Wu said the best of Zhou: The attack on Radiant Capital sparked panic, the public sale of Trump family projects, and the top 10 virtual asset content and news in the Hong Kong Policy Address
authorship |Wu talks about blockchain
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This Week's Top 10 News
1. BlackRockCEO: Bitcoin itself is an asset class, and discussions are ongoing with global institutions about its allocation
Bloomberg ETF analyst Eric Balchunas shared BlackRock CEO Larry Fink's full quote of Bitcoin/digital assets during the Q3 earnings call on Twitter. Fink said that Bitcoin assets themselves are an asset class, and they are discussing allocation issues with global institutions. These assets remind him of the early stages of the mortgage market (currently worth $11 trillion). Furthermore, the President of the United States will have no real influence on this. I think the application of this form of investment will expand to the role of Ethereum because blockchain can grow significantly.
2. Aspen Digital: 94% of Asia's private wealth has invested or is considering investing in cryptocurrencies
Aspen Digital's latest report shows that interest in cryptocurrencies is growing significantly in Asia's private wealth. According to the survey, 76% of Asia's private wealth is already involved in digital assets, and another 18% plan to invest in the future, up to 94% in total. The report surveyed 80 family offices and high-net-worth individuals in Asia, and most respondents managed assets between $10 million and $500 million. Compared to just 58% of respondents involved in digital assets in 2022, this percentage is a significant increase. With spot Bitcoin ETFs being approved in the US and Hong Kong, 53% of respondents gained exposure to cryptocurrencies through funds or ETFs.
3.a16z CryptoGlobal cryptocurrency activity and usage have reached a record high, according to a report
a16z Crypto released a report stating that global cryptocurrency activity and usage have reached record highs. According to the report, as of September of this year, the number of global cryptocurrency holders was about 617 million, with 60 million monthly active users, of which the US accounts for 12% of global mobile wallet users. Additionally, the value of ETH through Layer 2 has increased by 36%, while payment fees have decreased by 94%. The report also notes that since the US approved the Bitcoin ETF in January of this year, its cumulative trading volume has reached 437.6 billion US dollars.
4. Vitalik published an article discussing the future development of the Ethereum protocol, The Surge
Vitalik released a new article: “Possible Futures for the Ethereum Protocol, Part 2: The Surge”. The key goals are as follows: achieve 100,000+ TPS on L1+L2; maintain the decentralization and robustness of L1; at least some L2 fully inherit Ethereum's core attributes (no trust, openness, and censorship resistance); maximum interaction between L2 Operationally, Ethereum should be like an ecosystem rather than 34 different blockchains. The article stated that the task now is to complete the rollup-centered roadmap and resolve related issues while maintaining the robustness and decentralization of Ethereum L1.
5. Monochrome will launch Australia's first at CboeEthereumSpot ETF
Monochrome Asset Management is preparing to launch Australia's first Ethereum spot ETF, IETH, on Cboe, which will begin trading on Monday. According to reports, the fund positions itself as the world's first fund to provide physical Ethereum subscriptions and redemptions. Earlier in June, Monochrome Asset Management launched Australia's first Bitcoin spot ETF IBTC on Cboe Australia.
6. Radiant Capital suffered a cyber attack and lost more than $50 million
In the early morning of October 17, cross-chain lending protocol Radiant Capital suffered a cyber attack and lost more than $50 million. Radiant is controlled by a multi-signature wallet (“multisig” for short). Allegedly, the attackers took control of multiple signers' private keys and then multiple smart contracts. According to Arkham data, the suspect holds more than $32 million worth of Arbitrum-based assets and around $18 million worth of BNB Chain tokens in his wallet.
According to Twitter user @danielvf's analysis, in the hacking incident involving Radiant Capital, the attackers induced hardware wallets to sign a malicious TransferOwnership () operation by implanting a Trojan horse program on multiple team members' computers, transferring control of the loan pool to the attackers. The attackers then deployed the transferFrom code to continue stealing funds from users' authorized accounts. There is currently no indication that the hardware wallet itself has been damaged; the initial judgment is that the signature request was blocked and replaced on the team member's computer. The complexity of this attack far exceeds that of ordinary attacks. It involves multiple techniques such as Trojan horse programs, hardware wallet blocking software, smart contract writing, understanding organizational structures and signature processes, and the attackers also prepared a money laundering exit plan. To prevent such attacks, users are advised to strengthen time locks and governance processes, and immediately stop signing and investigate when signatures are abnormal (such as signatures on hardware wallets that are not visible to others in Gnosis Safe).
Radiant Capital's official tweet in response to the hacking incident stated that they are working closely with Seal911 and Hypernative and have implemented stronger multi-signature control measures. Meanwhile, the FBI and ZeroShadow have been fully involved in this security incident and are actively working to freeze all stolen assets. Official recommendations to prevent such attacks include multi-layer signature verification, independent verification devices, enhanced Ledger/Trezor security, error-triggered audits, and manual inspection of transaction loads.
