Wu’s Weekly Selection Tether becomes the 22nd largest holder of US Treasury bonds globally, Grab adds Web3 wallet and News Top10 (0902-0908).

Tether becomes 22nd largest holder of US Treasury bonds, Grab adds Web3 wallet and News Top10 (0902-0908).

Author | Wu Talks about Blockchain

Top 10 News of the Week

1. Tether Holds $72.5 Billion in U.S. Treasury Bonds, Becomes the 22nd Largest Holder in the World

On September 5th, Tether’s Chief Technology Officer, LianGuaiolo Ardoino, tweeted that Tether currently holds $72.5 billion in U.S. Treasury bonds, surpassing countries such as the United Arab Emirates, Mexico, Australia, and Spain, and becoming the 22nd largest holder in the world.

• Block Earner will launch a loan product backed by Bitcoin as collateral.
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• 2023 Bitcoin Mining Industry In-Depth Report Halving Approaching, Miners’ Survival and Preparation

2. Former SEC Chairman Jay Clayton: Approval of Spot Bitcoin ETF is “Inevitable”

On September 4th, former SEC Chairman Jay Clayton stated that the approval of a spot Bitcoin ETF is “inevitable.” The dichotomy between futures products and spot products cannot continue indefinitely. Previously, the U.S. Securities and Exchange Commission announced that it would delay making a decision on proposals for spot Bitcoin ETFs from BlackRock, Fidelity, and others until at least mid-October. Clayton stated that the SEC may announce its decision at that time or may need more time, but it is expected that “progress will be made in this regard in the future.”

3. Gambling platform Stake.com suffers attack

On September 4th, according to PeckShield’s monitoring, the gambling platform Stake.com was reportedly attacked. ZachXBT, a blockchain detective, stated that the estimated loss is approximately $15.9 million.

The lost assets include 6,000 ETH, $3.9 million USDT, $1.1 million USDC, and $900,000 DAI, which have been transferred or converted into other assets. At the same time as the transfer of Ethereum funds, significant transfers were made on BNB Chain and Polygon assets on Stake.com, resulting in a loss of approximately $25.6 million. SlowMist Cosmos stated that at least $41.3 million has been stolen from the gambling platform Stake.com, indicating that there may be an issue with the private keys, and it may not necessarily be a case of the private keys being stolen but rather the malicious exploitation of private key-related interface services.

4. Google updates advertising policy to allow NFT game advertisements

On September 7th, Google updated its cryptocurrency and related product policies. Starting from September 15th, 2023, advertising customers of NFT games that do not promote gambling-related content can promote these products and services if they meet the following requirements and obtain Google certification. Promotion of blockchain games involving NFTs is allowed; promotion of social casino games that reward NFTs is not allowed; promotion of “real money gambling” destinations is not allowed; promotion of games in which players can bet or wager NFTs for a chance to win real-world value (including other NFTs) is not allowed.

5. Singapore’s newly elected president: Cryptocurrencies are purely speculative and a bit crazy

On September 4th, Singapore’s newly elected president and former Minister of Finance and central bank governor, Tharman Shanmugaratnam, referred to cryptocurrencies as purely speculative and a bit crazy. His past financial experience may influence his stance on related policies. Singapore has transitioned from being an early adopter of cryptocurrencies to a jurisdiction attempting to find the right regulatory balance, following the collapse of Terraform Labs and 3AC. From 2011 to 2023, Shanmugaratnam also served as the Chairman of the Monetary Authority of Singapore (MAS). However, in the early days, Shanmugaratnam had a laissez-faire approach towards cryptocurrencies, while at the 2023 World Economic Forum, he referred to cryptocurrencies as purely speculative investment activities, which are actually a bit crazy, and advised authorities to provide “hyper-clarity” on the risks associated with cryptocurrencies.

6. Southeast Asia’s largest ride-hailing app Grab adds Web3 wallet in Singapore

On September 8th, Grab, the largest ride-hailing app in Southeast Asia, announced in its latest version that it has added a Web3 wallet in the Singapore region. It currently supports the Polygon wallet and comes with a guidebook for cryptocurrency wallets and NFTs. Grab has over 180 million users.

It’s worth noting that the wallet provided by Grab may be a custodial wallet similar to a centralized exchange. It doesn’t have private keys but has a PIN password and uses security questions and answers to recover the account. Currently, it only supports the Polygon blockchain.

