PA Daily | The Federal Reserve cut interest rates by 50 basis points, the first rate cut in 4 years; Solana Mobile released its second encrypted phone Seeker, priced at $450

Today's news tips:

1. The Federal Reserve cut interest rates by 50 basis points, the first rate cut in four years

2. Trump used Bitcoin to pay for his meal for the first time at a Bitcoin-themed bar in New York

3.Solana Mobile releases second encrypted phone "Seeker", priced at $450

4. Aleo mainnet, a programmable privacy network, is now online

5. Fintech company Revolut plans to issue stablecoin

6. Banana Gun responds to community member’s wallet theft: investigation underway, robot service suspended

7. Derivatives platform Drift completes $25 million Series B financing, led by Multicoin Capital

8. Borderless Capital launches $100 million DePIN fund backed by Peaq and Solana Foundation

Regulatory News

The Federal Reserve cut interest rates by 50 basis points, the first rate cut in four years

The Federal Reserve cut the federal funds rate by 50 basis points to 4.75%-5.00%, the first rate cut since March 2020. The Federal Reserve has raised interest rates 11 times in a row from March 2022 to July 2023, with a cumulative rate hike of 525 basis points. Over the past year, the Federal Reserve has maintained the target range for the federal funds rate between 5.25% and 5.5%, the highest level in 23 years. The Federal Reserve FOMC statement said that inflation has made further progress toward the 2% target, but is still at a "slightly high" level; the risks to employment and inflation targets are balanced; the committee is firmly committed to supporting full employment; the members voted 11-1 to pass the interest rate decision, and Director Bowman dissented and believed that the interest rate should be cut by 25 basis points. Federal Reserve Chairman Powell said: The Federal Reserve will accelerate, slow down or suspend interest rate cuts as needed.

The US SEC accused DeFi platform Rari Capital of unregistered securities issuance and reached a settlement

According to The Block, the U.S. Securities and Exchange Commission (SEC) has reached a settlement on its charges against DeFi platform Rari Capital after the SEC found that the company and its co-founders misled investors and were not registered as brokers. The SEC said that Rari Capital co-founders Jai Bhavnani, Jack Lipstone and David Lucid told investors that the Earn platform they managed allowed investors to lend tokens to earn returns and would "automatically and autonomously rebalance" their cryptocurrencies instead of doing it manually, but the company sometimes failed to do this. The SEC said they were also involved in "unregistered broker activities" related to the Fuse platform. The SEC said that the two platforms held more than $1 billion worth of crypto assets at their peak. Certain Earn platform investors are also eligible for Rari governance tokens, which the agency claims is an unregistered security. As part of the settlement, Rari Capital Infrastructure LLC, which acquired Rari Capital in 2022, agreed to stop violating securities laws in the future, and Rari's co-founders agreed to pay fines and be banned from serving as executives and directors for five years. According to previous news, the lending platform Fuse was hacked in May 2022 and $80 million was stolen. Rari Capital subsequently stopped new deposits and began to gradually shut down the Fuse platform.

Project News

Trump Pays for Meal with Bitcoin for the First Time at Bitcoin-Themed Bar in New York

Former President Trump bought burgers for supporters at PubKey, a Bitcoin-themed bar in New York, and paid with Bitcoin. Trump paid $998.70 in Bitcoin through the Strike payment app, which is built on the Lightning Network. The bar used the Zaprite app to receive Bitcoin.

Fintech firm Revolut plans to issue stablecoin

According to CoinDesk, Revolut, a London-based fintech company that provides cryptocurrency trading, intends to issue its own stablecoin, according to four people familiar with the matter. The company, which received a UK banking license in July and was valued at $45 billion earlier this year, is said to have made considerable progress in creating stablecoins. When asked about its stablecoin plans, a Revolut spokesperson said the company hopes to expand its cryptocurrency products, take a compliance-first approach, and become a safe haven for the entire cryptocurrency community.

