Golden Weekly is a weekly blockchain industry summary column launched by Jinse Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.
Headlines
▌Institution : Cryptocurrency plummeted, the market is still digesting Powell's hint of a rate cut last week
Cryptocurrencies plunged this morning, and institutional analysts believe that major tokens are digesting the boost they received last week from Federal Reserve Chairman Powell's hint that the Fed will cut its benchmark interest rate from a more than two-decade high.
▌Musk hired Republican staff to join the team to guide field work
Musk has hired a Republican staffer who is good at organizing field work to help guide his political work, a move that suggests Musk is preparing to get more involved in Republican political activities, especially those to get out the vote. According to three people familiar with the matter, Chris Young, a senior political official at the Pharmaceutical Research and Manufacturers Association (PhRMA), will join Musk's team. Young was the head of Engage Texas, a Texas voter registration nonprofit funded by major Republican donors. He previously made his mark in Republican field organizing and became the national field director of the Republican National Committee during the 2016 cycle. Field organizing has been a focus of Musk's work in recent forays into campaign activities.
▌World Liberty Financial, a new crypto project launched by Trump, claims to provide high-yield investment opportunities
Former US President Donald Trump has launched a new cryptocurrency project called World Liberty Financial, claiming to offer "high-yield" investment opportunities. According to the metadata on the project's website, the platform is "the only crypto DeFi platform backed by Donald J. Trump" and aims to connect users with the best tools in the decentralized finance (DeFi) space to achieve secure "high-yield" crypto investments. Its website calls on users to "Join the financial revolution now!"
The platform's trademark was filed in mid-July by attorney Alex Golubitsky, who confirmed that it was related to Trump's cryptocurrency plan. Trump and his son Eric have been promoting the new platform as Trump's latest attempt in the cryptocurrency field. At the same time, Trump also launched the fourth NFT series, hoping to continue the success of previous crypto collectibles sales.
Trump has promised to make the United States a "global crypto capital" if he is re-elected president. At present, the press office of World Liberty Financial has not yet commented on the matter.
▌Economic Daily: Prevent virtual assets from becoming a tool for money laundering
The Economic Daily article pointed out that at present, new technologies and new formats such as virtual assets are constantly updated and iterated, showing a state of superposition with traditional upstream crimes such as telecommunications network fraud, online gambling, and underground banks. In order to cover up and conceal money laundering, criminals continue to renovate their methods and hide money laundering activities in online transactions. Among them, virtual currency, game currency, "running point platform", live broadcast rewards, etc. have become new money laundering carriers and methods, with characteristics such as networking and chain, and are highly concealed and confusing. After the legal network is tight, it must be strictly enforced. To punish money laundering crimes according to law, all parties need to strengthen cooperation and coordination to form a joint force to combat. Public security, procuratorial, judicial and financial regulatory departments should strengthen coordination and cooperation, and continuously improve the law enforcement and judicial cooperation mechanism. The general public should be vigilant, recognize the nature of new money laundering crimes, and never fall into the money laundering trap for petty profits.
▌ Telegram responds to CEO's arrest: Telegram complies with EU law, audits meet industry standards and continues to improve
Telegram issued a statement on its official X platform account in response to the CEO’s arrest, saying:
1. Telegram complies with EU law, including the Digital Services Act - its audit meets industry standards and is constantly improving.
2. Telegram CEO Pavel Durov is not hiding and travels frequently in Europe.
3. It is absurd to claim that a platform or platform owner should be held responsible for abuse on the platform.
4. Nearly one billion users around the world use Telegram as a means of communication and an important source of information.
5. The team is awaiting a prompt resolution to this situation.
▌Trump confirms participation in debate with Harris on September 10
Former US President Trump said on the social platform Truth Social that he will attend the presidential election debate with US Vice President Harris on September 10 (next Tuesday), hosted by the American Broadcasting Corporation (ABC). Trump had previously accused ABC of bias and threatened to withdraw from the debate completely. As for the rules of this debate, Harris spokesman Brian Fallon said on Monday that the campaign team hopes that the microphone will remain open throughout the debate, rather than being turned off when the other party speaks like the last CNN debate. Trump said in a statement today that the debate rules will be the same as last time, candidates are not allowed to bring notes or "cheat sheets", and neither side will receive questions in advance. Trump also said that the third debate, which may be hosted by NBC News, has not yet been agreed by the Democratic Party.
policy
▌Former Heartland Tri-State Bank CEO Sentenced to More Than 24 Years in Prison for $47 Million Cryptocurrency Fraud
Shan Hanes, former CEO of Heartland Tri-State Bank, has been sentenced to 293 months in federal prison for his role in a $47 million cryptocurrency scam. Court documents show that Hanes executed 11 unauthorized wire transfers between May and July 2023, transferring $47.1 million of the bank's funds to a cryptocurrency wallet as part of a scheme known as "pig killing" to lure unsuspecting investors into fraudulent digital asset investments. Special Agent in Charge Justin R. Bundy announced Hanes' sentencing for his role in a $47.1 million embezzlement scam that ultimately led to the collapse of Heartland Tri-State Bank.
