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This week's news review | Over 90% of Ethereum blocks are settled by only 4 entities, exacerbating the problem of relay centralization; Zhu Su may face up to four months in prison if convicted.
Summarized by AI
Weekly News Recap
Three Arrows Capital co-founder Zhu Su arrested or sentenced to four months in prison in Singapore
On September 29th, the liquidator of Three Arrows Capital announced that the co-founder of the hedge fund, Zhu Su, was arrested while attempting to leave Singapore. Teneo, the failed cryptocurrency hedge fund, stated that it received a commitment order against Zhu Su after he failed to comply with a court order requiring him to cooperate with the liquidation investigation. According to a statement, Zhu Su has been sentenced to four months in prison. Read more: "Zhu Su sentenced to four months in prison, was still wishing everyone a happy Mid-Autumn Festival a few hours ago".
Celestia Airdrop is now online, with a total of 1 billion TIA tokens
Modular blockchain Celestia has announced that the airdrop is now online. 7,579 developers and 576,653 on-chain addresses will have the opportunity to join Celestia from the first block. Eligible participants can claim up to 60 million TIA (Celestia's native asset) before 8:00 PM on October 17, 2023. One-third of the total airdrop will be distributed to 7,579 developers, and two-thirds will be distributed to 576,653 on-chain addresses, including 20 million TIA allocated to the most active users of Ethereum rollups, 20 million TIA allocated to stakers and IBC relayers of Cosmos Hub and Osmosis. Related reading: "Celestia launches TIA token airdrop, overview of economic model and airdrop details"
Blocknative stops MEV-boost service due to economic concerns, raising worries about Ethereum relay centralization
On September 28th, Ethereum infrastructure service provider Blocknative announced that it will stop its MEV-boost relay service due to the inability to maintain economic benefits. With Blocknative ceasing operations and the remaining four relayers not charging service fees, the operators of the core part of Ethereum infrastructure are no longer profitable. If the economic incentive issue is not resolved, the centralization problem of relayers may further intensify. Related reading: "Another major MEV relay service shuts down, more than 90% of Ethereum block settlement will be controlled by 4 companies in the future"
Ordinals Founder Proposes Runes as a Replacement for BRC20
On September 26th, according to Cointelegraph, Casey Rodarmor, the founder of Ordinals, proposed a new protocol called Runes based on the Bitcoin network, which will serve as a potential replacement for BRC20. Casey Rodarmor stated that alternative token protocols like Runes will not leave behind a large amount of "garbage UTXO" on the Bitcoin network like BRC20 tokens.
HTX Hot Wallet Hacked, Losses Approximately $7.9 Million
On September 25th, according to Cyvers Alerts, HTX's hot wallet was hacked, resulting in approximately $7.9 million in losses. Justin Sun, a member of HTX's global advisory committee, stated that HTX has fully borne the losses caused by the attack and that the platform is operating normally. Related reading: "HTX Hacked, Resulting in $7.9 Million in Losses".
Binance completely exits the Russian market and sells its business to CommEX
On September 27th, according to an official announcement, Binance announced that it will sell all of its Russian business to CommEX, and an agreement has been reached. In order to ensure a smooth transition for existing Russian users, the delisting process will take up to one year. All assets of existing Russian users are protected safely and reliably.
SlowMist: Mixin Network cloud service provider's database was attacked, involving about $200 million
On September 25th, SlowMist MistTrack stated on social media that Mixin Network's cloud service provider's database was attacked, involving about $200 million. SlowMist is assisting with the investigation. In the afternoon of the same day, Mixin founder Feng Xiaodong responded in a live broadcast that the damaged assets were mainly Bitcoin core assets, and assets such as BOX and XIN did not appear to be severely stolen. Regarding the stolen assets, the official stated that a maximum of 50% will be compensated, and the remaining part will be compensated in the form of bond tokens. In the future, the official will use profits for repurchase. In addition, Feng Xiaodong also stated that Mixin will launch a new system for user asset migration, but the assets that can be transferred are currently only half of the user's balance.
