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Top 10 News of the Week
1. China's stock and bond markets rose, and the yuan jumped to a 16-month high against the dollarlink
China's central bank on Tuesday unveiled its biggest stimulus package since the outbreak of the pandemic, aimed at lifting the economy out of deflation and back to the government's growth target, including lowering borrowing costs, pumping more money into the economy and easing the burden of mortgage repayments on households. Chinese stocks and bond markets rose, with Asian shares hitting a 2-1/2-year high. The yuan jumped to a 16-month high against the dollar.
2. Harris promises to make the United States a leader in blockchainlink
In a speech to the Economic Club of Pittsburgh on Wednesday, U.S. Vice President Harris said that under her leadership, the United States will "recommit" to maintaining global leadership in areas that will define the next century, "maintaining dominance in artificial intelligence and quantum computing, blockchain and other emerging technologies." Until last weekend, Harris had remained silent on cryptocurrencies on the campaign trail. At a recent Wall Street fundraiser in Manhattan, Harris said artificial intelligence and cryptocurrencies are part of her vision for an "opportunity economy."
3. CZ may have been released from prison earlylink
CZ may be released two days earlier than his official release date this Friday, because if the release date falls on the weekend, prisoners will leave the prison early. A Binance spokesperson said that we are happy that CZ will go home to reunite with his family. His lawyer said that CZ did not want to be interviewed on the day of his release. CZ spent about two months in a minimum security prison in the California desert before being transferred to a temporary shelter in Long Beach. There, CZ was able to have supervised outings and even go to the movies.
4. US SEC settles with TrustToken and TrueCoin for allegedly defrauding TUSD investorslink
The U.S. SEC announced a settlement with TrustToken and TrueCoin, the latter of which was suspected of defrauding TrueUSD investors. Under the terms of the settlement, the two parties will pay $163,000 each, and TrueCoin will also pay $340,000 in recovery. The SEC's press release stated that by March 2022, TUSD's operations had been sold to an overseas entity, which and TrueCoin invested more than $500 million in assets in a speculative fund; by the fall of 2022, TrueCoin and TrustToken were aware of redemption problems with the overseas fund, but continued to issue false statements to investors, claiming that TUSD was backed one-to-one with U.S. dollars. In addition, the SEC stated in the document that investors invested in a common enterprise, meeting one of the criteria of the Howey test, thereby supporting the claim that TUSD falls within the definition of securities.
5. Telegram to provide more user data to government after CEO arrestedlink
Telegram made significant changes to its privacy terms on Monday. The app will now share users' IP addresses and phone numbers with judicial authorities in cases where they may be involved in criminal conduct. The changes come after Telegram CEO Pavel Durov was arrested in France last month. Monday's changes are a significant departure from the app's previous statements, which said it would only share information if a user was suspected of terrorism.
6. The number of active accounts on the Ethereum network has dropped to its lowest level since December 1, 2023link
As of September 21, 2024, the seven-day moving average of Ethereum transaction fees reached $3.52, a surge of 314% from $0.85 on September 1. The recovery in transaction fees has driven a significant increase in the ETH destruction rate. On September 21, the daily destruction of ETH reached 1,360, a 1,600% increase from 80.27 on September 1. Uniswap and its V2 version have become the most gas-consuming smart contracts in the past 30 days. However, network activity has not increased with the increase in transaction fees. The number of active accounts on the Ethereum network has fallen to its lowest point of the year, about 385,000, down 11% from the beginning of the month, setting a new low since December 1, 2023.
7. Binance launches pre-market spot trading servicelink
Binance launched a pre-market spot trading service on September 25, 2024, allowing users to trade "real tokens" in advance before the tokens are officially listed. Binance is the first crypto exchage to offer pre-sale trading of real tokens. The service combines Binance Spot and Binance Launchpool, allowing users to acquire new project tokens by staking BNB and other tokens. Currently, only some Launchpool tokens are available for pre-sale market trading, and users can trade these tokens before they are officially listed, but there are withdrawal, transfer and deposit restrictions.
8. The world’s first crypto Islamic account is now fully available on Bybitlink
Bybit CEO Ben said that the world's first crypto Islamic account is now fully launched on Bybit, limited to 75 Shariah-compliant tokens, open to Muslim traders around the world, and the initial products include Shariah-compliant products and services, namely spot trading, DCA trading robots and spot grid robots, ensuring ethical and direct transactions in line with Islamic values. Bybit consulted ZICO Shariah, a licensed Shariah consulting firm based in Kuala Lumpur, Malaysia, when developing the Islamic account.
9. Alameda Research CEO Caroline Ellison was sentenced to 2 years in prison and forfeited $11 billionlink
SBF's ex-girlfriend and Alameda Research CEO Caroline Ellison was sentenced to two years in prison by a federal judge in New York on Tuesday and ordered to forfeit $11 billion for her involvement in the major fraud and conspiracy that led to the collapse of the once $32 billion cryptocurrency exchange FTX. While the judge praised Ellison's extensive cooperation with prosecutors, which ultimately led to SBF's conviction, he said Ellison's sentence needed to serve as a deterrent to other potential criminals. The judge allowed Caroline Ellison to turn herself in on or after November 7.
10. Swedish police classify illegal cryptocurrency exchanges as professional money laundererslink
The Swedish Police and the Financial Intelligence Unit (FIU) recently released a report classifying some cryptocurrency exchanges as "professional money launderers (PML)" and identifying four typical money laundering models. The report divides these illegal exchanges into node transaction providers, Hawala transaction providers, asset transaction providers, and platform transaction providers. Node transaction providers are deeply integrated into the criminal network, and transactions are conducted in both directions; Hawala transaction providers are connected to the underground banking system and have a wide influence in the Middle East; asset transaction providers systematically use encrypted assets and have large transaction volumes; platform transaction providers operate on public P2P platforms, mainly serving small-scale drug buyers and fraudsters.
Key financing events
- Decentralized finance platform Drift Labs announces $25 million Series B fundinglink
- Universal FHE protocol octra announces completion of $4 million Pre-Seed round of financinglink
- Web3 video game protocol Forge completes new round of fundinglink
- Helix Labs announces $2 million in pre-seed fundinglink
- Web3 game developer Darkbright Studios announces $6 million seed round of fundinglink
- Movement Ecosystem DeFi Project Meridian Completes $4 Million Seed Round, Led by ParaFi Capital and Borderless Capitallink
- Daylight, a crypto platform that recommends personalized on-chain operations to users, has raised $6 million in seed funding, led by USV and 1kxlink
- Initia announces $14 million Series A funding round, valuing the company’s token at $350 million on a fully diluted basislink
- AminoChain announces completion of $5 million seed round led by a16zlink
- Solana DePIN project Mawari Network completes $10.8 million in strategic financinglink
For more industry funding events, please visit crypto-fundraising.info .
