Today's news tips:
Musk and Tesla win dismissal of lawsuit accusing them of manipulating Dogecoin
OpenAI and Anthropic have agreed to share their major new AI models with the US government before release
OKX will launch Hamster Kombat (HMSTR) spot trading
X platform's New York headquarters will close on September 13 and is expected to move to Texas
Salvadoran President Bukele is the cover character of the latest issue of Time magazine
Stablecoin payment company Bridge completes $58 million financing
Data: The top addresses of MATIC, SHIB, and UNI tokens hold more than 50% of the total
NetDragon made a profit of RMB 51 million by selling RMB 290 million worth of cryptocurrencies in the first half of this year
Regulatory News
The U.S. House of Representatives plans to hold multiple cryptocurrency hearings in September, including discussions on DeFi and SEC enforcement
According to CoinDesk, the U.S. House Financial Services Committee plans to hold a series of cryptocurrency hearings in September to delve into several aspects of the industry, including decentralized finance (DeFi), the U.S. Securities and Exchange Commission's (SEC) regulation of digital asset businesses, and the impact of the "pig killing" scam, according to a person familiar with the matter. The chairman of the committee, Republican Congressman Patrick McHenry, will retire at the end of this year. He said one of the top priorities for the remaining term is to pass a cryptocurrency regulation bill. The first hearing on September 10 will be a subcommittee review of DeFi. Some proposed rules proposed by multiple federal agencies, including the U.S. Securities and Exchange Commission (SEC) and the U.S. Internal Revenue Service (IRS), may have a life-or-death impact on DeFi projects. Two hearings will be held on September 18, one on the SEC's enforcement practices and the impact of the "pig killing" scam. The full committee hearing on September 23 may have the greatest impact on cryptocurrencies, when the SEC will testify. It is said that the House Committee will seek testimony from SEC Chairman Gary Gensler and other members at the same hearing, which is an extremely unusual practice. Meanwhile, lawmakers are negotiating legislation that would limit the agency’s digital asset jurisdiction in order to give the Commodity Futures Trading Commission (CFTC) a more prominent role.
Macron denies inviting Durov to visit France, says he had no knowledge of his trip
According to Cointelegraph, French President Macron said at a press conference during a diplomatic visit to Serbia that he did not invite Telegram co-founder Pavel Durov to France and had no idea about his trip to France. He said: "For my part, I was completely unaware that Durov came to France. This is normal because I cannot know all the people from all over the world who come to France, whether they have French nationality or not." Macron then reiterated that Durov's case will be "handled independently by the French judicial system." Macron has been widely opposed by the international community for his decision to arrest Durov. But Macron insisted that the decision to detain Durov had nothing to do with politics. According to previous news, Durov has been formally prosecuted by the French prosecutor and has been released after paying a bail of 5 million euros, but he is required to stay in France and contact law enforcement every week. According to the Wall Street Journal, Durov had lunch with Macron in 2018, during which he was invited to move the company to Paris and apply for French citizenship.
Russia warns France not to take political action in Telegram CEO case
According to Bitcoin.com, Russia has warned the French government not to take political action in the case of Telegram CEO Pavel Durov, and France's criminal charges against Durov may be regarded as "political persecution." Durov is a Russian-born French citizen who was detained in Paris on suspicion of failing to control illegal content on the information platform. He has been released on bail, but must remain in France and report to the police regularly. Kremlin spokesman Dmitry Peskov said that he recognizes Durov's Russian citizenship and is willing to help him. The Kremlin also stated that no negotiations or agreements had been held with Telegram CEO Durov, and said it was unaware that Russian President Putin had met with Durov.
Trump: Ready to announce plan to make the United States the world's "crypto capital"
According to Jinshi, the Republican presidential candidate Trump announced that he will launch a plan to ensure that the United States becomes the "global crypto capital". Trump posted on the social media platform on Thursday, but did not reveal any details. The video he shared also included a decentralized financial project that his sons have recently promoted. Trump said in the video: "This afternoon (Beijing time on the morning of the 30th), I will show my plan to ensure that the United States becomes the global crypto capital."
