Today's news tips:
Durov was charged and released on bail, banned from leaving France
OpenSea: Received Wells Notice from the U.S. SEC and will provide $5 million to help creators pay legal fees to defend industry interests
OpenAI is in talks for a new round of funding, with a valuation of more than $100 billion
Cardano will carry out the "Chang Hard Fork" upgrade on September 1, introducing on-chain governance functions
Hamster Kombat will launch HMSTR tokens on the TON chain on September 26 and conduct airdrops simultaneously
The address related to the Ethereum Genesis Block launched the Meme coin PHIL, and the transaction volume once rose to the top of the Uniswap list
ParaFi Capital Completes $120 Million Fundraising, Will Buy Stakes in Other Crypto Funds
Nvidia's Q2 revenue hit a record $30 billion, up 122% year-on-year
Regulatory News
Durov was charged and released on bail, banned from leaving France
According to Xinhua News Agency, the Paris prosecutor's office in France announced on the 28th that Pavel Durov, the founder and CEO of the social media Telegram who was arrested in France, was prosecuted after the end of his detention that day. He was released on bail under judicial supervision, but was not allowed to leave France. Paris prosecutor Lore Betcuot said in a press release that Durov was prosecuted on the evening of the 28th. He was released on bail under judicial supervision, but he had to pay a deposit of 5 million euros, report to the police station twice a week, and was prohibited from leaving French territory. According to previous news, relevant French government departments are investigating illegal activities such as fraud, drug trafficking, organized crime, child pornography, and promotion of terrorism on the "Telegram" platform. Durov was accused of not taking corresponding measures to prevent these crimes. The Paris prosecutor's office issued a press release on the 26th saying that the Paris prosecutor's office began a judicial investigation involving 12 charges on July 8 this year, which was not targeted at specific people, and Durov was arrested for this.
Later in the day, it was reported that Telegram founder Pavel Durov was accused by his ex-partner of abusing his young son and was under investigation in Switzerland. The Kremlin said that the Telegram founder incident should not turn into political persecution, and that Telegram founder Pavel Durov had all the resources needed for legal defense and was ready to provide assistance if necessary. The Kremlin also stressed that it would closely monitor the development of the incident.
OpenSea: Received Wells Notice from the U.S. SEC and will provide $5 million to help creators pay legal fees to defend industry interests
OpenSea CEO Devin Finzer posted on the X platform that the company has received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The SEC believes that NFTs on the platform may be securities and threatens to sue OpenSea. Finzer was shocked by this, saying that this move will have a serious impact on hundreds of thousands of artists and creators and may stifle innovation. He emphasized that NFTs are essentially creative commodities and should not be regulated by securities regulations. OpenSea has pledged to provide $5 million to help NFT creators and developers who received the Wells notice pay legal fees and vowed to defend the interests of the industry.
AI&NFT
OpenAI is in talks for a new round of funding, with a valuation of more than $100 billion
According to CNBC, OpenAI is in talks for a round of financing that will value the artificial intelligence startup at more than $100 billion. According to people familiar with the matter, Thrive Capital will lead the round and will invest $1 billion. Microsoft, OpenAI's largest supporter, also participated in this round of financing. Since 2019, Microsoft has invested $13 billion in OpenAI and currently owns a 49% share of the company's profits. Sarah Friar, OpenAI's chief financial officer, released a memo saying that the new round of financing negotiations is still in the early stages and funds are being raised, which will be used for computing and operating operations. It is reported that earlier this year, OpenAI's valuation rose to $80 billion from $29 billion last year. Previously, OpenAI's annualized revenue exceeded $2 billion. The company began to grow after launching the ChatGPT chatbot at the end of 2022, and continued to launch products for enterprises and expanded to AI-generated photos and videos. OpenAI announced last week that it would launch a prototype of its search engine called SearchGPT, which aims to provide users with "fast and timely answers with clear and relevant sources." The company said it eventually plans to integrate the tool into its ChatGPT chatbot, which is currently being tested among a small group of users.
