Headlines
Putin signs law legalizing cryptocurrency mining in Russia
Odaily Planet Daily News According to market news, TASS revealed that Russian President Putin signed a law to legalize cryptocurrency mining in Russia. (Jinshi)
Trump and Harris agree to debate on September 10
Odaily Planet Daily reported that US presidential election candidates Trump and Harris have agreed to hold a debate on September 10 hosted by the American Broadcasting Corporation (ABC). (Cailian News)
The US SEC is expected to appeal the Ripple case ruling, and related legal matters may be extended
Odaily Planet Daily reported that Analisa Torres, a district judge in the Southern District of New York, has ruled that Ripples programmatic sales of XRP to retail customers through its trading platform did not violate federal securities laws. However, Ripples 1,278 institutional sales transactions violated securities laws and fined it $125.035 million, far less than the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties required by the SEC. Although the case is allegedly over, the U.S. Securities and Exchange Commission (SEC) is expected to appeal the ruling, which means that related legal matters may be prolonged. (Coindesk)
Wintermute founder: Institutions are buying ETH recently
Odaily Planet Daily News Wintermute founder and CEO wishful cynic responded to other users questions about Why are you selling ETH recently? Yu X said that the institution is actually buying ETH recently.
Another user asked whether this buying behavior was completed through OTC or directly through the order book of the trading platform? Wishful Cynic did not respond directly and said that there was no difference between the two.
Industry News
Odaily Planet Daily reported that the US Democratic Party launched the Crypto for Harris campaign and plans to hold a virtual town hall meeting next week. The lineup of speakers includes billionaire entrepreneur and cryptocurrency advocate Mark Cuban, SkyBridge Capital founder and Trump critic Anthony Scaramucci, and a few Democratic members of the House of Representatives. Senior Democratic Senate leaders have also been invited to speak at next weeks virtual town hall meeting, which is open to the public and will discuss ways to support Harris campaign and promote fundraising initiatives.
Crypto for Harris currently has about 50 members, with its main organizers consisting of industry players and policy experts.
“The U.S. must continue to lead in blockchain and cryptocurrency, and organizations like Crypto for Harris are working hard to ensure the right policies are in place and conversations are taking place to ensure this outcome,” said Jonathan Padilla, CEO of Web3 marketing firm Snickerdoodle and one of the advocacy organizers.
Harris added two former crypto advisors to her campaign in the past week: David Plouffe, a former member of Binances advisory board, and Gene Sperling, a former board member of blockchain payments company Ripple. (FOX Business)
Judge approves $12.7 billion settlement between FTX, Alameda and CFTC
Odaily Planet Daily News: In a document dated August 7, U.S. District Judge Peter Castel formally approved the $12.7 billion settlement agreement reached between FTX and Alameda and the CFTC to resolve the CFTCs 20-month-long lawsuit. It is worth noting that the CFTC did not seek civil penalties, which means that the entire $12.7 billion will be used to directly repay FTX creditors. (Cointelegraph)
Earlier news, the bankrupt cryptocurrency exchange FTX and the U.S. Commodity Futures Trading Commission (CFTC) have agreed to a $12.7 billion settlement, which is currently awaiting approval from a Delaware judge. According to court documents filed with the Delaware Bankruptcy Court on July 12, the two companies have been negotiating for the past few months. As part of the settlement, the CFTC agreed that as long as FTX complies with the reorganization plan, the CFTC will not collect any compensation. As a result, FTX will pay up to $12.7 billion in compensation to creditors, depending on available funds.
Montenegros Supreme Court has postponed the extradition of Do Kwon to South Korea
Odaily Planet Daily News: The Montenegrin Supreme Court has postponed the extradition of Do Kwon to South Korea. The decision was made by the panel chaired by Judge Seka Piletić. This decision was also made after the Supreme State Prosecutors Office appealed the legality of the previous court decision approving his extradition. This postponement will put the extradition procedure at a standstill during the Supreme Courts review of the case. (vijesti)
According to the monitoring of on-chain analyst Ember, Genesis Trading distributed BTC and ETH worth $1.817 billion to 203 addresses through liquidation distribution addresses on August 2. In the past 6 days, about 15% of the BTC and ETH distributed to creditors were transferred out/sold, and the other 85% did not move.
