Daily Report | ".io" domain may disappear due to geopolitical influences; Trump: In fact, the Federal Reserve lowered interest rates too quickly; Nigerian court rejects bail request from Binance executive due to health issues
October 11 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Nigerian court denies Binance executive's bail request due to health issues
- RootData: Over 17% of Web3 companies are using ".io" domain names, including well-known projects like Sui, Optimism, Arbitrum, Filecoin, and Blur
- Sun Yuchen: Liberland is a strong example of the relationship between the state and its citizens, and I will further promote this vision during my tenure as acting Prime Minister
- Market news: Meme coin SPX6900's official Twitter account was hacked, please do not click any links
- Matrixport: Traders may consider using bullish options arbitrage strategies for profit during this period before the U.S. elections
- Ethiopia expands Bitcoin mining power allocation to 600 megawatts
- Survey: 29% of European payment service providers are unwilling to cooperate with cryptocurrency exchanges
- Fidelity discloses that data of over 77,000 customers was leaked in August, and the related vulnerabilities have been fixed
"What important events happened in the past 24 hours"
Nigerian court denies Binance executive's bail request due to health issues
According to Bloomberg, a Nigerian court denied the bail application of Binance executive Tigran Gambaryan on health grounds. The executive is on trial for alleged money laundering and currency manipulation and has been instructed to be sent to a hospital for treatment. Tigran Gambaryan, the head of financial crime compliance at Binance, has been detained in the country since February, and U.S. lawmakers have claimed that he is being unjustly held. His lawyer has repeatedly mentioned his poor health condition and stated that he requires surgery.
According to data from Web3 asset data platform RootData, among the 15,032 projects/institutions currently operating (excluding those that have ceased operations), 2,675 projects/institutions (including 2,549 projects and 126 institutions) are using ".io" domain names, accounting for approximately 17.8%.
Notable projects include Sui, Sei, Arbitrum, Filecoin, Blur, Optimism, KuCoin, BitTorrent, Gate.io, StarkNet, Merit Circle, EOS, Neiro, Nexo, Synthetix, zkSync, Raydium, Blur, IOTA, Kava, IoTeX, 1inch, WOO X, Hamster Kombat, AltLayer, Mask Network, GMX, Metis, Blast, Banana Gun, etc. Notable institutions include Waterdrip Capital, The Spartan Group, AC Capital, OpenSea Ventures, Ryze Labs, YBB Foundation, Ton Ventures, etc.
Previously reported, the UK government announced it would relinquish sovereignty over the Chagos Islands in the Indian Ocean. Once the treaty is signed, the British Indian Ocean Territory will cease to exist. Previously, the Internet Assigned Numbers Authority (IANA) nominally assigned ".io" as a country code top-level domain (ccTLD) to the British Indian Ocean Territory, and returning the Chagos Islands would eliminate the British Indian Ocean Territory, which may also lead to the cancellation of the corresponding ISO-3166 two-letter country code IO and the ".io" domain name.
TRON (TRX) network founder Sun Yuchen responded on X to the previous news about being elected as the unrecognized acting Prime Minister of the micro-nation Liberland, expressing his happiness that the community elected him as Prime Minister of Liberland. His main points are as follows:
- Liberland is not just a country; it embodies a political philosophy that advocates for freedom, minimal government intervention, and individual autonomy.
- As acting Prime Minister, the goal is to actively promote the idea of a small government, not only within Liberland but also as a model for the world. Our success can inspire other countries to adopt liberal principles, demonstrating that minimalist governments can bring stability and prosperity without excessive regulation or coercion. By adhering to this approach, we will further solidify Liberland's status as a beacon of freedom and individual autonomy.
- Looking ahead, envisioning Liberland as a global symbol of liberal ideals, it will become a spiritual home for people around the world who cherish freedom. Just as Vatican City represents the central spiritual authority for Catholics, Liberland will become the heart of the liberal movement. Liberals around the world may have their own countries and nations, but Liberland will be their ideological home: a place that respects and embodies their beliefs in freedom, autonomy, and voluntary governance.
- What makes Liberland truly unique is that it is the first country where the relationship with citizens is based not on lineage or geographical boundaries, but on shared principles and values. There are no compulsory obligations, no taxes, and no mandates imposed on citizens. Everything is based on voluntary participation and mutual respect, believing that all governments should operate this way—even if it is not the case now, it will be in the future.
- Liberland is a strong example of the relationship between the state and its citizens, committed to further promoting this vision during my tenure as Prime Minister.
