrop. Claiming will end before January 31, 2024, and the allocation will be discretionary for new dLPs such as Magpie and PlutusDAO. The final airdrop amount depends on the TVL increment achieved during the activity period.

LayerZero Co-founder: “layerzero.foundation” Domain Belongs to the Team but SSL Certificate Not Added by the Team

LayerZero co-founder and CEO Bryan Pellegrino addressed the recent addition of an SSL certificate to the “layerzero.foundation” domain in the official Telegram channel. Pellegrino stated that SSL was not added by the LayerZero team. However, Pellegrino also acknowledged that the “layerzero.foundation” domain indeed belongs to the LayerZero team. He said, “This is indeed our domain, and I specifically asked the security officer who confirmed that we did not add an SSL certificate. He is looking into how this happened.”

Community users said, “As far as I know, it should not be possible to add an SSL certificate to a specified domain without ownership.” Pellegrino replied, “That’s what we think too, so our security manager has been investigating this all day.” Some community members asked if hackers had infiltrated the website, and Pellegrino responded, “Doesn’t seem like it, but we’ll take a look.” Bryan (Primo) added that the team is investigating the domain hosting service and will have results soon.

Conflux: Asset cross-chain protocol ShuttleFlow will shut down its service on November 8th, and the asset bridging service will migrate to Zero Gravity

The Conflux ecosystem asset cross-chain protocol ShuttleFlow will shut down its service on November 8th, and the Conflux ecosystem asset bridging service will migrate to Zero Gravity. The ShuttleFlow website and dApp will be completely shut down on January 6, 2024 – 22:00 (GMT+8). Users don’t need to take any additional action, all assets will be secure. Users who have completed bridging and asset collection will seamlessly migrate to Zero Gravity.

Cryptocurrency bankrupt companies have paid $770 million in bankruptcy fees to professional service companies such as lawyers

According to the Wall Street Journal, court records show that since the “crypto winter” in 2022, professional companies (such as lawyers) that have provided services to at least 9 bankrupt companies have received approximately $770 million in fees because some of these Chapter 11 cases have been delayed. In terms of obtaining payment, law firms, bankers, and other advisors guiding companies through bankruptcy typically receive fees prior to company creditors. So far, FTX, which has the largest proportion, has paid $317 million in fees and expenses, with nearly two-thirds going to its leading law firm and financial advisors.

TrustLianGuaid: Staking contract under attack, avoid trading TLianGuaiD during investigation

Cross-chain financing platform TrustLianGuaid announced on X platform that one of its staking contracts has been attacked. Currently, a thorough investigation is underway. During this period, users should avoid trading TLianGuaiD, and a detailed response will be released after the investigation is completed. User funds and wallets are safe and have been snapshot. According to Phalcon monitoring, TrustLianGuaid was attacked due to multiple design flaws in the staking contract logic, and hackers manipulated the lock-up period through untrusted external calls to obtain pending rewards.

Binance to list Ordinals (ORDI) and add seed label for it

Binance will list Ordinals (ORDI) on November 7, 2023, at 18:00 (GMT+8), and open the following spot trading pairs: ORDI/BTC, ORDI/USDT, ORDI/TRY; ORDI deposit channels are now open; withdrawals are expected to open on November 8, 2023, at 14:30 (GMT+8). In addition, Binance isolated margin will add ORDI assets within 48 hours starting from November 7, 2023, at 18:00 (GMT+8), and open the following isolated margin trading pair: ORDI/USDT. Later today, it was announced that Binance to launch ORDI 1-50x perpetual contract. Binance delays listing time of Ordinals (ORDI) by 2 hours to 8 PM tonight.

Zhao Changpeng accuses Dr. Nouriel Roubini’s project of unauthorized use of the Binance logo

Binance CEO Zhao Changpeng posted on X platform saying, “Some people are just shameless. After publicly attacking Binance a year ago, they are now issuing tokens and putting the Binance logo on their website without permission.” According to the screenshots attached to the post, Zhao Changpeng is referring to Dr. Nouriel Roubini, who is currently issuing a token.

