Today’s headlines:
Hong Kong police: JPEX involved in a case involving approximately HKD 1 billion, four men and two women arrested, over 1,400 people reported the case
JPEX announcement: Accused Hong Kong Securities and Futures Commission of unfair treatment, will “continue to operate steadfastly”
Court approves motion to unseal the “Binance lawsuit sealed documents” filed by the US SEC
- The Significance of Chain Games Why do we want to build Dark Forest?
- Fundraising Weekly Report | 26 Public Financing Events; Animoca Brands Raises $20 Million for its Mocaverse Project, Led by CMCC Global
- LianGuai Morning News | Stoner Cats NFT creator agrees to pay $1 million to reach a settlement with the SEC
Ministry of Industry and Information Technology solicits opinions on the “Metaverse Standardization Working Group Proposal”
Ant Group plans to withdraw investment in A&T Capital and withdraw funds from a $100 million fund
Scroll zkEVM mainnet to be launched in a few weeks
Binance.US platform’s trading volume on September 9th was only $2.97 million, a 99.99% decrease compared to September 17th last year
CoinShares: Net outflow of $53.5 million from digital asset investment products last week
Regulatory news
The US House of Representatives is pushing legislation to prevent CBDC
According to Cointelegraph, the US House of Representatives Financial Services Committee is pushing legislation to prevent the central bank from issuing a central bank digital currency (CBDC). According to Chairman LianGuaitrick McHenry’s announcement, the committee will hold a final review of two bills related to potential digital dollars on September 20th.
The first bill is the “Digital Dollar Pilot Program Prevention Act” (HR 3712), which prohibits the Federal Reserve from launching a pilot program to test CBDC without congressional approval. The bill was proposed by Representative Alex Mooney in May. The second legislation is an amendment to the “Federal Reserve Act,” which prohibits the Federal Reserve banks from providing certain products or services directly to individuals and prohibits the use of CBDC for monetary policy and other purposes.
Hong Kong police arrest Lin Zuo and search his office on suspicion of involvement in the JPEX case
According to Yahoo News, Hong Kong police today arrested Lin Zuo, who is believed to be related to the JPEX exchange controversy; the police also searched Lin Zuo’s office located in Central. The case is now being followed up by the Commercial Crime Bureau.
After being named by the Hong Kong Securities and Futures Commission, JPEX imposed additional withdrawal restrictions, with investors limited to withdrawing 1,000 USDT and transaction fees reaching as high as 999 USDT. After JPEX introduced these measures, many investors are concerned about losing all their investment. Lin Zuo previously stated that he suffered heavy losses and would assist in the investigation. Lin Zuo stated yesterday that he contacted two “acquainted Legislative Council members” on Saturday night, both of whom attach importance to the development of cryptocurrencies.
Earlier reports stated that Lin Zuo, who previously worked in the insurance industry and later transitioned to the cryptocurrency industry, promoted himself as a “JPEX partner applicant” on social media in July and then promoted JPEX during a lecture.
As of 2 pm today, the amount involved in the JPEX case is approximately HKD 1 billion, with four men and two women arrested, and over 1,400 people reported the case.
JPEX announced that it was treated unfairly by the Hong Kong Securities and Futures Commission and will “continue to operate firmly.”
The court has approved the motion filed by the U.S. SEC to unseal the sealed documents in the “Binance Lawsuit Sealing Motion.”
According to a post on Fox Business reporter Eleanor Terrett’s X platform, the judge in the SEC’s case against Binance has approved the SEC’s motion to unseal previously sealed documents, including “motions for enforcement and other remedies, as well as motions opposing the Binance.US protective order.”
On September 15th, the SEC stated to the court that Binance.US is not cooperating with the investigation, and its use of Ceffu custody services may violate previous agreements.
NFT
Metaverse
The Ministry of Industry and Information Technology is seeking public comments on the “Plan for the Establishment of the Metaverse Standardization Working Group.”
The Ministry of Industry and Information Technology is seeking public comments on the “Draft of the Plan for the Establishment of the Metaverse Standardization Working Group” (draft). The document points out that currently, there is no consensus among industry, academia, and research on the definition of the metaverse. The hype around the metaverse by some capital and enterprises has led to the concept being far removed from its actual value, to some extent restricting the development of the metaverse industry. Accelerating the development of basic standards such as metaverse terminology and reference architecture, as well as industry application standards in industrial manufacturing, communications, and other fields, is conducive to unifying consensus, reducing redundant costs, and forming a joint force to promote industrial development.
