Today's news highlights:
Andre Cronje: Willing to publicly disclose chat records with the Coinbase team, allowing the public to decide whether it constitutes a listing cost.
Sun Yuchen: Coinbase once demanded 500 million TRX as listing fee and required a deposit of $250 million in Bitcoin.
Sotheby's Vice President: The BAN token is a project initiated out of personal interest, and the claim of making $1 million from it is completely false.
Tether CEO: Currently, there are no plans to launch an official blockchain, but multiple Layer 2s are exploring the use of USDT as gas fees.
The Monetary Authority of Singapore announces support for the commercialization of asset tokenization plans.
Data: Bitcoin spot ETF had a net inflow of $2.22 billion last week.
The number of monthly active addresses on Solana reached a new high, exceeding 123 million in October.
Data: Tokens such as NEON, BANANA, ADA will experience significant unlocks next week, with NEON unlocking worth approximately $21.2 million.
Regulatory News
The Monetary Authority of Singapore announces support for the commercialization of asset tokenization plans.
The Monetary Authority of Singapore (MAS) today announced a series of plans to promote the commercialization of asset tokenization in financial services, covering aspects such as market liquidity, infrastructure, industry frameworks, and settlement convenience.
1. Deepening the liquidity of tokenized assets: Through the Project Guardian initiative, MAS has gathered over 40 financial institutions for market trials of tokenized assets, covering six currencies and various financial products. The Guardian Wholesale Network, consisting of Citibank, HSBC, Schroders, Standard Chartered, and UOB, will advance the commercialization of tokenized assets.
2. Market Infrastructure Ecosystem: MAS launched the Global Layer One (GL1) project in 2023 to support seamless cross-border transactions. Banks such as BNY, Citibank, and JPMorgan are leading the establishment of infrastructure standards to ensure the compliance and interoperability of tokenized assets across borders. New members, including Euroclear and HSBC, have joined, and a working group has been established to focus on digital asset compliance.
3. Industry Implementation Framework: Two industry frameworks have been released, including the Guardian Fixed Income Framework (GFIF) and the Guardian Fund Framework (GFF), providing standardized implementation guidelines for debt capital markets and tokenized funds.
4. Joint Settlement Facility: MAS launched a wholesale CBDC test network denominated in Singapore dollars (S$) to support financial institutions involved in Project Guardian and Orchid in using S$ CBDC for payments and securities settlements. The first batch of participating institutions includes DBS Bank, OCBC, Standard Chartered, and UOB.
MAS Vice President Liang Xingqiang stated that MAS encourages financial institutions and policymakers to jointly formulate industry standards to promote the commercialization and industry-wide promotion of tokenized capital market products.
Taiwan's 'Financial Supervisory Commission' will strengthen the review of cryptocurrency exchange listings in new regulations to be introduced in January.
According to The Block, Taiwan's Financial Supervisory Commission (FSC) plans to introduce new regulations in January 2025 requiring cryptocurrency service providers to complete anti-money laundering (AML) compliance registration. Huang Xihe, head of the FSC's Securities Company Department, stated at the FinTechOn conference in Taipei that the new regulations will strengthen the review of cryptocurrency asset listings and delistings, covering key areas such as fiat custody, information security, customer complaints, record keeping, and information disclosure.
In addition, the new regulations will require trading platforms to establish clear listing and delisting procedures, and prevent unfair trading and monitor abnormal trading activities. Cryptocurrency custodians must segregate customer assets from the platform's own assets and commission accounting firms to audit customer assets annually. The FSC also plans to submit a special legal proposal regarding cryptocurrency assets in June 2025 to further strengthen regulation.
The third review of the anti-money laundering law amendment draft clarifies the conditions under which financial institutions should take money laundering risk management measures.
According to China News Network, the anti-money laundering law amendment draft was submitted for the third review by the 14th National People's Congress Standing Committee on the 4th. The third draft further clarifies the conditions under which financial institutions should take money laundering risk management measures, avoiding impact on customers' normal financial activities. The draft clearly states that if a transaction conducted by a customer is inconsistent with the identity and risk status of the customer held by the financial institution, the customer and transaction details must be further verified; for transactions with high money laundering risk, it may be necessary to take risk management measures such as limiting transaction methods, amounts, or frequencies, refusing to process business, and terminating business relationships. Additionally, the draft improves the objection handling mechanism for money laundering risk management measures, adding regulations for objections related to customers' basic and necessary financial services, which financial institutions should handle promptly. Furthermore, the draft specifies the legal responsibilities for units and individuals that fail to take special preventive measures against money laundering as required, and establishes corresponding legal responsibilities for specific non-financial institutions and related practitioners.
