Today's news tips:
Crypto.com confirms receipt of Wells notice from the US SEC and has filed a lawsuit against the SEC
Standard Chartered Bank: If Trump is elected as the US president, Solana price may increase fivefold by the end of 2025
HBO documentary lists 7 reasons why Peter Todd is Satoshi Nakamoto, despite his denial
Fosun Wealth: Will carry out virtual asset trading and transaction financing and other related businesses in an orderly manner
Coinbase will launch io․net(IO)
Google Search has integrated ENS, allowing users to search for .eth domains and check balances
Scroll: The SCR airdrop snapshot is planned to be conducted on October 19, and the collection time is October 22
Bitcoin L2 Network Bitlayer Completes $9 Million Series A Extension Financing with a Valuation of $300 Million, Led by Polychain Capital and Others
Regulatory News
Crypto.com confirms receipt of Wells notice from the US SEC and has filed a lawsuit against the SEC
Crypto.com has officially confirmed that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) and announced that it has filed a lawsuit against the SEC. The Wells Notice states that SEC staff believes the company may have violated federal securities laws.
Crypto.com said the notice shows that despite bipartisan statements that the next administration will take a more constructive and effective approach to promoting crypto technology in the United States, the SEC's unauthorized and unfair enforcement and regulatory activities continue. Crypto.com's lawsuit argues that the SEC unilaterally expanded its jurisdiction beyond statutory limits and that the SEC has established an illegal rule that almost all transactions in crypto assets are securities transactions, regardless of how they are sold, while the same transactions in Bitcoin and Ethereum are not.
Project News
Scroll: The SCR airdrop snapshot is planned to be conducted on October 19, and the collection time is October 22
Ethereum Layer2 network Scroll announced the token distribution design details on the X platform. The total supply of tokens is 1 billion SCR, the airdrop snapshot date is October 19, 2024, and the token release date and airdrop collection time are October 22, 2024.
Scroll said SCR will be used as the main governance mechanism of the protocol and evolve into a protocol utility token as Scroll becomes more decentralized, and more details about the SCR token release and airdrop will be shared in the coming days.
Standard Chartered Bank: If Trump is elected as the US president, Solana price may increase fivefold by the end of 2025
According to The Block, based on current prices and the potential impact of Donald Trump winning the US presidential election, Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, predicts that by the end of 2025, Solana's price could rise fivefold, Ethereum could rise fourfold, and Bitcoin's value could rise threefold. He also said that if Harris becomes president, he expects Bitcoin to outperform Ethereum, which in turn outperforms Solana. He added: "In US dollar terms, we expect Ethereum prices to reach $7,000 by the end of 2025 under Harris' presidency." Regardless of the outcome of the November 5 election, Kendrick expects Bitcoin's price to rise to $200,000 by the end of 2025.
Kendrick outlined the specific conditions needed to achieve his valuation prediction for Solana. He believes that the Trump administration is more supportive of the Solana ecosystem than the Harris administration. He said: "The launch of the Solana ETF is more likely under a Trump presidency." "Indicators show that the market is very bullish on Solana's future growth prospects, and its throughput is expected to increase by 100 to 400 times," Kendrick said. He emphasized that to achieve his valuation prediction for Solana, the network's throughput needs to increase significantly. Kendrick pointed out that the new third-party validator client software Firedancer, which is designed to improve Solana's efficiency, needs to be put into operation, which is designed to increase transactions per second to 1 million times. In addition, he added that Solana needs to establish a dominant position in multiple fields including finance, consumer services, and decentralized physical infrastructure (DePIN), which generally have high throughput requirements.
Jupiter mobile app is now available on iOS, Android version coming soon
Jupiter, the Solana ecosystem transaction aggregator, announced on the X platform that it has launched a mobile application that uses a zero-platform fee model and has a built-in on-chain function, supporting multiple payment methods such as Apple Pay and credit cards. Currently, the Jupiter mobile application is available on the iOS platform, and the Android version will be launched soon.
FalconX had a “reconciliation anomaly” involving 1.35 million SOL tokens until Binance asked for their return
According to CoinDesk, a brokerage firm has several key responsibilities, one of which is to hold assets for clients and ensure accurate tracking and recording of the ownership of these assets. However, in the field of cryptocurrency, a prime broker called FalconX has neglected this responsibility. It is reported that since 2021, the 1.35 million Solana (SOL) tokens held by FalconX (currently worth about $190 million) have not been properly managed and tracked for many years. Recently, this loophole was discovered by Binance, a key liquidity partner of FalconX. Binance claims to be the legal owner of these SOL tokens and asked FalconX to return them. At present, the specific reasons for how FalconX failed to effectively track these cryptocurrencies are still unclear. At the same time, it is also puzzling why Binance has failed to discover and track the funds for many years. This incident has triggered widespread doubts in the industry about the accounting systems and internal control mechanisms of brokerage firms.
