According to The Block, U.S. Vice President Kamala Harris said in a speech at the Economic Club of Pittsburgh on Wednesday that under her leadership, the United States will "recommit" to global leadership in the technology that will determine the next century, "maintaining dominance in artificial intelligence and quantum computing, blockchain and other emerging technologies." Until last weekend, the Democratic presidential candidate had remained silent on cryptocurrencies during the campaign. At a Wall Street fundraiser in Manhattan, Harris said that artificial intelligence and cryptocurrencies are part of her vision of an "opportunity economy." Harris said at the fundraiser: "We will encourage innovative technologies such as artificial intelligence and digital assets while protecting consumers and investors. We will create a safe business environment and establish consistent and transparent rules." She reiterated this point in her 80-page economic plan on Wednesday.
South Korean regulators to adopt zero-tolerance policy on unfair cryptocurrency trading practices
According to Chosun Biz, Lee Bok-hyun, chairman of the Financial Services Commission (FSS) of South Korea, announced strict regulatory measures for the virtual asset market at a meeting with cryptocurrency industry leaders. The FSS will closely monitor the volatility of newly listed tokens, crack down on the spread of unconfirmed rumors, and adopt a zero-tolerance policy for unfair trading practices. Lee Bok-hyun also stressed the need to address regulatory uncertainty and build market trust, and to this end will keep up with international regulatory trends and work with other agencies to develop future regulations. He stressed the importance of quickly implementing industry recommendations, such as issuing real-name bank accounts for businesses, to enhance the global competitiveness of South Korea's cryptocurrency business. The financial authorities plan to incorporate industry feedback into their ongoing regulation of the cryptocurrency industry and aim to promote a stable market environment.
Judge: SEC has fully charged that Green Boxes and custody agreements constitute securities
According to Bloomberg Legal News, Ann Marie McIff Allen of the U.S. District Court for the District of Utah said: "The U.S. Securities and Exchange Commission (SEC) has fully accused Green Boxes (computer hardware) of constituting securities in combination with the custody agreement to operate Green Boxes." This investigation is different from whether the digital assets themselves and their transactions meet the U.S. Supreme Court's test on investment contracts. Green United LLC failed to convince the federal court to dismiss the civil fraud lawsuit filed by the U.S. SEC against it on the grounds that its customers of cryptocurrency mining machines "Boxes" or hardware did not conduct securities transactions with it. Earlier on September 24, it was reported that Green United failed to dismiss the $18 million crypto mining fraud lawsuit filed by the U.S. SEC against it.
Earlier today, it was reported that South Korea has established a Digital Asset User Protection Foundation to assist users of defunct crypto exchage in recovering their funds .
According to Bitcoin.com, U.S. Representative Warren Davidson introduced the "Assessing DeFi Opportunities Act" on Tuesday. The bill calls on the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC) and the Secretary of the Treasury to jointly study decentralized finance (DeFi). Davidson emphasized that DeFi plays a vital role in the future of the capital market, but he expressed concerns about the Biden-Harris administration's regulatory approach to the field. He described: "The legislation ensures that the federal government can implement data-driven financial regulation without interfering with the development of digital markets or endangering the user privacy provided by DeFi." Legislators pointed out that as the number of users continues to increase, the total market value of DeFi has soared to approximately US$75 billion. However, Davidson warned that excessive regulation could stifle innovation and cause investment to flow abroad. The proposed study is intended to help regulators understand the benefits of DeFi, such as the operational resilience of blockchain, market competition, and user privacy protection. Davidson emphasized that regulators need to "take a cautious and measured approach" to ensure that DeFi can thrive without endangering user privacy or innovation.
According to Xinhua News Agency, the CPC Central Committee and the State Council issued an opinion on implementing the employment priority strategy to promote high-quality full employment. The opinion proposes to prevent and resolve major risks. Establish and improve a statistical monitoring system for high-quality full employment, establish an employment position survey system, and conduct high-quality full employment assessments in a timely manner. Improve the mechanism for preventing and resolving large-scale unemployment risks, strengthen monitoring and early warning, policy reserves and emergency response, and places with conditions can set up employment risk reserves to properly deal with major risks in the employment field. Actively respond to the impact of the rapid development of emerging technologies such as artificial intelligence on employment.
