LianGuai Daily | Zhao Changpeng resigns as Chairman of Binance.US; Warren Buffet’s partner, Charlie Munger, passes away.
Shake-up at LianGuai Daily Zhao Changpeng Steps Down as Binance.US Chairman and Warren Buffett's Long-time Partner Charlie Munger DiesToday’s headline highlights:
US judge approves $1.65 billion settlement agreement between Voyager Digital and FTC
- Crypto Donations: When Digital Assets Save the Day and Make a Roaring Difference!
- Odyssey Under the Sea: OCEAN Revolutionizes Bitcoin Mining
- Bitcoin: Riding the Bullish Wave in the Cryptocurrency Market
“Buffett’s partner” Charlie Munger passes away at the age of 99
Coinbase receives subpoenas related to Bybit from US regulatory bodies
US SEC seeks public feedback on Franklin Templeton and Hashdex Bitcoin spot ETFs
L2 network Blast TVL surpasses $600 million
Regulatory news
US judge approves $1.65 billion settlement agreement between Voyager Digital and FTC
According to Cointelegraph, in a document filed with the United States District Court for the Southern District of New York on November 28, federal judge Gregory Woods approved an order requiring cryptocurrency lending company Voyager Digital and its subsidiaries to pay a $1.65 billion settlement to the Federal Trade Commission (FTC). As part of the agreement, Voyager will be “permanently restrained and enjoined” from marketing or offering products or services related to digital assets. Under the settlement agreement, all parties associated with Voyager must cooperate with FTC officials, including testifying at hearings, trials, and during the disclosure of evidence. One year later, Voyager must also report on its compliance and be subject to oversight by the Commission. According to the judge, this order will not significantly impact the bankruptcy court proceedings. Voyager filed for bankruptcy protection in July 2022 and disclosed debts ranging from $1 billion to $10 billion. In May of this year, a plan was approved that allowed Voyager users to initially claim 35.72% from the company.
The Securities and Exchange Commission (SEC) of the Philippines has issued a statement on its official website stating that Binance is not registered as a company in the Philippines, and its operations are conducted without the necessary licenses or permits. It further states that exchanges like Binance must apply for registration and provide detailed information about the securities they issue before offering them to the public. This information includes the issuance price, nature of the securities, and other data. The issuer must also obtain a secondary license to sell or issue securities to the public. According to Section 73 of the Securities Regulation Code (SRC), this is a criminal offense punishable by a maximum fine of 5 million Philippine pesos (90,300 US dollars), imprisonment of up to 21 years, or both.
According to News1, the Financial Supervisory Service of South Korea has announced plans to establish a “Virtual Asset Supervision Bureau” and a “Virtual Asset Investigation Bureau” in preparation for the growth of the virtual asset market, particularly for the implementation of the “Virtual Asset User Protection Act” scheduled for July next year.
The Virtual Asset Supervision Bureau will be responsible for supervising and inspecting virtual asset operators, monitoring the market, and improving the system, and plans to establish a regulatory framework for virtual assets. The Virtual Asset Investigation Bureau will be a department focused on investigating unfair trading practices that disrupt the market. The key goal is to prevent improper transactions from causing market disorder and harm to users. The Director of the Virtual Asset Supervision Bureau will be Mr. Lee Hyun-deok, the current Deputy Director of the Financial Investment Monitoring Bureau. Mr. Wen Zhenghao, the current Director of the First Bureau of Accounting Supervision, will serve as the Director of the Virtual Asset Investigation Bureau.
AI
The Information: OpenAI expected not to offer board seats to external investors like Microsoft
According to The Information, citing insider sources, the newly restructured board of OpenAI has no plans to include representatives of external investors. This indicates that the board will prioritize safety measures over investor returns. The new board has not yet formally taken office, and the situation may change. However, insiders suggest that Microsoft and other shareholders, such as Khosla Ventures, Thrive Capital, and Sequoia Capital, are not expected to have a seat on the newly formed nine-person board of OpenAI.
Project Updates
Franklin Templeton submits revised prospectus for Bitcoin spot ETF
Bloomberg analyst James Seyffart tweeted that Franklin Templeton has submitted a revised prospectus (S-1 filing) for a Bitcoin spot ETF to the US SEC, which retains the possibility of redemption in physical and/or cash. This means that all 12 Bitcoin spot ETF applicants have submitted revised prospectuses.
