Headlines
Source: Gary Gensler may announce his resignation after Thanksgiving
Odaily Planet Daily reported that Fox Business reporter Eleanor Terrett said on the X platform that Trump's choice for SEC chairman is still unknown, but Gary Gensler seems increasingly likely to resign and choose not to complete his term as a commissioner. Washington sources rumored that Gary is likely to announce after Thanksgiving (November 28) that he will leave in early January (before Trump's inauguration).
Eleanor added that as for who will replace Gary, former CFTC Chairman Chris Giancarlo has denied rumors of his nomination, but Robinhood Chief Legal Officer Dan Gallagher, Bob Stebbins, Paul Atkins and Brad Bondi are still on the candidate list.
pump.fun’s cumulative revenue exceeds $200 million, with a total of over 3.36 million tokens deployed
According to Dune data from Odaily Planet Daily, pump.fun’s cumulative revenue has exceeded US$200 million (US$200,778,402), and the total number of tokens deployed has exceeded 3.36 million.
On-chain transaction terminal DEXX was attacked, and most user funds were transferred
Odaily Planet Daily News: On-chain trading terminal DEXX was attacked, and many users confirmed that their funds were transferred. The scope of this attack is not limited to the Ethereum chain, and the transferred assets are not limited to mainstream currencies.
Afterwards, DEXX Chinese official responded on the X platform: "Currently DEXX has noticed the problem of token transfer reported by many users, and several professional security audit teams have begun to analyze and investigate. The team is working hard to solve it, no rug. Subsequent progress will be synchronized with everyone through the site push and X/Telegram notification as soon as possible."
SlowMist Cosine later published a post on X saying: "So far, we have analyzed 821 stolen information related to DEXX users, with a total loss of nearly 20 million US dollars, of which 1 user lost more than 1 million US dollars, 2 users lost between 500,000 and 1 million US dollars, and 28 users lost between 100,000 and 500,000 US dollars. The stolen information is still being collected."
He Yi: The Telegram account was maliciously reported and blocked. If someone pretends to be a scammer
Odaily Planet Daily News: Binance co-founder He Yi posted on X that "My Telegram account @heyibinance was maliciously reported and blocked. If someone claims to be He Yi on TG, it is a scam."
Industry News
Insider: The U.S. government's efficiency department is exploring the establishment of a blockchain election system "eVote"
Odaily Planet Daily News: Shiba Inu anonymous chief developer Shytoshi Kusama forwarded information on the X platform showing that President Trump and the upcoming Department of Government Efficiency (DOGE) are exploring a blockchain-based federal election voting and identity verification system.
Sources familiar with the matter said the system will be built in collaboration between X, Cardano, HyperLedger and Hedera. Federal legislation will require all states to implement an “eVote” platform to ensure the integrity of elections across the United States.
President Trump is insisting on a system that eliminates voter fraud because he's concerned about irregularities in 2028, sources said.
Kusama believes that the success of the system depends on integrating fully homomorphic encryption (FHE), while calling on Trump to appoint a professional blockchain advisor.
Goldman Sachs holds over $25 million in Grayscale and Fidelity Ethereum spot ETF shares
Odaily Planet Daily News: Goldman Sachs previously disclosed in a 13F filing submitted to the SEC that it held over $731 million worth of Bitcoin spot ETF shares as of Q3. In addition, it also held $22.6 million worth of Grayscale Ethereum Mini Trust ETF and $2.6 million worth of Fidelity Ethereum ETF shares. (Bitcoinist)
Elon Musk vetoed OpenAI's coin issuance plan in 2018
Odaily Planet Daily News According to a public court document filed on November 14, Elon Musk rejected OpenAI's ICO plan in 2018. The document shows that Musk and his legal team said that in early 2018, the two founders of OpenAI, Sam Altman and Greg Brockman, wanted to launch tokens to help the company make profits, but at the time Musk believed that this would only lead to a significant reduction in the credibility of OpenAI and everyone associated with the ICO.
OpenAI was originally a non-profit organization. Musk joined OpenAI as co-chairman of the board and invested $44 million in the startup. Musk even suggested merging OpenAI with Tesla to solve the funding problem of the artificial intelligence startup. However, Musk left OpenAI in February 2018 and founded his own artificial intelligence company xAI. (The Block)
Societe Generale subsidiary SG Forge plans to launch its Euro stablecoin EURCV on XRP Ledger next year
Odaily Planet Daily News: SG Forge, a subsidiary of Societe Generale, said it plans to launch its euro stablecoin EURCV on XRP Ledger (XRPL). The company uses Metaco's technology for custody, which was previously acquired by Ripple and is now renamed Ripple Custody. EURCV was launched on Ethereum and has announced that it will expand to Solana, so XRPL will be its third blockchain to go online, and it is expected to be launched in 2025.
