ChainCatcher news, according to the official WeChat account of the People's Court of Lingling District, Yongzhou City, the People's Court of Lingling District, Yongzhou City recently concluded a dispute over unjust enrichment arising from the failure to repay with virtual currency. In January 2020, Yang transferred 78,000 yuan to Xie via WeChat, hoping that Xie would help him purchase a certain virtual currency on a platform for investment and entrusted Xie to hold it on his behalf. Subsequently, Xie purchased the virtual currency as entrusted by Yang and held it for him. After a period of time, Yang requested to withdraw from the investment, and Xie transferred 3,000 units of the virtual currency to Yang's "wallet address" on the platform, stating that a settlement would be made later.In April 2021, Yang sued Xie in court. Through court mediation, the two parties reached a consensus mediation agreement, and Xie agreed to return 78,000 yuan to Yang in a lump sum. After returning 57,000 yuan to Yang, Xie was unwilling to return the remaining debt, claiming that the 3,000 units of virtual currency previously transferred to Yang were worth over 20,000 yuan and should be deducted from the debt. Yang did not accept this repayment method, and due to the failure to offset the debt, Xie requested Yang to return the virtual currency, but the virtual currency platform had already closed. Xie then sued in court, requesting Yang to return the equivalent cash value of over 20,000 yuan for the 3,000 units of virtual currency.After hearing the case, the People's Court of Lingling District held that the Civil Code aims to protect the legitimate rights and interests of civil subjects and maintain social and economic order. The virtual currency does not have the same legal status as legal tender, does not have legal compensability, and should not and cannot be circulated as currency in the market. Xie's request for Yang to return the cash value of 3,000 units of virtual currency essentially constitutes a claim for the exchange between virtual currency and legal tender, which lacks legality, and the parties did not reach an agreement on the compensation amount for the virtual currency. Ultimately, the court ruled to dismiss Xie's lawsuit. After Xie appealed the judgment, the second-instance court upheld the original ruling.

ChainCatcher news, according to CoinDesk, FxPro's chief market analyst Alex Kuptsikevich stated, "Bitcoin's failure to stabilize above $100,000 may have suppressed overall market buying. Bitcoin's trading price is below $99,000, with minimal overnight fluctuations. Its inability to rise has negatively impacted altcoins.We believe that Bitcoin's stagnation is an important price correction that helps the market shake off short-term overbought conditions and rise more reliably. However, based on Fibonacci extension forecasts, the next wave of upward momentum may push the price toward around $120,000."

ChainCatcher news, according to DL News, David Marcus, the former head of Meta's (formerly Facebook) stablecoin project Diem, revealed new details about the project's failure. He claimed that political interference was the reason for the project's failure, rather than non-compliance with regulatory requirements.Marcus stated that by 2021, the project was fully compliant with regulatory requirements and ready for a small-scale launch, but U.S. Treasury Secretary Janet Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide." Shortly thereafter, the Federal Reserve pressured banks to withdraw. Custodia Bank CEO Caitlin Long stated that her company also faced similar targeting, saying, "One day... I will be able to tell the true story of what the Federal Reserve did to Custodia Bank." She added, "There is too much corruption."Previous report, a16z founder Marc Andreessen revealed that 30 tech founders had their accounts revoked by banks solely due to their association with digital currencies.

ChainCatcher message, author of the newsletter "Crypto is Macro now" Noelle Acheson stated that the difficulty in breaking through $100,000 may lead traders to believe that the peak has been reached and that profits should be locked in now, but any such episode should be "short-lived."Since Trump's victory in the U.S. presidential election, Bitcoin has seen a decline this week, following the failed attempt to hit $100,000, and the speculative frenzy in the cryptocurrency market seems to be starting to cool down.

ChainCatcher message, Ethereum co-founder Vitalik expressed in an interview with Tencent's "Deep Dive" that he is concerned that if particularly smart people do not engage in Crypto, those who remain in the Crypto space may not have any interesting ideas, and the only applications will be the financial applications that have been around for many years. This would lead to a situation where—issue a token, create an exchange; issue another token, create another exchange; issue yet another token, this token features cute dogs—these things are fun, but if they are the only things our industry is doing, then the industry is failing. The challenge our industry faces is to create applications that are both meaningful and widely engaging.Regarding why the Ethereum ecosystem and the Web3 ecosystem still lack practical applications, Vitalik stated that before this year, transaction fees were too high, some important technologies were not mature, and issues related to account security and privacy had not been resolved. Therefore, before this year, our industry did not have enough technology to create applications that ordinary people could participate in. One reason for the success of DeFi applications is that DeFi can generate more money. This year, we have finally started to address these issues. This year is the best time to create meaningful applications.

