Today’s News Highlights:
Seminar guided by the Supreme People’s Procuratorate discusses “the nature of virtual currency and the judicial disposal of virtual currency involved in cases”
Guiding principles draft by Taiwan’s Financial Supervisory Commission: operators are not allowed to issue stablecoins, and advertising and solicitation activities are prohibited until compliance is achieved
Coca-Cola launches NFT minting activity on the Base chain, combining famous artworks with bottle designs
- IOSG Weekly Report 8 Application Fields Where LLM Interacts with Blockchain
- Notional CEO Why is Arbitrum the preferred Layer2 platform for building DeFi protocols?
- Is cryptocurrency really a security? Six senior legal professionals completely refute the SEC’s theory of ‘investment contract’.
South Korean telecom giant SK Telecom invests an additional $100 million in AI company Anthropic
LianGuaiyLianGuail to launch a cryptocurrency center for specific users, with functions including cryptocurrency sales and purchases
Zunami Protocol, a yield aggregator protocol, suffers an attack with losses exceeding $2.1 million
Cryptocurrency exchange Txbit announces closure on September 14
South Korean cryptocurrency exchange Upbit to list SEI and support BTC and Korean won trading pairs
A seminar guided by the Supreme People’s Procuratorate discussed “the nature of virtual currency and the judicial disposal of virtual currency involved in cases.”
According to the Inspection Daily, at a seminar held last month, guided by the Fourth Procuratorate of the Supreme People’s Procuratorate, organized by the Zhejiang Provincial People’s Procuratorate and the Criminal Procuratorial Research Base of the Supreme People’s Procuratorate, representatives in attendance held in-depth discussions on topics such as “the nature of virtual currency and the judicial disposal of virtual currency involved in cases.” Gao Yandong, associate professor at the School of Law of Zhejiang University Guanghua Law School, stated that in recent years, virtual currency has become the main money laundering tool for telecommunications network fraud crimes. The understanding of the legal nature of virtual currency, how to determine its value, and how to carry out judicial disposal varies, and there is an urgent need for unified clarity.
Regarding the legal nature of virtual currency, Wang Yutong, from the Financial Market Department of the People’s Bank of China, pointed out that the “Notice on Further Preventing and Dealing with Risks Associated with Virtual Currency Trading Speculation” clearly states that virtual currency is not legal tender and that relevant business activities in China are illegal financial activities. However, it does not stipulate that virtual currency is a prohibited item. Due to its inherent financial attributes, its property attributes cannot be denied. Ren Suxian, chief judge of the Criminal Trial Division of the Second Intermediate People’s Court of Shanghai, also believes that although the “Notice” denies the currency attribute of virtual currency, starting from its functional attribute, treating virtual currency as the object of illegal fundraising and other illegal financial activities indirectly recognizes its property attribute. Che Hao, professor at Peking University Law School, believes that the essential attribute of property lies in its transferability and is not explicitly prohibited by law. Although China prohibits virtual currency investment and trading, it has not completely banned individuals from holding and transferring virtual currency, so virtual currency still has property attributes.
In response to how to determine the value of virtual currency in judicial practice, Wu Junjie, a senior prosecutor at the Fourth Level of the Zhejiang Provincial Procuratorate, proposed two approaches: one is to have the Price Certification Center determine the price, and the other is to determine the value based on the amount of Chinese yuan obtained by exchanging virtual currency for Chinese yuan or the international market trading price on the date of the crime for virtual currency that has not been exchanged. Xie Hongyan, Director of the Security Department of Taotian Group, suggested that the market trading price at the time of purchase or damage of the victim should be used to determine the value in order to better safeguard the property rights and interests of the victim. Regarding the disposal of virtual currency involved in the case, Liu Daoqian, a professor at the Chinese Institute of Criminology, suggested that for transactions on centralized exchanges, the involved accounts can be frozen through the exchange; for transactions using cold wallets, the cold wallets or keys can be located and seized through investigative measures.
Shanxi province has severed a criminal chain that used the sale of cigarettes and virtual currency for money laundering, involving a total amount of nearly 84 million yuan
According to the WeChat public account of the Shanxi Provincial Public Security Department, recently, the Xinghualing Branch of the Taiyuan Municipal Public Security Bureau in Shanxi Province severed a criminal chain that provided money laundering services to a telecom fraud gang through the sale of cigarettes and the use of virtual currency transactions. 23 criminal suspects were arrested, involving 43 telecommunications fraud cases, with a total amount of nearly 84 million yuan.