In addition, the US SEC seeks feedback from the public on Franklin Templeton and Hashdex Bitcoin spot ETF
“Buffett’s Partner” Charlie Munger Passes Away at 99
Berkshire Hathaway announced that Charlie Munger peacefully passed away today at a hospital in California, USA, at the age of 99, just one month away from his 100th birthday. Buffett said in a statement, “Without Charlie Munger’s inspiration, wisdom, and involvement, Berkshire Hathaway would not have developed into its current position.” Munger was the vice chairman of Berkshire Hathaway and one of its largest shareholders. According to Forbes, as of November 28, 2023, Munger had a net worth of $2.6 billion.
Coinbase has received subpoenas from US regulatory agencies regarding Bybit
According to sources, Coinbase has sent emails to some users stating that it has received subpoenas from US regulatory agencies regarding the cryptocurrency exchange Bybit. The email stated, “You do not need to take any action. Unless a motion to quash or other opposition is filed with the court before November 30, 2023, Coinbase may respond to the subpoena, including providing information about your Coinbase account to the US Commodity Futures Trading Commission (CFTC).” According to the CFTC’s enforcement manual, the agency has certain powers to investigate, including voluntary statements and subpoenas. In May of this year, Coinbase stated that US law requires Coinbase to collect information, including matters related to subpoenas. Coinbase stated, “We may access, read, preserve, and disclose information when we believe it is necessary to comply with legal obligations, regulations, enforcement, government and other legal requirements, court orders, or to disclose information to tax authorities.” In addition, other federal agencies have sought subpoenas regarding cryptocurrency-related issues. Payment giant LianGuaiyLianGuail announced earlier this month that it has received subpoenas from the US SEC regarding LianGuaiyLianGuaiy stablecoin.
DCG and Genesis reach a new repayment agreement, DCG to complete repayment by April 2024
According to Bloomberg, Digital Currency Group (DCG) has reached a new repayment agreement with its bankrupt subsidiary, Genesis Global Holdco LLC. Genesis attorney Sean O’Neal stated at a hearing on Tuesday that DCG will pay approximately $200 million to Genesis in the coming weeks and has requested that DCG complete the outstanding payments by April 2024. Court documents show that if DCG defaults, Genesis can attempt to recover any unpaid amounts. The proposed repayment agreement is aimed at resolving a lawsuit filed by Genesis in September to recover the outstanding loan from its parent company. Court documents show that DCG has been making repayments to Genesis since the lawsuit was filed, and as of November 28, DCG still owes Genesis $324.5 million. O’Neal stated that this transaction does not resolve other disputes between Genesis and DCG regarding the bankrupt plan.
Binance.US tweeted that Binance.US was established with the explicit purpose of serving US customers in accordance with US regulations and operates independently from Binance.com. Binance.US is not a party to the settlement agreement announced last week and does not have any pending enforcement issues with the DOJ, FinCEN, OFAC, or CFTC. The platform will continue to operate fully and is committed to providing the same products and services to customers.
Circle’s Cross-Chain Transfer Protocol (CCTP) is now live on the Noble mainnet
Stablecoin developer Circle announced on the X platform that the Cross-Chain Transfer Protocol (CCTP) is now live on the Noble mainnet of the Cosmos ecosystem application chain. Cosmos application chains can combine CCTP with IBC functionality, allowing Ethereum and other supported network users to access the Cosmos ecosystem. The combination of CCTP and IBC will enable programmable, 1:1 cross-chain transfers with zero slippage.
Front-end of Velodrome and Aerodrome under attack, please refrain from interacting
Optimism’s decentralized trading protocol Velodrome tweeted that the front-end is currently under threat, so please refrain from interacting with Velodrome for now as the team is investigating.
According to Cryptoyieldinfo, the front-end of Aerodrome has also been attacked. ZachXBT mentioned that the stolen funds appear to flow to these two addresses: 0x02BA13f39D7df9C3F7592257b636eD6C7CC4ae78 and 0xf64fCEdFCe714Bbe835761e54D7067f2f8231443.
