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Review of this week｜SBF was convicted on seven counts, but I refused to plead guilty; the popularity of the Bitcoin ecosystem has revived
Summarized by AI
BlockBeats will summarize the industry's key news content for the week of 10.30-11.05 in this article, and recommend in-depth articles to help readers better understand the market and industry trends.
Weekly News Recap
FTX Founder SBF Found Guilty of Fraud in New York
On November 3rd, Sam Bankman-Fried, the founder of FTX, was found guilty of defrauding customers of his now-bankrupt cryptocurrency trading platform, in one of the largest financial fraud cases on record. After a month-long trial, a jury of 12 at the Manhattan federal court found him guilty of all seven charges he faced, with prosecutors alleging that he stole $8 billion from the trading platform's customers purely out of greed. SBF pleaded not guilty to two counts of fraud and five counts of conspiracy. Read more: "SBF found guilty on all seven charges, FTX chapter comes to a close."
Bitcoin White Paper Released 15th Anniversary
On October 31st, it has been 15 years since Satoshi Nakamoto published the Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System" on the P2P Foundation website. Gary Gensler, the chairman of the US SEC, congratulated the 15th anniversary of the BTC white paper release on social media. Related reading: "15 Years of Bitcoin: The Story Behind 43 Million Times Growth", "Commemorating the 15th Anniversary of the Bitcoin White Paper: How I Got Bitcoin Airdrop in 2011?".
Bitcoin ecosystem heats up: New protocol Taproot Assets launches airdrop; game "Pixel Wars" on Ordinals gains attention
Lightning Labs has launched a new Bitcoin protocol called Taproot Assets, which has sparked great interest and attention in the Bitcoin ecosystem by offering users an airdrop. For more information, please read "Bitcoin's new Taproot Assets protocol goes live on the mainnet, quick guide to claiming airdrops". Meanwhile, the game "Pixel Wars" on Ordinals has also gained attention.
The total amount of Ordinals inscriptions minted under the Bitcoin NFT protocol has exceeded 37 million, reaching 37,291,753. Data shows that the minting volume of Ordinals inscriptions has significantly rebounded in the past 10 days compared to the period from late September to late October.
The first recursive inscription game "Pixel Wars" on the Bitcoin ecosystem Ordinals is online, and participants in the Bitcoin ecosystem are eager to experience it. Related reading: "Pixel Wars: The first recursive inscription game on the Bitcoin ecosystem Ordinals".
LayerZero announces new standards, met with joint opposition from nine other cross-chain projects
Last week, cross-chain interoperability protocol LayerZero announced the launch of the wrapped stETH (wstETH) function for transferring liquidity collateral protocol Lido Finance on Ethereum, Avalanche, BNB Chain, and Scroll. This move was met with joint opposition from nine cross-chain projects, including Connext, Across, Celer Network, ChainSafe, Sygma, LI.FI, Socket, Router Protocol, and Cross-chain Interoperability Alliance.
They expressed concern in a joint letter about LayerZero's recent actions: "LayerZero deployed the proprietary standard of wstETH to Avalanche, BNBChain, and Scroll without the support of Lido DAO. We believe that this action is a direct consequence of the collapse of the interoperability incentive system, which can only be repaired through healthy competition at every layer of standardization and bridging stack." Related reading: "LayerZero is jointly criticized by nine peers, the real business war behind the cross-chain bridge".
Aragon Association announced dissolution, ANT holders can exchange tokens for ETH
The Aragon Association committee responsible for managing the fundraising of network token sales has been dissolved, and Aragon will continue to build its mission centered around products. ANT holders can exchange ANT for ETH at a fixed exchange rate of 0.0025376 ETH/ANT. To do so, the Aragon Association is deploying 86,343 ETH to the redemption contract on the Ethereum mainnet. Due to legal restrictions, particularly regulatory risks arising from token speculation and market manipulation, this decision cannot be subject to public voting. In the future, Aragon will continue to fulfill its mission in a product-centered structure and use the remaining funds for product development.
Paypal Receives Subpoena from SEC Regarding Its USD Stablecoin PYUSD
On November 2nd, payment company PayPal Holdings (PYPL.O) announced on Thursday that it has received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its USD stablecoin. The company launched the stablecoin in August, becoming the first major fintech company to use digital currency for payments and transfers.
Taichung's largest virtual currency money laundering operator arrested, laundering over 320 million USDT in a year
According to the United Daily News, the Criminal Investigation Bureau's Cyber Crime Investigation Division in Taiwan cracked a fake Taishin Securities mobile app fraud case last year. During the investigation, they traced the flow of stolen money and found that a money laundering operator surnamed Qiu was suspected of using virtual currency to launder money. Qiu frequently traveled to Southeast Asian countries such as Malaysia. In June of this year, the police arrested Qiu and three other suspects when they returned to Taiwan. Subsequent investigation of Qiu's phone records revealed that he had handled 320 million USDT from February of last year to the present.
OKX, Coinbase, and Binance list Celestia (TIA)
Binance listed Celestia (TIA) on October 31st, offering TIA/BTC, TIA/USDT, and TIA/TRY trading pairs for spot trading.
OKX has opened TIA/USDT trading at 02:00 on November 1st Beijing time, and launched the TIAUSDT perpetual contract.
Coinbase has launched Celestia (TIA) on November 2nd. Currently, Coinbase only supports the token on the Celestia network.
Binance, OK, Bitget, Bybit, BitMEX and other trading platforms have launched Memecoin (MEME).
Binance launched Memecoin (MEME) at 16:00 on November 3rd Beijing time, and opened MEME/BNB, MEME/BTC, MEME/USDT, MEME/FDUSD, MEME/TUSD, MEME/TRY spot trading pairs for trading.
