LianGuai Morning News | Membrane Finance launches the first Euro stablecoin EUROe.

Membrane Finance launches EUROe, the first Euro stablecoin.

Headlines

▌Membrane Finance Launches First Euro Stablecoin EUROe on Solana Blockchain

Finnish fintech company Membrane Finance has announced the launch of the first Euro stablecoin EUROe on the Solana blockchain, bringing native Euro stablecoin to the blockchain and providing new use cases for European users, including forex, Euro-denominated debit card payments, and blockchain-native value storage, while ensuring compliance with the expected cryptocurrency market regulations (MiCA).

According to reports, EUROe is a Euro stablecoin that complies with MiCA and can transform fiat Euro into blockchain-supported digital currency. Anyone with a EUROe account can create and exchange EUROe for free at a 1:1 ratio. EUROe is backed by 100% bankruptcy protection funds and 2% CET1 equity capital support from European financial institutions or banks.

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EUROe was previously available on Ethereum, Polygon, Arbitrum One, and Avalanche. Solana is the fifth blockchain it has been launched on.

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Market

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

BTC recent trading price is $26,431.5, with a daily change rate of +1.10%;

ETH recent trading price is $1,679.7, with a daily change rate of +1.35%;

BNB recent trading price is $216.57, with a daily change rate of +0.53%;

XRP recent trading price is $0.53, with a daily change rate of +1.29%;

DOGE recent trading price is $0.0638, with a daily change rate of -0.02%;

ADA recent trading price is $0.2681, with a daily change rate of +2.02%;

MATIC recent trading price is $0.5573, with a daily change rate of +0.74%.

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Policies

▌SEC Accuses Former New Jersey Official of Raising at Least $620,000 Through Unregistered Blazar Token Offering

The U.S. Securities and Exchange Commission (SEC) has announced charges against former New Jersey correctional officer John A. DeSalvo for fraudulently raising funds through an unregistered Blazar token offering, promoting it as a “crypto pension” to police, firefighters, and emergency personnel, falsely claiming that it could supplement investors’ retirement plans. Blazar tokens were securities created by him, but it collapsed in May 2022. The SEC also accuses DeSalvo of misappropriating investor funds, with a significant portion of the funds being stored in his personal cryptocurrency wallet and used to pay for renovations.

According to the SEC’s charges, from the launch of Blazar tokens in November 2021 until its eventual collapse, DeSalvo raised at least $620,000 from approximately 220 investors.

▌U.S. Department of Justice Charges Tornado Cash Founder with Violating Money Laundering and Sanctions Regulations

The US Department of Justice has accused Tornado Cash founders Roman Storm and Roman Semenov of violating money laundering and sanctions regulations and conspiring to operate an unlicensed money transmission business. The indictment states that their operation, Tornado Cash, facilitated over $1 billion in money laundering transactions and laundered hundreds of millions of dollars for the sanctioned cybercrime organization Lazarus Group.

According to the announcement, Roman Storm has been arrested in Washington state and will appear for trial today in the United States District Court for the Western District of Washington, while Roman Semenov is still at large.

US prosecutor Damian Williams said, “While Roman Storm and Roman Semenov publicly claim to provide technologically advanced privacy services, in fact, they know that they are helping hackers and fraudsters conceal their criminal proceeds. Today’s indictment serves as a reminder that money laundering through encrypted transactions is illegal and those involved in such money laundering activities will face prosecution.”

▌The trial of the SEC vs. Ripple lawsuit cannot begin until after April 19, 2024

Documents released by Fox Business reporter Eleanor Terrett show that the SEC has provided the judge with the second quarter of 2024 as the dates they can and cannot appear in court, while Ripple CEO Brad Garlinghouse and co-founder Chris Larsen’s lawyers have informed the judge that they cannot appear for trial between April 1 and April 14, 2024. Therefore, the trial of the SEC vs. Ripple lawsuit cannot begin until after April 19, 2024.

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Blockchain Applications

▌NFT social poker application PokerGO Play launches on Gala Games

PokerGO Play is a new NFT-based social poker application that has partnered with streaming platform PokerGO to launch on Gala Games. Developed by Shiver Entertainment, PokerGO Play is promoted as a “social poker game unlike any other game today,” combining real-life poker gameplay with digital ownership and game benefits provided through NFTs, as well as offering daily rewards through a lottery program.

