According to ChainCatcher news and the China Court website, the People's Court of Xiangyin County, Hunan Province, recently heard a case involving the repayment of a loan with virtual currency. The court ruled that virtual currency does not have the same legal status and enforceability as legal tender, and the borrower's use of virtual currency to repay the debt is invalid.The case shows that the debtor, Wang, used virtual currency to repay a debt of 20,000 yuan through the "TR Foreign Currency Platform," which was later identified by public security authorities as being involved in virtual currency network pyramid schemes. The court cited the notice issued by the central bank and ten other departments in September 2021, titled "Notice on Further Preventing and Handling Risks of Speculation in Virtual Currency Transactions," and determined that the repayment behavior violated financial management order.The court emphasized that any legal person, non-legal person organization, or natural person investing in virtual currency and related derivatives in violation of public order and good customs will have their related civil legal acts deemed invalid, and any resulting losses must be borne by themselves. The final judgment of this case requires the debtor to fulfill the repayment obligation in legal tender.

ChainCatcher news, Bitcoin mining company Cipher Mining has expanded its existing credit line with Coinbase and established a new term loan mechanism, hoping to strengthen its debt financing channels.Cipher first signed a credit line agreement with Coinbase in August 2023, using Bitcoin assets as collateral, with a limit of $10 million. As of September 30, the company had not drawn any funds from the institution. In its latest quarterly report submitted on Wednesday, Cipher stated that after September 30, it increased the credit line to $15 million and established a new term loan mechanism with Coinbase with a maximum of $35 million. It is currently unclear whether Cipher has utilized these loan mechanisms since October.

ChainCatcher message, according to the Tether's Q3 2024 attestation report, the total scale of secured loans in its reserves reached $6.72 billion, exceeding the "excess" funds in the reserves, which totaled only $6.1 billion. This means that Tether (USDT) is again partially supported by these secured loans. The report indicates that the secured loans are fully backed by liquid assets and are monitored regularly, measured at amortized cost (the nominal value of short-term secured loans), and any expected credit loss provisions are adjusted in accordance with IFRS 9.However, it is important to note that Tether Group's total "equity" of approximately $14 billion still exceeds the scale of secured loans.

ChainCatcher news, according to data from IntoTheBlock, the total amount of high-risk loans (defined as loans with a liquidation price within 5%) rose to $55 million on Wednesday, reaching the highest level since June 2022. Loans within a 5% liquidation price mean that if the collateral price drops by 5%, it will no longer cover the loan, triggering a liquidation.IntoTheBlock stated in a market update: "Massive liquidations could affect the value of collateral, putting more loans at risk of liquidation, leading to a price spiral decline."

ChainCatcher news, according to Ember monitoring, in the last 2 days, a whale that purchased AAVE through a loop loan has spent a total of 9.29 million dollars to buy 60,623 AAVE at an average price of 153.2 dollars.Among them, 4.7 million dollars was borrowed from the Aave platform through a loop loan.

ChainCatcher news, according to market news, Tether is exploring the possibility of providing loans to commodity trading companies.

ChainCatcher news, according to Tree News, stablecoin issuer Tether plans to explore providing loans to commodity trading companies.

ChainCatcher news, U.S. Vice President Harris is strengthening her outreach to Black male voters, promising to provide pathways for economic security. Meanwhile, polls show that Trump is gaining support among Black voters. On Monday, Harris proposed a new plan to provide loans to Black entrepreneurs and others facing barriers to financing. According to Harris's campaign outline to attract Black male voters, the plan will offer 1 million loans, with up to $20,000 potentially forgivable.Harris also pledged to support a regulatory framework for cryptocurrency, providing more investment certainty for 20% of Black Americans who own or have owned digital assets. She stated that she would work with Congress to legalize recreational marijuana and ensure that Black men can start businesses and find employment in the thriving cannabis industry.A poll conducted by Siena College and published by The New York Times on October 12 shows that about 15% of Black voters say they plan to vote for Trump in this election, an increase of 6 percentage points from 2020. Harris's support among Black voters is higher than President Biden's support before he withdrew from the race in July. Nevertheless, the narrow gap with Trump has Democrats worried that even losing a small portion of Black votes could be a fatal blow to Harris's campaign.

According to ChainCatcher news, on-chain analyst Yu Jin monitored that a whale bought 45,377 AAVE (6.92 million USD) through a loop loan in the last 30 hours, with an average price of 152.5 USD.He collateralized AAVE to borrow stablecoins, then transferred them to Coinbase to buy AAVE back to the address for continued collateralized borrowing of AAVE.In the past 30 hours, he borrowed 6.92 million U stablecoins and transferred them to Coinbase to buy 45,377 AAVE.

