Headlines
▌The Wall Street Journal: Grayscale Applies for New Ethereum Futures ETF
According to The Wall Street Journal, Grayscale Investment Company submitted an application for a new Ethereum futures ETF to the U.S. Securities and Exchange Commission (SEC) on Tuesday. This ETF is registered under the 1933 Securities Act, which governs the registration of commodity and spot Bitcoin ETFs. Grayscale previously applied for a separate Ethereum futures ETF under the 1940 Investment Company Act, which most security-based ETFs are registered under.
Market
As of the time of writing, according to coinmarketcap data:
BTC recent trading price is $27,217.5, with a daily change of -0.76%;
ETH recent trading price is $1,643.92, with a daily change of -0.81%;
- UniswapX is suspected of plagiarism, is CowSwap the future form of Intent’s DEX?
- Why must we pay attention to the decentralized world? These four reasons are sufficient.
- With the macro environment improving, can we expect a golden September and silver October market for Bitcoin?
BNB recent trading price is $217.1, with a daily change of -0.58%;
XRP recent trading price is $0.5137, with a daily change of +0.37%;
DOGE recent trading price is $0.0626, with a daily change of -0.79%;
ADA recent trading price is $0.2547, with a daily change of -0.91%;
MATIC recent trading price is $0.5445, with a daily change of +0.07%.
Policies
▌SEC Division of Enforcement: More Accusations to Be Made Against Exchanges and DeFi
David Hirsch, head of the SEC’s office responsible for cryptocurrency enforcement, said at the Chicago Securities Enforcement Forum that the SEC has not stopped investigating cryptocurrency exchanges and decentralized finance (DeFi) projects. The agency will continue to make these accusations and also focus on many other businesses that operate similarly to Coinbase and Binance.
Hirsch said, “We will continue to be active with intermediaries. Either through registration or by failing to provide adequate or complete disclosure, we will continue to investigate and stay active in this space, and adding the DeFi label will not stop us from doing so.”
▌SBF Allegedly Gave $10 Million Cash and $16.4 Million Worth of Bahamas Real Estate to Parents Using FTX Funds
A recent court filing in the FTX bankruptcy case revealed that Sam Bankman-Fried gifted $10 million in cash (from Alameda Ltd) and $16.4 million worth of Bahamas real estate to his parents, with funds provided by FTX Trading.
It has been reported that in a filing submitted to the U.S. Bankruptcy Court in Delaware on September 18, FTX creditors sued SBF’s father, Bankman, and mother, Barbara Fried, accusing them of misappropriating millions of dollars by participating in exchange business.
▌Portofino Lawyer Says Cryptocurrency Dispute with Citadel Securities Should Be Heard in UK Court
The encryption company Portofino Technologies hopes that the New York court will dismiss the lawsuit filed by Citadel Securities on alleged trade secrets. A representative lawyer for Portofino stated that the case should be dismissed, partly because it should be tried in a UK court instead of New York.
The lawyer stated that the true plaintiff and Portofino are both European entities. Portofino co-founders Leonard Lancia and Alex Casimo previously worked at Citadel Europe, so these allegations occurred in Europe.
In May, Lancia and Casimo were accused of obtaining proprietary information from Citadel Securities during the company’s development process. Citadel Securities hopes to bring them to trial to determine monetary losses and potential compensation.
▌SBF’s father requested to increase his $200,000 FTX annual salary to $1 million
According to a new court document, SBF’s father Joe Bankman received an annual salary of $200,000 from FTX’s US branch, but Joe Bankman believed it was not enough. On January 12, 2022, he told FTX executives that he should receive $1 million per year. He also sent an email to SBF, writing, “Let’s wait until Barbara (SBF’s mother) knows about this.”
The documents also show that SBF’s parents played a key role in his business. As early as 2018, Bankman referred to Alameda Research as a “family business,” a label he repeatedly used.
