Wu’s Weekly Picks CoinEX attacked, FTX’s coin selling rules, Binance US layoffs, and Top 10 news (September 9-15)

Wu's Weekly Picks CoinEX attack, FTX coin selling rules, Binance US layoffs, and Top 10 news (Sep 9-15)

Author | Wu Talks about Blockchain

Top 10 News of the Week

1. US August CPI Unadjusted Annual Rate 3.7%, Core CPI Annual Rate 4.3%

In August, the unadjusted annual rate of CPI in the US was 3.7%, with an expected rate of 3.6% and a previous value of 3.2%, reaching a new high since May this year and rising for the second consecutive time. The unadjusted annual rate of core CPI in the US in August was 4.3%, with an expected rate of 4.3% and a previous value of 4.7%, reaching a new low since September 2021 and declining for six consecutive months.

• Analyzing the two pairs of rivals – Sushiswap and Uniswap, LooksRare and OpenSea, explaining what vampire attacks are.
• Analysis of the current status of the four mainstream Layer2 solutions Arbtrium occupies more than half of the market share, while Zora’s monthly number of creators has increased by over 97%.
• LianGuai Morning News | Bitcoin network fees increased by 40% this week, with an average of 30 BTC per day.

According to The Wall Street Journal, due to the rise in energy costs, the rate of consumer price increase in the United States in August was the fastest in over a year. The monthly core data may keep Federal Reserve officials maintaining interest rates stability at the meeting next week, but it will not resolve the larger debate on whether to raise interest rates again this year to slow down the economy and maintain recent inflation progress. The International Energy Agency said that Saudi Arabia’s decision to extend the crude oil production cut deadline until the end of this year could lead to an increase in gasoline prices.

2. SEC Chairman Gensler: Reviewing Multiple Bitcoin Spot ETP Applications

On September 12th, according to @EricBalchunas, SEC Chairman Gensler stated at the latest hearing: We are reviewing that decision. We are also reviewing multiple Bitcoin spot ETP applications (except for Grayscale), and I am seeking advice from staff. Previously, a court ruling severely criticized the SEC for approving Bitcoin futures ETFs but not Bitcoin spot ETFs.

3. G20 is Pushing for an International Cryptocurrency Framework

On September 11th, according to Cointelegraph, G20 is pushing for an international cryptocurrency framework that will impact users in multiple countries by automatically exchanging information on cryptocurrency transactions between jurisdictions starting from 2027. G20 calls for the swift implementation of the Cryptocurrency Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS), and requests that the Global Forum on Transparency and Exchange of Information for Tax Purposes determine an appropriate and coordinated timetable.

4. Binance Weekly Recap

a. Binance US General Counsel and Chief Risk Officer to Resign

On September 15th, according to The Wall Street Journal, Binance US General Counsel Krishna Juvvadi and Chief Risk Officer Sidney Majalya are set to resign. Juvvadi is one of the contacts between the company and the SEC. Previously, Binance US had laid off one-third of its staff, and President Brian Shroder had resigned, with Chief Legal Officer Norman Reed temporarily taking over as the CEO of Binance US.

b. Binance US Lays Off One-Third of Staff, President Brian Shroder Resigns

On September 13th, according to The Block, Binance US has laid off one-third of its staff, and President Brian Shroder has resigned.

After being sued by the SEC, the monthly trading volume of Binance US has decreased significantly, from $10.58 billion in January to $70 million this month.

On the same day, according to Bloomberg, Chief Legal Officer Norman Reed temporarily took over the position of Binance US CEO. A Binance spokesperson said: The SEC is actively trying to weaken our industry and has an impact on our business, which has real-world implications for employment and innovation in the United States. This is an unfortunate example.

c. Binance will airdrop a total of $3.5 million worth of BNB to users in earthquake-stricken areas of Morocco and Libya

On September 12th, the Binance Charity Foundation will airdrop up to $3 million worth of BNB to Moroccan users affected by the earthquake. User identification will be based on the Proof of Address (POA) completed in the Safi Province of Marrakech before September 9, 2023. Eligible users will receive $100 worth of BNB directly in their Binance accounts. For existing users who complete the POA between September 9th and September 30th, a donation of $25 worth of BNB will be made. In addition, active trading users in unaffected areas will receive an airdrop of $10 worth of BNB. It is expected to cover approximately 70,000 Binance users in Morocco.

On the same day, Binance announced an airdrop of $500,000 worth of BNB to users in Libya to support post-flood work. On September 13th, Binance announced that it will airdrop $100 worth of BNB to all Binance users in Libya who completed the Proof of Address (POA) before September 11, 2023.