ChainCatcher news, the International Monetary Fund (IMF) recommends that El Salvador narrow the scope of its Bitcoin law and strengthen regulatory oversight in ongoing negotiations regarding a potential loan program.The organization expressed concerns about the potential risks associated with El Salvador's adoption of Bitcoin, which is a key issue in the negotiations for the country's new loan program aimed at creating a policy framework that helps enhance productivity and strengthen economic reforms.

ChainCatcher news, Bitcoin mining company Hut8 repaid approximately $38 million of its loan balance obtained from Anchorage Digital through stock conversion. Anchorage Digital converted the debt into common stock at a price of $16.395 per share.Hut8's remaining debt includes $150 million in convertible notes agreed upon with Coatue Management in June, specifically for the company's expansion into the artificial intelligence computing market.

ChainCatcher news, Maple recently posted on X that active loans in the Maple and Syrup.fi pools continue to grow:Increased demand from institutional borrowers;Stablecoin yield funds, accredited investors, protocol treasuries, and DeFi-native liquidity provisionIn addition, Maple stated that more plans will be launched in the fourth quarter, stay tuned.

ChainCatcher news, according to the official announcement, Binance's staking borrowing (current interest rate) and VIP borrowing have added the following borrowable assets: Baby Doge Coin (1MBABYDOGE), First Neiro on Ethereum (NEIRO), Polygon (POL), and Turbo (TURBO).

ChainCatcher news, according to on-chain analyst Yu Jin's monitoring, ETH/BTC long position James Fickel continued to reduce his position last night: selling 11,535 ETH (27.06 million USD) for 449.5 WBTC to lower his position.Since he started reducing his position on 8/11, he has sold a total of 38,685 ETH (93.8 million USD) for 1,557.8 WBTC to repay his loan on Aave.At its peak, his WBTC loan on Aave reached 2,865 (172 million USD), and there is currently an outstanding loan of 1,308.8 (78.71 million USD), having reduced more than half of his ETH/BTC long position in 37 days.

ChainCatcher message, on-chain data analyst Yu Jin monitoring pointed out that the "dead bull" James Fickel sold another 3000 ETH last night after the drop in the ETH/BTC exchange rate and exchanged it for 124 WBTC to repay his loan.Currently, Fickel's long position in the ETH/BTC exchange rate has significantly depreciated as the ETH/BTC exchange rate continues to decline. At its peak, he borrowed and sold as many as 2981 WBTC at the end of May, which is now down to 2316.

ChainCatcher message, Arkham disclosed on social media that a certain MEV bot just borrowed $12 million in a flash loan but only made less than $20 in profit.It is reported that the MEV bot was caught in the middle of a user trying to swap $5,000 worth of SHFL for WETH, with a slippage of about 2%.

ChainCatcher news, cryptocurrency exchange Binance announced the addition of Self Chain (SLF) and Toncoin (TON) as borrowable assets in its Binance Loan (floating rate) product. At the same time, the VIP loan service has also added these two cryptocurrencies.

ChainCatcher news, according to the official announcement, based on the latest assessment results, Binance will stop the fixed interest rate service for 7-day and 30-day staking loans on September 2, 2024, at 12:00 (UTC+8).Starting from September 2, 2024, at 12:00 (UTC+8), users will not be able to create new fixed interest rate orders for staking loans or extend existing orders, including users using the SAPI endpoint. It is recommended to stop using the relevant endpoints before the above date. Ongoing fixed interest rate orders for staking loans will not be affected until the orders expire.Note: VIP loan fixed interest rate orders are not affected by this service update.

ChainCatcher news, according to on-chain analyst Yu Jin's monitoring, a giant whale that has made a profit from leveraging long positions on ETH four times since last October opened a fifth leveraged long position on ETH two hours ago.It is reported that he withdrew 250 BTCB (approximately 15.21 million USD) from Binance as collateral to borrow 10 million U on Venus, then purchased 3727.7 ETH, and subsequently continued to use the ETH as collateral to borrow 7 million U to deposit in Binance, which is expected to continue buying ETH.

ChainCatcher news, the digital lending platform Ledn has announced that it has secured a $50 million Bitcoin-backed syndicated loan, which will be used to "drive the growth of Ledn's retail lending business."The loan comes from the Sygnum Bank Group, a global digital asset bank that manages $4.5 billion in client assets.Adam Reeds, CEO and co-founder of Ledn, stated, "As digital assets inevitably integrate into mainstream financial markets, we view this pilot transaction as the first of many syndicated loans."It is reported that a syndicated loan is a loan provided by a group of lenders, arranged and managed by one or more commercial banks or investment banks.