BTC:
Distribution quantity: 8/2 24,073 BTC (US$1.377 billion) were distributed to 154 addresses via the bc 1...mux address on the BTC network;
Transfer volume: Approximately 3,558 BTC ($203.5 million) were transferred/sold in the past 6 days, accounting for 15% of the total BTC distribution.
Amount not transferred: 20,414 BTC ($1.167 billion) were not moved after being received.
ETH:
Distribution quantity: 8/2 179,690 ETH (US$440 million) were distributed to 49 addresses through the 0x C 62...6 C 4 address on the ETH network.
Transfer amount: ~27,548 ETH ($67.5M) was transferred/sold in the past 6 days, accounting for 15% of the total ETH distribution.
Amount not transferred: 152,142 ETH ($372.7 million) was not moved after being received.
Odaily Planet Daily News WazirX said on the X platform that after careful consideration of the situation and receiving a lot of user feedback, it has decided to restore the balances of all accounts and reverse all transactions made on the WazirX platform after withdrawals were stopped at 1 pm Indian Standard Time on July 18, 2024. All users asset balances on the WazirX platform will be restored to the status at 1 pm on July 18, 2024. The restoration process will be completed in the next few days, and affected users will receive notifications about affected transactions via email. This decision was carefully considered and is intended to protect the integrity of our platform and provide users with a fair outcome after the unusual cyber attack on July 18, 2024.
Franklin Templeton’s On-Chain Tokenized Money Market Fund Expands to Arbitrum
Odaily Planet Daily reported that Franklin Templeton, an asset management company with an asset size of US$1.5 trillion, has expanded its on-chain US government money market fund (FOBXX) to the Ethereum second-layer network Arbitrum, which is the third blockchain supported by the fund. It has previously been launched on Stellar and Polygon.
It is reported that Franklin Templeton said that investors can use the Arbitrum network according to their needs and qualifications. Roger Bayston, head of digital assets at Franklin Templeton, said that expanding to the Arbitrum ecosystem is an important step in using blockchain technology to enhance asset management capabilities. (Coindesk)
Brazils SEC approves first Solana spot ETF, to start trading on B3 in 3 months
Odaily Planet Daily News: The Brazilian Securities and Exchange Commission (CVM) approved the worlds first Solana spot ETF, issued by QR Asset and managed by Vortx. The ETF will be priced using the FCME CF Solana Dollar reference rate and will begin trading on the B 3 exchange within 3 months. (Cryptonews)
Odaily Planet Daily News Bitcoin mining company Core Scientific announced its Q2 financial report for fiscal year 2024. The key points are as follows:
- Net loss was $804.9 million, compared with a net loss of $9.3 million in the same period of 2023;
-Total revenue was $141.1 million, compared to $126.9 million in the same period of 2023;
- Operating income was $6.6 million, compared to $9.5 million in the same period of 2023;
-Adjusted EBITDA was $46 million, compared to $45 million in the same period of 2023.
The Q2 net loss was due to a significant sequential increase in the value of the companys equity, which resulted in a $796 million mark-to-market adjustment to the value of the first and second tranches of warrants and other contingent value rights. (Business Wire)
Project News
Odaily Planet Daily News Starknet announced on X that the v 0.13.2 upgrade has been launched on the test network. The update includes parallel execution and block packaging. The next step will be to launch the main network on August 28.
Pudgy Penguins CEO: Pudgy World is about to release a major update
Odaily Planet Daily News: Luca Netz, CEO of the NFT project Pudgy Penguins, recently published a post on X revealing that Pudgy World is about to release a major update. According to the video he shared, Pudgy World can already support arcade games.
Shuffle Launches Season 2 Airdrop Event
Odaily Planet Daily News Shuffle announced the launch of the second season airdrop event, which will distribute 90 million SHFL tokens. This round of airdrops will reward users who continue to bet after the first season airdrop, VIP members, users who use SHFLs new features, and promoters who introduce high-quality users. The amount of bets, loyalty, and frequency of using SHFL are related to the airdrop share.
