Headlines
▌Mango Labs sues DAO members for allegedly misappropriating $10 million in internal funds
Mango Labs has filed a lawsuit against John Kramer and Maximilian Schneider, accusing them of stealing $10 million from the Mango decentralized autonomous organization (DAO). John Kramer and Maximilian Schneider held trustee positions in the DAO and are accused of conspiring to illegally profit, while they also purchased the DAO's MNGO governance tokens that were owned by the bankrupt FTX on behalf of the DAO. The lawsuit alleges the two violated fiduciary duties and claims under Puerto Rico civil law for damages, fraud/misrepresentation, and unjust enrichment, seeking monetary damages, "punitive and exemplary damages," and the return and forfeiture of ill-gotten gains, including interest and fees.
▌Polymarket shows Trump's lead over Harris surging to 13%
On the blockchain-based prediction platform Polymarket, former U.S. President Donald Trump's lead over Kamala Harris has surged to 13%. According to Benzinga data, earlier this week, the anonymous trader Fredi9999 held around 7 million shares betting on a Trump victory, and now this trader holds nearly 11 million shares. In just the past hour, Fredi9999 has purchased tens of thousands of dollars' worth of shares, betting that Trump will win. So far, the total amount wagered on who will win between Trump and Harris has exceeded $1.6 billion.
Market
As of press time, according to Coingecko data:
BTC last traded at $60,252.63, with a daily change of -0.5%;
ETH last traded at $2,382.45, with a daily change of +0.5%;
BNB last traded at $562.84, with a daily change of -1.3%;
SOL last traded at $138.88, with a daily change of -0.1%;
Doge last traded at $0.1059, with a daily change of -1.9%;
XRP last traded at $0.5296, with a daily change of +1.1%.
Policy
▌Tezos node operator sues IRS again, seeking to treat staking rewards as property, not income
Tezos node operator Josh Jarrett has sued the IRS again, seeking to have staking rewards treated as property rather than income. Jarrett previously filed a lawsuit in 2021 over his 2019 tax return, but the case was dismissed in 2024 as "frivolous." In this latest lawsuit, Jarrett and his wife are seeking a tax refund for the 13,000 Tezos tokens they received in 2020, and are asking the court to prohibit the IRS from treating staking rewards as income. Jarrett believes taxes should be paid when the tokens are sold, not when they are received. Organizations like Coin Center are supporting the lawsuit, arguing that the current policy will stifle participation in decentralized networks.
▌Ripple Labs plans to file a cross-appeal in SEC case
Ripple Labs has announced it will file a cross-appeal against the U.S. Securities and Exchange Commission (SEC), in order to defend its legal arguments. The SEC has already appealed against Ripple, with the case ongoing since December 2020. Ripple's Chief Legal Officer, Stuart Alderoty, stated that the cross-appeal is aimed at ensuring the company retains its arguments, particularly around the fundamental rights of investment contracts. In July 2023, a judge ruled that Ripple's sales of XRP to exchanges did not violate federal securities law, finding that XRP is not a security. Ripple will submit its detailed arguments in the coming weeks, with the SEC's appeal brief expected to be completed by the end of January. Alderoty emphasized that the industry needs legislative solutions, not just court rulings.
Blockchain Applications
▌USDA approves blockchain-based certification system
The U.S. Department of Agriculture (USDA) has approved CattleProof's "Verified" as a blockchain-based Process Verified Program (PVP). The system records cattle information, including electronic identification tag data and status, on a decentralized digital ledger. CattleProof also provides "Born in the USA" certification and digital certificates for individual cattle, demonstrating USDA's recognition of blockchain technology in the agricultural sector.
▌ZK rollup Scroll integrates Chainlink's CCIP, enabling cross-chain token transfers and interoperability
The ZK rollup Scroll has integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP), with native access to CCIP allowing developers to build secure and novel decentralized applications on Scroll while expanding the multi-chain ecosystem. Chainlink's CCIP provides developers with the tools to build secure applications that support token transfers, message passing, and operation initiation across multiple blockchains. The protocol's programmable token transfer capabilities allow smart contracts to send tokens across different chains in a single transaction, including handling specific instructions for the tokens upon arrival.
▌SEC Commissioner Mark Uyeda: SEC's crypto policies and approach have been a "disaster" for the entire crypto industry
U.S. Securities and Exchange Commission (SEC) Commissioner Mark Uyeda, in an interview with Fox Business News, stated that the agency's crypto policies and approach have been "a disaster for the entire industry over the past few years." When asked what different measures the SEC could or should take, Uyeda said, "We need to provide some clear guidance and explanation about what conduct falls within the securities laws and what conduct does not."