GameFi project Tiny World related personnel suspected of being investigated by the police
On September 28th, according to Wu Blockchain News, it was learned from multiple investors that the GameFi project Tiny World related personnel were suspected of being investigated by the police. Tiny World is the original EOS Three Kingdoms team. In 2022, Tiny World completed a $2.5 million financing round, which was participated by HashKey, SNZ, Sky9 Capital, Everest Ventures Group (EVG), TokenPocket, Cipholio, Foresight Ventures, COCOS-BCX, and others. Analysts pointed out that currently, chain games in China are highly likely to be associated with crimes such as running gambling operations.
The 4 companies currently applying for Hong Kong licenses are: HKVAX, HKBitEx, Hong Kong BGE Limited, and Victory Securities.
Since the new virtual asset regulations in Hong Kong came into effect on June 1st, in addition to the two cryptocurrency trading platforms (OSL Digital Securities Limited and Hash Blockchain Limited) that have already been licensed, four other companies have applied for licenses. The regulatory agency stated that these four companies are HKVAX, HKBitEx, Hong Kong BGE Limited, and Victory Securities.
MicroStrategy Buys 54,45 Bitcoins for Approximately $147.3 Million
On September 25th, MicroStrategy founder Michael Saylor announced on social media that the company had purchased approximately $147.3 million worth of 54,45 Bitcoins between August 1st and September 24th, with an average price of $27,053 per Bitcoin. As of September 24th, 2023, MicroStrategy has purchased a total of 158,245 Bitcoins for approximately $4.68 billion, with an average price of $29,582 per Bitcoin.
Valkyrie Bitcoin Futures ETF approved to convert to Bitcoin and Ethereum Futures ETF
On September 29th, according to CoinDesk, the US SEC has approved Valkyrie to convert its existing Bitcoin Futures ETF to a Bitcoin and Ethereum Futures ETF. The new fund will be renamed "Valkyrie Bitcoin and Ethereum Strategy ETF" and will officially take effect on October 3rd, with the code remaining as BTF. A Valkyrie spokesperson stated that the Valkyrie Bitcoin Strategy ETF has begun to increase exposure to Ethereum Futures contracts, making it the first ETF in the US to offer exposure to both Ethereum and Bitcoin Futures contracts. The approval of the Valkyrie Ethereum Futures ETF was due to its supplement to the prospectus and updated risk disclosures related to Ethereum Futures.
LooksRare updates token economic model, 50% of future fees will be used to repurchase LOOKS tokens
On September 30th, according to official sources, NFT marketplace LooksRare updated its token economic model. 50% of future fees will be used to repurchase LOOKS tokens from the market, 10% will be used as LooksRare protocol rewards, and 40% will be contributed to the protocol treasury. Starting from October 1st at 5:00 PM (Beijing time), LooksRare will add the generated fees to the protocol rewards. The previous transaction reward mechanism will also end at the same time, and the LOOKS tokens previously allocated to transaction rewards will be sent to the treasury and used as incentives for future products and plans. This move aims to ensure the most effective allocation while further incentivizing new and existing products.
This Week's Popular Articles
No "Innovation" Friend.tech, Gave a Product Lesson to the Coin Circle
This article is not intended to discuss whether ft is the social Uniswap moment (Is Friendtech the Uniswap Moment for Social). Instead, based on the social platform of friend.tech founder Racer and known information, we will start from the first login interface and analyze the protocol and infrastructure used by ft. If there are any protocols that have not been covered, readers are welcome to inform us so that we can supplement them.
BBC Documentary: The Rise and Fall of SBF's Cryptocurrency Empire
On September 26th, the BBC released a documentary called "BBC Panorama 2023: Downfall of the Crypto King SBF & FTX" which was produced by BBC. In the nearly 90-minute film, the rise and fall of SBF and his crypto empire FTX were almost fully displayed. The film includes early views and conversations of SBF, as well as interviews with SBF's colleagues and FTX users.
Stolen nearly $200 million, Li Xiaolai's Mixin triggers memories
On September 25th, SlowMist MistTrack posted on social media that the database of Mixin Network cloud service provider was attacked, involving approximately $200 million. Later, Pidan disclosed the details, and the stolen assets included approximately $94.48 million worth of ETH, $23.55 million worth of DAI, $23.30 million worth of BTC, and so on. Two days later, Mixin officials stated that most of the asset inventory work had been completed and that "the loss is not as severe as estimated."
