LianGuai Morning News | CZ unable to return to UAE before next year’s verdict, Google Cloud confirms participation in EigenLayer testnet

Commotion in LianGuai CZ Barred from Returning to UAE Until Verdict Next Year, Google Cloud Set to Join EigenLayer Testnet

Headlines

▌US Judge Says CZ Cannot Return to UAE Before Verdict Next Year

According to Coindesk, Binance founder Changpeng Zhao (CZ) must currently remain in the United States as US federal judge Richard Jones is considering a motion from the Department of Justice, which requests that CZ stay in the US until his sentencing in February next year. The Department of Justice believes that if CZ leaves the US, he may face a flight risk and points out that he still possesses a significant amount of wealth, with no extradition treaty between the US and the UAE. The Department of Justice states that CZ could face several months to up to 10 years of imprisonment, although he can appeal any sentence exceeding 18 months.

During Monday’s hearing, Judge Richard Jones did not indicate whether he would schedule a hearing or when he would rule on the motion.

▌Google Cloud Confirms Participation in EigenLayer Testnet

• Shiba Inu: Is it Time to Go Fetch Some SHIB?
• Jito Foundation Unleashes JTO Token for Mastering Solana-based Liquid Staking Protocol – Airdrop Bliss Incoming
• KyberSwap Bounces Back Stronger, Recovers $4.7 Million from Daring Security Breach!

A spokesperson for EigenLabs, the developer behind EigenLayer, stated that Google Cloud has joined the “operator working group” of EigenLayer, along with over 65 other operators and independent participants. EigenLayer is a re-collateralization protocol that allows Ethereum to be collateralized across multiple platforms. Google Cloud declined to comment on whether they plan to migrate to the mainnet of EigenLayer or if the protocol will be added to its blockchain node engine.

EigenLabs cannot confirm whether Google Cloud will continue as an operator once the nodes are running on the mainnet. The spokesperson stated that they anticipate Google Cloud will continue to provide support as the testnet is intended to prepare for the mainnet deployment, which is scheduled for the first half of 2024.

---

Market

As of the time of writing, according to coinmarketcap data:

BTC recent trading price is $37,254.3, with a daily change of +1.37%;

ETH recent trading price is $2027.43, with a daily change of +1.22%;

BNB recent trading price is $227.2, with a daily change of +1.93%;

XRP recent trading price is $0.6039, with a daily change of +1.00%;

DOGE recent trading price is $0.0787, with a daily change of +2.07%;

ADA recent trading price is $0.3783, with a daily change of +0.96%;

SOL recent trading price is $55.08, with a daily change of +2.11%.

---

Policies

▌WSJ: SEC Still Seeking More Evidence of Fraud from Binance.US

According to The Wall Street Journal, the US Securities and Exchange Commission (SEC) is actively seeking more evidence to prove potential fraud by Binance.US. Earlier this month, the Department of Justice filed charges against Binance and its former CEO Changpeng Zhao, who has pleaded guilty. The SEC is still looking for evidence to demonstrate that Binance and its founder CZ may have backdoors to control the assets stored on the Binance.US platform, with concerns that Binance could control the cryptocurrency assets on Binance.US through fraudulent behavior similar to FTX.

---

Blockchain Applications

▌Pudgy Penguins Launch Exclusive “Celebrity Gift Box” at Walmart

To celebrate the North American Cyber Monday shopping festival, Pudgy Penguins has launched an exclusive “Celebrity Gift Box” at Walmart for the discounted price of $25. The gift box includes toys and collectibles and can only be purchased through Walmart.com. It contains a 12-inch plush toy, a posable figurine, a smaller clip-on plush toy, an igloo toy, and a certificate that allows buyers to claim a free NFT (minted on the zkSync Era) for use on the Pudgy World gaming platform.

▌Lido DAO Approves Deployment of Simple DVT Module

Lido DAO has approved the deployment of the Simple Distributed Validator Technology (DVT) module as a step towards rapidly diversifying Lido node operators and driving innovation within the Ethereum staking ecosystem. DVT is a system that operates similar to validators in a multi-signature setup, relying on multiple Network Operators (NOs) managing different nodes, communicating and coming to a consensus to fulfill the responsibilities of validators.

In addition, DVT aims to improve validator resilience, reduce single points of failure and downtime risks, enhance decentralization among infrastructure, geography, and clients, and add an additional layer of protection through distributed key generation (DKG).

▌LayerZero Launches L2 Network Public Goods Network (PGN)

LayerZero has announced the launch of the Public Goods Network (PGN) on their L2 blockchain built on the OP stack. The project aims to create funding for public goods through ordering fee allocation. Applications integrated with LayerZero can now add PGN as a supported network. Builders on PGN can extend their applications to over 40 blockchains with LayerZero endpoints.