In the public comments, it is proposed to gather domestic advantageous resources, strengthen international exchange and cooperation, and enhance China’s international competitiveness in the field of the metaverse. Recently, domestic enterprises have closely followed the international development of the metaverse and have increased their research and development investment, actively deploying metaverse applications, and have the basic conditions for carrying out standardization work. China needs to organize key domestic enterprises, research institutes, and other advantageous resources as soon as possible to strengthen the standardization work in the metaverse industry and promote China’s excellent practices to become international standards, thus enhancing the comprehensive competitiveness of the industry.
Sichuan Province officially issued a special policy for the metaverse and plans to build the “China Metaverse Valley.”
According to the official website of the Sichuan Provincial Department of Economy and Information Technology, the Sichuan Provincial Department of Economy and Information Technology and 16 other departments jointly issued the “Sichuan Province Metaverse Industry Development Action Plan (2023-2025).” This is the fourth provincial-level special policy for the metaverse after Shanghai, Henan Province, and Zhejiang Province.
The “Action Plan” states that by 2025, the scale of the metaverse-related industries in the province will reach 250 billion yuan. It will create 200 typical metaverse application scenarios in the fields of industry, cultural tourism, education, and urban development, cultivate 15 core enterprises in the metaverse industry, 150 “specialized, refined, distinctive, and innovative” enterprises in the subdivided fields, and 300 innovative small and medium-sized enterprises. It aims to build a “China Metaverse Valley” with global influence.
In Sichuan Province, as early as January 2023, the office of the Leading Group for the Development of the New Economy in Chengdu issued the “Chengdu Metaverse Industry Development Action Plan (2022-2025)”, proposing that by 2025, the Chengdu metaverse industry system will take shape and the scale of the metaverse-related industries will reach 150 billion yuan.
Project Updates
The Ethereum client Geth has released a hotfix version v1.13.1, fixing issues such as invalid block production.
The Go language client Go Ethereum of Ethereum has released the Ethereum client Geth v1.13.1. This is a hotfix version of v1.13.0, which fixes issues such as engine API fork detection that causes invalid block production and database corruption caused by abnormal restart snapshot synchronization in the LianGuaith scheme. According to previous reports, the Ethereum client Prysm tweeted that a bug interfering with Prysm’s block production was found in Geth, and advised users not to update Geth to version V1.13.0 temporarily.
JPEX increases withdrawal fees and suspends the operation of the Earn program.
According to The Block, the cryptocurrency exchange JPEX announced that after the ongoing liquidity crisis, the company has increased withdrawal fees and suspended the operation of the Earn program on its platform, claiming that a third-party market maker “maliciously froze” the company’s funds. Although spot trading still seems to be continuing, some users claim that the platform charges a withdrawal fee of 999 USDT and sets the withdrawal limit at 1000 USDT. In response, JPEX stated, “We promise to restore liquidity from the third-party market maker as soon as possible and gradually adjust the withdrawal fees back to normal levels.” According to previous reports, JPEX has temporarily shut down all functions in the gaming hall and plans to solicit DAO restructuring proposals from users.
Aave has deployed a new preventive feature across all networks V3 that allows emergency administrators to freeze reserves.
The Aave community has recently proposed and implemented the “freezing steward” proposal. The proposal states that in order to maintain the security of the Aave V3 deployment, the latest preventive features must be maintained on all networks. Since the Aave V3 Ethereum pool already has a freezing steward that allows emergency administrators to freeze reserves, the proposal aims to synchronize behavior by executing the same operation across networks, including Optimism, Arbitrum, Polygon, Metis, and Base.
The Scroll zkEVM mainnet will be launched in a few weeks.
According to Cointelegraph, Ye Zhang, co-founder of Scroll, the Ethereum native zkEVM Layer 2 solution, stated in an interview at Token2049 that the new zkEVM is scheduled to be launched in a few weeks, has undergone extensive testing, and the code has been audited. The Scroll mainnet will be launched after some final testing, and major projects such as Uniswap and Aave are ready to deploy on Scroll when the mainnet is launched.
