Daily Report | M2 was hacked and approximately 13 million dollars were stolen; members of the Ethereum Foundation established a non-profit research and development group; Florida holds 800 million dollars in cryptocurrency investments
November 1 News Overview整理：Fairy，ChainCatcher
Important News:
- Report: ARK Fund under Cathie Wood's management heavily invests in Coinbase and Block in Q3
- Paxos collaborates with DBS Bank to launch Singapore compliant stablecoin USDG
- Members of the Ethereum Foundation establish non-profit research group Argot Collective
- ZetaChain mainnet has paused block production for 4 hours
- Immutable has received a Wells notice from the SEC
- Florida CFO: The state holds $800 million in crypto investments
- Asset management firm Strive will include Bitcoin in its portfolio
- ZachXBT: Crypto exchange M2 was hacked for about $13 million yesterday
"What important events occurred in the past 24 hours"
ZachXBT: Crypto exchange M2 was hacked for about $13 million yesterday
According to ZachXBT, the cryptocurrency exchange M2 was hacked yesterday, resulting in the theft of approximately $13 million from multiple hot wallets across different chains.
Asset management firm Strive will include Bitcoin in its portfolio
According to the Financial Times, asset management firm Strive, with $1.7 billion in assets under management, is hiring a new wealth management manager and will include Bitcoin in its standard investment portfolio.
The company was founded by biotechnology entrepreneur Vivek Ramaswamy, who previously ran for president and later supported Trump. Its investors include vice-presidential candidate JD Vance, and its first product is an energy ETF with the stock code DRLL.
FTX reaches settlement agreement with Evolve Bank and Silicon Valley Community Foundation, potentially recovering $21 million in assets
According to CryptoSlate, FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation (SVCF), which could allow it to recover up to $21 million in assets. The agreement is pending court approval, with a hearing scheduled for November 20.
Previously, Evolve Bank held over $13 million in deposits in accounts opened for FTX affiliate West Realm Shires Services Inc. After multiple negotiations, FTX and Evolve Bank agreed to return approximately $12.77 million to the bankrupt FTX while retaining $462,700 as compensation fees.
Additionally, the Silicon Valley Community Foundation SVCF also agreed to return $8.57 million and the remaining FTT tokens to avoid litigation.
Bitcoin mining hosting company Applied Digital plans to raise $375 million through convertible notes
Bitcoin mining hosting and cloud services company Applied Digital plans to raise $375 million through a private placement of convertible notes. The notes have an annual interest rate of 2.75% and will mature in 2030, with initial purchasers also able to buy an additional $75 million. The company plans to use part of the funds for capped options trading to hedge against shareholder dilution risk and invest approximately $84 million in stock buybacks.
Applied Digital does not directly engage in Bitcoin mining but provides data center hosting services for other companies. Its latest quarterly report shows that out of $60.7 million in revenue, $34.8 million came from Bitcoin mining hosting services, while the remaining 43% came from cloud services.
UBS launches its first tokenized investment fund based on Ethereum
According to Lianhe Zaobao, UBS announced the global launch of its first tokenized money market fund, starting from Singapore. This UBS Dollar Money Market Investment Fund token (uMINT) is based on Ethereum distributed ledger technology (DLT). The fund provides investors with a controlled risk institutional-grade cash management solution, supporting high-quality money market instruments.
Previously, UBS, as an industry partner in the Monetary Authority of Singapore's "Project Guardian," launched a pilot for tokenized Variable Capital Company (VCC) funds in October 2023. In June 2023, UBS issued 200 million yuan ($37.16 million) in digital structured notes for third parties and completed the world's first cross-border repurchase transaction fully executed and settled on a public blockchain in November of the same year.
Paxos collaborates with DBS Bank to launch Singapore compliant stablecoin USDG
Blockchain infrastructure company Paxos announced the launch of the Singapore compliant stablecoin Global Dollar (USDG), which is managed by DBS Bank for its USD reserves. This is Paxos's second localized stablecoin product following the launch of the UAE-regulated interest-bearing stablecoin Lift Dollar (USDL) five months ago.
