LianGuai Daily | Reddit shuts down blockchain-based community points program; Vitalik claims he hasn’t sold ETH for personal gain since 2018.
LianGuai Daily | Reddit Discontinues Blockchain-Based Community Points Program; Vitalik Denies Personal Gain From ETH Sales Since 2018Today’s News Highlights:
Vitalik: Since 2018, I have not “sold” ETH for personal gain
Fidelity submits updated version of Bitcoin spot ETF prospectus
- LianGuai Morning News | Fidelity Becomes First Customer of Yong’an Blockchain Tool, BlackRock’s Spot Bitcoin ETF Approved as Fake
- Snowden Spills the Beans on Bitcoin ETF Risks and Anonymity Woes at Amsterdam Conference
- Bitcoin Takes a Fake Jump to $30k on ETF News… Almost
SBF met with Clinton and the Governor of New York before FTX bankruptcy
Reddit closes blockchain-based community points program, Reddit community tokens plummet
Fantom Foundation: Approximately $550,000 of foundation funds affected, most funds still secure
Regulatory News
EU officially approves new rules for sharing encrypted tax data
According to CoinDesk, the EU finance ministers officially passed new regulations on Tuesday allowing tax authorities to share personal cryptocurrency holdings data. The document will be published in the Official Journal of the European Union and will come into effect in 20 days. This law is known as the “Administrative Cooperation Directive 8” (DAC8), which mandates crypto companies to report customer holding information, which will be automatically shared between tax authorities. DAC8, proposed last year, covers various digital assets including stablecoins, NFTs, DeFi tokens, and crypto staking rewards.
According to Lianhe Zaobao, Deputy Chief Prosecutor of Singapore’s Attorney-General’s Chambers, Mr. Ong, announced that the chambers have officially established two specialized task forces this year to combat tech and cryptocurrency-related crimes – Technology Crime Task Force and Cryptocurrency Task Force. These task forces have deployed approximately 20 prosecutors to address the challenges posed by technology. The Cryptocurrency Task Force focuses on issues related to virtual assets, including assisting the Singapore Police Force in tracking, seizing, and disposing of such assets.
According to Bloomberg, 86 US Congress members representing both the Democratic and Republican parties are pressuring the Biden administration to provide detailed information on how to prevent extremist organizations from using cryptocurrency in “financing terrorism.” In a letter to the US Treasury Department and National Security Council on October 17, led by Senators Elizabeth Warren and Roger Marshall, as well as Representative Sean Casten, the lawmakers pointed out that the radical Islamic organizations Hamas and the Palestinian Islamic Jihad (PIJ) raised significant funds through cryptocurrency in the months leading up to the Hamas attacks on Israel. The letter cited a report from The Wall Street Journal stating that from August 2021 to June this year, these organizations raised over $130 million through cryptocurrency, while PIJ has sent over $12 million worth of cryptocurrency to Hezbollah since 2023.
The lawmakers wrote, “The deadly attacks by Hamas on Israeli civilians demonstrate that the organization has become one of the ‘most advanced users of cryptocurrency in the terrorism financing field,’ highlighting the national security threat cryptocurrency poses to the United States and its allies. As Congress considers legislation aimed at combating money laundering and illegal financial risks associated with cryptocurrency, we urge you to take prompt and robust action to curtail illicit cryptocurrency activities and safeguard our national security and the security of our allies.”
NFT&AI
The Cyberspace Administration of China (CAC) has published a statement on its official website proposing a global initiative for AI governance. It emphasizes that the development of artificial intelligence should adhere to the principles of mutual respect and mutual benefit, and that all countries, regardless of size, strength, or social systems, have equal rights to develop and utilize artificial intelligence. It encourages global collaboration in promoting the healthy development of artificial intelligence, sharing the knowledge achievements of AI, and open sourcing AI technology. It opposes the drawing of ideological lines or the creation of exclusive groups that maliciously obstruct the development of AI in other countries. It also opposes the use of technological monopolies and unilateral mandatory measures to create developmental barriers and maliciously disrupt the global AI supply chain.
