Evening News | Sui releases details on SUI token distribution, early contributors account for 20%; Yuga Labs launches bug bounty program with rewards up to $50,000

整理：西昻翔，ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Sui Releases SUI Token Allocation Details, Early Contributors Hold 20%

The Sui Foundation released details on the SUI token economics allocation, where the community reserve managed by the foundation accounts for 50%, early contributors hold 20%, investors hold 14%, the Mysten Labs treasury holds 10%, and community access programs and application testers account for 6%. It stated that "the Sui Foundation will prioritize rewarding and distributing SUI tokens to early community members of Sui."

In May, Sui announced its token economics model, with a total supply of 10 billion tokens, which have four uses: to be staked to participate in the Proof of Stake (PoS) mechanism, to pay gas fees for executing transactions and other operations, to support the multifunctional and liquid assets of the entire Sui economy, and to participate in on-chain voting to play an important governance role. (Source link)

2. Yuga Labs Launches Bug Bounty Program with Rewards Up to $50,000

Yuga Labs has launched a bug bounty program, allowing anyone to report valid vulnerabilities and earn rewards of up to $50,000, including vulnerabilities affecting services such as websites, social accounts, and Discord servers. The payment standards are as follows: low severity issues reward $250 to $1,000, medium severity issues reward $1,000 to $5,000, high severity issues reward $5,000 to $25,000, and critical severity issues reward $25,000 to $50,000. Additionally, the bounty program will be open until December 26. (Source link)

3. Russia's Largest Social Media Network Vkontakte Launches NFT Services and Educational Courses

According to Bitcoin.com, Russia's largest social media network Vkontakte has launched NFT services and educational courses related to NFTs. The VK NFT service allows digital collectible owners to upload their digital collectibles to the platform, and this new feature will be available to all users in a few days. NFTs can be used as avatars or displayed in profiles.

Additionally, VK will establish an NFT center to share news, announcements, market analysis, and case studies, and the platform's team will use this space to engage with the NFT community. VK also plans to launch its own NFT series in January 2023 and later introduce an NFT trading platform. (Source link)

4. Huobi Destroys 266,000 HT in November and Upgrades to Quarterly Destruction

Huobi announced that it destroyed a total of 266,000 HT (approximately 1.782 million USDT) in November, with the destruction amount increasing by 15.94% compared to October. As of December 15, 2022, Huobi has destroyed a total of 296.02 million HT, with a monthly circulation shrinkage rate of approximately 0.12%, leaving a total supply of 203.98 million HT.

Furthermore, Huobi announced an upgrade to the HT destruction mechanism, changing from monthly destruction to quarterly destruction, which will officially take effect in the first quarter of 2023. Under the new destruction mechanism, Huobi will announce the total HT destroyed for October, November, and December 2022 on January 15, 2023, and the total HT destroyed for January, February, and March (i.e., the first quarter of 2023) on April 15, 2023. Subsequently, the destruction quantity for the previous quarter will be announced on the 15th of the first month of each quarter. (Source link)

5. FTX Lawyers Oppose Bahamas Liquidators' Access to Internal Data, Citing Risk of Asset Drain

According to Reuters, FTX bankruptcy lawyers opposed the Bahamas liquidators' request for access to internal data, stating that they do not trust the Bahamian government, as the data could be used to drain assets from the bankrupt company. "The Bahamian government previously obtained information from the FTX Digital Market liquidators and used it to extract digital assets from FTX."

FTX lawyers requested the judge to deny the request, arguing that the Bahamian regulators had previously collaborated with SBF to undermine U.S. bankruptcy proceedings and withdraw assets, harming the interests of some creditors. Foresight News previously reported that Bahamian lawyers submitted an emergency motion to a U.S. Delaware bankruptcy judge requesting access to FTX's customer database, including wallet addresses, customer balances, deposit and withdrawal records, transaction and accounting data, and other personal information to assist in their ongoing investigation. (Source link)

6. FTX Executives Informed Bahamian Officials Before Bankruptcy That Customer Funds Were Used to Cover Alameda Losses

Court records from the Bahamas show that Ryan Salame, co-CEO of FTX's Bahamian operations, informed the Bahamian Securities Commission on November 9, before FTX's bankruptcy, that customer funds had been used to cover losses at Alameda Research.

Ryan Salame identified SBF and two other FTX executives as potentially responsible for this situation, which was subsequently reported to the Bahamian police, leading to the appointment of liquidators. (Source link)

7. MetaMask Users in the U.S. Can Use PayPal to Buy ETH

PayPal has integrated its cryptocurrency buying, selling, and custody services with MetaMask Wallet. Users will be able to choose to purchase ETH within the MetaMask app using their PayPal accounts, while simplifying the process of transferring Ether from PayPal to MetaMask.

Currently, some U.S. users can access this new service, and PayPal plans to roll it out to all U.S. customers in the coming weeks. (Source link)

8. Crypto Derivatives Platform Paradigm Announces 15% Salary Cuts for All Employees

Crypto derivatives trading platform Paradigm announced a 15% salary cut across the company this week due to the impact of the FTX collapse. Paradigm stated that the salary cuts could reduce the need for layoffs across the ecosystem and would have a smaller impact on the company's growth momentum. "These are tough times, but we must do difficult things and maintain financial flexibility to navigate the turbulent period our industry is facing." (Source link)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. Interview with Yat Siu: Animoca Will Continue to Expand, Portfolio Exceeds 380

From December 9 to December 18, in Taipei, Yat Siu, co-founder and executive chairman of Animoca Brands, delivered a keynote speech titled "Digital Property Rights, NFTs, and the Metaverse." During this time, he was interviewed by ChainCatcher, discussing his views on the crypto bear market of 2022 and the industry impacts of the recent crises, as well as Animoca Brands' strategic planning for 2023.

Yat Siu stated that the crypto market from 2018 to 2020 was actually worse than now, and the current market conditions will prompt a certain degree of consolidation, allowing more capable players to play a greater role and showcase their talents. Animoca will continue to grow and expand in such a market environment.

2. A Comprehensive Review of 100 Crypto Projects in the Testnet Phase

The bear market is the best time for building. This article is a compilation by ChainCatcher of 100 crypto projects in the testing phase, categorized by public chains, infrastructure, DeFi, NFTs, DAOs, social entertainment, gaming, and more. Additionally, users can visit the Rootdata project page for detailed information and easily filter projects in the testing phase using the filter function (operational status--operational--testnet launched).

3. The History, Current Status, and Future of Crypto Payment Sector

As blockchain technology is increasingly adopted, the global payment market landscape has undergone significant changes. The demand from individuals and businesses for more efficient payment systems has led to cryptocurrencies entering various payment fields, including remittances, payment cards, and e-commerce. Furthermore, traditional payment and e-commerce companies are also venturing into the crypto payment space, providing seamless and secure payment solutions for consumers and businesses. This article examines how these traditional companies are adopting crypto payments, how they are launching their own crypto payment services, and their collaborations with crypto payment infrastructure providers.