USDG received approval from the Monetary Authority of Singapore (MAS) in July this year and fully complies with the stablecoin regulatory framework established by MAS in August 2023. The stablecoin currently operates on the Ethereum blockchain and will expand to other public chains as regulatory developments occur. USDG is backed by a 1:1 USD reserve, which includes USD deposits, short-term U.S. government bonds, and other cash equivalents.
BNB Chain completes its 29th quarterly BNB burn, destroying BNB worth $1.07 billion
BNB Chain has completed its 29th quarterly BNB burn, destroying a total of 1,772,712.363 BNB, which was valued at approximately $1.07 billion at the time of the burn.
Coinbase reveals Q3 trading data, Bitcoin trading share rises to 37%
According to the latest data released in Coinbase's Q3 2024 shareholder letter:
- Total trading volume was $18.5 billion, down 18% from Q2 (from $22.6 billion to $18.5 billion);
- Institutional investor trading volume was $15.1 billion, accounting for 81.6% of total trading volume, continuing to dominate;
- Retail investor trading volume was $3.4 billion, accounting for 18.4%.
In terms of the trading structure of crypto assets:
- Bitcoin's trading share rose to 37%, an increase of 2 percentage points;
- Ethereum remained at 15%;
- USDT trading share rebounded from 10% to 15%;
- Other crypto assets' share decreased to 33%.
Additionally, Solana's share in trading revenue has reached 11%, indicating its growing importance as an emerging public chain. Although overall trading volume decreased quarter-over-quarter, the increase in Bitcoin's trading share reflects that Bitcoin remains a favored crypto asset among institutional investors following the approval of ETFs.
OKX will launch SCR/USDT spot trading on November 4
OKX will open SCR/USDT spot trading on November 4, 2024, at 16:00 (UTC+8).
- SCR deposits will open on November 1, 2024, at 06:00 (UTC);
- The call auction period will be from November 4, 2024, 15:00 to 16:00 (UTC+8);
- SCR withdrawals will open on November 5, 2024, at 18:00 (UTC+8).
ZetaChain mainnet has paused block production for 4 hours
ZetaScan data shows that the ZetaChain mainnet has paused block production for 4 hours, with the latest transaction stuck at block 5529896 (as of 11:32:15 Beijing time today).
Additionally, the ZetaChain status page indicates that an issue on the ZetaChain mainnet is under investigation, which has caused block production on the network to stop. Engineers are working hard to resolve the issue and actively restore network consensus.
Earlier reports indicated that due to the interruption in Zeta Chain (ZETA) block production, Upbit has suspended ZETA deposits and withdrawals. An announcement will be made to resume deposits and withdrawals once stability is confirmed.
Members of the Ethereum Foundation establish non-profit research group Argot Collective
Members of the Ethereum Foundation have established a non-profit research group called Argot Collective, aimed at maintaining free and independent software related to Ethereum. The founding members of the organization consist of approximately 25 current employees of the Ethereum Foundation, with initial project focus on smart contracts and verification services.
Nebulas Exchange submitted a virtual asset trading platform license application to the Hong Kong SFC on October 25
The Hong Kong SFC's official website has updated information on virtual asset trading platform license applications, showing that Nebulas Exchange submitted its application for a virtual asset trading platform license to the Hong Kong SFC on October 25, 2024. The name of the virtual asset trading platform operator is "Nebulas Hong Kong Limited," with no Chinese name available yet.
As of now, the number of applicants for virtual asset trading platform licenses published by the Hong Kong SFC is 15. According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, 11 platforms including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, xWhale, YAX, Bullish, Crypto.com, WhaleFin, and Matrixport HK have been considered for licensing.
Trump sues CBS for $10 billion over Harris's interview
According to Fox News, former U.S. President Trump has sued CBS for $10 billion over Harris's interview.