OKX launched MEME/USDT trading on November 3rd.
Bitget has launched the MEME (MEMECOIN) U perpetual contract, with a maximum leverage of 50x.
BitMEX has launched a futures contract for Memecoin (MEME) with USDT as collateral, called MEMEUSDTX23, with a maximum leverage of 2x.
Bybit launched Memeland (MEME) on November 3rd.
OpenSea Layoffs About 50%, Will Realign Team Around "OpenSea 2.0"
On November 4th, OpenSea confirmed the dismissal of about 50% of its employees. An OpenSea spokesperson stated that the company is undergoing significant organizational and operational changes and will adopt a more flattened organizational structure in the future. Employees affected by the layoffs will receive four months of severance pay, six months of medical and mental health services, and an accelerated equity vesting schedule. According to Dune data, in the past week, OpenSea has had over 32,000 unique wallets between its standard and professional markets, more than twice that of Blur. However, Blur has accounted for about 70% of the total NFT sales market share in the past week, with sales exceeding $51 million.
Prisma Finance announces retroactive airdrop
On November 5th, the LSD stablecoin protocol Prisma Finance announced the launch of the Prisma retroactive airdrop. Locked PRISMA tokens will be airdropped to Prisma point holders and addresses that voted to support Prisma being listed on the Curve whitelist. veCRV voters will receive 1% of the total supply, while Prisma point holders will receive 2% of the total supply, distributed to early users based on their point ratio. The airdropped tokens will be locked in the form of vePRISMA, with veCRV holders for 52 weeks and Prisma point holders for 26 weeks.
Bitget Delists TokenFi and Repurchases User TOKEN Assets
On October 31, Bitget released an announcement regarding the delisting of TokenFi (TOKEN) tokens and the repurchase plan. The announcement stated that after the TokenFi (TOKEN) token trading began, Bitget observed violent price fluctuations. The project party only deposited tokens worth less than $2,000 in the DEX liquidity pool opened that night, suspected of manipulating market prices by maliciously compressing liquidity. Bitget will repurchase according to the highest closing price of TokenFi (TOKEN) tokens in Bitget's open trading within 5 days (October 27 to October 31) after the token is listed, which is 1 TOKEN = 0.00605002 USDT, before 16:00 on November 7, 2023. Details: "Bitget Delists TokenFi and Repurchases User TOKEN Assets".
HashKey Launches Platform Token HSK
HashKey Exchange, a compliant cryptocurrency exchange based in Hong Kong, is set to launch its platform token HSK (ERC-20) on November 1st at 11:11.
Insiders: Jane Street, Jump and other traders have negotiated with BlackRock on "market making" for BTC spot ETFs
On November 1st, according to sources cited by Coindesk, if regulatory agencies approve BlackRock's BTC spot ETF, some of the world's largest market makers may participate in providing liquidity for the ETF. Currently, trading giants Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading have negotiated with BlackRock on market making roles.
Starknet will allocate 50 million STRK tokens to early contributors
On October 31st, Starknet announced the launch of the Early Community Member Program, which aims to recognize community contributors who have made contributions to Starknet so far, and plans to allocate 50 million STRK tokens to those who have made contributions in the early stages of the network, including individual contributors who encourage technical discussions, organize Starknet-related activities, and regularly publish Starknet brand content. Individuals and projects will need to apply for grants and provide detailed information about their contributions. The application window is open until 8:00 on November 23, 2023.
This Week's Popular Articles
Bitcoin's 15-year debut: The story behind 43 million times growth
Since the release of the Bitcoin whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008, Bitcoin has achieved over 43 million times growth. Today, Bitcoin and the cryptocurrency industry continue to change the world.
近 7 天，FTX 卖了哪些币？
Translation:
What coins did FTX sell in the past 7 days?
While SBF is undergoing court trial, FTX/Alameda's cryptocurrency assets are also actively "moving in secret". Following the transfer of $59 million in assets on the 25th, 26th, and 27th, FTX/Alameda seems to have accelerated their operations in the past few days, having transferred a total of approximately $127.5 million worth of cryptocurrency assets. BlockBeats has compiled the relevant address details of their operations after the 27th.
Looking for the next Celestia, six modular project interaction tutorials
Celestia's big bowl of pig's feet rice airdrop has attracted attention to the modularization trend. It is the first but not the last modular project to issue coins. What opportunities can we focus on in this field in the future? This article involves six potential modular projects and interaction suggestions; Fuel, Altlayer, Polygon Avail, Caldera, Eclipse, etc.
Vitalik's latest article interpretation: V God has outlined the future roadmap of Bitcoin for us
Vitalik's new article: Sorting out the differences of various L2 solutions
We see that L2 projects are becoming more "heterogeneous", a term commonly used to describe different blockchains, protocols, technologies, or assets, each with different characteristics, rules, or properties. I expect this trend to continue. Some independent L1 projects are seeking closer contact with the Ethereum ecosystem and may transition to L2 projects. These projects may wish to adopt a phased transition approach. Some centralized projects are looking to provide more security for their users and are exploring blockchain-based approaches.
Bull market reignites, inventory of recent projects and narratives worth paying attention to
Project executives leave in droves, is it another "job-hopping season" in the crypto industry?
Bitcoin has rebounded 40% from its mid-September low. As the spot Bitcoin ETF is about to be approved, the price of Bitcoin is rising. According to a report from cryptocurrency investment company Galaxy, the bullish expectations for the spot Bitcoin ETF in the market indicate that once approved, there will be $14 billion worth of Bitcoin buying pressure, driving up the price of Bitcoin. Although the brave ones who stay in the cryptocurrency field have positioned themselves at new highs, external capital is needed to take us there, and the approval of the spot Bitcoin ETF alone does not guarantee inflows of funds.
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