LianGuai Daily | Sei Mainnet Test Version LianGuaicific-1 Released; Tether Stops Minting USDT on Omni, Kusama, and BCHSLP Chains

Today’s highlights:

Financial Conduct Authority (FCA) of the UK: UK cryptocurrency businesses will be required to implement the “Travel Rule” starting from September 1st

Singapore police arrest dozens of foreign suspects involved in money laundering, including 11 documents containing virtual asset information

Sichuan Province plans to introduce the Metaverse Industry Development Action Plan, with a planned scale of 250 billion yuan by 2025

The test version of the Sei mainnet LianGuaicific-1 has been released, and the airdrop is now open for collection

Ethereum Deneb/Cancun upgrade test network Devnet 8 has been launched and is progressing smoothly

Binance employee: XIRTAM asset recovery has been returned to some users, and all refunds will be completed on September 4th

Tether stops minting USD₮-Omni, USD₮-Kusama, and USD₮-BCHSLP

Jada, an AI project that uses blockchain technology, completes a $25 million financing round with participation from LDA Capital

Regulatory News

Singapore police arrest dozens of foreign suspects involved in money laundering, including 11 documents containing virtual asset information

According to official sources from the Singapore Police Force, Singapore police have arrested 10 foreign suspects involved in money laundering and document forgery, including 11 documents containing virtual asset information. The total value of the assets involved is about 1 billion yuan, and it is believed that 10 of the individuals are originally from Fujian, China, and three of them are Chinese citizens. The rest hold Chinese passports but have different nationalities. In addition, 12 other individuals are assisting in the investigation, and 8 of them are currently wanted by the police. It is believed that all these individuals are connected to each other. None of the individuals involved are Singaporean citizens or permanent residents.

The police have issued freezing orders for 94 assets and 50 vehicles, with a total value of over 815 million yuan, as well as multiple pieces of jewelry and alcohol. The police have also seized more than 35 related bank accounts with a total balance of over 110 million yuan. The police have launched an investigation to prevent the proceeds of crime from being transferred. The authorities have also seized over 23 million yuan in cash, including foreign currencies, over 250 luxury bags and watches, as well as over 120 electronic devices, 270 pieces of jewelry, two gold bars, and 11 documents related to virtual assets.

If convicted, under Section 54 of the CDSA 1992, the maximum penalty for individual money laundering is 10 years imprisonment, or a maximum fine of USD 500,000, or both. Under Section 468 of the Penal Code of 1871, forgery with the intent to deceive is punishable by a maximum of 10 years imprisonment and a fine.

Financial Conduct Authority (FCA) of the UK: UK cryptocurrency businesses will be required to implement the “Travel Rule” starting from September 1st

The Financial Conduct Authority (FCA) of the UK has announced that from September 1st, 2023, cryptocurrency asset businesses in the UK will be required to collect, verify, and share information about cryptocurrency asset transfers, known as the “Travel Rule.” This rule aims to align the practices of cryptocurrency asset businesses with common practices in other financial services sectors.

FCA said it has been working with the industry, the Joint Money Laundering Steering Group (JMLSG), and Her Majesty’s Treasury (HMT) to develop guidance to help businesses comply with travel rules, in order to further support the crypto asset business. Companies must input this guidance by August 25, 2023.


DeGods co-founder Finny announced his resignation, stating that it is unrelated to recent events.

Finny, co-founder of the NFT project DeGods, announced on Twitter that he will be leaving the DeGods team. Finny stated that his resignation is unrelated to any recent events, as he began transitioning out of the company in early July.

Finny mentioned that he co-founded DeGods with a few friends two years ago and still has confidence in DeGods and y00ts.


Sichuan Province plans to introduce an action plan for the development of the metaverse industry, aiming for a scale of 250 billion yuan by 2025.

The website of the Sichuan Provincial Department of Economy and Information Technology issued a public notice on August 15, soliciting opinions on the “Sichuan Province Action Plan for the Development of the Metaverse Industry (2023-2025) (Draft for Soliciting Opinions)”. The Action Plan proposes that by 2025, the scale of the metaverse-related industries in the province will reach 250 billion yuan, empowering the digital transformation and intelligent upgrading of the manufacturing industry, and initially establishing an influential highland for the development of the metaverse industry.

The Action Plan also proposes to enhance the construction of blockchain infrastructure, strengthen support for blockchain common applications such as privacy protection, cross-chain control, mutual trust and recognition, quality traceability, intellectual property rights, and cross-border trade. It focuses on core technologies of the metaverse such as digital twins, VR/AR/MR, artificial intelligence, the Internet of Things, and blockchain, and strives to introduce and cultivate leading companies in the metaverse industry, supporting domestic and foreign industry leaders to establish regional headquarters in our province and enhance their ecological dominance in the metaverse industry. It also strengthens the construction of blockchain risk management systems, explores innovative regulatory models, promotes compliance guidance, and creates an open and trustworthy development ecosystem for the metaverse. Financial service institutions are actively encouraged to support the metaverse industry, explore digital asset pledging methods, and promote the digital development of enterprises within the framework of law and compliance.