Bitcoin's new FT protocol emerges, and Ordinals founder can't bear BRC anymore
The founder of the Bitcoin NFT protocol Ordinals, Casey Rodarmor, has proposed a new Bitcoin FT protocol design concept called "Rune". This protocol is also known as the "Rune" protocol. How is this protocol different from FT protocols such as BRC-20 and Taro/RGB on the Lightning Network? Why did Casey suddenly propose the idea of the "Rune" protocol? What progress has been made in less than a day since the idea was proposed?
Binance sells Russian business as major trading platforms retreat from regional markets this year
On September 27th, Binance announced that it will sell all of its Russian business to CommEX, and an agreement has been reached. In order to ensure a smooth transition for existing Russian users, the delisting process will take up to one year. All assets of existing Russian users are protected safely and reliably. However, not only Binance, but also many other cryptocurrency exchanges, including Karken and Bybit, have announced their withdrawal from multiple regional markets this year. Cryptocurrency exchanges are once again facing regulatory tightening issues.
Celestia launches TIA token airdrop, check out the economic model and airdrop rules
The genesis block of Celestia is expected to launch a modular data availability network later this year. This will be followed by TIA, the native asset of Celestia. Like other permissionless protocols, TIA can participate in network consensus as well as decentralized governance of network parameters and community pools.
Interview with Worldcoin CEO: Surprising Enthusiasm from Asian Markets
Worldcoin's official statement indicates that over 200,000 Chileans have completed World ID verification, which is more than 1% of Chile's total population of 19.5 million. BlockBeats reporters recently interviewed Worldcoin CEO Alex Blania to discuss the latest developments of Worldcoin and answer readers' questions about Orb pricing, Worldcoin's profitability, and how to deal with regulation.
All DAO organizations are either forking or on the path to forking.
Establishing a sound forking mechanism does not necessarily mean encouraging forking, but forking may be an inevitable outcome of DAO's move towards decentralization. Does the forking mechanism always lead to forking? How does the crisis of trust occur? In addition to decentralization, does DAO also need to be "dehumanized"? To what extent should dehumanization be reasonable? As the Nouns fork progresses, the debate over DAO forking is once again brought to the stage, forcing the entire crypto community to re-examine DAO governance and re-understand forking. These issues may be a continuous challenge for all DAO organizations.
Founder of Aave repays all debts, does Curve finally get out of danger?On September 27th, according to DeBank data, Michael Egorov, the founder of cryptocurrency exchange Curve, repaid a debt of 356,000 USDT on Aave V2, and has now fully repaid all debts on Aave. Since the end of July when it was attacked, the founder of Curve has received a lot of attention due to high leverage debt positions.
Ethereum is devouring all blockchains
If history is a harbinger, then Ethereum will devour the entire blockchain space, and not just a part of it. Eventually, Ethereum's second-layer solutions will become Ethereum's first-layer solutions. I believe that the recent decision by CELO stakeholders to transition their operations to Ethereum's second-layer solution is just the beginning of a process of integration and transformation that will ultimately lead us to Ethereum becoming the first-layer solution for all blockchains.
Binance sells Russian business as major trading platforms retreat from regional markets this year
On September 27th, according to an official announcement, Binance announced that it will sell all of its Russian business to CommEX, and an agreement has been reached. In order to ensure a smooth transition for existing Russian users, the delisting process will take up to one year. All assets of existing Russian users are protected safely and reliably. Looking to the future, Binance recognizes that conducting business in Russia is incompatible with Binance's compliance strategy. Binance remains confident in the long-term growth of the global Web3 industry and will focus its efforts on more than 100 other countries where it conducts business.
Review of 50 potential projects in 9 major tracks, aiming for big success with a zero-based mindset
The story originated from the bottom of the last bear market, when a friend in the industry established a "zero-return fund" and diversified the funds to buy 50 small-cap altcoins with the mentality of expecting small gains from high risks. In the end, they hit several hundred to several thousand times the increase in probability coins such as AAVE and LINK, and achieved a return of tens of times in the bull market. This successful investment experience is impressive, but it also reminds us that luck plays a big role in catching probability coins, and it is more suitable to use the "fishing net method" to capture them through probability.
Arbitrum network's TVL fell below $5 billion in the past month, and in an effort to revive its ecosystem, a series of incentive measures were introduced. However, there have been instances of "arbitrage" by project parties.
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