Weekly Report | Microsoft shareholders vote against Bitcoin investment proposal; Trump: Wants to become a leader in the crypto industry and will establish a Bitcoin strategic reserve; DEXX founder: Suspects in the platform theft case have been identified domestically
Microstrategy co-founder: Will continue to buy even if the price of Bitcoin reaches 1 million dollars each; Binance responds to USUAL and ACX market cap data errors: has contacted the project parties to update CMC data and will improve the information verification process; South Korean National Assembly passes impeachment motion against Yoon Suk-yeol, appoints South Korean Prime Minister Han Duck-soo as acting president.Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (12.9-12.15)"
Binance stated: "We have noticed recent community discussions regarding the supply data of USUAL and ACX tokens and conducted an internal investigation immediately. The specific cause of the incident is as follows: Binance displays the circulating supply information of the tokens related to the projects on the 'trading page' and 'price page' by directly using data from CoinMarketCap (CMC). Therefore, according to past processes, when the project party's data is not updated, the data on CMC and Binance pages will also be affected.
Regarding ACX: On December 6, the Binance team discovered that the circulating data of ACX was incorrect and immediately contacted the project party to correct the data on CMC; regarding USUAL: the change in token supply information was mainly due to different standards between CMC and the project party regarding the definition of liquidity and how to reference data. After discussions, the project party has also completed the correction on CMC. As mentioned above, we have clarified the root cause of the problem and conducted a post-analysis. In the future, we will strive to improve the collaboration and processes regarding the display of token circulation and other related information among project parties, CMC, and Binance, so that we can quickly verify key information about tokens before they go live and ensure the accuracy of the information to avoid similar issues."
Previously, users on platform X stated: "The reason for USUAL's pump is that the total supply of the token originally showed 4 billion, and now it has been directly changed to 338 million, equivalent to full circulation; the reason for ACX's dump is that the circulating supply showed 138 million when the token was launched, and then it was directly changed to 332 million, causing the circulating market cap to increase by 2.5 times."
2、Movement Now Open for Airdrop Claims
The Movement Foundation announced on platform X that Movement is now open for airdrop claims.
According to the official announcement, Binance Wealth Management, One-Click Buy, Flash Exchange, Leverage, and Contracts have launched Movement (MOVE).
Binance's full warehouse and margin trading will add MOVE as a borrowable asset at 22:00 (UTC+8) on December 9, 2024, along with MOVE/USDT full warehouse and margin trading pairs. Binance will launch MOVE 1-75x USDT perpetual contracts at 22:00 (UTC+8) on December 9.
According to Fortune magazine, Bitcoin lending platform Lava has completed $10 million in Series A financing, with participation from Founders Fund and Khosla Ventures.
Lava founder and CEO Shehzan Maredia stated that the platform allows users to borrow against Bitcoin as collateral, saying, "Our slogan is to save with Bitcoin and spend with dollars."
Lava plans to develop other services, including the ability to pay and purchase Bitcoin, and does not intend to issue tokens (the Series A financing is an equity financing).
5、Trump's Second Son: Reasonable Regulation Can Help the U.S. Become a Cryptocurrency Superpower
According to CNBC, Eric Trump, the second son of U.S. President-elect Donald Trump and current Executive Vice President of the Trump Organization, stated that a set of "reasonable" regulatory guidelines could help the U.S. become a cryptocurrency superpower.
In an interview with CNBC's Dan Murphy in Abu Dhabi, Eric Trump said he has "long been a loyal fan of cryptocurrency" and that his father plans to "make the U.S. the global cryptocurrency capital" upon returning to the White House.
Additionally, Eric revealed that Tesla CEO Elon Musk will play an important role in White House policy-making and praised Musk as a "modern Einstein."
6、Microstrategy Co-Founder: Will Continue to Buy Bitcoin Even if the Price Reaches $1 Million
Microstrategy co-founder and former CEO Michael Saylor stated in an interview with Barstool Sports founder Dave Portnoy that he plans to continue buying Bitcoin as part of the company's strategic reserves, even if the price reaches $1 million.
