Today's news tips:
Kraken plans to launch a blockchain called Ink early next year for DeFi transactions and lending
Social media platform Bluesky completes $15 million Series A financing led by Blockchain Capital
Grass Airdrop One will be held on October 28
Regulatory News
South Korea to regulate cross-border transactions of virtual assets
According to Jinshi, the Ministry of Finance of South Korea said that South Korea plans to regulate cross-border transactions of virtual assets such as cryptocurrencies from the second half of 2025, introducing registration and reporting requirements. The Ministry of Finance said that under the new regulations, companies handling cross-border transactions of virtual assets will be required to register with the authorities in advance and report transactions to the Bank of Korea on a monthly basis. According to data from the Korean Customs, a total of 11 trillion won (7.97 billion U.S. dollars) worth of foreign exchange-related crimes have occurred in South Korea since 2020, of which 81.3% involved virtual assets.
According to FOX Business, the Pennsylvania House of Representatives passed a bipartisan bill aimed at providing regulatory clarity for digital assets. The bill passed by a large margin of 176 to 26, including the support of 76 Democrats and all 100 Republican members. The bill allows residents to self-custody digital assets and clarifies the tax guidelines and payment usage rights for Bitcoin transactions.
The bill was drafted by the Bitcoin advocacy group Satoshi Action Fund, reflecting the trend of states pushing for the standardization of cryptocurrencies in the absence of clear federal regulation. If passed by the Senate, the bill will be submitted to Governor Shapiro for signature. In addition, 1.5 million Pennsylvania residents hold cryptocurrencies, accounting for 12% of the total population, making it an important supporter of this legislation.
The Dutch government is seeking public opinion on a crypto tax monitoring law aimed at aligning its data collection rules for crypto service providers with those of the European Union. The proposal aims to increase transparency in cryptocurrency ownership and thus prevent tax evasion and avoidance, the Dutch Ministry of Finance said in a press release on Oct. 24.
According to the proposal, the Dutch Tax Authority (Belastingdienst) will share user data collected by crypto service providers with tax authorities in other EU countries, in line with the DAC8 crypto tax reporting rules adopted by the EU last year. The Dutch government plans to submit the bill to Congress in the second quarter of 2025, and hopes to make crypto assets more transparent to tax authorities through data sharing to prevent tax losses. The deadline for submission of relevant opinions and suggestions is November 21.
Musk donated an additional $44 million to pro-Trump groups in the first half of October
America PAC disclosed that Elon Musk donated about $44 million to the pro-Trump team in the first half of October, stepping up his support for Trump. Earlier reports showed that Musk donated about $75 million to the organization in the three months from July to September. The organization focuses on mobilizing voters in competitive states who may determine the outcome of the election. In addition, according to another document submitted to the Federal Election Commission, Trump's campaign team reported that it spent more than $88 million on advertising in the first half of this month, and there was $36 million in the bank for the final stage of the campaign. Trump's campaign team raised $16 million during this period.
Federal filings show Musk has spent at least $132 million on behalf of Trump and his Republican allies.
AI
OpenAI plans to launch its next-generation cutting-edge model Orion by December
OpenAI disbands another safety team, chief advisor on “AGI Readiness” resigns
According to CNBC, OpenAI is disbanding its "AGI Readiness" team, which was responsible for assessing OpenAI's ability to handle increasingly powerful AI technology and assessing the world's readiness for such technology.
Project News
Richard Teng, CEO of Binance, wrote on X Platform: "We are deeply relieved and grateful that Tigran Gambaryan has finally been released after being detained in Nigeria for nearly eight months. Tigran has shown tremendous strength during this difficult time, and we commend his resilience in the face of such severe adversity. We are very grateful to everyone who has dedicated countless hours to support Tigran's release. Tigran's health and well-being remain our top priority, and we are glad that he can now be with his family to receive the medical treatment and rest he desperately needs. Binance remains committed to working with global regulators to ensure compliance and transparency in the evolving digital asset space. We are eager to put this incident behind us and continue our efforts to create a brighter future for the global blockchain industry. Nigeria, with its young, tech-savvy population and strong interest in digital finance, is well-positioned to use blockchain technology to address economic and social challenges. We look forward to playing a constructive role in this effort."
Market News: Polymarket confirms Trump whale FREDI9999 is a French trader
According to Aggr News, citing Bloomberg, Polymarket confirmed that Trump whale FREDI9999 is a French trader. Earlier, it was reported that FREDI9999 held more than $20 million in bets on Trump's victory on Polymarket, raising concerns about manipulation.
Kraken plans to launch a blockchain called Ink early next year for DeFi transactions and lending
Cryptocurrency exchange Kraken plans to launch a blockchain for decentralized applications early next year that will allow tokens to be traded, borrowed and loaned without intermediaries, Bloomberg reported. The new digital ledger, called Ink, will use technology similar to Coinbase Global Inc.’s Base.
Ink founder Andrew Koller said in an interview that the developer testnet will be launched later this year, and developers will be able to try out Ink's applications on the testnet. It is expected that the blockchain will be open to retail and institutional users in the first quarter. Koller said that Kraken does not plan to issue its own tokens; Ink applications will be available through the Kraken Wallet application; more than a dozen applications will be available when Ink debuts, such as decentralized exchanges and aggregators; eventually, the chain may become the home of real-world assets and advanced lending applications; Kraken initially plans to become the chain's sorter, making money by organizing and managing transactions on the network, but the function will eventually be decentralized and shared by multiple parties.