FalconX confirmed that there was a "reconciliation anomaly" involving Solana tokens. According to a FalconX spokesperson, the company reconciled accounts with all exchanges, customers and partners, but no one showed a record of the transaction. Binance said its customers were never at risk of losing funds due to this incident, and if the 1.35 million tokens were never found, Binance would have borne the loss itself.
To profit from the assets they’re responsible for holding, prime brokers like FalconX typically put the assets to work, either as collateral or for loans or arbitrage opportunities. But a FalconX spokesperson said that wasn’t the case in this case, as the assets were in custodial custody. Shortly after CoinDesk raised questions about the lost and then recovered Solana tokens, the two companies responded in a joint statement saying the assets in question had been returned to Binance and the matter is now fully resolved. “Binance and FalconX will continue to operate as usual,” the companies said in an email.
Coinbase will launch io․net(IO)
Coinbase Assets tweeted that Coinbase will add support for io․ net(IO) on the Solana network (SPL Token). Please do not send this asset through other networks, otherwise your funds may be at risk of loss. If liquidity conditions are met, trading will begin on or after 9:00 a.m. Pacific Time on October 9 (0:00 a.m. Beijing Time on October 10). Once the asset is in sufficient supply, the IO-USD trading pair will start trading in stages.
Crypto investment firm Canary Capital applies to the US SEC for spot XRP ETF
According to The Block, crypto investment company Canary Capital has submitted a registration statement to the U.S. Securities and Exchange Commission to apply for a spot XRP exchange-traded fund (ETF). The company stated in the S-1 registration statement that the Canary XRP ETF provides investors with "the opportunity to enter the XRP market through a traditional brokerage account without the potential entry barriers or risks of directly purchasing and holding XRP." Currently, the custodian or administrator of the ETF has not been announced. Steven McClurg, founder of Canary Capital, said the company saw "encouraging signs of a more progressive regulatory environment and growing demand."
Earlier news, crypto asset management company Bitwise applied to establish the first XRP ETF.
Former Bitcoin Developer Peter Todd Denies Being Satoshi Nakamoto Hours Before HBO Documentary Airs
According to Coindesk, leaked footage from HBO's upcoming documentary about Satoshi Nakamoto appears to identify former Bitcoin developer Peter Todd as the creator of Bitcoin, but Peter Todd has denied it and called filmmaker Cullen Hoback "baseless." "Yes, that interview did happen, and I believe that particular footage is not a deep fake," but he added that he has not seen the documentary.
Earlier news, an HBO documentary stated that Peter Todd was the creator of Bitcoin.
Google Search has integrated ENS, allowing users to search for .eth domains and check balances
Google Web3 product manager Nalin said on the X platform that Google Search has integrated ENS, and users can search for .eth domain names and view ETH balances.
In May last year, Google Chrome launched the function of “searching Ethereum addresses to display balances and pointing to Etherscan links”.
Binance will stop supporting deposits and withdrawals of some network tokens such as BETA and CREAM from October 23
According to the official announcement, Binance will stop supporting deposits and withdrawals of the following tokens through the following designated networks from 16:00 (UTC+8) on October 23. Any deposits sent through the following networks will not be credited and may result in asset losses.
Beta Finance (BETA) via BNB Smart Chain
Cream Finance (CREAM) via BNB Smart Chain
Linear Finance (LINA) via BNB Smart Chain
IRISnet (IRIS) via BNB Smart Chain
Unfi Protocol DAO (UNFI) via BNB Smart Chain
Kava Lend (HARD) via BNB Smart Chain
CLV (CLV) via BNB Smart Chain
Prosper (PROS) via BNB Smart Chain
VITE (VITE) via BNB Smart Chain
Ooki Protocol (OOKI) via Matic Network
Note: Users can still deposit or withdraw the above tokens through other networks supported by Binance.
HBO documentary lists 7 reasons why Peter Todd is Satoshi Nakamoto, despite his denial
According to db summary report, HBO believes that Peter Todd is Satoshi Nakamoto (he has denied it):
Todd responding to Satoshi on bitcointalk (from a new account) in 2010; HBO claims he accidentally completed Satoshi's post from his own account
A few days later, both accounts went silent.