In it, it is mentioned that efforts will be made to establish a risk rating test evaluation system, implement agile governance, classify and grade management, and respond quickly and effectively. The research and development subject continuously improves the interpretability and predictability of artificial intelligence, enhances data authenticity and accuracy, ensures that artificial intelligence is always under human control, and creates artificial intelligence technology that is auditable, supervised, traceable, and trustworthy.
Yuga Labs CEO: Restructuring is complete, future focus on Otherside
According to The Block, Yuga Labs CEO Daniel Alegre stated today that the company’s restructuring has been completed and the team will focus on developing their metaverse expansion Otherside while supporting the existing community. After the restructuring, the team has three priorities – supporting the existing community, focusing on the execution of Otherside, and leveraging partnerships.
According to Techcrunch, OpenAI has officially reintroduced web browsing to ChatGPT through Microsoft’s Bing browser. Previously, this feature was introduced as a beta version and was removed after only three weeks due to the risk of abuse, as the management of real-time web differs from static training datasets. The relaunched feature now promises to comply with anything the website owner says in their Robots.txt file, similar to traditional web crawlers. Now, all Plus and Enterprise subscribers can officially use the web browsing feature without toggling the Beta switch in settings.
In addition, OpenAI has made its large-scale image model DALL-E 3 available in beta, integrated with ChatGPT. This means that users no longer have to carefully consider text prompts when requesting DALL-E to create an image. By embedding DALL-E 3 directly into ChatGPT, users will now be able to receive images as part of their text-based queries without switching between two applications. DALL-E 3 is now available in beta on the web and mobile devices, and users can activate the feature by selecting “DALL-E 3 (beta)” from within GPT-4 in ChatGPT.
Project Updates
Blockchain project Shardeum’s whitepaper to be released on November 8
Nischal Shetty, co-founder of WazirX, announced on the X platform that the blockchain project Shardeum’s whitepaper will be released on November 8 by the project’s technical co-founder Omar Syed.
It is reported that Shardeum was co-founded by Nischal Shetty, who also founded the major Indian cryptocurrency exchange WazirX. The company previously completed a $18.2 million seed round funding in October last year and a $5.4 million strategic funding in July this year.
The Ethereum scaling solution Scroll has announced the launch of the zkEVM mainnet, with the next milestone being the construction of a decentralized proof network and a decentralized sorter. After more than a year of testing, Scroll has launched its mainnet, completing over 55 million transactions on the Alpha and Beta testnets, and ultimately confirming nearly 1 million batches of transactions on L1. The latest Beta testnet on Sepolia has connected over 900,000 wallet addresses in two months, processing over 6 million transactions.
Fidelity submits updated version of Bitcoin spot ETF prospectus
A public regulatory filing shows that Fidelity has submitted an updated version of the Bitcoin spot ETF prospectus to the SEC, covering details of custody arrangements, mechanisms related to hard forks, valuation and pricing sources and GAAP compliance, risk disclosure regarding regulatory uncertainties, and the energy-intensive nature of mining.
Decentralized data storage network BNB Greenfield mainnet goes live
BNB Chain has announced the launch of the BNB Greenfield mainnet on the X platform, and the decentralized data storage network is now fully available to the public. During the testnet phase, BNB Greenfield achieved over 200,000 transactions, over 150,000 wallet addresses, and support from multiple storage providers.
Immutable X co-founder extends unlock period for 125 million IMX tokens
Robbie Ferguson, co-founder of the NFT layer 2 scaling solution Immutable X, announced on the X platform that the 125 million IMX tokens allocated for the development of the Immutable project would be locked again for 1 year. The tokens will be unlocked in a few weeks, and it is now announced that this allocation will be locked until at least July 2024.
