Compiled by: Fairy, ChainCatcher
Important news:
Sun Yuchen invested $30 million in Trump's family crypto project WLFI, becoming its largest investor.
SEC accuses Texas fund manager of illegally investing $18.5 million of client funds in cryptocurrency.
Binance will delist GFT, IRIS, KEY, OAX, REN.
Binance will launch the yield-generating margin asset BFUSD.
pump.fun: will indefinitely suspend the live broadcasting feature on the website.
Binance HODLer airdrop launches the second project Thena (THE).
BNB Chain's cross-chain re-staking infrastructure Kernel has completed a total of $10 million in funding, with participation from Binance Labs and others.
AXIOS: Trump is considering appointing an artificial intelligence minister.
"What important events have occurred in the past 24 hours?"
SEC accuses Texas fund manager of illegally investing $18.5 million of client funds in cryptocurrency.
According to DL News, the SEC has accused Texas fund manager Khalid Parekh of illegally investing $18.5 million of client funds in cryptocurrency without client consent.
According to SEC disclosures, from August 2021 to August 2022, Parekh raised $18.5 million from 373 investors across 40 states through his sole-managed company Fair Invest. He primarily attracted investors from the American Muslim community through radio shows, podcasts, and media interviews, claiming his fund complied with Islamic law.
Parekh promised investors an annualized return of 4%, claiming these returns came from traditional assets such as stocks, mutual funds, commodities, and ETFs. However, SEC's charges indicate that he actually invested client funds into two cryptocurrency lending platforms without informing investors.
During the SEC investigation, Parekh has returned the client funds along with the promised 4% return. In addition, he agreed to pay a $100,000 fine and withdrew his SEC registration as an investment advisor.
Onchain Lens: THE token trading was active before Binance's announcement, and three wallets made significant profits.
According to Onchain Lens monitoring, suspicious insider activity related to THE tokens occurred before Binance's announcement, mostly involving newly created wallets.
1. Wallet 1: Withdrawn 200,000 USDT from Bybit 23 hours ago, purchased 918,214 THE and sold 410,218 THE, profiting $433,000, currently holding 507,000 THE, worth about $548,000, with total profits up to $782,000.
2. Wallet 2: Newly created 3 hours ago, withdrew 400 BNB (worth about $249,000) from Binance, purchased 490,786 THE, currently worth about $514,000, with floating profits of about $264,000.
3. Wallet 3: A new wallet that withdrew 1,638 BNB (about $1.02 million) from Binance, purchasing 1,027,193 THE at an average price of $1.
While it cannot be confirmed whether it is insider trading, the scale of purchases is massive and may be related to the airdrop plan.
AXIOS: Trump is considering appointing an artificial intelligence minister.
According to AXIOS, Trump is considering appointing an artificial intelligence minister to coordinate federal policies and the government's use of emerging technologies.
Binance will delist GFT, IRIS, KEY, OAX, REN.
According to the official announcement, Binance will cease trading and delist the following tokens on December 10, 2024, at 11:00 (UTC+8): Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), Ren (REN).
Binance contracts will fully close and automatically settle KEYUSDT and RENUSDT perpetual contracts on December 3 at 09:00 (UTC), after which the contracts will be delisted.
Binance emphasizes that it will regularly review the digital assets listed to ensure a high standard of quality. When tokens no longer meet listing standards or there are significant changes in the industry environment, in-depth project reviews will be conducted, and they may be delisted.
Binance HODLer airdrop launches the second project Thena (THE).
According to the official announcement, Binance HODLer airdrop is now live for the second phase project Thena (THE), which is a DEX and liquidity layer built on the BNB chain and opBNB.
Users who subscribe to BNB Simple Earn flexible or locked products between 00:00 on November 6, 2024, and 23:59 on November 13, 2024 (UTC) will receive airdrop allocations. The THE HODLer airdrop page is expected to go live within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins.
Binance will list Thena (THE) on November 27 at 10:00 (UTC) and open trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY.
Zhao Changpeng: I do not oppose memes and suggest the industry build real applications with blockchain.
Binance co-founder Zhao Changpeng posted on X: "I do not oppose memes, but meme coins have become 'a bit' strange now. Let's build real applications with blockchain."
Binance will launch the yield-generating margin asset BFUSD.