Todd later implemented the “fee replacement” concept discussed in the post
Claims Todd used the pseudonym "John Dillon" to promote RBF
Both use British/Canadian spelling
Satoshi’s posting schedule is consistent with the student schedule claimed by the documentary, with more posts on weekends
Todd discussed “sacrificing” Bitcoin; docs suggest this refers to destroying Satoshi’s tokens
Binance will perform wallet maintenance on Tron Network (TRX) at 15:00 on October 10, which is expected to take 1 hour
According to the official announcement, Binance will perform wallet maintenance on Tron Network (TRX) at 15:00 (ET on October 10). To support this maintenance, Binance will suspend Tron Network (TRX) deposit and withdrawal services at 14:55 (ET on October 10). The maintenance is expected to take 1 hour, and deposit and withdrawal services will be automatically resumed after the maintenance is completed.
Fosun Wealth: Will carry out virtual asset trading and transaction financing and other related businesses in an orderly manner
According to Hong Kong Commercial Daily, Jin Hualong, Chairman of Fosun Wealth Holdings, said that he will seize the development opportunities brought by Web3.0 and actively expand businesses in emerging fields such as virtual assets. Fosun Wealth is an important technology financial service and investment entity wholly owned by Fosun International in Hong Kong. Its subsidiary Fosun International Securities Co., Ltd. has been approved by the Hong Kong Securities Regulatory Commission to provide virtual asset trading service licenses in June this year. It is currently expanding its product portfolio and providing integrated financial solutions. Fosun Wealth Holdings will carry out virtual asset trading and transaction financing and other related businesses in an orderly manner.
Financing News
Bitcoin L2 Network Bitlayer Completes $9 Million Series A Extension Financing with a Valuation of $300 Million, Led by Polychain Capital and Others
According to The Block, Bitcoin Layer2 network Bitlayer raised another $9 million in an extended Series A financing just three months after its $11 million Series A financing. The new round of financing was led by Polychain Capital and co-led by Franklin Templeton, with participation from SCB Limited, Selini Capital, G-20.Group and other investors. Bitlayer co-founder Charlie Hu told The Block that this round of financing began in early August and ended last week. Like the previous Series A financing, Bitlayer's Series A extension financing adopts a simple future equity agreement (SAFE) structure and comes with token warrants, with a valuation of $300 million, including both equity valuation and fully diluted token valuation. The latest round of financing brings Bitlayer's total financing to $25 million. Bitlayer is preparing to launch its Bitcoin expansion network V2 version, and this new financing is in preparation for this.
According to reports, Bitlayer is the first Bitcoin security-equivalent Layer 2 based on BitVM, and is committed to becoming the computing layer of Bitcoin. Bitlayer aims to introduce hyper-scalability to Bitcoin while inheriting its security and providing users with a high-throughput, low-cost transaction experience. According to DeFiLlama data, Bitlayer is currently the number one Bitcoin scaling project by total locked value, exceeding $500 million. Bitlayer is currently preparing to launch its V2 mainnet in the fourth quarter, which will utilize its OpVM technology, a verification tool that combines proof of validity and proof of fraud.
Important data
Bitcoin spot ETF had a net outflow of $18.663 million yesterday, and the ETF net asset ratio reached 4.68%
Ethereum spot ETF had a net outflow of $8.188 million yesterday, and the ETF net asset ratio reached 2.27%
Justin Sun unlocked 3.62 million EIGEN last night and then deposited all of them into Binance
According to Spot On Chain monitoring, Justin Sun received another 3.62 million EIGEN ($14.1 million) from EigenLayer's 9.93 million token unlock last night and deposited all of them on Binance at a price of about $3.89. Since EigenLayer was listed on October 1, Justin Sun has claimed and deposited a total of 8.86 million EIGEN ($35.61 million) on Binance at an average price of $4.02.
The three major A-share indexes collectively fell, and more than 5,000 stocks fell in the entire market
According to Jinshi.com, the three major A-share indexes collectively fell back, with the Shanghai Composite Index falling below 3,300 points. By the close of trading, the Shanghai Composite Index fell 6.62%, the Shenzhen Component Index fell 8.15%, and the ChiNext Index fell 10.59%. More than 5,000 stocks fell in the entire market, with a transaction volume of more than 2.9 trillion yuan.
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