1. Shenyu: Thanks to Arkham for helping to recover funds from a batch of old addresses
Shenyu (@bitfish1) tweeted that he recently checked a batch of old addresses used 1,000 days ago. The funds of some of these addresses are still in the old contracts, but the front end does not show these balances. Thanks to Arkham's timely reminder, I was able to retrieve these funds. This made me truly feel the progress and warmth of the industry.
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2. Neiro responds to Gotbit market maker controversy
Neiro issued an announcement stating that any issues involving Gotbit or its employees have nothing to do with Neiro, and that some MM funds have been withdrawn to the community multi-signature. While waiting for the rest of the funds, CTO S will use his personal funds to allocate to the market making business. ZachXBT questioned that the Neiro team was well aware of Gotbit's bad reputation, but chose to turn a blind eye. CTO S explained: When Justin Sun tweeted to let us list on HTX, we did not have a market maker, and HTX needed a market maker. Gotbit was the only market maker we had a good relationship with, and the protocol Gotbit provided was also the most affordable. Ultimately, I take full responsibility for this, and I should have been more careful. I was shocked by the results and paid a huge price for it.
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3.Scroll responds to "listing on Binance on your knees"
In response to offering Binance up to 5.5% of its tokens for a "kneeling listing", Scroll co-founder Ye Zhang responded: This is a strategic decision to establish a partnership to promote growth and broader support. It is indeed a difficult decision; Binance's entry and exit support for stablecoins is very important. In Africa, Binance has even stronger legitimacy than Ethereum; to compete with Tron and attract different categories of users to join the Ethereum ecosystem, strong CEX support is absolutely crucial; there is some (Binance's) support that I cannot disclose for the time being, but it is far more than just listing.
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4. Mt. Gox postpones repayment until 2025
The Mt. Gox trustee postponed the deadline for repaying creditors by one year to Oct. 31, 2025, which could ease concerns about selling pressure on Bitcoin. Crypto wallets associated with Mt. Gox still hold $2.8 billion worth of Bitcoin after distributing about $6 billion worth of assets to creditors earlier this year.
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5. Lan Fuan: Plans to significantly increase debt limits to help local governments resolve hidden debts
Lan Fuan, Minister of Finance of China, said at a press conference held by the State Council Information Office on October 12 that it is planned to increase the debt limit on a large scale at one time to replace the existing hidden debt of local governments and increase support for local governments to resolve debt risks. The relevant policies will be explained in detail to the public after the relevant legal procedures are fulfilled. This policy is the strongest measure to support debt reduction in recent years. It will greatly reduce the pressure on local governments and free up more resources to support economic development. On the basis of accelerating the implementation of the determined policies, the Ministry of Finance will launch a package of targeted incremental policy measures in the near future to stabilize growth, expand domestic demand and reduce risks. The Ministry of Finance will issue special treasury bonds to support large state-owned commercial banks to supplement capital.
6. Wu's Weekly Selection: Vitalik Nobel Prize nomination, HBO claims Satoshi Nakamoto is Peter Todd, Binance launches Scroll and News Top 10
Top 10 News of the Week
1. Famous economist nominates Ethereum founder Vitalik Buterin as a candidate for the Nobel Prize in Economics link
Renowned economist Tyler Cowen nominated Ethereum founder Vitalik Buterin as a candidate for the Nobel Prize in Economics in a podcast with Alex Tabarrok, saying that his contribution to cryptocurrency monetary economics "far exceeds that of other economists." Cowen said: "Vitalik built a platform, created a currency, and even overturned Mises' regression theorem. His achievements deserve the Nobel Prize." The two economists also highly praised Vitalik's feat of successfully transforming Ethereum from proof of work (PoW) to proof of stake (PoS). Tabbarrok described the process as "changing tires on a moving car" and called it "an incredible achievement." Cowen also specifically mentioned Vitalik's humility and philanthropy, believing that he is an excellent candidate for the Nobel Prize.
2. The reason why HBO believes Peter Todd is Satoshi Nakamoto, even though he has denied it link
HBO believes in its documentary that Peter Todd is Satoshi Nakamoto for the following reasons (although he has denied it):
● In 2010, Todd responded to Satoshi on bitcointalk (using a new account); HBO claimed that he mistakenly used his own account to complete Satoshi’s post
● Both accounts stopped being active after a few days
● Todd later implemented the “replace by fee” concept discussed in the post
● Documentary claims Todd used the pseudonym "John Dillon" to promote RBF
● Both use British/Canadian spelling
● Satoshi’s posting schedule is consistent with the student schedule claimed by the documentary, with more posts on weekends
● Todd discussed “sacrificing” Bitcoin; the documentary implies this refers to destroying Satoshi’s coins
3. The US core CPI annual rate in September was 3.3%, and the CPI annual rate was 2.4%.
The annual rate of the US core CPI in September was 3.3%, expected to be 3.2%, and the previous value was 3.20%. The annual rate of the US core CPI in September was 2.4%, expected to be 2.3%, and the previous value was 2.50%. The annual rate of the US core CPI was higher than market expectations and the highest since June. The number of initial jobless claims in the United States for the week ending October 5 was 258,000, the highest since the week ending August 5, 2023.
4. UBS: China's stimulus measures may be announced after the National Day holiday or around the release of the third quarter economic data on the 18th of this month link
Wang Tao, chief China economist at UBS, pointed out in the report that the market expects China to launch fiscal stimulus measures. In the short term, it may be more reasonable to implement a more moderate package of 1.5 trillion to 2 trillion yuan, so that this year's economic growth is close to the target of about 5%, and it is expected that there will still be 2 trillion to 3 trillion yuan of fiscal expansion next year on the basis of the previous baseline forecast. This year's stimulus measures may be announced after the National Day holiday or around the release of the third quarter economic data on the 18th of this month, and next year's measures may be decided around the Central Economic Work Conference in December.