According to The Block, Binance announced the launch of the yield-generating margin asset BFUSD, which will officially go live on November 27 at 10:00 (UTC+8). Users can earn passive income by holding or trading contracts, with Binance promising that its annualized yield (APY) will never fall below zero.
According to a Binance spokesperson, BFUSD holders will receive a basis annualized yield calculated daily, allowing them to enjoy returns even without participating in contract trading. Eligible USDⓈ-M contract trading users can also receive higher enhanced annualized yields on the same day. Historical data shows that between November 20 and 25, the basic annualized yield of BFUSD fluctuated between 12% and 35%, while the enhanced yield reached between 15% and 47%.
BFUSD is not a stablecoin, cannot be withdrawn from Binance contract accounts or traded on the open market, and can only be used as collateral for Binance contract trading, and can be exchanged 1:1 with USDT. The product generates returns through Delta hedging strategies between the spot and contract markets as well as Ethereum staking. Currently, it is only available to qualified Binance contract users in supported regions, excluding restricted areas such as the U.S.
Most of the $8.2 billion in penalties in 2024 by the SEC comes from cases related to Terraform Labs.
According to Decrypt, the SEC received $8.2 billion in penalties for the 2024 fiscal year, setting a historical record, with more than half ($4.5 billion) coming from the SEC's penalties against Terraform Labs and its founder Do Kwon. Without this settlement, the SEC's finances would have reached their lowest level since 2013, at $3.72 billion.
Public company Jiva Technologies' board approves the purchase of $1 million in Bitcoin as reserve assets.
Public company Jiva Technologies announced that its board has approved the purchase of $1 million in Bitcoin as reserve assets and part of its corporate funds management strategy. Its CEO Lorne Rapkin stated that Bitcoin's inherent scarcity and limited supply make it a modern hedge against inflation.
The UK's Financial Conduct Authority plans to implement a cryptocurrency regulatory framework in 2026.
According to CoinDesk, the UK's Financial Conduct Authority (FCA) has released a regulatory roadmap for cryptocurrencies, planning to officially implement a comprehensive regulatory framework by 2026.
The roadmap shows that the FCA will release discussion papers on market abuse and disclosures by the end of this year and plans to publish policy papers on stablecoins, trading platforms, staking, exposure to crypto assets, and lending in early 2024.
Data shows that the number of cryptocurrency holders in the UK has grown by 4% over the past two years, with approximately 7 million adults currently owning cryptocurrencies. Previously, UK Economic Affairs Minister Tulip Sidiq stated that a regulatory draft for cryptocurrencies, stablecoins, and staking would be issued early next year.
BNB Chain's cross-chain re-staking infrastructure Kernel has completed a total of $10 million in funding, with participation from Binance Labs and others.
BNB Chain's cross-chain re-staking infrastructure Kernel announced that it has raised a total of $10 million in multiple funding rounds, with investors including Binance Labs, SCB Limited, Laser Digital, Bankless Ventures, Hypersphere, Draper Dragon, DACM, CYPHER, ArkStream Capital, HTX Ventures, Avid VC, GSR, Cluster Capital, Longhash Ventures, Via BTC, Side Door Ventures, NOIA, and DWF Labs.
Kernel includes three DeFi products: cross-chain re-staking infrastructure Kernel on BNB Chain (mainnet launching soon), liquidity re-staking protocol Kelp on Ethereum, and RWA tokenized yield protocol Gain. Kernel states that the KERNEL token will unify governance and incentive measures for Kelp, Kernel, and Gain, rewarding early supporters and promoting ecosystem development.
Hashdex re-submits revised S-1 application for Nasdaq Crypto Index US ETF
According to Cointelegraph, as per regulatory documents from November 25, asset management company Hashdex has submitted a second revised application for a crypto ETF, aiming to create a one-stop cryptocurrency portfolio.
The revised documents indicate that the application for the crypto index ETF is making progress with the US SEC. After the SEC requested more time to make a decision on whether to authorize the ETF for trading, Hashdex submitted the first revised S-1 document in October.
