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first_img Metaplanet CEO responds to equity incentive doubts, shareholders say key issues remain unresolved

The CEO of Bitcoin Reserve Company Metaplanet, Simon Gerovich, posted on the X platform in response to the controversy surrounding the company's equity incentive plan and MMXX Ventures. Gerovich admitted that the company "failed to adequately explain" the incentive arrangement known as "Series 10 Stock Options" and stated that he is a "significant but non-controlling shareholder" of MMXX's parent company, not involved in its trading decisions.The controversy stems from a stock rights plan established in December 2022, with a reward pool set at 20% of Metaplanet's fully diluted equity. After shifting to a Bitcoin reserve strategy in April 2024, the company dilutes existing shareholders with each new share issuance, while Gerovich's option rights increase accordingly. On August 18, the board canceled the floating adjustment mechanism, fixing the Series 10 pool at 319 million shares and setting a five-year lock-up period, but did not restore the reward pool to the level it was at when the Bitcoin strategy was initiated. On August 28, Gerovich exercised 92,000 Series 10 options, acquiring 64 million new shares, and currently holds about 6.2% of the company; he and MMXX together hold over 27% of the fully diluted equity.Shareholders expressed dissatisfaction. A shareholder using the pseudonym The Bitcoin Pharaoh stated on X that the adjustments in August were "a step in the right direction," but demanded that Gerovich address the issues that have arisen, disclose the owners of MMXX, and restore the reward pool to the level it was at when the Bitcoin strategy was initiated.

Zhao Changpeng: Bitcoin itself will not weaken or strengthen government power; it depends on how the government responds

Zhao Changpeng stated at the "Bitcoin Asia 2026" conference in Hong Kong that Bitcoin itself does not weaken or strengthen government power; what truly matters is the choices made by the government. Historically, weak governments have sometimes led to better economic performance. For example, the U.S. government is relatively weak, yet it has created one of the strongest economies in the world; after the current SEC chairman relinquished some regulatory power, the industry actually experienced growth, while former chairman Gary Gensler's attempts to control everything stifled industry growth.He mentioned that Bitcoin, as a decentralized technology, allows individuals to have more sovereignty, but its privacy design has flaws, and on-chain transactions can be easily tracked; governments can choose whether to utilize these characteristics. For instance, declaring Bitcoin ownership illegal or imposing a 36% tax on every transaction would stifle industry development. The government may seem to have significant power, but a zero tax rate still results in zero revenue, while taxing a trillion-dollar market at 6% would yield substantial income.He also noted that most governments have relatively recognized Bitcoin, but many countries still lack a regulatory framework for cryptocurrencies. Among government officials, those who understand Bitcoin remain a minority, and in some countries, the older generation's dominance leads to a more conservative attitude. However, he does feel that a shift is occurring, despite some still holding the biased view that Bitcoin is primarily used by drug lords.

Ledger CTO responds to vulnerability FUD: The issue was fixed before it was disclosed, and users can safely use it by updating in a timely manner

Ledger's Chief Technology Officer Charles Guillemet stated that there has recently been "FUD" targeting Ledger in the market, as a smart contract security company claimed to have discovered vulnerabilities in the Ledger Ethereum application. Guillemet mentioned that there indeed were vulnerabilities related to certain Clear Signing processes in the Ledger Ethereum application, but these vulnerabilities were discovered by Ledger's security research team Donjon using AI-driven vulnerability research tools, and the fixes were completed and deployed two weeks ago. Users can obtain protection by timely updating their Ledger device firmware and applications.The relevant security company contacted Ledger's bug bounty program only after the fixes were completed, did not follow responsible disclosure processes, and did not communicate with the bug bounty team, yet implied in subsequent content that the issue had not been resolved. This approach is not true security research but rather a way to create panic for attention. AI is changing the cybersecurity landscape, and both attackers and defenders can enhance efficiency with AI, but AI-driven security research can only truly enhance the security of the entire ecosystem when basic security principles such as responsible disclosure and pre-release verification are followed.Guillemet finally reminded Ledger users to keep their device firmware, Ledger applications, and related software up to date to automatically receive the latest security fixes and research results. Users should not be influenced by the related "FUD" and should timely update their software and maintain safe habits.
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