5. The United States has filed its first criminal prosecution against a financial services firm for market manipulation and false trading in the crypto space link
U.S. prosecutors said on Wednesday that four cryptocurrency companies and 14 individuals were charged in the first criminal prosecution of financial services firms for market manipulation and wash trading in the crypto space. Federal prosecutors in Boston indicted Gotbit, ZM Quant, CLS Global and MyTrade and their leaders and employees in an action that also included arrests overseas. Five people have agreed to plead guilty or have already pleaded guilty.
The most striking feature of the case is the FBI’s method for catching the defendants, which took the “unprecedented step” of creating its own cryptocurrency token and a fake company to help entrap the alleged scammers. The FBI created a token called NexFundAI that ran on the Ethereum blockchain and eventually met with market makers to discuss using their services. One of the defendants called himself the “mastermind,” explaining that his company used bots to simultaneously buy and sell on centralized exchanges to generate trading volume. NexFundAI is still actively traded with a market cap of around $237,000.
Gotbit’s market-making projects include DUKO, PENG, SOLAMA, MYRO, BONK and many other memecoins, and its investment projects include Poolz, 5ire, analoS and others.
6. The Irish Criminal Assets Bureau seized $378 million in Bitcoin and could not retrieve it because the mnemonic phrase was lost link
The Criminal Assets Bureau (CAB) of Ireland has seized Bitcoin from a drug dealer since 2019, with a total value of up to $378 million, but it has not been able to use it because it cannot obtain the mnemonic phrases for these Bitcoins. It is reported that these Bitcoins are stored in 12 wallets and were originally worth about $56 million when they were seized in 2020. Drug dealer Clifton Collins claimed that the file storing the mnemonic phrases was lost in a burglary, making it impossible for the CAB to access these Bitcoins. According to the CAB's annual report, only $1.3 million worth of assets have been recovered so far, including 89 Bitcoins, a fishing boat, a gyroplane and other vehicles.
7. Crypto.com has filed a lawsuit with the U.S. Securities and Exchange Commission (SEC) link
Crypto.com said that despite bipartisan statements that the next administration will take a more constructive and effective approach to promoting the development of crypto technology in the United States, the SEC's unauthorized and unfair enforcement and regulatory actions continue. At present, the SEC's improper enforcement actions have become a necessary part of operating a legal and licensed crypto business in the United States. Crypto.com believes that the SEC has unilaterally expanded its statutory authority and also believes that the SEC has established an illegal rule that almost all transactions in crypto assets are considered securities transactions regardless of how they are sold, while the same transactions in Bitcoin (BTC) and Ethereum (ETH) are not included. This illegal rule has never gone through the notice and comment period required by the (Administrative Procedure Act), and the agency's application of this rule is arbitrary and capricious, especially when the characteristics of these crypto assets are almost the same as BTC and ETH and are sold in the same way.
8. US judge approves FTX bankruptcy plan link
John Dorsey, a Delaware Bankruptcy Court judge, approved FTX's bankruptcy plan, marking the end of the proceedings 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 their claims in cash. Influenced by this news, FTT broke through $3.4 on Tuesday morning, reaching a high of $3.43, with a 24-hour increase of 10.41%.
9. South Korea’s Financial Services Commission Chairman to Investigate Upbit’s Monopoly in Crypto Market link
Kim Byung-hwan, chairman of the Financial Services Commission of South Korea, said at the National Assembly's National Affairs Supervision Meeting that the market monopoly structure of Upbit, the country's largest cryptocurrency exchange, will be investigated. This response was made in response to the questioning of Upbit's monopoly by Congressman Lee Kang-il. Lee Kang-il pointed out that Upbit is the world's second largest cryptocurrency exchange and its market dominance began after establishing a business partnership with K-Bank. He also mentioned that K-Bank is about to conduct an initial public offering (IPO) and about 20% of its total deposits come from deposits of Upbit customers, which may lead to bank runs.
10. Binance announces Scroll (SCR) as the 60th Launchpool project link
Binance announced that the 60th Launchpool project is Scroll (SCR), a zkEVM Rollup L2. Users will be able to lock their BNB and FDUSD to receive SCR airdrops over two days, with farming starting at 2024–10–09 00:00 (UTC). The Binance presale market will list SCR at 2024–10–11 10:00 (UTC) and open pre-market trading for the SCR/USDT trading pair. The total supply of SCR is 1 billion, and Launchpool accounts for 5.5% of the total supply. The initial circulating supply at the time of listing on Binance: 190 million SCR (19% of the total supply).
According to Korean trader Cryptomouse, Upbit and Bithumb have tested Scoll trading on the chain. This indicates that the two Korean exchanges will also list SCR in the coming weeks.
Key financing events
Stablecoin development company Yala announces completion of $8 million seed round of financing link
Kriptown announces €4.2 million Series A funding link
Decentralized AI infrastructure platform OpenGradient announces $8.5 million seed round of financing link
UK Web3 game studio Dragonz Lab announces $9 million in funding link
MEV infrastructure developer Semantic Layer announces $3 million seed round led by Figment Capital link
AI startup Kiva AI completes $7 million seed round led by Coinfund link
APRO Oracle announces $3 million seed round of financing link
Bitlayer has raised $9 million from Polychain Capital and others link
For more industry funding events, visit crypto-fundraising.info.
