US Treasury Department says CBDC should replace stablecoins
According to Decrypt, in a report released by the US Treasury Department on Wednesday, the Treasury Department expressed concerns about the growth of the stablecoin market and believes that stablecoins issued by the private sector should ultimately be replaced by central bank digital currencies (CBDCs) backed by the government. The report, written by the Treasury Department's Office of Debt Management, states: "Similar to how 'wildcat' currencies issued by the private sector in the late 19th century were replaced by government-backed central currency, CBDCs may need to replace stablecoins as the primary form of digital currency supporting tokenized transactions." Stablecoins occupy a large portion of the 132-page report on the Treasury Department's financial condition in the fourth quarter of 2024. The report extensively mentions the large purchases of US Treasuries by stablecoin issuers such as Tether and Circle to generate yield as collateral for their stablecoins. The Treasury Department estimates that $120 billion worth of US Treasuries have been purchased as collateral for yield-generating stablecoins, with nearly $81 billion purchased by Tether, the company behind the largest stablecoin USDT in the crypto market.
Former FTX engineering chief Nishad Singh avoids jail
According to Bloomberg, the U.S. District Court for the Southern District of New York has ruled that former FTX engineering chief Nishad Singh will avoid jail time for his role in the multi-billion dollar fraud case at the crypto exchange FTX. As a key witness, his testimony helped convict the mastermind of the fraud, FTX founder SBF. Singh's lawyers tried to differentiate him from Gary Wang and Caroline Ellison, arguing that he was not part of the core conspiracy. Singh first learned about Alameda Research, the sister hedge fund, misappropriating billions of dollars of customer funds just two months before FTX's collapse in September 2022. Judge Kaplan agreed with this view and stated: "Your situation is different from Caroline Ellison's, who knew what was going on for years. She got a lot of credit for cooperating, but you deserve more." Singh also agreed to forfeit his property in Washington state, his shares in Anthropic PBC, and other crypto assets.
According to CoinDesk, the U.S. Department of Justice has stated that the operator of the cryptocurrency "market maker" MyTrade has pleaded guilty, as part of a major crackdown earlier this month that brought charges of market manipulation against multiple companies and individuals. The DOJ said that 39-year-old Liu Zhou will be sentenced in federal court early next year for "wash trading of customers' cryptocurrencies on multiple crypto exchanges." Liu Zhou reportedly told others that "we engage in self-trading - that is, buying and selling in the same second," and that his trading volume robots could perform "pump and dump" operations. Liu Zhou is also alleged to have said that the purpose of his company was to find "other buyers in the community, those you don't know or care about," because these buyers had to lose money in order for the tokens to be profitable.
MicroStrategy plans to raise $42 billion over the next 3 years to buy more Bitcoin
According to CoinDesk, MicroStrategy has announced its Q3 2024 financial results, with 252,220 BTC held as of the end of the quarter, yielding a 17.8% return on BTC since the beginning of the year. The company also announced a $42 billion capital plan. The announcement states that under the leadership of Executive Chairman Michael Saylor, the company will raise $21 billion in equity and issue $21 billion in debt over the next three years, using the additional capital to purchase more Bitcoin as a treasury reserve asset in order to achieve higher BTC returns. MicroStrategy last disclosed in mid-September that it had purchased 7,420 BTC for $45.8 million, bringing its total BTC holdings to 252,220. As of the end of this quarter, the company had $891.3 million remaining from its most recent fundraising. MicroStrategy has also raised its "BTC yield" target range from 4%-8% to 6%-10%.
US government sold ANT tokens seized from Alameda before token destruction
According to The Block, the US government has sold tokens it seized from the now-defunct Alameda Research hedge fund of SBF, marking the first movement of funds from this wallet in nearly two years, which held around $974,000 worth of cryptocurrencies. Arkham on-chain data shows that government officials used the Aragon DAO's ANT token redemption address to sell over 82,000 ANT tokens that were seized from the company. In November 2023, the non-profit Aragon Association decided to dissolve and sell 86,343 ETH (worth $155 million at the time) in exchange for ANT tokens. Users need to redeem their ANT tokens by November 2, 2024, after which all ANT tokens will be destroyed.
According to Bitcoin News on X platform, Microsoft shareholders have started preliminary voting on whether the company should invest in Bitcoin. Previous news on October 25 reported that Microsoft's December shareholder meeting will consider a Bitcoin investment proposal, with the board recommending a vote against it.
