Today's news tips:
1. Source: Gary Gensler may announce his resignation in early January after Thanksgiving
2. Reuters: U.S. Attorney's Office for the Southern District of New York plans to reduce cryptocurrency-related cases
3. The Strategic Bitcoin Reserve Act has been published on the Pennsylvania website
4. The on-chain transaction terminal DEXX was attacked, and multiple users’ tokens were transferred
5. The Dexx hack has confirmed that over 100 million yuan was stolen. The platform has problems with private key storage and private key export and plain text transmission
6. The average return rate of the Memecoins track in the past 30 days was 103%, which is more than 6 times higher than the average return rate of the overall crypto market
7. Coinbase adds FLOKI (FLOKI) to its coin listing roadmap
8. A smart money bought 40.3 million BITCATs and made a profit of $467,000, with a return rate of 27,837%
Regulation & Policy
EU regulators set out guidelines on restrictions for cryptocurrency providers
According to Bitcoin Magazine, Gary Gensler issued a statement suggesting that he might leave the SEC. In the two paragraphs of the intercepted statement of Gensler, Gensler wrote: "Before I close, I want to say a few words about the U.S. Securities and Exchange Commission (SEC) and its staff." "I am honored to work day in and day out with my colleagues at the SEC to protect American families on the financial highway."
After review, in this statement, Gary Gensler elaborated on how he believes the SEC should effectively regulate the crypto industry: "First, parties who issue or sell securities to the public need to register and make appropriate disclosures to the public; second, intermediaries need to register and be properly regulated in terms of conflicts, disclosures, and business practices." He said: "Before I joined the commission, many applications for Bitcoin ETFs and ETPs had been rejected or withdrawn by SEC staff. Shortly after I joined in 2021, the first Bitcoin futures ETF came into effect after consultation with SEC staff. The Commission approved ETPs for physical Bitcoin and Ethereum earlier this year. Subsequently, investors in these products have benefited from disclosure, supervision, lower fees, and more intense competition compared to non-compliant crypto asset markets. Everything we do is to ensure compliance with the law."
Trump Nominates Bitcoin-Promoting RFK Jr. as U.S. Surgeon General
According to The Block, US President-elect Trump nominated Robert Kennedy (RFK Jr.), a former Democrat who supports Bitcoin, as the US Secretary of Health and Human Services (HHS). During the 2024 presidential campaign, RFK Jr. advocated the establishment of a strategic Bitcoin reserve to stabilize the US dollar and exempt Bitcoin earnings from capital gains tax. Part of his personal wealth is also invested in Bitcoin. In a statement, Trump said Kennedy will "make America healthy again" and is committed to clearing corruption in industrial food and medicine.
Kennedy's nomination is part of a pro-crypto team assembled by Trump, including Vice President-elect JD Vance and Secretary of Defense nominee Pete Hegseth. Notably, Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy will co-lead the newly formed government efficiency department "DOGE". In addition, market rumors say that Robinhood Chief Legal Officer Dan Gallagher may take over as Chairman of the U.S. Securities and Exchange Commission, replacing Gary Gensler, who currently has a tough attitude towards the crypto industry.
Investors withdraw appeal against Musk's lawsuit alleging Dogecoin price manipulation
Investors have withdrawn their appeal against Elon Musk’s lawsuit over alleged price manipulation of Dogecoin, officially ending the legal dispute, Bloomberg reported.
Source: Gary Gensler may announce his resignation in early January after Thanksgiving
Fox Business reporter Eleanor Terrett said on Platform X that while Trump's choice for SEC chairman remains unknown, it seems increasingly likely that Gary Gensler will resign and choose not to complete his term as commissioner (which expires in 2026). Sources in Washington are saying that Gary is likely to announce his resignation after Thanksgiving (November 28) in early January, before Trump's inauguration.
Reuters: U.S. Attorney's Office for the Southern District of New York plans to reduce cryptocurrency-related cases
According to Reuters, Scott Hartman, co-leader of the Securities and Commodities Task Force of the U.S. Attorney's Office for the Southern District of New York, said that the office plans to reduce cryptocurrency-related cases. Trump will shift the focus of the Department of Justice to immigration issues. This does not mean that prosecutors will ignore crypto cases, but there will be fewer people handling these cases compared to 2022. Scott Hartman said: "After the cryptocurrency winter, we took over a lot of big cases and there were a lot of important fraud cases. But we know that our regulatory partners are very active in this area, and we don't have many people."
