According to Decrypt, a spokesperson for the Ethereum gaming company Immutable revealed on Thursday that the US Securities and Exchange Commission (SEC) had sent the company a Wells notice last month, warning that the company could soon face enforcement action.
Immutable said in a statement that the regulator had also sent a letter to the company's CEO James Ferguson and the Digital Worlds Foundation, which helped issue Immutable's IMX token, detailing the alleged violations of securities laws. While the company claims the SEC has not fully explained the alleged misconduct, Immutable believes the allegations stem from the 2021 IMX sale. At the time, Immutable had tweeted that the company quickly raised at least $12.5 million after the IMX token was listed on the CoinList platform. The SEC also accused Immutable of making false statements to the public about its token support, including about "pre-sale investments" in IMX.
An Immutable spokesperson said: "While the SEC has indiscriminately claimed that all industry tokens are securities, we are confident that IMX is not, and the notice only cites statutory provisions and contains limited meaningful details. With the latest action against Immutable, the SEC's overreach has now extended to the gaming sector."
The number of initial jobless claims in the US for the week ended October 26 was 216,000
According to Jinshi, the number of initial jobless claims in the US for the week ended October 26 was 216,000, expected to be 230,000, and the previous value was revised from 227,000 to 228,000. The US September core PCE price index year-on-year was 2.7%, expected to be 2.6%, and the previous value was 2.7%.
Trump posted on the X platform to celebrate the 16th anniversary of the Bitcoin whitepaper, writing, "We will end Harris' war on cryptocurrencies, Bitcoin will be made in America, hope to vote for Trump."
Trump family crypto project WLFI reduces fundraising target by 90% to $30 million
According to CoinDesk, a regulatory filing shows that the Trump family's crypto project World Liberty Financial (WLFI) has significantly reduced its fundraising target after its WLFI token sales fell far short of its initial goal. The company now plans to raise up to $30 million from investors, a 90% reduction from the $300 million World Liberty Financial initially sought.
The CFO of the US state of Florida says the state holds $800 million in crypto investments
According to The Block, Jimmy Patronis, the Chief Financial Officer of the US state of Florida, said in a CNBC TV interview on Thursday that the state's portfolio holds about $800 million in "crypto-related" investments. He said he would not be surprised to see this figure grow if former President Trump is elected again next month. Earlier on October 30, the Florida CFO proposed using Bitcoin to diversify the state's pension fund.
Time.fun announces migration from Base to Solana, saying the Ethereum ecosystem is exhausting
The time token platform Time.fun, originally based on Base, has announced a migration to Solana. 0xKawz, the co-founder of Time.fun, said: "Over the past year or more, Solana has been absolutely dominant in most respects. Meanwhile, the Ethereum ecosystem has become exhausting. In most cases, they are only concerned with technology and are arrogant. Ethereum feels like a group of philosophers looking down on the common people. If Ethereum cannot solve its cultural problems, Solana will dominate as more builders like Time.fun choose to migrate." Previously, Time.fun completed a $3 million seed round financing in August, with Coinbase Ventures among the investors.
According to The Block, the stablecoin issuer Tether said on Thursday that according to its latest audit report, the company made a profit of $2.5 billion in the third quarter, bringing its total profit for the first nine months to $7.7 billion, higher than the $5.2 billion in the first half of 2024. The company said in a statement: "A highlight of the quarter was that Tether's stablecoin issuer reached a new high of nearly $120 billion in USDT circulation, representing a 30% growth of $27.8 billion in USDT issued since the beginning of 2024, nearly the entire market capitalization of its closest competitor." In its quarterly audit report, Tether said its reserves consist of over $105 billion in cash and cash equivalents, with $102.5 billion directly and indirectly held in US Treasuries. CEO Paolo Ardoino said: "By increasing our reserve buffer to over $6 billion and continuing to focus on strategic investments, Tether has once again set the standard for stability in the financial sector."
Binance founder CZ makes his first public appearance after regaining freedom
PANews, October 31 - Binance founder Changpeng Zhao (CZ) made his first public appearance after regaining freedom, engaging in a dialogue with crypto media Altcoin Daily at the Binance Blockchain Week in Dubai. CZ stated that he did not encounter any "trouble" from inmates during his incarceration, and even if allowed to return, he will not resume management of Binance.
Crypto.com acquires SEC-registered broker-dealer Watchdog Capital
Crypto.com announced the acquisition of Watchdog Capital, LLC, a broker-dealer registered with the US Securities and Exchange Commission (SEC) and a member of FINRA and SIPC. This acquisition will enable Crypto.com's new subsidiary to provide trading services for traditional financial products such as stocks and stock options to eligible US users.