Sales of Trump's fourth NFT trading card series exceeded $2 million, but only 5.8% of the total supply was sold
According to Decrypt, the fourth batch of NFT trading card series released by Trump, "The America First Collection", has achieved sales of over $2 million since its debut on Tuesday amid a weak NFT market. However, this series contains a total of 360,000 digital trading cards, and less than 21,000 have been sold so far, accounting for 5.8% of the total supply. If Trump eventually sells out his latest NFT series, the series will eventually earn $35.6 million in revenue, with each trading card priced at $99. It is reported that the latest batch of Trump NFTs will not be resold on the secondary market until January 31, 2025, which is similar to the restrictions on the previous batch of NFTs.
Project News
Trump's son Eric Trump announced the official launch of the encryption project WLFI
Eric Trump, son of former US President Trump and executive vice president of the Trump Organization, announced the official launch of the crypto project WLFI (@WorldLibertyFi) on X, saying that "a new era of finance has arrived."
Musk hires Republican political adviser to join team
Musk has hired a Republican staffer who specializes in field organizing to help guide his political work, a move that suggests Musk is preparing to get more involved in Republican political activities, especially those to get out the vote, according to the New York Times. Chris Young, a senior political official at the Pharmaceutical Research and Manufacturers Association (PhRMA), will join Musk's team, according to three people familiar with the matter. Young was previously the head of Engage Texas, a Texas voter registration nonprofit funded by major Republican donors, and previously rose to prominence in Republican field organizing, becoming the national field work director for the Republican National Committee during the 2016 election cycle. Field organizing has been a focus of Musk's work during his recent foray into campaigns.
TON network experienced another block interruption in the early morning and has now resumed full operation
Telegram Wallet posted on the official TG channel this morning that the TON network is now fully operational after experiencing another block interruption in the early hours of this morning. TON-based asset withdrawals and deposits in wallets will be credited in due course. Tonscan data shows that the TON network is currently producing blocks normally. In addition, TON Status once again called on the main network validators to perform previous updates.
Kakao and LINE's L1 blockchain Kaia has launched its mainnet
Kaia, the Layer 1 blockchain launched by messaging app giants Kakao and LINE, has announced that its mainnet has gone live. According to its announcement, Kaia’s processing speed is about one second and the gas fee is “extremely low.”
BNB Chain Partners with Celer, deBridge, and Stargate to Launch Official Cross-Chain Bridge
According to The Block, BNB Chain has launched the official cross-chain bridge BNB Chain Bridge in cooperation with Celer, deBridge and Stargate, aiming to enhance cross-chain interoperability, liquidity and user experience. The bridge will support multiple blockchains and Layer 2 networks including Ethereum, Arbitrum, Polygon, etc., with the goal of attracting more DeFi projects to join the BNB Chain ecosystem through real-time cross-chain transmission and competitive rates.
Cardano will carry out the "Chang Hard Fork" upgrade on September 1, introducing on-chain governance functions
According to CoinDesk, the Cardano blockchain is about to undergo the biggest upgrade in two years, the "Chang Hard Fork", whose main function is to introduce an on-chain governance mechanism. Users holding ADA will be able to elect representatives (dReps) and vote on improvement proposals and future technical changes. The upgrade was originally scheduled for this week, but it has been postponed to September 1 because some exchanges need time to prepare their systems. The Chang hard fork is part of Cardano's "Voltaire era" and aims to achieve a self-sustaining blockchain system managed by the community. The upgrade also includes the core improvement proposal CIP-1694, which will strengthen the community's control over the network through governance structures such as the Constitutional Committee, dReps, and staking pool operators.
Hamster Kombat will launch HMSTR tokens on the TON chain on September 26 and conduct airdrops simultaneously
According to Decrypt, Telegram's popular "point-to-earn" game Hamster Kombat announced that it will launch the highly anticipated HMSTR token on The Open Network (TON) on September 26, and will simultaneously airdrop. The token was originally scheduled to be launched in July, but was postponed due to additional planning for a large-scale airdrop. Since its launch this spring, Hamster Kombat has attracted more than 300 million players, including more than 80 million active players in the past month.
