Arrangement: Fairy, ChainCatcher

Important Information:

• Upbit will launch Injective (INJ) trading pairs against KRW and USDT

• TikTok faces charges of operating like a cryptocurrency exchange in the UK

• Bitwise Submits XRP ETF S-1/A Registration Document to the US SEC

• Radiant Capital suspends its loan marketplace due to vulnerability attack, estimates losses of approximately $58 million

• Digital asset solution Mento Labs completes $10 million financing, with HashKey Capital and others participating

• Game developer FractureLabs sues Jump Trading for alleged token price manipulation

“What important events have occurred in the past 24 hours?”

Upbit will launch Injective (INJ) trading pairs against KRW and USDT

According to the official announcement, South Korean cryptocurrency exchange Upbit will launch Injective (INJ) in the KRW and USDT markets, and trading support will start at 18:15 local time on October 17.

Animoca Brands to acquire WATCoin from the open market

Animoca Brands has revealed that it will acquire more WATCoin from the open market. WATCoin is the utility token of WatBird, a Telegram Mini App developed by Animoca Brands subsidiary GAMEE.

According to RootData, Animoca Brands is a Web3 gaming software company and venture capital firm founded by Yat Siu in 2014. It has several subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, etc.

Musk retweeted an NFT whale's tweet in support of Trump

Musk retweeted a tweet from NFT whale Jason (@Bitcoin4Freedom) that he would vote for Trump, which mentioned that "Trump's victory would allow Musk to enter the cabinet to establish a government efficiency department, and this alone may be the best reason to vote for him."

Ord.io: Rumor has it that Coinbase is conducting an internal security audit and compliance assessment of the Runes protocol

Bitcoin Ordinals browser Ord.io posted on social media X that there are rumors that Coinbase insiders revealed that the exchange is conducting an internal security audit and regulatory compliance assessment on the Runes protocol. These claims have not been independently confirmed.

TikTok faces charges of operating like a cryptocurrency exchange in the UK

According to Cryptonews, the short video app TikTok is under scrutiny for allegedly operating in a similar manner to a cryptocurrency exchange in the UK. It is reported that a compliance expert has issued a warning to the UK Financial Conduct Authority (FCA), recommending that TikTok be checked for money laundering and terrorist financing. The expert highlighted that the virtual tokens on TikTok may be indirectly exchanged for real currency through its creator program, which is worrying.

The scrutiny stems from TikTok's virtual currency system, TikTok Tokens. Users can buy tokens with real money and give them away on the platform or in live broadcasts. They also have the possibility to exchange these tokens back for cash. This process is similar to cryptocurrency trading. The system has raised regulatory concerns as cryptocurrency businesses face strict regulations. Critics believe that TikTok's handling of virtual currencies may be subject to the same scrutiny as cryptocurrency platforms. In addition, this cryptocurrency-like transaction also raises concerns about the security of users' financial data, especially given geopolitical sensitivities.

“TikTok provides money transmission services to money service businesses through its rewards program and exchanges crypto assets for currency or currency for crypto assets, or makes arrangements for or in connection with such exchanges,” the letter reportedly reads. Neither TikTok nor the FCA responded to Cryptonews’ request for comment by press time.

Vitalik: Ethereum will achieve goals such as more than 100,000 TPS through L2 in the future

At the "10th Blockchain Global Summit" held by Wanxiang Blockchain Lab, Vitalik Buterin gave a speech saying, "In the future, Ethereum can reach more than 100,000 TPS through L2, and transfers from any chain to other chains can be completed within 2 seconds. In addition, a unified user experience will be formed. Ethereum's infrastructure is also expanding, and secure links are more important than EVM."

Bitwise Submits XRP ETF S-1/A Registration Document to the US SEC

Asset management company Bitwise has filed an S-1/A registration document for an XRP ETF with the U.S. Securities and Exchange Commission (SEC).

Game developer FractureLabs sues Jump Trading for alleged token price manipulation

According to Bloomberg, video game developer FractureLabs filed a lawsuit against well-known cryptocurrency market maker Jump Trading in the U.S. Federal Court in Chicago, accusing it of fraud and deception by manipulating the price of DIO tokens.

It is reported that FractureLabs originally planned to raise funds by issuing DIO tokens for the first time on Huobi (now renamed HTX) exchange in 2021. The company hired Jump Trading as a market maker for DIO and lent 10 million tokens to its subsidiary, while sending 6 million to HTX for sale.

The lawsuit alleges that Jump Trading systematically liquidated DIO holdings, causing the token price to drop to about 0.5 cents, generating millions of dollars in profits for itself. Jump then repurchased about $53,000 worth of tokens at a significant discount and returned them to FractureLabs, before terminating the market maker agreement.

Radiant Capital suspends its loan marketplace due to vulnerability attack, estimates losses of approximately $58 million

According to Cointelegraph, Radiant Capital and two cybersecurity companies disclosed that Radiant Capital has suspended its lending market after a cybersecurity breach of more than $50 million occurred on BNB Chain and Arbitrum.