Binance Futures will list TROY 1-75x USDT perpetual contract
The Binance Futures platform will list the TROYUSDT perpetual contract on October 31, 2024 at 21:00 (UTC+8), with a maximum leverage of 75x.
Digital asset exchange Archax acquires Spanish brokerage firm KSCM
According to CoinDesk, the UK crypto exchange and custodian platform Archax has announced the acquisition of the Spanish brokerage firm King & Shaxson Capital Markets (KSCM) to expand its business footprint in the EU. The acquisition still needs to be approved by the Spanish regulator. KSCM was established in 2019 and primarily serves pan-European institutional clients. After the acquisition, it will become a wholly-owned subsidiary of Archax, allowing the company to expand its brokerage, trading and custody services in the EU and add crypto derivatives business.
Kraken launches desktop trading application Kraken Desktop
According to The Block, the cryptocurrency exchange Kraken has launched Kraken Desktop, a fully customizable desktop trading application designed for active traders. Kraken Desktop is inspired by the popular Cryptowatch tool that was discontinued last year, aiming to provide a more efficient trading experience through proprietary charts and technical analysis tools. Kraken said that after a successful private beta, Kraken Desktop is now officially launched, offering full access to all spot and futures markets and adding various tools to enhance trading functionality and performance. The application is developed using the Rust technology stack, supporting low-latency trading and providing advanced features such as ladder trading and automated orders. Additionally, Kraken recently launched kBTC (its wrapped Bitcoin on Ethereum and OP Mainnet) and plans to launch an Ethereum Layer 2 solution based on the OP Stack in early 2025.
Asset manager Franklin Templeton has expanded its on-chain money market fund to the Base chain
According to CoinDesk, asset management giant Franklin Templeton has expanded its on-chain US Treasury money market fund (FOBXX) to Coinbase's Layer 2 blockchain Base, becoming the first asset management firm to establish operations on the platform. The fund, which has a market value of $4.1 billion, is now tradable on five blockchains including Stellar as the primary network. Base, launched in 2022, has seen rapid growth, with a total locked value (TVL) of over $8 billion, second only to Arbitrum. FOBXX, launched in 2021, is the first money market fund to record transactions and ownership on a public blockchain, and is currently the second largest tokenized fund by market cap.
Coinbase Derivatives to launch Silver (SLR) and Stellar (XLM) futures contracts on November 11
According to a Coinbase announcement, Coinbase Derivatives will launch retail-sized futures contracts for Silver (SLR) and Stellar (XLM) on November 11, further expanding its derivatives product suite regulated by the Commodity Futures Trading Commission (CFTC), including previously launched contracts for BTC, ETH, BCH, LTC, Doge, SHIB, AVAX, DOT, LINK, Gold, and Oil. The new Silver and Stellar futures contracts will be denominated in 50 ounces of silver and 5,000 Stellar, respectively, aiming to provide more convenient market access opportunities for traders of all levels, while meeting the demand for price discovery and risk management. Coinbase states that the combination of traditional commodities and innovative cryptocurrencies will help create a more comprehensive trading experience, offering investors diversified risk management and investment portfolio options.
Blockchain solar company Glow raises $30 million, led by Framework and Union Square Ventures
According to Fortune magazine, Glow, an Ethereum-based blockchain solar company, has completed a $30 million funding round, led by Framework and Union Square Ventures. Glow operates a decentralized physical infrastructure network (DePIN) of solar power plants in the US and India, aiming to drive the development and management of clean energy through blockchain technology.
Ellipsis Labs raises $21 million to launch L2 blockchain Atlas
According to CoinDesk, the team behind Solana ecosystem DEX Phoenix, Ellipsis Labs, has completed a $21 million funding round, including $20 million raised from Haun Ventures and an additional $1 million from other investors, to accelerate the launch of its Layer2 blockchain Atlas focused on verifiable finance. Ellipsis aims to address key issues in DeFi, such as inefficient price discovery and high transaction costs, which have made decentralized finance platforms struggle to compete with traditional financial systems. Ellipsis plans to apply the experience of building Phoenix to Atlas, which will initially launch as an Ethereum Layer2 solution, aiming to access liquidity pools on Ethereum and Solana; key features will include low-latency transaction processing, reliable oracle updates, and on-chain price discovery without custody. Ellipsis previously raised a $20 million Series A round led by Paradigm in April.