7. Weekly summary of DCG’s activities

a. Gemini proposes a plan for DCG to repay more funds

On September 2nd, according to The Information, the cryptocurrency exchange Gemini proposed a plan to recover more funds from DCG, the parent company of Genesis, and sought support from other creditors. The plan aims to obtain a larger share of any funds recovered through suing DCG, estimated to be $2.8 billion.

b. Genesis sues DCG for unpaid loans exceeding $600 million

On September 7th, according to Coindesk, Genesis Global Capital is suing Digital Currency Group (DCG) and Digital Currency Group International (DCGI) for the repayment of multiple loans totaling over $600 million. According to two documents submitted to the bankruptcy court in the Southern District of New York on Thursday, DCG borrowed up to $500 million from Genesis through four loans in 2022, while DCGI borrowed 18,697.7 bitcoins in 2019. As of Wednesday, DCG owes Genesis $500 million, and DCGI owes Genesis 4,550.5 bitcoins (currently worth about $117 million). Genesis is also seeking late fees and accrued interest.

8. Weekly summary of Binance’s activities

a. Three executives at Binance resign

On September 6th, Gleb Kostarev, the head of Binance’s Eastern Europe and Russia business, announced his departure from Binance on Facebook. Vladimir Smerkis, the general manager of Binance Russia and the Commonwealth of Independent States (CIS) region, subsequently announced his resignation on Facebook as well. Prior to this, according to The Wall Street Journal, Binance is reevaluating its business in Russia, including the possibility of completely exiting the Russian market. In addition, Helen Hai, who has held executive positions at Binance since 2018, has also resigned.

b. Binance releases its tenth reserve audit

On September 7th, Binance released its tenth reserve audit (snapshot date: 9/1). Users’ BTC holdings decreased by 0.07% compared to the previous audit on August 1st, with a reduction of 4,500 BTC. Users’ ETH holdings decreased by 4.3%, with a reduction of 175,000 ETH. Users’ BNB holdings increased by 3.3%, with an addition of 975,000 BNB. Users’ USDT holdings increased by 1%, with an addition of 161 million USDT.

c. Binance Releases XIRTAM Refund Guide, Related Assets Deposited into Smart Contract

On September 6th, Binance released an update regarding XIRTAM-related matters. Currently, the related assets have been deposited into the smart contract. Users can view the information of the Claim contract through the XIRTAM refund guide and follow the instructions to check the relevant information. Previously, Binance users affected by the XIRTAM incident were required to submit specific information before August 2nd. The security team returned the corresponding ETH assets to eligible users through the smart contract address.

9. OKX HK Expects to Obtain License in Q1/Q2 Next Year

On September 4th, Leizhikai, the Chief Business Officer of OKX, stated that the preparation for OKX HK’s compliance license application in Hong Kong has entered its final stage. It is hoped that the license will be obtained in Q1/Q2 next year. In the first year after obtaining the license, OKX HK may be able to accommodate 100,000 to 200,000 Hong Kong retail users. The number of licensed brokers will not increase dramatically next year. It is believed that the Securities and Futures Commission will adopt a cautious stance and have high requirements for applicants, and the authorities will want to observe the operating conditions of license applicants first.

10. Founder of Turkish Cryptocurrency Exchange Thodex, Faruk Fatih Özer, and His Family Sentenced to Over 10,000 Years in Prison

On September 8th, Faruk Fatih Özer, the founder of Thodex, one of Turkey’s largest cryptocurrency exchanges, and his family were sentenced to a total of 11,196 years and 10 months of imprisonment, along with a fine of 135 million Turkish lira (approximately 5 million US dollars). Thodex went offline and Özer disappeared suddenly in April 2021, leaving over 400,000 members unable to recover a total of 2 billion US dollars in cryptocurrency deposits. Özer was arrested in August 2022 and faced seven charges, including establishing a criminal organization and fraud.

Key Financing Events

• Web3 startup Helix completes a $2 million financing round.

• Decentralized insurance distributor OpenCover, focusing on cryptocurrencies and Web3 platforms, completes a $4 million seed round of financing.

• Cryptocurrency startup Trident Digital Group completes an $8 million seed round of financing.

• Web3 art startup TRLab secures $5 million in seed round financing.

• Story Protocol completes a $25 million Series A financing round led by a16z crypto.

• Web3 domain startup D3 Global completes a $5 million seed round of financing.

• Cryptocurrency payment startup Kotani completes a $2 million seed round of financing.

For more industry financing events, please visit crypto-fundraising.info.

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