Musk and Tesla win dismissal of lawsuit accusing them of manipulating Dogecoin
Elon Musk and his electric car company Tesla (TSLA.O) have successfully won the dismissal of a federal lawsuit that accused them of defrauding investors of billions of dollars by inflating the value of the cryptocurrency Dogecoin and engaging in insider trading, Reuters reported. U.S. District Judge Alvin Hellerstein in Manhattan issued the ruling late Thursday. Investors accused the world's richest man of using Twitter posts, a 2021 appearance on NBC's "Saturday Night Live" and other publicity stunts to trade profitably at the expense of investors through multiple Dogecoin wallets controlled by him or Tesla. They also said Musk deliberately drove the price of Dogecoin up more than 36,000% in two years before letting it plummet, and that he and Tesla often timed transactions based on Musk's public statements and activities about Dogecoin. However, Hellerstein said Musk's tweets about "Dogecoin is the future currency of the earth, can be used to buy Tesla cars, or be sent to the moon by his company SpaceX" are "idealistic and exaggerated, not true, and easily falsified," which means that no rational investor can rely on these tweets to file a securities fraud lawsuit, and therefore "cannot understand" the market manipulation and insider trading allegations made by investors. Hellerstein dismissed the lawsuit with prejudice, which means it cannot be filed again. The investors initially sought $258 billion in damages and amended their complaint four times in two years. In seeking to dismiss the lawsuit, Musk's lawyers said there was nothing wrong with his "harmless and often stupid tweets." They also said there was no evidence that Musk had two wallets for suspicious transactions, or that he or Tesla had ever sold Dogecoin.
AI
OpenAI and Anthropic have agreed to share their major new AI models with the US government for safety testing before release
According to The Verge, OpenAI and Anthropic have agreed to share their major new AI models with the US government before release to help improve model security. The two companies have signed a memorandum of understanding with the US AI Safety Institute to provide access to the models before and after they are released so that the government can assess security risks and mitigate potential problems. In addition, the California State Assembly recently passed the Frontier Artificial Intelligence Model Security Innovation Act (SB 1047), requiring AI companies to take specific security measures before training advanced basic models, but the bill has sparked opposition from companies including OpenAI and Anthropic, who believe that this move may be detrimental to small open source developers.
Apple and Nvidia discuss joining OpenAI's new funding round
According to the Wall Street Journal, Apple and Nvidia are discussing investing in OpenAI, a move that will solidify the relationship between the two companies and OpenAI. People familiar with the matter said the investment will be part of a new round of financing for OpenAI that will value the company at more than $100 billion. In addition, Microsoft also participated in the financing. Microsoft is already OpenAI's largest supporter, having invested approximately $13 billion in the company. If the negotiations progress, it would mean that the three most valuable technology companies will support OpenAI. According to previous news, OpenAI is in talks for a new round of financing, Thrive Capital will lead the round and will invest $1 billion.
Project News
OKX will launch Hamster Kombat (HMSTR) spot trading
OKX will launch HMSTR (Hamster Kombat) spot trading on September 26, and the specific time schedule will be announced separately. In addition, OKX will officially deliver HMSTR/USDT pre-market trading (USDT margin delivery contract) on September 25, 2024, and the specific time schedule will be announced separately. It is reported that Hamster Kombat is a click-to-earn game combined with a digital currency trading simulator.
OKX CEO: Based on the 100% reserve principle, when the loan amount exceeds the deposit amount, the automatic currency exchange mechanism will be triggered
In response to a user's question about OKX's lending mechanism, OKX CEO Star said: "1. OKX's current mortgage loan is a C2C market between users. OKX only provides a platform to help users with borrowing and earning needs match. 2. 100% reserve is a basic principle of OKX. When the loan amount exceeds the deposit amount, the platform's automatic currency exchange mechanism will be triggered due to the 100% reserve requirement. 3. OKX certainly limits the maximum loan amount and does not allow it to exceed 100%. 4. Due to the market activities of this currency, a large number of depositors redeemed the currency at that time, causing the loan amount to exceed 100%, which in turn triggered the automatic currency exchange. 5. The OKX team will review the underlying design mechanism of the mortgage loan platform to see if there is an optimization plan, and welcome more comments."
Later in the day, OKX released an investigation and explanation on issues related to FLOKI’s pledge loan mechanism.