Crypto.com announces launch of retail services to global users from its regional hub in Dubai
According to the official website, the crypto exchange Crypto.com announced today the launch of global retail services, which will provide deposit and withdrawal facilities for millions of Crypto.com App retail users from more than 90 countries. Crypto.com's global retail services will be launched to global users through the company's regional center in Dubai. This expansion is supported by the regulatory framework established by Standard Chartered Bank and the Dubai Virtual Asset Regulatory Authority (VARA).
The service will begin rolling out next month to customers in the UAE, who will be able to access Crypto.com’s retail products and services through the Crypto.com App, including the ability to buy, sell and trade over 250 cryptocurrencies. Crypto.com will then gradually expand the service to retail customers around the world, providing them with the same products and services, as well as deposit and withdrawal financial channels.
Currently, Standard Chartered is providing Crypto.com with banking and payment solutions for its client funding accounts, enabling deposits and withdrawals of USD, EUR and AED on the Crypto.com App to be processed in near real time.
BNB Chain plans to conduct a Bohr hard fork on the BSC mainnet on September 26, which will allow validators to produce blocks continuously
According to the official blog, BNB Chain has successfully activated the Bohr hard fork on the BSC testnet. The Bohr upgrade on the BSC mainnet is scheduled for September 26, although this may change. The Bohr hard fork contains four BEPs. 1. BEP 341: Allow validators to produce blocks continuously; 2. BEP 402: Generate signatures by completing missing fields in the block header; 3. BEP 404: Clear miner history when switching validator sets; 4. BEP 410: Add a proxy for validators. Among them, the most critical part of the Bohr hard fork is BEP 341, which will enable validators to produce blocks continuously.
The Bohr hard fork is an important upgrade to the BNB Chain that improves efficiency by allowing validators to produce blocks continuously. This change meets the growing needs of the ecosystem while maintaining fairness through measures such as the anti-MEV ratio. As its deployment on the mainnet approaches, the Bohr hard fork will enhance the scalability and security of the chain, ensuring that it remains robust and decentralized.
Bloomberg: Pantera invested in TON tokens at 60% off the market price in May and had a 1-year lock-up period
According to Bloomberg, more than a dozen companies including Pantera Capital Management, Animoca Brands and Mirana Ventures have invested in Toncoin, whose blockchain Telegram uses to process instant payments and other businesses. People familiar with the matter said that Pantera is one of the largest crypto venture capital funds and invested more than $100 million in Toncoin earlier this year. Venture capitalists who invested in Toncoin (usually signed an agreement not to sell for at least a year) are now trying to assess whether France's move against Telegram founder Pavel Durov will cause users to flee Telegram.
Pantera called Toncoin its largest investment, but did not disclose the amount. The TON Foundation, which manages the blockchain, said in an email that it has never raised funds. Animoca Brands did not comment on its investment, and Mirana Ventures did not immediately respond to inquiries.
People familiar with the matter said Pantera invested in Toncoin at a 40% discount to the market price at the time. Based on the average price of $6.32 when the transaction was announced in May, the investment was still easily profitable. People familiar with the matter said Pantera has a lock-up period of one year, after which it can sell Toncoin in batches over several years.
The address related to the Ethereum Genesis Block launched the Meme coin PHIL, and the transaction volume once rose to the top of the Uniswap list
According to The Block, a wallet connected to the Ethereum network's genesis block appears to have launched a meme coin called "PHIL," according to blockchain data sites DEX Screener and Etherscan. After the token was listed around 20:15 Beijing time on August 28, its market value once exceeded $125 million. The PHIL token is currently trading on the decentralized exchange Uniswap V2, with a trading price of about $0.06950 as of press time, lower than the peak price of $0.10 reached about an hour after listing.
