Wu Says Weekly Picks: CoinEx Attacked, FTX Coin Selling Rules, Binance US Layoffs, and Top 10 News (0909-0915)
authorship |Wu talks about blockchain
This Week's Top 10 News
1. The US did not adjust the quarterly CPI in August at an annual rate of 3.7%, core CPI at an annual rate of 4.3%
The US did not adjust the quarterly CPI in August at an annual rate of 3.7%. The forecast was 3.6%, and the previous value was 3.2%. It is the highest since May this year, and it has rebounded for the second time in a row. The US core CPI was not seasonally adjusted in August at an annual rate of 4.3%. The forecast was 4.3%, and the previous value was 4.7%. It is a new low since September 2021, and has been declining for six consecutive months.
According to the Wall Street Journal, US consumer prices rose the fastest in more than a year in August due to rising energy costs. The monthly core data may keep interest rates stable at next week's meeting, but it won't resolve the larger debate over whether another rate hike is needed this year to slow the economy and sustain recent progress in inflation. The International Energy Agency said that Saudi Arabia's decision to extend the crude oil production reduction period until the end of this year may cause gasoline prices to rise.
2. SECpresidenciesGensler: Multiple Bitcoin spot ETP applications under review
On September 12, according to @EricBalchunas, SEC Chairman Gensler said during the latest hearing: We are reviewing that decision. We're also reviewing multipleBitcoinFor in-stock ETP applications (other than grayscale), I'm seeking advice from staff. Earlier court decisions harshly criticized the SEC according to the same statement that there is no reason not to pass a Bitcoin spot ETF but a futures ETF.
3. G20 is advancing an international cryptocurrency framework
On September 11, according toCointelegraphThe G20 is advancing an international cryptocurrency framework that will impact users in multiple countries by automatically exchanging information about cryptocurrency transactions between jurisdictions starting in 2027. The G20 called for rapid implementation of the Crypto Asset Reporting Framework (CARF) and CRS (Common Reporting Standard) amendments, and required the Global Tax Transparency and Information Exchange Forum to determine an appropriate and coordinated timeline.
4.BinanceThis week's dynamic summary
a. Binance's US Head of Legal Affairs and Chief Risk Officer will step down
On September 15, according to the Wall Street Journal, Binance's head of US legal affairs Krishna JuvVadi, Chief Risk OfficerSidney MajalyaI'm leaving my job soon. Juvvadi is one of the company's contacts with the SEC. Previously, Binance US had cut one-third of its employees, President Brian Shroder left, and Chief Legal Officer Norman Reed temporarily replaced Binance US CEO.
b. Binance US has cut one-third of its employees, and President Brian Shroder has left
On September 13, according to TheBlock, Binance US has cut one-third of its employees, and President Brian Shroder left.
After being sued by the SEC, Binance US's monthly trading volume has dropped drastically, from $10.58 billion in January to $70 million this month.
On the same day, according to Bloomberg, Chief Legal Officer Norman Reed temporarily took over the position of Binance US CEO. A Binance spokesperson said: The SEC is actively trying to weaken our industry and have an impact on our business, which is having a real-world impact on employment and innovation in the US, which is an unfortunate example.
c. Binance will airdrop a total of $3.5 million in BNB to users in the Morocco earthquake area and users in Libya
On September 12, Binance Charity will airdrop up to $3 million in BNB to users in Morocco affected by the earthquake. User identification will be based on a Proof of Address (POA) completed in Marrakech Safi province before September 9, 2023. Eligible users can directly receive $100 of BNB in their Binance account. For existing users who complete the POA after September 9 to September 30, $25 in BNB will be donated. Additionally, there will be a $10 BNB airdrop for active trading users in non-affected regions. It is expected to reach around 7 million Moroccan Binance users.
On the same day, Binance announced an airdrop of $50 million worth of BNB to Libyan users to support post-flood work. On September 13, Binance announced that it will airdrop $100 worth of BNB to all Binance users in Libya who have completed a Proof of Address (POA) by September 11, 2023.
5. CoinEx Exchange Attacked, Massive Outflow of Funds from Hot Wallets
On September 12, the exchangeCoinExThe amount of funds stolen during the hacker attack reached 54 million US dollars. CoinEx issued a statement saying that the incident mainly involved ETH, TRON,PolygonWaiting for token assets, users' assets will not be affected in any way, and the CoinEx User Asset Security Foundation will bear all financial losses in this incident. Meanwhile, during the investigation by the CoinEx security team, CoinEx will suspend withdrawal operations, and will open deposit and withdrawal services immediately after the investigation of the incident is clarified.
