Compiled by: Luan Peng, ChainCatcher
Important Information:
Currently, more than 110 companies are building Bitcoin-related businesses in Africa
Decentralized public network Nillion launches validator program
EU investigates Telegram over user numbers
Data: Cryptocurrency industry bankruptcies bring more than $700 million in revenue to law firms
Greeks.live: The fourth quarter is usually a relatively strong period for BTC. Recently, many whales have planned for the October market.
Ton Community Digital Resistance Movement Has 4 Million Signatures Open Letter
OKX Star responds to the issue of lending mechanism: When the loan amount exceeds the deposit amount, the platform's automatic currency exchange mechanism will be triggered
The number of crypto companies registered with the UK FCA has dropped by 51% in the past three years, with 186 companies withdrawing their applications
“What important events have occurred in the past 24 hours?”
Currently, more than 110 companies are building Bitcoin-related businesses in Africa
Bitcoin Magazine tweeted that more than 110 companies are currently building Bitcoin-related businesses on the African continent. The map shows that these Bitcoin activities are distributed in multiple countries including Nigeria, South Africa, Kenya, Uganda, etc. These companies and communities cover a wide range of fields, including technology development, mining, education, financial services and media.
Decentralized public network Nillion launches validator program
The decentralized public network Nillion announced the launch of the validator program in an article on X. Validators will ensure the data integrity of the entire network and play a key role in maintaining security and preparing for the mainnet launch. Early validators will have the opportunity to be recognized for their contributions and stand out in the community.
Nillion said that as the network develops, more complex economic models will be introduced, such as token-based incentive pools where users can add additional incentives to ensure regular data verification. Early participants will be able to benefit from these developments because their contributions will be highly valued in the network.
EU investigates Telegram over user numbers
Brussels is investigating whether Telegram broke EU digital rules by failing to provide accurate user numbers, the Financial Times reported, as officials push to bring the controversial messaging app under stricter regulation.
EU legal and data experts suspect the app has underreported its user numbers in the EU to stay below the 45 million threshold above which large online platforms become subject to a raft of Brussels regulations aimed at limiting their influence.
The EU investigation runs parallel to a broad French probe into alleged criminal activity on Telegram, which led to the arrest of its founder, Russian-born billionaire Pavel Durov, on Saturday. A magistrate will decide on Wednesday evening whether to bring charges or release him.
Telegram said Durov, who now holds French and Emirati citizenship, had "nothing to hide".
Telegram said in February that it had 41 million users in the EU. Under the EU’s Digital Services Act (DSA), Telegram was supposed to provide updated figures this month, but it did not, announcing only that its “average number of monthly active users in the EU is well below 45 million.”
Two EU officials said the failure to provide new data put Telegram in violation of the DSA, adding that an EU investigation might find the real figure was higher than the threshold set for "very large online platforms".
Such a designation brings with it greater compliance and content review obligations, third-party audits, and mandatory data sharing with the European Commission.
Data: Cryptocurrency industry bankruptcies bring more than $700 million in revenue to law firms
Data shows that as of August this year, law firms handling seven Chapter 11 cryptocurrency bankruptcy cases since 2022 have requested and received a total of $751 million in fees. In some of the largest bankruptcy cases in the crypto industry, the law firms that earned the most fees include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. The four firms received $484 million in revenue for handling cryptocurrency bankruptcy cases. This accounts for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings. Sullivan & Cromwell law firm had the highest revenue, reaching $215 million. The firm served as debtor counsel for FTX. Kirkland & Ellis ranked second in fees, charging $120 million to its clients. The firm is the main debtor counsel for companies such as Voyager, BlockFi, and Celsius.
Greeks.live: The fourth quarter is usually a relatively strong period for BTC. Recently, many whales have planned for the October market.
Greeks.live macro researcher Adam posted on the social platform that 62,000 BTC options are about to expire, with a Put Call Ratio of 0.59, a maximum pain point of $61,000, and a nominal value of $3.66 billion. 530,000 ETH options are about to expire, with a Put Call Ratio of 0.49, a maximum pain point of $2,800, and a nominal value of $1.34 billion.
Today is the monthly delivery. From the options data, it can be clearly seen that ETH is weak this month. The biggest pain point of the month is more than 10% different from the delivery price. This month, the medium- and long-term IV has increased, and the medium- and short-term IV has decreased. At present, there is not much room for the overall decline of IV. From the trading data of previous years, September is generally a slightly flat month, from weak to strong. The fourth quarter will be a relatively strong period for BTC. Recently, we have also seen many whales begin to lay out the October market. We hope that there will be a good market in the last four months of this year.
Ton Community Digital Resistance Movement Has 4 Million Signatures Open Letter
According to TON’s official TG channel, 4 million people have signed an open letter to the Ton Community Digital Resistance Movement.
The TON community said: "Pavel Durov has been released. This is an important milestone and the TON Association will continue to support him until he is completely free. Technology is not a crime and must not be prosecuted."