On DEX Screener, the token’s owner wallet was originally funded by an entity labeled Genesis 3,316 days ago on July 30, 2015 (the day Ethereum went live), when 2,000 ETH was injected into the wallet. Since then, the wallet has transferred nearly all of the Ethereum (including 36.6 Ethereum) into the PHIL token liquidity pool and smaller meme coins Azalea and Drip.
The maximum total supply of PHIL tokens is 1 billion, and there are currently only more than 1,000 independent holders. Its top ten holders each purchased 10 million tokens. One speculator who bought 6.5 million tokens made a profit of $172,000 by selling about half of the tokens, and there are more than $300,000 in unrealized gains. According to DEX Screener data, PHIL's trading volume has surged 86,000% since its listing, and it has now become the most traded asset on Uniswap. Its current market value exceeds $69.5 million.
French football star Kylian Mbappe’s account X was hacked and promoted MBAPPE tokens. The tweet has now been deleted.
French football star Kylian Mbappe's X account was hacked and released the token MBAPPE. The tweet has been deleted. The market value of the MBAPPE token soared to tens of millions of dollars in a few minutes, and then quickly returned to zero. A user bought the token for 2 SOL (about $286) and sold it at a high point, making a profit of about 1,398 SOL (about $200,000).
Later news came that the MbappeX account was hacked again and posted crypto scam information, which has now been deleted.
South Korean digital asset platform Haru Invest CEO is out of danger
According to Reuters, Hugo Le, CEO of South Korean digital asset management platform Haru Invest, was stabbed while appearing in the Seoul Southern District Court for fraud trial. Hugo Le's injuries are not life-threatening and he has been taken to hospital for treatment. The attacker has been arrested by the police.
Investment and Financing
Blockchain game developer double jump.tokyo completes over $10 million in financing, led by SBI Investment
According to the official website, double jump.tokyo, the developer of the Japanese game public chain Oasys, announced that it has received more than $10 million in the first round of financing in the D round, led by SBI Investment. Participating investors include Sony Group Corporation, Taisu Ventures, Gate Ventures, TM Capital, Inc., Bing Ventures Ltd. and a well-known entity that wishes to remain anonymous. The funds will be used to further develop and support blockchain games, blockchain infrastructure and related services, while strengthening the company's organizational structure and talent base.
The new round of funding will strengthen the strategic partnership between double jump.tokyo and its investors. The company will deepen cooperation with SBI Group on Web3 services such as NFT market, and promote development on Sony Group's blockchain "Soneium" to expand Web3 content and services. A key focus of the company is the upcoming release of the "Battle of Three Kingdoms" blockchain game, which is based on SEGA's popular IP "Sangokushi Taisen".
Investment firm Lemniscap announced that it has raised a $70 million fund to focus on investing in early-stage Web3 projects
According to CoinDesk, Lemniscap, an investment company based in the Cayman Islands, announced that it has raised a $70 million fund to focus on investments in early Web3 projects. The fund will focus primarily on projects in the Bitcoin ecosystem, reflecting the trend of developers introducing more practical features on the world's oldest blockchain over the past 18 months. Lemniscap plans to invest in zero-knowledge infrastructure, consumer applications, and decentralized physical infrastructure (DePIN) projects. The fund is led by Accolade Partners, a New York-based venture capital firm, which raised more than $1 billion for three funds earlier this year. Lemniscap has previously made more than 130 investments, usually as a follow-on investor, including blockchain networks Avalanche, The Graph, and Axelar.
ParaFi Capital Completes $120 Million Fundraising, Will Buy Stakes in Other Crypto Funds
According to Bloomberg, New York-based digital asset management company ParaFi Capital has raised $120 million from investors such as Theta Capital Management and Accolade Partners. Henry Kravis, co-founder of KKR & Co., is also one of the company's backers. Under a new strategy of ParaFi, the funds will be used in part to acquire stakes in other crypto funds that focus on specific market segments, strategies or regions. ParaFi founder Ben Forman said in an interview that the company plans to build a portfolio in the next three to five years to invest in stakes in 30 to 50 such funds. In recent years, ParaFi has invested in nine different cryptocurrency management companies. As the number of crypto funds begins to grow again, the company is expanding this strategy to external investors. ParaFi is one of the largest crypto funds. The company has been operating hedge fund and venture capital strategies for about six years and has a team of 22 people. In addition to KKR and Kravis, ParaFi's investors also include Bain Capital Ventures.