The document states that the Hashdex Nasdaq Crypto Index US ETF will initially include Bitcoin and Ethereum, but may eventually expand to include other digital currencies.
pump.fun: will indefinitely suspend the live broadcasting feature on the website.
pump.fun issued an official announcement stating: "The recent events during live broadcasts on the platform have raised concerns. We regret to hear about some users' experiences and take this opportunity to openly and directly address these issues... To ensure the absolute safety of users, we will indefinitely suspend the live broadcasting feature on the website until the review of the infrastructure is ready to handle more advanced activities.
In the future, we will release guidelines to make the rules and regulations for using the website more transparent. We will also provide more visibility to creators and users regarding personal review decisions to ensure everyone understands the process and outcomes.
Sun Yuchen invested $30 million in Trump's family crypto project WLFI, becoming its largest investor.
Sun Yuchen announced his $30 million investment in Trump's family crypto project World Liberty Financial (WLFI), becoming its largest investor.
It also stated that the U.S. is becoming a hub for blockchain, thanks to Trump's support for Bitcoin.
Market news: U.S. Customs and Border Protection detains certain imported Bitmain miners.
According to market news, the Mining Pod blog program disclosed that U.S. Customs and Border Protection (CBP) is detaining certain imported Bitmain Antminer mining machines at U.S. entry points, involving equipment from Bitmain's Antminer S21 and T21 series, which are the latest ASIC mining machine series from Bitmain.
Insiders say that the FCC and CBP are not targeting other ASIC manufacturers like MicroBT or Canaan. Besides revealing that the FCC requested a freeze, U.S. Customs and Border Protection did not provide specific reasons for taking the action, nor did it specify how long the goods would be detained.
"What are the exciting articles worth reading in the past 24 hours?"
A hierarchy of disdain has formed among DeSci entrepreneurs: entrepreneurs in vertical fields are 'scarce'.
"DeSci" is not a new concept, but since November, this term has suddenly gone viral in the community—especially during November's Devcon, where it was heavily promoted by Binance co-founder CZ and Ethereum founder Vitalik, causing many to feel the shift in momentum. According to Dune data, the popularity of DeSci has been steadily rising, becoming the dominant narrative in recent times.
DeSci (Decentralized Science), according to the Ethereum Foundation's definition, is a movement that aims to create equitable public infrastructure in the field of scientific research through the Web3 stack, to fund, create, review, confirm, store, and disseminate scientific knowledge. Specifically, DeSci aims to address challenges in traditional scientific research, such as funding difficulties, insufficient data sharing, and low research transparency. Currently, DeSci projects addressing funding issues are the main type in this track.
According to RootData, there are currently as many as 32 projects in the DeSci track, such a large number makes it somewhat difficult to filter, but projects with an outstanding Founder or Co-Founder are rare. If we were to rank these DeSci entrepreneurs, it would create a hierarchy of disdain among DeSci founders: highly vertical entrepreneurs > top elites from crypto/other industries > finance professionals > other industry serial entrepreneurs.
Uncovering Trump's 2.0 cabinet members, more than five are 'crypto traders'.
Only two weeks after Trump's election, his 2.0 cabinet has been fully nominated. Among its members are not only Bitcoin believers but also altcoin and Dogecoin supporters. This article will take you through the members of Trump's 2.0 cabinet and their cryptocurrency positions.
The newly elected President Trump himself owns more than $5 million in cryptocurrency. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrency, with the largest asset being ETH, holding 495.664 ETH worth about $1.7 million. His top five holdings also include: WETH (about $1.64 million), TRUMP (about $1 million), TROG (about $400,000), GUA (about $150,000).
Behind LUM may be an experiment by the Coinbase team itself.
As we continuously chase the next hot trend in the crypto space, whether it's decentralized science (DeSci), meme culture, AI, or other hot concepts, there are always some milestone historical events that lay the foundation for the entire industry.
For example, #Bitcoin is the first cryptocurrency, which not only has significant historical significance but also inspired almost all crypto innovations we know today. Similarly, $DOGE is the first true 'meme coin', which originally started as a joke based on Bitcoin but became a phenomenal existence.
In the crypto space, those 'one of a kind' projects (1 of 1s) and true blue-chip projects (TRUE bluechips) are extremely rare. Nowadays, when we discover such projects, they usually have heavyweight VC support, such as Paradigm or a16z.
But what if I told you that a brand new 'one of a kind' historic event has recently emerged in the crypto space, yet it has been buried due to a lack of attention?