ChainCatcher news, according to on-chain analyst Yu Jin's monitoring, a certain whale's bet on the rise of ETH has failed for the third time:He entered the market at a price of $3,300 when ETH started to pull back after surging to $3,400 a week ago, betting that ETH would continue to rise. Unfortunately, ETH did not continue to rise and instead pulled back all the way to $3,000;Last night, as ETH finally rose a bit, the whale chose to cut losses and liquidate 6 hours ago: selling 10,364.2 ETH bought last week at $3,300 for $3,181, incurring a loss of $1.22 million.His 16th round of trading ended in failure, with 13 wins and 3 losses out of 16 trades.

ChainCatcher news, according to Cointelegraph, the government of Paju City in Gyeonggi Province, South Korea, announced plans to seize and sell cryptocurrencies held by citizens with unpaid taxes. On November 18, local media outlet Yonhap reported that Paju officials had sent notifications to 17 individuals, with a total tax debt of 124 million won, approximately $88,600.The city warned these taxpayers that if they do not settle their debts by the end of November, their cryptocurrency assets on exchanges will be confiscated and sold.

ChainCatcher message, Musk stated while retweeting a discussion tweet about the U.S. presidential election on the X platform, "In the last election, not a single friend of mine who supported an independent candidate or was a swing voter voted for Trump. This time, I don't know anyone who isn't voting for him. More and more people are confiding in me that they will vote for Trump, but they are afraid to say it publicly because it might affect their friends, jobs, and clients. The oppressive big government machine representing Harris is about to face defeat."

ChainCatcher news, Ethereum co-founder Vitalik posted on the X platform that the amount of ETH he holds has increased. Now Ethereum does not lose 5 million ETH annually on proof of work, and the network fees are very low, with transactions completed in 30 seconds instead of 1-30 minutes (achieved through EIP-1550).Since 2016, Ethereum has never gone down due to DoS attacks or consensus failures. Various security efforts (internal development and grants) have prevented many fund losses, and the related libraries also provide various codes for users, including wallets, DeFi applications, etc.

ChainCatcher news, according to The Block, the decentralized perpetual exchange Hyperliquid has released a report on the Arbitrum bridging failure, explaining the reasons for its cross-chain bridge's outage on Monday. According to an anonymous developer, iliensinc, there was an "extremely rare edge case" where multiple RPCs (Remote Procedure Calls) received erroneous data.It is reported that the bridge between Hyperledger and Arbitrum, the second largest Layer 2 network on Ethereum, was down for about four hours after the bridge validators voted for an emergency lock. After reopening, a second lock occurred again for several minutes about an hour later.

ChainCatcher message, based on the Fractal Bitcoin asset management project Fractal-420, stated yesterday that the project failed to succeed due to some unverified reasons (external uncertainties). The team stated, "We may fail, but we will never run away." All minting fees will be refunded at the beginning of September.In addition, the team holds 20,000 Pizza tokens, of which 50% (10,000 tokens) will be allocated to supporters who participated in the minting.

ChainCatcher message, suspected technical failure at the New York Stock Exchange, multiple stocks have dropped over 99%.The New York Stock Exchange has released a technical issue report, stating that it is currently investigating a reported technical problem and will provide more information as soon as possible.

ChainCatcher news, according to official Degen news, has refunded 3.6 million DEGEN to users who lost funds on the Reservoir Relay bridge due to the Degen chain failure.Degen stated that it will continue to support all users affected by this incident.

ChainCatcher news, on May 14, the cryptocurrency exchange platform Coinbase stated that the issue has been completely resolved.

ChainCatcher news, Tether fiercely criticized Deutsche Bank's report for its lack of clarity and substantial evidence, relying on vague assertions rather than rigorous analysis. A Tether spokesperson stated that while the report attempts to predict the decline of stablecoins, it fails to provide specific data to support its claims. Comparing it to the algorithmic stablecoin Terra is misleading and unrelated to the discussion of reserve-backed tokens.It is reported that in a previous study of 334 pegged currencies, Deutsche Bank analysts found that 49% of stablecoins failed during their median lifespan of about eight to ten years. The analysts concluded that most anchored assets in the cryptocurrency space would experience significant "turmoil" triggered by speculative sentiment and ultimately suffer some form of decoupling event. Deutsche Bank analysts also pointed out that Tether's reserves lack transparency and described the company's solvency situation as "questionable."