Pyth Network reveals PYTH tokenomics, with 85% of tokens initially locked and regularly unlocked
Oracle project Pyth Network has revealed the PYTH tokenomics, with a maximum supply of 10 billion tokens and an initial circulation of 1.5 billion tokens (15%). 85% of the PYTH tokens are initially locked, with the locked tokens being unlocked at 6, 18, 30, and 42 months after the initial token issuance. Of the unlocked tokens, 22% is allocated to network data providers, 52% to “ecosystem growth strategy,” 10% to protocol development, 6% reserved for initial launch phase and related activities and plans, and 10% allocated to strategic contributors through two rounds of fundraising.
Regarding the governance scope and Pyth DAO, Pyth governance can help determine the high-level parameters of other network mechanisms. On-chain governance is expected to be responsible for many decisions and actions, such as determining the size of update fees, determining the reward distribution mechanism for publishers, approving other software updates of on-chain procedures across blockchains, determining how new trading instruments and their reference data are listed on Pyth, and determining how data providers can supply price information. New topics related to on-chain governance may be established by the DAO.
Fantom Foundation: Approximately $550,000 foundation funds affected, majority of funds still safe
Fantom Foundation has released a statement regarding the wallet attack incident, confirming that a small number of wallets have been affected, including approximately $550,000 of Fantom Foundation funds. The vast majority of Fantom Foundation funds (over 99%) remain unaffected and still secure. While preliminary reports suggest the attack was due to a zero-day vulnerability on Google Chrome, the team is actively investigating the attack mechanism. Some of the affected wallets were labeled as “foundation wallets,” but they are no longer used by the organization and have been reassigned to a Fantom employee, making this a targeted attack on an individual. The loss of funds for that employee is currently under investigation.
Reddit shuts down blockchain-based community points program, Reddit community tokens plummet
According to CoinDesk, social media platform Reddit will be shutting down its blockchain-based community points program on November 8th. Reddit stated that while the program had some opportunities, the required resources were too high. The team has already launched or is actively investing in some more easily adoptable products. Additionally, changes in the regulatory environment have exacerbated this situation. As a result of this news, Reddit community token prices have plummeted. Moons (MOON) dropped by 85%, Bricks (BRICK) dropped by 67%, and Donut (DONUT) dropped by 66%.
Later today, Kraken co-founder suggests Reddit should provide a “redemption path” for community points.
Sui Foundation tweeted to deny earlier reports regarding the “manipulation of SUI token supply.” Sui Foundation stated that it has always and will continue to cooperate with DAXA and its member exchanges in a fully compliant and transparent manner. The claims of manipulating SUI token supply are baseless and severely untrue. The foundation has never sold any SUI tokens after the initial Community Access Program (CAP) distribution. The circulating supply schedule displayed on the Sui Foundation’s public website is accurate. Furthermore, the Sui Foundation has never liquidated any Sui tokens, including staking rewards. Every token transfer by the Sui Foundation is publicly transparent and can be verified on the blockchain. The foundation will continue to maintain transparency and openly communicate the SUI token circulating supply schedule. The foundation is actively combating false information and FUD through various channels.
According to previous reports, the Chairman of the Financial Supervisory Institute of South Korea, Li Buxuan, stated that he will investigate whether the SUI team has engaged in token supply manipulation. Subsequently, the SUI price has dropped significantly and currently stands at $0.3797, with a 24-hour decrease of 7.63%.
According to The Block, court documents show that FTX agreed to pay nearly $100 million in sponsorship fees to Riot Games, the development company of “League of Legends,” within seven years. After FTX announced bankruptcy, Riot Games began trying to withdraw from the deal at the end of last year. The documents also show that FTX agreed to provide approximately $42 million to Tomorrowland music festival before 2026. In addition, FTX signed a $25 million agreement with the Coachella music festival held annually in Southern California.
