LianGuai Daily | Former Vice Chairman of Jiangxi Provincial Political Consultative Conference, Xiao Yi, sentenced to life imprisonment; Coinbase has invested in Circle.

LianGuai Daily Xiao Yi, former Vice Chairman of Jiangxi Provincial Political Consultative Conference, sentenced to life imprisonment; Coinbase invests in Circle.

Today’s headlines:

Former Deputy Chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference (CPPCC), Xiao Yi, sentenced to life imprisonment

Coinbase: Invested in Circle, the two parties will share the interest income from USDC reserves

OpenSea Pro will start charging a 0.5% platform fee for all listings from August 31

• Looking back at the decentralized storage track that has been neglected by the market from EthStorage
• What does Bitcoin being in an extreme oversold state mean?
• What impact would it have if the US SEC approves Ethereum futures ETF?

Binance Labs invests in zkWASM virtual machine Delphinus Lab

Data: In the past 24 hours, the protocol fees of friend.tech have exceeded those of the Lido protocol, second only to the Ethereum network

F2Pool co-founder and Huang Licheng each purchased 24 and 17 BAYC respectively today

Shibarium: Almost ready to reopen to the public, with a new monitoring system and additional fault protection enabled

Bank for International Settlements: Regulating the crypto industry is more desirable than a comprehensive ban

Regulatory news

Former Deputy Chairman of the Jiangxi Provincial Committee of the CPPCC, Xiao Yi, sentenced to life imprisonment

According to the CCTV News client, the Intermediate People’s Court of Hangzhou City, Zhejiang Province, publicly pronounced the verdict of the case of Xiao Yi, former party member and deputy chairman of the Jiangxi Provincial Committee of the CPPCC, for accepting bribes and abusing his power. Xiao Yi was sentenced to life imprisonment for the crime of accepting bribes, deprived of political rights for life, and confiscated all personal property. He was also sentenced to six years in prison for the crime of abusing his power, and the decision was made to execute life imprisonment, deprive of political rights for life, and confiscate all personal property. The illegally obtained property and its proceeds sealed and seized in the case will be recovered and turned over to the state treasury in accordance with the law.

After trial, it was found that from 2008 to 2021, Xiao Yi took advantage of his positions as the director of the Beijing Office of the Jiangxi Provincial People’s Government, the Secretary of the Fuzhou Municipal Committee of Jiangxi Province, and the deputy chairman of the Jiangxi Provincial Committee of the CPPCC to provide assistance to relevant units and individuals in matters such as project contracting, project development, and promotion, and illegally accepted a total of more than 125 million yuan in property, of which more than 57.82 million yuan has not been actually obtained. From 2017 to 2021, during Xiao Yi’s tenure as the Secretary of the Fuzhou Municipal Committee, he violated the new development concept and national regulations by providing assistance to enterprises engaged in virtual currency mining business in terms of financial subsidies, funding support, and power supply, resulting in significant losses to public property, national interests, and the people. The circumstances were particularly serious and the impact was particularly bad.

Previously, on November 13, 2021, Xiao Yi, former deputy chairman of the Jiangxi Provincial Committee of the CPPCC, was expelled from the Party for abusing his power and supporting illegal activities such as “mining” of virtual currencies. On December 29, 2022, the trial of Xiao Yi’s bribery and abuse of power case was held, and Xiao Yi pleaded guilty in court.

Bank for International Settlements: Regulating the crypto industry is more desirable than a comprehensive ban

The Bank for International Settlements (BIS), headquartered in Basel, has released a study stating that so far, cryptocurrencies have not reduced but amplified the financial risks of underdeveloped economies. This technology can still be applied in various constructive ways, and regulation needs to guide innovation towards directions that are beneficial to society. The study suggests that regulating the crypto industry is more preferable than a complete ban, considering the difficulties of enforcement and the risks of stifling innovation.

NFT

OpenSea Pro will start charging a 0.5% platform fee for all listings from August 31.

OpenSea Pro tweeted that starting from August 31, a 0.5% platform fee will be charged for all OpenSea listings and sales created on OpenSea Pro, with adjustments to the creator fees. This adjustment is necessary to prevent market manipulation and maintain transaction data as accurate as possible.

Metaverse

The Ministry of Industry and Information Technology and three other departments have jointly issued an implementation plan, focusing on the metaverse and generative AI in future industries.

The Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Energy Administration, and the National Standardization Management Committee have issued a notice on the implementation of the “New Industry Standardization Leading Project Implementation Plan (2023-2035)”. The implementation plan mainly focuses on the standardization work of emerging industries and future industries, forming key areas of standardization in the “8+9” format. Among them, the emerging industries focus on eight areas, including next-generation information technology, new energy, new materials, high-end equipment, new energy vehicles, green environmental protection, civil aviation, ships, and marine engineering equipment. The future industries focus on nine areas, including the metaverse, brain-computer interfaces, quantum information, humanoid robots, generative AI, bio-manufacturing, future displays, future networks, and new energy storage.

