Daily Report | Sun Yuchen invests 30 million USD in WLFI; pump.fun will indefinitely suspend live streaming feature; Binance HODLer airdrop launches Thena (THE)
November 26 News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- Sun Yuchen invests $30 million in Trump family's crypto project WLFI, becoming its largest investor
- SEC charges Texas fund manager with illegally investing $18.5 million of client funds in cryptocurrency
- Binance to delist GFT, IRIS, KEY, OAX, REN
- Binance to launch yield-bearing margin asset BFUSD
- pump.fun: Live streaming feature on the website will be suspended indefinitely
- Binance HODLer airdrop launches second project Thena (THE)
- BNB Chain ecosystem re-staking infrastructure Kernel completes $10 million financing, with participation from Binance Labs and others
- AXIOS: Trump is considering appointing an AI minister
"What important events happened in the past 24 hours"
SEC charges Texas fund manager with illegally investing $18.5 million of client funds in cryptocurrency
According to DL News, the U.S. Securities and Exchange Commission (SEC) has charged Texas fund manager Khalid Parekh with illegally investing $18.5 million of client funds in cryptocurrency without their consent.
The SEC disclosed that from August 2021 to August 2022, Parekh raised $18.5 million from 373 investors across 40 states through his sole proprietorship Fair Invest. He primarily attracted investors from the American Muslim community through radio shows, podcasts, and media interviews, claiming that his fund complied with Islamic law.
Parekh promised investors an annual return of 4%, claiming these returns came from traditional assets such as stocks, mutual funds, commodities, and ETFs. However, the SEC's charges indicate that he actually invested client funds into two cryptocurrency lending platforms without informing investors.
During the SEC investigation, Parekh has returned client funds along with the promised 4% returns. Additionally, he agreed to pay a $100,000 fine and revoked his SEC registration as an investment advisor.
Onchain Lens: Trading of THE token active before Binance announcement, three wallets profit significantly
According to Onchain Lens monitoring, suspicious insider activity related to THE token occurred before Binance's announcement, mostly involving newly created wallets:
Wallet 1: Withdrawn 200,000 USDT from Bybit 23 hours ago, purchased 918,214 THE and sold 410,218 THE, profiting $433,000, currently holding 507,000 THE worth approximately $548,000, with total profits reaching $782,000.
Wallet 2: Newly created 3 hours ago, withdrew 400 BNB (worth about $249,000) from Binance, purchased 490,786 THE, currently valued at approximately $514,000, with floating profits of about $264,000.
Wallet 3: Also a new wallet, withdrew 1,638 BNB (about $1.02 million) from Binance, purchasing 1,027,193 THE at an average price of $1.
While it cannot be confirmed whether this constitutes insider trading, the scale of purchases is significant and may be related to the airdrop plan.
AXIOS: Trump is considering appointing an AI minister
According to AXIOS, Trump is considering appointing an AI minister to coordinate federal policies and the government's use of emerging technologies.
Binance to delist GFT, IRIS, KEY, OAX, REN
According to an official announcement, Binance will stop trading and delist the following tokens on December 10, 2024, at 11:00 (UTC+8): Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), Ren (REN).
Binance contracts will fully close and automatically settle the KEYUSDT and RENUSDT perpetual contracts on December 3 at 09:00 (UTC), and the contracts will be delisted after settlement.
Binance emphasized that it will regularly review listed digital assets to ensure high standards of token quality. When a token no longer meets listing standards or there are significant changes in the industry environment, a deep project review will be conducted, and it may be delisted.
Binance HODLer airdrop launches second project Thena (THE)
According to an official announcement, the Binance HODLer airdrop has now launched its second project, Thena (THE), which is a DEX and liquidity layer built on the BNB Chain and opBNB.
Users who subscribe to BNB Simple Earn flexible or locked products from 00:00 on November 6, 2024, to 23:59 on November 13, 2024 (UTC) will receive airdrop allocations. The THE HODLer airdrop page is expected to go live within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins.
Binance will list Thena (THE) on November 27 at 10:00 (UTC) and open trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY.
Zhao Changpeng: Not opposed to memes, suggests the industry build real applications with blockchain
Binance co-founder Zhao Changpeng stated on X: "I am not opposed to memes, but meme coins have become a bit 'strange' now. Let's build real applications with blockchain."