Sushi Labs will build native DEX Saru on ApeChain
Odaily Planet Daily News ApeCoin announced on the X platform that Sushi Labs will build a native DEX Saru on ApeChain. It is reported that Saru means ape in Japanese, reflecting the commitment to the broader APE ecosystem.
Blast Chain Meme Coin Pacmoon Plans to Migrate to Solana, PAC Will Be Renamed ARMY
Odaily Planet Daily reported that Pacmoon, the meme coin with the largest market value on the Blast chain, announced that it will migrate from Blast to Solana. The PAC token will be renamed ARMY and will receive airdrops on Solana based on the destroyed PAC.
Lamboland, head of growth at PacMoon, said that building on Blast was an uphill battle, and that tokens, community, and culture were the key to the success of a blockchain, but Blast had never focused on that. The native token on Blast was suppressed, and the Blast team did not provide any social support.
The Pacmoon team recommends that PAC holders destroy the token before August 14, and says that new ARMY tokens will be airdropped to holders based on the number of tokens destroyed. The official website currently displays a countdown that appears to show that the migration will take place in six days, on August 14.
Odaily Planet Daily News Blur and Blast co-founder Pacman Yu X said in a post: Since the first phase, the team has intended to allocate incentives to native assets, but at that time, the practice of directly allocating incentives to third-party teams had never appeared. Therefore, we decided to act cautiously and only allocate rewards to DApps.
Now that the Foundation team has gained enough experience, it can move more directly into expanding the scope and supported assets. This can be done in two ways:
1. New Culture Category: Projects in this category (Meme Coins and NFT Series) can now directly obtain Gold;
2. Asset incentives: Projects can now allocate Gold to their native assets (pending review by the Foundation);
I believe we will benefit greatly from these changes, which will impact future updates. This is just the first of many steps, and I’m excited to work with the Foundation team to support Blast assets more directly.
It’s worth mentioning that, unfortunately, Pacmoon has decided to migrate before this distribution was released. Every project needs to make the decision that’s right for them, and I will always respect that. I wish Pacmoon all the best. In the meantime, the Gold shares originally reserved for Pacmoon will be distributed to previous holders based on a combined snapshot of the two weeks before and after the TGE.”
Earlier today, it was reported that Pacmoon, the meme coin on the Blast chain, plans to migrate to Solana, and PAC will be renamed ARMY.
Regulatory trends
UK FCA releases comprehensive guidance on cryptocurrency marketing compliance
Odaily Planet Daily reported that according to the official announcement, the UK Financial Conduct Authority (FCA) issued guidance on cryptocurrency marketing compliance. This is the first time it has formulated rules for all crypto companies marketing to UK consumers, urging all companies to read the good and bad practice guidelines and the FCAs previously issued guidance document GC 23/1.
If a company wishes to provide services that fall within the scope of the Anti-Money Laundering Regulations (MLR), it must register with the FCA. These services include providing crypto asset trading, peer-to-peer services, issuing new crypto assets (such as ICOs or IE 0s), and custodial wallet providers. The FCA will provide a lot of support to potential applicants and will register companies that meet the standards for anti-money laundering and terrorist financing controls.
Investment and Financing
Vessel Completes $10 Million Seed Round, Sequoia Capital and Others Participate
Odaily Planet Daily News: ZK order book trading platform Vessel has completed a US$10 million seed round of financing, with participation from Sequoia Capital, Scroll co-founders Sandy Peng and Ye Zhang, Avalanche Foundation, Algorand Foundation, IMO Ventures, Folius Ventures, Incuba Alpha and a group of angel investors.
The funds from this round of financing will be used to: combine CEX efficiency with DEX transparency, improve liquidity efficiency, and develop advanced ZKP solutions for DeFi.
Odaily Planet Daily reported that LYNC, a Rollup project focusing on mobile phone business, completed a US$1.5 million Pre-Seed round of financing. Movement Labs, Levitate Labs, Smape Capital, Amesten Capital, Aptos, 8186 Capital, LonghashX, as well as angel investors such as Gabby Dizon of YGG, Rushi Manche and Cooper Scanlon of Movement Labs, and LAI Ho Tin of J 17 Capital participated in the investment.