Billionaire Paul Tudor Jones Increases His Fund’s BTC Holdings to $159.9 Million via BlackRock IBIT
Odaily Planet Daily reported that according to Bitcoin Archive, SEC documents show that billionaire Paul Tudor Jones increased his fund's BTC holdings fivefold to US$159.9 million through BlackRock IBIT.
Bloomberg ETF analyst Eric Balchunas retweeted the news, adding that Tudor Jones is now one of the top 10 holders of IBIT.
Robert Kennedy Jr.: Most of his wealth is invested in Bitcoin
Odaily Planet Daily News: Former independent candidate for the US presidential election Robert F. Kennedy Jr. said in a recently re-released video: "I am a big supporter of Bitcoin. A year ago, I attended another Bitcoin conference here. I went home and invested most of my wealth in Bitcoin, so I went all in."
He also recently wrote a post describing Bitcoin as "free money" and reiterated the ability of the digital asset to hedge against monetary inflation. Kennedy has been a loyal supporter of Bitcoin for many years. He believes that decentralized, supply-capped, neutral currency and other hard assets such as gold and silver can stabilize the US dollar and avoid currency depreciation. (Cointelegraph)
Project News
Ethereum Foundation announces the launch of the 2025 EF Internship Program, with applications set to close on December 9
Odaily Planet Daily News According to official news, the Ethereum Foundation announced the launch of its first formal summer internship program, including research internships and software engineering internships, aimed at cultivating the next generation of Ethereum developers and researchers. Relevant personnel will directly contribute to core projects in key areas such as protocol security, account abstraction, expansion research, and client development. It is reported that the selected interns will be assigned a short-term project and a mentor and should work independently to a certain extent. The application is currently open and the deadline is December 9, 2024. A formal interview will be conducted after the initial screening, and the selection notification process is expected to be completed on January 10, 2025.
Ripple class action lawsuit enters final judgment phase, which may help it deal with ongoing litigation with SEC
Odaily Planet Daily News: Certain class action lawsuits against Ripple and its CEO Brad Garlinghouse are entering the final judgment stage, which may help their ongoing litigation against the US SEC.
On Thursday, Judge Phyllis Hamilton granted final judgment in the settled class action lawsuits and ordered a stay of the remaining unresolved lawsuits. The decision shortens the class action lawsuits and paves the way for a trial to begin on January 21, 2025.
The class action plaintiffs argue that Ripple violated federal and California securities laws by selling XRP without registration between 2017 and 2023.
The analysis points out that the final judgment in this case may have a chain reaction on similar lawsuits filed by the SEC in 2020. Specifically, a ruling in favor of Ripple may greatly help it fight the SEC's allegations that it has violated federal securities laws.
StarkWare CEO: Starknet will increase TPS by 4 times and reduce fees by 5 times in 3 months
Odaily Planet Daily reported that StarkWare CEO Eli Ben Sasson said he expects the transaction speed of the company's Ethereum L2 Starknet to increase fourfold in the next three months, while fees will drop "fivefold."
Sasson said at DevCon 2024 in Bangkok last week that network improvements will mainly come from "better compilation and faster execution" of Cairo, Starknet's native smart contract language.
Starknet will cross the 1,000 TPS milestone and compete with chains like Solana, which typically handles between 800 and 1,050 non-voting TPS, according to Solana Compass data. Sasson asserted that Starknet’s TPS will exceed 1,000 or more in the next “three months.”
He added that Starknet fees will also be further reduced, "We are on track to reduce transaction costs on Starknet by 5 times, which could make it the cheapest L2." (Cointelegraph)
Kalshi executives reportedly disclosed to reporters that wash trading occurred on Polymarket, but did not provide conclusive evidence
Odaily Planet Daily News: Recently, in an email disclosed by X user @sarah07144297, a senior executive of Kalshi’s growth department allegedly “exposed” money laundering and wash trading on Polymarket to an unidentified reporter.
“Many of the accounts on Polymarket exhibited typical money laundering behavior, with much of this wash trading being obvious,” the email read.