SBF Met with Clinton and the Governor of New York Before FTX Bankruptcy
According to Bloomberg, Nishad Singh, the former Chief Engineer of FTX, stated during a hearing that he used FTX loans to purchase a property on Orcas Island in October 2022, even though he knew FTX was misusing client funds. He has now relinquished ownership of the property.
Singh admitted that he was not “required” to be the spokesperson for FTX political donations, but he still played that role. Furthermore, he stated that he was unaware of the software bug that led to the increase of $8 billion in Alameda’s deficit before accidentally overhearing a discussion between FTX’s former Chief Technology Officer Gary Wang and former FTX developer Adam Yedidia. The bug resulted in an $80 billion shortfall in Alameda’s main FTX account.
Evidence submitted by the government on Tuesday shows that in the months leading up to FTX’s bankruptcy, SBF arranged meetings with several influential figures in Manhattan, including former President Clinton and New York Governor Kathy Hochul.
Furthermore, an email submitted by the prosecutor on Tuesday shows that two months before the collapse of FTX, Bahamian Prime Minister Philip Davis asked SBF for advice on an NFT project for his son. In response, SBF sent his phone number and stated that they could connect through phone or Zoom.
Binance to Delist 29 Spot Trading Pairs including ADX/BUSD and EOS/BNB
According to an official announcement, based on recent reviews, Binance will delist the following spot trading pairs and cease trading activities. October 20th at 13:00: ADX/BUSD, AMP/BUSD, AR/BUSD, BADGER/BUSD, BURGER/BUSD, CELR/BUSD, CHESS/BUSD, COTI/BUSD, DEXE/BUSD, ELF/BUSD, ENJ/EUR, EOS/BNB, HARD/BUSD, IDEX/BNB, ILV/BUSD. October 20th at 15:00: IOTA/BUSD, JOE/BUSD, KNC/BUSD, MBOX/BUSD, MINA/BUSD, MOVR/BUSD, QI/BUSD, QNT/BUSD, SNX/BUSD, SYS/BUSD, THETA/BNB, TKO/BUSD, VOXEL/BUSD, ZEC/BUSD.
Announcement: In order to better protect users and maintain a high-quality trading market, Binance will periodically review all listed spot trading pairs and may delist certain spot trading pairs due to factors such as liquidity and low trading volume.
News later today: Binance will terminate redemption services and delist ADAUP and ADADOWN leveraged tokens.
Everscale: Theft of EVER tokens caused by fraudulent activity, network not hacked
The blockchain network Everscale states that the theft of EVER tokens has been determined to be the result of fraudulent activity and that neither the network nor any dApp has been hacked. The stolen tokens are ERC20 EVER tokens, not native EVER tokens. Exchanges working with Everscale have now suspended deposits and withdrawals for Wrapped EVER (WEVER). Efforts are currently being made to protect the native EVER, which is secure on the Octus Bridge. A thorough investigation is underway, and all details will be released soon.
Yesterday’s news: Everscale reports large quantities of EVER tokens stolen, working with exchanges to prevent further outflow.
According to an official blog post, this test, called “Not a Bot,” began on Tuesday in New Zealand and the Philippines. The subscription price varies by country and currency, and new users who do not pay the fee will be unable to perform certain actions on the website, including posting, liking, replying, or bookmarking. Existing users are not affected by this test.
X (formerly Twitter) states that the development of this new test is aimed at further strengthening its successful efforts to reduce spam, platform manipulation, and bot activities, while balancing platform accessibility and a small fee. It is not profit-driven.
Vitalik: I haven’t “sold” ETH for personal gain since 2018
Ethereum co-founder Vitalik Buterin regularly reminds on the Farcaster platform that if you see an article saying “Vitalik sent XXX ETH to [exchange],” it’s actually not me selling, but mostly me donating to certain charities, non-profit organizations, or other projects, and the recipients are the ones selling as they need it to cover costs. I haven’t “sold” ETH for personal gain since 2018.