The new funds will be used to enable LYNC to have more mobile users on the chain, and provide individual entrepreneurs, developers and founders with Rollup technology and end-to-end mobile stacks supported by Movement Labs to build crypto-native mobile applications and games. LYNC has been active in the Movement ecosystem, supporting more than 400 projects and generating more than 5 million transactions in the last quarter. (Decrypt)
According to official news from Odaily Planet Daily, the AI-driven liquidity distribution protocol Quantlytica announced the completion of 1 million euros in financing, with participation from Polygon Labs Ecological Fund, Web3Port Foundation, Eureka Partners, DWF Ventures, Connectico Capital, ZBS Capital, etc. It is reported that the funds raised will be used to support protocol development, strengthen AI assistance within the ecosystem, and break down liquidity barriers between users and project parties.
Moonveil Completes Pre-A Round of Financing, Spartan Leads Investment
Odaily Planet Daily News: Moonveil announced the completion of its Pre-A round of financing, with a total financing amount of US$9 million. Spartan led the investment, and Gumi Cryptos Capital, Hashkey, Animoca Ventures, Hivemind and Mask Network participated in the investment.
It is reported that Moonveil is a gaming ecosystem that focuses on the quality of game products and deeply empowers user experience with the help of ZK-powered L2 blockchain. Moonveil team members come from industry companies such as Riot Games, NetEase, Funplus, and CARV. They are actively building a Layer 2 game chain based on zero-knowledge proof (ZK) technology, and with the help of customizable infrastructure services and on-chain operation systems, Moonveils flagship games AstrArk, Bushwhack and other ecological games will start testing in the near future.
GC Capital strategically invests in decentralized cloud gaming protocol DeepLink Protocol
Odaily Planet Daily News: The decentralized cloud gaming protocol DeepLink Protocol published a post on the X platform stating that DeepLink received strategic investment from GC Capital.
According to previous news, in April, DeepLink announced that it had completed angel round and A round financing totaling US$8 million, with participation from Gobi Ventures, Hycons, DBC, ROCK Ventures and other companies, as well as PS, KMTLE, Dan FamilyWorks, BTR, Horman, FireHustle and others.
Character*Voice
Su Zhu: The real bull market has not yet begun
Odaily Planet Daily News Su Zhu Yu X wrote: The real bull market has not yet begun. Investors attention spans are getting shorter and shorter, but the cycles are getting longer and longer. Either be prepared for the next few decades, or ignore it completely.
Placeholder Partner: Most of the focus in 2022 so far is on SOL
Odaily Planet Daily News: Chris Burniske, former head of Ark Invest encryption and current partner of Placeholder VC, wrote on the X platform, I usually focus most of my attention on a major dark horse project in each cycle. From 2014 to 2017, it was BTC, from 2018 to 2021, it was ETH, and from 2022 to now, it was SOL. Stay flexible and avoid dogmatism. At the same time, I still hold BTC and continue to stake ETH. Why focus on SOL now? When a project is a hard-working but differentiated dark horse, I am personally more interested in this dynamic. Not to mention, many people will support those established projects (which will reduce the marginal benefits of my support), and far fewer people are willing to take risks for dark horse projects because it requires taking on factors such as career risks. The transition from dark horse to maturity is what I am best at. So, one day, I may focus most of my energy on projects other than SOL. In the meantime, cryptocurrency remains a dark horse, so I support all sincere efforts, although I will highlight relative outperformance in each cycle.
Greeks.live: Cryptocurrency losses stalled last week, markets recover
Odaily Planet Daily News Greeks.live Macro Researcher Adam said on the X platform that the Bank of Japans recent hawkish remarks have greatly hit the price of cryptocurrencies. We need to continue to pay attention to the Bank of Japans actions this month. A large proportion of global macro transactions are based on the yen. The yen rate hike will shake the entire financial market. Last weeks huge decline has stagnated, and the market is recovering, so the IV of major maturities has fallen. The cryptocurrency market still maintains the wide range of fluctuations since March, especially ETH is relatively sluggish, and the exchange rate has fallen sharply.
