Weekly Highlights | Hong Kong Issues Virtual Asset Policy Declaration; Arweave Integrated into Instagram
AC or return to the Fantom Foundation; Vitalik releases the new version of the Ethereum development roadmap.整理：润升，ChainCatcher
Important News
1. Hong Kong Issues Virtual Asset Policy Declaration, Exploring Digital Hong Kong Dollar and Other Pilot Programs
On October 31, the Hong Kong SAR government issued a policy declaration regarding the development of virtual assets in Hong Kong, clarifying the government's policy stance and guidelines for developing a vibrant virtual asset industry and ecosystem in Hong Kong. The policy declaration covers the following aspects:
Vision and Guidelines: Hong Kong is an international financial center that maintains an open and inclusive attitude towards global innovators engaged in virtual asset business. Hong Kong will set necessary regulations in due course, mitigating actual and potential risks according to international standards, allowing virtual asset innovation to thrive sustainably in Hong Kong.
Regulation: The Hong Kong Securities and Futures Commission will conduct public consultations on the appropriate degree to which retail investors can buy and sell virtual assets under the new licensing system. The government is open to the introduction of virtual asset exchange-traded funds (ETFs) in Hong Kong. The government is also open to reviewing the legality of tokenized asset ownership and smart contracts in the future to facilitate their development in Hong Kong. The Hong Kong Monetary Authority will later release consultation results and next steps regarding the regulatory framework for stablecoins.
Pilot Programs: The government and regulatory bodies are studying the launch of the following pilot programs to test the technological benefits brought by virtual assets and to explore further applications of relevant technologies in financial markets. These pilot programs include issuing non-fungible tokens (NFTs) for the 2022 Hong Kong FinTech Week, green bond tokenization, and the digital Hong Kong dollar.
Outlook: The Hong Kong government sincerely invites the global virtual asset industry to collaborate with Hong Kong, leveraging its status as an international financial center, adhering to best international standards and practices, and unleashing the potential for financial innovation in a clear, flexible, and convenient regulatory environment. (Source Link)
2. MakerDAO Architect Nikolai Muchgian Found Dead, Had Reported Threats Three Days Prior
On November 1, it was reported that Nikolai Muchgian, former technical partner of MakerDAO, DAI architect, and co-founder of Balancer, was found drowned at Condado Beach in Puerto Rico at the age of 29. Tether founder Craig Sellars and 21stParadigm co-founder Dylan Leclair have confirmed the news on Twitter and expressed their condolences.
It is reported that Nikolai returned to social media in April this year and posted information regarding U.S. law enforcement three days before his death, stating that he had received threats. Nikolai was the CEO of DappHub and a renowned security researcher. He was also involved in the initial architectural design of the Maker/Dai contract system and created the Balancer AMM. Nikolai previously prevented MakerDAO from experiencing an attack similar to The DAO. (Trustnodes)
3. Deribit Hot Wallet Hacked for $28 Million, Customer Funds Unaffected
On November 2, cryptocurrency derivatives trading platform Deribit announced that its hot wallet was hacked, resulting in a loss of $28 million, but customer funds are safe, and the loss will be covered by the company's reserves.
Deribit stated that security checks are underway, and withdrawals must be halted, including those from third-party custodians Copper Clearloop and Cobo. (Source Link)
4. Sun Yuchen: Huobi Global Headquarters to Move to Dominica
On November 2, Sun Yuchen tweeted that Huobi Global's headquarters will move to the Caribbean island nation of Dominica, collaborating with Dominica to develop crypto infrastructure. One of its main goals is to go to the Caribbean, as the region has a crypto-friendly community, with Dominica being a leader among them. (Source Link)
5. Arweave Integrated into Meta for Storing Digital Collectibles for Instagram Creators
On November 3, it was reported via official Twitter that the blockchain storage protocol Arweave is now integrated into Meta, which is using Arweave to store digital collectibles for Instagram creators. Earlier today, Instagram announced that it will support creators to mint and sell NFTs directly within its app. (Source Link)
6. Andre Cronje Updates LinkedIn Page with "Vice President of Memes" Position
On November 3, it was reported that Andre Cronje updated his LinkedIn page to show that he started serving as Vice President of Memes at Fantom Foundation in November 2022. (Source Link)
7. Zhao Changpeng: Binance Considering Acquiring a Bank
On November 3, Binance founder and CEO Zhao Changpeng stated in an interview with Bloomberg that the company is considering acquiring a bank to bridge the gap between traditional finance and the crypto world. Zhao believes that investing in a bank is a wise strategy for Binance, as when cryptocurrency exchanges collaborate with banks, Binance typically ends up attracting many new users, thereby increasing the bank's valuation. Zhao did not disclose any specific acquisition targets but expressed openness to both minority investments and full acquisitions.