Cryptocurrencies
▌Charles Schwab report: Nearly 50% of U.S. investors plan to invest in digital assets through ETFs
According to a report released by Charles Schwab on Thursday, 45% of respondents said they plan to invest in digital assets through crypto ETFs next year, up from 38% last year. The report also found that among those who said they plan to buy crypto ETFs, 62% are millennials, 44% are Gen X, and 15% are baby boomers. This survey interviewed 2,200 individual investors aged 25 to 75 with at least $25,000 in investable assets.
▌Yesterday, ARKB saw $30.3 million in net outflows, ETHW saw $4.8 million in net outflows
According to Farside Investors data, the following were the fund flow data for U.S. spot Bitcoin ETFs and spot Ethereum ETFs (as of October 10): Spot Bitcoin ETFs: BITB saw $6.2 million in net outflows, ARKB saw $30.3 million in net outflows; EZBC, GBTC, BTC saw no inflows/outflows; Spot Ethereum ETFs: ETHW saw $4.8 million in net outflows, CETH, ETHE, EZET, ETH saw no inflows/outflows.
▌CryptoQuant: Over 63,000 BTC have been sent to crypto exchanges since October 7
According to CryptoQuant data, over 63,000 BTC have been sent to cryptocurrency exchanges since October 7, 2024. On October 7, around 28,000 BTC were sent to exchanges, on October 8, another 23,500 BTC were transferred to exchanges, and on October 9, approximately 12,000 BTC entered exchanges.
▌10T Holdings founder: U.S. election results won't stop Bitcoin from reaching $100,000
Dan Tapiero, founder of venture capital firm 10T Holdings, stated during a panel discussion at the Permissionless conference in Salt Lake City, Utah, that regardless of which U.S. presidential candidate wins, BTC could still reach $100,000. Tapiero said: "Bitcoin is the representative of crypto, and I believe it will reach $100,000 very soon, and other assets will rise along with it." Tapiero added: "The move to put all value on the blockchain is a big deal, much bigger than any election outcome. So I think... the tide will continue to rise and sweep globally."
▌Fidelity plans to launch a blockchain-based money market fund
Fidelity is preparing to launch a money market fund that may be traded through blockchain in the future. This is the latest initiative by a traditional large-scale asset management firm to explore using blockchain technology to accelerate financial transactions and expand its product reach.
Important Economic Dynamics
▌Economic Daily: The RMB exchange rate has a solid foundation for maintaining stability
The article states that exchange rate fluctuations are a source of market anxiety, affecting internal and external balance, and are a matter of high concern. From a medium and long-term perspective, the renminbi exchange rate maintaining basic stability has a solid foundation. Macroscopically, the exchange rate is fundamentally determined by the economic fundamentals. Recently, the financial management authorities have introduced a series of policy combinations to precisely and effectively support the real economy, which will further consolidate and enhance the momentum of China's economic recovery. From the policy space perspective, the relevant departments have the ability to continue to maintain the basic stability of the renminbi exchange rate at a reasonable equilibrium level. The People's Bank of China has repeatedly emphasized adhering to the decisive role of the market in the formation of the exchange rate and maintaining exchange rate flexibility. Market participants need to adhere to the risk-neutral concept. Financial institutions, enterprises, and even individual residents need to establish a risk-neutral concept and not bet on the direction of the exchange rate.
▌The probability of the Federal Reserve cutting rates by 25BP in November is 86.9%, and the probability of no cut is 13.1%
According to the CME "Fed Watch", the probability of the Federal Reserve cutting 25 basis points in November is 86.9%, and the probability of maintaining the current interest rate is 13.1%. The probability of a cumulative 50 basis point rate cut by December is 86.2%, the probability of a cumulative 75 basis point rate cut is 0%, and the probability of a cumulative 100 basis point rate cut is 0%.
▌21Shares analyst: CPI data will have a "favorable impact" on Bitcoin price
The U.S. Bureau of Labor Statistics reported on October 10 that the Consumer Price Index (CPI) rose 2.4% month-over-month in September, the lowest level since February 2021. 21Shares research analyst Leena ElDeeb explained: "Bitcoin and the broader crypto assets are particularly sensitive to inflation indicators, as these indicators significantly impact the Federal Reserve's monetary policy decisions. The CPI data will have a favorable impact on the Bitcoin price, as borrowing costs will decrease. Therefore, we expect market flows to recover after the recent geopolitical tensions have disrupted the financial landscape."
Jinse Finance
Rollup is a way of processing transactions on a Layer 2 protocol, which can free up precious space on the underlying layer. Rollup will fold transactions one by one on the second layer, sometimes folding dozens of times, and then roll them together and send the data back to Layer 1. There are two main types of Rollup, Optimistic and Zero-Knowledge (ZK) Proof.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for informational reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and must improve risk awareness.