The executive's account has now been set to private. The email and its contents have not been independently verified. However, its contents suggest that this may simply be an attempt to further discredit Polymarket amid increasing scrutiny, and does not provide new or corroborating evidence. (Protos)
Uniswap front-end transaction revenue exceeds $100 million
Odaily Planet Daily reported that DefiLlama data showed that as of November 16, Uniswap's front-end transaction revenue exceeded US$100 million (US$100.56 million).
Ethena Foundation: Wintermute’s proposal to “enable ENA fee conversion” has been approved by the Risk Committee
Odaily Planet Daily News: The Ethena Foundation announced that Wintermute’s proposal to “enable ENA fee switching” has been approved by the Risk Committee. The Foundation will work with the Risk Committee to finalize the relevant parameters for fee switch activation by November 30, and the specific implementation mechanism will be announced later.
Analysis: Since Curve changed its fee distribution mechanism in June, crvUSD has generated $18 million in fees
Odaily Planet Daily News DL Research published an article on X stating that the decentralized stablecoin crvUSD launched by Curve Finance has generated $18 million in fees and a market value of $66 million since its launch in June.
Jupiter Lianchuang: Confirmed that LFG will resume in February next year
Odaily Planet Daily News Jupiter co-founder meow posted on X: "It is confirmed that LFG will resume after Catstanbul in February next year."
Cosine: Lending project PolterFinance suffered $12 million theft due to “empty market” issue
Odaily Planet Daily News: SlowMist founder Yu Xian Yu X posted a message saying that a lending project on FTM, polterfinance (@polterfinance), was stolen $12 million due to an "empty market" problem, which is equivalent to the entire TVL of the protocol.
The project pointed out in its audit description that since the smart contract it uses is exactly the same as Geist, except that the flash loan function has been deleted from the lending pool, the Geist audit report is provided here.
Thala was attacked, THL plummeted by more than 50% in a short period of time
Odaily Planet Daily reported that CoinGecko data showed that Thala (THL) plummeted by more than 50% in a short period of time, once falling below $0.37. It is currently quoted at $0.6281, a 24-hour drop of 12.4%.
According to a message released by the official staff in the community, the Thala protocol was affected by a series of transactions early Saturday, resulting in a brief damage to the v1 liquidity pool. Thala contributors have worked with several security agencies to regain access to all user funds. Efforts are currently underway to restore and compensate the affected users.
The team will release a full post-mortem report later today, and all protocol functionality will be restored once the affected liquidity pools are restored to normal.
Pump Science: API key permissions have been tampered with, the problem has been fixed and will be back online after testing is completed
Odaily Planet Daily News Pump Science released a security incident update on X. The main situation is as follows: API key permissions were tampered with; hackers accessed the UI and released fake experiments; real developers discovered the problem and fixed it; it is currently undergoing final testing and will be back online.
The official reminder stated that the only real tokens are $RIF/$URO, and all new tokens are only announced through official channels.
Regulatory trends
Bloomberg analyst: CFTC has cleared the way for the launch of Bitcoin spot ETF options
Odaily Planet Daily News: The Clearing and Risk Division of the Commodity Futures Trading Commission (CFTC) stated in an employee advisory notice that spot Bitcoin ETF options are for ETF stocks registered as securities with the U.S. Securities and Exchange Commission (SEC). These stocks are listed and traded on national securities exchanges registered with the SEC, and are cleared and settled by the Options Clearing Corporation as the sole issuer of all stock options. Given the relevant court precedents, these spot commodity ETF stocks are likely to be considered securities, so the listing of these stocks on national securities exchanges registered with the SEC does not involve the jurisdiction of the CFTC, and clearing will be conducted in its capacity as a registered clearing agency supervised by the SEC.
Bloomberg analyst Eric Balchunas posted on social media that the CFTC has cleared the way for the listing of spot Bitcoin ETF options. This is the second hurdle that needs to be cleared after the SEC. Now we just need to wait for the OCC (Options Clearing Corporation) to list it.
US media: Trump is reconsidering his Treasury Secretary candidates, including former Federal Reserve Board member Kevin Warsh and billionaire Marc Rowan
Odaily Planet Daily reported that US President-elect Trump is considering a new candidate for Treasury Secretary: including former Federal Reserve Board member Kevin Warsh and Wall Street billionaire Marc Rowan.
Trump had been expected to pick Howard Lutnick, CEO of Wall Street firm Cantor Fitzgerald, or Scott Bessent, a former fund manager for George Soros.
