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Trump announces Elon Musk and Vivek Ramaswamy to lead government efficiency ministry
OKX will launch MAJOR (Major) spot trading
Linea announces the establishment of Linea Association and plans to launch Linea token in Q1 2025
South Korean police arrest 215 people in $232 million crypto investment scam
Upbit launches USDT trading pairs including AGLD, FIL, ARPA, etc.
Bhutan’s BTC holdings now account for more than a third of its GDP
“What important events have occurred in the past 24 hours?”
OKX will launch MAJOR spot trading
According to the official announcement, OKX will launch MAJOR spot trading. The opening time of MAJOR/USDT spot trading is 8:00 pm (UTC+8) on November 28.
Major is a Play to Earn game on Telegram. MAJOR tokens will be used for game mechanics and for leasing Telegram usernames and phone number NFTs.
FTX has filed 23 new lawsuits to recover funds, targeting Binance, SkyBridge Capital, and others
According to Forbes, as FTX’s bankruptcy estate administrator attempts to recover funds for creditors, it has launched 23 new lawsuits against institutions such as Binance, Anthony Scaramucci, SkyBridge Capital, Crypto.com, and even the Mark Zuckerberg-backed lobbying group Fwd.us.
The lawsuits allege that the funds transferred to these organizations were part of a larger "influence buying campaign" orchestrated by FTX founder Sam Bankman-Fried. According to the lawsuit, Bankman-Fried funneled money into politics and traditional finance through sponsorships, investments, and donations to enhance his own reputation while obscuring FTX's growing financial instability.
The lawsuit alleges that the payouts provided “little to no benefit” to FTX or its creditors and were primarily intended to maintain the illusion of financial stability as the company grappled with severe holes in its balance sheet.
South Korean police arrest 215 people in $232 million crypto investment scam
South Korean police have arrested 215 people in their investigation into an alleged 325.6 billion won ($232 million) cryptocurrency investment scam.
The Gyeonggi Southern District Police's Anti-Corruption and Economic Crime Investigation Division said the arrested suspects include a staff member of a fake investment consulting company and an unidentified YouTuber with 620,000 subscribers. The scheme is suspected of defrauding more than 15,000 people between December 2021 and March last year by promising high returns on investments in virtual assets. The scheme mainly targeted middle-aged and elderly people, promised 20 times returns, and encouraged people to sell their apartments and borrow money to finance the investments.
The investments themselves included 28 different tokens, six of which were created by the gang. The remaining 22 had low trading volumes and were considered to be of little value. Twelve of those arrested remain in custody, including the YouTuber, who also heads the consultancy. He initially fled to Australia from South Korea via Hong Kong and Singapore.
It is reported that the report did not reveal the names of the people involved.
Linea announces the establishment of Linea Association and plans to launch Linea token in Q1 2025
According to Cointelegraph, Ethereum scaling solution Linea announced the establishment of Linea Association at the Devcon conference in Bangkok, Thailand, a Swiss non-profit organization dedicated to promoting the development and governance of Linea. The association will support Linea technology, develop the Linea market, and advance its decentralized roadmap. The association plans to launch Linea tokens in the first quarter of 2025 to achieve token holder governance. Token holders will have governance rights over certain activities of the association, and the association will manage Linea's core intellectual property and funds to support its mission.
Linea is a Layer-2 zero-knowledge Ethereum Virtual Machine (zkEVM) rollup solution developed by ConsenSys. Joseph Lubin, founder of ConsenSys, said that the establishment of the Linea Association is an important step for the network to achieve true decentralization and avoid excessive control by any entity.
Linea founder Nicolas Liochon stressed that decentralization is at the core of Linea's vision. He said Linea must be publicly owned and governed by everyone as a public product, just like Ethereum Layer-1. Lubin added that Layer-2 projects that are overly controlled by companies or a few participants will find it difficult to succeed or maintain proper consistency with the Ethereum platform.
Brazil is ready to allow traditional financial institutions to accept cryptocurrencies
Brazil’s central bank is preparing to open the cryptocurrency market to traditional financial institutions, and upcoming regulations will give these institutions clarity on how to operate in the industry. Small cryptocurrency startups may face challenges regulating their situation as the framework will impose high barriers to entry.
Upbit launches USDT trading pairs including AGLD, FIL, ARPA, etc.
According to the official announcement, Upbit will add USDT trading pairs for AGLD, AHT, ARPA, ASTR, BNT, EGLD, FIL, LWA, NEAR, OXT, RAD, and XLM.
Bitwise acquires Ethereum staking service provider Attestant
According to Bloomberg, Bitwise Asset Management Inc. has acquired Ethereum staking service provider Attestant, aiming to expand beyond its core business. The specific terms of the transaction have not yet been disclosed. After the transaction is completed, Bitwise's asset management scale will reach US$10 billion. In addition, 11 employees of Attestant will join Bitwise.
Trump announces Elon Musk and Vivek Ramaswamy to lead government efficiency ministry
Trump announced that Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency, or DOGE, Trump campaign adviser Alex Bruesewitz said on X.
