Daily Report | The central bank announces interest rate and reserve requirement cuts, with a 0.5 percentage point reduction coming soon; only 1.1% of remittances in El Salvador involve cryptocurrency; Binance will launch 6 spot trading pairs including BTC/EURI and CATI/BRL
September 24 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Binance to Launch 6 Spot Trading Pairs Including BTC/EURI, CATI/BRL
- Crypto Community Calls for SEC Chairman to Resign at Congressional Hearing to Avoid Future Dismissal
- Insider: Kraken to Hire Natasha Powell as UK Compliance Officer
- Japan's Ceres Introduces "Shareholder Benefits" Policy for Virtual Currency, Stock Price Rises by 300 Yen
- Vitalik: Independent Stakers are the "First Line of Defense" and the "Last Line of Defense" for the Ethereum Network
- Saga Founder: Average Income of Women in Web3 Finance is 46% Lower than Men, Higher than Web2 Finance
- Only 1.1% of Remittances in El Salvador Involve Cryptocurrency
- Green United Fails to Dismiss $18 Million Cryptocurrency Mining Fraud Lawsuit
"What Important Events Happened in the Last 24 Hours"
Binance to Launch 6 Spot Trading Pairs Including BTC/EURI, CATI/BRL
Binance announced that it will launch 6 new spot trading pairs on September 25, 2024, at 19:00 (Beijing time), including 1MBABYDOGE/FDUSD, 1MBABYDOGE/TRY, BTC/EURI, CATI/BRL, NEIRO/FDUSD, and NEIRO/TRY. At the same time, Binance will provide trading bot services for these trading pairs, supporting spot algorithmic orders.
Crypto Community Calls for SEC Chairman to Resign at Congressional Hearing to Avoid Future Dismissal
According to Ibtimes, the U.S. House Financial Services Committee will hold a hearing titled "Oversight of the SEC" on September 24, where SEC Chairman Gary Gensler will testify. He will also appear alone at a Senate hearing tomorrow. Following the announcement of Gensler's attendance, many users in the crypto community expressed criticism and dissatisfaction.
NFT collector Medic Matt stated that attending the congressional hearing would be "a great opportunity for resignation," with some community members calling for Gensler to hand over the SEC chairmanship to someone more capable. Crypto researcher Anderson predicted that Gensler would "not answer any questions and just waste everyone's time." Anderson noted that during a hearing in 2023, Gensler repeatedly refused to answer lawmakers' questions about whether Ethereum is a security or a commodity.
Crypto YouTuber James Rule asked Democratic Senator Elizabeth Warren if she would "write answers" for Gensler. Both Warren and Gensler have been accused of deliberately destroying the cryptocurrency industry. Crypto investor and developer Leon Gaban stated that the SEC should be shut down. He urged Gensler: "Resign now to avoid being fired by Trump later."
Previously, Republican presidential candidate Donald Trump stated that if elected in November, he would fire SEC Chairman Gary Gensler on his first day in office. Crypto analyst Jonathan Morgan reminded Gensler that his "Democratic allies" can no longer "slander" the cryptocurrency industry, as more and more Republican politicians have acknowledged the rapid growth of the industry.
Insider: Kraken to Hire Natasha Powell as UK Compliance Officer
According to Coindesk, two insiders revealed that cryptocurrency exchange Kraken has hired Natasha Powell as its UK compliance officer, with Powell set to take office in November.
A Kraken spokesperson commented via email: "We have been exploring new opportunities to leverage industry talent to enhance our services." Powell comes from the crypto payment company BCB Group, where she served as Chief Compliance Officer. According to her LinkedIn profile, her career began at the UK's Financial Conduct Authority (FCA), which regulates the financial services industry, and she later worked at the Royal Bank of Scotland and Barclays Capital.
Japan's Ceres operates the points website "Moppy" and a cryptocurrency exchange, with its stock price rising by 300 yen (22.7%) to close at the limit price of 1623 yen on the previous trading day.
Ceres announced that starting from the end of December 2024, it will gift shareholders holding more than 100 shares at the end of December each year with cryptocurrency worth 10,000 yen (approximately $69.29). It is not yet clear whether the gifted cryptocurrency will be Bitcoin (BTC) or another type.
Additionally, Ceres's collaboration with bitbank is also progressing, with bitbank preparing for an IPO.
Ethereum co-founder Vitalik Buterin shared a summary of his fireside chat at the Home Staking Summit in Singapore on social media, discussing the practical value of independent stakers (including small businesses and community stakers) to the network and what reforms L1 can take to better support these stakers.
Vitalik stated that independent stakers are both the "first line of defense" for the Ethereum network, providing censorship resistance, and the "last line of defense," protecting the network by preventing the final confirmation of 67% of erroneous chains. Independent stakers are typically not affiliated with large organizations, making them difficult to capture or coerce by regulators, thereby enhancing Ethereum's position as a trusted neutral blockchain space.