MicroStrategy announces issuance of $875 million in convertible senior notes, with part of the net proceeds used to purchase Bitcoin

MicroStrategy announces the offering of $875 million aggregate principal amount of convertible senior notes due 2028, which is expected to close on September 19. The notes will be unsecured senior obligations of MicroStrategy and bear interest at 0.625% per annum, payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2025. The notes will mature on September 15, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms. MicroStrategy intends to use the net proceeds from this offering to redeem all $500 million aggregate principal amount outstanding of MicroStrategy's 6.125% Senior Secured Notes due 2028 (the "Senior Secured Notes") and to use the balance of the net proceeds to purchase additional bitcoin and for general corporate purposes.

Silvergate Capital has filed for bankruptcy protection in the Delaware Bankruptcy Court

According to Financefeeds, Silvergate Capital, the parent company of crypto-friendly bank Silvergate, has filed for Chapter 11 bankruptcy protection in the Delaware Bankruptcy Court in the United States. The bankruptcy filing shows that the company has assets between $100 million and $500 million and liabilities between $10 million and $50 million. In March 2023, Silvergate Capital announced that it would voluntarily liquidate its subsidiary Silvergate Bank, citing challenges in the banking industry due to rising interest rates and regulatory scrutiny after the bankruptcy of crypto exchange FTX in November 2022. Silvergate Bank is known for its close ties with the crypto industry, and its reputation and confidence among customers plummeted after the collapse of FTX. In July this year, Silvergate Capital reached a settlement with the U.S. SEC, the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI) and agreed to pay $63 million. The Federal Reserve said it had ended its enforcement action against Silvergate Capital after Silvergate Bank completed its liquidation plan, repaid deposits, and ceased banking operations. Previously, the U.S. SEC sued Silvergate Capital in a federal court, accusing it of securities fraud. The SEC said Silvergate misled investors about its banking secrecy, anti-money laundering compliance programs, and poor financial condition following the collapse of FTX in 2022.

Borderless Capital Launches $100M DePIN Fund Backed by Peaq, Solana Foundation

According to CoinDesk, Borderless Capital has launched its third DePIN fund, which is backed by $100 million. Investors in the fund include Peaq, a blockchain focused on DePIN, as well as Solana Foundation and Jump Crypto. As of April this year, the top 10 DePIN projects have raised more than $1 billion in total.

Coinbase to List Zetachain (ZETACHAIN)

Coinbase Assets tweeted that Coinbase will add support for Zetachain (ZETACHAIN) on the Zetachain network. 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 0:00 Beijing time on September 20. Once the asset is in sufficient supply, the ZETACHAIN-USD trading pair will start trading in stages.

Coinbase has listed Aleo (ALEO)

Coinbase Assets tweeted that Coinbase will add support for Aleo (ALEO) on the Aleo network. Do not send this asset over other networks, otherwise your funds may be at risk of loss. Aleo (ALEO) is now available on coinbase.com, Coinbase iOS and Android apps with an experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.

Drug distributor Cencora pays hackers $75 million in Bitcoin ransom, setting a cyber extortion record

Hackers who launched a cyberattack against drug distributor Cencora Inc. received a total of $75 million, with the Cencora hacker payment paid in three installments in Bitcoin in March, Bloomberg reported, citing people familiar with the matter. This is the largest known cyber extortion payment to date. The initial ransom demand was $150 million, according to two people familiar with the matter. According to regulatory documents, Cencora learned in February that its system data had been stolen. Two months after disclosing the incident, Cencora began notifying individuals and state governments that their personal data (including names, addresses, dates of birth, diagnoses, prescriptions and medications) had been stolen. The company's July quarterly report said that most of the $31.4 million in "other" expenses in the nine months ending June 30 were incurred due to cybersecurity incidents in which data was leaked, and it is not clear how these funds are related to the cyberattack.

Cencora, formerly AmerisourceBergen, is a Conshohocken, Pennsylvania-based company with a market value of about $46 billion and revenue of $262 billion in its last fiscal year.

MANTRA mainnet will be launched in October this year

MANTRA, an L1 blockchain built specifically for RWA, announced that it will launch its mainnet in October. MANTRA Chain will provide a comprehensive and customizable set of tools that allow developers to tailor solutions to their specific needs. This set of tools not only simplifies the process of putting real-world assets on the chain, but also ensures that the solution meets regulatory requirements.