It is reported that Binance previously stated it has over $1 billion available for acquisitions and recently provided $500 million to support Musk's $44 billion acquisition of Twitter. This year, Binance's acquisition strategy has primarily focused on expanding into areas such as NFTs and DeFi. (CoinDesk)
8. Lookonchain: MASK Team Transferred 2.5 Million MASK to Exchanges Including Binance in the Past Week
On November 3, it was reported that according to Lookonchain's investigation, the MASK team previously raised funds from investors at five different prices, including $0.08 in the angel round, $0.13 in the seed round, $0.20 in the Series A round, $0.30 in the Series B round, and $0.50 in the Series C round. In the past seven days, one address from the MASK team transferred a total of 2.5 million MASK (approximately $13 million) to exchange addresses including Binance and OKX.
Additionally, the top 50 holders of MASK collectively hold 93.75 million MASK, accounting for 93.75% of the total supply; among them, Binance holds 17.97 million MASK, accounting for 17.97% of the total supply and 61.7% of the circulating supply. (Source Link)
9. pGALA Contract Attacked, Causing GALA to Drop Over 20% Temporarily, Arbitrageur Profits Nearly $6.5 Million
On November 4, it was reported that an address on the BNB Chain minted over $1 billion worth of pGALA tokens out of thin air and sold them through PancakeSwap for profit, causing GALA to temporarily drop over 20%. The multi-chain routing protocol pNetwork tweeted that due to a cross-chain bridge configuration error, the pGALA contract on the BNB Chain needs to be redeployed, and they are currently working with the Gala Games team and PancakeSwap to obtain user pGALA account balances and restore deposit and withdrawal functions.
According to Lookonchain data, during the GALA attack incident, a SmartMoney address profited nearly $6.5 million. (Source Link)
10. He Yi: Binance is Looking for Quality IE0 Projects
On November 4, it was reported that Binance co-founder He Yi posted on social media expressing gratitude for the community's enthusiasm for Launchpad and Launchpool. Binance is committed to meeting community needs and is now actively searching for quality projects for users. (Source Link)
11. Vitalik Releases New Ethereum Development Roadmap
On November 5, Ethereum co-founder Vitalik Buterin tweeted the new Ethereum development roadmap, which includes major changes such as:
The Verge is not just about "verkle trees," but also about "verification," ultimately leading to "fully SNARKed Ethereum";
The addition of "The Scourge" phase, which ensures fair and trustworthy transactions to address the MEV issue;
Establishing single-slot determinism as a milestone in the second phase of the Merge. (Source Link)
12. Insider: Huang Guangyu is Borrowing Money for the Metaverse, Head of National Dollar Metaverse Has Left
On November 5, it was reported by Prism citing insiders that Huang Guangyu began to indulge in the "metaverse" business in the first half of this year, stating that he has borrowed from everyone around him, and several brothers have fallen out with him over this matter. Around June, "Home Decor" founder Cui Jian was just "fired" by Huang Guangyu, and Sun Hao, who has a background in the metaverse, took over his position, but Sun Hao has also left Gome now.
According to related reports, insiders revealed in June that Gome had designated the metaverse as its most important strategic direction, and the overall head of the metaverse project had joined in June. (Source Link)
Important Financing/Venture Capital News
1. Self-Custody Wallet Braavos on StarkNet Completes $10 Million Financing, Brevan Howard Digital Among Investors
On October 31, it was reported that the self-custody wallet Braavos on StarkNet completed $10 million in financing, led by Pantera Capital, with participation from Brevan Howard Digital, Crypto.com, Road Capital, Matrixport, and StarkWare. Braavos co-founder Motty Lavie stated that Braavos will utilize the trusted execution environment capabilities of existing mobile devices and its biometric tools (such as facial and touch ID) to protect wallets without the need for seed phrases, with plans to release a browser extension and mobile applications for iOS and Android in the future. (The Block)
2. Web3 Sports Startup RealFevr Completes €10 Million Financing, Advantage Leads
On October 31, it was reported that Web3 sports startup RealFevr announced the completion of €10 million in financing, led by Advantage, with participation from Semapa Next, Shilling Capital Partners, and several international football stars. The new funds will be used to expand into global markets.
RealFevr launched a football video NFT marketplace in 2021 and has partnered with organizations such as the Portuguese Football Federation to sell video NFTs capturing exciting moments of numerous football stars, with over 145,000 video NFTs sold to date. RealFevr plans to launch the game FEVR Battle Arena in the coming weeks. (Source Link)
3. Wemade, Operator of Blockchain Gaming Platform WEMIX, Completes Approximately $46.57 Million in Strategic Financing, Microsoft Among Investors
On November 2, it was reported by CoinDesk Korea that Wemade, the operator of the blockchain gaming platform WEMIX, announced the completion of 66 billion KRW (approximately $46.57 million) in strategic financing through convertible bonds, with participation from Shinhan Asset Management, KIWOOM Securities, and Microsoft.
According to Korean media reports, regarding the Digital Asset Exchange Association (DAXA) marking the WEMIX token as an investment warning, Wemade CEO Zhang Xian Guo responded that they are in communication with DAXA about this, and the rumors of delisting are untrue.