Gnosis Chain Community Members Evaluate Gas Token Options as MakerDAO Moves to Sky
According to The Block, Gnosis Chain community members are reconsidering their choice of gas tokens after MakerDAO changed its name to Sky and launched a new stablecoin, Sky Dollar (USDS). Gnosis operates a sidechain and currently uses a bridge version called xDAI to pay gas fees on the network. MakerDAO is the issuer of DAI, a stablecoin backed by crypto assets. As part of MakerDAO's "ultimate plan", it will allow DAI holders to choose to upgrade their tokens to USDS at a 1:1 ratio, while also providing opportunities for native token rewards. The new USDS stablecoin may introduce more centralized features, including the ability to "freeze" wallet addresses and restrict access to users in the UK and the United States. These changes have raised concerns among Gnosis Chain users about the reliability of USDS in paying transaction costs. Community members emphasized that the freezing function of USDS is contrary to Gnosis's decentralized principles. Community member 0xLajota wrote: "USDS has a 'freeze' function that allows the use of stablecoins to be blocked in certain wallets and/or smart contracts. This change goes against the essence of Gnosis, which is decentralized and permissionless." In response, Gnosis Chain members discussed exploring several alternative solutions, and the options proposed included the adoption of decentralized stablecoins such as RAI and LUSD or a basket of currencies. In addition, members also suggested that Gnosis Chain could use its native staking token Gnosis (GNO) as a Gas token to conform to the practices of other blockchain protocols. The discussion is still in its early stages and no formal proposal has yet been made.
Justin Sun: I and SUN DAO have not sold any SUN tokens
Justin Sun posted on the X platform that “SUN DAO and I have not sold any SUN at present, and the address circulated on the Internet has nothing to do with the official.”
Earlier news, according to the monitoring of on-chain analyst @ai_9684xtpa, the price of SUN has fallen by 31.4% since the address associated with Justin Sun/Tron Foundation first sold off SUN in batches.
X platform's New York headquarters will close on September 13 and is expected to move to Texas
According to Yicai Global, in a brief note to employees on Thursday, social media platform "X" announced that its long-standing office and global headquarters in San Francisco will be closed in two weeks on Friday, September 13. X's headquarters is expected to move to Texas, where other Musk companies such as Tesla, SpaceX and Boring Co are headquartered.
Cboe Submits Revised Application to List Bitcoin and Ethereum Spot ETF Options
According to Cointelegraph, according to two regulatory documents on August 28, the Chicago Board Options Exchange (Cboe Exchange) submitted a revised application for listing of Bitcoin and Ethereum ETF options to regulators. The documents show that Cboe seeks to list options based on Bitcoin and Ethereum ETFs issued by asset management companies, including Fidelity, 21Shares, Invesco, VanEck, Grayscale, Bitwise, BlackRock iShares and Valkyrie. According to the information in the Bitcoin and Ethereum options documents, the proposed rule changes will classify cryptocurrency spot ETFs and commodity-based ETFs (such as Goldman Sachs Physical Gold ETF and iShares Silver Trust) as "securities suitable for option trading." According to previous news, Nasdaq announced on August 27 that it plans to list Bitcoin options linked to the CME CF Bitcoin Real-Time Index (BRTI). In August of this year, the New York Stock Exchange and Nasdaq withdrew four Bitcoin options listing applications submitted to the U.S. Securities and Exchange Commission (SEC). On August 8, the Chicago Board Options Exchange withdrew an earlier application for listing Bitcoin ETF options. Bloomberg expects Bitcoin spot options to be available in the fourth quarter of this year.
Sony Blockchain Soneium and Transak Partner to Provide Global Fiat Currency Access Services
According to The Block, Sony's blockchain project Soneium has partnered with Transak to provide global fiat currency entry services, giving users the option of joining the ecosystem using traditional payment methods. It is reported that the integration of Soneium and Transak may promote "wider adoption of blockchain technology within the gaming community" and may create new tokenization opportunities. Gamers can use traditional payment methods supported by Transak to purchase, transfer and trade in-game assets and NFTs. Transak is a web3 payment infrastructure provider that announced in July that it would provide fiat currency entry services for Uniswap wallets. Earlier on August 23, Sony announced the launch of the Ethereum-based Layer-2 network "Soneium".
Upbit to List USDCoin (USDC)
According to the official announcement, South Korean crypto exchange Upbit will launch the stablecoin USDCoin (USDC) in the KRW, BTC, and USDT markets. Trading support will start at 13:00 local time on August 30.