Web3 cybersecurity company De.Fi Antivirus said on the X platform: "Using the 'transferFrom' function on the BSC and ARB chains, the attacker attacked the Radiant Capital contract and stole users' funds, including USDC, WBNB, ETH, etc. The attack resulted in the theft of approximately $58 million in funds." This is similar to the estimate of another cybersecurity company Ancilia Inc., which estimated the loss to be approximately $50 million. Radiant is controlled by a multi-signature wallet, and the attacker controlled the private keys of multiple signers and then controlled multiple smart contracts.

“We are aware of issues with the Radiant lending markets on BNB Chain and Arbitrum,” Radiant said in a post on the X platform. “We are working with SEAL911, Hypernative, ZeroShadow, and Chainalysis and will provide updates as soon as possible. Markets on Base and Mainnet are temporarily suspended until further notice.”

Digital asset solution Mento Labs completes $10 million financing, with HashKey Capital and others participating

According to CoinDesk, Mento Labs, the development team of Mento, a decentralized EVM platform on the Celo network, announced the completion of a $10 million financing. This round of financing was supported by T-Capital, HashKey Capital, Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures and w3.fund.

Mento Labs also announced its stablecoin roadmap, planning to add three new local digital currencies to its growing lineup of decentralized stablecoins: the Philippine Peso (PUSO), the Colombian Peso (cCOP), and the Ghanaian Cedi (cGHS).

According to the project documentation, the Mento Stability Protocol can be considered an over-collateralized, decentralized, and transparent stable asset mechanism. The protocol uses crypto reserves to allow users to adjust the supply of Mento stable assets as demand changes. Users can exchange between Mento stable assets and reserve collateral assets through the protocol.

According to Web3 asset data platform RootData, Mento Labs is a stablecoin and digital asset innovation laboratory that was derived from cLabs (Celo). The lab provides the Mento basket of cryptocurrency asset platforms, and all Mento stablecoins (cEUR, cREAL, cUSD) are fully supported by USDC and DAI. In addition, Mento also has support for loyalty and engagement, regenerative finance, and risk management, monitoring, and maintenance.

"What are the interesting articles worth reading in the past 24 hours?"

Clone versions of “MicroStrategy” enter the market in large numbers. Has BTC’s “easy-win strategy” been confirmed?

Last week, after founder Michael Saylor announced that Microstrategy's (NASDAQ: MSTR) ultimate goal was to become the leading "Bitcoin bank", MSTR surged nearly 16% last Friday, breaking through $212 (temporarily falling back to $194), and its market value soared to $43 billion, a record high.

Since Microstrategy launched its Bitcoin investment strategy in August 2020, MSTR has risen by more than 1,600%, outperforming BTC and major S&P 500 technology stocks such as Nvidia.

MicroStrategy's "lying down and making money" model has also attracted more imitators. Metaplanet, a Japanese listed company, has seen its share price rise by 480% since it started its Bitcoin investment strategy in April. Recently, Samara Asset Group, a German listed company, will also issue 30 million euros in bonds, part of which will be used to purchase Bitcoin.

Why can a listed company "win" by simply holding a large amount of BTC? What risks does the MicroStrategy model have?

Vitalik's new article: The possible future of Ethereum, The Surge

Initially, there were two scaling strategies on Ethereum’s roadmap. One (see an early paper from 2015) was “sharding”: instead of validating and storing all transactions in the chain, each node would only need to verify and store a small portion of transactions. This is how any other peer-to-peer network (e.g. BitTorrent) works, so of course we could make blockchains work the same way. The other was Layer 2 protocols: these networks would sit on top of Ethereum, allowing it to fully benefit from its security while keeping most of the data and computation off-chain. Layer 2 protocols were state channels in 2015, Plasma in 2017, and then Rollup in 2019. Rollups are more powerful than state channels or Plasma, but they require a lot of on-chain data bandwidth. Fortunately, by 2019, sharding research had solved the problem of validating “data availability” at scale. As a result, the two paths merged and we got a Rollup-centric roadmap that remains Ethereum’s scaling strategy today.

a16z Annual Crypto Report: Cryptocurrency Activity Reaches New Highs, Becoming a Key Topic in the US Election

Two years ago, when we first launched our annual State of Crypto report, global interest in cryptocurrencies was relatively low. Exchange-traded products (ETPs) for Bitcoin and Ethereum had not yet been approved by the U.S. Securities and Exchange Commission (SEC), and Ethereum had not yet switched to an energy-efficient proof-of-stake mechanism. Second-layer (L2) networks designed to increase transaction capacity and reduce costs were barely used, and when they were, fees were much higher than they are today.

Today, as we release our 2024 (State of Cryptocurrency Report), we see the situation changing significantly. The report discusses in detail how cryptocurrencies have become a hot policy topic, recent advances in blockchain technology, and emerging trends among cryptocurrency developers and users. The report also includes:

• In-depth analysis of key applications such as stablecoins, which are considered one of the “killer applications” of cryptocurrency;

• Explore the intersection of cryptocurrency with other technology trends such as artificial intelligence, social networking, and gaming;

• New data on cryptocurrency interest in swing states ahead of the U.S. election, plus more.