7. Tether: USDT added 36.25 million new users in the third quarter, setting a quarterly record
As of the third quarter of 2024, the number of USDT on-chain wallets and accounts has reached 330 million, which is close to the total population of the United States. This number doesn't include the tens of millions of users using USDT on centralized platforms. Over the past year, the number of USDT users continued to grow at an average rate of 9%, with 36.25 million new users added in the third quarter, setting a quarterly record. The growth mainly comes from the application of multiple chains such as Tron, Binance Smart Chain, and Ethereum, particularly Layer 2 chains such as Optimism, Arbitrum, and the recently added TON and Celo platforms.
Additionally, Tether CEO Paolo Ardoino announced that the company is exploring opportunities in commodity trading and traditional finance (TradFi). Since these businesses will operate through a separate Tether investment unit, there will be no impact on stablecoin reserves. Tether is already discussing dollar loan opportunities with several companies in the commodities sector.
8. The public sale of Trump-backed DeFi project World Liberty Financial is bleak
As of Wednesday, only 638 million WLFI tokens were sold in the public sale of World Liberty Financial, a DeFi project supported by US Republican presidential candidate Trump, accounting for only 3.2%. At a public sale price of $0.015, this is equivalent to $9.57 million. According to The Block, the site experienced multiple intermittent outages when the token sale went live. According to the roadmap shared with potential investors, WLFI's initial sale plan raised $3 billion to sell 20% of the token supply, for a total valuation of $1.5 billion.
The Trump family's crypto project World Liberty Financial (WLF) has released a 13-page document detailing the project's mission and token distribution plan. According to the documents, the Trump family will receive 75% of the project's net proceeds without any liability. The document emphasizes that Trump and members of his family are not directors, employees, managers, or operators of WLF or its affiliates, and states that the project and token “have nothing to do with any political activity.” According to the filing, DT Marks DEFI LLC, a Delaware company linked to Trump, will receive 75% of net agreement revenue. The Trump family will receive 225 million WLFI tokens (approximately $337.5 million). The remaining 25% of net agreement revenue will go to Axiom Management Group (AMG), a Puerto Rican company wholly owned by project co-founders Chase Herro and Zachary Folkman. AMG has agreed to distribute half of its proceeds to WC Digital Fi, an affiliate of Trump's close friend and political donor Steve Witkoff and some of his family members.
9. Game developer FractureLabs sues Jump Trading for alleged token price manipulation
Video game developer FractureLabs has filed a lawsuit in Chicago federal court against well-known cryptocurrency market maker Jump Trading, accusing it of fraud and deception by manipulating DIO token prices. FractureLabs originally planned to raise capital by issuing DIO tokens for the first time on the Huobi (now renamed HTX) exchange in 2021. The company hired Jump Trading as DIO's market maker and lent 10 million tokens to its subsidiary while sending 6 million to HTX for sale. The lawsuit alleges that Jump Trading has systematically liquidated DIO positions, causing the token price to drop to around 0.5 cents, generating millions of dollars in profits for itself. Jump then re-purchased approximately $5.3 million in tokens at a significant discount and returned them to FractureLabs, then terminated the market maker agreement.
10. Hong Kong Chief Executive's 2024 Policy Address mentions a number of virtual assets
Section 99 of the Hong Kong Chief Executive's 2024 Policy Address states: Promoting cross-border payment applications with central bank digital currency (CBDC); improving the regulation of virtual asset transactions — the Treasury Board will complete the second round of consultation on the regulation of virtual asset OTC transactions and submit a proposed licensing system to regulate virtual asset escrow service providers; promote the tokenization of real-world assets and the digital currency ecosystem; promote the development of the digital securities market and encourage more financial institutions and issuers to adopt tokenization technology in capital market transactions; and submit draft regulations within this year to regulate fiat stablecoins Issuer.
Key financing events
Binance LabsDeveloper Lombard Announces Investment in LBTC
ParadigmAnnounces $20 million investment in Ithaca
Zero-knowledge verification protocol ZKPass announced the completion of a $12.5 million Series A funding round with a valuation of $100 million
Zero-knowledge proof data verification platform Opacity Network announced the completion of a $12 million seed round
Blockchain game developer Azra Games announces $42 million Series A funding round
Solv Protocol closed $11 million in strategic financing, bringing the total funding amount to $25 million
BitcoinCrypto derivatives exchange Bitnomial secures $25 million in funding led by Ripple Labs
Digital asset solution Mento Labs raised $10 million, with HashKey Capital and others participating
African cryptocurrency trading platform Yellow Card closes $33 million Series C funding
Blockchain data availability project Hyve announced the completion of a $1.85 million pre-seed funding round
Bitcoin protocol layer Surge announces $1.8 million pre-seed funding
Cross-chain staking protocol Drop Protocol announced the completion of a $4 million seed round
Stablecoin developer Hermetica announced the completion of a $1.7 million seed round
Pell Network Announces $3 Million Pre-Seed Funding
For more industry funding events, check out crypto-fundraising.info.
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