Project Updates

Coinbase: Invested in Circle, both parties will share interest income from USDC reserves.

According to the official Coinbase blog, USDC will be launched on 6 new blockchains between September and October. Coinbase will increase support for stablecoins and has invested in Circle. Circle will have full control over the issuance and governance of USDC. Coinbase and Circle will also maintain a business partnership, and both parties will share interest income from USDC reserves.

Kraken Pro has launched the stablecoin PYUSD by LianGuaiyLianGuail and enabled trading.

Cryptocurrency exchange platform Kraken Pro announced that it has launched the stablecoin PYUSD by LianGuaiyLianGuail. Deposit and withdrawal functions have been enabled, and trading is also available.

Starknet mainnet has been upgraded to version 0.12.1.

Starknet announced that version 0.12.1 has been launched on the mainnet, with changes including memory pool verification, inclusion of failed transactions, and built-in Keccak. This upgrade marks the end of the “quantum leap” of the Starknet mainnet.

Earlier news stated that Ethereum Layer2 scaling solution Starknet announced in a tweet that the Starknet mainnet will be upgraded to version 0.12.1 next week. This upgrade, as the second phase of the Starknet mainnet’s “quantum leap,” aims to improve transaction efficiency.

Exactly Protocol: Working with the security team to recover funds. If the hacker does not reply tomorrow, a $700,000 bounty will be offered to the community.

Exactly Protocol tweeted that they are currently collaborating with teams helping to recover stolen funds from protocols such as Euler Labs. They have sent on-chain messages to the hacker, and if they do not receive a response by tomorrow, they will officially offer a $700,000 reward to the community to assist in capturing the hacker. According to previous reports, Exactly Protocol has lifted the suspension. Users can perform all operations without any liquidation. The hacker attack only affected users who used the peripheral contract (DebtManager).

friend.tech Co-founder: The team is focusing on expanding infrastructure, fixing issues, and setting basic website policies.

According to Decrypt, Racer, the co-founder of the decentralized social platform friend.tech, stated in an interview, “We initially made the application public to start load testing, but we didn’t expect the dApp to explode and spread rapidly. The team is currently urgently fixing some shortcomings. We want to catch our breath and are excited about what we can do next.”

Racer also mentioned that the team is currently focusing on expanding friend.tech’s infrastructure, fixing issues, and setting basic policies for the website. As for how to maintain the growth of friend.tech or protect it from increasingly serious legal issues, they will have to wait until the website stabilizes first.

In addition, friend.tech stated on the X platform (formerly Twitter) that Shares has been renamed to Keys. In fact, Shares was originally just a placeholder during the development process, and friend.tech believes that Keys better describes its use for unlocking features such as chatting with friends within the application.

Previously, SlowMist Cosmos stated that the friend.tech wallet address corresponding to over 100,000 Twitter accounts was leaked, posing a greater risk of privacy exposure. friend.tech responded to this issue by stating that the association between the displayed public wallet address and Twitter usernames is not a data leak.

Korean crypto exchange Upbit to list CyberConnect (CYBER)

In an official announcement, Korean crypto exchange Upbit announced that it will list CyberConnect (CYBER) on the BTC market. Trading is expected to begin at 15:00 local time on August 22nd. CYBER deposits will be opened within 3 hours after the release of this notice and CYBER only supports deposits from the Ethereum network.

Shibarium: Almost ready to reopen to the public, with a new monitoring system and additional fault protection enabled.

According to official sources, Shibarium, the Ethereum Layer2 network launched by Shiba Inu, provided the latest update: “After two days of testing and adjusting parameters to reach the ‘ready’ state, Shibarium has been enhanced and optimized. As mentioned before, it is still in testing but is producing blocks. In addition, a new monitoring system and additional fault protection have been enabled, including RPC-level rate limits and automatic server resets to prevent recurring huge traffic. We are almost ready to reopen to the public. More validators will go live tomorrow to provide users with more choices, allowing them to share rewards by staking BONE. The testing is coming to an end, and we will be ready again for public consumption.”

On August 18th, it was reported that due to the unexpected high traffic on Shibarium, the network entered a fault safety mode and stopped running to ensure the safety of funds.

SlowMist: WinRAR has a remote code execution vulnerability, encrypted users should pay attention to upgrading

SlowMist’s Chief Information Security Officer 23pds stated on X platform that WinRAR has a remote code execution vulnerability (CVE-2023-40477). Attackers can exploit this vulnerability by luring targets to visit malicious websites or simply opening malicious files to execute code. Once executed by users, it may allow hackers to gain control of their computers. Cryptocurrency users should pay attention to upgrading. Also, be aware that the so-called “WinRAR vulnerability detection tool” is also a malicious phishing program, so be cautious of fund risks.