▌Movement Labs to Launch Ethereum L2 Based on Move VM

Movement Labs has announced plans to launch M2, the first Move Virtual Machine L2 for Ethereum, with Celestia as a modular DAO. Starting with M2, Movement is building a blockchain ecosystem based on modular Move, made possible by Celestia’s Blobstream and modular stack. With modularity at its core, Movement will release public goods and tools to promote the adoption of the Move programming language in a wider blockchain ecosystem.

▌Web3 Gaming Community Platform Earn Alliance Set to Launch Base

Web3 gaming community platform Earn Alliance is set to launch Base, having completed a $4.75 million seed round last year led by CoinFund and Fabric Ventures, with participation from BlockchainCoinvestors, MADWorldVentures, and angel investors.

---

Cryptocurrencies

▌FTX Investors Sue MLB, Formula 1, and Mercedes-Benz for Promoting FTX

FTX investors sue the cryptocurrency exchange’s celebrity founder for alleged involvement in a $11 billion fraud, targeting entities including Major League Baseball, Formula One racing, and the Mercedes-Benz racing team. The case is currently being heard in the United States District Court for the Southern District of Florida (Miami).

Investor lawyers filed a lawsuit in the Miami federal court on Monday against MLB and other entities, accusing them of “assisting, abetting, and/or actively participating in FTX Group’s massive, global fraud amounting to billions of dollars. It also includes big-name celebrities such as former NFL Super Bowl champion quarterback Tom Brady, reigning American League MVP Shohei Ohtani, and NBA sharpshooter Steph Curry.

FTX investors claim they lost at least $11 billion in the collapse of FTX and allege that MLB, Formula One racing, and the Mercedes-Benz Formula One racing team aided in the promotion of unregistered securities through promotional transactions with the cryptocurrency website.

▌Assets under management for the Brazilian Bitcoin ETF approach $100 million

A Brazilian investigation found that assets under management for Brazilian Bitcoin ETFs approach $100 million. As of November 21, the combined assets under management (AUM) for these ETFs total $96.8 million, with Hashdex’s Nasdaq Bitcoin Reference Price FDI (BITH11) leading the way with $57.8 million in AUM and a market share of approximately 60%.

Other providers of Brazilian Bitcoin ETFs include Itau Asset Management, which launched a fund in partnership with Mike Novogratz’s Galaxy Digital last year, and QR Capital, which launched a product in 2021 with assets under management of $36 million.

▌10T Holdings Founder: Bitcoin will surpass $100,000 by 2025

10T Holdings founder Dan Tapiero stated in an interview that Bitcoin will surpass $100,000 by the next bull market in 2025 and that he considers this to be a rather conservative estimate.

As the founder, CEO, CIO, and managing partner of 1Rountable LianGuairtners and 10T Holdings, Dan Tapiero manages over $1 billion in investments. He explained that his outlook is based on the understanding that Bitcoin is becoming an increasingly attractive store of value, attracting significant capital allocation away from more traditional assets.

▌Solana MEV development project Jito launches governance token with 10% retroactive airdrop

Solana’s liquidity staking protocol Jito announced the launch of the governance token JTO, which will be used for community governance. Holders can participate in setting fees for the JitoSOL equity pool, control parameter updates for StakeNet, manage the DAO treasury and revenue of JTO tokens, and contribute to the enhancement of Jito Network.

The total supply of JTO is 1 billion tokens, of which 10% will be distributed to the community through a retrospective airdrop. This includes JitoSOL holders, Solana validators running the Jito-Solana MEV client, and researchers actively using the Jito Network MEV program. The allocation details are as follows: Community Growth: 34.3%; Ecosystem Development: 25%; Investors: 16.2%; Core Contributors: 24.5%.

Investors in Jito Labs include Solana Ventures and Anatoly Yakovenko, co-founders of Solana Labs. Last year, the company raised $10 million in Series A funding.

---

Important Economic News

▌St. Louis Fed Study: Fed may take four years to return profits to the Treasury

A recent study by the St. Louis Fed shows that it may take the Federal Reserve nearly four years to make up for historic operating losses and resume returning profits to the U.S. Treasury. The losses were a result of the tightening cycle, as the Federal Reserve significantly increased interest rates while reducing the size of its balance sheet, leading to losses starting from September 2022. As of November 22, the “deferred assets” used to measure net negative income for the Federal Reserve amounted to $120.4 billion. Deferred assets must be covered before excess earnings are returned to the Treasury, and the St. Louis Fed research estimates that the Federal Reserve will cover them by mid-2027. Despite being profitable for many years, the Federal Reserve faced a loss in the fall of 2022 as interest rates rose enough to surpass the income it was generating from bonds and services, further increasing the deficit as the stock of bonds the Federal Reserve owns and generates income from decreased with rising rates. (Jinshi Data)

---

LianGuai Encyclopedia

▌What is the Pyth Network?

Like Chainlink, Pyth is an oracle service—a platform that provides data to blockchains. However, Pyth’s market-centric “real-time data” feed is noticeably faster than Chainlink, which should allow the service to better adapt to certain financial use cases.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not constitute actual investment advice. Please develop a correct investment mindset and increase risk awareness.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!