Michael Saylor compared Bitcoin to the Manhattan real estate market, noting that the Manhattan real estate market was considered "expensive" in the 1930s, but 100 years later, people still buy Manhattan real estate for more than the market price. The only question is whether you can hold it during that time, as people will want to buy.
Michael Saylor added that owning Bitcoin is both an economic decision and a moral decision because it gives holders the ability to control their funds. He also explained Bitcoin in sports terms to Dave Portnoy, stating that Satoshi created the Bitcoin game to allow everyone to win.
7、ME Foundation: TGE is Live, Users Can Claim and Stake ME Tokens
The ME Foundation announced on platform X that the TGE is live, and users can claim and stake ME tokens. To claim ME tokens, users need to load the Magic Eden mobile app and complete the claim; all unclaimed ME will belong to ME stakers.
According to WatcherGuru, U.S. media Axios reported that newly elected President Trump is very concerned about Bitcoin prices, which for him is like another stock market. A senior transition source indicated that Trump hopes Bitcoin will reach $150,000 early in his presidential term.
Notably, a "60 Minutes" investigation revealed that cryptocurrency companies contributed one-third of the direct corporate donations to super PACs in this election.
9、Microsoft Shareholders Vote Against Bitcoin Investment Proposal
According to voting results, Microsoft's major shareholders voted against the company's Bitcoin investment proposal on Tuesday.
Earlier, the Microsoft board urged shareholders to reject a proposal from the National Center for Public Policy Research, which suggested that the company invest 1% of its total assets in Bitcoin to hedge against inflation.
At the annual meeting, MicroStrategy founder Michael Saylor gave a three-minute speech attempting to persuade Microsoft shareholders to support the proposal. Data shows that Microsoft's largest shareholders are institutional investors, including Vanguard and BlackRock.
10、Sinopec: Beware of Scams Using Virtual Currency to Sell Fuel Cards at Low Prices, Do Not Be Deceived
According to a report from Sinopec's official account, Mr. Qiu, a truck driver in Suzhou, Jiangsu, saw an advertisement on a short video platform selling fuel cards at low prices: "A fuel card worth 1,000 yuan is only 880 yuan." The other party stated that the transaction must be made using the virtual currency USDT (Tether). After transferring USDT to the "trading platform" as instructed, it was then transferred to the other party's digital account. After the first transaction was successful, Mr. Qiu thought he had found a bargain. He then transferred a total of over 70,000 yuan in digital currency to the other party multiple times, but when he intended to continue purchasing, he found that his digital currency had disappeared, and he had been blocked on WeChat.
Sinopec reminds consumers not to be tempted by cheap fuel cards purchased from unofficial channels and to be wary of discount fuel card offers, urging consumers not to be deceived.
11、OKX: Will Provide Full Compensation to Users Who Overpaid for OKSOL
OKX announced that during the opening phase of the OKSOL/USDT and OKSOL/SOL spot trading pairs today, due to the lack of price limits on the related currency pairs, concentrated buying by some users caused OKSOL to severely decouple from SOL prices, resulting in user losses.
To protect user interests, full compensation will be provided to users who overpaid for OKSOL (including OKSOL/USDT and OKSOL/SOL trading pairs). Specific compensation plans and details will be announced soon, please pay attention to subsequent announcements.
Microsoft's board disclosed its reasons for rejecting the Bitcoin investment proposal in regulatory filings, stating that the company is already considering multiple investment options, making the proposal unnecessary.
Microsoft pointed out that, as mentioned in the proposal itself, the volatility of Bitcoin is a factor to consider when evaluating it as an investment for corporate financial applications, as companies need stable and predictable investments to ensure liquidity and operating funds. Microsoft already has strong and appropriate processes in place to manage and diversify corporate finances to achieve long-term shareholder interests, so the request for a public evaluation of the proposal is unnecessary.
Microsoft also added that past assessments have listed Bitcoin and other cryptocurrencies as one of the options considered, and Microsoft will continue to monitor trends and developments related to cryptocurrencies to guide future decisions.