Coinbase International will launch BB, CFX and NEO perpetual contract trading pairs
According to the announcement of Coinbase International Exchange, Coinbase International Exchange and Coinbase Advanced will list perpetual contract trading pairs of BounceBit, Conflux and Neo. The BB-PERP, CFX-PERP and NEO-PERP markets are expected to open for trading on or after 9:30 UTC (17:30 Beijing time) on September 5, 2024. The relevant tokens include BB, CFX and NEO.
El Salvador's President Bukele says Bitcoin has not yet been as widely adopted as we would like
PANews reported on August 30 that according to The Block, Salvadoran President Nayib Bukele passed a bill to make Bitcoin a legal tender in the Latin American country, and he said that this monetary experiment has achieved mixed results so far. Bukele was asked in an interview with Time magazine whether Bitcoin monetization has been "successful". He said: "Bitcoin has not been as widely adopted as we hoped. Many Salvadorans use it, and most large companies in the country accept it. The positive side is that it is voluntary; we have never forced anyone to adopt it. We offer it as an option, and those who choose to use it have benefited from the rise of Bitcoin. I certainly expect it to be more widely adopted, but we have always been proud of being a free country, free in all aspects." Bukele pointed out that "those who save in Bitcoin" are likely to have made a good return now because the price of Bitcoin has returned to near its historical high. "I won't say it is the currency of the future, but this currency has a great future," Bukele said, noting that Wall Street companies are increasingly expanding their footprint in the cryptocurrency industry and that Bitcoin has become a campaign issue in the US election. Bukele said that despite limited success in domestic adoption, bitcoin has improved El Salvador’s “brand image,” attracted foreign investment and led to a surge in tourism. Several bitcoin companies have offices or headquarters in the country.
Earlier news, Salvadoran President Bukele became the cover character of the latest issue of Time magazine.
SlowMist Warning: Beware of new phishing methods targeting iCloud accounts of cryptocurrency practitioners
23pds, the chief information security officer of SlowMist Technology, warned on the X platform that people should be aware of new phishing methods targeting iCloud accounts of cryptocurrency practitioners. They have just received intelligence on attacks against cryptocurrency practitioners. Phishers use the pretext of "There is an error with your iPhone ID. Please go to XXX (a website link) before August 30 to enable two-factor authentication. If you delay, it will be disabled." to defraud users' iCloud accounts, and then restore accounts or keys to steal users' assets.
The Witness Chain Discord server has been hacked. Please do not click on the related links.
According to PeckShieldAlert, the Discord server of Witness Chain has been hacked. Please do not click on any links posted in the server. The project is working hard to restore the security of the server.
Financing News
Stablecoin payment company Bridge completes $58 million financing
According to The Block, Bridge, a Web3 payment company founded by former Coinbase and Square employees, has completed $58 million in financing, with participation from Sequoia Capital, Ribbit, Index and Haun Ventures. Bridge is building a stablecoin-based payment platform that provides services such as cross-border payments and foreign currency exchange. It has partnered with Bitso to carry out stablecoin-based B2B cross-border payments in Latin America. Data from The Block shows that as of August 28, the total supply of stablecoins reached 176.6 million. Among them, Tether's USDT accounts for 70.7% of the total stablecoin supply, while Circle's USDC accounts for 20.6%.
AI Layer1 Infrastructure Edge Matrix Chain Completes $20 Million Financing, Led by Polygon Ventures and Amber Group
According to The Block, Edge Matrix Chain (EMC), a multi-chain infrastructure project incubated by Future3 Campus, has completed a $20 million financing led by Polygon Ventures and Amber Group. Investors including One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group and Hameem Raees Chowdhury participated in this round of financing. EMC plans to use the new financing to launch its Layer 1 blockchain focused on artificial intelligence applications, which is designed to support GPU computing for encrypted AI projects and introduce decentralized financial assets supported by actual GPU resources. In addition, EMC launched a two-month public testnet incentive program on August 17 (users can obtain EMC tokens by participating in the testnet), and plans to distribute $5 million in rewards through a two-stage incentive program.
