Take a look at the most noteworthy industry events and important project developments in the coming week.
This week (October 2 - October 8), the SBF case trial begins, the UK cryptocurrency financial promotion rules will come into effect, and the following Web3 events of the week that cannot be missed:
The trial of FTX founder SBF begins.
UK cryptocurrency financial promotion rules came into effect on October 8.
Valkyrie adds Ethereum futures contract exposure to its Bitcoin futures ETF.
ETHOnline hackathon starts on October 6th.
SUI tokens worth approximately $17.24 million will be unlocked in one go on October 3.
In addition, there are these major events worth paying attention to in October:
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important events
The most noteworthy event this week is that the U.S. District Court will begin the first round of trials against FTX founder Sam Bankman Fried. According to the latest public trial schedule, SBF will spend at least 21 days in court from October 4th to November 9th. Jury selection will begin on October 3rd, and the first formal trial day will be October 4th, when the seven fraud charges against him will be discussed. SBF pleaded not guilty to seven counts of fraud and conspiracy after the collapse of FTX.
In addition, "The Big Short" author Michael Lewis' new book about SBF, "Going Infinite: The Rise and Fall of a New Tycoon," is scheduled to be published on October 3. Sources said that Apple acquired the copyright of the book for US$5 million.
In terms of crypto regulation, the UK's CryptoKitties regulatory policy continues to tighten. The UK's cryptocurrency financial promotion rules will take effect on October 8. The UK Financial Conduct Authority (FCA) stipulates that advertisers of cryptocurrency services face stricter regulations. Crypto companies must introduce a "cooling-off period" for first-time investors after October 8, and must also cancel the "refer a friend" reward program to ensure that cryptocurrency investors fully understand the risks. It will also be prohibited to promote investment in digital assets through airdrops to give away free NFTs or cryptocurrencies. Affected by this regulatory rule, crypto exchanges Bybit, Luno, and Chase Bank in the UK have successively imposed restrictions on crypto transactions for British customers.
Project Progress
Crypto asset management company Bitwise Asset Management launched the Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF (BTOP) on October 2.
Crypto asset management company Valkyrie’s application to add Ethereum futures contract exposure to its Bitcoin futures ETF officially took effect on October 3. The fund name will be updated to “Valkyrie Bitcoin and Ether Strategy ETF” and the stock code will remain BTF. The original Valkyrie Bitcoin Strategy ETF is a Bitcoin futures ETF launched in 2021.
The Bitcoin smart contract platform Stacks is about to launch a developer version of sBTC (a 1:1 supported version of BTC on the Stacks layer), and the sBTC working group expects to deliver the developer version in the week of October 18. The launch will allow a group of selected developers to build and test with an early version of sBTC. The sBTC testnet will allow users to start testing sBTC deposit and withdrawal processes, and developers in the Bitcoin L2 ecosystem can start integrating these deposit and withdrawal processes into their applications.
Upcoming Events
Swiss Blockchain Lab hosted Capital Day from October 4th to 6th in Zurich, Switzerland.
Applications for the fifth season of “HackaTron,” a hackathon organized by Tron in partnership with Huobi Ventures and BitTorrent Chain, are open until October 5.
ETHGlobal will hold the ETHOnline hackathon from October 6 to 25, 2023. In addition, the registration period for the ETH Hangzhou hackathon is from September 17 to October 8, and the competition will be held from October 13 to 16 at the Web3 hub in Shangcheng District, Hangzhou, Zhejiang, including three tracks: public goods, Layer2 innovative applications, and zero-knowledge proof applications.
Token Unlock
According to Token Unlocks data, from October 2 to October 9, SUI, DYDX, NYM, IMX, and HFT tokens will be unlocked in a one-time large amount. Among them, SUI worth approximately US$17.24 million will be unlocked at 8:00 on October 3, accounting for 4.02% of the circulating supply; IMX worth approximately US$11.06 million will be unlocked at 8:00 on October 6, accounting for 2.26% of the circulating supply.