But Trump has been reconsidering his top two candidates and has slowed his selection process, and he is expected to invite the candidates to interview him at Mar-a-Lago this week. [The New York Times]
Russia’s Energy Ministry Proposes Restrictions on Crypto Mining in Regions Affected by Energy Shortages
Odaily Planet Daily reported that according to TASS, the Russian Ministry of Energy has formally put forward a proposal to restrict cryptocurrency mining activities in certain special regions affected by energy shortages.
The official proposal would see the restrictions implemented starting in December this year, said an unnamed source, who stressed: “The Energy Ministry does have a proposal and we will consider it at a government committee meeting on November 18.”
The Ministry of Energy said that the possible restrictions are justified by the expected energy shortages in some areas. The ministry explained that "during the period of expected energy shortages, it is wise to prohibit cryptocurrency mining in areas where regulatory and fiscal parameters are critical and where electricity prices are subsidized." (Bitcoin.com)
Character*Voice
Elon Musk: I’m beginning to think DOGE (Department of Government Efficiency) has real potential
Odaily Planet Daily News Elon Musk posted on X that he began to feel that DOGE (Department of Government Efficiency) had real potential.
Cathie Wood: Bitcoin is still a good investment at current price of $90,000
Odaily Planet Daily News: ARK Invest CEO Cathie Wood recently reiterated her bullish forecast for Bitcoin prices in an interview, insisting that despite market volatility, the company's forecast for 2030 remains unchanged.
It said: "In the base case, Bitcoin is worth about $650,000 by 2030. In the bull case, it is between $1 million and $1.5 million."
Ark Invest first introduced these Bitcoin price predictions in its 2023 Big Ideas report, published last February. Unlike the single prediction in the earlier report, the company proposed three scenarios. Based on the most likely assumptions, the "base case" expects Bitcoin to reach $682,800 by 2030, the "bear case" estimates the price at $258,500, and the "bull case" predicts that Bitcoin can rise to $1.48 million.
Wood stressed that at current prices, Bitcoin is still a good investment, “Remember, we were the first public asset manager to invest in Bitcoin in 2015 at $250.”
She further explained: “With Bitcoin at $90,000 right now, we think we have a long way to go. Why? First of all, we’re getting regulatory relief here, which I think is one of the most important initiatives of the new administration. We’re going to get regulatory relief for all kinds of innovations, including healthcare.
The other thing is that we’re now looking at Bitcoin as a new asset class, not just as a global monetary system, but as a new asset class, which means that institutions and asset allocators in general are saying, ‘Wait a minute, this asset behaves differently than all our other assets, and we need to include it. ’”
Citing Bitcoin’s historical performance during halving cycles, Wood predicts that Bitcoin will continue to gain momentum as inflation declines and halving events reduce supply. (Bitcoin.com)
Coinbase CEO: U.S. government efficiency department is a great opportunity to increase economic freedom and restore government size to a healthy level
Odaily Planet Daily reported that Coinbase CEO Brian Armstrong wrote on X that the Department of U.S. Government Efficiency (DOGE) is a once-in-a-lifetime opportunity to increase economic freedom in the United States and restore the size of the government to a healthy level.
The Founding Fathers were geniuses but probably overlooked the perverse incentives for democratic governments to grow in size over time (winning elections by promising more free stuff).
To future-proof this, we might need a constitutional amendment to limit total government spending (to, say, 10%), or find a way to align incentives (Buffett has proposed that an unbalanced budget render all members of Congress who voted for it ineligible for reelection).
Ideally, the government should have ways to temporarily rein in spending (like in times of war), but still have the right incentives to not let spending get completely out of control in the long term. An example would be a US sovereign wealth fund where every citizen has a share (and maybe people can buy more as needed), and any budget surpluses pay dividends. Then every citizen gets a share, and maybe Congress gets a slightly larger share.
What are the best ideas for aligning incentives with long-term fiscal discipline?”
Anthony Pompliano: A global race for Bitcoin is underway
Odaily Planet Daily News: Asset manager and investor Anthony Pompliano recently said that the global Bitcoin "arms race" between sovereign states and governments has begun.
Pompliano said on Yahoo Finance that market participants believe President-elect Trump will keep his campaign promise to build a strategic reserve of Bitcoin, and that doing so is in the best interest of the United States to prevent being "preempted by other countries."
“There’s a global race for Bitcoin right now,” Pompliano asserted. “Whether you’re a local, state, or federal government official, you should be looking for ways to get as much Bitcoin as possible onto your balance sheet. It’s not like gold, where we can just dig more out of the ground.”
He explained that the race to adopt Bitcoin is driven primarily by currency devaluation, noting that U.S. residents have lost about 25% of their purchasing power over the past five years. (Cointelegraph)