OpenAI CTO Mira Murati announces departure
According to Cailianshe, OpenAI Chief Technology Officer Mira Murati announced that she would leave the company, marking another eye-catching senior personnel change at the artificial intelligence startup. Murati posted on the X platform on Wednesday that she was leaving to make time and space for self-exploration, adding that she would work hard to ensure a smooth transition. Murati has always been a core figure in OpenAI. After OpenAI CEO Sam Altman was briefly expelled last November, Murati served as interim CEO. Altman replied to thank Murati, saying that Murati is vital to OpenAI, our mission, and each of us. Altman also said that he would share more information about the transition plan with employees soon.
Insider: OpenAI discusses giving CEO Altman 7% of shares in profit transition
According to Jinshi, people familiar with the matter said that OpenAI is discussing letting CEO Sam Altman hold a 7% stake in the company and reorganize it into a for-profit enterprise. This major shift will mark the first time Altman has acquired ownership of the artificial intelligence startup. People familiar with the matter said that the company is considering becoming a public welfare company to help society while achieving profitability. People familiar with the matter also said that the transformation is still under discussion and the timetable has not yet been determined. An OpenAI spokesperson said that OpenAI remains "focused on building artificial intelligence that benefits everyone," adding that "non-profit organizations are our core mission and will continue to exist."
ING: AI is starting to be used for currency pricing, outperforming humans
According to Jinshi, ING has begun using artificial intelligence (AI) for currency pricing, and said that AI's pricing ability is stronger than humans. Simon Bevan, global head of electronic trading at ING, said in an interview that this new AI model uses "reinforcement learning" technology to imitate the human trial and error process in order to make pricing decisions that adapt to market fluctuations. Previously, this work, which was crucial but relatively time-consuming for the London trading team, has now been taken over by artificial intelligence. This move is ING's latest attempt to maintain competitiveness in the global currency market with a daily trading volume of US$7.5 trillion by developing cutting-edge technology and reducing operating costs. In the future, ING will further improve the efficiency of artificial intelligence and reduce its dependence on traders.
Reddit expands AI-powered automatic translation to 35 new regions in Europe, Asia, and Latin America
According to TechCrunch, Reddit announced that it will expand its AI-driven automatic translation feature to 35 new regions in Europe, Asia, and Latin America. This translation feature supports not only posts, but also automatic translation of comments, allowing users in different languages to communicate seamlessly. Users can automatically translate the original text in the community into their preferred language based on their personal settings, and the translated content will be marked as machine translation. The feature is currently available in Brazil and Spain, and is expected to support Brazilian Portuguese and Spanish. Chinese is not yet supported.
PayPal supports US business accounts to buy, hold and sell cryptocurrencies
According to CoinDesk, PayPal will allow U.S. corporate customers to buy, hold and sell cryptocurrencies directly from their accounts. "Corporate users are increasingly looking to use cryptocurrency features that are open to consumers," Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency and digital currency at PayPal, said in a statement. According to the statement, PayPal will also allow U.S. merchants to transfer cryptocurrencies on-chain to "qualified" third-party wallets. It is reported that this service will not be open to businesses in New York State initially. Since 2020, PayPal has allowed consumers to buy, hold and sell cryptocurrencies directly from their accounts. Last year, it launched the U.S. dollar-denominated stablecoin PayPal USD (PYUSD), which has reached a market value of $1 billion this summer.
Binance launches pre-market spot trading service, it’s “actual tokens” not derivatives
According to The Block, Binance has launched a pre-sale market (pre-market) spot trading service, allowing users to trade tokens before they are officially listed. Unlike its competitors, the pre-sale market transactions provided by Binance are "actual tokens" rather than derivatives. According to a Binance spokesperson, Binance is the first exchange to allow users to trade actual tokens in the pre-sale market. The service works with Binance Launchpool, and users can obtain new project tokens by staking tokens such as BNB, limiting transfers and withdrawals before the official listing. Users in the United States, Canada, Japan and other regions are not yet able to use this service.