Later in the day, Velodrome stated that the protocol’s funds are safe and the contract is unaffected, and users should check the front-end website for authorization.
Binance and Gulf’s joint venture, Gulf Binance, is expected to launch in January
According to Bloomberg, the Thai joint venture Gulf Binance platform between Binance and Gulf Energy is expected to launch in January. Gulf Energy, the Thai energy company, holds a 51% stake, while Binance holds the remaining shares. In an interview at the Stonehill Golf Club in the outskirts of Bangkok, billionaire Sarath, who is 58 years old, expressed confidence in Binance’s settlement, stating that Binance was not charged with fraud or misuse of customer funds in the US settlement agreement.
Binance will be adding spot trading pairs such as BLUR/FDUSD and DYDX/TRY tomorrow.
On November 30, 2023, at 16:00 Beijing time, Binance will open spot trading pairs for BLUR/FDUSD, DYDX/TRY, SUPER/FDUSD, USTC/FDUSD, and USTC/TRY.
The hacker who stole $47 million from decentralized trading protocol KyberSwap last week released on-chain information stating, “I said I was willing to negotiate. In return, I received (mostly) threats, deadlines, and general unfriendliness from the execution team. The statement regarding the (potential) negotiation agreement has been prepared. I promise to release a statement about the ‘agreement’ on November 30. Assuming I continue to be treated with further hostility, we can reschedule for a later date.”
HashKey Exchange is about to launch Polkadot (DOT). Deposits and withdrawals are now open, and trading will begin at 16:00 on November 30, 2023. The DOT/USD trading pair is restricted to professional investors.
Compound Labs CEO, Jayson Hobby, claimed that someone used his email to submit a comment to the SEC rejecting BlackRock’s spot Bitcoin ETF. A user on platform X shared a document regarding this matter and sought confirmation from Hobby. Hobby stated that he did not send the email and someone used his email for this operation. Some users suggested that Hobby submit his own letter and inform the SEC that the previously submitted letter was fraudulent. Hobby responded by saying that he is currently doing so.
IOTA has established a $100 million foundation in Abu Dhabi to promote the tokenization of assets and the development of the IOTA network.
According to Reuters, IOTA’s co-founder and chairman, Dominik Schiener, announced that the global technology network, IOTA, has established a $100 million foundation in Abu Dhabi to accelerate the development of its distributed ledger technology (DLT) in the Middle East. The foundation aims to help transform real-world assets into digital assets. The IOTA ecosystem DLT foundation is the first blockchain-focused organization approved by Abu Dhabi Global Market (ADGM) regulatory agency. The foundation will receive over $100 million worth of IOTA tokens to be redeemed over the next four years, which will be used for developing the IOTA network and accelerating its growth.
Schiener said in a phone interview, “The market is currently reshuffling, so we have a great opportunity to position ourselves by focusing on institutional adoption and providing them with on-chain solutions because it is more viable to do so in the UAE now.” Schiener also stated that IOTA will start “tokenizing” assets, where ownership of land or buildings is represented as digital tokens and stored on the blockchain. These tokens serve as digital ownership certificates for almost all valuable assets.
In his latest blog post, Arthur Hayes, co-founder of BitMEX, stated that Chinese authorities may be preparing to inject a significant amount of credit into the economy, thus boosting the Bitcoin and broader cryptocurrency markets. Hayes mentioned that the United States recently “weakened the dollar by issuing more treasury bonds,” and with the US dollar index declining throughout November, this impact is now apparent. He believes that this creates more favorable conditions for Chinese authorities to provide “ample” new credit to the struggling real estate industry. This global currency dynamic could benefit the Bitcoin and cryptocurrency markets. He stated that if China increases currency issuance, those funds would flow into the global market and support price increases for all types of risk assets.
Firstly, funds may flow from mainland China to risk assets through Hong Kong. Hayes stated that if there is a way to legally transfer cash from the mainland to Hong Kong, Bitcoin would be one of the many risk assets to be purchased. Secondly, due to “ample yuan credit,” there will be a decrease in global demand for US dollar credit and liquidity. Considering the US dollar is the world’s largest funding currency, if credit prices fall, the prices of Bitcoin and other fixed supply assets like gold will rise. Hayes concluded that because this prediction favors risk assets, he plans to focus on crypto investments rather than investing in US treasuries. He mentioned he will continue to move funds from US treasuries to cryptocurrencies.