Previously reported, according to a document disclosed by @tier10k, the unrecognized micro-nation Liberland announced the results of its latest parliamentary elections. TRON (TRX) network founder Sun Yuchen won in this election and was nominated as acting Prime Minister by Liberland President Vit Jedlička. The official statement from Liberland stated that the election was completed at 5 AM Central European Time on October 6, marking the first full deployment of the country's blockchain-based election system. The election process used a simple set of rules, fully algorithmic, aimed at providing transparency and eliminating doubts about the election results.
Market news: Meme coin SPX6900's official Twitter account was hacked, please do not click any links
Meme coin KOL Murad disclosed on the X platform that the official X account of the meme coin project SPX6900 (SPX) was hacked, "please do not click any links. No airdrops, no staking, and no other tokens."
Matrixport released a chart stating that as implied volatility remains low, Bitcoin traders need to establish corresponding positions to prepare for a potential bull market brought about by Trump's victory. Bitcoin options will expire on November 8, 2024, but the market has not shown extreme positions, indicating that traders are cautious about the election results. However, the strike prices of $65,000 and $70,000 suggest that many traders are anticipating a market rebound.
The trading volume of the Bitcoin options market this year has ranged from $42 billion to $71 billion, gradually replacing the underperforming coin stocks since the Bitcoin halving in April 2024, becoming a more favored leveraged tool among traders. Additionally, although MicroStrategy's current stock price is higher than the value of its Bitcoin holdings, holding MicroStrategy has become an alternative way to gain direct exposure to Bitcoin.
Earlier this year, the macro situation improved, and Bitcoin prices rebounded, but as market structure and liquidity-driving factors weakened, a pullback occurred.
Trump's victory could bring favorable conditions for Bitcoin, but if the Federal Reserve adopts a tightening monetary stance in response to Trump's policies' excessive stimulation of the economy, the rise will face resistance. During this pre-election period, traders looking for short-term profits may consider using bullish options arbitrage strategies to manage risk and capture upside gains.
Ethiopia expands Bitcoin mining power allocation to 600 megawatts
Ethiopia has expanded its Bitcoin mining power allocation to 600 megawatts, becoming one of the fastest-growing markets globally, and plans to further increase capacity this year.
According to Ethan Vera, co-founder and CEO of Bitcoin miner Luxor, miners in Ethiopia primarily use low-power mid-generation equipment, such as the S19J Pro and A1346 models.
It is reported that Ethiopia is also signing power supply agreements with 21 mining companies, primarily from China, intending to become a Bitcoin mining hub.
A survey conducted by foreign exchange and payment fintech company Neo among 100 European payment service providers (PSPs) shows that banks are performing poorly in cooperation. Due to restrictions from banking partners, 29% of PSPs are unwilling to cooperate with cryptocurrency exchanges.
The survey also found that 95% of PSPs have experienced bank account closures or restrictions, with 71% of these cases occurring without clear reasons provided by the banks. To address this issue, most PSPs maintain relationships with multiple banks, but the process of finding new banking partners is lengthy, averaging 11.5 months.
Fidelity recently submitted a document to the Maine Attorney General stating that 77,099 customers were affected by a data breach, which is just a small portion of its 51.5 million customer base.
It stated that between August 17 and 19, an attacker exploited two recently established customer accounts to obtain customer names and other personal identifiers. Unauthorized access was terminated on August 19, when Fidelity first discovered the vulnerability.
The company stated that it received assistance from "external security experts" to resolve the issue. Fidelity emphasized that no third party accessed any Fidelity accounts.
Fidelity announced that it will provide affected users with two years of free credit monitoring and identity recovery services "to detect any unusual activity that may affect users' personal financial situations."
Binance to open trading bot services for trading pairs EIGEN/TRY, PEPE/FDUSD, etc.
Binance announced that it will open trading bot services for the following trading pairs at 4:00 PM Beijing time on October 11, 2024, supporting spot grid and spot DCA (dollar-cost averaging): EIGEN/TRY, PEPE/FDUSD, SUI/FDUSD.
".io" domain may disappear due to geopolitical influences
The UK government announced it would relinquish sovereignty over the Chagos Islands in the Indian Ocean, transferring it to the nearby island nation of Mauritius. Once the treaty is signed, the British Indian Ocean Territory will cease to exist. Various international organizations will update their records.
Previously, the Internet Assigned Numbers Authority (IANA) nominally assigned ".io" as a country code top-level domain (ccTLD) to the British Indian Ocean Territory. Returning the Chagos Islands would eliminate the British Indian Ocean Territory, which may also lead to the cancellation of the corresponding ISO-3166 two-letter country code IO and the ".io" domain name.
It is reported that many users and businesses view ".io" as a generic top-level domain (gTLD) rather than one specific to a country/region. As of 2023, approximately 1.2 million ".io" domain names have been registered, a significant portion of which are associated with cryptocurrency-related companies.
Musk changes X account profile picture to a theme image with "WE,ROBOT" characters
Musk changed his X account profile picture to a theme image with "WE,ROBOT" characters.