Aleo mainnet is now live

Programmable privacy network Aleo said on X Platform that the Aleo mainnet is now live, enabling developers to build the next generation of decentralized applications powered by zero-knowledge cryptography.

Ethena Labs has now regained control of the domain name and will relaunch the front-end website after further investigation.

According to the official announcement of Ethena Labs, Ethena's domain name registration account was recently hacked, and the team has taken measures to temporarily suspend the website to protect user safety. The official emphasized that the protocol was not affected and the funds were safe. Ethena Labs has now regained control of the domain name and cooperated with multiple parties to block phishing websites. The only official valid domain name is ethena[.]fi, and the team will re-launch the front-end website after completing further investigation. Ethena reminds users not to interact with any fake Ethena applications or websites.

Binance launches KDA 1-75x U-margin perpetual contract

According to the official announcement, Binance launched the U-based Kadena (KDA) perpetual contract at 21:30 on September 18, with a maximum leverage of 75 times.

Blockdaemon executive: Hong Kong regulators may approve the staking function of Ethereum spot ETF within this year

According to The Block, Andrew Vranjes, international director and vice president of Blockdaemon, said that Hong Kong regulators may approve the staking function of Ethereum spot ETFs within this year. Currently, the Blockdaemon team is working closely with Hong Kong's spot crypto ETF issuers and local regulators to develop a viable staking solution. Vranjes pointed out that the staking function is expected to be approved "within a specific framework" and may be open to qualified investors first. He added that the team has made progress and expects relevant announcements to be released soon.

Upbit to List MEW in BTC and USDT Markets

According to the Upbit announcement, the platform will support the trading of the new digital asset Cat in a Dogs World (MEW), with the trading market being BTC and USDT, based on the Solana network. Deposits and withdrawals will be open within 3 hours after the announcement, and trading is expected to start at 19:00 (Korean time) on the same day. The platform reminds users to confirm that they are using the correct network, as deposits and withdrawals from other networks are not supported.

PeckShield: Decentraland's X account has been hacked, please do not click on the phishing link

PeckShieldAlert tweeted a warning that Decentraland's X account has been hacked and the phishing website launch-decentraland[.]org has been launched. Please do not click on the link and users are advised to wait for further official announcements to ensure safety.

Binance will suspend Manta network token deposits and withdrawals on September 20 to support its network upgrade and hard fork

Binance is expected to suspend the Manta (MANTA) network token deposit and withdrawal services at 05:00 (ET on September 20, 2024) to support its network upgrade and hard fork. The project will perform a network upgrade and hard fork at 06:00 (ET on September 20, 2024).

Solana Mobile releases second crypto phone, 'Seeker', for $450

Solana Labs' Solana Mobile released its second encrypted phone "Seeker" at the TOKEN2049 conference, with pre-sales exceeding 140,000 units. As the successor to Solana Saga, Seeker has received widespread attention since its launch in January this year, especially after two cat-themed memecoin airdrops in April, when demand surged. Solana Mobile said that Seeker will cost $450 (until the end of Breakpoint on September 21), is equipped with a mobile-first Seed Vault wallet, and integrates a new version of the Solana dApp store, and is expected to be shipped in mid-2025.

It is reported that the new web3 phone "Solana Seeker" has a lighter and brighter design, improved camera and battery life, and a more affordable price compared to the previous generation Saga. The core function is the Seed Vault wallet, which is paired with the Solflare wallet to achieve seamless self-custody. The Solana dApp store has also updated the navigation and reward tracking functions. In addition, each Seeker comes with the Seeker Genesis Token, which provides users with exclusive rewards and content in the Solana ecosystem.

Yuga Labs co-creation: Workshop team releases the first ApeChain native product Top Trader

According to Yuga Labs co-founder Garga.eth (Greg Solano), the Workshop team released the first ApeChain native product, Top Trader, an on-chain trading simulation game that allows users to trade with 1000x leverage without real financial risk. Top Trader integrates multiple tools, such as Ape Portal to support cross-chain buy-in payments, Yuga ID to achieve seamless account abstraction, Gas sponsorship transactions to improve user experience, and manage tournament rewards through the restart protocol.