▌US Appeals Court postpones handling of SBF’s appeal to end pre-trial detention
On Tuesday, two weeks before the trial began, the US Appeals Court postponed the appeal filed by former FTX CEO Sam Bankman-Fried to end pre-trial detention on federal fraud charges. A panel of judges from the US Second Circuit Court of Appeals stated that they would “consider the arguments of both parties after seeking opinions.”
Since being imprisoned in early August, SBF has been unable to end his pre-trial detention. SBF’s lawyers argued that their client was unable to properly prepare for his defense after being released.
If the appeal is rejected, it is unlikely that SBF will have the opportunity to be released before the trial begins on October 3.
Blockchain Applications
▌Eclipse announces L2 mainnet architecture supported by SVM
Eclipse has announced the architecture of its Eclipse mainnet, which will be supported by the Solana Virtual Machine (SVM). Eclipse will run a high-performance SVM as its execution environment.
In terms of settlement, Eclipse will settle to Ethereum (with the built-in verification bridge located on Ethereum) and use ETH as its Gas token; Eclipse will publish its data to Celestia for scalable Data Availability (DA); Eclipse will also use RISC Zero for ZK fraud proofs without intermediate state serialization.
▌Offchain Labs CEO: Blockchain scalability is a “solved problem”
Offchain Labs CEO Goldfeder stated at the industry summit that scalability is no longer the biggest obstacle to adopting public blockchains. The biggest challenges facing the ecosystem today are focused on creating tools with better user interfaces and regulatory compliance.
RWA.xyz co-founder Charlie You shares a similar view, stating that existing institutions and users are not interested in the technology behind blockchain protocols. Instead, they are concerned about the safety and legality of their use.
▌Aptos Labs integrates Coinbase LianGuaiy into Petra crypto wallet
Aptos Labs’ crypto wallet, Petra, is integrating Coinbase LianGuaiy into its desktop and mobile applications. This collaboration aims to help alleviate the troubles that many web3 users encounter in terms of deposits and withdrawals. With Coinbase LianGuaiy, Coinbase users can seamlessly add APT to Petra using selected banks, debit cards, credit cards, or even Coinbase account balance.
This collaboration aims to help alleviate the troubles that many web3 users encounter in terms of deposits and withdrawals. With Coinbase LianGuaiy, Coinbase users can seamlessly add APT to Petra using selected banks, debit cards, credit cards, or even Coinbase account balance. Aptos Labs co-founder and CEO Mo Shaikh said, “It is crucial to make it easy for users to get started with web3.”
▌Indian local governments encourage public administrative departments to adopt blockchain
Indian local governments are encouraging public administrative departments to adopt blockchain. Various initiatives by local and state governments in the country, from data management systems to verifiable certificate issuance, currently use blockchain technology.
Airchains co-founder and CEO Ankur Rakhi Sinha said that although the Indian government has not yet launched a high-level blockchain program, various government agencies and organizations within India are actively seeking collaborations with blockchain solutions. For example, the Raigarh District Administration has partnered with Airchains to create a blockchain-based plantation monitoring system to improve corporate social responsibility initiatives, and the Firozabad Police Department has partnered with them to create a blockchain complaint management system to prevent tampering with reports.
Cryptocurrency
▌Stanford University to refund over $5.5 million worth of FTX donations
After FTX debtors sued Sam Bankman-Fried’s parents, Stanford University was found to be involved with the FTX fund. Stanford University received over $5.5 million in donations from FTX Group, which was reportedly directly donated to the university by SBF’s father, Stanford professor Joe Bankman. In a statement to Blockworks, a Stanford University spokesperson acknowledged these donations and promised to refund the money to the debtors.
The spokesperson said, “The gifts received from the FTX Foundation and FTX-related companies by Stanford University are primarily used for epidemic prevention and research. We have been in discussions with the lawyers of FTX debtors to return these gifts, and we will fully refund the funds.”