Binance to launch yield-bearing margin asset BFUSD
According to The Block, Binance announced it will launch the yield-bearing margin asset BFUSD, which will officially go live on November 27 at 10:00 (UTC+8). Users can earn passive income by holding or trading contracts, and Binance promises that its annual percentage yield (APY) will never be less than zero.
According to a Binance spokesperson, BFUSD holders will receive a daily calculated base annual yield, allowing them to earn income even without participating in contract trading. Eligible USDⓈ-M contract trading users can also receive higher enhanced annual yields on the same day. Historical data shows that from November 20 to 25, the base annual yield for BFUSD fluctuated between 12% and 35%, while the enhanced yield reached 15% to 47%.
BFUSD is not a stablecoin and cannot be withdrawn from Binance contract accounts or traded on the open market; it can only be used as margin for Binance contract trading and can be exchanged 1:1 with USDT. This product generates income through delta hedging strategies between the spot and contract markets and Ethereum staking. It is currently only available to qualified Binance contract users in supported regions, excluding restricted areas such as the United States.
U.S. SEC's $8.2 billion in fines for 2024 mostly from Terraform Labs-related cases
According to Decrypt, the U.S. Securities and Exchange Commission (SEC) received $8.2 billion in fines for the fiscal year 2024, setting a record high, with more than half ($4.5 billion) coming from fines related to the SEC's case against Terraform Labs and its founder Do Kwon. Without this settlement, the SEC's finances would have reached their lowest level since 2013, at $3.72 billion.
Public company Jiva Technologies board approves purchase of $1 million in Bitcoin as reserve asset
Public company Jiva Technologies announced that its board has approved the purchase of $1 million in Bitcoin as part of its reserve asset and corporate fund management strategy. Its CEO Lorne Rapkin stated that Bitcoin's inherent scarcity and limited supply make it a modern hedge against inflation.
UK Financial Conduct Authority plans to implement cryptocurrency regulatory framework by 2026
According to CoinDesk, the UK Financial Conduct Authority (FCA) has released a roadmap for cryptocurrency regulation, planning to officially implement a comprehensive regulatory framework by 2026.
The roadmap indicates that the FCA will publish discussion papers related to market abuse and information disclosure by the end of this year and plans to release policy documents on stablecoins, trading platforms, staking, crypto asset exposure, and lending in early 2024.
Data shows that the number of cryptocurrency holders in the UK has grown by 4% over the past two years, with approximately 7 million adults currently holding crypto assets. Previously, UK Economic Secretary Tulip Siddiq stated that regulatory drafts related to cryptocurrencies, stablecoins, and staking would be introduced early next year.
BNB Chain ecosystem re-staking infrastructure Kernel completes $10 million financing, with participation from Binance Labs and others
BNB Chain ecosystem re-staking infrastructure Kernel announced it has raised a total of $10 million in multiple rounds of financing, with investors including Binance Labs, SCB Limited, Laser Digital, Bankless Ventures, Hypersphere, Draper Dragon, DACM, CYPHER, ArkStream Capital, HTX Ventures, Avid VC, GSR, Cluster Capital, Longhash Ventures, Via BTC, Side Door Ventures, NOIA, and DWF Labs.
Kernel includes three DeFi products: the cross-chain re-staking infrastructure Kernel on the BNB Chain (mainnet launching soon), the liquidity re-staking protocol Kelp on Ethereum, and the RWA tokenized yield protocol Gain. Kernel stated that the KERNEL token will unify the governance and incentives of Kelp, Kernel, and Gain, rewarding early supporters and promoting ecosystem development.
Hashdex resubmits Nasdaq crypto index U.S. ETF revised S-1 application
According to Cointelegraph, asset management company Hashdex has submitted a second revised application for a crypto ETF, aiming to create a one-stop cryptocurrency investment portfolio.
The revised document indicates that the crypto index ETF's application with the U.S. SEC continues to make progress. After the SEC requested more time to decide whether to authorize the ETF for trading, Hashdex submitted the first revised S-1 document in October.