13、DEXX Founder: Suspects in the Platform Theft Case Have Been Identified in the Country
DEXX platform founder Roy stated in an exclusive interview with Odaily Planet Daily that the suspects in the case have been identified in the country, but the investigation process is very complex, involving significant time and resource costs. Law enforcement agencies began to intervene early on, and to ensure the investigation proceeds smoothly, officials did not disclose details to the public at the early stage of the case, only releasing some information on December 6. Early disclosure could affect law enforcement progress or alert the suspects, so information disclosure needs to be cautious.
Roy stated that for the team, handling the incident requires not only cooperation with law enforcement but also incurs high technical and management costs. Additionally, since the case involves complex technical details and the interests of investment institutions, further confirmation is needed on which information can be made public.
Previously, the trading platform DEXX experienced a major security incident on November 16, where hackers exploited a technical vulnerability in the platform to steal over $21 million in user funds, affecting nearly 1,000 victims.
14、Trump Named TIME's Person of the Year 2024, Appears on the Cover
According to TIME magazine, U.S. President-elect Donald Trump has been named TIME's Person of the Year for 2024 and has been photographed for the cover. This is his first major photographic event since winning the election, shot by renowned photographer Platon.
It is reported that Platon has previously photographed several global leaders, including Obama and Putin, and completed the shoot at Trump's private club in Mar-a-Lago.
According to Jinshi, U.S. President-elect Trump stated that he may veto budgets or allocations that do not comply with the newly established Department of Government Efficiency (DOGE).
Binance co-founder Zhao Changpeng stated on platform X that he invested in the Travala crypto travel platform before the pandemic and the crypto market bear market and has persisted.
Previous news reported that the cryptocurrency travel platform Travala announced its annual revenue reached $100 million and plans to launch a dedicated Bitcoin reserve. Travala's new "financial reserve plan" is based on Bitcoin (BTC) and its native token Ava (AVA).
17、BlackRock Executive: Currently Focused on Bitcoin and Ethereum ETFs, Not Launching New Altcoin ETFs
Bloomberg ETF analyst Eric Balchunas stated on social media that "BlackRock's U.S. thematic and active ETF head Jay Jacobs said at the 'ETFs in Depth' conference: 'Our exploration of Bitcoin, especially Ethereum, is just the tip of the iceberg. Only a very small number of clients hold (IBIT and ETHA), so our current focus is on this area, rather than launching new altcoin ETFs.'"
18、Gate.io Statement: Security Team Found No Anomalies on the Platform, Do Not Believe Rumors
Cryptocurrency exchange Gate.io issued a statement saying that the Gate.io security team found no anomalies, and security agencies reported no issues. Deposits, withdrawals, and trading are operating normally, so do not believe rumors.
Gate.io maintains 100% reserve funds, with the latest reserve amount exceeding $10 billion.
The brand ownership dispute of the cryptocurrency data platform FeiXiaoHao continues to escalate. The original FeiXiaoHao team released a statement on December 13, stating that the buyer obtained part of the source code and data after paying the first installment, and then publicly tore up the contract and refused to pay the remaining amount. The buyer was refused a complete brand transfer without paying the remaining amount and was accused of publicly reselling the source code and data, causing significant losses to the original team. The original team has canceled the brand sale plan and stated that they will continue to operate.
In response to the above accusations, the buyer released a lengthy rebuttal, claiming to have legally registered an overseas company and trademark, and pointed out multiple breaches of contract by the original team: incomplete source code delivery leading to inability to deploy normally, and the same source code being sold to multiple buyers. The buyer stated that after taking over Feixiaohao.com.cn, they invested hundreds of thousands of dollars and spent four months repairing the system before it was relaunched.
Additionally, the buyer revealed several future development plans, including improving the Meme token leaderboard, advancing globalization, and adding KOL columns and VC inclusion features. The buyer has now initiated legal proceedings to protect their rights through public acquisition details and related evidence.