Musk said in a post on X: "All actions of the Government Efficiency Department will be published online for maximum transparency. If the public thinks we have cut important spending or have not cut spending on wasteful items, please let us know. We will also list the stupidest tax spending rankings, which is tragic but very interesting."
Bhutan’s BTC holdings now account for more than a third of its GDP
According to Coindesk, according to Arkham Intelligence data, the small South Asian country of Bhutan has a population of only 800,000 (El Salvador has a population of 6.4 million), but owns 12,574 bitcoins, which is worth $1.1 billion at current prices. The value of bitcoins held by Bhutan accounts for more than one-third of the country's GDP (just under $3 billion). El Salvador's $500 million in bitcoins only accounts for 1.5% of its GDP.
Bhutan’s Bitcoin holdings were reportedly accumulated through Bitcoin mining, as the country has abundant hydroelectric power resources. In September, Arkham reported that Bhutan is likely to become the fourth largest Bitcoin holder.
Bloomberg: Italian government plans to increase tax on crypto transactions to 28%, instead of 42% as previously proposed
Italian Prime Minister Giorgia Meloni’s government is likely to approve a proposal from coalition partners to reduce a tax increase on cryptocurrency transactions, Bloomberg reported, citing people familiar with the matter.
The League, the junior partner in Meroni’s governing coalition, has proposed an amendment to cap the tax on crypto transactions at 28%, compared with an initial increase to 42% proposed in last month’s budget, according to a copy of the proposal. The current tax rate is 26%.
Cryptocurrency executives have said the proposed tax rates are too high and would make the local industry less competitive than in other EU countries, which are preparing to fully adopt its first EU-wide cryptocurrency regulation, known as “MiCA,” by the end of this year.
Separately, Forza Italia, another ruling coalition party founded by the late Silvio Berlusconi, proposed another amendment that seeks to completely reverse the tax increase and eliminate tax exemptions for gains of 2,000 euros ($2,120) or less.
As part of the amendments proposed by the League, Italy will set up a permanent working group consisting of digital asset companies and consumer associations to educate investors about cryptocurrencies. The government is likely to approve the League's proposal, although no final decision has been made and it may be amended, two people familiar with the matter said.
"What are the interesting articles worth reading in the past 24 hours?"
ME Token TGE is coming soon, Magic Eden will leap from NFT market to one-stop crypto asset trading platform
"The economic model of the ME token will be announced on November 18." This is the latest development revealed by Magic Eden CEO Jack Lu in a live broadcast on November 8. This news undoubtedly brings the long-awaited dawn to the crypto community, marking that Magic Eden's desire to issue tokens is about to become a reality.
In the test campaign for the test version of the ME token TestME, which ended on November 1, within just 3 days of going online, the campaign attracted more than 400,000 wallet addresses to actively participate in the claiming process test. This campaign is a key technical verification before the issuance of the ME token, and its complete success indicates that the TGE (official issuance) of the ME token is not far away.
As the ME token issuance date approaches, every step of Magic Eden’s progress has not only attracted the attention of the crypto community, but also prompted people to re-examine the value of the Magic Eden platform and evaluate its future development potential.
Magic Eden has transformed from an initial single NFT trading platform into a comprehensive ecosystem that integrates wallet services, NFT trading, token trading, cross-chain bridging and many other functions. This gorgeous transformation is eye-catching.
Soon, users will be able to easily trade all types of assets on all chains in the Magic Eden DApp application, and its rich product functions are comparable to the "decentralized Binance/Coinbase".
Earn 10 million in 2 seconds, information gap at the millisecond level, reveal the wealth leap of post-00 billionaires
“Now I say that I am the richest post-00s with the most cash flow, which can be verified on Zhihu. Does anyone object?”
This is Vida’s somewhat provocative self-introduction. He claims to be the richest person born in the 2000s on Zhihu, with at least 7 million US dollars in spare money (about 51 million RMB). Because his trading speed is fast enough and his profits are too huge, he has received five investigation notices from Binance’s risk control department.
Seeing this, many people would think that this is another eye-catching statement by a Zhihu pretentious person. But what if all this is true?
On November 11, Binance launched two small-cap tokens, ACT and PNUT. According to the on-chain data monitoring platform Lookonchain, within just 2 seconds after Binance announced the launch of ACT, one address quickly bought 10.9 million ACTs for $320,000. After ACT rose rapidly, the profit of this investment quickly soared to $3.4 million (about RMB 24 million).
The purchase time of this address was even 7 seconds faster than the release time of Binance’s Chinese coin listing announcement. The purchase speed was too fast and the profit was huge, so some users immediately questioned whether this was "rat trading" and insider trading.
Musk will join the U.S. government's efficiency department. Will DOGE dance again?
Not long ago, when Trump was about to officially win the US presidential election, Musk tweeted in advance to celebrate. In the picture, Musk entered the White House holding a washbasin. After the picture was released, Musk has now "entered the cabinet" as he wished.
According to public documents, Trump issued a statement today saying that Elon Musk will work with American patriot Vivek Ramaswamy to lead the upcoming Department of Government Efficiency (DOGE).
As soon as the news was announced, market data showed that Dogecoin DOGE, which has the same name as the department's abbreviation, rose again from US$0.36 to above US$0.4.