Metaverse
Alibaba's metaverse department 'Yuanjing' laid off dozens of employees.
According to the South China Morning Post, Alibaba Group recently laid off dozens of employees from its metaverse department 'Yuanjing', involving the operation teams in Shanghai and Hangzhou. Insiders stated that this move aims to optimize business structure and improve organizational efficiency. Despite the Yuanjing department previously receiving billions of RMB in investment and having hundreds of employees, Alibaba is adjusting resource allocation to respond to the trend of declining interest in the metaverse field. Yuanjing will continue to focus on the development of metaverse applications and tools, providing related services to clients.
Beijing Artificial Intelligence Industry Investment Fund and others have invested in Zhizhu AI.
According to Tianyancha App, recently, a business change occurred at Zhizhu AI's related company Beijing Zhizhu Huazhang Technology Co., Ltd. The Beijing Artificial Intelligence Industry Investment Fund (Limited Partnership), Shenzhen招商数科创新 Private Equity Investment Fund Partnership (Limited Partnership), and Hubei Changjiang Zhongxin Technology Mobile Communication Technology Industry Investment Fund Partnership (Limited Partnership) were added as shareholders, while the registered capital increased from approximately 27.91 million RMB to approximately 31.07 million RMB.
Project Dynamics
Andre Cronje: Willing to publicly disclose chat records with the Coinbase team, allowing the public to decide whether it constitutes a listing cost.
In response to whether Coinbase charges listing fees, Sonic Labs co-founder Andre Cronje reiterated that he has not signed a non-disclosure agreement (NDA) and is therefore willing to publicly disclose the 'fee' requests made by the Coinbase team over the years through email, Telegram, and Slack. He pointed out that although Coinbase may refer to it as an 'earn fee' rather than a direct 'listing fee', it effectively still constitutes a listing cost.
Previously, Coinbase officials questioned whether Cronje might have contacted fake Coinbase employees, but Cronje stated that he has evidence and is willing to make it public for the public to judge.
Sotheby's Vice President: The BAN token is a project initiated out of personal interest, and the claim of making $1 million from it is completely false.
Sotheby's Vice President and Digital Art Director Michael Bouhanna stated that rumors regarding his creation of the meme token BAN are rampant online, causing significant misunderstandings and misinformation. Bouhanna clarified that the BAN token is a project he initiated out of personal interest on the Pump.Fun platform, entirely unrelated to his position at Sotheby's, which was also not involved. The project was initially released anonymously, did not anticipate the rapid growth driven by the community, and did not promote or encourage others to purchase.
Bouhanna pointed out that the idea of BAN comes from his understanding of the 'Comedian' artwork, making a satirical comment on the meme-driven cryptocurrency market through the token. Moreover, he emphasized that recent rumors claiming he profited $1 million from the project are completely false, that the related wallets are not owned by him, and that the vast majority of the profits are unrealized values.
He Yi: Andre Cronje deserves the community's respect; Binance's Launchpool and other listing airdrop rules are transparent and clear.
Binance co-founder He Yi stated on the X platform that if a project has not passed the screening process, no matter how much money or what percentage of tokens it offers, it cannot be listed on Binance.
Projects already listed on Binance have clear introductions in the token distribution section; please analyze the percentages yourself to see whether there is so-called 20% or 15%.
While the rules for Binance's Launchpool and other listing airdrops are transparent and clear, it does not mean that any project willing to give away tokens can list on Binance.
FUD will never disappear, but it makes us stronger. Gossip is easy to gain traction, and business competition is always filled with dark sides; once you understand the rules of how this world operates, you will no longer be easily swayed by rumors and will gain the ability to think independently.
Individuals like AC, who dare to speak the truth amidst the noise, are truly deserving of the community's respect.
Sun Yuchen: Coinbase once demanded 500 million TRX as listing fee and required a deposit of $250 million in Bitcoin.
Sun Yuchen stated on the X platform that Binance charges zero listing fees for its projects, while Coinbase requires a payment of 500 million TRX (approximately $80 million) and demands that $250 million in Bitcoin be deposited into Coinbase Custody to enhance platform performance.
Later, Zhao Changpeng commented on the controversy over 'listing fees': focus on the project itself, Bitcoin has never paid any listing fees.
Analysts: MicroStrategy shareholders are unique, as they seem willing to have their equity diluted due to its BTC strategy.
