Daily Report | Binance BNSOL Super Staking will launch PYTH; Metaplanet plans to raise $62 million to purchase Bitcoin
November 28 News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- Shenzhen Qianhai Court: Virtual currencies cannot be used as a method of salary payment
- Binance announces BNSOL Super Staking will launch its first project Pyth Network (PYTH)
- Metaplanet plans to raise approximately $62 million to purchase Bitcoin
- 21Shares launches PYTH, ONDO, RNDR, and NEAR ETPs in Europe
- Hong Kong plans to exempt cryptocurrency taxes for hedge funds and ultra-wealthy family offices
- Scroll co-founder: Admits airdrop design was poor, team wallet did not claim airdrop
- a16z general partner Sriram Krishnan to leave, may join Musk's government efficiency department
"What important events occurred in the past 24 hours"
Shenzhen Qianhai Court: Virtual currencies cannot be used as a method of salary payment
According to Shenzhen News, the People's Court of Shenzhen Qianhai Cooperation Zone recently ruled on a labor dispute case involving salary payment in virtual currency. The case originated in June 2021, when the plaintiff, Zhou, joined a company as a senior engineer and claimed to have agreed on a monthly salary of 45,000 yuan, of which 20,000 yuan would be paid via bank transfer and the remaining 25,000 yuan in USDT. Two months later, the company terminated the labor contract on the grounds of "skills mismatch" but did not pay the agreed-upon portion of the salary in virtual currency.
The court determined that according to the notice issued by the central bank and ten other departments in September 2021, which aimed to further prevent and address the risks of virtual currency trading speculation, virtual currencies including Bitcoin, Ethereum, and USDT do not have legal tender status. Additionally, Article 50 of the Labor Law and Article 5 of the Interim Provisions on Wage Payment clearly state that wages must be paid in legal currency on a monthly basis and cannot be replaced by other forms.
Ultimately, the court only supported the plaintiff's claim regarding the illegal termination of the labor contract, ruling that the company must pay 10,000 yuan in compensation. The case was upheld by the Shenzhen Intermediate People's Court in the second instance.
Binance announces BNSOL Super Staking will launch its first project Pyth Network (PYTH)
According to an official announcement, Binance has announced that BNSOL Super Staking will launch its first project - Pyth Network (PYTH).
From December 2, 2024, 08:00 to December 17, 2024, 07:59 (UTC+8), users holding BNSOL in their Binance accounts and Web3 wallets, or staking SOL to BNSOL, will receive PYTH APR Boost airdrop rewards.
These PYTH APR Boost airdrop rewards are additional token airdrops provided on top of the annualized interest rate for BinanceSOL staking, offering users higher yields.
Metaplanet plans to raise approximately $62 million to purchase Bitcoin
Japanese listed company Metaplanet announced plans to raise up to 9.5 billion yen (approximately $62 million) through new share subscription rights to accelerate Bitcoin accumulation.
21Shares launches PYTH, ONDO, RNDR, and NEAR ETPs in Europe
According to Crypto.news, Swiss wealth management firm 21Shares has added four ETPs to its European products: PYTH, ONDO, RNDR, and NEAR, covering price oracles, asset tokenization, decentralized computing, and artificial intelligence.
Additionally, 21Shares will allow investors to reinvest NEAR staking rewards into the ETP. 21Shares noted that reinvesting rewards can enhance the performance of its NEAR ETP and bring greater returns to clients. All four ETFs will be traded on exchanges in cities such as Amsterdam and Paris.
Hong Kong plans to exempt cryptocurrency taxes for hedge funds and ultra-wealthy family offices
Hong Kong plans to exempt private equity funds, hedge funds, and ultra-wealthy investment tools from taxes on cryptocurrency, private credit investments, and other asset returns.
This week, the Hong Kong government stated in a 20-page proposal that taxes are "one of the main considerations" for asset management companies when deciding on a business location, and the government hopes to create a "favorable environment" for them.
According to the proposal, the Hong Kong government aims to expand the scope of tax-exempt investments to include private credit, overseas real estate, and carbon emission allowances. The government is conducting a six-week consultation on the plan.
Scroll co-founder: Admits airdrop design was poor, team wallet did not claim airdrop
In response to accusations from Movement co-founder Rushi Manche, Scroll co-founder Sandy made several statements today, including key information:
- Admitting that the airdrop design was poor and harmed some users in the community, and will be compensated in Session 2;
- The team wallet did not claim the airdrop, and in the future, to avoid confusion, points from the relevant wallet will be removed;
- Never forced team members to purchase tokens at the last round's valuation;
- The team is restructuring to adapt to the next stage of development, and some team members will leave, believing they will shine in new positions.
Previous news reported that Movement Labs co-founder Rushi Manche accused the Scroll team of various issues, leading to damage to the reputation of the EVM L2 ecosystem.
Slow Mist: JUMPFUN project suspected of suspicious behavior, users are advised to be cautious
Slow Mist's Yu Xian posted on X stating: "According to feedback from Slow Mist's intelligence agents, the JUMPFUN project (@jumpdotfun) is suspected of suspicious behavior. After analyzing the project's contract and transaction records, we found the following suspicious situations:
The JUMPBonusPool contract was originally designed with two core mechanisms:
- Bonus pool mechanism: The last five users to participate in donations can share the accumulated ETH bonus.