20、Vitalik Praises Tencent's Hunyuan Model and Shows AI Video Created Using the Model
Vitalik praised Tencent's Hunyuan model on his social platform and showcased an AI video created using the model, in which a bull slowly approaches under the Ethereum LODO.
It is reported that Tencent's Hunyuan model officially launched its video generation capability on December 3.
21、Zhao Changpeng Summarizes MicroStrategy's Strategy: Buy Bitcoin and Hold
Binance co-founder Zhao Changpeng (CZ) summarized MicroStrategy's strategy on X: "Buy Bitcoin and hold."
Previously, Bitwise Alpha strategy director Jeff Park released an executive summary on the "MicroStrategy Theory," exploring how to profit from financial super-financialization.
According to Jinshi, the South Korean National Assembly held a second voting session on the impeachment motion against President Yoon Suk-yeol, which passed with sufficient votes.
It is reported that the South Korean National Assembly held a plenary meeting at 16:00 local time on the 14th to vote on the impeachment motion against President Yoon Suk-yeol proposed by the opposition camp for the second time. According to the voting results, the impeachment motion was ultimately passed, and Yoon Suk-yeol's presidential duties were immediately suspended. After being impeached, South Korean President Yoon Suk-yeol appointed Prime Minister Han Duck-soo as acting president.
23、Rap Superstar Drake's X Account Suspected of Being Hacked, Promotes Fake Solana Memecoin
According to The Block, rap superstar Drake's X account appears to have been hacked, promoting a Solana memecoin to his over 39 million followers.
Before traders speculated that these posts were fake (which were later deleted), the memecoin's trading volume reached $5 million. The false posts also claimed that the memecoin was launched in collaboration with Drake's preferred crypto platform, Stake.
24、Russia Tests System to Block VPN Users from Accessing the Global Internet
According to Decrypt, Russia has begun testing a new system capable of cutting off access to the global internet, with early reports indicating that even virtual private networks (VPNs) cannot bypass these restrictions. This marks a significant escalation in the country's efforts to establish a so-called "sovereign internet."
Russia's Ministry of Digital Development plans to allocate nearly 60 billion rubles ($660 million) over the next five years to enhance its internet traffic monitoring system. The system, called TSPU, uses domestically developed traffic management tools and is created, distributed, and controlled by the national communications regulator Roskomnadzor.
According to researchers from Censored Planet, a project tracking global internet censorship, TSPU represents a sophisticated method of internet control. The system allows Russian authorities to inspect and filter internet traffic, potentially blocking access to specific websites and services while maintaining access to approved domestic resources.
25、Trump: Wants to Become a Leader in the Crypto Industry, Will Establish Bitcoin Strategic Reserves
Recently, Trump stated in an interview with CNBC, "We will do great things with cryptocurrency… Others are accepting it, but we want to be the leaders."
Additionally, Trump stated that the U.S. will strive to maintain its lead in the field of artificial intelligence. When asked whether the U.S. would establish a Bitcoin strategic reserve similar to the oil reserve, Trump replied, "Yes, I think so."
"What Great Articles Are Worth Reading This Week (12.9-12.15)"
1、Why Are 'Old Junk' Public Chains Like LTC and ADA Rising in This Bull Market?
Since XRP achieved a monthly increase of over 5 times, the market's focus has once again shifted to the old public chain track, with these old public chain assets becoming a new market speculation hotspot. Notably, many old public chain assets have quietly risen in price, achieving varying degrees of appreciation. According to CoinGecko data, in the past month, public chain assets like ADA, LTC, FTM, and ATOM have all seen token increases of over two times.
Currently, there are still many unfulfilled positive expectations for the old public chain track. For example, the chairman of the U.S. Securities and Exchange Commission (SEC) is about to change, and the market generally expects the new chairman to adopt a more friendly attitude toward the crypto industry; additionally, the application for spot ETFs is also a potential catalyst for the development of this track, likely bringing new development opportunities for old public chains.