According to CoinDesk, CoinDesk analyst James Van Straten stated, 'MicroStrategy's shareholders are a unique group. Typically, dilution of shareholder equity is considered a bad thing, but MicroStrategy shareholders seem very happy to have their equity diluted because they know MicroStrategy is buying Bitcoin, which effectively increases the value per share, meaning shareholder value also increases.'
Craig Wright claims he cannot appear in December COPA litigation due to autism and Christmas arrangements.
According to Protos, 'Satoshi Nakamoto' Craig Wright argued that due to his severe autism and Christmas scheduling, he could not attend the December court meeting in the COPA case, where he was accused of contempt of court in a legal application submitted to the Crypto Open Patent Alliance (COPA).
The law firm representing the Crypto Open Patent Alliance, Bird and Bird, stated that Craig Wright violated his injunction after deleting online notifications and filing lawsuits against Jack Dorsey's Square Up and BTC Core.
In addition, the Crypto Open Patent Alliance seeks to pause Wright's lawsuit, halting related court proceedings until the contempt of court litigation is resolved. Crypto Open Patent Alliance lawyer Jonathan Hough stated, 'Wright is trying to evade the consequences of his actions. He may want to avoid the police or avoid being detained.'
Tether CEO: Currently, there are no plans to launch an official blockchain, but multiple Layer 2s are exploring the use of USDT as gas fees.
Tether CEO Paolo Ardoino clarified on Twitter that Tether currently has no plans to launch an official blockchain. He stated that one of the main reasons for not launching Tether Chain is to maintain neutrality, and that for Tether, collaborating with other companies and communities is more important than achieving centralization. He also pointed out that there are currently multiple independent Layer 2 solutions exploring the use of USDT as a method to support transaction fees.
Coinbase insiders plan to sell over $900 million in stock.
According to Barron's Weekly, recently, Coinbase's global executives and directors approved a trading plan to sell over $900 million in shares of the cryptocurrency trading platform. Among them, three Coinbase executives and two directors will sell up to 5 million shares. Based on Friday's closing price of $182.88, these shares total approximately $909 million. The adoption of such plans by company insiders is to avoid accusations of bias due to possessing non-public information. The plans will automatically execute trades when specific conditions, such as price, trading volume, and time, are met. Coinbase disclosed the adoption of these trading plans in a filing submitted to the Securities and Exchange Commission on October 30. The plan is expected to start on November 18 and end no later than November 14, 2025. The company did not allow Coinbase co-founder Brian Armstrong or other executives to comment but referred to Chief Financial Officer Alesia Haas's comments on insider stock sales during the fourth-quarter earnings call on February 15. Haas stated, 'All of our insiders... have a long-term belief in Coinbase. It's important to note that these sales only account for a small portion of the total holdings of insiders in Coinbase.'
Binance contracts will launch PONKE 1-75x USDT perpetual contracts.
According to the official announcement, Binance's contract platform will launch the PONKEUSDT perpetual contract on November 4, 2024, at 20:30 (UTC+8), with a maximum leverage of 75 times.
Important Data
A certain whale recently sold 265,000 SOL to lock in profits, and their total profit on SOL is approximately $87 million.
According to Lookonchain monitoring, a savvy whale recently sold 265,070 SOL, cashing out approximately $43.96 million in profit. This whale purchased 500,862 SOL at a low price of $23.6 between August 7 and October 23, with an investment amount of approximately $11.81 million, and the current market value is $81.14 million. Currently, this whale holds 132,089 JitoSOL (valued at $24.72 million) and 126,631 SOL (valued at $20.58 million), with a total profit of approximately $87 million on SOL.
Data: Bitcoin spot ETF had a net inflow of $2.22 billion last week.
According to SoSoValue data, last week (Eastern Time October 28 to November 1), Bitcoin spot ETF had a net inflow of $2.22 billion. Among them, BlackRock's Bitcoin ETF IBIT had a net inflow of $2.15 billion in a single week, becoming the most inflowing Bitcoin spot ETF, with a historical total net inflow of $26.14 billion. Next was Fidelity's Bitcoin ETF FBTC, which had a single-week net inflow of $89.66 million, with a historical total net inflow of $10.47 billion.
In contrast, Grayscale's Bitcoin Trust ETF GBTC experienced a net outflow of $53.96 million during the same period, bringing its historical cumulative net outflow to $20.16 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $69.637 billion, accounting for 5.08% of Bitcoin's total market value, with a cumulative historical net inflow of $24.155 billion.