According to KBS, South Korea's central bank monetary policy committee held its seventh monetary policy direction meeting today (11th) and decided to cut the benchmark rate from the current 3.50% by 25 basis points to 3.25%.
This rate cut marks a shift in the Bank of Korea's monetary tightening stance, which began raising rates by 0.25% in August 2021, transitioning to an easing policy after 3 years and 2 months.
Trump: In fact, the Federal Reserve has lowered interest rates too quickly
Trump stated that last month's inflation was much worse than expected, double what was anticipated, with most of the increase coming from rising food prices, rent and housing costs, and car prices. Interest rates are also a significant factor. They are very high. In fact, the Federal Reserve has lowered rates a bit too quickly. The reduction was too large, and everyone knows this is a political maneuver. Under Biden and Harris's leadership, the economy is completely in shambles due to inflation. But Harris said she couldn't think of any different decisions she would make.
"What are some interesting articles worth reading in the past 24 hours"
Ethereum ETF's cold reception: Why are investors unwilling to buy in?
Ethereum ETFs have not received the same level of attention as Bitcoin ETFs, and there was even a net outflow of funds this week. Tom Carreras investigated this.
- The performance of Ethereum spot exchange-traded funds (ETFs) has failed to attract the same demand as Bitcoin spot ETFs.
- However, considering the immense popularity of Bitcoin products, this is a high expectation.
- Disadvantages include the lack of staking yields for ETFs and difficulties in marketing Ethereum to investors.
For many investors, the performance of spot Ethereum ETFs has been disappointing.
In contrast, spot Bitcoin ETFs have handled nearly $19 billion in fund inflows over 10 months, while the Ethereum ETF that started trading in July has failed to generate the same appeal.
Worse still, Grayscale's ETHE, which existed as an Ethereum trust before converting to an ETF, suffered massive redemptions during the conversion, and demand for other Ethereum funds failed to offset this trend.
This means that since its launch, the Ethereum ETF has experienced a net outflow of $556 million. According to Farside's data, these products saw a net outflow of $8 million just this week.
So, why is the performance of Ethereum ETFs so different? There are several possible reasons.
On October 9, U.S. federal prosecutors filed market manipulation and fraud charges against four cryptocurrency "market makers" and their employees, with the SEC and FBI also involved in the investigation. The market maker behind "meme industry DWF," Bonk, and Neiro, Gotbit, is prominently listed.
Currently, Gotbit's CEO Aleksei Andriunin has been arrested in Portugal, and two of Gotbit's employees in Russia have also been charged.
As early as a year ago, on-chain detective ZachXBT revealed Gotbit's market-making tactics and warned users to be cautious of any projects collaborating with Gotbit. Since then, Gotbit has also been controversial due to its involvement in multiple tokens suspected of being rug pulls.
However, Gotbit's market-making services still attract a large number of project teams and meme groups. According to Gotbit's official X platform, Gotbit has provided market-making services for around 50 projects this year, most of which are memes.
Whether the SocialFi track can break free from the "growth dilemma" may depend on the blood generation ability of the "Fi" segment being sufficiently validated. In a previous article titled "SocialFi 'narrative failure,' does crypto social still have a future?" we briefly analyzed the main issues facing current SocialFi projects, and how to address these issues, combining the main characteristics and advantages of crypto projects, SocialFi projects may also need to partially draw on the development ideas of traditional mobile internet hit applications.
Odaily Planet Daily will dissect the "Fi" segment of traditional social products and SocialFi projects in this article, and analyze the development history of "Lemon 8," a ByteDance hit application known as the "overseas version of Xiaohongshu," which has recently performed well, for reference by players in the SocialFi track.
Is the fate of .io domain uncertain? 16% of Web3 companies are using .io
The UK relinquishing sovereignty over the British Indian Ocean Territory's Chagos Islands and transferring it to Mauritius marks a historic moment signaling the end of British colonialism in Africa, while also sparking widespread discussion about the future of the highly regarded .io top-level domain.
Who is Angela Meng, the Chinese-American boss of Coinbase who moved to the U.S. at age 11?
Who is Angela Meng? This may be the biggest scoop in the Chinese crypto circle in recent days.
In the crypto industry, news of marriage can also spark a discussion, especially when the protagonist is Brian Armstrong, co-founder and CEO of the world's most well-known cryptocurrency exchange, Coinbase. Recently, Brian announced on social media that he married Angela Meng a week ago, and this news quickly sparked heated discussions in the crypto community. Notable figures from the global crypto field have sent their blessings, including Ark Invest's Cathie Wood ("Wood Sister") and the founder of MicroStrategy, who both expressed sincere congratulations to the newlyweds.
