Today's news tips:
G20 countries reached a consensus on the rapid implementation of a cross-border framework for crypto assets, and plan to automatically exchange crypto transaction information between countries from 2027
Foreign media: Meta is developing a new AI system to compete with OpenAI's most advanced model
FTX intends to recover $86 million through litigation against LayerZero, including revoking transactions made during bankruptcy
F2Pool Lianchuang: Nearly 20 BTC in abnormal transactions will be temporarily shelved. If no one claims it after three days, it will be redistributed to miners
Wallet service provider Safe has launched its modular account abstraction stack on the Polygon zkEVM
Animoca Brands raises $20 million for its Mocaverse project, led by CMCC Global
On September 9, the number of newly added Bitcoin addresses in a single day was nearly 720,000, reaching the highest level in 5 years
Data: APE worth about $49.94 million and APT worth $23.54 million will be unlocked this week
Regulatory News
G20 countries reached a consensus on the rapid implementation of a cross-border framework for crypto assets, and plan to automatically exchange crypto transaction information between countries from 2027
According to Cointelegraph, the leaders of the G20 countries recently held a summit in New Delhi, the capital of India, and reached a consensus on the rapid implementation of the cross-border framework for crypto assets. The framework will promote the exchange of information on crypto assets between countries starting in 2027. Under the proposed framework, countries will automatically exchange information on crypto transactions between different jurisdictions every year, including transactions conducted on unregulated cryptocurrency exchanges and wallet providers. The G20 countries also recognized the Financial Stability Board's recommendations on "regulation, supervision and review of crypto asset activities and markets and global stablecoin arrangements." According to the announcement, the recommendations, which were issued in July this year, set standards for stablecoins similar to those of commercial banks and urged regulators to prohibit any activities that hinder the identification of participants.
According to the consensus statement reached at the summit, the Global Transparency and Tax Information Exchange Forum will determine an appropriate and coordinated timetable for the exchange of information by relevant jurisdictions. This move will affect countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States, as well as the European Union.
Earlier yesterday, it was reported that G20 leaders agreed with the FSB's recommendations on crypto asset regulation and will discuss advancing the regulatory roadmap in October.
NFT
AI
Foreign media: Meta is developing a new AI system to compete with OpenAI's most advanced model
According to the Wall Street Journal, people familiar with the matter revealed that Meta is developing a new artificial intelligence system that will be as powerful as GPT-4, the most advanced model provided by OpenAI. According to Meta's goal, the new AI model is scheduled to go online next year and will be several times more powerful than the Llama 2 model just released two months ago. The planned system will help other companies build services that can generate complex text, analysis and other output results. People familiar with the matter revealed that Meta expects to start training this new AI system, called a large language model, in early 2024.
The company is currently building the data centers needed for this work and purchasing more H100 chips. It is revealed that although Meta has partnered with Microsoft to provide Llama 2 on Microsoft's cloud computing platform Azure, it plans to train the new model on its own infrastructure.
Project News
FTX intends to recover $86 million through litigation against LayerZero, including revoking transactions made during bankruptcy
According to The Block, the current leadership of FTX is suing LayerZero Labs, trying to undo a series of transactions totaling more than $86 million made by former FTX executives during the company's collapse. The lawsuit mainly involves a deal between Caroline Ellison, former CEO of Alameda Research, and LayerZero Labs on November 7, 2022, four days before filing for bankruptcy protection. As part of the deal, Alameda agreed to sell its 5% stake in LayerZero (worth $150 million at LayerZero's current valuation) in exchange for LayerZero's abandonment of a $45 million loan to Alameda. The lawsuit alleges that at the time of the transfer, FTX was insolvent, so the transactions constituted fraud under bankruptcy law and the transaction was revoked for the benefit of the bankruptcy estate.
In addition, the lawsuit also attempts to recover more than $40 million in withdrawals from FTX by LayerZero and its former COO Ari Litan within 90 days before FTX filed for bankruptcy. It is alleged that just before FTX closed and banned withdrawals, LayerZero used insider information to illegally withdraw $21.37 million from FTX. In addition, FTX is also seeking to recover approximately $13.07 million and $6.65 million from Ari Litan, former COO of LayerZero Labs, and his Skip & Goose, respectively.