According to previous news, the Ton community launched a campaign to support Telegram CEO, calling on community members to change their social media account profile pictures to participate.
OKX Star responds to the issue of lending mechanism: When the loan amount exceeds the deposit amount, the platform's automatic currency exchange mechanism will be triggered
OKX CEO Star responded to questions about OKX's lending mechanism on the X platform.
It said:
1. OKX current mortgage loan is a C2C market between users. OKX only provides a platform to help users who need to borrow and earn coins match each other.
2. 100% reserve is a basic responsibility of OKX. When the loan amount exceeds the deposit amount, the platform's automatic currency exchange mechanism will be triggered due to the 100% reserve requirement.
3. OKX has set a limit on the maximum loan amount, which is not allowed to exceed 100%
4. Due to the market activity of Floki currency, a large number of depositors redeemed their currency, causing the loan amount to exceed 100%, which in turn triggered the automatic currency exchange.
5. The OKX team will review the underlying design mechanism of the mortgage lending platform to see if there are any optimization solutions. We welcome your comments.
The number of crypto companies registered with the UK FCA has dropped by 51% in the past three years, with 186 companies withdrawing their applications
According to Protos, the UK Financial Conduct Authority (FCA) has been processing crypto applications for a cumulative total of 25 years, according to Freedom of Information requests (FOI). The Financial Times reported that the FOI submitted by law firm Reed Smith showed that the average time for the FCA to assess crypto applications was 459 days.
From May 2023 to April 2024, the number of applications filed dropped to 29, a sharp drop from the 42 and 59 in the previous two years. Only seven applications were filed in the first quarter of 2024.
The report shows that the number of crypto companies registered with the FCA has fallen by 51% over the past three years, with a total of 186 companies withdrawing their applications to the financial regulator.
Brett Hillis, partner at Reed Smith, said: “If the fall in applications is because crypto firms have given up waiting and are starting to look abroad, this should send a clear warning about London’s competitiveness.”
The Xuhui District Procuratorate of Shanghai has handled 23 criminal cases involving virtual currency and 45 people since 2022.
According to The Paper, the People's Procuratorate of Xuhui District, Shanghai, issued a report on virtual currency crimes. Since 2022, the procuratorate has handled 23 criminal cases involving virtual currency involving 45 people, and the number of cases accepted has been on the rise for three consecutive years. At the same time, the relevant cases show the characteristics of complex means of committing crimes, specialized and concealed technology, and high amounts of crimes. In the cases handled, the average illegal gains of criminals are more than 1 million yuan, and in some cases, the illegal gains of criminals are more than 5 million yuan.
In addition, according to the Xinmin Evening News, in response to the trend of increasing number of virtual currency crime cases and large amounts of money involved in recent years, the Xuhui District Procuratorate and the Xuhui District Public Security Bureau jointly signed the "Standardized Guidelines for the Handling of Virtual Currency Involved in Criminal Proceedings", which provide more detailed and clear regulations on the entire process and each link involved in handling virtual currency cases, including inquiry and evidence collection, seizure and custody, and transfer and disposal, providing specific guidelines for the legal handling of virtual currencies involved.
El Salvador’s President Admits Bitcoin Adoption Is Lacking, Bitcoin Experiment Didn’t Go Exactly As Planned
According to Decrypt, El Salvador’s President Nayib Bukele has now admitted that his Bitcoin experiment didn’t go entirely as planned.
"Bitcoin has not yet achieved the widespread adoption we would like," said Nayib Bukele. "Many Salvadorans use it, and most of the big businesses in the country accept it. You can pay with Bitcoin at McDonalds, supermarkets or hotels. But it has not achieved the level of adoption we would like. The positive thing is that it is voluntary; we have never forced anyone to adopt it. We have offered it as a choice, and those who have chosen to use it have benefited from the rise in Bitcoin."
Musk and Tesla win lawsuit, dismissing Dogecoin manipulation and insider trading charges
Elon Musk and his electric car company Tesla (TSLA.O) have won the dismissal of a federal lawsuit alleging they defrauded investors of billions of dollars by inflating the value of the cryptocurrency Dogecoin and engaging in insider trading. U.S. District Judge Alvin Hellerstein in Manhattan issued the ruling late Thursday.
Investors accuse the world's richest man of using Twitter posts, a 2021 appearance on NBC's "Saturday Night Live" and other publicity stunts to profit at investors' expense through multiple Dogecoin wallets controlled by him or Tesla. They also say Musk deliberately drove the price of Dogecoin up more than 36,000% over two years before allowing it to plummet, and that he and Tesla often timed transactions based on Musk's public statements and activities about Dogecoin.