Zhang acknowledged that they had indeed failed to disclose information to the community in a timely manner and explained that WEMIX provides detailed information to the market quarterly, which causes delays. Additionally, the WEMIX tokens have not yet been allocated to the team, and they are exploring how to utilize the tokens. (CoinDesk Korea)
4. Tharsis Labs, Core Developer of Evmos, Completes $27 Million Seed Round Financing, Polychain Capital Leads
On November 2, it was reported by CoinDesk that Tharsis Labs, the core developer of the Cosmos ecosystem's EVM-compatible chain Evmos, completed $27 million in seed round financing, led by Polychain Capital, with participation from HashKey, Galaxy, Huobi, Coinbase Ventures, Circle Ventures, Asymmetric, and several angel investors in the Web3 space. This token sale will support Tharsis Labs in further development on Evmos and accelerate the growth of the Evmos ecosystem. (Source Link)
5. Blockchain Data Platform Token Flow Completes $12 Million Series A Financing, Electric Capital Among Investors
On November 3, it was reported that blockchain data platform Token Flow completed $12 million in Series A financing, with participation from Electric Capital, Delta Blockchain Fund, and UDHC. This round of financing will be used for recruitment in data engineering, DevOps, ecosystem development, and research and development of data processing technologies.
Token Flow provides analysis tools, contextual data, and insights for participants in the blockchain ecosystem. Token Flow plans to launch new datasets and analytical tools in the fourth quarter and expand to new blockchains, currently researching Optimism, Arbitrum, zkSync, Polygon, and Avalanche. Additionally, it will expand data collection to areas such as liquidity changes and governance through the collection of data on objects (addresses, tokens, contracts) and operations (minting, trading). (Source Link)
6. Blockchain Security Company Beosin Completes Nearly $20 Million in Series A Strategic Financing
On November 3, it was reported that blockchain security service company Beosin announced the completion of nearly $20 million in Series A strategic financing, with investments from well-known industry players and several existing shareholders participating. The new funds will be used for research and development of new blockchain security technologies, ecosystem construction, and global market layout.
Beosin's core business includes smart contract security audits, security risk monitoring for blockchain projects, early warning and blocking, recovery of stolen virtual assets, and "one-stop" security product + service solutions such as KYT/AML. It currently serves over 2,000 blockchain enterprises globally, protecting customer assets worth over $50 billion.
7. Web3 Communication Protocol WalletConnect Completes $12.5 Million Financing, Shopify Leads
On November 3, it was reported that Web3 communication protocol WalletConnect completed $12.5 million in financing, led by Shopify, with participation from Coinbase, Consensys, Circle, Polygon, Uniswap Labs Ventures, HashKey, and Foresight Ventures. The funds will be used to build a Web3 communication network.
Previously, WalletConnect completed $11 million in Series A financing in March this year, led by Union Square Ventures and 1kx, with participation from Coinbase Ventures, Semantic Ventures, and others. (Source Link)
8. Web3 Social Protocol Lens Protocol Receives Investment from FTX Ventures
On November 4, it was reported by Fortune that Web3 social protocol Lens Protocol received investment from FTX Ventures, with the investment amount undisclosed. A spokesperson for the Lens Protocol development team confirmed that Lens Protocol is in the process of financing but did not confirm the scale or end date of the financing. (Fortune)
9. "BridgeFi" Cytus Finance and Its Sister Company Robinland Complete $2.4 Million Seed Round Financing, NYCA Among Investors
On November 4, it was reported that from January to June this year, Cytus Finance and its sister company Robinland completed angel round financing at a valuation of $5 million and seed round financing at a valuation of $20 million, led by Wall Street venture capital firms Nyca, Agya, Relay, Eniac, and InfoToken DAO.
Cytus Finance is currently the first "BridgeFi" in the crypto space, allowing investors to legally earn U.S. Treasury yields on their stablecoins without withdrawing funds. The project was launched in November 2022, offering two liquid fixed-income pools: a real estate debt pool with a yield of 5-6% and a U.S. Treasury pool with a yield of 2-3%. (Source Link)
10. Bloomberg: Amber Group is Raising Over $100 Million at a Valuation of $3 Billion
On November 5, it was reported by Bloomberg citing anonymous sources that cryptocurrency financial services platform Amber Group is raising over $100 million at a valuation of $3 billion. The company was valued at $3 billion in February when it raised $200 million, led by the sovereign wealth fund Temasek, with participation from Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners, and Coinbase Ventures.
Additionally, it was reported that Amber originally attempted to raise funds at a higher valuation of $5 billion to $8 billion, but due to the general downturn in the cryptocurrency market, these funds did not materialize. Insiders revealed that the new financing is being completed in multiple parts, with about half of the $100 million already secured. The company plans to complete one or two additional financing transactions by the end of this year or early 2023. (Source Link)
