headlines
Alon Muroch, the Israeli founder of SSV Network, says he has been drafted into the army
Odaily News Alon Muroch, the Israeli founder of the Ethereum staking infrastructure SSV Network, posted on And 90% (of those massacred) were civilians. We are turning the situation around, but this process will not be short or beautiful.”
Islamic crypto project Islamic Coin launches token ISLM and issues community airdrop rewards
Odaily News The Islamic encryption project Islamic Coin announced the launch of the token ISLM and distributed community airdrop rewards. The first round of distribution will begin today. Snapshot completed on October 9, 2023.
The first wave of Islamic Coin airdrops will distribute approximately 20.36 million ISLM rewards to 58,376 community members including HAQQ network validators, TheHaqqExpedition and HAQQ network participants, and Islamic Coin ambassadors. Additionally, Islamic Coin will release an airdrop later this week to Cosmos ecosystem participants, including stakers and voters on Evmos and the Cosmos Hub. The airdrop is only available to non-Dubai residents.
Islamic Coin stated that the second round will be geared towards communities and events, while the third round will mainly be geared towards active communities.
Stars Arena: Approximately 90% of funds recovered, 10% of bounty will be provided to attackers
Odaily News Avalanche ecological social protocol Stars Arena posted on the 1000 AVAX lost.
The total amount of funds lost in this security incident was 266, 104 AVAX, the returned funds were divided into two transactions, totaling 239, 493 AVAX, and the bounty was 26, 610 AVAX + 1000 AVAX = 27, 610 AVAX.
Odaily News Regarding the situation reported by some community users that “the BIGTIME trading pair cannot be searched on OKX”, OKX personnel responded in the community: “In response to the requirements of some project parties and users in some regions, and in full consideration of the markets of different projects in different regions. Due to cognitive differences, some projects will be promoted and announced in specific regions and languages after they are launched, and certain transaction restrictions will be imposed. However, considering that some users recharge their coins after purchasing from other platforms/primary markets, the platform allows It trades.
Industry News
Odaily News The US Attorney told the court at the end of the SBF trial on Tuesday local time that Caroline Ellisons testimony was expected to continue throughout the day on Wednesday. The Justice Department expects to subpoena BlockFi co-founder Zac Prince and former Alameda software developer Christian Drappi after completing direct questioning and cross-examination, an assistant U.S. attorney said.
In addition, prosecutors expect to complete the trial in about four weeks, with it concluding as early as Oct. 27. Assuming the defense presents its defense, it is expected to take another week and a half after that, meaning the trial could end as early as November 9. (CoinDesk)
Odaily News SBF allegedly asked former Alameda Research CEO Caroline Ellison to come up with different ways to hide billions of dollars in loans on Alameda Researchs balance sheet.
In her Oct. 11 testimony, Ellison described what she and SBF did before meeting with Matt Ballensweig, co-head of trading and lending at crypto lender Genesis, who requested updated information about Alameda’s balance sheet.
Ellison said: Sam (SBF) said dont send the balance sheet to Genesis. We borrowed $10 billion from FTX and provided $5 billion in loans to our own executives and affiliated entities. We thought Genesis might Share this information.”
He asked me to think of other ways to present information. He wanted me to hide things on the balance sheet. So I prepared seven different balance sheets. Im not going to lie, but I presented other options to Sam. , let him decide,” Ellison added. The incident occurred on June 19, 2022, according to court testimony.
Ellison said that out of seven alternatives, SBF chose not to disclose the $9.9 billion it owed FTX clients in order to make Alameda look less risky. (Inner City Press)
Caroline Ellison and SBF conspired to sell clients’ BTC to keep the price below $20,000
Odaily News According to Watcher.Guru’s disclosure on the X platform, former Alameda Research CEO Caroline Ellison and SBF conspired to control the price of the currency below $20,000 by selling customers’ Bitcoins.