Immutable: Has received a Wells notice from the SEC, but IMX token is not a security
According to Decrypt, blockchain gaming company Immutable has stated that it has received a Wells notice from the U.S. Securities and Exchange Commission (SEC). Additionally, the SEC sent a letter to the company's CEO James Ferguson and the Digital Worlds Foundation, which helped issue the IMX token, detailing the company's alleged violations of securities laws. The allegations specifically claim violations of securities laws and potential false statements.
An Immutable spokesperson stated, "While the SEC indiscriminately claims that all tokens in the industry are securities, we are confident that the IMX token is not a security. The notice merely cites legal provisions with limited meaningful details."
Trump: Happy 16th anniversary of the Bitcoin white paper
Former U.S. President Trump posted on social media platform X: "I want to wish our great Bitcoin enthusiasts a happy 16th anniversary of the Satoshi Nakamoto white paper. We will end Harris's war on cryptocurrency, and Bitcoin will be made in America! Vote for Trump!"
Florida CFO: The state holds $800 million in crypto investments
According to The Block, Florida Chief Financial Officer Jimmy Patronis stated in an interview with CNBC on Thursday that the state's portfolio holds approximately $800 million in crypto-related investments. He would not be surprised if this figure grows if former President Trump is re-elected next month.
Earlier this week, Patronis mentioned in a letter that Florida should invest part of its state pension fund in cryptocurrency.
Report: ARK Fund under Cathie Wood's management heavily invests in Coinbase and Block in Q3
The 13F report shows that "Wood's sister" Cathie Wood's Ark Investment Management Company had major holdings at the end of Q3, including Tesla, Roku, Coinbase, Roblox, and Block. In Q3, it sold 720,000 shares of Tesla (TSLA.O), reducing its stake by 13.65%, but it remains its largest holding, accounting for 10.65%.
"What are some interesting articles worth reading in the past 24 hours"
Larry Liu from Qiming Venture Partners analyzes crypto payments in ten thousand words (Part 1): The evolution from credit cards to digital payments
Editor's Note: Crypto payments are one of the hottest sectors recently. In addition to Stripe's $1 billion acquisition of stablecoin payment startup Bridge, creating the largest acquisition in crypto history, many mainstream financial institutions have begun to accelerate their layout in crypto payments:
- PayPal completed its first commercial payment using stablecoin PYUSD.
- Visa launched the tokenized asset platform VTAP to help banks issue fiat-backed tokens.
- BlackRock partnered with Ethena to launch a new stablecoin supported by BlackRock BUIDL.
- Coinbase and A16Z jointly invested in AI crypto payment company Skyfire.
A summary of 11 new projects incubated by Web3 version of YC "Alliance"
Today, Alliance DAO unveiled the 11 graduate projects of Alliance ALL13, covering various verticals such as global payments, DeFi, DePIN, and AI. As an accelerator that has successfully incubated popular projects like Pump.fun, Moonshot, Fantasy.top, and daos.fun, Alliance's accelerator program has always attracted attention.
Offramp: A stablecoin bank on Telegram
Offramp Labs (Kingsview Global Limited) is a virtual asset service provider based in Hong Kong. Offramp's financial partners and related subsidiaries provide card issuance services.
Offramp enables global users to conduct real-world transactions using stablecoins through a Telegram mini-app, supporting stablecoin top-ups for Visa cards, receiving payments from U.S. banks, and accessing savings and investment products, thereby reducing fees and protecting users' local bank accounts from crypto-related payments, eliminating account freezes.
U.S. election introduces new variables, crypto market plunges overnight?
On October 30, Bitcoin failed to set a new historical high, having risen above $73,600, just $100 short of $73,777, but subsequently lost momentum after a series of fluctuations and corrections, ultimately declining. By around 9 PM on October 31, BTC accelerated its drop, dipping to around $68,800, and has now retreated to around $69,500.
After rising above $2,700, ETH also experienced a significant drop, falling to around $2,500, erasing gains from previous days. Altcoins saw a widespread decline.
In terms of contract data, $276 million was liquidated in the past 24 hours, with $247 million in long positions liquidated.
Why did Bitcoin fail to break the historical high? What will the market trend be moving forward?