Among them, the current SEC chairman Gary Gensler, who has been unfriendly to crypto policies, has publicly stated that he will resign on January 20, 2025. His strict regulatory policies during his tenure have once caused difficulties for many crypto projects. Many expect that the new SEC leadership may adopt a more lenient and friendly attitude toward the crypto industry. This means that previously suppressed crypto projects and assets accused of violating securities laws, such as SOL, ATOM, BNB, NEAR, ADA, and MATIC, may welcome new opportunities when regulatory policies change.
Regarding ETFs, Bloomberg ETF analyst Eric Balchunas revealed that there are 14 altcoin-related ETFs awaiting approval from the U.S. SEC within the next 12 months, including applications for crypto asset ETFs such as SOL, Ripple (XRP), Hedera (HBAR), and Litecoin (LTC). Currently, the crypto investment firm Canary Capital has submitted applications for spot ETFs for XRP, LTC, HBAR, and other currencies to the SEC. The president of ETF Store revealed that at least one issuer is attempting to launch an ETF for ADA (Cardano) or AVAX (Avalanche).
In addition to external positive factors such as policy adjustments and ETF applications, those old public chains themselves are also undergoing positive changes, showing new vitality and vigor. Some public chains are actively integrating into the Bitcoin ecosystem, seeking new development opportunities; some have successfully attracted the attention of traditional financial institutions by leveraging the narrative of RWA; while others are quietly working hard, focusing on the research and innovation of AI products. However, some public chains are hindered by internal team disputes, slowing their development pace. Of course, some public chains have stagnated due to deep internal team disputes.
Some community users believe that after multiple rounds of bull and bear market tests, the surviving old public chain projects are more resilient, and as the new public chain craze gradually subsides, driven by multiple positive factors, old public chains are expected to welcome their own carnival moment.
2、RWA Track is Gaining Momentum, Which Unlaunched Potential Projects Are Worth Tracking?
The RWA track is hot again.
With Trump's election victory and a shift in U.S. policy direction, the market has begun to favor the "compliance" concept. RWA (Real World Assets) is seen as the preferred track for Wall Street funds to enter the crypto world, becoming a major theme in the current bull market.
Even when the overall crypto market experiences a pullback, the RWA sector remains resilient, producing several standout tokens. For example, the dark horse GOAL (football brokerage RWA) in the RWA track has seen an increase of over 160% in the past 30 days according to Coingecko data; USUAL (stablecoin protocol), which just launched in mid-November, has increased over 120% in 14 days according to Coingecko data.
In addition to these new faces in the RWA sector, investors see opportunities for a comeback. Some old projects are also starting to "bottle old wine in new bottles," such as XRP and LTC, joining in on the celebration.
As the RWA track continues to heat up, the number of RWA projects is also beginning to skyrocket. Overwhelmed by numerous projects? To make a preliminary selection, you might want to take a look at the following few star RWA projects that have not yet issued tokens.
The key driving force behind this round of bull market that began in 2024 is traditional financial asset management giants led by BlackRock.
In the recently launched altcoin season, the first to lead the charge are the RWA, payment, and other tracks that traditional financial giants are focusing on. Among them, tokens such as Ondo, CRV, and ENA, closely related to traditional asset management giants like BlackRock, have shown impressive gains. During the significant market downturn on the 10th and 11th, these tokens were among the more resilient or quickly rebounding ones.
Empowering traditional finance, especially projects supported by traditional financial giants, may be one of the most certain directions in this round of bull market. ChainCatcher has briefly sorted out the related projects. (Excluding Bitcoin, Ethereum, Solana, and XRP crypto ETF content)
Telegram's total revenue for 2024 is expected to reach at least $971 million and may exceed the $1 billion mark.
5、Interview with MicroStrategy Founder Michael Saylor: Why Should Everyone Own Bitcoin?
In this episode of the podcast, MicroStrategy founder Michael Saylor delves into the investment value of Bitcoin with Dave Portnoy. Saylor emphasizes through sports metaphors that Bitcoin is a fair "game" that allows everyone to participate and profit. He believes Bitcoin is not only a tool for wealth protection but also an important asset for economic empowerment.