Head of DWF Lab: Transferring CRV to Binance is for trading purposes

In response to the incident of DWF Labs transferring 2 million CRV to Binance, Andrei Grachev, the head of DWF Labs, stated on Twitter: “Transferring 2 million CRV to Binance is not for liquidation purposes (selling now would be foolish), but for trading purposes. And we may continue to transfer more. When we complete our plan, we will return the CRV to the chain.”

It is reported that on August 19th, DWF Labs transferred 2 million CRV (valued at approximately $1 million) to Binance. Previously, DWF Labs spent 5 million USDT on August 1st to purchase 12.5 million CRV from the founder of Curve through over-the-counter transactions, at a unit price of $0.4.

Investment and Financing

Binance Labs invests in zkWASM virtual machine provider Delphinus Lab

According to an official announcement, Binance Labs has announced its investment in Delphinus Lab, an infrastructure provider in the zkWASM field. Delphinus Lab aims to develop the Web3 DApp ecosystem through dedicated application-specific extension services built on its novel zkWASM implementation. Delphinus Lab has implemented the first known open-source zkWASM virtual machine, supporting trustless computation and application SDKs. The funding will be used for the continued development of Delphinus Lab’s zkWASM-based application extension platform zkWASM Hub, which provides automated proof and batch processing services for Web3 application development.

Maple Finance raises $5 million in funding, led by Tioga Capital and Blocktower Capital

Crypto lending protocol Maple Finance has announced the completion of a new round of $5 million in funding, led by Tioga Capital and Blocktower Capital, with participation from GSR Ventures, Cherry Ventures, Veris Ventures, and The SLianGuairtan Group. The new funding will be used to expand Maple’s global services and primarily focus on strategic expansion in the Asia-Pacific region.

Mining News

Oman invests $370 million to launch a new cryptocurrency mining center

According to Cointelegraph, the Sultanate of Oman has invested $370 million to launch a new cryptocurrency mining center in the Salalah Free Zone. The mining facility will be operated in partnership with local company Exahertz International and Dubai-based blockchain company Moonwalk International. This mining facility is part of Oman’s accelerated digitalization plan for its economy.

According to reports, the construction cost of the center is 135 million Omani rials (approximately 370 million US dollars), and it uses the latest hardware from Bitmain Technologies. By October 2023, it will install 15,000 machines. Currently, the center is operating as a pilot with 2,000 online machines consuming 11 megawatts of power.

It is reported that another mining center in the country will open in November 2022 with an investment of 150 million Omani rials (389 million US dollars). In 2022, the electricity price for commercial operators in the country was about 0.166 US dollars per kilowatt-hour.

Important data

Data: An address has accumulated approximately 3.1 billion US dollars worth of Bitcoin in the past three months, ranking third in terms of holdings

According to Bitinfocharts data, the address starting with bc1ql4 has accumulated a total of 118,300.20 BTC worth approximately 3.1 billion US dollars in the past three months, ranking third in terms of holdings. Wu’s analysis suggests that the address may be Gemini’s cold wallet address.

The address first received Bitcoin on May 9th, and the last large amount of Bitcoin (6,600 coins) was received on June 29th. Except for a small transfer on May 10th, there have been no other outgoing transactions from the address. Previously, on June 15th, the address was found to hold 15,200 BTC, ranking fourth in terms of holdings.

Data: Blur TVL drops below 90 million US dollars, down nearly 50% from the peak on June 26th

According to DeiLlama data, Blur TVL has dropped below 90 million US dollars to 89.94 million US dollars, the lowest since February 17th, and down nearly 50% from the peak on June 26th.

Data: friend.tech protocol fees exceeded Lido protocol in the past 24 hours, second only to the Ethereum network

DefiLlama data shows that friend.tech protocol generated a total of 1.68 million US dollars in protocol fees in the past 24 hours, surpassing Lido protocol (1.61 million US dollars), Uniswap (0.888 million US dollars), and the Bitcoin network (0.392 million US dollars), second only to the Ethereum network (3.45 million US dollars).

F2Pool co-founder Wang Chun has spent 574.1 ETH to purchase 24 BAYC NFTs today.

According to Blur data, F2Pool co-founder Wang Chun has been buying 24 BAYC NFTs, totaling 574.1 ETH, for the past half hour.

Earlier today, it was reported that Huang Licheng spent 390.68 ETH to purchase 17 BAYC NFTs.

Data: A whale has withdrawn 13,301 ETH, worth approximately 22.11 million US dollars, from OKX since August 20th

According to Lookonchain monitoring, a whale address starting with 0x3cee withdrew 13,301 ETH (approximately 22.11 million US dollars) from OKX after the market crash. By checking the on-chain data, it can be seen that this address withdrew these ETH from OKX in three transactions at 1:57 am and 2:00 pm on August 20th, and 9:59 am today.

Later today, it was reported that an address has withdrawn a total of 14,275 ETH, worth approximately 24.45 million US dollars, from Binance since August 17th.

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