▌US authorities oppose former FTX executive’s request to rescind plea agreement
The U.S. Attorney’s Office has opposed a request by former FTX Digital Markets co-CEO Ryan Salame to rescind his plea agreement. Salame pleaded guilty to campaign finance violations and was sentenced to seven and a half years in prison. His lawyers applied to rescind the agreement, saying prosecutors hinted during negotiations that they would not investigate Salame’s partner, Michelle Bond. However, authorities filed a new indictment against Bond on August 22, charging her with campaign finance violations.
Salame argued that he pleaded guilty in exchange for the government's promise not to investigate Bond, an allegation the filing called "patently false." Salame also faces about $6 million in fines and restitution.
Salame is scheduled to go to jail on October 13, and if the court accepts his request to dismiss, he could face a full criminal trial. Salame did not testify in the trial of former FTX CEO Sam "SBF" Bankman-Fried, while former FTX executives Nishad Singh and Gary Wang have pleaded guilty and testified. Bankman-Fried has been sentenced to 25 years in prison, and Ellison's sentencing hearing has not yet been scheduled.
▌French authorities can detain Pavel Durov until August 28
The French prosecutor's office detained Telegram founder and CEO Pavel Durov on August 24 as part of a judicial investigation against an unnamed individual. Durov is accused of suspected complicity in illegal activities, refusal to provide information to authorities, money laundering, criminal association, and undeclared provision of crypto services. French authorities have extended his detention from August 25 to August 28 for further questioning.
▌Survey : American voters prefer Trump's economic policies, with a support rate of 43%, while Harris's support rate is 40%
According to the Reuters/Ipsos poll, U.S. voters prefer Trump's economic policies at 43% to Harris's 40%. The gap is down from 11 percentage points in July.
▌Artificial intelligence training data transparency bill passed in California legislature
A measure requiring artificial intelligence companies to be more transparent about the data used to train their models passed the California Legislature on Tuesday. The draft bill will be sent to Governor Gavin Newsom, who has not yet commented on it.
▌The U.S. House Financial Services Committee plans to hold multiple cryptocurrency hearings in September
The U.S. House Financial Services Committee plans to hold multiple hearings in September, focusing on cryptocurrency-related issues, including decentralized finance (DeFi), regulation by the U.S. Securities and Exchange Commission (SEC), and the impact of the "pig killing" scam. The first hearing on September 10 will focus on DeFi, a hearing on SEC enforcement and the "pig killing" scam will be held on September 18, and the full committee hearing on September 23 will involve SEC testimony and is expected to focus on the regulation of digital assets. Committee Chairman Patrick McHenry is retiring and has expressed his hope to complete a cryptocurrency legislation by the end of the year.
▌Trump : Ready to announce plan to make the United States the world's "crypto capital"
Republican presidential candidate Trump announced that he will launch a plan to ensure that the United States becomes the "global crypto capital." Trump posted on the social media platform on Thursday, but did not reveal any details. The video he shared also included a decentralized financial project that his sons have recently promoted. "This afternoon (Beijing time on the 30th morning), I will show my plan to ensure that the United States becomes the global crypto capital," Trump said in the video.
Blockchain Applications
▌ Avalanche: The official Discord has been restored to safety and will be reopened in due course
Avalanche posted on social media that its Discord has been restored to safety and will be reopened at a time that CM deems appropriate. Earlier news reported that Avalanche's official Discord was attacked.
▌ Aave Labs reveals plan to use BlackRock’s BUIDL shares to stabilize GHO
Aave Labs has proposed an update to its GHO Stable Module (GSM) that involves using shares of BlackRock’s tokenized fund BUIDL to help maintain its stablecoin’s U.S. dollar peg.
According to the proposal, the new GSM will allow Aave to redeem BUIDL shares with USD Coin (USDC) provided by users to mint its ecosystem’s native dollar-backed stablecoin GHO. These tokens will be held in a smart contract until users redeem their GHO for USDC.