TON Status said in the official TG channel that starting from 18:00 Beijing time on September 26, the load of the TON blockchain is expected to increase, because the Hamster Kombat game project with more than 100 million monthly active users will mine on the blockchain, which will be the first unique event of this scale in the industry. Therefore, relevant parties are requested to: 1. Keep in touch and respond within one hour if urgent action is required; 2. Constantly monitor the status of validators and hardware in recent days. The quality of validators directly affects the quality of the chain.
Mark Cuban says he's interested in becoming SEC chairman
Billionaire entrepreneur and cryptocurrency advocate Mark Cuban said in an interview with Fox News that he is interested in becoming chairman of the U.S. Securities and Exchange Commission (SEC). Cuban previously criticized current SEC Chairman Gary Gensler, saying Gensler failed to protect any investor from cryptocurrency fraud and should resign.
Curve considers removing TUSD as crvUSD collateral due to SEC charges
According to Cointelegraph, Curve Finance is considering removing TrueUSD (TUSD) from the collateral list of the stablecoin crvUSD because the U.S. Securities and Exchange Commission (SEC) previously accused TrueCoin, the issuer of TUSD, of violating securities laws. At the Curve governance forum on September 25, the cross-chain messaging protocol Wormhole proposed that the TUSD collateral cap of crvUSD should be reduced to zero to completely eliminate exposure to TUSD for regulatory risk and solvency reasons. The proposal also suggested reducing the amount of crvUSD that can be minted by Paypal's stablecoin PYUSD from $15 million to $5 million to reduce related risks. Currently, the main cryptocurrency collateral for crvUSD includes Ethereum (ETH) and Wrapped Bitcoin (WBTC). The total locked value of WBTC exceeds $68 million, accounting for the largest proportion of crvUSD's collateral. According to previous news, on September 24, the SEC had reached a settlement with TrueCoin LLC and TrustToken Inc. on charges of unregistered sales and fraud of the stablecoin TrueUSD (TUSD). The SEC said that from November 2020 to April 2023, TrueCoin and TrustToken "issued and sold unregistered investment contracts in the form of the crypto asset TUSD on TrueFi." The two companies also "falsely promoted the investment opportunity as safe and reliable" and claimed that it was fully backed by U.S. dollars or U.S. dollar-equivalent assets. In fact, most of the assets were invested in "speculative and high-risk offshore investment funds to earn additional returns." As of September 2024, 99% of the reserves used to support TUSD were invested in speculative funds.
Crypto project Truflation was hacked and lost about $5 million
On-chain detective ZachXBT revealed that Truflation, a crypto project supported by Coinbase Ventures, was hacked, and about $5 million was stolen from the vault multi-signature wallet and personal wallet. Truflation later posted on the X platform that it had detected "abnormal activity" and confirmed that it had been attacked by malware. The project said it was monitoring the situation and taking measures to protect funds, and was working with law enforcement to investigate. In addition, Truflation also stated that staking operations are currently not possible and liquidity on decentralized exchanges is limited.
According to The Block, the Hamster Kombat team announced its latest development roadmap ahead of its upcoming token airdrop. Plans include token repurchases through advertising revenue, NFT integration, and the launch of progressive web applications (PWA) for Apple and Android devices. Among them, the second season of the Tap-to-Earn game will be launched in a few weeks, and NFTs will be introduced as game assets, which is expected to be launched in November. At the same time, the team plans to expand to new regions to expand the ecosystem. The token airdrop, which is expected to take place on Thursday, has attracted more than 300 million players, of which 131 million are eligible, and about 2.3 million robots and cheating players have been disqualified.
OneKey Card announces that it will gradually stop all services
According to the announcement on OneKey's official website, in order to improve service quality and optimize product experience, the OneKey Card Service will be gradually closed. The specific schedule is as follows: Starting from September 30, 2024, new registration and recharge functions will be stopped; on October 31, 2024, all remaining balances will be safely transferred to the user's wallet and can be withdrawn at any time; on January 31, 2025, the OneKey Card Service will be completely stopped.
AminoChain Completes $5 Million Seed Round, Led by a16z
According to The Block, AminoChain announced the completion of a $5 million seed round of financing, led by a16z. AminoChain is building a "decentralized biobank" and L2 network, aiming to connect corporate medical institutions that want to share medical data while protecting patient privacy. Previously, AminoChain completed a $2 million pre-seed round of financing, bringing its total financing to $7 million to date.