Zhang stated that there are some “unconfirmed” parts in the circuits of other systems such as Linea, but he believes that Scroll can provide “complete proofs” for all “opcodes” and transaction components of Ethereum.
According to previous reports, the fourth stage of the Scroll roadmap is the “zkEVM mainnet stage”, which will be deployed and launched on the mainnet after undergoing rigorous code audits and performance improvements. Subsequently, a decentralized sorter will be deployed.
Warning: Google Authenticator cloud sync function is the reason for the theft of Fortress cryptocurrency. Please be aware of the related risks.
SlowMist’s Chief Information Security Officer, 23pds, stated on X platform to pay attention to the risks of Google Authenticator cloud sync. Today, software company Retool disclosed details of 27 compromised cryptocurrency customer accounts, including the theft of $15 million worth of cryptocurrency from Fortress Trust.
The report shows that the Google Authenticator cloud sync function is the main culprit of this attack, which turns multi-factor authentication into single-factor authentication. By controlling the Okta account, the attacker controls the Google account and therefore controls all OTPs stored in Google Authenticator.
CoinEx: Gradual restoration of withdrawal and other services within 7 working days, wallet system reconstruction is 50% complete.
CoinEx Global provided an update on security incidents on X platform: the team has successfully completed 50% of the wallet system reconstruction work and has determined the strategy for restoring withdrawals. CoinEx will gradually restore these services within 7 working days. Ensuring 100% asset security remains the top priority before reactivating the withdrawal function. For some cryptocurrencies with low circulation, the team is formulating compensation strategies.
Earlier, Beosin stated that the minimum amount of losses for the CoinEx exchange is $53 million.
Ant Group plans to withdraw its investment in A&T Capital and withdraw funds from the $100 million fund.
According to Bloomberg, Ant Group plans to withdraw funds from the $100 million fund and exit the cryptocurrency field. According to sources, Ant Group is planning to withdraw its investment in A&T Capital, which is the core of Ant Group’s bet on digital assets. It is currently unclear whether this venture capital firm will continue to operate or attract new investors. As of Monday afternoon, the company’s website returned a timeout error to users. Ant Group spokesperson did not respond to requests for comment.
A&T was established in April 2021 and has invested in some of the hottest cryptocurrency startups, including digital asset lending institution Matrixport and Ethereum software manufacturer ConsenSys, with Ant Group being the main investor in A&T. PitchBook data shows that cryptocurrency venture capital in the second quarter fell to the lowest level since 2020 (see chart), and this decline occurred after the virtual asset collapse last year.
Important Data
On September 9, the trading volume on the Binance.US platform was only $2.97 million, a 99.99% decrease compared to September 17 last year.
According to Cointelegraph, trading activity on Binance.US reached a new low in September. Amberdata data shows that the lowest point of the month was on September 9, when the trading volume on Binance.US was $2.97 million, a 99.99% decrease from $230 million on September 17, 2022. On September 16, the trading volume on Binance.US was $5.09 million.
The report stated that since Binance.US was sued by the U.S. Securities and Exchange Commission (SEC), Binance.US has suspended trading for more than 100 token pairs, resulting in a sharp decline in exchange activity.
The Base Network’s TPS has been consistently higher than the ETH Network since reaching a new high on September 14th and its TVL has exceeded Solana’s.
L2beat data shows that since September 14th, the Base Network’s TPS has consistently been higher than the ETH Network’s TPS, with a historical peak of 21.29 TPS on September 14th. Currently, the Base Network’s TPS has dropped to 12.93, but it still exceeds Ethereum’s 10.18, with a 7-day increase of 49.76%.
In addition, DefiLlama data shows that the Base Network’s TVL has surpassed Solana, reaching $375 million and ranking ninth among all networks.
CoinShares: Net outflow of $53.5 million from digital asset investment products last week
According to CoinShares’ weekly report, there was a net outflow of $53.5 million from digital asset investment products last week, with outflows occurring in 8 of the past 9 weeks, totaling $455 million. Bitcoin investment products accounted for 85% of the outflow, with an outflow of $45.3 million last week. Ethereum investment products had a net outflow of $3.8 million.
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