The police remind that this is a new type of money laundering method for telecom fraud funds, which uses the method of offline buying and selling cigarettes and other easily liquidated goods to launder illegal funds, and then cleans the funds again by exchanging virtual currency and transfers them overseas. The police remind cigarette retailers to be vigilant against people with the following characteristics: people with accents from other places, wearing ordinary clothes and often disguises such as masks or hats; they usually choose popular cigarette brands that are easy to sell and have good circulation; they usually conduct reconnaissance first to confirm the availability of a large amount of inventory, and then return to make the purchase a few hours later; when making the purchase, they will ask the cigarette shop to provide a bank account and send it to their superiors, and they will frequently check their phones and wait for instructions; after the money is transferred from the fraudulent card to the cigarette shop by their superiors, they quickly leave with the cigarettes.
Taiwan Financial Supervisory Commission (FSC) guidance draft: Operators are not allowed to issue stablecoins, and advertising and solicitation businesses are not allowed until compliance is achieved
According to Chain News, based on multiple sources, the content of the guidance draft of the Taiwan FSC (non-finalized version) shows that there are a total of thirteen principles and related provisions. The guidance principles to be announced in September 2023 will allow local operators to have a clearer understanding of legal behavior and penalties; overseas operators will not be allowed to advertise or solicit business if they are not in compliance in Taiwan.
According to the guidance principles of the FSC, overseas exchanges and other overseas operators that have not entered the anti-money laundering declaration list are not allowed to advertise or solicit Taiwanese people, or engage in activities such as providing New Taiwan Dollar deposits and withdrawals. Operators under the supervision of the guidance principles can issue virtual assets, but they must have a white paper with sufficient information disclosure (this is in reference to the specifications of the EU “Regulation on Markets in Crypto Assets”), such as issuer information, issuance quantity, subscription conditions, etc., and it may even be necessary to disclose whether the consensus mechanism used will have a significant impact on the climate. However, operators are not allowed to issue stablecoins.
The Financial Supervisory Commission (FSC) explicitly stated that it is illegal to engage in the trading of derivative financial products related to virtual assets or virtual asset businesses with securities characteristics. In the absence of mature international laws and regulations, illegal operators will be regulated under the Futures Trading Act, which may result in imprisonment of up to 7 years and a fine of up to 3 million New Taiwan Dollars.
Coca-Cola launches NFT minting activity on the Base chain, combining famous paintings with bottle bodies
Base, the Coinbase L2 network, announced on Twitter that Coca-Cola has launched the “Global Masterpiece” NFT minting activity on the Base chain, including works by emerging artists Aket, WonderBuhle, Fatma Ramadan, Vikram Kushwah, Stefania Tejada, as well as eternal artists such as Monet, Van Gogh, and Vermeer. These NFTs combine famous paintings with Coca-Cola bottle bodies and are currently open for minting.
South Korean telecom giant SK Telecom invests an additional $100 million in AI company Anthropic
South Korean telecom operator SK Telecom (SKT) announced that it will invest an additional $100 million in Anthropic, an AI security and research company based in San Francisco. Previously, SK Telecom Venture Capital (SKTVC), the Silicon Valley venture capital arm of SKT, had made investments. SKT has signed a cooperation agreement with Anthropic to jointly build a Large Language Model (LLM) customized for telecommunications companies.
LianGuaiyLianGuail will launch a cryptocurrency center for specific users, with functions such as cryptocurrency sales and purchases
According to Cointelegraph, payment giant LianGuaiyLianGuail has updated its terms shortly after the launch of the USD-backed stablecoin LianGuaiyLianGuail USD (PYUSD) to introduce a “cryptocurrency center”, which allows users to hold and interact with Bitcoin. According to the terms, in order to qualify for using the cryptocurrency center, LianGuaiyLianGuail users must have a “personal LianGuaiyLianGuail account and a good balance account”. In addition, LianGuaiyLianGuail will verify the necessary identity information provided by users, including name, actual address, date of birth, and taxpayer identification number. Once launched, the cryptocurrency center will be directly linked to the user’s LianGuaiyLianGuail account and can be accessed using existing credentials.
According to the company, this service will allow the sale and purchase of cryptocurrencies. Additionally, it will facilitate the purchase of funds stored after the sale of cryptocurrencies through LianGuaiyLianGuail. The cryptocurrency center is also crucial for the conversion between PYUSD and other crypto assets. However, LianGuaiyLianGuail further explains that “the balance in the cryptocurrency center represents the ownership of each crypto asset, and users will not hold the digital crypto assets themselves in their crypto asset balance.”
Earlier today, it was reported that LianGuaiyLianGuail plans to adopt PYUSD on major trading platforms, with no international expansion plans at this time.