TokenFi plans to launch RWA tokenization module in 2024 for tokenizing non-securities assets
TokenFi on the X platform announced plans to launch the TokenFi RWA Tokenization Module to achieve non-securities asset tokenization. The team is currently in discussions with Chainlink and other key partners to leverage their technology in support of this tokenization module.
TokenFi also stated that they will use Chainlink Proof of Reserve (PoR) and the Chainlink Cross-Chain Interoperability Protocol (CCIP) to support the RWA tokenization module. Currently, TokenFi’s parent company Floki is in discussions to use Chainlink solutions as one of the main technical frameworks for the TokenFi RWA tokenization module, potentially implementing it by 2024. Additionally, TokenFi may also implement ERC-3643. The TokenFi RWA tokenization module will use TOKEN as its primary utility token and is scheduled to launch on the mainnet in 2024.
Investment News
Decentralized Bitcoin mining pool Mummolin, headquartered in Wyoming, announced the successful completion of a $6.2 million seed funding round led by Block CEO Jack Dorsey. Other investors include Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and Bitcoin Opportunity Fund.
Web3 consumer application Setter raises $5 million in seed funding with a16z leading
According to CoinDesk, Web3 consumer application Setter has raised $5 million in seed funding with Andreessen Horowitz (a16z) leading the round. Other participants include Marcy Ventures LianGuairtners, Superlayer, Thirty Five Ventures, and retired tennis superstar Serena Williams. The application plans to help brands innovate and promote exclusive products and offer limited-edition items to customers.
Web3 venture firm AC Capital launching new $20 million crypto fund
According to CryptoSlate, Web3 venture firm AC Capital has announced the launch of a new $20 million fund focused on key investments in the BTC ecosystem, non-EVM Layer applications, off-chain liquidity layers, and user-friendly cryptographic interface solutions.
DeFi yield platform Coinchange raises $10 million in funding
According to The Block, DeFi yield platform Coinchange has raised $10 million in funding with G1.VC, Spirit Blockchain, Good News Ventures, K2.CA, and Atoia Ventures leading the round. The company will use the funds to further develop their business and services and attract new customers.
It is reported that Coinchange allows commercial users to trade and earn digital asset yields through their Earn API. The Earn API is a risk management platform that supports Bitcoin, Ethereum, and all major stablecoins, providing stable returns. In addition to DeFi yield services, Coinchange also manages compliant brokerage services in the United States and Europe.
Important Data
FTX/Alameda address transferred approximately 130 million TRX and 7.6 million MATIC to CEX
According to PeckShieldAlert monitoring, the address labeled FTX/Alameda transferred a total of 129.8 million TRX (worth about $13.4 million) to Binance and 7.6 million MATIC (worth about $5.75 million) to Coinbase.
PeckShield: Celsius Network address transferred $53.4 million worth of cryptocurrency
PeckShieldAlert monitoring shows that the address labeled Celsius Network transferred approximately $53.4 million worth of cryptocurrency to the address 0x7943…0f63, including 10.5 million USDC, 1.9 million GUSD, and 153 million ETH (worth about $31 million).
According to Lookonchain, two wallets of Celsius transferred $62 million worth of crypto assets in the past 8 hours, including over 20,000 ETH.
According to Lookonchain monitoring, Machi Big Brother (Huang Lizheng) address continuously raised funds to purchase BLUR and deposited ETH into Blast in the past week. He purchased a total of 4.91 million BLUR (approximately $2.67 million) at an average price of $0.55 and deposited 4,402 ETH (approximately $9.06 million) into Blast.
L2 network Blast’s TVL has surpassed $600 million
DeBank data shows that the Layer 2 network Blast contract address launched by Blur founder LianGuaicman currently holds assets worth over $600 million, reaching $619.8 million. Among them, approximately $539 million worth of ETH is deposited in the Lido protocol, $80.27 million worth of assets is deposited in the Maker protocol, and approximately $453 is still in the wallet.
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