Vitalik proposed the possibility of increasing the required validator ratio (e.g., from 67% to 85%) to enhance network security. However, he also pointed out that this could bring new challenges, such as lowering the cost of attacks that prevent final confirmation. Furthermore, the security strategy of the Ethereum network may face reassessment. Currently, 33% of staked ETH represents the highest attack cost for hijacking the blockchain. However, this status quo indicates that there may be excessive investment in defending against positive attacks exceeding 33%, suggesting a reallocation of resources to strengthen defenses against attacks of "over 66%."
Vitalik emphasized the importance of increasing the number of independent stakers, making them a key component of the current final confirmation threshold, and discussed measures that the Ethereum base layer (L1) could take to better support and encourage independent staking.
According to Unchained, Saga founder Rebecca Liao stated that the "Web3 Financial Compensation Report" shows that women's incomes in the Web3 finance sector are on average 46% lower than men's, a gap significantly higher than the 39% (U.S.) and 28% (U.K.) in Web2 finance.
In 2024, over 90% of blockchain venture capital funding is directed towards male-dominated projects, and in 2023, women held only 26% of positions in the crypto industry, with only 6% in leadership roles.
Although an earlier report from Pantera indicated that women earned 14.6% more than men in the crypto field, this study also showed that women in the industry had an average experience level of 5.3 years, compared to 4.5 years for men.
Rebecca Liao stated that these two studies do not present a contradictory picture but rather emphasize the fact discovered by McKinsey in its 2023 Women in the Workforce report: women are not hindered by a lack of promotion opportunities to the C-suite but are facing a "gap." This means that women progress from junior to mid-level positions at a slower rate than men, hindering their opportunities for advancement to senior levels.
Only 1.1% of Remittances in El Salvador Involve Cryptocurrency
According to the latest household remittance statistics report from the Central Reserve Bank of El Salvador, Salvadorans still prefer to use the U.S. dollar as the basis for sending and receiving remittances. The report found that only 1.1% of all remittances sent to El Salvador included cryptocurrency, indicating that most use other methods.
The report confirms that since Salvadorans received $84.8 million in digital currency in 2022, the amount of cryptocurrency remittances has been declining. In 2023, it dropped to $59.5 million, and now in 2024, it has only reached $57.4 million.
It is reported that the Salvadoran government is committed to incentivizing the use of cryptocurrency for payments and remittances, even funding the national crypto wallet Chivo and providing airdrops to citizens to familiarize them with Bitcoin.
Green United Fails to Dismiss $18 Million Cryptocurrency Mining Fraud Lawsuit
Green United LLC failed to dismiss a lawsuit from the U.S. Securities and Exchange Commission, which accused its executives of implementing a fraudulent cryptocurrency mining scheme that defrauded investors of $18 million. Defendants Wright Thurston and Kristoffer Krohn are accused of falsely selling non-existent mining equipment, promoting "green boxes" and "green nodes" as tools for mining GREEN tokens.
On September 23, Judge Ann Marie McIff Allen ruled that the defendants failed to rebut the SEC's allegations, refusing to dismiss the fraud charges against Thurston, noting that the distribution of GREEN tokens to investors relied solely on Thurston's personal decisions.
Indonesia's Criminal Investigation Agency (Bareskrim) collaborated with Binance and Tokocrypto to capture a major fraud operation, identifying multiple suspects and seizing $200,000 in ill-gotten gains.
Bareskrim is investigating a suspected trading fraud case involving a cryptocurrency trading website. The investigation confirmed that the website was part of a pig-butchering scam. During the investigation, several individuals involved in managing accounts receiving stolen funds were arrested. Authorities found about 50 mobile phones and multiple local bank cards, as well as banking applications, on the suspects' phones and tablets. When asked about the cryptocurrency wallets they controlled, the suspects refused to cooperate.
Through forensic analysis, Bareskrim investigators discovered wallet addresses that may be controlled by the suspects and found supporting evidence in their communication records (especially on Telegram). Their chat screenshots revealed several key wallet addresses, further linking the suspects to the fraud.
Bareskrim has arrested individuals involved in managing the stolen funds.
A man in his 30s in South Korea was arrested by police for scamming 250 million won (approximately $187,000) using cryptocurrency mining investment as bait.
According to the Ulsan Southern Police Station, the suspect, identified as A, defrauded investment funds from members of interest groups by promising high returns of 3 to 4 times from May 2021 to May this year.
Investigations revealed that A did not use the funds for mining operations but for repaying personal debts, wedding expenses, and living costs. A has now been arrested by the police, and the case will be handed over to prosecutors.