Zunami Protocol, a yield aggregator protocol, has suffered an attack resulting in losses exceeding $2.1 million.
Zunami Protocol tweeted, “zStables seems to have been attacked. Collateral is still safe, and we will continue to investigate further.”
According to Pudun’s analysis, the hack on Zunami Protocol has resulted in a loss of over $2.1 million, involving two hacker transactions. It is a price manipulation issue that led to the incorrect calculation of prices through donations.
Later today, SlowMist founder Cao Yin stated that the attack on Zunami Protocol could have been avoided as the project team had already been informed about the risks but ignored them.
Justin Sun claims to currently hold over 100,000 bitcoins.
Justin Sun, the founder of TRON, tweeted that he is a supporter of Bitcoin and currently holds over 100,000 bitcoins. He believes that “TRON as a stablecoin network may have a positive impact on the value of BTC.”
The Federal Reserve’s instant payment system FedNow has added Dropp, a small-value payment platform supported by Hedera, as its service provider.
According to a message forwarded by Santiment from Generation Infinity, the Federal Reserve’s instant payment system FedNow has added Dropp, a small-value payment platform supported by Hedera, to its list of service providers. Dropp supports small-value payments in HBAR, USD, and USDC.
Reuters journalist: SBF is currently being held in the Metropolitan Detention Center in Brooklyn, New York.
Luc Cohen, a Reuters journalist, tweeted that prison records show that Sam Bankman-Fried (SBF), the former CEO of FTX, is currently being held at the Metropolitan Detention Center at Sunset Park. The previous day, Judge Lewis Kaplan, when ordering the detention of SBF, acknowledged that the prison is “not on anyone’s list of five-star facilities.”
It is reported that the Metropolitan Detention Center in Brooklyn, New York, currently holds more than 1,600 prisoners. The detention center has been controversial due to poor supervision conditions, medical and health issues, etc. Decrypt reported that most of the cells in the prison do not have private rooms or toilets, and they are infested with mice, maggots, and insects.
Previously on August 12, a U.S. judge revoked SBF’s bail; SBF’s legal team has appealed the decision.
Wintermute is applying for a YFI loan from the Yearn community and plans to purchase up to 3 million yCRV tokens.
According to the governance page, Wintermute Trading has initiated a new proposal in the Yearn Finance community, requesting approval to provide a YFI loan to Wintermute Trading and authorize the transfer of 350 YFI tokens ($2.18 million) from the DAO treasury to Wintermute Trading for a period of 12 months at an interest rate of 0.1%. The loan will be repaid in physical assets at the end of the loan term.
In addition, Wintermute plans to use up to 3 million CRV tokens ($1.73 million) to purchase yCRV tokens and add them to the yCRV-CRV Curve pool (lp-yCRV V2) deployed on Yearn for a minimum period of 6 months. Wintermute hopes that this action will rebalance the current 69%/31% yCRV/CRV fund pool, improve yCRV pegging, and increase fund pool liquidity. The proposal states that a snapshot vote will be launched after 7 days of community discussion and feedback.
Wintermute applies for a YFI loan from the Yearn community and plans to purchase up to 3 million yCRV tokens.
According to the governance page, Wintermute Trading has initiated a new proposal in the Yearn Finance community, requesting approval to provide a YFI loan to Wintermute Trading and authorizing the transfer of 350 YFI tokens ($2.18 million) from the DAO treasury to Wintermute Trading. The loan will be for a period of 12 months with an interest rate of 0.1% and will be paid in physical form upon the end of the loan term.
In addition, Wintermute plans to use up to 3 million CRV tokens ($1.73 million) to purchase yCRV and add it to the yCRV-CRV Curve pool (lp-yCRV V2) deployed on Yearn for a minimum of 6 months. Wintermute hopes that this action will rebalance the current 69%/31% yCRV/CRV liquidity pool, improve yCRV pegging, and increase liquidity in the pool. The proposal states that a snapshot vote will be launched after 7 days of community discussion and feedback.
Cryptocurrency exchange Txbit announces closure on September 14th.
Cryptocurrency exchange Txbit has announced that it will be closing on September 14, 2023. All customers are advised to withdraw their funds by 20:00 on September 14, 2023, Beijing time. Any remaining funds after September 14, 2023, will not be recoverable. On August 14th, there will be approximately one hour of downtime during which all open orders will be canceled. Trading functionality will also be disabled. Once this process is complete, the platform will return to online status and resume withdrawal services.
Hong Kong media: Li Lin rents and then buys a HK$1 billion luxury home in Hong Kong, with a selling price of over HK$920,000 per square meter.