Caroline Ellison testifies: SBF considered selling FTX stake to Saudi Crown Prince for investment
Odaily News Former Alameda Research CEO Caroline Ellison testified in court that SBF had considered selling FTX shares to Saudi Crown Prince Mohammed bin Salman (MBS) to obtain investment.
Ellison had discussed ways to hedge its Alameda investment with SBF in 2022. SBF said MBS was a potential investor in FTX before its collapse last November.
MBSs potential investment was one of Ellisons notes mentioned in an online journal called Things Sam is Freaking Out About. Prosecutors said in August they might present the note at trial, which included raising funds from MBS and allowing regulators to target Binance. (Cointelegraph)
Caroline Ellison: SBF had planned to let regulators crack down on Binance and acquire SNAP
Odaily reported that former Alameda CEO Caroline Ellison had a list of things that scared SBF, including: SBF had planned to have regulators crack down on Binance, acquire Snapchat parent company SNAP, raise funds from Saudi Crown Prince Mohammed bin Salman, and trade in Japan Government bonds, etc. (The Block)
SBF unpublished Twitter draft revealed at trial, had planned Alameda closure in September 2022
In the Odaily trial of SBF, an unpublished draft of SBFs Twitter was shown. In September 2022, SBF had planned to announce the closure of Alameda Research with the text We came, we saw, we studied.
In the draft, SBF described Alameda Research as one of my biggest successes and said Alameda Research is one of the pillars of the ecosystem. In addition, SBF also accused FTX of being too close to Alameda, which was spread by FTXs competitors in order to divert attention from the problem. (The Block)
SBF asks court to use Anthropic investment as basis for trial
Odaily News SBF lawyers have filed a request to seek court approval to use relevant evidence regarding SBF’s investment in artificial intelligence startup Anthropic. In the letter filed, SBF attorneys said prosecutors sought to exclude the Anthropic investment and argued it misinterpreted the relevance of the evidence.
In addition, SBF lawyers argued that prosecutors repeatedly mentioned Alamedas venture capital during the trial, arguing that witness Caroline Ellison be allowed to testify to shed light on the nature of the venture portfolio, so this information was important to the case. (The Block)
South Korea’s five major exchanges disclose reserves, Upbit’s reserves reach 20 billion won
Odaily News South Koreas five largest cryptocurrency exchanges disclosed their reserves to deal with hacker attacks, network failures and other situations. Upbit, South Korea’s largest cryptocurrency exchange, has prepared reserves totaling 20 billion won in partnership with K-Bank, according to data submitted by the Financial Supervisory Service representative Kim Hee-gon’s office. Bithumb, the industrys second-largest exchange that partners with NH Bank, has reserves of 10 billion won, while Coinone, which partners with Kakao Bank, has reserves of 7.3 billion won. In addition, Korbit, which is partnered with Shinhan Bank, and Gopax, which is partnered with Jeonbuk Bank, have also prepared 3 billion won each to meet the minimum requirements.
In July this year, the Federation of Korean Banks issued the Operation Guidelines for Virtual Asset Real-Name Accounts, requiring cryptocurrency exchanges to reserve 30% of the average daily deposits or 3 billion won (whichever is larger) in their partner banks as reserves. The maximum limit is 20 billion won, and if 30% of average daily deposits exceeds 20 billion won, only up to 20 billion won can be set aside as reserves.
Bitfinex owner iFinex plans $150 million share buyback plan
Odaily News Bitfinex’s parent company iFinex plans to conduct a $150 million share buyback to better control the private company’s business. iFinex has sent a letter to shareholders offering to buy back 15 million shares at $10 per share. The deal, which will represent 9% of iFinex’s outstanding share capital, will value the company at $1.7 billion. Implementing the proposal would require an infusion of capital from at least one subsidiary.
