Today's news tips:
US judge approves FTX restructuring plan
Binance Launchpool Launches Scroll (SCR)
National Bank of Bahrain Launches First Bitcoin-Linked Structured Investment Product
ether.fi: Re-staking rewards will be launched on October 15
A-shares closed, and the turnover of Shanghai, Shenzhen and Beijing reached 3483.5 billion yuan
Kaiko Report: Nearly 60 privacy coins have been delisted from CEX this year, a record high since 2021
Politico: If Trump wins, Robinhood's chief legal officer will become the main contender for SEC chairman
The widow of the late American cryptographer Len Sassaman denies speculation that her husband is Satoshi Nakamoto
Regulatory News
US judge approves FTX restructuring plan
According to The Block, John Dorsey, a judge in the Delaware Bankruptcy Court, decided to approve FTX's bankruptcy plan at a hearing on Monday to begin distributing funds to creditors. This marks the end of the litigation process after the cryptocurrency exchange collapsed two years ago due to allegations of fraud and misconduct. Under the plan, 98% of creditors will receive at least 118% of the value of their claims in cash. It was previously reported that about 94% of creditors in the category of "Internet Customer Equity Claims" voted in favor of the reorganization plan, and these creditors were worth about $6.83 billion. However, the plan was criticized by Sunil Kavuri, a representative of FTX's largest creditor group. Kavuri said that the estate should pay cryptocurrencies in kind, rather than in dollar value as the exchange filed for bankruptcy in 2022. David Adler, a lawyer representing some creditors, also said in court that creditors would face huge taxes if they were paid in cash instead of in kind.
National Bank of Bahrain Launches First Bitcoin-Linked Structured Investment Product
According to Cointelegraph, the National Bank of Bahrain announced the launch of the first Bitcoin-pegged structured investment product designed for institutional investors in the Middle East Gulf Cooperation Council, which consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The product was developed in partnership with digital asset company ARP Digital and will provide exposure to BTC gains limited within a predetermined threshold and provide 100% loss protection in the event of a decline.
UN agency recommends criminalizing unlicensed virtual asset service providers in Southeast Asia to combat online fraud
According to CoinDesk, the United Nations Office on Drugs and Crime (UNODC) called on Southeast Asian countries to criminalize the operation of unlicensed money service businesses or virtual asset service providers (VASPs). In a report released on Monday, the agency pointed out that some VASPs - including those associated with known criminals - are facilitating transactions for fraud gangs and high-risk gambling websites. According to reports, an unidentified entity has conducted transactions of "at least hundreds of millions of dollars" with criminal activities. These involve gangs directly related to or involved in large-scale drug trafficking, human trafficking, cybercrime and child sexual abuse materials, as well as entities sanctioned by the U.S. Office of Foreign Assets Control (OFAC) and wallets associated with the North Korean Lazarus Group. "More than ever, governments need to recognize the severity, scale and reach of this truly global threat and prioritize addressing the region's rapidly evolving criminal ecosystem," Masood Karimipour, UNODC regional representative, said in a statement. The agency also recommended increased oversight of organized crime involvement in casinos, charter tours, online scams and other businesses associated with fraudulent activity, and better training for law enforcement on online gambling operations and money laundering methods enabled by advanced technologies, particularly cryptocurrencies. The report noted that while not all scams in the region involve cryptocurrencies, they have become a favored payment method for scammers due to the speed and ease of cross-border transactions, widespread misinformation, a lack of understanding of how cryptocurrencies work, and in some cases, the failure of cross-border law enforcement cooperation, investigations, case acceptance and asset recovery mechanisms.
South Korea is considering regulating cross-border stablecoin transactions
PANews reported on October 8 that according to the Korea Economic Daily, the Ministry of Economy and Finance of South Korea announced that it is considering taking measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins. The department explained that stablecoins are mainly used for transactions within the cryptocurrency ecosystem, and emphasized that they have the potential to expand into the real economy as a cross-border payment and transaction method. A government official said that the supervision of stablecoins will first start with the construction of a stablecoin issuance system pegged to the Korean won. The system will first develop a legal framework for stablecoins pegged to the Korean won, and on this basis, gradually expand it to stablecoins pegged to foreign currencies.
Project News
Politico: If Trump wins, Robinhood's chief legal officer will become the main contender for SEC chairman
According to Politico, a dozen former senior regulators, lobbyists and securities lawyers said that Robinhood Chief Legal Officer Dan Gallagher would be the leading candidate for Chairman of the U.S. Securities and Exchange Commission (SEC) if Donald Trump wins the presidency again. It is not clear whether Gallagher wants to leave Robinhood. Gallagher said that he loves his job and that "I am honored to be mentioned in the discussion about who will be the next Chairman of the SEC." But there is no doubt that Gallagher has obvious objections to the direction of the SEC. He said that if he had been chairman in the past few years, there would have been tailor-made rules long ago, as the industry has long sought, to provide cryptocurrency exchanges and brokers with "at least a path forward for a basic registration system." Even so, Gallagher believes that legislation is still needed.
