Evening News | Interpol has issued a red notice for Do Kwon; Hengyang police have cracked a 40 billion yuan virtual currency money laundering case
Former Binance Labs head Bill Qian joins the board of the TON Foundation; the central bank states that the proportion of Bitcoin trading volume in China has significantly decreased globally.Organizer: Nianqing, Chain Catcher
"What important events have occurred in the past 24 hours?"
1. Longyan police crack a case of illegal operation involving nearly 200 million yuan in digital renminbi
Recently, Longyan police successfully cracked a case involving nearly 200 million yuan in illegal operations related to digital renminbi. The special investigation team traveled to multiple locations for case investigation. A major lead gradually surfaced, indicating that a criminal gang led by Lai and Zhang was suspected of using digital renminbi, digital renminbi accounts, and virtual currencies to provide illegal fund settlement services for overseas gambling, telecom fraud, and other criminal activities, with a huge amount of money involved and many participants distributed across 13 provinces nationwide.
On September 20, under the command of the Economic Investigation Department of the Fujian Provincial Public Security Department, public security agencies at the city and county levels organized a unified operation, arresting 20 criminal suspects and seizing a batch of bank cards, successfully cracking this case involving nearly 200 million yuan in illegal operations related to digital renminbi. (Source link)
2. Interpol has issued a red notice for Terra founder Do Kwon
According to BNN Bloomberg, South Korea has stated that Interpol has issued a red notice for Terra founder Do Kwon.
It is reported that prosecutors in Seoul indicated that Do Kwon faces charges of violating South Korean capital market regulations related to the 60 billion USD cryptocurrency he created. (Source link)
3. Former Binance Labs head Bill Qian joins TON Foundation board
The TON Foundation, which manages the Open Network (TON) blockchain, recently announced the appointment of Bill Qian, chairman of Cypher Capital, as a new board member. In June of this year, Bill was appointed as chairman of Cypher Capital, having previously served as the global financing head of Binance Labs and the head of mergers and acquisitions at Binance. Before that, Bill was responsible for fintech investments at JD.com.
It is reported that TON recently announced a partnership with Huobi Global. As part of this collaboration, TON's native token Toncoin will be listed on the Huobi exchange. (Digital Journal)
4. Hengyang police crack a major money laundering case involving virtual currency, with an amount reaching 40 billion yuan
The Hengyang County Public Security Bureau announced the cracking of a major money laundering case, "9.15," where the criminal gang was suspected of laundering up to 40 billion yuan through virtual currency transactions, currently linked to over 300 telecom fraud cases. The "2021.9.15" special investigation team of the Hengyang County Public Security Bureau started from a case where Liu was defrauded of 7.8 million yuan, conducting in-depth analysis and meticulous investigation, carrying out operations in Hainan, Guangdong, Fujian, Jiangxi, and other places, completely dismantling the money laundering criminal group led by Hong, arresting 93 suspects, dismantling more than 10 money laundering and distribution dens, seizing over 100 related mobile phones and computers, and freezing 300 million yuan in involved funds, recovering 7.8 million yuan in economic losses for the victims.
Investigations revealed that since 2018, the criminal gang led by Hong had contacted collection and payment points in multiple cities in China, converting funds related to fraud and gambling into virtual currencies and then cashing them out in USD for laundering. Finally, they used various domestic companies to quickly and safely deliver the funds to other financiers through illegal remittance methods, extracting illegal profits. (Source link)
5. Binance will support the Terra Classic transaction fee burn mechanism
Binance announced support for the Terra Classic transaction fee burn mechanism and will send all transaction fees from LUNC spot and margin trading pairs to the LUNC burn address.