The buyback arrangement was offered to shareholders who exchanged shares with investment platform BnkToTheFuture in 2016. In 2016, Bitfinex was hacked and lost approximately $71 million in Bitcoin (now worth $3.3 billion). To fully compensate for the losses, Bitfinex offered BFX tokens and allowed users to redeem them through BnkToTheFuture to become shareholders of the company. (Bloomberg)
BlockFi and Three Arrows Capitals $284 million dispute enters judge mediation
Odaily News U.S. Bankruptcy Judge Michael Kaplan of the District of New Jersey set up a mediation window to allow lawyers for the two companies to resolve issues mainly involving 3AC’s “priority payment” to BlockFi within January.
If the parties cannot resolve the funding issue, Kaplan plans to schedule two days of hearings beginning on Feb. 5 for debate over where the funds will come from. The dispute involves large sums of money, involving hundreds of millions of dollars. A key issue in the dispute is when 3AC became insolvent and how that date relates to the hedge funds payout dates.
Tensions between the two sides were evident in court, with BlockFi lawyers accusing 3AC of having an “out of control” legal counsel that dragged its feet and racked up more than $16 million in legal fees. Lawyers for 3AC countered that the comments were completely inappropriate and flippant. He stressed that 3ACs founders were evading responsibility and said they needed to re-establish company records, find assets and protect them for creditors. (CoinDesk)
Odaily News Cryptocurrency exchange WOO said today that it plans to buy back its own shares and tokens previously acquired by failed hedge fund Three Arrows Capital to eliminate uncertainty.
WOO said in a statement that it had reached a settlement with 3AC’s liquidator Teneo to buy back shares and tokens acquired by the hedge fund in WOO’s Series A funding round in November 2021. WOO plans to increase the ownership of all other shareholders proportionally, while the 20 million tokens repurchased will be sent to the burning address. WOO declined to disclose the total value of the stock and token repurchases. 3AC was the largest investor in WOO’s Series A round, purchasing equity along with 25 million WOO tokens, with the remainder to be unlocked over the next 12 months, according to the statement. WOO co-founder Jack Tan said in a statement: We are pleased to remove the uncertainty related to 3AC from the WOO ecosystem. (The Block)
Hong Kong virtual asset trading platform Ammbr license application was returned
Odaily News The Hong Kong Securities and Futures Commission’s website shows that the virtual asset trading platform Ammbr submitted a license application on September 29, but was removed from the application list on October 6, with a status of “withdrawn”. The reason for withdrawal may be that the application materials are incomplete/there are major issues that have not been resolved. (Hong Kong 01)
Odaily News Not long ago, Su Zhu, the founder of Three Arrows Capital, was arrested in Singapore. Recently, people familiar with the matter disclosed more details.
Teneo Consulting has been handling the liquidation of Three Arrows Capital. A person familiar with the matter said on condition of anonymity that liquidators had been monitoring Su Zhu’s whereabouts in Singapore and learned that he would host parties at his Yarwood Avenue bungalow, inviting crypto industry executives.
On September 29, the liquidator discovered a vehicle driving from the bungalow to Singapore Changi Airport and immediately reported it to the police.
In addition, the liquidator will also seek permission to visit Su Zhu in Changi Prison to obtain information on Three Arrows Capital-related assets. If he refuses the meeting, the liquidators may take further steps to force Su Zhu to comply. (Lianhe Zaobao)
Project News
Odaily News Ava Labs engineering director Patrick OGrady posted on the , Configurable MerkleDB branching factor.
According to official news from Odaily, Worldcoin developers recently updated the state bridge, allowing anyone to develop and operate state bridges on EVM-compatible chains without permission.
With this update, teams can now develop and operate their own state bridges permissionlessly, integrating World ID with their preferred blockchains and applications. This enhancement has the potential to unlock new applications for Sybil-resistant, identity proof primitives.
Odaily News The Uniswap Foundation launched a proposal requesting the allocation of the remaining US$46.2 million in last year’s initial funding to support work in the next two years, of which US$28.33 million will be used for grants and US$13.6 million (US$11.4 million and 508,000 UNI) will be used for operations, with a 10% buffer added to reduce price volatility.
Uniswap will start a temperature check vote today, which will last for 5 days, and will start an on-chain governance vote next week.
