Daily Report | Hong Kong legislator Wu Jiezhuang: The 2024 Bitcoin Summit will be held in Hong Kong; Bloomberg: Crypto-friendly investment banks B. Riley and Nomura Securities involved in U.S. SEC investigation

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2024-01-22 20:10:44
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Terraform Labs filed for voluntary bankruptcy, listing assets and liabilities between $100 million and $500 million; Data: Grayscale's Bitcoin holdings have decreased by 52,227 since the ETF approval, worth approximately $2.14 billion.

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened in the Past 24 Hours"

1. Hong Kong legislator Wu Jiezhuang: The 2024 Bitcoin Summit will be held in Hong Kong
According to ChainCatcher, Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference and a legislator of the Hong Kong Special Administrative Region, tweeted that the global fintech summit, the Bitcoin Conference, will be held in Hong Kong. (Source link)

2. Terraform Labs files for voluntary bankruptcy, with assets and liabilities listed between $100 million and $500 million
According to ChainCatcher, Reuters reported that court documents show Terraform Labs has filed for voluntary bankruptcy under Chapter 11, with assets and liabilities listed between $100 million and $500 million. (Source link)

3. Bloomberg: Crypto-friendly investment banks B. Riley and Nomura Securities involved in SEC investigation
According to ChainCatcher, Bloomberg reported that sources revealed U.S. authorities are investigating investment bank B. Riley Financial Inc. regarding transactions with a key client linked to securities fraud, as well as the use of that client's assets to help the bank secure loans from Nomura Holdings Inc.

A spokesperson for the U.S. Securities and Exchange Commission declined to comment, noting that the investigation is still in its early stages. The agency's review does not necessarily imply any wrongdoing by anyone, nor does it guarantee legal action will be taken, and Nomura Securities is not the focus of the investigation. A spokesperson for B. Riley stated in an email that they have not received any information from the SEC regarding this matter and will fully cooperate if an investigation occurs. (Source link)

4. Data: Grayscale's Bitcoin holdings have decreased by 52,227 since the ETF approval, worth about $2.14 billion
According to ChainCatcher, data from Lookonchain shows that Grayscale currently holds 566,973 BTC, worth approximately $23.21 billion. Since the approval of the Bitcoin ETF, its holdings have decreased by about 52,227 BTC, worth approximately $2.14 billion. Meanwhile, iShares (Blackrock) holds 33,431 BTC, worth about $1.37 billion; Fidelity holds 24,857 BTC, worth about $1.02 billion; Bitwise holds 10,152 BTC, worth about $415.6 million. (Source link)

"What Exciting Articles Are Worth Reading in the Past 24 Hours"

1. “Behind the Significant Rebound of Sui: The 'Bloodline Advantage' of Move-based Public Chains and the Promising New DeFi Ecosystem

Many people are puzzled as to why new public chains like Sui Network perform so well. In my opinion, the surge is just a surface phenomenon; the underlying reasons lie in the unique 'bloodline advantage' of Move-based public chains and the promising new DeFi ecosystem. Why?

Next, I will briefly analyze the advantages of Move-based public chains and explore the potential for ecological explosion on the Sui chain using two major projects in the Sui ecosystem: Dragon One Scallop and Dragon Two NAVI Protocol.

The Solidity language is the common language for building various types of smart contracts on Ethereum, supported by a large developer community; the Move language, as a newcomer, has significant advantages in resource handling, security, and modularity, especially suitable for financial applications.

2. “3 Executive Changes in 2 Months, 40% Layoffs at the Start of the Year: Is it 'Infighting' or 'Self-Rescue' for Near?

Within two days, Near's official announcements included two controversial actions: first, the foundation announced a 40% layoff, followed by the release of the 2024 update roadmap.

On January 11, the Near Foundation announced it would reduce its team by 40%, primarily affecting the marketing, business development, and community teams, involving 35 employees. This layoff will reduce the Near Foundation's team from an initial 90 members to about 55.

The next day, Near released its 2024 update roadmap, introducing state-less validation, developing zkWASM, and improving data availability to enhance the usability, scalability, and decentralization of the NEAR protocol.

The current crypto market is at a critical juncture from bear to bull, with most Web3 projects hiring and expanding their teams in anticipation of the next bull market, while the Near Foundation's actions are in stark contrast to mainstream expectations, with large-scale layoffs and team downsizing.

Why did Near announce significant layoffs at such a critical moment in the crypto market cycle? Is this a long-rumored 'internal conflict' or a 'self-rescue' action?

3. “The History of the Gold Market May Reappear in Bitcoin ETFs: How Does the Traditional Financial System Really Control Bitcoin?

Arthur Hayes, co-founder of BitMEX, recently published an article titled “ETF Wif Hat,” exploring the intricate relationship between traditional finance (TradFi) and the cryptocurrency market (especially Bitcoin), which has returned to a bear market this year.

Hayes compares the elite group at the top of the financial market pyramid with current global financial strategies and historical events, proposing the viewpoint that there are always certain invisible hands manipulating the market, attempting to maintain the operational model of traditional financial structures.

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