5. CoinEx Exchange suffers attack, large amount of funds flow out of hot wallet

On September 12th, the exchange CoinEx suffered a hacker attack and $54 million worth of funds were stolen. CoinEx released a statement stating that the main assets involved in this incident were ETH, TRON, Polygon, and other tokens. User assets will not be affected, and the CoinEx User Asset Safety Foundation will bear all the financial losses in this incident. In the meantime, CoinEx will suspend withdrawal services during the investigation by the security team and will resume deposit and withdrawal services immediately after the investigation is clear.

6. Summary of FTX’s developments this week

a. Bankrupt FTX has organized assets worth about $7 billion, including $1.16 billion SOL and $560 million BTC

On September 11th, bankrupt FTX has organized assets worth about $7 billion, including $1.16 billion SOL and $560 million BTC. The document details the $2.2 billion in cash, cryptocurrencies, equities, and real estate received by SBF and other executives in the months leading up to FTX’s bankruptcy. The document also reports 38 apartments, penthouses, and other properties in the Bahamas, estimated to be worth about $200 million. The document shows 438 investment portfolios, with approximately $4.5 billion invested. This is not included in the total assets of $7 billion.

b. FTX Selling Coins: This week and next week can sell $50 million worth of altcoins, and the weekly limit will increase to $100 million thereafter.

On September 14th, according to North Rock Digital, their understanding of FTX selling coins after the hearing is: they can sell $50 million worth of altcoins this week and next week, and then increase the weekly limit to $100 million thereafter; they can protect their Bitcoin and Ethereum through arbitrage (buying put options and selling call options) with no limit on scale; they can sell actual Bitcoin and Ethereum after obtaining approval from various sub-organizations; FTX does not seem to intend to distribute cash to creditors only after 2028; the plan is to complete the entire distribution plan and finalize all details before the second quarter of 2024.

7. Huobi Exchange will be renamed HTX

On September 13th, the official English Twitter account of Huobi was changed to “HTX”, renamed from Huobi to HTX, and Sun Yuchen is rumored to announce this news in Singapore.

Earlier, there was a dispute between Sun Yuchen and Li Lin over the Chinese name of Huobi. After the acquisition, it was initially called Huobi, then changed to Huobi. Li Lin filed a lawsuit against this.

On the same day, Sun Yuchen tweeted that the Chinese brand Huobi remains unchanged, with the full name being Huobi HTX.

8. Bybit CEO: New marketing rules taking effect on October 8th in the UK may mean that Bybit will withdraw from the UK

On September 14th, Bybit CEO Ben Zhou said that the new marketing rules taking effect on October 8th by the UK Financial Conduct Authority may mean that Bybit will withdraw from the UK. The new rules include a cooling-off period for first-time investors. “We do see regulation becoming more strict. Most likely, we will have to withdraw from many countries. I think we will have to withdraw from the UK soon, and we have already withdrawn from France recently.”

On the same day, Bybit responded via official Twitter, stating that we believe the UK is a very important market for the advancement of cryptocurrencies and blockchain technology. We are committed to this market and intend to maintain our business in the UK in the long term. At the same time, we are also committed to working with regulatory authorities on new laws to ensure responsible and safe development of the industry. We are in negotiations with regulatory agencies to find the best solution for moving forward. No final agreement has been reached yet, and we will keep the community informed of any updates.

9. LianGuaiyLianGuail launches cryptocurrency to USD exchange service

On September 12th, LianGuaiyLianGuail announced that through the integration of On and Off Ramps, customers are able to buy and sell supported cryptocurrencies in the US, directly convert their cryptocurrencies into USD and transfer them to LianGuaiyLianGuail balance, and then use the USD for shopping or transfer to a bank account. This service is now available for wallets, DApps, NFT markets, and is live on MetaMask today.

10. LianGuairadigm: Will not give up on investment in the encryption field and will raise a $1 billion fund by the end of the year or early next year

On September 14, Matt Huang, a partner at well-known venture capital firm LianGuairadigm, said in an interview with The Information that LianGuairadigm will not give up on investment in the encryption field and will raise a $1 billion fund by the end of the year or early next year. Previously, LianGuairadigm had deleted content related to cryptocurrencies from its homepage and Twitter bio, and changed its description to “research-driven technology investment firm.” Huang admitted to this misstep.

Key Financing Events

• French fintech company Fipto completes €15 million seed round financing

• Cross-border payment platform LianGuairallax announces completion of $4.5 million seed round financing

• Mythic Protocol announces completion of $6.5 million seed round financing

• Animoca Brands announces that its NFT series Mocaverse has received $20 million financing commitment

• Flashwire Group completes $10 million Series A financing

• Game startup LianGuaihdo Labs completes $15 million Series A financing led by a16z

• On-chain asset management platform Range Protocol announces completion of $3.75 million seed round financing

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

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