The proposal stated that Uniswap will continue to grow core protocol indicators, especially driving net new order flow to strengthen the protocol flywheel; it will establish protocol innovation channels with the goal of enhancing the experience of users and LPs; and integrate stakeholder incentives with the long-term development of the protocol. Combination of interests.
GammaSwap: A potential vulnerability was discovered and the contract has been frozen
Odaily News DeFi structured product GammaSwap stated that a potentially serious vulnerability was discovered through the ImmuneFi bug bounty. Although the triggering conditions of the vulnerability are relatively harsh, GammaSwap still decided to update the contract. No funds are currently at risk.
GammaSwap said that since the current contract cannot be upgraded, it has frozen the contract and closed all trading positions, and the liquidity position is also in a withdrawal-only state. GammaSwap said it will redeploy the contract after the vulnerability is fixed.
Odaily News CoinGecko data shows that USDR (Real USD) has been seriously unanchored, temporarily trading at US$0.51, with a 24-hour drop of 48.8%.
In August last year, TangibleDAO stated that it had issued USDR, a stable currency backed by physical real estate and anchored to the US dollar, on the Polygon network. Its white paper shows that USDR can be exchanged for DAI at 1:1 at any time. USDR will issue tokens through over-collateralized real estate and distribute the proceeds to holders to offset the depreciation of its linked currency and achieve tokenization of real estate.
Odaily news official website data shows that in the early morning of the 11th, there were still 11.87 million DAI reserves in the Tangible stablecoin USDR treasury; in the past 24 hours, users redeemed tens of millions of USDR and exchanged them for more liquid assets such as DAI and TNGBL. The sell-off caused the price of TNGBL to halve, temporarily trading at 3.3 USDT. Eventually, some reserve assets shrank, and USDR once detached to US$0.5.
Currently, the circulating supply of USDR is 45.21 million, and the reserve fund is mainly composed of non-current assets and low-liquidity assets, namely: real estate (USD 3,581, accounting for 61.2%), TNGBL (USD 10.26 million, accounting for 17.5%) ), PEARL Liquid LP (USD 8.49 million, accounting for 14.5%) and insurance funds (USD 6.26 million, accounting for 10.7%).
It is understood that USDR is a stable currency backed by physical real estate and anchored to the US dollar issued by Tangible. Its white paper shows that USDR can be exchanged for DAI at 1:1 at any time. USDR will issue tokens through over-collateralized real estate and distribute the proceeds to holders to offset the depreciation of its linked currency and achieve tokenization of real estate.
According to official news from Odaily, Decentraland released the 2023 Q3 report, reviewing the new platform features, platform updates, and community activities.
In addition, Decentraland also released a Q4 development roadmap, which stated that it will further improve existing tools and products, and is expected to release multiple updates in mid-November and early December, including: support for social account login functions (covering Gmail, Twitter, Discord etc.), supports cross-chain NFT purchases, and uses any token in any EVM-compatible chain to pay for land parcels, emoticons, domain names, etc. in Decentraland.
Galxe: User losses will be compensated in USDT and an additional 10% compensation will be provided
Odaily News Galxe issued an announcement in response to the attack on October 6. User losses will be fully compensated in USDT on Polygon, and an additional 10% compensation will be provided. If users think they have been affected but their wallet address is not in the list, or if they find that the value of the loss was calculated incorrectly, they can contact the official email address.
Chain game Parallel has been launched on the game platform Steam
Odaily News Chain Game Parallel announced that it has been launched on the comprehensive game platform Steam. Steam users can now whitelist the game to receive notifications as soon as possible when the open beta launches.
Investment and Financing
Odaily News Wemade’s Singapore subsidiary WEMIX PTE. LTD. has invested in five Chinese game developers through a US$30 million fund jointly established with Mirana Ventures, involving game types including MMORPG, card battles, sports, strategy simulation, etc. These games will be launched on the WEMIX 3.0 chain game platform WEMIX PLAY.