Lenovo CEO: An additional 7 billion yuan will be invested in AI technology and applications in the next three years.

According to IT Home, Yang Yuanqing, Chairman and CEO of Lenovo Group, announced in an internal letter that in the next three years, an additional investment of over 7 billion yuan will be made to accelerate the deployment of artificial intelligence technology and applications globally.

Yang Yuanqing said, “AIGC generative AI and LLM large language model are catalysts and accelerators for the development and application of artificial intelligence. We must seize the opportunity. At the same time, we should also see that AIGC and LLM are only part of artificial intelligence, and our intelligent transformation strategy aims to build a full-stack capability that is driven by artificial intelligence from the pocket to the cloud. We will continue to develop AI terminals, AI infrastructure, and industry solutions empowered by AI to help customers and consumers in various industries achieve comprehensive productivity improvement.”

Project Updates

The Sei mainnet test version LianGuaicific-1 has been released, and the airdrop is now open for claiming.

The Sei Network, a public chain, announced on Twitter that the Sei mainnet test version LianGuaicific-1 has been released, and the airdrop is now open for claiming. Users can check their eligibility and participate in the cross-chain airdrop as well as the rewards for Atlantic contributors on the airdrop claiming page. Please note that users need to update their ComLianGuaiss wallet to the latest version 0.7.9, as versions 0.7.8 and below will not be able to receive the tokens.

In addition, the official announcement also provides a guide on bridging funds to Sei and reminds users that depending on the network load, it may take some time for funds to be transferred from Ethereum to Sei.

Later today, it was announced that the Sei Foundation has increased the number of eligible wallets for the cross-chain airdrop from 500,000 to 1.5 million.

The Ethereum Deneb/Cancun upgrade testnet Devnet 8 has been launched and is progressing smoothly.

Terence.eth, a developer in the Ethereum community, tweeted that the Deneb/Cancun upgrade official testnet Devnet 8 has been launched and is progressing smoothly. According to previous news, Devnet 8 is the first dedicated test network that will activate all relevant Ethereum Improvement Proposals (EIPs) determined for the Dencun upgrade.

MakerDAO founder initiates a new governance proposal to establish the “SLianGuairk Protocol-Aave revenue sharing system.”

Rune Christensen, the founder of MakerDAO, has proposed a governance proposal to formalize the SLianGuairk Protocol-Aave revenue sharing system as part of the Maker ecosystem protocol and attempt to fix its flaws to align with expected behavior and expectations.

According to the proposal, the SLianGuairk Protocol must pay 10% of the revenue generated by its protocol lending functionality based on the Aave codebase. SLianGuairkDAO service providers must manually calculate and make payments at the end of each quarter, manually paying from the surplus buffer of SLianGuairkDAO in the form of DAI to the smart contract under Aave governance control. The payment must be made within a 2-year revenue sharing period, starting from the date of approval of this amendment by Maker governance. If at any point after the launch of the SubDAO token, the annual revenue generated by the SLianGuairk Protocol for SLianGuairkDAO is less than 1 million DAI, the accrual of revenue sharing payments will be suspended, and the countdown for the revenue sharing period will pause. When the annual revenue of the SLianGuairk Protocol exceeds 1 million DAI again, the revenue sharing payments and the countdown for the remaining revenue sharing period will resume.

Prior to the launch of the SubDAO token, Maker Governance is temporarily responsible for paying “virtual revenue sharing” on behalf of the SLianGuairk Protocol. The calculation is based on the total supply of DAI provided to the SLianGuairk Protocol through the D3M or allocation system, assuming that the “virtual revenue” is equivalent to 1% of that supply, and calculating a 10% revenue share. The calculation and payment must be manually completed by supporting coordinators at the end of each quarter. Once the SubDAO token is launched, the virtual revenue sharing system will no longer be in effect, and it will be replaced by the standard rules of the SLianGuairk Protocol-Aave revenue sharing ecosystem protocol.

Binance employee: Assets recovered from XIRTAM have been returned to some users, and all refunds will be completed by September 4th.

According to LianGuaiNews, Binance has returned assets to some affected users of the XIRTAM project. Today, 11 users have been processed, and other users will need to wait. Users who meet the criteria will receive their refunds on September 4th.

Previously on August 9th, Binance released an update on the progress of asset recovery for XIRTAM, stating that assets for eligible users will automatically be returned on September 4th.

Aave Founder: GHO will regain stability after introducing stability modules in the next few months

According to DL News, since its launch in July, the trading price of Aave’s new stablecoin GHO has been between $0.97 and $0.99. Benjamin Levit, co-founder and CEO of stablecoin research firm Bluechip, believes this is because GHO lacks a proper redemption mechanism and there is insufficient demand for the token.

Aave founder Stani Kulechov defends GHO, stating that when stability modules for GHO and other improvements are introduced in the next few months, GHO will regain stability. It is reported that the GHO stability module (GSM) allows users to use other stablecoins as collateral to mint GHO. GHO minted through GSM can be redeemed 1:1 with the underlying collateral, creating arbitrage opportunities for some token supplies.

