Today’s News Highlights:
1. The US SEC has submitted a reply memorandum regarding the Ripple case
2. ParaSLianGuaice releases LianGuairaX whitepaper
3. FTX is investigating the possibility of recovering promotion fees paid to sports stars such as O’Neal
- Interpreting the Impact and Response Strategies of the CFTC’s Three Enforcement Actions on the DeFi Industry
- Understanding the New Changes in Accounting Rules for Cryptocurrencies in the United States
- Vitalik Buterin Speech Transcript The Past and Present of Ethereum
4. SBF’s lawyer: SBF still unable to access the internet, requesting temporary release
5. Haru Invest CEO: Plans to prioritize asset recovery to company members, distribution timing depends on investigation results
6. The amount of ETH in pledge contracts is about twice the amount of ETH on exchanges
Regulatory News
The US SEC has submitted a reply memorandum regarding the Ripple case
According to a legal document shared by former US federal prosecutor James K. Filan on Twitter, the SEC has submitted a reply memorandum regarding the Ripple case to further support the motion for intermediate appeal. Earlier, the SEC filed a motion with the US District Court for the Southern District of New York, requesting intermediate appeal in its legal dispute with Ripple Labs. Ripple subsequently filed a motion opposing the SEC’s intermediate appeal. The SEC must respond by September 8th.
NFT
Project Updates
LianGuairaSLianGuaice releases LianGuairaX whitepaper
According to official sources, the NFT lending protocol LianGuairaSLianGuaice has released the LianGuairaX whitepaper. LianGuairaX is built on top of existing LianGuairaSLianGuaice and LianGuairallel products, covering account abstraction, meta user interfaces, zkVM, and cross-domain intent-based LLM, among others. LianGuairaX aims to simplify user interaction with Web3 applications by introducing an automated smart execution layer.
Mina Protocol will undergo a major upgrade, introducing ZK smart contracts to the mainnet
Mina Protocol announced on Twitter that it will undergo a major upgrade, introducing ZK smart contracts to the mainnet. The upgrade will support programmability using o1js for zkApp, while enhancing the security and efficiency of the new proof system Kimchi. The excess rewards adopted in the early stages of the mainnet for staking will also be discontinued. In addition, preparations for the upgrade of Testworld Mission 2.0 are underway.
FTX is investigating the possibility of recovering promotion fees paid to sports stars such as O’Neal
FTX’s financial advisors have disclosed in court documents that they have analyzed whether the millions of dollars in promotion fees paid to sports stars before the company’s bankruptcy in November last year can be recovered under Chapter 11 of the bankruptcy law. The advisor has reviewed the payments made to basketball star O’Neal, tennis star Naomi Osaka, and others to determine if these transactions comply with the relevant regulations, allowing FTX to undo transactions that occurred prior to its bankruptcy protection application. It is currently unclear whether all funds can be recovered or if any athletes or teams have requested refunds.
Gitcoin has regained access to its Twitter account.
Gitcoin tweeted that it has regained access to its official Twitter account. In the subsequent official event details released, Gitcoin stated that it still does not know how the intruder bypassed 2FA verification, but it will continue to investigate and implement stricter security measures in the future. According to previous reports, on September 1st, community users discovered that Gitcoin’s official account, X, was suspected to be compromised, and the intruder had used the account to post phishing information.
PEPE: Telegram old account has been hacked, official information will temporarily be published on Twitter
PEPE announced on Twitter that PEPE’s Telegram old account has been hacked and is no longer under official control. The Twitter account “lordkeklol” has been hacked and used for scams, and this account has no affiliation with PEPE or its team members. In the coming weeks, all official information from PEPE will be published through the Twitter account.
SBF Lawyer: SBF still unable to access the internet, urges temporary release
In a memorandum on Friday, SBF lawyer Mark Cohen stated that the prosecutor exaggerated SBF’s opportunities to access defense materials. Cohen said that when SBF was brought to a jail cell in the Southern District of New York, he still couldn’t access the internet as claimed by the Department of Justice. SBF’s defense team is trying to secure his temporary release or provide him with more computer access for defense, arguing that his Sixth Amendment rights are being violated. The prosecutor insists that SBF had access to defense materials after bail was revoked last month on grounds of public safety. It has been almost a month since SBF was remanded, and valuable time for trial preparation has been lost. Therefore, Cohen urges the court to order the temporary release of SBF.
Haru Invest CEO: Plans to prioritize asset recovery for company members, distribution time depends on investigation results
Hyung-soo Lee (Hugo Lee), CEO of Haru Invest, posted that “this Thursday, I appeared in court to explain my and Haru Invest’s position on the rehabilitation application filed by some users,” and provided the following details:
1. The bankruptcy reorganization filed does not represent the interests of all members, as I believe that my and Haru Invest’s responsibility in resolving this crisis is to maximize the recovery of our members’ assets from the asset management company and distribute them fairly to all Haru Invest members. I have never deviated from this commitment.
2. During the court hearing on Thursday, I explained the entities that have substantive contractual relationships with Haru members and the entities to which the assets belong. Specifically, the company involved in the reorganization case is not the entity actually operating Haru Invest services. Therefore, they do not have any real reorganization benefits due to the lack of any remaining value, including assets.
3. Regarding the asset distribution plan: in addition to recovering assets from B&S Holdings, we also plan to prioritize the distribution of assets recovered from other asset management companies to our members. However, due to the ongoing investigation into B&S Holdings and Haru Invest, it is difficult to arbitrarily set a timetable for asset distribution. I have informed the court that we plan to prioritize the distribution of recovered assets to company members.
4. Regarding the issue of recovering assets entrusted to B&S Holdings: Currently, it is not possible to arbitrarily decide the possibility of recovery. The most important thing now is to cooperate with the investigative agency to recover as many assets as possible from B&S Holdings.
5. Based on the ongoing investigation results and in cooperation with the investigative agency, we hope to determine the timeline for asset distribution. Once the plan is ready, I will share the progress as soon as possible.
Important Data
Data: A whale used 10.66 million USDC to buy 6,541 ETH
According to the on-chain analyst Yu Jin’s monitoring, 6 hours ago, a whale address used 10.66 million USDC to buy 6,541 ETH on the chain, with an average price of $1630. He transferred 10.66 million USDC to an address starting with 0x012, and exchanged the USDC for ETH at that address, and then transferred the ETH back to the address.
Data: The amount of ETH in the pledge contract is about twice the amount of ETH in the exchange
According to the data shared by Crypto Rover, the founder of CryptoSea, on platform X, there are currently 14.7 million ETH in the exchange, while there are about 28.1 million ETH in the pledge contract, which is about twice the amount in the exchange.
Data: A whale spent 2,000 ETH to buy 3.64 million ARB since September 3
According to Lookonchain’s monitoring, since September 3, a whale has spent 2,000 ETH (worth about $3.27 million) to buy 3.64 million ARB at an average price of $0.9. On August 13, this whale spent 800 ETH (worth about $1.47 million) to buy 1.27 million ARB, but quickly sold them on Binance on August 16, resulting in a loss of about $36,000.
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