BUIDL’s shares are valued at $1 per token, paying daily returns to investors every month. The fund divides its assets between cash, U.S. Treasury bills, and repurchase agreements. According to RWA.xyz, BUIDL has over $502 million in assets under management (AUM).
▌ Animoca Brands-backed KOR Protocol launches new decentralized music platform KOR Player
KOR Protocol, a startup backed by Animoca Brands, has launched a new decentralized music platform, KOR Player, which allows users to mix music using a set of tools including a "sound library" and an authentication service. DJs including Joel Zimmerman (better known as deadmau5), Plastkman, Inder Phull, Ben Turner and Dean Wilson have joined as early supporters. The startup claims to have 550,000 registered users, and Japanese telecommunications giant KDDI is an early supporter.
▌Bitcoin 's second-layer network Stacks launches Satoshi upgrade
Bitcoin Layer-2 network Stacks has launched the Satoshi upgrade, which aims to increase transaction speed and pave the way for the implementation of smart contracts. The upgrade separates Stacks' block generation schedule from Bitcoin and introduces a new block production method using the proof-of-transfer consensus algorithm. With this upgrade, users can burn Bitcoin (BTC) to mine Stacks blocks and receive rewards. Network operators have two weeks to implement the upgrade, after which a hard fork will be performed to complete the process. In addition, Stacks has launched sBTC, a bridge asset that allows users to transfer BTC to the Stacks economy. Despite the technical advances brought about by the upgrade, the STX token has fallen by more than 8% in the past 24 hours.
Renzo Expands REZ Governance Token to Solana via Wormhole
Renzo Protocol announced the launch of its governance token REZ on Solana to enhance its influence in the blockchain ecosystem and leverage Wormhole’s native token transfer framework.
REZ was initially deployed on Ethereum and will be moved to Solana using Wormhole’s framework, with the Guardian Network leveraging secure cross-chain proofs to ensure token transfers between Ethereum and Solana. REZ on Solana will maintain a 1:1 peg with REZ on Ethereum, and the press release also states that the token will adhere to Solana’s token standards and be compatible with the blockchain’s decentralized financial ecosystem.
▌Sony blockchain Soneium cooperates with Transak to provide global fiat currency access
Sony's blockchain project Soneium has partnered with Transak to provide global fiat currency entry services, giving users the option to join the ecosystem using traditional payment methods. It is reported that the integration of Soneium and Transak may promote "wider adoption of blockchain technology within the gaming community" and may create new tokenization opportunities, where gamers can purchase, transfer and trade in-game assets and NFTs using traditional payment methods supported by Transak.
Transak is a Web3 payment infrastructure provider that announced in July that it would provide fiat currency entry services for Uniswap wallets.
Cryptocurrency
▌ NFT lending platform Blend’s total transaction volume has reached US$6.812 billion
According to Dune data, the total transaction volume of Blend, an NFT lending platform under Blur, has reached US$6.812 billion, with a total of 755,116 loans. The platform currently has 11,547 independent borrowing addresses and 4,601 independent loan addresses.
▌ Telegram releases official statement on the arrest of founder Pavel Durov
Telegram has issued its first official statement on the arrest of its CEO Pavel Durov. “It is unclear what exactly Durov has been charged with, or if he has been arrested at all. There have been various reports that he may have been arrested for lack of management of the Telegram platform, but without official confirmation from the French government or further explanation from Telegram, the facts remain murky. Telegram CEO Pavel Durov has nothing to hide and travels frequently in Europe.”
▌ Memeland team: Treasury funds have been used to purchase $1 million worth of TON
The Memeland team announced on its social media platform that it has used the team’s treasury funds to buy $1 million worth of TON on the open market, which it will hold until Durov is released. Earlier news has said that ZhuSu, the founder of DWFLabs, has used a similar method to support Durov.
▌Binance executive Tigran Gambaryan was detained in Nigeria for six months, and his wife requested his immediate release
Tigran Gambaryan, Binance’s head of financial crime compliance, has been detained in Nigeria for six months. His wife, Yuki Gambaryan, pleaded for her husband’s immediate release in a video statement released recently, saying that his health had deteriorated sharply, he could no longer walk, and had suffered from malarial pneumonia several times during his detention. Gambaryan was detained in Abuja, the capital of Nigeria, in February this year, initially under house arrest and later transferred to Kuje Prison. He currently faces money laundering charges, but none of the charges are supported by evidence. His plight has attracted the attention of some members of the U.S. Congress, who have called for his immediate humane release. The U.S. government has not yet made a public statement on Gambaryan’s situation.