The amount to be burned in the first batch will be calculated based on the trading volume from 8:00 AM Beijing time on September 21 to 7:59:59 AM on October 3. Transaction fees for LUNC spot and margin trading pairs charged in other tokens (such as USDT, BUSD, and BNB) will be converted to LUNC at Binance's real-time price every Monday at 8:00 AM Beijing time. (Source link)
6. Central Bank: Continuing to crack down on domestic virtual currency trading speculation, China's Bitcoin trading volume has significantly decreased globally
The People's Bank of China published an article titled "Preventing and Resolving Financial Risks, Improving the Long-term Mechanism for Financial Stability," mentioning the ongoing crackdown on domestic virtual currency trading speculation, with a significant decrease in China's Bitcoin trading volume globally. The cleanup and rectification of financial asset trading venues have achieved positive results, effectively curbing disorderly expansion and barbaric growth, with a substantial reduction in quantity, business scale, and the number of people involved, and risks have significantly converged. (Source link)
"What excellent articles are worth reading in the past 24 hours?"
1. "Stanford Researchers Conceptualize Reversible Transactions on Ethereum: ERC-20R and ERC-721R"
The irreversibility of blockchain transactions is both a blessing and a curse. In 2021 alone, phishing attacks on BAYC, the PolyNetwork attack, the Harmony Bridge compromise, and the Ronin hack resulted in the theft of 14 billion USD in cryptocurrency. With so many "irrefutable" thefts occurring frequently, there is no "undo button" (like credit card payment reversals) to cancel transactions, and not everyone is as lucky as those who had Jump Crypto backing them up when needed. But what if there were a fair way to reverse these thefts?
Stanford researchers have designed a token standard supporting reversible transactions for ERC-20 and ERC-721, wrote a paper about them, and implemented their code prototype.
Helium has been touted as the best real-world use case for Web3 technology. However, as the project struggles to generate revenue, an investigation by Forbes found that Helium executives and their friends quietly hoarded most of the wealth at the project's inception. Additionally, Helium is not only suspected of false advertising and struggling to generate revenue, but it has also been revealed that about one-third of Helium tokens will be transferred to investors and company executives, exaggerating its partnerships, among other issues.
3. "DeFiance Capital: Play-to-Own Will Replace P2E as the Future of Web3 Gaming"
Integrating Web3 elements into gaming may usher in a new era of gaming known as "Play-to-Own." Unlocking economic activities within games will significantly expand the total addressable market (TAM) of the gaming industry and enhance value creation. Compared to Web2 games, games that integrate NFTs have achieved greater success in player retention, growth, and revenue. We are already seeing countless projects embedding innovative "P2E" mechanisms into their gameplay. In addition to game studios, an entire ecosystem has rapidly emerged around P2E, including gaming guilds and their derivative tools, DAOs, game discovery platforms, custodians, exchanges, and analytics.
Currently, the flaws of the P2E model are well recognized, facing challenges from managing inflationary economies and attracting value extractors, with few true participants. Most leading companies in the Web3 gaming space are moving beyond this model to make it more sustainable. We expect rapid experimentation in the coming months and firmly believe that the next generation of successful Web3 games will not require the P2E model to succeed.
4. "ATOM 2.0 White Paper Coming Soon, Can Cosmos' Value Capture Ability Improve?"
The white paper for version ATOM 2.0 is about to be released, which is undoubtedly an important step forward for the Cosmos ecosystem. According to the official roadmap, in the upcoming Q4 2022 and Q1 2023, Cosmos will launch Interchain Accounts and Interchain Security, respectively, which will elevate the Cosmos network to new heights. This series of actions indicates that Cosmos is not willing to be left behind in the fierce competition among public chains.
After years of development, many excellent public chains have chosen Cosmos SDK as their underlying technology, including BNB Chain, Thorchain, Oasis, Okchain, Terra, Osmosis, Cronos, etc., with 49 blockchains already connected to the IBC ecosystem. So, why has Atom not been as popular as ETH over the years? Can its value capture ability be improved after ATOM 2.0? This article will introduce the reasons for the ATOM 2.0 upgrade and discuss the differences between the Cosmos and Ethereum ecosystems.