- Time extension mechanism: Each time a user makes a donation, the game time is automatically extended by 30 seconds.
Yesterday, the project party used owner privileges to modify the JUMPBonusPool contract pointed to by the JUMPTreasury contract twice through the setEmergencyBonusPool function.
This modification prevented users from participating in the previous accumulated bonus competition of the JUMPBonusPool contract through normal donations. It is worth noting that the newly replaced JUMPBonusPool contract has not been open-sourced.
These actions are severely inconsistent with the activity rules previously disclosed by the project party and involve obvious violations. We remind all participating users to be aware of the risks and participate cautiously."
Movement co-founder accuses Scroll team of multiple misconducts, damaging the reputation of the EVM L2 ecosystem
Movement Labs co-founder Rushi Manche publicly accused the Scroll team of numerous issues on the X platform, including:
- After years in the community, they launched a predatory incentive plan, ultimately shifting the burden onto ordinary investors.
- The team had been selling secondary market shares for years before the launch.
- Other team members were forced to buy in at an $18 billion valuation, while senior leadership sold at the same time.
- The Scroll team directly allocated airdrops to their own wallets and then cashed out.
- Designed the most predatory token economic model, aiming to harm every community member.
Manche accused the Scroll team's actions of damaging the reputation of the EVM L2 ecosystem and called for improvements to avoid "making it look like a complete scam."
Bitwise submits 10 cryptocurrency index ETFs to the U.S. SEC
Bitwise submitted 10 cryptocurrency index ETFs to the U.S. Securities and Exchange Commission (SEC), including: Bitcoin, XRP, Solana, Cardano, Uniswap, Polkadot, Chainlink, Ethereum, Avalanche, Bitcoin Cash.
Trump nominates 5 "cryptocurrency players" as new government minister candidates
U.S. President-elect Trump announced the nomination of Brooke Rollins as Secretary of Agriculture. Thus, all cabinet minister candidates for Trump's new government have been confirmed. In addition, Trump has nominated several high-level officials in recent weeks. From the new government's list, besides familiar names in the cryptocurrency market like Musk and Howard Lutnick, several cabinet officials are staunch supporters of cryptocurrency and have publicly disclosed their cryptocurrency holdings, including the nominated Vice President, Secretary of the Treasury, Secretary of Commerce, Secretary of Health and Human Services, and Director of National Intelligence.
a16z general partner Sriram Krishnan to leave, may join Musk's government efficiency department
According to The Information, Sriram Krishnan, a general partner at venture capital firm Andreessen Horowitz, will leave, and it is reported that he has discussed joining the government efficiency department led by Elon Musk.
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Interview with RootData List-listed institution | ABCDE co-founder BMAN: Heavily investing in AI by 2025
During the Devcon in Bangkok, the Web3 asset data platform RootData, in collaboration with ChainCatcher, held the "DeInsight 2024" annual summit, officially releasing the “RootData: 2024 Web3 Industry Development Research Report and Annual List” (click the link to view the full report and list).
The report provides a detailed analysis and interpretation of the development characteristics of the Web3 venture capital market in 2024 and prominently releases the RootData List 2024. This list is the second annual selection launched by RootData following its first release in 2023, and its results are gaining attention from more entrepreneurs, investors, LPs, and crypto enthusiasts.
The RootData List 2024 covers five lists, specifically: Top 50 projects (completed TGE), Top 50 projects (not yet conducted TGE), Crypto VC Top 50 investment institutions, Top 10 angel investors, and Top 20 best CEOs.
ChainCatcher will publish a series of articles, interviewing projects and institutions listed on the RootData List 2024, seeking builders who traverse bull and bear markets and tracking the latest trends in Web3.
Today's interview features the listed institution ABCDE Capital, which was included in the RootData List 2024 annual list "Crypto VC Top 50 investment institutions."
ZKasino refuses refunds, now misappropriating customer funds to trade cryptocurrencies for profits over $3 million
In April this year, ZKasino, a decentralized betting platform in the ZK ecosystem, was embroiled in a "runaway" scandal: altering website activity descriptions, refusing to refund users' staked ETH for participation in activities, shutting down Telegram speaking permissions, canceling offline meetings in Dubai, and unilaterally transferring user funds to Lido for staking… Many users suspect that ZKasino has already "soft rug." On May 28, ZKasino officially responded that it had initiated a two-step bridging refund process, allowing bridge users to register and bridge back their ETH at a 1:1 ratio. They would collect registration data in the coming days and release a new announcement as soon as possible, providing data for public verification.
However, by August 14, the previously "runaway" decentralized entertainment platform ZKasino still had not issued refunds, and the funds raised by investors remained in the original two addresses.
Two major "VC coins" publicly argue, who should you side with?
The Ethereum ecosystem has just welcomed a reversal in recent days, but the Ethereum community is not calm. Former team members of the zkRollup project Scroll and the recently concluded testnet and announced airdrop Movement co-founder have clashed, with Scroll accusing Movement of code plagiarism, while Movement claims Scroll's team behavior is improper, single-handedly damaging the reputation of the Layer 2 ecosystem. Currently, the Scroll team's official members have not made a formal response.