▌ DDoS attack caused French government website to go offline, which may be related to the arrest of Pavel Durov
Several French government websites have been taken offline by a distributed denial of service (DDoS) attack, which is suspected to be linked to a Russian hacker group. The affected websites include the Paris Administrative Court, the French health department and the French Supreme Court. The attack is believed to be a response to the arrest of Telegram founder Pavel Durov in France.
On August 24, Durov was detained by French authorities on charges including conspiracy with illegal activities. French President Emmanuel Macron subsequently issued a statement saying that Durov's arrest was not for political reasons and reiterated France's commitment to freedom of speech. However, this statement has sparked widespread criticism from the crypto community and free speech activists, including industry leaders such as Ethereum co-founder Vitalik Buterin and billionaire Elon Musk, who called for Durov's release.
Durov has not been formally charged with a crime so far, and French authorities can detain him until August 28 for further investigation.
▌ Bitwise Bitcoin ETF will acquire assets from Osprey Bitcoin Trust
Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, in which BITB will acquire all assets of the OBTC fund.
Previously, Osprey said in March that it was considering a sale or merger with a Bitcoin ETF, among other strategic moves. Osprey must complete the sale or merger by September 1, 2024, or it will liquidate OBTC.
“As part of this transaction, OBTC unitholders will receive BITB shares as part of the OBTC liquidation distribution,” Osprey Funds wrote in a press release. “For existing BITB holders, there will be no change to their shares, and there will be no change to BITB’s operations.”
▌Binance CEO: Nigeria should not continue to detain Tigran Gambaryan on unfounded charges
Richard Teng, CEO of Binance, said in the official Binance blog that the physical and mental health of former US federal agent Tigran Gambaryan deteriorated rapidly after being detained in Nigeria for six months. Tigran is currently in unbearable pain due to a herniated disc and cannot walk, but the Nigerian government refuses to provide him with adequate medical care, including basic needs such as the use of a wheelchair. The Nigerian government should not continue to detain Tigran on unfounded charges, and there is no need to imprison innocent employees to be held accountable for any allegations against Binance.
Richard also stated: "As an American citizen, Tigran should not be treated unfairly. I sincerely hope that the US government and relevant political institutions can exert their power to bring Tigran home as soon as possible so that he can receive proper treatment and reunite with his family." He added, "Once these issues are resolved, we hope to work with the Nigerian government to support the development of the Web3 industry, create more opportunities for its young and talented workforce, and strive to attract more international investment opportunities."
Important economic developments
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 63.5%
According to CME's "Fed Watch": The probability of the Fed cutting interest rates by 25 basis points in September is 63.5%, and the probability of cutting interest rates by 50 basis points is 36.5%. The probability of the Fed cutting interest rates by 50 basis points by November is 36.7%, the probability of cutting interest rates by 75 basis points is 47.9%, and the probability of cutting interest rates by 100 basis points is 15.4%.
▌Deutsche Bank: It is recommended to short the US 10-year Treasury bond because the job market is resilient
Deutsche Bank strategists recommend short the 10-year U.S. Treasury, arguing that the 10-year Treasury yield could rise by about 30 basis points from current levels as the U.S. job market remains resilient.
▌Goldman Sachs' trading department expects the S&P 500 to hit a new high this week, which may trigger market FOMO sentiment
Scott Rubner, managing director and tactician of global markets at Goldman Sachs, believes that strong capital flows from corporate buybacks and systematic investment strategies are expected to push the S&P 500 to a record high this week, further reinforcing investors' fear of missing out (FOMO).
"We estimate non-emotional demand from machines and businesses at $17 billion per day this week, with a very favorable three-week stock trading window through Sept. 16," Rubner said. Goldman's simulation of commodity trading advisors (CTAs) for the week ahead shows that these funds are likely to buy stocks regardless of how the market trades. In addition, Goldman's corporate buyback desk saw its biggest demand of the year last week, more than double the same period in 2023, and Rubner expects buying to be strong until the quarterly quiet period on Sept. 13.
▌US bank institutional clients sold US stocks for the first time in three weeks
Bank of America clients pulled $4.6 billion from U.S. stocks last week, ending a two-week buying spree as companies slowed share buybacks. All major client groups except corporations were net sellers, with institutions and hedge funds that bought the previous week leading the liquidation, quantitative strategists including Jill Carey Hall wrote in a note to clients on Tuesday. Technology stocks saw their first withdrawal in three weeks, with the largest outflows among 11 industry groups. Meanwhile, communication services stocks attracted inflows for the 21st straight week.
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