According to Jin10, Pan Gongsheng, Governor of the People's Bank of China, announced at a press conference on the 24th that the bank will lower the reserve requirement ratio and policy interest rates. The RRR will be cut by 0.5 percentage points soon, releasing long-term liquidity of 1 trillion yuan, and there may be another RRR cut of 0.25-0.5 percentage points before the end of the year. At the same time, the central bank's policy interest rate will be lowered, with the seven-day reverse repurchase operation rate reduced by 0.2 percentage points, guiding the loan market quotation rate (LPR) to decline simultaneously.
Citi Survey: Family Offices' Investment in Cryptocurrency Doubles Year-on-Year
According to Citi's "2024 Global Family Office Survey," the number of family offices optimistic about cryptocurrency has doubled this year from 8% last year to 17%, with direct investment still being their preferred investment method.
The report pointed out that family offices' interest in digital assets continues to grow from a low base. Whether large family offices managing over $500 million or small family offices with less than $500 million, the level of interest in digital assets is similar, with direct cryptocurrency investments and cryptocurrency-related investment funds being their prioritized directions.
Compared to small family offices, large family offices show greater interest in tokenized real-world assets (RWA), with 11% of large family offices holding cryptocurrency exposure, while only 3% of small family offices have this exposure. On the other hand, small family offices have a greater demand for derivatives, with 8% holding exposure to these products, while the proportion for large family offices is only 3%.
The Asia-Pacific region is leading in digital asset adoption, with 37% of family offices investing in or interested in investing in digital assets. One in every 20 family offices in the region reports that digital assets account for more than 10% of their investable assets. Meanwhile, family offices in Latin America show the least interest, with 83% not prioritizing digital asset allocation.
Celestia Foundation Completes $100 Million Financing, Led by Bain Capital Crypto
The Celestia Foundation announced that it has completed $100 million in financing, led by Bain Capital Crypto, with participation from Syncracy Capital, 1kx, Robot Ventures, Placeholder, and others. This brings the total amount raised by the project to $155 million.
The Celestia Mainnet Beta launched in October 2023, providing a dedicated modular consensus and data network. Since its launch, an early ecosystem has formed, with developers deploying the first 20 rollup chains, and Celestia data blobs recently accounted for more than half of the total data released by rollups.
It is reported that Celestia's core developer community recently announced its technical roadmap, with the core goal of scaling to 1 GB blocks, significantly increasing data throughput for Celestia's rollup ecosystem.
"What Interesting Articles are Worth Reading in the Last 24 Hours"
TON Asia Development Relations Director: What Should Developers Build on TON?
The TON ecosystem has recently shown vibrant activity, with a surge of applications emerging within the ecosystem. In response to this situation, Howard, the Director of Development Relations for TON Asia, posted on the X platform, pointing out potential application areas worth developing in the current TON ecosystem, providing direction for developers. Here is the full content.
In recent months, the TON ecosystem has experienced explosive growth with the surge of applications. While many projects have taken similar paths (a good sign), TON's goal remains to maximize your investment, whether in time or money, achieving greater results with less effort.
According to the reliable 2/8 rule, attention in any field is concentrated on the top 20% (or fewer) of projects, with traffic and funds flowing to the best projects.
Understanding Solana's Ambition Again from BreakPoint
Memecoins have transcended emotions and culture, becoming an ideological product of this cycle, and ideology has always been on par with technological innovation in any historical period. Investors and institutions that understand this will know how to view memecoins correctly.
Bitcoin Layer 2 is a second-layer blockchain network built to enhance the scalability, functionality, and transaction efficiency of the Bitcoin blockchain. Although often compared to Ethereum Layer 2, it wasn't until the experimental BRC 20 token standard based on the Ordinals protocol exploded in popularity in May 2023 that more people began to believe that Bitcoin could not only issue tokens but also achieve more complex and sustainable application scenarios.
Finding Angles, Playing Conspiracies, Who is the Winner in the Crazy ETH MEME Week?
In the past week, the on-chain market of the ETH mainnet can no longer be described simply as "lively." A statement from Old Powell about interest rate cuts has reignited the already active on-chain market: with a golden dog as the base every day, there were even two or three waves of market activity over the weekend, and the mainnet Gas spiked to around 70 Gwei, making it quite expensive to breathe on-chain.
"Mars Tide" Meme Coins Erupt, TERMINUS Ranks First
In the crypto world, the miracle of wealth creation often appears unexpectedly. Recently, TERMINUS has led the "Mars Tide" meme coin explosion.
Last Saturday, with the "joining" of Chinese crypto KOL and SHIB community OG Li Ping, the meme coin project TERMINUS, named after "the first city humans will land on Mars" as envisioned by Elon Musk, became the latest focus in the market after completing its CTO (community takeover).
This article provides a brief overview of the recent "Mars Tide" meme coin projects for readers' reference. (Odaily Planet Daily Note: Meme coin prices are highly volatile, and investment risks are high. Please choose targets carefully; the following information does not constitute investment advice.)