▌Checkout.com: Business volume from crypto companies accounts for less than 4% after terminating the contract with Binance
Céline Dufétel, President and COO of the credit card payment processor Checkout.com, stated at TechCrunch Disrupt that the company sees cryptocurrencies as a meaningful space for merchant relationships, but regulatory growth needs to be closely monitored. The “slightly less than 4%” of Checkout.com’s total business volume comes from crypto companies, which Dufétel referred to as a “small part of the platform”.
It is reported that this 11-year-old company provides payment services for various fields such as e-commerce, fintech, and gaming, and provides payment services to a few crypto companies such as MoonLianGuaiy, Crypto.com, Blockchain.com, Circle, and OKCoin. Previously in August, the company terminated its cooperation with Binance due to concerns about money laundering, sanctions, and compliance controls.
▌Cryptocurrency custody company Prime Trust may lay off 62 employees in the next two months
A document sent to the Nevada Department of Employment, Training and Rehabilitation (DETR) shows that the cryptocurrency custody company Prime Trust has notified its employees that it may lay off 62 people in the next two months.
This cryptocurrency custody company, which filed for bankruptcy in August, disclosed its possible layoff plan to DETR on September 14. As the current number of employees in the company is unknown, it is unclear what proportion these 62 employees represent. According to the U.S. Worker Adjustment and Retraining Notification (WARN) Act, employers must notify their employees at least 60 days in advance before “mass layoffs” or factory closures.
A bankruptcy filing shows that as of August 14, the company had 70 full-time employees and contractors.
▌Data: Binance’s 7-day average spot BTC trading volume has dropped by 57% since early September
According to data from K33 Research, Binance’s 7-day average spot BTC trading volume has dropped by 57% since early September, while the readings of some other exchanges have remained roughly the same. During this period, the trading volume of U.S. competitor Coinbase increased by 9%.
Vetle Lunde, Senior Analyst at K33 Research, said that the ongoing cases against Binance by the U.S. Department of Justice and the U.S. Securities and Exchange Commission may have hindered market makers from trading on Binance, which is also part of the reason for the decline.
▌ETH/BTC ratio drops to 14-month low
According to TradingView data, the ETH/BTC ratio dropped to around 0.0602 today, the lowest level since July last year, reaching a 14-month low.
Marcus Thielen, Director of Strategy and Research at Matrixport, stated that Ethereum’s protocol revenue has been declining for the past three months, and he expects BTC to continue outperforming the broader crypto market including ETH.
Founder of IntoTheCryptoverse and crypto analyst Benjamin Cowen pointed out in a post that the valuation of ETH relative to BTC may collapse.
Important Economic Trends
▌Economic Daily: Reviving Domestic Brands and Long-term Development
An article in the Economic Daily points out that there are both internal and external reasons for the silence of domestic brands for a long time. At this time, do not be blinded by the “overnight prosperity” and take the time to address weaknesses based on your actual situation. New domestic brands should not be discouraged either. The older generation was able to establish a dominant position through quality, and the younger generation can do the same. After this successful group advertisement, domestic brands have gained the meaning of “becoming famous overnight.” However, it is still too early to say that domestic brands have become stronger and better off. In a market environment of full, fair, and orderly competition, supporting domestic brands should be based on equal cost-effectiveness and quality. Breaking through barriers once requires persistent efforts to consolidate achievements. As long as the product strength improves, 79 yuan is not the price ceiling for domestic brands.
LianGuai Encyclopedia
▌Paper Wallet
In most specific contexts, a paper wallet is a file that contains all the necessary data to generate a Bitcoin private key, forming a key wallet. However, people usually use this term to express the offline storage of Bitcoin in physical file form. The second definition also includes paper keys and redeemable codes.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational reference only and does not serve as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.
Like what you're reading? Subscribe to our top stories.
We will continue to update Gambling Chain; if you have any questions or suggestions, please contact us!