Crypto mixer Helix founder sentenced to 3 years in prison for money laundering
According to Cointelegraph, Larry Harmon, founder of the crypto mixer Helix, was arrested in 2020 for helping criminals launder money and has been sentenced to three years in prison. District Court Judge Beryl Howell of the District of Columbia said the sentence was lenient given his assistance in the Bitcoin Fog mixer case. Larry Harmon operated the dark web Helix cryptocurrency mixer from 2014 to 2017, laundering more than 350,000 BTC during that time. Helix worked with the Grams dark web search engine, which Larry Harmon also operated.
The Strategic Bitcoin Reserve Act has been published on the Pennsylvania website
Dennis Porter, co-founder of Satoshi Action Fund, said on the X platform that the Pennsylvania "Strategic Bitcoin Reserve" bill was officially published on the Pennsylvania website (HB2664).
Earlier news, the Pennsylvania House of Representatives submitted a legislative proposal that would allow the state to include Bitcoin (BTC) on its balance sheet as a reserve asset.
Project News
Ink: Proof of Failure and Phase 1 Now Live
Kraken's Layer 2 network Ink announced that its Fault Proofs and Stage 1 are now live, powered by Gelato Network. The update enables users to withdraw assets to Ethereum independently, while reviewing and questioning rollup transactions on Ink. In addition, the Security Committee is on standby to protect user assets in the event of disputes. Ink said that the next goal is to achieve faster asset withdrawals and strengthen security measures.
Vivek Ramaswamy: DOGE (Department of Government Efficiency) will be disbanded on July 4, 2026
Vivek Ramaswamy, who leads the U.S. Department of Efficiency with Musk, just posted on X that the "Department of Government Efficiency" (DOGE) he plans to create will be disbanded on July 4, 2026, as part of the celebration of the 250th anniversary of the Declaration of Independence. He quoted Reagan's famous saying, emphasizing the durability of government agencies, but said DOGE will be an exception.
On-chain trading terminal DEXX was attacked, and multiple users' tokens were transferred
The on-chain trading terminal DEXX was attacked, and many users confirmed that their funds were transferred. DEXX Chinese official responded on the X platform: "Currently DEXX has noticed the problem of token transfer reported by many users, and many professional security audit teams have begun to analyze and investigate. The team is working hard to solve it, no rug. Subsequent progress will be synchronized to everyone through the site push and X/Telegram notification as soon as possible."
Coinbase Adds FLOKI to its Listing Roadmap
Coinbase Assets announced on X platform that it will include FLOKI (FLOKI) in its coin listing roadmap.
Ethena Foundation: Wintermute’s proposal for “ENA fee conversion” has been approved
The Ethena Foundation said on the X platform that the Wintermute proposal to enable ENA fee conversion has been approved by the Risk Committee. The Foundation will work with the Risk Committee to determine the fee conversion activation parameters before November 30 and follow the precise implementation mechanism.
Earlier news, Wintermute proposed the "ENA Fee Conversion" proposal in the Ethena Governance Forum, suggesting that part of the protocol revenue be approved to flow to sENA and provide clear parameters for future implementation. The proposal requires the Ethena Risk Committee to set revenue distribution conditions for protocol maturity, such as USDe circulation and protocol revenue levels. At the same time, Wintermute called on the Ethena Foundation to disclose the historical and future distribution of protocol revenue to ensure transparency and alignment with the interests of ENA/sENA holders.
The X account of CZ's educational project Giggle Academy was suspected to be hacked
The X account of CZ's educational project Giggle Academy was suspected to be hacked. Yi He, co-founder of Binance, said, "If the Giggle Academy account said it would issue coins or let users invest, it must have been hacked."
OneKey: Dexx or uploaded the user's clipboard
OneKey said on the X platform that Dexx may have also uploaded the user's clipboard. OneKey received feedback that the app has repeatedly requested this permission. If the user has copied the private key mnemonic on the phone, it is recommended to transfer the assets as soon as possible.
