Today’s news tips:
1. Reuters: Binance must face renewed investor lawsuit in U.S. over cryptocurrency losses
2. OpenAI CEO Sam Altman returns to company board
3.Circle cross-chain transmission protocol will be launched on Solana mainnet on March 26
4.Maker has voted to increase the DAI savings rate to 15%
5. The total net inflow of Bitcoin spot ETF yesterday was US$222 million, and the total net inflow of BlackRock ETF exceeded US$10 billion.
6. Market maker GSR received 2.266 million RNDRs, of which 200,000 RNDRs have been transferred to Binance
7. The total net inflow of Bitcoin spot ETF yesterday was US$222 million, and the total net inflow of BlackRock ETF exceeded US$10 billion.
8. Market situation: LPT has an intraday increase of over 60%, and FLOKI has an intraday increase of over 40%.
regulatory news
Reuters: Binance must face renewed investor lawsuit in U.S. over cryptocurrency losses
According to Reuters, a U.S. federal appeals court on Friday reopened a lawsuit in which investors accused Binance, the world's largest cryptocurrency exchange, of violating U.S. securities laws by selling unregistered tokens, causing their value to plummet. In a 3-0 ruling, the 2nd U.S. Circuit Court of Appeals in Manhattan said investors in the proposed class action legitimately claimed that U.S. securities laws applied to the tokens they purchased.
Circuit Judge Alison Nathan said Binance’s use of Amazon computer servers to host its platform supported that outcome because Binance “denies the applicability of any other country’s securities regulatory regime.” The appeals court also said investors could bring claims for tokens purchased within a year before the lawsuit. Friday's ruling overturned a March 2022 ruling by U.S. District Judge Andrew Carter in Manhattan and returned the case to him. The lawsuit covers investors who purchased seven tokens through Binance beginning in 2017—ELF, EOS, FUN, ICX, OMG, QSP, and TRX—that quickly lost much of their value. They claimed that Binance failed to warn them about the token’s “significant risks” and sought to recoup the fees they paid. Binance argued that U.S. securities laws did not apply because its exchange was located outside the United States. It cited the 2010 U.S. Supreme Court decision in Morrison v. National Australia Bank, which limited the extraterritorial reach of U.S. securities laws.
The case is unrelated to Binance’s recent guilty plea and fine of more than $4.3 billion for violating federal anti-money laundering and sanctions laws.
Coinbase meets with SEC this week regarding spot Ethereum ETF
According to Blockworks, Coinbase met with officials from the U.S. Securities and Exchange Commission this week to discuss Grayscale’s proposed Ethereum ETF. Grayscale attorney Davis Polk participated in the meeting, as did various members of the SEC's Division of Trading and Markets. Coinbase gave a presentation at the conference, but it’s unclear what else was discussed. In the SEC's meeting disclosure, the agency included Coinbase's presentation in its filing. According to Coinbase, shares in the potential Ethereum ETF would be classified as commodity stocks, the same as the Bitcoin ETF. Coinbase said the ETH spot market highly demonstrates the market’s tolerance for fraud and manipulation. Coinbase also said it would enter into an oversight-sharing agreement with CME to “assist in monitoring fraud and manipulation.”
However, Eric Balchunas, senior ETF analyst at Bloomberg, said the meeting may not be a "good sign." "There's been no comment so far, which doesn't look good," said Bloomberg analyst James Seyffart.
AI
OpenAI CEO Sam Altman returns to company board
OpenAI CEO Sam Altman returns to the company's board of directors. At the same time, former head of the Bill Gates Foundation Sue Desmond-Hellmann, former Sony Entertainment executive Nicole Seligman and Instacart CEO Fidji Simo will also join the board.
Sam Altman: Will continue to work with board members to promote the development of OpenAI
In response to "his return to the OpenAI board of directors," Sam Altman tweeted that he welcomed new board members Fidji Simo, Sue Desmond-Hellmann, and Nicole Seligman, and would continue to work with Bret, Larry, and Adam. Sam Altman also said that he learned a lot from this experience. When you identify yourself as a former board member whose actions harmed OpenAI, you should handle the situation with more grace and caution.
Project news
Fidelity cuts 700 jobs, first layoffs since 2017
According to Bloomberg, Fidelity Investments laid off about 700 employees this week, the first time the company has laid off employees in seven years. A Fidelity spokesperson said in an emailed statement on Friday that the move affected less than 1% of its employees. The company had about 74,000 employees at the end of last year. The statement said Fidelity is still recruiting and has nearly 2,000 vacancies in "critical business areas."