Mining News
Iris Energy's mining revenue hit a record high of $184.1 million, up 144% year-on-year
According to The Block, IREN (formerly Iris Energy) released its financial report for the period ending June 30, 2024, showing that its annual Bitcoin mining revenue hit a new high of $184.1 million, a year-on-year increase of 144%. During this period, the company's self-mining computing power almost doubled from 5.6 EH/s to 10 EH/s, mining a record 4,191 bitcoins. IREN expects to reach its computing power target of 20 EH/s next month and 30 EH/s by the end of 2024. In addition, the company reported $3.1 million in AI cloud business revenue for the first time. Despite rising electricity and operating costs, IREN's net loss has dropped to $29 million from $171.9 million last year.
Important data
Nvidia's Q2 revenue hit a record $30 billion, up 122% year-on-year
According to the financial community, Nvidia announced its second-quarter financial results as of July 28, 2024. In the second fiscal quarter, the company's revenue reached a record $30.04 billion, exceeding the market expectation of $28.7 billion, a year-on-year increase of 122%; under GAAP rules, net profit increased by 168% year-on-year to $16.6 billion, or $0.67 per share, exceeding market expectations. Among them, the data center business revenue this quarter was $26.3 billion, an increase of 154% over the same period last year, higher than the market expectation of $25.24 billion. Nvidia expects revenue of approximately $32.5 billion in the third quarter, which will be an increase of 80% over the same period last year, higher than the average analyst estimate of $31.7 billion. However, the market's highest expectation for Nvidia's third-quarter revenue reached $37.9 billion, raising concerns that its explosive growth is weakening. In addition, Nvidia announced that it has approved a $50 billion stock repurchase plan. Nvidia's U.S. stocks closed down more than 2%, and its stock price rose and then fell after hours, falling more than 8% at one point.
Four key forces sold 197,800 ETH in the past month, about $599 million
According to Spot On Chain statistics, ETH has fallen sharply twice in the past month (a cumulative decline of 23.5%). The following are four key forces that may have led to the recent sell-off: 1. Ethereum Foundation: sold 35,400 ETH (about US$95 million), still holding 275,000 ETH (about US$677 million). 2. Jump Trading: sold 88,900 ETH (about US$276 million), still holding 53,600 ETH (about US$132 million). 3. IC0-related whale "0xe17": sold 48,500 ETH (about US$154 million), still holding 303,000 ETH (about US$751 million). 4. Long-term holding whale "0x682": sold 25,000 ETH (about US$73.9 million), still holding 41,600 ETH (about US$103 million).
The total net outflow of the US Bitcoin spot ETF yesterday was US$105 million, and the ETF net asset ratio reached 4.64%
According to SoSoValue data, yesterday (August 28, Eastern Time), the total net outflow of Bitcoin spot ETFs was $105 million. Yesterday, Grayscale ETF GBTC had a single-day net outflow of $7.9796 million, and the current historical net outflow of GBTC is $19.759 billion. Grayscale Bitcoin Mini Trust ETF BTC had a single-day net outflow of $8.7716 million, and the current historical total net inflow of Grayscale Bitcoin Mini Trust BTC is $348 million. As of press time, the total net asset value of Bitcoin spot ETFs is $54.322 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) is 4.64%, and the historical cumulative net inflow has reached $17.847 billion.
Amber Group deposits 8,000 ETH into Binance
According to data monitored by The Data Nerd, Amber Group has just deposited 8,000 Ethereum (about $20.35 million) into Binance. In the past month, Amber Group has deposited a total of 57,000 Ethereum (about $156.19 million) into Binance.
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