Evmos plans to stop supporting Cosmos transactions and focus only on EVM-based transactions

According to The Block, the core team of the Layer 1 blockchain Evmos plans to stop supporting Cosmos transactions and instead focus on Ethereum-based transactions. This means the core network will only support Ethereum-based wallets and tools, rather than wallets and tools designed for Cosmos.

The transition to a single transaction format is expected to simplify development workflows and improve the efficiency of Ethereum wallets on the network. Evmos announced a phased halt to Cosmos transactions, with the goal of completing this transition by the third quarter of 2024. The Evmos team has cited the dual challenge of maintaining compatibility with both the Cosmos and Ethereum clients. The network currently supports different transaction hashes for each ecosystem, and the team plans to eliminate this complexity. Evmos will maintain core functionalities of Cosmos, such as staking and token transfers through EVM extensions, to ensure uninterrupted access for users and developers.

As the transition progresses, gradually phased out fees for Cosmos transactions will be burned, marking the gradual cessation of Cosmos transactions. Only users of Cosmos wallets will need to migrate to EVM-compatible clients, with popular wallets such as WalletConnect, Rabby, and MetaMask providing necessary support. Additionally, hardware wallets like Ledger will continue to be supported through their dedicated Ethereum applications.

Mantle and Ondo Finance collaborate to launch USDY, a revenue token backed by RWAs

According to The Block, the web3 ecosystem led by the decentralized autonomous organization Mantle has collaborated with the tokenized finance platform Ondo Finance to launch USDY, a revenue-generating token backed by real-world assets (RWAs). USDY serves as an alternative to stablecoins like Tether’s USDT and Circle’s USDC and is backed by short-term US Treasury bonds and bank current deposits. Holders gain income generated by the underlying assets in the form of cumulative token value. A rebasing version called mUSD (which aims to maintain parity with 1 USD and distribute interest through new tokens) is also expected to be issued by Ondo Finance in the coming weeks.

Crypto-friendly bank Custodia Bank receives regulatory approval to officially launch Bitcoin custody services

Crypto-friendly bank Custodia Bank announced on Twitter that its Bitcoin custody platform has recently gone live, thanks to its recent approval from the Wyoming banking department. The all-in-one Bitcoin custody and USD settlement platform is aimed at corporate clients, including trustees, investment advisors, fund managers, and corporate treasurers.

Funding news

Llama raises $6 million seed funding, led by Founders Fund and Electric Capital

Llama, an access control and governance platform for smart contracts, has announced the completion of a $6 million seed funding round led by Founders Fund and Electric Capital, with participation from Elad Gil, Sandeep Nailwal, Stani Kulechov, Will Gaybrick, Amplify LianGuairtners, and FJ Labs. Llama is a full-stack platform for on-chain access control and governance, making access control and governance more efficient and secure. It is currently live on all major EVM chains.

Important data

LHV Bank founder involved in Ethereum ICO, received 250,000 ETH but lost private keys

According to Coinbase executive Conor’s disclosure on social media, the owner of a wallet address that holds 250,000 ETH and has had no transactions in the past 9 years is Rain Lohmus, the founder of LHV Bank. It is reported that he purchased these ETH through an ICO in 2014 for $75,000. The value of these ETH has now reached approximately $450 million, but due to the loss of the keys, the wallet is inaccessible. Rain Lohmus has expressed willingness to split these ETH if someone can recover the wallet.

ENJIN COIN multisig wallet withdraws 169.3 million ENJ from Binance, worth approximately $51.9 million

According to Scopescan, about 1 hour ago, the multisig wallet address of ENJIN COIN withdrew 169.3 million ENJ (approximately $51.9 million) from Binance. Over the past month, the wallet has withdrawn $60.89 million worth of ENJ from multiple CEXs and burned $1.58 million worth of ENJ. Currently, the wallet holds 201.78 million ENJ, accounting for 20.1% of the total supply.

DWF Labs co-founder: Only 40% of the company’s investment portfolio is covered by the 174 projects disclosed in a study

LianGuaiNews report on November 7th – Coin98 Analytics conducted a study on DWF Labs’ investment portfolio (total of 174 projects), stating that 39 projects are listed on Binance, 129 projects are not yet listed, and 6 projects currently have no tokens. DWF Labs co-founder Andrei Grachev responded, saying, “This only covers 40% of our investment portfolio.”

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