Coinbase will no longer support PlayDapp (PLA) trading
Coinbase Assets tweeted that it will no longer support PlayDapp (PLA) transactions. Due to the ongoing “pause” feature of the PlayDapp (PLA) smart contract, PLA trading and transfers on Coinbase.com, Coinbase Prime, Advanced Trade, and Coinbase Exchange remain suspended. Additionally, the project publisher has announced an upcoming migration, and the Coinbase team is actively evaluating the upcoming migration and will provide any updates directly to users.
Circle cross-chain transfer protocol will be launched on Solana mainnet on March 26
According to official news, Circle cross-chain transmission protocol CCTP will be launched on the Solana mainnet on March 26. Circle said it has added a new pre-minting address that allows CCTP to mint USDC on Solana.
Maker has voted to increase the DAI savings rate to 15%
MakerDAO has voted to approve a number of changes including increasing the stability rate of ETH, WBTC vaults and other mortgage assets. The adjusted stability rate range is from 15% to 17.25%. In addition, the annual interest rate for SparkLend DAI borrowing will increase from 6.7% to 16%. The PSM cooling-off period for debt ceiling increases will be shortened from 24 hours to 12 hours, increasing USDC deposits and DAI minting throughput. The DAI Savings Rate (DSR) will increase to 15%, making holding DAI more attractive, boosting demand and easing downward pressure on prices. The GSM pause delay will be reduced from 48 hours to 16 hours to allow for faster implementation of future adjustments. The above changes will be implemented in the Maker protocol at 03:55 on March 11, Beijing time.
Uniswap V3 Fees initiated by some users: Factory Owner’s amendment was rejected with 59.89% opposition rate
According to the Snapshot governance page, the Uniswap V3 Fees: Factory Owner amendment initiated by community users such as Michigan Blockchain was rejected with a 59.89% opposition rate. This amendment is intended to amend Uniswap V3 Factory owners to allow the DAO to make future changes to the fee mechanism. In the previous proposal to change Uniswap community governance, V3FactoryOwner.sol did not have the function of setting a new owner for UniswapV3Factory.sol. If the proposal is approved, no one can change V3FactoryOwner.sol, which some community users think is too strict.
Previously, the Uniswap Foundation’s proposal to change Uniswap community governance has passed the temperature check vote.
Market maker GSR received 2.266 million RNDR, of which 200,000 RNDR has been transferred to Binance
According to on-chain analyst Ember’s monitoring, 5 hours ago, the Render Network custody contract address holding 150 million RNDR (accounting for 28% of the total RNDR) transferred 2.266 million RNDR (approximately US$24 million) to the market maker. GSR Markets. GSR subsequently transferred 200,000 RNDR (approximately $2.11 million) to Binance and 400,000 RNDR (approximately $4.23 million) to a new address (0x190).
important data
The total net inflow of Bitcoin spot ETF yesterday was US$222 million, and the total net inflow of BlackRock ETF exceeded US$10 billion.
According to SoSoValue data, total net inflows into Bitcoin spot ETFs yesterday (March 8, EST) were $222 million. Yesterday, Grayscale ETF GBTC had a single-day net outflow of US$302 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a single-day net inflow of US$336 million. The current total historical net inflow of IBIT has reached US$10.03 billion, becoming the first historical total net inflow to exceed 100 Billion dollar Bitcoin ETF. Followed by Fidelity ETF FBTC, with a single-day net inflow of approximately US$130 million, and the current total historical net inflow of FBTC reaches US$6.16 billion.
As of press time, the total net asset value of Bitcoin spot ETFs is US$55.5 billion, the ETF net asset ratio (market value as a proportion of Bitcoin's total market value) reaches 4.09%, and the historical cumulative net inflow has reached US$9.59 billion.
A whale deposited 200.9 billion FLOKI into Gate, or made a profit of US$44.3 million
According to Spot On Chain monitoring, whale 0xf63 deposited all 200.9 billion FLOKI (about 50.3 million US dollars) into Gate about 2 hours ago. If it is actually sold, it will achieve 44.3 million US dollars (+731%) after only 1.5 months. profit. Currently, whales still hold 1.24 trillion SHIB ($45.1 million) and 11.4 million BIGTIME ($5.82 million), with a total unrealized profit of $34.5 million.
Market situation: LPT has increased by more than 60% within the day, and FLOKI has increased by more than 40% during the day.
Binance quotes show that the top tokens with 24-hour gains are: LPT is now at $26.5, with a 24-hour increase of 67.86%; FLOKI is now at $0.00026518, with a 24-hour increase of 47.49%; WLD is now at $10.64, The 24-hour increase was 47.25%; VIB is now trading at $0.1246, with the 24-hour increase being 47.2%.
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