Earlier yesterday, it was reported that FTX creditors revealed that FTX has filed a recovery lawsuit against LayerZero; earlier today, it was reported that LayerZero CEO said that FTX filed a claim lawsuit only to obtain more legal fees, not to solve the problem.
F2Pool Lianchuang: Nearly 20 BTC in abnormal transactions will be temporarily shelved and redistributed to miners if no one claims them
In response to a single transaction fee of 19.82 BTC on the Bitcoin chain at 1 a.m. today, F2Pool co-founder Wang Chun said on the X platform that the approximately 20 BTC will be temporarily shelved. If no one claims them after three days, they will be redistributed to miners.
According to previous news, Casa Lianchuang analyzed that the abnormal transaction of paying 19.82 BTC was suspected to be caused by an exchange or payment company using vulnerable software.
Lido responds to the risk of "fake recharge" in token contracts: the risk is within expectations, LDO and stETH are still safe
Regarding the issue that "LDO's token contract has a potential risk of 'fake recharge'", Lido stated on the X platform that this behavior is expected and complies with the ERC20 token standard. LDO and stETH are still safe. The Lido token integration guide will be updated based on the LDO details to make this more obvious. According to the ERC20 token standard: 1. Both transfer and transferFrom need to return transfer status, and rolling back a tx is only recommended in special circumstances. 2. The standard stipulates that the caller must check the return status.
Coinbase CEO: Flatcoin is the "next iteration of stablecoin" and is very interested in this field
According to The Block, Coinbase CEO Brian Armstrong said in an interview that Flatcoin (a stablecoin that tracks inflation) is "the next iteration of stablecoins" and hinted at the company's future direction in venture capital. Armstrong said: "The flatcoin concept is a new thing that is about to emerge, and several teams are working on it. We haven't built anything in this area yet, but we are very interested in it."
It is reported that the term "flatcoin" may have been coined by former Coinbase CTO Balaji Srinivasan. Srinivasan once said that the price of a "flatcoin" is pegged to a series of fiat currencies on the chain, rather than to a specific fiat currency, and will inflate with the inflation of a certain fiat currency.
Earlier on August 31, Armstrong shared his top ten innovations in the crypto industry, including Flatcoin, on-chain reputation, and RWA.
Coinbase denies it will stop serving in India, notice only for users who violated exchange standards
According to Cointelgraph, in response to TechCrunch's report that "Coinbase will stop serving in India on September 25", a Coinbase spokesperson said that the notice was not for all Indian customers, but for those who violated the exchange's standards.
A Coinbase spokesperson said the original email content was: "We are contacting you to inform you that we will stop all Coinbase retail services associated with your above account because we will disable access to retail accounts that no longer meet our updated standards for these services. During the recent routine review of our systems, it may be found that some accounts no longer meet our updated standards. Therefore, we will disable these accounts and allow customers to update their information later. The funds of affected users are still safe, and they can continue to withdraw their balances and send them to other crypto service providers before September 25."
Sushi announces expansion to Aptos blockchain
According to The Block, the decentralized financial protocol Sushi announced that it has expanded to the Aptos blockchain, which is its first integration with a non-EVM blockchain. As part of the expansion, Sushi's V2 AMM will be integrated on the Aptos network. The Sushi team said in a statement: "The first non-EVM integration with Aptos is critical to advancing Sushi's cross-chain and multi-chain goals."
It is reported that the main EVM chains that Sushi has launched include Ethereum, Fantom, Polygon, Arbitrum, BNB Chain, etc.
As part of the acquisition, Ripple has fully compensated Fortress customers who suffered security incidents
As part of the acquisition, Ripple compensated clients of blockchain infrastructure startup Fortress Trust for losses, The Block reported. In a statement released on the X platform on September 7, Fortress said its clients were affected by a “third-party vendor whose cloud tools were compromised,” but no funds were lost. In fact, it was Ripple’s intervention that kept Fortress’ clients from being harmed, and the acquisition process accelerated after this security incident.