In addition, the company plans to continue and expand its investments in Chinese blockchain game developers.
In March this year, WEMIX PTE. LTD. and Bybit’s investment arm Mirana Ventures jointly launched a fund aimed at cultivating potential chain gaming companies and expanding the WEMIX 3.0 ecosystem. The fund size is $30 million, of which $6.4 million has been deployed. (GlobeNewswire)
Odaily News Cryptocurrency trading and lending platform Membrane Labs completed $20 million in Series A financing from Brevan Howard Digital, Point 72 Ventures, Jane Street, Flow Traders, QCP Capital, Two Sigma Ventures, Electric Capital, Jump Crypto, QCP Capital, GSR Markets , Belvedere Trading and Framework Ventures participated in the investment.
CEO Carson Cook said the company initially built a settlement and settlement engine that enables institutions to choose where and how to custodian funds (whether its a custodian or an MPC wallet), and then decides where and how to execute via the front end trade. (CoinDesk)
Tokenized RWA platform Untangled Finance raises $13.5 million
Odaily News Tokenized RWA platform Untangled Finance has completed US$13.5 million in financing. The main investor is the asset management company Fasanara Capital. The platform will be launched on the Celo network today. Untangled also plans to expand to the Ethereum and Polygon networks via Chainlink, making the platform a multi-chain interoperable RWA credit protocol. (CoinDesk)
Odaily News Web3 content creation platform RepubliK announced the completion of a US$6 million seed round of financing at a valuation of US$75 million. OKX Ventures, 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma 3 Ventures, Define Ventures, Enjin, FBG Capital, HTX Ventures, Mirana Ventures, Oracles Investment Group, Signum Capital, Sora Ventures and UOB Venture Management also participated in the investment.
Game of Silks, an NFT-driven fantasy horse racing startup, raises $5 million in funding
Odaily News Game of Silks, a fantasy horse racing startup powered by NFT, completed US$5 million in financing, bringing its total financing to more than US$10 million.
It is understood that Game of Silks issues NFTs related to thoroughbred horses, and their owners can receive rewards based on the real-world performance of the horses corresponding to the NFTs. The company, founded in June 2021, partners with organizations including the New York Racing Association, Belmont Raceway, The Jockey Club and Fox Sports-owned Americas Best Racing.
Game of Silks has issued more than 7,000 Silks Genesis Avatars NFTs, with the current floor price at 0.088 ETH ($125), according to OpenSea. (The Block)
Odaily News Encrypted chain data analysis platform Parsec announced the completion of US$4 million in financing, led by Galaxy Digital, with participation from Uniswap Labs Ventures, Robot Ventures, CMT Digital and others.
It is reported that this is a seed round expansion financing that ended earlier this year, and its structure and valuation have not yet been disclosed. Parsec has kept its team lean since its founding in 2020 and raised a new round of funding to continue growing its product and user base. Parsec closed a $1.25 million seed round in January 2021.
Parsec currently supports 8 blockchains on its platform, namely Ethereum, Arbitrum, Optimism, Base, zkSync, Avalanche, Canto and Mantle, and plans to add 5 to 10 more networks in the coming months, possibly including Polygon , Scroll, Monad, dYdX and Berachain. (The Block)
Privacy technology startup Beldex secures $3 million in investment from Web3 market maker Enflux
Odaily News Privacy technology startup Beldex received a US$3 million investment from Web3 market maker Enflux, and the two parties reached a partnership.