6.FTXThis week's dynamic summary
a. Bankrupt FTX has consolidated around $7 billion in assets, including $1.16 billion in SOL and $550 million in BTC
On September 11, the bankrupt FTX had consolidated around $7 billion in assets, including $1.16 billion in SOL and $550 million in BTC. The document details SBF and other executives received $2.2 billion in cash, cryptocurrency, equity, and real estate in the months leading up to FTX's bankruptcy. The document also reports 38 condos, penthouses, and other properties in the Bahamas, with an estimated value of around $200 million. The document shows that there are also 438 portfolios, with approximately $4.5 billion invested. Not calculated in total assets of $7 billion.
b. FTX coin sale: $50 million of altcoins can be sold this week and next, then the weekly limit is increased to $100 million
On September 14, according to North Rock Digital, after listening to the hearing, their understanding of FTX's coin sale was that they could sell 50 million dollars of altcoins this week and next, then increase their weekly limit to $100 million; they can protect their Bitcoin and Ethereum through arbitrage (buy put options and sell call options) on an unlimited scale; they can sell actual bitcoins andEthereum; FTX doesn't seem to plan to wait until after 2028 to distribute cash to creditors; plans to finalize the entire distribution plan and all details by the second quarter of 2024.
7. Huobi exchange will change its name to HTX
September 13,HuobiThe official English Twitter account was changed to “HTX,” and the name was changed from Huobi to HTX. It is also rumored that Sun Yuchen will announce the news in Singapore.
Earlier, there was a dispute between Sun Yuchen and Li Lin over Huobi's Chinese name. After the purchase, Huobi was first used, then later it was changed to Huobi. Li Lin's side has filed a lawsuit against this.
On the same day, Sun Yuchen said in a tweet that the Chinese brand Huobi remains unchanged, and its full name is Huobi HTX.
8. Bybit CEO: The new marketing rules that took effect in the UK on October 8 could mean Bybit's exit from the UK
September 14thBybitCEOsBen ZhouIt said the UK's Financial Conduct Authority's new marketing rules, which came into effect on October 8, could mean Bybit's exit from the UK. The new rules include a cooling-off period for first-time investors. “We're really seeing more stringent regulations. Most likely, we will have to retreat to many countries. I think we'll have to leave the UK soon, and we've recently left France.”
On the same day, Bybit responded via official Twitter that we believe the UK is a very important market for the advancement of cryptocurrency and blockchain technology. Our commitment to this market is unwavering, and we intend to maintain our UK business for a long time. At the same time, we are also committed to cooperating with regulators on new laws to ensure responsible and safe development of the industry. We're in negotiations with regulators to find the best solution moving forward, no final agreement has been reached, and we'll keep the community informed.
9. PayPal launches cryptocurrency exchange service for US dollars
On September 12, PayPal's integration with On and Off Ramps enabled customers to buy and sell supported cryptocurrencies in the US, directly exchange their cryptocurrencies for US dollars and transfer them to their PayPal balance, then use dollars to make purchases or transfer money to bank cards. The service is now available for wallets, dApps, and NFT marketplaces, and went live on MetaMask today.
10. Paradigm: Will not give up investing in the crypto sector and will raise a $1 billion fund by the end of the year or early next year
On September 14, Matt Huang, partner of well-known venture capital firm Paradigm, said in an interview with The Information that Paradigm will not give up investing in the crypto sector and will raise a $1 billion fund by the end of the year or the beginning of next year. Previously, Paradigm removed content about cryptocurrencies from its website homepage and Twitter profile, and changed its description to “a research-driven technology investment company.” Huang acknowledged the gaffe.
Key financing events
French fintech company Fipto closes €15 million seed round
Cross-border payment platform Parallax announced the completion of a $4.5 million seed round
Mythic Protocol Announces Closing of $6.5 Million Seed Round
Animoca Brands Announces Its NFT Collection Mocaverse Has Received $20 Million Funding Pledges
Flashwire Group closes $10 million Series A funding round
Gaming startup Pahdo Labs closes $15 million Series A round led by a16z
On-chain asset management platform Range Protocol announced the completion of a $3.75 million seed round
For more industry funding events, check out crypto-fundraising.info.
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