A Ripple spokesperson said: "Last week, after a security incident at Fortress's third-party analytics provider, acquisition talks accelerated, but in the long run, this opportunity makes sense for Ripple. Fortunately, Ripple was able to act quickly to intervene and make customers complete, and there were no vulnerabilities in Fortress technology or systems. As they mentioned in the tweet, Fortress notified customers immediately after the incident." Ripple announced the deal on September 8. Ripple funded the acquisition through a combination of cash and equity, but did not disclose the valuation. However, according to CoinDesk, citing people familiar with the matter, the acquisition price was lower than the $250 million that Ripple paid to custody company Metaco in May. The transaction also requires regulatory and due diligence approval, and once approved, it will expand Ripple's collection of regulatory licenses, as Fortress Trust-Fortress Blockchain Technology's subsidiary holds a Nevada trust license.
An airdrop hunter has 21,877 witch wallets on zkSync and built his own DEX interaction to win airdrops
According to X platform user @lingland09, a professional airdrop hunter has 21,877 sybil wallets on zkSync, and his sybil strategy is to fund all of his wallets with a very small amount of ETH, and then deploy the non-open source Gemstone (GEM) tokens, and then he whitelisted all other 21,877 wallets, and then claimed all the self-deployed tokens himself. He actually built a non-open source DEX just to indirectly index the application transactions between his sybil addresses.
This person added more than 80 ETH of liquidity to the GEM token using his own DEX contract, gave the GEM token value, tested it through trading, then he exchanged the GEM tokens he received from 21,877 wallets with the GEM/ETH trading pair and made a profit of 0.6-0.7 ETH in value, and then he repeated the above steps again (all these transactions were done automatically by the robot he wrote, not manually). Since all the liquidity was added by this person, he was not affected by slippage, and he accumulated 10 transactions on the zksync Era network in the cheapest way. His robot brought this model algorithm to the next 21,000 wallets without any slippage, because this person adjusted the liquidity as needed, and he completed all these $10 trading volume and 10 transactions by spending 1.5-2 ETH fees on each wallet, trading in different months, weeks and days, just to look similar to other L2 project qualifications.
Crypto KOL: Galaxy Digital is handling the OTC sales of FTX assets, which may not affect the market
Crypto KOL MartyParty said on the X platform early yesterday morning: "Galaxy Digital is processing over-the-counter (OTC) sales of FTX assets. Some MATIC was sold to Coinbase and Kraken the day before. 2 million MATIC was sold to Coinbase and 1 million MATIC was sold to Kraken; Coinbase paid $1 million USDT to FTX. Kraken paid 500 ETH to FTX."
MartyParty believes that FTX assets will not enter the open market. He explained: "OTC stands for over-the-counter, which means that the inventory is being traded between exchanges, and it is not traded through the order book and does not affect the market."
According to news yesterday, crypto analyst The DeFi Investor said that there may be huge selling pressure next week. FTX may be approved to liquidate assets on September 13.
ZachXBT: Crypto KOL TraderNJ1 and PetaByte deceived multiple project parties, collected tokens for promotion and immediately sold them
Chain detective ZachXBT published a post on the X platform detailing how TraderNJ1 and PetaByte used other KOLs to obtain free tokens from CBOT and BABYSHIB, and then dumped them to followers in an undisclosed manner, defrauding multiple projects. An audio clip of TraderNJ1 was leaked online, in which TraderNJ1 asked for a certain percentage of the supply of CBOT tokens to promote with PetaByte and others, while others said they would post tweets saying that a certain project would be the next 10-20x token.
One example is in BABYSHIB: “In Telegram messages provided by the BabyShib team, the BabyShib team discussed with TraderNJ1 and PetaByte about token marketing involving 3.5% of the token supply. The BabyShib team and TraderNJ1 even claimed that there was ‘no intention to sell in the near future’. TraderNJ1 and PetaByte provided two wallets to receive the tokens. On August 25th, TraderNJ1 and PetaByte began accepting BABYSHIB as compensation and hyped it on Twitter. They then sold over $115,000 worth of BABYSHIB tokens in a few days. Although it is a low market cap token, they do not appear to currently hold BABYSHIB. Peta claims that “I do not do paid promotions and never have”, but these Telegram messages and the messages BABYSHIB received as compensation say otherwise.”