According to Hong Kong media hk01, the luxury development project The Cove at 3 Dragon’s Road in Kowloon launched the largest area unit, the mansion C, on July 13 through a tender. It is reported that the developer introduced a “rent first, buy later” arrangement, and the mansion has been leased by a mainland client named Li Lin for a lease term of 90 months, approximately 7 and a half years, starting from August 1, 2023. There is an option to renew the lease for an additional 3 months before the end of the lease term. However, the rental level is unknown. In addition, during the lease term, the tenant can choose to purchase mansion C for HK$1 billion. If the transaction is completed, the selling price per square foot will reach HK$85,529 (HK$920,625 per square meter).
According to LianGuaiNews, the mainland client Li Lin is the founder of Huobi.
Korean cryptocurrency exchange Upbit to list SEI, supporting BTC and Korean won trading pairs.
According to an official announcement, Korean cryptocurrency exchange Upbit will list SEI and support BTC and Korean won trading pairs. SEI deposits will only be supported from the Sei network (other networks such as BSC are not supported). SEI deposit and withdrawal support is expected to start on August 15, 2023, at 21:00 KST. The start of trading support will be notified separately.
Investment and Financing
CVP NoLimit Fund I, a venture capital fund led by the former strategic director of Binance, has raised $50 million.
According to The Block, CVP NoLimit Fund I, a venture capital fund led by former Binance strategic director Gin Chao, has announced the closure of its fund and raised $50 million for investing in crypto startups. According to today’s announcement, the collaboration between NoLimit Holdings and private equity firm ClearVue Partners for CVP NoLimit Fund I ended on July 25th.
NoLimit focuses on seed rounds and strategic investments, with investment sizes ranging from $250,000 to $3 million. The company has already invested in more than 20 projects globally and expects to invest in another 20 projects in the next 12 months.
Data: The amount of DAI deposited in DSR has exceeded 1.3 billion, of which Savings Dai (sDAI) has exceeded 550 million.
According to Makerburn data, as the MakerDAO DAI deposit rate was raised to 8%, the amount of DAI deposited in DSR has exceeded 1.3 billion. Among them, Savings Dai (sDAI) has exceeded 550 million, possibly influenced by the SLianGuairk Protocol airdrop expectations.
Data: A whale transferred over 22,340 ETH to Binance 2 hours ago, worth approximately $41.1 million.
According to on-chain analyst Yu Jin, a whale transferred 22,340 ETH (worth approximately $41.1 million) to Binance 2 hours ago and withdrew 12.88 million USDT 20 minutes later. After the whale transferred ETH to Binance, the price of ETH dropped from $1,844 to $1,834.5, with corresponding trading volume. It is likely that this whale has partially or completely sold their ETH.
Yu Jin pointed out that this whale has realized profits from 5 ETH swing trades since May, but this may be their first loss.
Data: SAND worth approximately $130 million and APE worth approximately $31.05 million will unlock this week.
Token Unlocks data shows that 5 crypto projects will unlock their tokens this week, with a total value of approximately $174 million.
The Sandbox (SAND) will unlock approximately 330 million tokens worth approximately $130 million on August 14 at 16:00;
Flow (FLOW) will unlock approximately 7.29 million tokens worth approximately $4.07 million on August 16 at 8:00;
Euler (EUL) will unlock approximately 157,000 tokens worth approximately $408,000 on August 16 at 17:00;
ApeCoin (APE) will unlock approximately 15.6 million tokens worth approximately $31.05 million on August 17 at 8:00;
Oasis Network (ROSE) will unlock approximately 171 million tokens worth approximately $8.09 million on August 19 at 0:00.
The BALD deployer bridged 7,000 ETH from the Base Network back to Ethereum and deposited 2,100 ETH into Kraken.
According to Lookonchain, the BALD deployer has bridged 7,000 ETH (worth approximately $12.9 million) from the Base Network back to Ethereum and deposited 2,100 ETH (worth approximately $3.87 million) into Kraken. Currently, there are 2,000 ETH (worth approximately $3.7 million) in the bridged network and 2,237 ETH (worth approximately $4.13 million) in the Base Network.
LianGuaiNews APP Points Mall Officially Launched
Hardcore prizes for free exchange: imKeyPro hardware wallet, First Class Cabin research report monthly card, Ballet REAL series wallet, AICoin membership, various peripherals, and hundreds of selected research report collections, first come, first served, experience now!
LianGuaiNews Launches Global LEAP Tour!
South Korea, Singapore, Shanghai, Taipei, September to December, multiple locations gather to witness a new chapter in globalization!
📥 Activities are being jointly organized in multiple locations, and communication is welcome!