Gallagher is a former member of the U.S. Securities and Exchange Commission and is known for his affability and political skills. Other potential SEC chair candidates circulating on Wall Street under the Trump administration include former Commodity Futures Trading Commission chairman Chris Giancarlo, known online as "CryptoDad"; former SEC general counsel Robert Stebbins, now Willkie Partner at law firm Farr & Gallagher; and current SEC Commissioner Hester Peirce, who holds a Republican seat on the agency’s five-member committee. However, reports say that for some Republicans, whether Gallagher can serve as chairman has always been a matter of when, not if.
ether.fi: Re-staking rewards will be launched on October 15
Ethereum restaking protocol ether.fi said on X platform that restaking rewards will go live on October 15. Stakers holding weETH or eETH can receive staking, restaking and Season4 rewards (ether.fi points). Starting October 15, eETH holders will receive the first batch of restaking rewards in the form of LRT² tokens. The rewards are scheduled to be distributed every Thursday in the form of a linear distribution, and users will automatically accumulate LRT² by holding weETH or eETH.
Token distribution protocol Layer3 has been expanded to the Solana network
Token distribution protocol Layer3 said it has expanded to the Solana network. Layer3 on Solana is a new platform designed to expand the Layer3 user base. New features include: optional token migration through Wormhole and Portal, new leaderboards, rewards, user progress and community structures, CUBE vouchers, competitions, loot boxes and real-time token incentives, L3 tokens and staking are now available on Solana through Wormhole.
dYdX: v6 update completed, new features include revenue sharing, etc.
Decentralized derivatives exchange dYdX said the v6 update has been completed, with new features including market mappers, revenue sharing, timestamped random numbers, and personal vault parameters.
Linea launches discussion on decentralization proposals, including a proof-of-stake model for block validation
According to The Block, Consensys-backed Ethereum L2 network Linea has put forward a proposal in the protocol design, detailing the steps required to achieve decentralization. This includes a high-level framework for transitioning zkEVM to a permissionless system and establishing decentralized governance by modifying its existing block verification, block proposal, and finalization processes. The goal is to allow blocks to achieve finality at L2 and L1. The proposal details that under this setting, Linea's sorter will confirm the finality of L2, and when the data and proof of the L2 block are published on Ethereum, the finality of L1 will be guaranteed.
Linea contributors also propose replacing the network’s current L2 finality system with a proof-of-stake model for block validation. This will require validators to stake tokens and participate in the QBFT consensus algorithm. The proposal states that misbehaving validators will be slashed, including destroying part of their stake. An on-chain auction system will also be introduced to select block proposers, allowing any node to bid for the role. The highest bidder will win the right to propose a block, and the bid amount will be burned to reduce the total token supply. A recovery mode ensures that the system can continue to operate even if the validator set is inactive for six months. In this case, any node can start finalizing blocks.
Bitget will fully compensate users who suffered losses due to abnormal fluctuations in BGB in the form of USDT and BGB airdrops before October 10
In response to the price fluctuations of Bitget's platform currency BGB, Bitget officially announced a compensation plan. Bitget will fully compensate affected users. Eligible users are those who hold or use the following products when the abnormality occurs: pledged loans with BGB as collateral, leveraged positions including BGB, full and isolated contract positions including BGB. Bitget will distribute compensation to eligible user accounts in the form of USDT and BGB airdrops before October 10.
According to previous news, from 10:53:00 to 10:58:59 (UTC+8) on October 7, the price of BGB tokens fluctuated abnormally, affecting some users' open contracts and leveraged positions. After investigation, it was found that the anomaly was mainly caused by several large leveraged transactions, which triggered continuous forced liquidation effects on pledged lending, leveraged transactions, and contract trading products.
Binance Launchpool Launches Scroll (SCR)
According to the official announcement, Binance Launchpool has launched the 60th project Scroll (SCR). Users can invest BNB and FDUSD into the SCR reward pool on the Launchpool website after 8:00 (ET on October 9) to obtain SCR. The SCR activity will last for a total of 2 days. Binance pre-market trading will list Scroll (SCR) at 18:00 (ET on October 11) and open the SCR/USDT trading market.