Kulechov tweeted on Saturday, “The focus of the current model is the growing debt in GHO, which is growing quite nicely (almost 20 million). I think the focus on being pegged to the dollar should come after this.”

Consensys launches the Linea ecosystem investment alliance, with participation from more than 30 institutions including Amber Group and Animoca Brands

According to the official blog, Consensys’ L2 network Linea announced the launch of the Linea Ecosystem Investment Alliance (EIA), a consortium of over 30 venture capital firms including Amber Group, Animoca Brands, BlockTower Capital, Ventures, Collider Ventures, Fenbushi Capital, Huobi Ventures, IOSG Ventures, etc. to support the builders of the Linea ecosystem.

Foreign media: Shibarium team may have difficulty recovering bridged assets, SHIB and BONE prices plummet

According to Cointelegraph, screenshots of internal Telegram conversations among Shibarium developers show that Chief Developer Shytoshi Kusama revealed that the team is unable to recover assets bridged to the Shibarium network. Cryptocurrency detective ZachXBT stated that he has not confirmed if the assets are truly lost, but noted that the RPC (node running critical blockchain client software) is no longer operational, and described the Shibarium Scan block explorer as “terrible.” Another screenshot shows a Shibarium user encountering technical issues with the block explorer, stating that they are unable to query bridged balances through RPC.

According to LianGuaiNews’ query of the Shibarium Scan block explorer, the Shibarium network resumed block production 50 minutes ago after being stopped for 8 hours, but then stopped again 27 minutes ago. Currently, the Shibarium RPC website cannot be accessed.

In addition, Coingecko data shows that the current price of Shiba Inu (SHIB) token has fallen by 6.8% in the past 24 hours. The price of Bone (BONE) token has fallen by 17.5% in the past 24 hours.

Earlier today, it was announced that Shiba Inu has launched the Shibarium mainnet, an L2 solution.

Valkyrie has submitted an application for an Ethereum futures ETF on Ethereum. Currently, there are a total of 16 valid applications for Ethereum futures ETFs.

Eric Balchunas, a senior ETF analyst at Bloomberg, tweeted that Valkyrie has just submitted an application for an Ethereum futures ETF. The fund will not directly invest in Ethereum, but will instead invest in Ethereum futures contracts. James Seyffart, an analyst at Bloomberg, later tweeted that there are currently 16 valid applications for Ethereum futures ETFs, with Valkyrie’s Bitcoin Ethereum Strategy ETF (BTF) possibly having the earliest decision date on October 3, 2023.

Tether will stop minting USD₮-Omni, USD₮-Kusama, and USD₮-BCHSLP starting from August 17th.

Tether announced that it will begin a strategic transition to stop supporting USDT on Kusama, Bitcoin Cash SLP, and Omni Layer. Tether will stop minting USD₮-Omni, USD₮-Kusama, and USD₮-BCHSLP starting from August 17, 2023. Tether will continue to redeem USD₮-Omni, USD₮-Kusama, and USD₮-BCHSLP as usual for at least the next 12 months. Users can also exchange USD₮-Omni, USD₮-Kusama, and USD₮-BCHSLP to other chains on platforms that support these assets, such as Bitfinex.

Tether also stated that it is committed to developing RGB, a client-side validation state and smart contract system that operates on the second and third layers of the Bitcoin ecosystem. RGB runs on-chain (Bitcoin L1) and on the Lightning Network, offering unparalleled scalability. Once USD₮ is launched on RGB, the world will witness another powerful and scalable USD₮ on the Bitcoin layer.

Curve: Voting for new controllers and AMM implementation for crvUSD has begun.

Curve Finance tweeted that voting for new controllers and AMM implementation for crvUSD has begun. Another batch of low-priority issues has been fixed in AMM.vy and Controller.vy (identified by Chainsecurity, Mixbytes, and @Macket internally).

Funding News

AI project Jada, which utilizes blockchain technology, has raised $25 million in funding with participation from LDA Capital.

According to CoinDesk, Jada AI, an artificial intelligence project that utilizes blockchain technology, has raised $25 million in funding. Alternative investment group LDA Capital participated, and the funds will be used to expand the project’s development team and add new organizations.

Jada AI provides AI services that help with decision-making and scaling organizational operations. The project operates in a blockchain-based environment, where AI computations are executed between participating nodes.

Important Data

Market: Ethereum falls below $1800 with a 1.62% decrease in the past 24 hours.

According to market data, Ethereum has fallen below $1800 and is currently trading at $1799.2, with a 1.62% decrease in the past 24 hours.

CME Group and CF Benchmarks will launch Bitcoin and Ethereum reference rates for the Asia-Pacific region on September 11th.

According to PRNewswire, CME Group and CF Benchmarks, a cryptocurrency price index provider, announced the launch of two bitcoin and ethereum reference rates for the Asia-Pacific region on September 11. The rates are called CME CF Bitcoin Reference Rate ALianGuaiC (BRRAP) and CME CF Ether-Dollar Reference Rate ALianGuaiC (ETHUSD_AP). These rates will provide a daily reference exchange rate for the USD price of these two digital assets, and will be published at 4:00 PM Hong Kong/Singapore time.

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