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Cryptocurrencies

▌Coinbase will delist six altcoins including BOND and DDX

Cryptocurrency exchange Coinbase announced that it will delist six altcoins on September 6, 2023, including BarnBridge (BOND) and DerivaDAO (DDX). The other altcoins to be delisted include Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).

The exchange did not provide a reason for the delisting but stated that it will continue to review whether assets on its exchange meet listing standards.

▌Bitstamp to terminate Ethereum staking services for US customers starting September 25

Cryptocurrency exchange Bitstamp has announced that it will terminate Ethereum staking services for US customers starting September 25, considering the current regulatory dynamics in the United States.

Bitstamp US CEO Bobby Zagotta stated that US customers will no longer receive staking rewards, and all other Bitstamp services will remain unaffected. Until September 25, 2023, customers will continue to receive staking rewards, after which all staked assets will be unstaked, and the rewards along with the principal will be credited to the users’ main Bitstamp account balance.

▌FTX bankruptcy case incurs legal fees of nearly $1.5 million per day

Kris Hansen, the lawyer representing the FTX creditors’ committee, stated that the daily legal fees incurred in the FTX bankruptcy case amount to nearly $1.5 million, with total charges approaching $50 million per month. Hundreds of lawyers, financial advisors, and bankers are working almost full-time on these tasks. However, Hansen mentioned that every dollar spent in this case is essentially money that the creditors will not receive.

Two months ago, a fee examiner from another law firm submitted a report reviewing the expenses incurred in the case for the previous seven months (totaling $200 million) and pointed out that these fees were “extremely astonishing”.

▌Bitcoin sees largest single-day gain in six weeks

Data compiled by Bloomberg shows that Bitcoin rose by 3.6% to $26,794 on that day, marking the largest single-day gain since July 13th. This increase occurred amidst Bitcoin’s worst week since November and the collapse of the cryptocurrency exchange FTX. Tokens with smaller market caps, such as Cardano, Solana, and Polygon, experienced even larger gains.

As Bitcoin rebounds, US stocks see their largest increase in six months, bond yields decline, and economic reports from the US and Europe intensify speculation that central banks will pause interest rate hikes to prevent an economic downturn.

▌Former Barclays Bank executive: Downtrend in digital assets could last for weeks

John Glover, former managing director of Barclays Bank and Chief Investment Officer of the cryptocurrency lending institution Ledn, stated that the downtrend in digital assets could last for weeks. Glover noted in an email, “The technical and fundamental outlook for risk assets, including BTC and ETH, suggests that prices will soften in the coming weeks. Market prices often follow when technicals and fundamentals align.”

▌DAI’s circulating market cap exceeds $5 billion for the first time since April

According to data from CoinMarketCap, DAI’s circulating market cap has surpassed $5 billion for the first time since April. Prior to this, DAI’s market cap had peaked at over $10 billion in early 2022 and dropped to $4.4 billion by the end of July.

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Important Economic News

▌NVIDIA responds to the impact of US upgrading AI regulation on China: Long-term implementation affects company’s leading opportunities

During NVIDIA’s second quarter earnings conference call on August 24, 2024, company executives responded to the impact of the US upgrading AI regulation in China. Given the strong global demand for NVIDIA products, the company expects that the additional export restrictions will not have an immediate substantial impact on the financial performance of its data center GPU business. However, if a long-term ban on selling data center GPUs to China is implemented, it will result in the company losing its competitive edge and leading opportunities in one of the largest global markets. It is reported that data center demand from China accounts for 20%-25% of this business’s revenue, reaching a historic high. (Securities Times)

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LianGuai Encyclopedia

▌Side Channel Attacks

The goal of side channel attacks is the physical feasibility of the system, rather than its algorithm. They exploit information leaked during the operation of devices, such as power consumption, electromagnetic radiation, or timing variations for attacks. These subtle leaks can allow attackers to gain deep insights into sensitive data such as encryption keys, potentially compromising the security of cryptocurrency hardware wallets.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not constitute actual investment advice. Please establish correct investment concepts and be sure to enhance risk awareness.

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