The document states that Hashdex's Nasdaq crypto index U.S. ETF will initially include Bitcoin and Ethereum but may eventually expand to include other digital currencies.
pump.fun: Live streaming feature on the website will be suspended indefinitely
pump.fun released an official announcement stating: "Recent events during platform live streaming have raised concerns. We regret to hear about some users' experiences and take this opportunity to openly and directly address these issues… To ensure the absolute safety of users, we will indefinitely suspend the live streaming feature on the website until the infrastructure review is ready to handle higher-level activities.
In the future, we will publish guidelines to make the website's usage rules and regulations more transparent. We will also provide more visibility for creators and users regarding individual review decisions to ensure everyone understands the processes and outcomes."
Sun Yuchen invests $30 million in Trump family's crypto project WLFI, becoming its largest investor
Sun Yuchen announced a $30 million investment in Trump family's crypto project World Liberty Financial (WLFI), becoming its largest investor.
He also stated that the U.S. is becoming a center for blockchain, thanks to Trump's support for Bitcoin.
Market news: U.S. Customs and Border Protection seizes certain imported Bitmain mining machines
According to market news, The Mining Pod blog revealed that U.S. Customs and Border Protection (CBP) is seizing certain imported Bitmain Antminer machines at U.S. entry ports, involving the Antminer S21 and T21 series, which are Bitmain's latest ASIC mining machine series.
Insiders stated that the FCC and CBP did not target other ASIC manufacturers like MicroBT or Canaan. Besides revealing that the FCC requested a freeze, U.S. Customs and Border Protection did not provide specific reasons for taking this action to the affected parties, nor did it indicate how long the goods would be held.
"What are the must-read articles from the past 24 hours"
DeSci track entrepreneurs form a hierarchy: vertical field entrepreneurs are "scarce"
"DeSci" is not a new concept, but since November this year, the term has suddenly gone viral in the community—especially during the November Devcon, where it was heavily promoted by Binance co-founder CZ and Ethereum founder Vitalik, making many feel it is a trendsetter. According to Dune data, the popularity of DeSci continues to rise, becoming the leading narrative in recent times.
DeSci (Decentralized Science) is a movement that aims to establish fair public infrastructure in the field of scientific research using the Web3 stack to fund, create, review, confirm, store, and disseminate scientific knowledge. Specifically, DeSci aims to address challenges in traditional scientific research, such as difficulties in funding, insufficient data sharing, and low research transparency. Currently, projects addressing funding issues are the main type in this track.
According to RootData, there are currently as many as 32 projects in the DeSci track, making it somewhat overwhelming to sift through. However, projects with an outstanding founder or co-founder are rare, leading to a hierarchy among DeSci entrepreneurs: highly vertical entrepreneurs > top elites from crypto/other industries > financial practitioners > serial entrepreneurs from other industries.
Uncovering Trump 2.0 cabinet members, over 5 are "crypto players"
Just two weeks after Trump's election, his 2.0 cabinet has been fully nominated. Among its members are not only Bitcoin believers but also supporters of altcoins and Dogecoin. This article will give you a quick overview of Trump 2.0's cabinet and their positions on cryptocurrency.
Newly elected President Trump himself holds over $5 million in cryptocurrency. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrency, with his largest asset being ETH, holding 495.664 ETH, worth about $1.7 million. His top five holdings also include: WETH (about $1.64 million), TRUMP (about $1 million), TROG (about $400,000), and GUA (about $150,000).
Behind LUM, perhaps a self-experiment by the Coinbase team
As we continuously chase the next hot trend in the crypto space, whether it's decentralized science (DeSci), meme culture, AI, or other hot concepts, there are always some milestone historical events that lay the foundation for the entire industry.
For example, #Bitcoin is the first cryptocurrency, which not only holds significant historical importance but also inspired almost all crypto innovations we know today. Similarly, $DOGE was the first true "meme coin," initially just a joke based on Bitcoin, but it became a phenomenon.
In the crypto space, those "one-of-a-kind" projects (1 of 1s) and true blue-chip projects (TRUE bluechips) are extremely rare. Nowadays, when we discover such projects, they are often backed by heavyweight venture capital (VC) firms like Paradigm or a16z.
But what if I told you that a brand new "one-of-a-kind" historic event has recently emerged in the crypto space, yet it has been overlooked due to a lack of attention? Would you believe it?