SSV Network releases Governance 2.0: Establishing SSV Foundation and community empowerment
Ethereum staking infrastructure SSV Network has announced Governance 2.0 plan to establish SSV Foundation and empower the community, entering the next phase of transferring the protocol to the community. SSV.Network consists of three parts: open-source protocol, SSV DAO, and the current SSV Foundation. SSV DAO has taken multiple steps towards community operations but initially required the creation of a framework. The Foundation Working Group (FWG) has now completed a comprehensive proposal for the establishment and operations of the SSV Foundation, and in the next few weeks (pending DAO voting), with the DAO finally establishing the SSV Foundation, the next governance era is imminent.
The summary of the Foundation specifications is as follows: professional directors from Hash Directors and Leeward Management Limited are included. However, the drafting of the Foundation documents allows token holders to have ownership and measures have been taken to give token holders as much legal voice as possible. Carey Olsen will serve as legal advisor to address legal challenges and regulatory environment. The proposed annual budget is $400,000 to ensure the smooth operation of the SSV Foundation.
Funding News
Web3 infrastructure company Spheron raised $7 million in August 2022
According to CoinDesk, Web3 infrastructure building tool Spheron has started the second phase of its roadmap, with a focus on solving user experience, security, and reliability issues. The company revealed that it raised $7 million in a funding round in August 2022, with investors including Alphawave Ventures, NexusVP, Zee Prime Capital, Protocol Labs, ConsenSys Mesh, LianGuairadigm Shift Capital, Matrix LianGuairtners India, and Tykhe Ventures. Sandeep Nailwal, Aniket Jindal Julian Traversa, among others.
Identity verification solution Prove Identity raised $40 million
Identity verification solution Prove Identity announced a $40 million funding round led by MassMutual Ventures and Capital One Ventures, valuing the company in the billions (specific figures undisclosed). The raised funds will be used to develop more tools for digital payments, commerce, and fraud detection. Prove’s technology connects SIM card data with the features provided by smartphones, such as facial recognition, to authenticate users.
Important Data
CryptoQuant: Approval of Bitcoin spot ETF could increase cryptocurrency market cap by $1 trillion
According to CoinDesk, data analytics company CryptoQuant stated in a recent report that if the Bitcoin spot exchange-traded fund (ETF) is approved, Bitcoin could become a $900 billion asset, and the entire cryptocurrency market could grow by $1 trillion. CryptoQuant suggests that if the issuer of the Bitcoin ETF which applies for listing invests 1% of its assets under management (AUM) into these ETFs, approximately $155 billion could enter the Bitcoin market. This accounts for almost one-third of Bitcoin’s current market value. If this scenario occurs, the price of Bitcoin is assumed to rise between $50,000 and $73,000.
According to CryptoQuant’s model predictions, in previous bull markets, the market value of Bitcoin has grown 3-5 times its realized capital. CryptoQuant adds that this suggests that for every $1 of new funds entering the Bitcoin market, the market value could increase by $3 to $5.
Celestia’s airdrop application has ended, and a total of over 190,000 claims were made. Modular blockchain network Celestia announced on Twitter that the final genesis balance will soon be available on Genesis.celestia.org. Participants are expected to receive TIA directly in their mainnet wallets in the coming weeks. Preliminary data shows that around 67% of the 576,653 eligible on-chain addresses did not participate in the airdrop.
Worldcoin’s on-chain analysis shows that 5 market makers hold a total of 40.39 million WLD. Since October 1st, Wintermute, Flow Traders, and GSR Markets have moved 4.67 million WLD from centralized exchanges to on-chain wallets. Currently, the 5 market makers collectively hold 40.39 million WLD on-chain. GSR has the closest amount to borrowed quantities, while Amber Group has the largest difference.
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LianGuai Daily: Reddit shuts down its blockchain-based community points program, and Vitalik claims he hasn’t sold any ETH for personal gain since 2018.
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