CoinShares: Last week, digital asset investment products had a net inflow of $2.2 billion.
According to the latest weekly report from CoinShares, last week saw inflows of $2.2 billion into digital asset investment products, bringing the total inflow this year to a record $29.2 billion. This inflow, along with recent price increases, has caused total assets under management (AuM) to exceed $100 billion for only the second time in history, reaching levels comparable to $102 billion in early June 2024. Trading volume increased by 67% to $19.2 billion, accounting for 35% of the total Bitcoin trading volume on credible exchanges. Regionally, inflows into the US reached $2.2 billion, while Germany saw inflows of $5.1 million. The excitement surrounding Republican victory prospects may have contributed to these fund inflows, similar to the situation in the early days of last week when a change in polling results led to a slight outflow on Friday, highlighting Bitcoin's current sensitivity to the US elections. Bitcoin was almost the only beneficiary, with inflows of $2.2 billion last week, although the recent price rise also prompted inflows into short Bitcoin positions totaling $8.9 million. Ethereum's inflows were lukewarm, totaling $9.5 million, in stark contrast to the bullish momentum of Bitcoin or Solana, which saw an additional inflow of $5.7 million last week. Various altcoins saw minimal inflows, with the most notable being Polkadot ($670,000) and Arbitrum ($200,000).
The number of monthly active addresses on Solana reached a new high, exceeding 123 million in October.
According to The Block, last month, the number of monthly active addresses on Solana reached a historical high, exceeding 123 million. Data shows that the number of unique addresses signing transactions on Solana increased by more than 42% compared to the figures in September. In January this year, the number of active addresses on the network was less than 12.7 million. Analysts believe that the recent surge in Solana's activity is driven by the increasing popularity of memecoin trading on the network, supported by platforms such as the memecoin generation application Pump.fun and decentralized exchange Raydium, both of which have seen strong activity in the past month. Additionally, the October report by a16z on the state of cryptocurrencies indicated that Solana's monthly active addresses surpassed 100 million, while Ethereum and other EVM chains only had around 57 million, indicating higher user engagement on Solana.
Data: Tokens such as NEON, BANANA, ADA will experience significant unlocks next week, with NEON unlocking worth approximately $21.2 million.
Token Unlocks data shows that tokens like NEON, BANANA, ADA will experience significant unlocks next week, including:
Neon (NEON) will unlock approximately 53.91 million tokens at 8:00 AM Beijing time on November 7, accounting for 44.92% of the current circulating supply, valued at approximately $21.2 million.
Banana Gun (BANANA) will unlock approximately 250,000 tokens at 8:00 AM Beijing time on November 8, accounting for 7.21% of the current circulating supply, valued at approximately $11.7 million.
Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 AM Beijing time on November 6, accounting for 0.05% of the current circulating supply, valued at approximately $6.2 million.
Bitget Token (BGB) will unlock approximately 5.38 million tokens at 8:00 AM Beijing time on November 10, accounting for 0.38% of the current circulating supply, valued at approximately $6 million.
Ethena (ENA) will unlock approximately 12.86 million tokens at 5:00 PM Beijing time on November 6, accounting for 0.45% of the current circulating supply, valued at approximately $4.5 million.
GoGoPool (GGP) will unlock approximately 840,000 tokens at 8:00 AM Beijing time on November 7, accounting for 11.79% of the current circulating supply, valued at approximately $3.7 million.
Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 AM Beijing time on November 6, accounting for 0.69% of the current circulating supply, valued at approximately $3.1 million.
Staika (STIK) will unlock approximately 1.57 million tokens at 8:00 AM Beijing time on November 4, accounting for 0.01% of the current circulating supply, valued at approximately $2.8 million.
Hashflow (HFT) will unlock approximately 13.62 million tokens at 8:00 AM Beijing time on November 7, accounting for 2.92% of the current circulating supply, valued at approximately $1.6 million.
Cetus Protocol (CETUS) will unlock approximately 8.3 million tokens at 8:00 AM Beijing time on November 6, accounting for 2.61% of the current circulating supply, valued at approximately $1.5 million.
Delysium (AGI) will unlock approximately 8.57 million tokens at 8:00 AM Beijing time on November 5, accounting for 0.71% of the current circulating supply, valued at approximately $1.4 million.
Heroes of Mavia (MAVIA) will unlock approximately 1.15 million tokens at 8:00 AM Beijing time on November 6, accounting for 3.64% of the current circulating supply, valued at approximately $1.3 million.
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