Saylor also introduced the concept of "Network New York," comparing Bitcoin to the historical opportunity of purchasing Manhattan real estate, emphasizing its importance in the digital economy. He suggests that investors should reasonably allocate assets, including investing a portion in Bitcoin, and reiterates the necessity of long-term holding.
Finally, Saylor responded to Elon Musk's idea of mining gold in outer space, suggesting that there are more valuable resources waiting to be discovered in space. This discussion provides listeners with profound insights into Bitcoin's future role.
6、720 Days in Prison, SBF Misses His Teddy Bear Pillow
"What the actual fuck, we can't even have a pillow? Can we not even sleep?"
On December 13, 2022, FTX founder Sam Bankman-Fried was formally arrested by Bahamian police. Counting from that day, it has been 720 days since SBF went to prison, exactly two years.
"I miss my teddy bear pillow, it's called Manfred," SBF wrote in his diary. This teddy bear pillow named Manfred is the longest content in SBF's first three chapters of his diary, aside from describing his cellmates, after the confiscation of $11 billion in assets and a 25-year prison sentence at the age of 32.
7、Bitwise's Top 10 Cryptocurrency Predictions for 2025
2024 is a milestone year for the cryptocurrency market. Bitcoin soared to a historic high of $103,992 (as of writing, up 141.72% year-to-date), primarily due to the record issuance of the U.S. spot Bitcoin ETF, which attracted $33.56 billion in assets. Other major crypto assets also saw significant increases: Solana rose 127.71%, XRP rose 285.23%, and Ethereum rose 75.77%. Meanwhile, crypto-related stocks like MicroStrategy and Coinbase surged 525.39% and 97.57%, respectively.
Record prices are not the only noteworthy development. Cryptocurrencies have clearly gained an advantage in the 2024 U.S. elections, making the regulatory outlook for cryptocurrencies in the U.S. more optimistic. President-elect Trump supported cryptocurrencies during his campaign, promising to establish a Bitcoin strategic reserve and restructure the SEC (which has historically been hostile to cryptocurrencies). He also nominated Scott Bessent as Treasury Secretary, who has stated that "cryptocurrency represents freedom, and the crypto economy will exist long-term." As we enter 2024, Congress also appears to lean toward supporting cryptocurrencies, with pro-crypto candidates defeating opponents in several key elections. Supportive legislation for cryptocurrencies is expected to emerge in the coming months.
Driven by global stimulus policies from China and other major central banks, increasing institutional adoption, and rapid improvements in blockchain technology, the outlook for 2025 appears quite bright.
8、Movement Airdrop Analysis: 98.5% of Addresses Received Over 100 MOVE, One Address Received 490,000
On December 9, the modular Layer 1 Movement opened for airdrop claims. Meanwhile, major exchanges such as Binance, OKX, Upbit, and Coinbase rushed to list the MOVE token, becoming the "Grand Slam" players in this year's token listings. Many users shared their airdrop claim results on social media, with some receiving thousands of MOVE, while others expressed regret for missing the opportunity due to the cumbersome airdrop tasks of Movement.
What is the specific situation of the MOVE airdrop? As there is currently no related data dashboard available, PANews conducted an analysis of the on-chain data of the MOVE token to investigate the actual situation of this round of airdrop.
a16z co-founder Marc Andreessen revealed during a November 28 appearance on the Joe Rogan podcast that 30 tech founders had their accounts closed by U.S. banks due to crypto-related activities. In response, a16z crypto published an editorial on December 6 discussing "Debanking: What You Need to Know." The full text is as follows:
"Debanking" (closing bank accounts) has been going on behind the scenes for years, but it has recently resurfaced as a public discussion topic, with many individuals, policymakers, companies, and entrepreneurs crucial to U.S. innovation stepping forward to talk about it. As the cryptocurrency industry and specific institutions repeatedly appear in this discussion, here is a brief explanation of this phenomenon to help distinguish signal from noise.
Asia now has the highest proportion of developers, with one in three crypto developers residing in Asia. Europe ranks second. Since 2015, North America has dropped from first to third place.