Another example is CBOT: "In a recent post by CBOT developers, they revealed a similar deal with BABYSHIB, where TraderNJ1 and PetaByte asked for a percentage of the supply and promised to attract influencers to join. PetaByte eventually left the chat room, and TraderNJ1 allegedly deleted the message history. I contacted CBOT developer Icarus, who then provided me with five wallet addresses where the CBOT team sent tokens to CBOT developers. Similar to before, most tokens were sold within 1-2 weeks. Neither Trader NJ or PetaByte disclosed in their tweets that they received a percentage of the supply to promote it."
Here’s another example: “The PAAL project’s Twitter account reached out to me to confirm that TraderSZ (@trader1), XO (@Trader_XO), TraderNJ1, and PetaByte were all selling their tokens after the promotion. TraderSZ received 4 million PAAL from the PAAL project team on August 10, and started promoting it a few days later. He began selling shortly thereafter. Data shows that TraderSZ sold more than $130,000 worth of PAAL (all his PAAL tokens). And TraderNJ1 stated in the post that his ‘PAAL beliefs have not changed’, even though his NFT wallet had sold all of his PAAL for $120,000. Other addresses that received free tokens from the PAAL team also subsequently sold almost all of their tokens. Earlier today, TraderSZ appeared to have bought back some tokens after being blamed for the CBOT chaos.”
ZachXBT said it is sad to see all of these influencers constantly engaging in shady promotional deals without any level of transparency, to the detriment of the project and its followers.
Zhao Changpeng said that he only uses Binance or PancakeSwap exchanges and uses TrustWallet wallet
When netizens asked Binance CEO Zhao Changpeng "What other exchanges do you like besides Binance?", Zhao Changpeng replied: "I only use Binance or PancakeSwap. In fact, I don’t quite know what TrustWallet uses in the backend. I also use TrustWallet."
Earlier today, Zhao Changpeng said that splitting liquidity is not good for users, which will allow them to get more unfavorable prices.
FTX disclosed a list of celebrity promotion fees to the bankruptcy court, of which O'Neal received $750,000
According to Decrypt, a court document filed by the current management of FTX to the bankruptcy court disclosed a detailed list of celebrities, companies and sports teams that have promoted the exchange over the years. Among them, FTX paid nearly $750,000 to former NBA star Shaquille O'Neal, about $308,000 to tennis star Naomi Osaka, nearly $206,000 to American football player Trevor Lawrence, and about $271,000 to baseball star David Ortiz.
The company acknowledged that the list itself "may not reflect an exhaustive list of all deposits and repayments" but was working to identify all outstanding payments from previous years to see how much of that could be recovered to repay debts.
Earlier on September 9, it was reported that FTX was investigating whether it could recover the promotion fees paid to sports stars such as O'Neal.
dYdX Foundation releases semi-annual ecosystem report, dYdX Chain mainnet scheduled for release at the end of September
According to official news, the dYdX Foundation released its 2023 semi-annual ecosystem report. The foundation said that the regulatory challenges facing the crypto industry, business closures, and the subsequent impact of FTX's bankruptcy highlight the role of decentralized finance. Since dYdX announced plans to become a fully decentralized protocol in January 2022, the exchange has achieved four of the five milestones and launched a public testnet. The test network has more than 57 validators, a block time of approximately 1.8 seconds, and has facilitated more than 2.9 million transactions. Last month, the foundation disclosed that the protocol's native token DYDX may migrate from Ethereum to the upcoming DYDX chain. After the announcement, community members initiated a snapshot vote to migrate DYDX to the new chain and it was passed. The mainnet of dYdX Chain is scheduled to be released at the end of September.