The widow of the late American cryptographer Len Sassaman denies speculation that her husband is Satoshi Nakamoto
According to DL News, in the documentary (Electronic Currency: The Mystery of Bitcoin) produced by the American TV network HBO, the late American cryptographer Len Sassaman was pointed out as Satoshi Nakamoto. However, Len Sassaman's widow Meredith L Patterson denied the speculation that Len Sassaman was Satoshi Nakamoto. "Len Sassaman is not Satoshi Nakamoto. Len Sassaman died in 2011. HBO never contacted me when making the documentary, which is the strangest thing for me."
Trump-backed crypto project World Liberty Financial to launch token sale
The Trump family's crypto project World Liberty Financial (WLFI) said on the X platform that it will launch a token sale, and only users on the whitelist can participate.
Important data
Bitcoin spot ETF had a net inflow of US$235 million yesterday, and the ETF net asset ratio reached 4.72%
The total net inflow of US Ethereum spot ETF yesterday was zero
Vitalik sold 10 billion MOODENG in exchange for 308.69 ETH, and still holds 40 billion MOODENG
According to Lookonchain monitoring, vitalik.eth (Vitalik Buterin) once again sold 10 billion MOODENGs for 308.69 ETH (about $762,000), and transferred 260.16 ETH (about $642,000) to the charity Kanro 45 minutes ago. vitalik.eth still holds 40 billion MOODENGs, worth $8 million.
According to previous news, Vitalik expressed the hope that the Meme Coin project could donate directly to charities or set up a DAO to allow the community to participate in decision-making.
A-shares closed, and the turnover of Shanghai, Shenzhen and Beijing reached 3483.5 billion yuan
According to Jinshi.com, at the close of A-shares, the Shanghai Composite Index closed up 4.59%, the Shenzhen Component Index closed up 9.17%, and the ChiNext Index closed up 17.25%. The turnover of the three markets of Shanghai, Shenzhen and Beijing reached 3483.5 billion yuan. Among them:
China's Shanghai Composite Index closed up 153.28 points, or 4.59%, at 3489.78 points on October 8;
China's Shenzhen Component Index closed at 11,495.1 points on October 8, up 965.34 points, or 9.17%;
China's CSI 300 Index closed at 4,256.1 points on October 8, up 238.24 points, or 5.93%;
China's ChiNext Index closed up 375.19 points, or 17.25%, at 2550.28 points on October 8;
China's Science and Technology Innovation 50 Index closed on October 8, up 151.6 points, or 17.38%, to 1023.97 points.
A whale withdrew 1520 ETH staked and transferred it to Binance 10 hours ago. If sold, the estimated loss is $1.02 million
According to @ai_9684xtpa, the address 0x5C3...262Fc withdrew all 1520 ETH staked in Stakestone and deposited it to Binance 10 hours ago, with a value of 3.75 million US dollars. If all are sold, the estimated loss is 1.02 million US dollars (cost 3138 US dollars, deposit price 2466 US dollars).
Kaiko Report: Nearly 60 privacy coins have been delisted from CEX this year, a record high since 2021
According to Cryptoslate, according to a recent report by Kaiko, nearly 60 privacy coins have been delisted from centralized exchanges this year, setting a record high since 2021. The report tracks Monero (XMR), Dash (DASH), Decred (DCR), Mask (MASK), Rose (ROSE) and Zcash (ZEC). XMR has the largest number of delistings, up 6 times year-on-year, while DASH ranks second.
The delistings are mainly due to regulatory pressure in various jurisdictions over the past few years, the report said. Crypto trading platforms with less regulatory scrutiny, such as Poloniex and Yobit, have captured some of the trading volume of privacy coins. The two exchanges currently account for nearly 40% of the trading volume of top privacy coins, compared to just 18% in 2021.
A whale withdrew 250 BTC from Binance again after 6 months of silence, equivalent to about 15.6 million US dollars
PANews reported on October 8 that according to Lookonchain monitoring, an hour ago, a whale withdrew 250 BTC (US$15.6 million) from Binance again after being silent for 6 months. From March 14 to April 13, the whale accumulated 10,158 BTC (US$681 million) from Binance at a price of US$67,026. At the current price, the whale lost US$46 million on BTC.
The Ethereum Foundation-associated address deposited 1,250 ETH, equivalent to $3.03 million, to Bitstamp
According to the monitoring of Lookonchain, from 16:14 to 16:19 Beijing time, the Ethereum Foundation-related address deposited 1,250 ETH to Bitstamp, which is worth about 3.03 million US dollars. On November 17, 2015, the wallet received 51,251 ETH from the Ethereum Foundation (51,200 US dollars at the time, and 124.5 million US dollars at present).
Lookonchain updated the transfer amount of the address from 2500 ETH to 1250 ETH. After checking the on-chain data, a transaction of 1250 ETH failed to execute.
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