Layer 1 Crypto Network Quai Network Completes $5 Million Strategic Financing
According to The Block, Layer 1 crypto network Quai Network announced the completion of a $5 million strategic financing round, with investors including Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. This round of financing brings Quai Network's total financing to $15 million, having previously received $10 million from Polychain Capital and Alumni Ventures. The new funds will be used to expand the engineering and development team, support research and development work, and invest in community engagement projects. In addition, Quai will also launch a mainnet-compatible developer network to further promote the scalability and security of blockchain technology.
Important data
The number of initial jobless claims in the United States for the week ending August 24 was 231,000, while the expected number was 232,000.
According to Jinshi.com, the number of initial jobless claims in the United States for the week ending August 24 was 231,000, which was expected to be 232,000, and the previous value was revised from 232,000 to 233,000. The revised value of the annualized quarterly rate of real GDP in the second quarter of the United States was 3%, which was expected to be 2.80%, and the previous value was 2.80%.
An independent miner mined a block worth 3.275 bitcoins in the early morning, worth about $200,000
According to mempool data, at 00:21 am Beijing time today, an independent miner mined a block worth 3.275 bitcoins at block height 858978, equivalent to approximately US$199,098.
A whale/institution withdrew 7,904 ETH from Coinbase again 5 hours ago, and has withdrawn 21,912 ETH in the past 3 days
According to on-chain analyst Yu Jin, a whale/institution continued to withdraw 7,904 ETH (about 20.03 million USD) from Coinbase 5 hours ago. He withdrew a total of 21,912 ETH (about 55.67 million USD) from Coinbase in the past 3 days, with an average price of 2,540 USD. Then he deposited all of them into Lido.
Vitalik.eth transferred 800 ETH to a multi-signature wallet and sold 190 of them
According to Lookonchain monitoring, Ethereum co-founder address Vitalik.eth transferred another 800 ETH (about $2.01 million) to the multi-signature wallet 40 minutes ago. Subsequently, the multi-signature wallet converted 190 ETH into 477,000 USDC. In addition, on August 9, Vitalik transferred 3,000 ETH (8.04 million US dollars) to this multi-signature wallet.
Data: The top addresses of MATIC, SHIB, and UNI tokens hold more than 50% of the total
Santiment, a crypto data analysis agency, released data on the X platform on the "Total Supply of Some Mainstream Altcoins Held by the 10 Largest Wallet Addresses", as follows: MATIC 69.4%, SHIB 61.2%, UNI 50.8%, PEPE 46.1%, ETH 44.0%, USDT 33.1%, LINK 31.1%, TON 27.5%, DAI 24.5%, USDC 19.0%. Santiment said that several factors affect whether the holdings of assets in whale wallet addresses are highly concentrated or low. For example, early adopters or project insiders may hold a large amount of funds, resulting in high concentration (such as TON). Or the token can be used in large quantities for staking or governance, requiring validators to hold a large number of tokens (as is the case with Ethereum and its ETH2.0 deposit contract, which currently holds 35.4% of the supply). In addition, tokens that are widely distributed through airdrops or community rewards may have a more decentralized distribution (such as Arbitrum).
Wintermute recharged 8,006 ETH to Coinbase in the past 7 hours, worth $20.53 million
According to on-chain analyst @ai_9684xtpa, Wintermute has recharged 8,006 ETH to Coinbase in the past 7 hours, worth $20.53 million, with an average price of $2,529. Since August 27, Wintermute has transferred a total of 24,007 ETH (about $60.12 million) to the exchange, and the wallet currently still holds 6,000 ETH.
The total net outflow of the US Ethereum spot ETF yesterday was US$1.7714 million, and the ETF net asset ratio reached 2.3%
The total net outflow of the US Bitcoin spot ETF yesterday was US$71.7301 million, and the ETF net asset ratio reached 4.62%
NetDragon made a profit of RMB 51 million by selling RMB 290 million worth of cryptocurrencies in the first half of this year
NetDragon Websoft Holdings Limited (stock code: 777), a Hong Kong-listed company, released its interim results report for the six months ending June 30, 2024. The report shows that the Group paid approximately RMB 289 million (RMB 83 million in the same period of 2023) for the acquisition of intangible assets during this interim period, of which approximately US$33 million (equivalent to RMB 234 million) was used to acquire cryptocurrencies. In addition, the Group sold a number of cryptocurrencies with a total book value of US$41 million (equivalent to RMB 290 million) during this period, generating a sales profit of RMB 51 million, while there were no related transactions in the same period of 2023.
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