Blockchain project Initia completes $14 million Series A financing, with a valuation of $350 million
According to The Block, the blockchain project Initia has completed a $14 million Series A financing, with a valuation of $350 million. This round of financing was led by Theory Ventures, with participation from Delphi Ventures and Hack VC. Angel investors include Keone Hon of Monad Labs and Bryan Pellegrino of LayerZero Labs. Initia is developing a Layer 1 blockchain and a platform for "interwoven optimistic rollups" to build a multi-chain system. Its testnet has completed 125 million transactions, and the mainnet and tokens are expected to be launched in the next two months.
According to the monitoring of on-chain analyst Ember, the whale who was buying low and selling high on ETH sold ETH at a profit at $2,354 after the interest rate cut on September 19, and then did not make any moves for a week. It was not until 2 hours ago that it bought ETH again to start the tenth round of trading: it spent 26.24 million USDT to buy 10,206.4 ETH through 2 addresses, with an average price of $2,571.
Justin Sun has transferred a total of 72 million TUSD to 4 new addresses in the past 15 minutes
According to @ai_9684xtpa monitoring, Justin Sun has transferred a total of 72 million TUSD to 4 new addresses in the past 15 minutes. Previously, the address held a total of about 247 million US dollars in TUSD, and currently has about 175 million US dollars in tokens left. Then at 11:19, on-chain analyst Yu Jin said: In the past two hours, the addresses related to Sun Ge’s team have transferred a total of 216.6 million TUSD to HTX on the TRON chain and the Ethereum chain. Now the supply of TUSD is only 495.5 million, and the addresses related to Sun Ge’s team hold 394.3 million: in addition to the 216.6 million just transferred to HTX, there are still 177.7 million in the address.
Chainalysis CEO: Two-thirds of transactions on the blockchain come from stablecoin transactions
According to CoinDesk, Chainalysis CEO Michael Gronager said in an interview that stablecoins will drive institutional adoption in Asia, although regulators are not happy with this. Despite the high adoption rate of cryptocurrencies among Asian users, the United States remains the most influential region in the crypto industry. Gronager pointed out that two-thirds of the transaction volume on the blockchain comes from stablecoin transactions. In addition, he believes that the upcoming US presidential election will have little impact on the crypto industry, and whether Trump or Kamala Harris wins, it will not significantly change the situation.
Report: Most of the projects that airdropped their coins this year collapsed within 15 days
According to DL News, a new study by cryptocurrency market maker Keyrock shows that 88% of the tokens launched with airdrops this year have fallen in price, most of which plummeted within 15 days. Post-airdrop price changes mainly occurred within the first few days. After three months, few tokens have achieved positive returns, and only a few tokens have been able to reverse the trend.
It is generally believed that the more tokens a project airdrops, the worse it will perform on the open market. But this common perception is not supported by the data. "Contrary to popular belief, larger airdrops do not always lead to sell-offs. A token that allocated 70% of the airdrop achieved positive growth, indicating that fully diluted valuation (FDV) management is more important," said Keyrock. Keyrock pointed out two reasons why airdrops of high FDV tokens fail. First, projects with inflated FDVs often have difficulty maintaining momentum as the perceived upside becomes limited. Second, tokens with larger FDVs often lack the liquidity to support these valuations. "Without sufficient liquidity, prices become highly sensitive to selling pressure," said Keyrock.
Keyrock’s research also identified the most and least successful airdrops. Keyrock said Solana trading platform Drift was the top performer, with the key to its success being a modest launch value and a fair and thoughtful distribution. Currently, the DRIFT token is trading at nearly three times its launch value. Other Solana-based airdrops have also performed well. Keyrock said Solana is the top chain for airdrops in 2024, even after adjusting for market conditions, and highlighted the success of tokens such as WEN and JUP. On the other hand, ZkLend was the worst performing airdrop project, according to Keyrock’s analysis, with the price of its ZEND token having fallen 95% from its launch price. Keyrock attributed the poor performance of the ZkLend token to its high launch value and the project’s failure to build traction around its brand.
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