Enflux will provide Beldex with the strategic advice and support needed to develop DApps and integrate EVM onto the Beldex chain for network expansion. It is reported that the Beldex ecosystem includes private messaging application BChat, decentralized virtual private network (VPN) BelNet, Web3 browser Beldex and cross-chain privacy protocol Beldex. (Benzinga)
Odaily News KINO Studios, a Los Angeles-based entertainment technology company, announced the completion of more than US$2 million in financing. Participants in this round of financing include Sequoia Capital’s Scout Program, Slow Ventures, Metaweb Ventures, Genius Ventures, Near Protocol, Blockchain Founders Fund and several A film and television angel investor, field expert and family office. KINO Studios introduces a community-based economic model to the entertainment industry and also develops community tools to help Hollywood artists tap into the fan economy.
global policy
Odaily News A group of senators, led by Democratic Senator Elizabeth Warren and independent Senator Elizabeth Warren, is urging U.S. tax officials to bring forward the start date for cryptocurrency brokers and exchanges to report customer transaction information to the government.
Proposed regulations released by the IRS and Treasury Department in August would require the companies to begin reporting digital asset sales and transaction data in 2026, two years later than Congress planned when it enacted the legislation in 2021.
We are alarmed by the two-year delay in implementation of this rule, which will result in the U.S. missing out on billions of dollars in tax revenue, Warren and others wrote to Treasury Secretary Janet Yellen and Internal Revenue Service Commissioner Daniel Werfel late Tuesday. We urge agencies to implement the final rule as quickly as possible while maintaining the substance of the rule in the face of industry attacks.
The Treasury Department said the delay gives brokers more time to adapt to the rules, which have not yet been finalized. Department spokesman Chris Hayden said in an email Wednesday that the department has been working hard to implement the 2021 law and proposed regulations, and that Treasury will carefully consider all comments received on the regulations. The government says that once the rules are implemented, they will help individuals file their taxes while also making it easier to fight tax fraud.
So far, the IRS and Treasury Department have received more than 90 comments on the program. The debate is likely to feature at a public hearing, which the government has scheduled for November 7. (Bloomberg)
EU regulator analyzes DeFi’s benefits and ‘significant risks’ in report
Odaily News The European Securities and Markets Authority (ESMA), the EU market regulator, published an article on October 11 about decentralized finance (DeFi) and its risks to the EU market. In the article, ESMA acknowledged the advantages of DeFi, such as greater financial inclusion, development of innovative financial products, and increased speed, security and reduced costs of financial transactions.
However, the article also highlighted the “significant risks” of DeFi. ESMA considers that the first “significant risk” is liquidity risk related to the high speculative nature and volatility of many crypto-assets. The regulator compared Bitcoin or Ethereum 30-day volatility to the Euro Stoxx 50 index, with the former outperforming the latter by an average of 3.6 times and 4.7 times. ESMA does not believe that DeFi can successfully avoid counterparty risk, and smart contracts are not immune to errors or vulnerabilities.
According to the report, DeFi is particularly vulnerable to scams and illegal activities because of its lack of KYC, and another important source of risk for DeFi users is the lack of identifiable responsible parties and the lack of recourse mechanisms.
The report concludes that, for now, DeFi and cryptocurrencies in general do not represent a “significant risk” to financial stability. This is due to their relatively small size and limited interconnectivity between cryptocurrencies and traditional financial markets. (Cointelegraph)
Character*Voice
Odaily News Binance co-founder He Yi said on social media: Binance will not freeze or confiscate any peoples assets; international commercial institutions need to follow international law enforcement principles. The link can be read as extended knowledge, including almost all large international commercial institutions. The rules are made by the strong. In the face of international conventions, Binance is just a scumbag.
Odaily News SSV Network Global Business Director A. Matthias posted on the X platform that the entire team is operating normally and team members will be more united.
DWF Ventures: Derivatives protocols are one of our main investment focuses
Odaily News DWF Ventures posted on the X platform that “at DWF Ventures, derivatives agreements are one of our main investment focuses.” DWF Ventures discusses the current state of sustainable DEX and mentions projects such as Perpetual Protocol, Drift Protocol, and Kwenta.
In addition, DWF Ventures stated that core components such as trading pairs, handling fees, funding rates, and clearing systems play a key role in the good operation of perpetual exchanges.
At the same time, DWF Ventures said it is looking for potential innovative projects in terms of blockchain technology, decentralization and the utility of protocol tokens.