Banana Gun responds to community member wallet theft: Investigation underway, robot service suspended

Some members of the Telegram Bot project Banana Gun community claimed that the BananaGun wallet was suspected to have been stolen. The official response later said that the issue is being investigated and the robot service has been suspended.

ZachXBT: Will release an investigation into a security incident involving over $100 million

On-chain detective ZachXBT said on the X platform that he will release one of his best investigations ever in the next 24 hours, an incident involving more than $100 million.

Binance will launch FIDAUSDT perpetual contract at 20:30 tonight, with a maximum leverage of 75 times

According to the official announcement, Binance Futures will launch the FIDAUSDT perpetual contract at 20:30 (UTC+8) with a maximum leverage of 75 times.

Financing News

Crypto startup Hemi Labs raises $15 million, led by Binance Labs and others

According to Fortune, Hemi Labs, a startup co-founded by Bloq co-founder Jeff Garzick, has completed a $15 million financing round, led by Binance Labs, Breyer Capital and Big Brain Holdings, with participation from Crypto.com, Web3.com Ventures, Hyperchain Capital, Alchemy and SALT Fund. Co-founder Max Sanchez said the company plans to use the funds to build Hemi's engineering team, add more Bitcoin interoperability features, and provide developers with advanced customizability, as well as incentives, grants and community adoption. Max Sanchez declined to disclose the company's valuation.

TrueX, a crypto exchange founded by former Coinbase executives, completes $9 million in seed round

According to Fortune, TrueX, a new stablecoin-based crypto exchange founded by two former Coinbase executives, has completed a $9 million seed round of financing, with participation from crypto investors such as RRE Ventures and Hack VC, as well as crypto companies such as Paxos, Solana Foundation and Aptos. Currently, TrueX operates in a similar way to Coinbase, using PayPal's PYUSD as the default settlement currency. TrueX will launch its trading function in the next two to four weeks, and will only open spot trading of top assets to institutional traders in the initial stage.

TrueX's parent company is True Markets, which was co-founded by Vishal Gupta, who was previously the head of Coinbase's exchange and Circle's USDC director, and Patrick McCreary, a former Coinbase engineer. Vishal Gupta was previously the head of Coinbase's trading platform. During his tenure at Circle, he oversaw the launch of the USDC stablecoin. Patrick McCreary previously worked as a senior engineer at Coinbase. Both worked at Goldman Sachs.

Solana Ecosystem Development Platform Helius Completes $21.75 Million New Round of Financing, with Haun Ventures and Founders Fund Participating

Solana ecosystem development platform Helius raised $21.75 million in the latest round of financing, with major investors including Haun Ventures and Founders Fund, and other participants including Foundation Capital, 6th Man Ventures, Chapter One and Spearhead. The funds will be used to further promote Helius' developer infrastructure construction in the Solana ecosystem.

Helius is a platform that provides core infrastructure for Solana developers, focusing on RPC services and data APIs. The platform helps developers solve pain points on the Solana network and launched weighted staking services when the network is congested. Helius also supports the issuance of compressed NFTs, and more than 500 million compressed NFTs have been issued through the protocol.

Derivatives platform Drift completes $25 million Series B financing, led by Multicoin Capital

According to Fortune, Drift, a derivatives trading platform based on Solana, completed a $25 million Series B financing round led by Multicoin Capital, with participation from Blockchain Capital, Primitive Ventures and Folius Ventures.

Important data

Ethereum briefly rebounded above $2,400, and Bitcoin rebounded above $62,000

OKX market data shows that Ethereum briefly rebounded to above $2,400 and is now trading at $2,399.39, up 4.48% on the day. Bitcoin is now trading at $62,258 per coin, up 4.78% on the day.

The WazirX attacker’s address has transferred 5,000 ETH in the 7th batch and started to launder money through Tornado Cash

According to PeckShieldAlert, the address marked as the WazirX attacker has transferred the seventh batch of 5,000 ETH (about 12 million US dollars) to a new intermediary address 0x46b9...0A0a and started money laundering operations through Tornado Cash.

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