Wallet service provider Safe has launched its modular account abstraction stack on the Polygon zkEVM
According to CoinDesk, wallet service provider Safe (formerly Gnosis Safe) has launched its modular account abstraction stack on Polygon zkEVM. Developers of Polygon zkEVM can now take advantage of the Safe{Core} SDK to fully utilize the power of smart wallets and modular account abstraction for numerous use cases, including games, retail wallets, decentralized social media, etc., with game-changing features such as social recovery, seedless onboarding, and easy on-ramping.
Financing News
Animoca Brands raises $20 million for its Mocaverse project, led by CMCC Global
Animoca Brands announced that it has received a new round of binding financing commitments to accelerate the development of its NFT project Mocaverse. Animoca Brands raised $20 million by issuing new ordinary shares at a price of A$4.50 per share. As part of the financing, the company issued free additional utility token warrants to investors based on a 1:1 US dollar ratio. The financing was led by CMCC Global, and other investors included Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), and institutional investors from Koda Capital. Yat Siu, executive chairman and co-founder of Animoca Brands, also participated in the round. The new funds will be used to advance the Mocaverse project, including product development, promoting Web3 adoption, and securing partnerships to expand Animoca Brands' gaming, cultural and entertainment ecosystem of approximately 450 portfolios of Web3 companies and projects.
Mocaverse is building Web3 native tools to empower products in the gaming, culture and entertainment verticals, allowing users to create their own digital identities, accumulate reputation, earn and spend loyalty points, and use their digital identities to access the Mocaverse ecosystem powered by Animoca Brands' 450+ portfolio companies and a partner network with over 7 million addressable users. Mocaverse will soon launch the Moca ID, a series of NFTs designed to enable users to build their own identities on the chain and participate in the Mocaverse ecosystem. Moca ID holders will gain exclusive access to the Mocaverse ecosystem experience and will have the opportunity to earn unique loyalty points through active participation. These loyalty points will support a permissionless and interoperable loyalty system that will be gradually decentralized to allow third parties to adopt and integrate Moca ID, aiming to drive accessibility and growth of Web3.
Financial group Flashwire Group has completed a $10 million Series A financing
Flashwire Group, a financial technology service provider, announced today that it had earlier completed a $10 million Series A financing round, with investors including Legend Trading, Cobo, Gate.io, VeChain, CyberX, SuperChain Capital, etc. Flashwire's investors' businesses cover traditional banks, blockchain underlying technology, cryptocurrency trading, liquidity, asset custody and investment. Since this round of financing, Flashwire has been committed to designing and implementing its unique and leading financial service solutions. Its products include crypto-friendly digital bank (Flashwire.com), cryptocurrency debit card Stella Pay (stellapay.io), and cryptocurrency lending platform Anxin Finance (Anxin.finance).
Important data
On September 9, the number of newly added Bitcoin addresses in a single day was nearly 720,000, reaching the highest level in 5 years
According to Ali Charts, on September 9, the number of new Bitcoin addresses reached 717,331, reaching the highest level in five years. The last peak of new Bitcoin addresses in a single day was on December 14, 2017, when 800,180 new Bitcoin addresses were added.
Data: APE worth about $49.94 million and APT worth $23.54 million will be unlocked this week
Token Unlocks data shows that seven crypto projects will unlock tokens this week, with a total release value of over US$82 million.
Moonbeam (GLMR) will unlock approximately 9.68 million tokens at 8:00 on September 11, worth approximately $1.72 million;
Aptos (APT) will unlock approximately 4.54 million tokens at 8:00 on September 12, worth approximately $23.54 million;
Sweatcoin (SWEAT) will unlock approximately 227 million tokens at 8:00 on September 13, worth approximately $1.68 million;
Lido DAO (LDO) will unlock approximately 1.5 million tokens at 23:33 on September 13, worth approximately $2.22 million;
Euler (EUL) will unlock approximately 155,000 tokens at 07:17 on September 14, worth approximately $400,000;
Flow (FLOW) will unlock approximately 7.29 million tokens at 8:00 on September 16, worth approximately US$3.04 million;
ApeCoin (APE) will unlock approximately 40.6 million tokens at 8:00 on September 17, worth approximately US$49.94 million.
Ethereum network gas fee drops to 10 Gwei
Etherscan data shows that the current Ethereum network gas fee has dropped to 10 Gwei.
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