However, Hellerstein said Musk's tweets about Dogecoin being the future currency of Earth, which can be used to buy Tesla cars, or sent to the moon by his company SpaceX were "idealistic and exaggerated, not true, and easily falsified," meaning no rational investor could rely on them to bring a securities fraud lawsuit, making the market manipulation and insider trading allegations made by investors "incomprehensible." Hellerstein dismissed the lawsuit with prejudice, meaning it cannot be filed again. The investors initially sought $258 billion in damages and amended their complaint four times in two years. In seeking to dismiss the lawsuit, Musk's lawyers said there was nothing wrong with his "harmless and often silly tweets." They also said there was no evidence that Musk had two wallets for suspicious transactions, or that he or Tesla had ever sold Dogecoin.
French President Macron: unaware of Pavel Durov's arrival in France and has no plans to meet him
French President Emmanuel Macron held a press conference during a diplomatic visit to Serbia. During the televised visit, the French leader told reporters that he had not invited Telegram co-founder Pavel Durov to France and did not know he was coming to France.
"For my part, I had absolutely no idea that Mr Pavel Durov was coming to France. That's normal because I had no idea that people from all over the world were coming to France, whether they had French nationality or not," the French president said, according to a translated version of Macron's response.
The French president subsequently reiterated that Pavel Durov's case would be handled by the "independent action of the French judicial system." France has faced widespread international backlash for its decision to arrest Durov, and Macron insisted the decision to detain the tech entrepreneur was not politically motivated.
Earlier news, according to sources from the French "Canard Chain de l'Elysée", Telegram founder Durov told the police that he was supposed to have dinner with French President Macron on the day of his arrest.
Crypto Intelligence Orange: Key members of the Feixiaohao team have been taken away by the Inner Mongolia police for investigation, and it has been half a year
According to Crypto Intelligence, many key members of the Feixiaohao team have been taken away by the Inner Mongolia police for investigation. Half a year has passed. The reason is unknown. It may be because Feixiaohao has been on some pig-killing exchanges and problematic currencies. There are still teams claiming to be Feixiaohao in the market, but they may not be the original team. Crypto media Wu Shuo also confirmed the above information from relevant channels.
According to Web3 asset data platform RootData, Feixiaohao is one of the earliest cryptocurrency data platforms in China's blockchain industry.
"What are the interesting articles worth reading in the past 24 hours?"
Gavin Wood: How to prevent witch attacks and conduct effective airdrops?
Gavin has been paying attention to the issue of civil resistance recently. PolkaWorld reviewed Dr. Gavin Wood’s keynote speech at Polkadot Decoded 2024 and wanted to explore some of Gavin’s insights on how to prevent civil resistance.
OKX Ventures: A detailed explanation of the six core asset markets in the RWA track
In the current market environment, "Real-World Assets" (RWA) are rising rapidly. In July this year, Coingecko pointed out in its second quarter 2024 crypto industry report that Meme Coin, artificial intelligence and RWA became the most popular categories, accounting for 77.5% of network traffic.
Traditional financial giants such as Citi, BlackRock, Fidelity and JPMorgan Chase have also joined the game. According to Dune Analytics, the growth rate of RWA narratives ranked second so far this year, up 117%, second only to Meme. This article will comprehensively sort out the development status and future opportunities of the RWA track.
Dialogue with the US SEC's "Crypto Mom": Behind the $3 billion fines and confiscations in the past 10 years is the lack of progress in US supervision
Garry Gensler is the current chairman of the U.S. Securities and Exchange Commission, a person who has experienced a huge change in reputation in the crypto community, from being highly expected to facing severe criticism. In the view of Brian Armstrong, the founder of Coinbase, in just a few years, Gensler has transformed from the initiator of the blockchain course at the Massachusetts Institute of Technology to the number one "sniper" in the crypto community, all of which is due to his political identity.
Vitalik’s thoughts on the DeFi debate: The communication gap between 1% of developers and 90% of traders
This post is divided into three parts:
1. The importance of proper communication, both with regular users and partners. The introduction uses a general example and sets the context for the topic.
2. 1-9-90: The second part discusses the 1-9-90 guidelines and my interpretation of them. This can be widely applied to any community self-starter.
3. The difficulty of maintaining consistent communication in large groups, and the potential situation where it may no longer be needed at a later stage (today’s Ethereum). You can think of the third section as a compelling overview of the Ethereum debates of the past week, which are part of the same question. Does 1-9-90 apply to Ethereum? is one of the questions discussed in this section.
Two days ago, I became a MakerDAO...
In order to bring the latest news to our readers, FN members always pay attention to various information sources. I am the same - so I learned about the "Maker brand rebranding" at the first time.
First-hand information is often "incomplete". In order to provide readers with complete and effective information, we often explore in depth - what exactly has Maker been reshaped into? Click on its official Twitter account, everything is the same; refresh it, the nickname has become Sky, and the user name has not changed.
Like our users, FN members are very smart and can infer and extract executable actions from information. I am the same - my nickname has changed, so I have to change my username too. So if I change my username now, maybe I can take down this special username?
It went smoothly, surprisingly smoothly. Soon I was staring at the changed username and my slender jade fingers in front of the screen, lost in thought - am I really a genius?