Reddit sold most of its Bitcoin and Ethereum holdings in Q3 2024
According to Cointelegraph, social media platform Reddit disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that the company sold the majority of its cryptocurrency holdings in Q3 2024, primarily its Bitcoin and Ethereum reserves, generating $6.869 million in proceeds from the sales. However, Reddit noted that the net book value and realized gains from the crypto sales were immaterial for the reporting period. The filing also revealed that Reddit's advertising demand has declined since the pandemic due to global economic concerns, rising interest rates, and geopolitical uncertainties.
Coinbase pledges another $25 million in funding to support US crypto industry political activities
According to a Bloomberg report, the crypto exchange Coinbase Global Inc. has added $25 million in funding to support the political action committee Fairshake, which has become an important force in the US elections. Coinbase CEO Brian Armstrong posted on the X platform on Wednesday, saying that "Fairshake will use this funding to prepare for the 2026 midterm elections, to fund candidates who support cryptocurrencies, and the results of the US presidential election will be announced in six days, which will be the most supportive of cryptocurrencies in congressional history. Crypto voters are already a force to be reckoned with, and will continue to grow." Fairshake is funded by digital asset industry giants such as Coinbase, Ripple Labs Inc., and Andreessen Horowitz, and has been trying to get Republican and Democratic candidates to take cryptocurrencies seriously. In the final weeks of the 2024 US presidential election, Fairshake plans to spend more than $40 million, on top of the $140 million it has already invested in dozens of congressional districts across the country.
According to Scam Sniffer monitoring, Lottie Player encountered a supply chain attack earlier today, which may have affected projects such as 1inch and Movement. In addition, Slow Mist founder Yu Xuan commented on this, saying: "Another supply chain poisoning attack, done by the Ace Drainer-related phishing group, poisoning the front-end script module that well-known Web3 projects depend on. Fortunately, it was discovered in time, and the impact should not be too large. If your project uses the Lottie Player module, be sure to check if any malicious code has been introduced (the currently known version 2.0.4 and the latest version 2.0.8 do not have malicious code)."
Robinhood's Q3 crypto trading volume increased to $14.4 billion, more than doubling from last year
According to The Block, the US stock broker Robinhood released its third-quarter results, showing that despite a slowdown in trading volume for the full year, retail traders' interest in cryptocurrencies remains strong. Robinhood's crypto trading volume on the platform grew 112% year-over-year to $14.4 billion in the third quarter (but declined from the previous two quarters), while its stock trading volume grew 65% to $286.2 billion. Robinhood's trading revenue increased 72% year-over-year to $319 million, of which $61 million came from crypto trading (up 165%), $202 million from options trading (up 63%), and $37 million from stock trading (up 37%). Although there was growth, crypto revenue declined from $81 million in the previous quarter. The company's assets under custody (AUC) grew 76% year-over-year to $152.2 billion, driven by continued net deposits and increases in the valuation of stocks and cryptocurrencies. Robinhood reported earnings per share of $0.17 for the third quarter, reversing a loss of $0.09 per share a year earlier. Quarterly revenue was $637 million, slightly below the expected $650.67 million.
Coinbase's Q3 results missed expectations, followed by a $1 billion stock buyback plan
According to CoinDesk, on Wednesday, the crypto exchange Coinbase (COIN) reported third-quarter earnings and revenue that missed Wall Street analyst expectations, causing its stock to plummet in after-hours trading. The exchange said its third-quarter total revenue was $1.2 billion, below the average expectation of $1.26 billion. Earnings per share were $0.28, also lower than the $0.45 expected by analysts. Coinbase's third-quarter adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $449 million, also missing the $469.2 million expectation. In a letter to shareholders, the company said the performance decline was mainly due to market weakness, but also noted growth in certain areas. The company also said it had authorized a stock buyback of up to $1 billion in October, with no expiration date, and will purchase shares based on market conditions. Gupta said: "Our balance sheet grew by over $400 million, which allows us to launch this new stock buyback program." The company had $8.2 billion in cash, cash equivalents and USDC at the end of the third quarter. Coinbase's main revenue source is trading fees, but this revenue fell 27% from the second quarter as trading volume at US exchanges continued to decline. The stock price fell nearly 7% within minutes of the report's release. So far this year, the stock has risen about 22% amid a generally bullish sentiment in the digital asset market.