Dexx hacking incident has confirmed that more than 100 million yuan was stolen, and its platform has problems with private key storage and private key export plaintext transmission
According to official news, BitJungle system monitoring, after preliminary investigation, the large-scale theft of user assets on the Dexx trading platform has confirmed that the amount of stolen funds has reached hundreds of millions of yuan, and hackers are still continuing to commit crimes and actively transferring user assets. The risk of internal crimes cannot be ruled out at present. After in-depth technical analysis, the Dexx trading platform has the following serious security issues:
Private key storage: The Dexx platform is a non-custodial platform, but it records user private keys. Once the system is attacked, hackers can easily obtain user private keys and steal user assets.
Private key export and plain text transmission: Dexx platform does not take any encryption measures when users export private keys, resulting in the private keys being exposed in plain text during transmission, which can be easily intercepted by hackers.
Thala was attacked in the early morning, causing the v1 liquidity pool to be temporarily damaged, and THL plummeted by more than 50%
Thala said in the community that the Thala protocol was affected by a series of transactions earlier today, resulting in a brief damage to the v1 liquidity pool. Thala contributors have worked with several security agencies to regain access to all user funds. Efforts are currently underway to restore and compensate the affected users. The team will release a full post-mortem report later today, and all protocol functions will be restored once the affected liquidity pools return to normal. Perhaps affected by this news, Thala (THL) plummeted by more than 50% in a short period of time in the early hours of this morning, once falling below $0.26.
CertiK: The DEXX security incident occurred on the Solana chain, which is not covered by its audit
According to official news, blockchain security audit company CertiK issued a statement saying that it has recently received a large number of requests for help from DEXX platform users, who reported that their account assets were cleared. After verification and confirmation, the security incident occurred on the Solana chain, but the chain is not within the scope of CertiK's audit coverage. CertiK said that the main reason for the incident was improper private key management on the DEXX platform, which led to the leakage of the official private key.
It is reported that a large-scale user asset theft occurred on the DEXX trading platform. It has been confirmed that the amount of stolen funds has reached over 100 million yuan, and hackers are still committing crimes.
Financing News
CNBC: xAI is raising up to $6 billion in capital, with a valuation expected to exceed $50 billion
According to CNBC, Musk's xAI is raising up to $6 billion in capital, with a new post-financing valuation expected to exceed $50 billion. xAI is mainly financed by Middle Eastern sovereign funds. xAI will use the newly raised funds to purchase 100,000 H100 chips to enhance the Memphis cloud cluster.
Important data
The average return of the Memecoins track in the past 30 days was 103%, more than 6 times higher than the average return of the overall crypto market
According to Cryptoslate, Artemis data shows that Memecoins have an average return of 103% in the past 30 days, more than 6 times higher than the average return of 16.1% in the crypto market. Among the 19 Memecoins tracked by Artemis, DOGE and PEPE have seen the largest increases, up 196.1% and 115% respectively. At the same time, BONK has risen 70.2% and BRETT has risen 63.5%.
Notably, many memecoins associated with the US election plunged in the days following the presidential election, including MAGA (TRUMP), which has fallen 72% in the past 30 days. According to market insight platform Kaito AI, memecoins accounted for nearly 24% of investors’ attention as of November 14. A quarter of cryptocurrency investors posting on X are discussing memecoins.
A smart money bought 40.3 million BITCATs and made a profit of $467,000, with a return rate of 27,837%.
According to @ai_9684xtpa monitoring, smart money v2yNh...8A5a7 spent 7.84 SOL (1,678 USD) to buy 40.3 million BITCAT in the internal market, with a cost as low as $0.00004165; then it liquidated all tokens in batches within the market value range of 5 million to 30 million USD, making a profit of 467,000 USD and a return rate of 27,837%.
Two whales built large positions in SLERF, buying 2.35 million and 2.52 million respectively
According to @ai_9684xtpa, since Wintermute withdrew SLERF from OKX yesterday, the price of the coin has soared by 60% in the past 24 hours. Today, two whales have built large positions in SLERF on the chain. About an hour ago, 3.15 spent $2.3 million to buy BOME. A big holder withdrew 6,007 SOL (1.32 million US dollars) from Binance, and then spent 4,642 SOL to buy 2.35 million SLERF, worth $1.02 million, at a cost of $0.4325. 4 hours ago, the address AkxGU...wfyqW spent 1.03 million USDC to buy 2.52 million SLERF, with a position cost of $0.4103.