Bitcoin rollup project Citrea raises $14 million Series A led by Founders Fund
According to CoinDesk, the Bitcoin rollup project Citrea has announced the completion of a $14 million Series A funding round, led by Peter Thiel's Founders Fund, with participation from angel investors including Erik Voorhees and Balaji Srinivasan. Citrea aims to leverage zero-knowledge (ZK) technology to transform Bitcoin into a programmable asset, introducing Ethereum-like smart contract functionality. Citrea adopts the BitVM computation model, making it compatible with the Ethereum Virtual Machine (EVM) and allowing Ethereum applications to be deployed on Citrea without modification. Citrea states that the lack of scalable solutions for Bitcoin in DeFi risks its marginalization, and that ZK technology can expand Bitcoin's block space capacity, providing a foundation for diverse on-chain applications and preventing Bitcoin from losing its position in decentralized finance.
Ethereum scaling infrastructure company Spire Labs raises $7 million in seed funding
According to The Block, Spire Labs, a startup focused on Ethereum scaling, has completed a $7 million seed funding round, led by Maven 11 Capital and Anagram, with participation from a16z Crypto Startup Accelerator and Digital Currency Group, among others. The funding will be used to develop the "Based Stack", a rollup framework to help developers deploy Ethereum Layer 2 application chains (appchains). Spire Labs' co-founder Kaito Yanai explains that the Based Stack allows appchains to use Ethereum Layer 1 as the ordering layer, ensuring Ethereum's composability, fairness, and censorship resistance. Additionally, the Based Stack supports MEV (maximum extractable value) internalization, allowing appchains to capture their own generated MEV. Spire plans to launch the Based Stack's first testnet by the end of this year and the mainnet in the first quarter of 2025.
VanEck has invested in Web3 gaming startup Gunzilla Games
According to Cointelegraph, VanEck has stated that its private crypto fund has invested in the gaming startup Gunzilla Games, which is the asset manager's second bet on Web3 gaming. VanEck's Matt Maximo posted on X that Gunzilla is the developer of the cyberpunk shooter game "Off The Grid", where players can earn the native GUN token. Maximo said, "We believe cryptocurrencies are a tool to enhance the gaming experience and improve monetization strategies." Players can also use the GUN token to directly purchase in-game items on Gunzilla's Web3 marketplace, which runs on the GUNZ Avalanche subnet. Earlier on October 17, VanEck announced on X that it had made two long-term investments in Web3 gaming, one of which was in the AI-powered chain game Parallel, while the other was not disclosed at the time.
Immunefi report: Crypto industry losses from hacks and scams to exceed $1.4 billion by 2024
According to the latest Immunefi report, the crypto industry's losses from hacks and scams are projected to exceed $1.4 billion by 2024, involving 179 incidents. Although the losses for October were $55.1 million, a 56.6% decrease from $126.9 million in September, the cumulative losses remain significant. The October losses were mainly due to two events: a $50 million hack on the decentralized finance (DeFi) protocol Radiant Capital and a $4.4 million exploit on Tapioca DAO. Immunefi's head of security, Gonçalo Magalhães, noted that projects have generally strengthened their security measures, including audits and bug bounty programs, making attacks more difficult. The report also shows that BNB Chain was the most attacked network in October, accounting for 50% of the incidents, followed by Ethereum and Arbitrum at 25% each. To date, Immunefi has paid over $100 million in rewards to white hat hackers, saving over $25 billion in user assets.
Blockchain Association: SEC enforcement has cost crypto industry over $400 million
According to The Block, the Blockchain Association has released data showing that the US crypto industry has spent over $400 million to address the enforcement actions of the Securities and Exchange Commission (SEC) since Gary Gensler became the SEC chairman. This figure is based on self-reported data from the association's members, reflecting the significant compliance costs and potential harm to industry innovation and employment caused by SEC enforcement. The association's members include companies such as Ripple, Coinbase, Crypto.com, Grayscale, and Kraken. Additionally, a joint survey by the association and HarrisX found that about two-thirds of respondents believe the SEC should wait for clearer regulatory guidance from Congress. Voters are also divided on which party is more supportive of crypto innovation, with 34% saying the Republican Party and 32% saying the Democratic Party.
MicroStrategy's market cap surpasses Coinbase
According to Cointelegraph, MicroStrategy's market cap has surpassed Coinbase, with MSTR stock currently valued at $49.54 billion, while COIN stock is valued at $44.87 billion.
According to Lookonchain monitoring, since March 14, a whale has purchased 11,658 BTC (about $78.05 million) at an average price of $66,953. The current unrealized profit is $42.3 million.
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