Canary Capital files Solana spot ETF application with the US SEC
According to Cointelegraph, crypto asset management firm Canary Capital has followed in the footsteps of VanEck and 21Shares by filing an application with the US Securities and Exchange Commission (SEC) for a spot Solana ETF. In the S-1 registration statement filed on October 30, Canary explained that the spot Solana ETF will track the price of SOL through the Chicago Mercantile Exchange's (CME) CF Solana index. Canary's proposed spot Solana ETF would allow investors to gain exposure to the Solana market through a traditional brokerage account without facing the potential barriers or risks of directly holding SOL. Canary did not disclose who the custodian of the spot SOL ETF will be, nor did it specify the stock ticker under which the fund will list.
Kraken lays off 15% of its workforce, affecting around 400 positions, during restructuring
According to Beincrypto, the crypto exchange Kraken has announced layoffs affecting 15% of its workforce, or around 400 positions, due to recent structural changes. Additionally, Arjun Sethi will serve as co-CEO alongside Dave Ripley. Kraken mentioned the need for "organizational discipline" in a blog post, stating that it plans to streamline the management structure that expanded as the company's revenue exceeded $1 billion. While specific affected positions were not disclosed, the company's statement and online discussions indicate that senior management and C-level roles were hit hardest by the layoffs. Kraken wrote in the blog: "Organizational changes are never easy, and we understand the profound impact this has on people's lives. We are deeply grateful to those who have helped us get to where we are today and for their many contributions, and we will be supporting them through this transition."
He Yi: CZ's resignation is Binance's biggest challenge, Binance wants to become the Google
PANews on-site report, Binance co-founder He Yi said in his speech at the Binance Blockchain Week 2024 that Binance's biggest challenge is CZ's resignation last year, the resignation of a company's founder is undoubtedly a huge challenge, but Binance has achieved great success through the support of the team with a mature management system. Startup teams often open up the market through the outstanding single-point performance of the founder, while a mature team with a good organizational culture can continue to grow even without the founder. The external challenge is in regulation, as regulatory authorities have paid a lot of attention to the crypto industry. Different regulatory authorities have different understandings of the industry, so Binance is cooperating with different regulatory authorities. Regarding industry doubts about why Binance is so cooperative with regulatory authorities, He Yi said that Binance hopes to serve more users with the support of regulation and support billions of users to use cryptocurrencies. "Binance wants to become the Google, to build the future Internet world, to make Web3 more accessible."
AI data collection company Sapien completes $10.5 million seed round, led by Variant
AI data collection startup Sapien announced the completion of a $10.5 million seed round, led by venture capital firm Variant, with participation from Primitive Ventures, Animoca, Yield Game Guild and HF0, as well as angel investors such as YGG founder Gabby Dizon and former SoftBank Vision Fund executive Kevin Jiang. Sapien is led by Rowan Stone, co-founder of Coinbase's Layer 2 network Base, and Trevor Koverko, founder of Polymath, and incentivizes global data providers with USDC stablecoins or reward points. Users need to pledge funds to participate in the work, and can receive additional rewards if they perform well, while their pledged funds will be deducted if they engage in fraudulent behavior. Sapien currently provides data support for 17 large enterprises including Alibaba and Baidu, and has attracted over 100,000 AI data labeling personnel to join.
FDUSD Stablecoin to Expand to Solana Blockchain
First Digital Labs announced that its stablecoin FDUSD will expand to the Solana blockchain, providing users with a faster and more efficient transaction experience. This integration leverages Solana's high-performance blockchain, allowing FDUSD transactions to be completed in just a few seconds, suitable for real-time payments and settlements. Additionally, Solana's low transaction fees will significantly reduce user costs. FDUSD has previously supported Ethereum, BNB Chain, and Sui, and this expansion to Solana marks a further increase in its global liquidity and accessibility.
OpenAI Launches Chat History Search Feature for ChatGPT Web Version
OpenAI has announced the gradual rollout of a chat history search feature for the ChatGPT web version, allowing users to conveniently retrieve past conversations or continue unfinished dialogues. Plus and Team users will receive this feature today, Enterprise and Edu users will gain access within a week, and free users will gradually receive it over the next month.
Ethereum Foundation Sells 100 ETH Again, Exchanging for 270,800 DAI
According to on-chain analyst Flame, the Ethereum Foundation has sold ETH again, a week later. Half an hour ago, the Foundation used the small and high-frequency selling address 0xd77...1f4 to sell 100 ETH at a price of $2,708 per ETH, exchanging for 270,800 DAI. Subsequently, this DAI was transferred to the Foundation's grant donation address 0x9ee...13d.
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