Coinbase International will launch ApeCoin perpetual futures contracts
Coinbase International Station announced on the X platform that Coinbase International Station and Coinbase Advanced will add support for ApeCoin perpetual futures contracts. The APE-PERP market is expected to open at or after 17:30 on October 31, 2024, Beijing time.
Binance Futures Launches GOAT 1-75x USDT Perpetual Contract
According to the official announcement, Binance Futures will launch the GOATUSDT perpetual contract at 21:30 on October 24, 2024 (Eastern Time Zone 8), with a maximum leverage of 75 times.
Blockchain startup R3 weighs options, including sale
According to Bloomberg, people familiar with the matter revealed that R3, a New York-based blockchain startup, has held preliminary discussions with representatives of Ava Labs, Solana Foundation and Adhara. These discussions have been going on for at least six months and include options such as joint ventures, minority stake sales or outright sales. People familiar with the matter said that although its Corda technology is used by multiple live platforms such as the Swiss Stock Exchange's digital asset trading platform, some projects have not entered the testing phase. The company laid off about a fifth of its employees a year ago and currently has 200 to 250 employees.
According to The Block, Microsoft will list the proposal to "evaluate investment in Bitcoin" as a voting item at the annual shareholders' meeting on December 10. The proposal was put forward by the conservative think tank The National Center for Public Policy Research, but the board of directors recommended that shareholders vote against the proposal, believing that it was "unnecessary" and stated that the company's management had "carefully considered" the relevant issues.
Microsoft said in a filing with the U.S. Securities and Exchange Commission that its global finance team regularly evaluates a variety of investment assets, including cryptocurrencies, for diversification and risk management. Although Bitcoin has been considered in the past, the board has not made further investment decisions due to factors such as volatility. If the proposal is passed, Microsoft will become the largest publicly listed crypto investment company, surpassing MicroStrategy and Tesla.
According to Cointelegraph, GnosisDAO, the decentralized autonomous organization behind Gnosis Chain, has approved a proposal to launch a $40 million venture fund aimed at accelerating early blockchain projects. GnosisDAO will inject $20 million into the fund, and the remaining $20 million will come from external LPs. The fund, called GnosisVC Ecosystem, will prioritize investments in projects engaged in real-world asset (RWA) tokenization, decentralized infrastructure, and financial payment channels.
Binance will launch MOODENGUSDT perpetual contract
Binance Futures will launch MOODENGUSDT perpetual contracts at 18:00 (ET) on October 25, 2024, with a maximum leverage of 75x.
Binance Futures will launch SAFE 1-75x USDT perpetual contracts
According to the official announcement, Binance Futures will launch the SAFEUSDT perpetual contract at 20:30 (ET8) on October 25, 2024, with a maximum leverage of 75 times.
GrassAirdrop One will be held on October 28
According to the announcement of the Grass Foundation, one of the most widely distributed airdrops in history, " GRASS Airdrop One", will take place at 21:30 (Beijing time) on October 28, 2024.
Financing News
Social media platform Bluesky completes $15 million Series A financing led by Blockchain Capital
According to Bluesky's official announcement, the social platform Bluesky has completed a $15 million Series A financing round, led by Blockchain Capital, with participation from Alumni Ventures, True Ventures, SevenX, Pivot Global, etc. Despite the support of crypto venture capital, Bluesky has made it clear that it will not "over-financialize" the platform through tokens, NFTs, etc.
Currently, Bluesky has more than 13 million users and plans to use the new funds to strengthen community building, invest in trust and security, and support the AT Protocol developer ecosystem. The platform will also develop a subscription model to provide users with functions such as video uploading and personalized configuration. At the same time, Bluesky will build payment services for creators and explore voluntary monetization channels to support the growth of more Web3 applications.
According to Fortune magazine, fitness app Moonwalk Fitness has completed a $3.4 million seed round of financing, led by Hack VC, with participation from Binance Labs, Reciprocal Ventures and Solana co-founder Raj Gokal.
Moonwalk Fitness is an app that incentivizes healthy habits by rewarding users with cryptocurrency, allowing users to challenge friends, family or strangers to daily competitions, thereby "gamifying" fitness. Users who set up challenges can specify parameters, including how many days the competition lasts, daily step goals, and how much money each player must deposit to participate. Players can submit deposits in USDC, Solana or Bonk. Those who fail to meet the standards will lose part of their bets, and the rewards will be distributed to the winners.
Important data
Arkham Intelligence tweeted that an address associated with the US government was suspected to have been attacked, and about 20 million US dollars of USDC, USDT, aUSDC and ETH were transferred from the address 0xc9E6E51C7dA9FF1198fdC5b3369EfeDA9b19C34c to the attacker's address 0x3486eE700CcaF3E2F9C5eC9730a2e916a4740A9f.
The attacked address 0xc9E has received funds transferred from 9 addresses seized by the US government related to the Bitfinex hacking case, including the 0xE2F699AB099e97Db1CF0b13993c31C7ee42FB2ac address mentioned in court documents. At present, the attacker address 0x348 has begun to convert these funds into ETH and is suspected of laundering them through suspicious addresses related to money laundering services.
According to 0xScope, the Ethereum Foundation has sold 4,066 ETH directly on the chain through CoWSwap this year, equivalent to about $11.24 million. A total of 37 transactions were conducted, with a single transaction volume ranging from 50 to 200 ETH. The first transaction took place on January 2, and the last transaction was completed on October 23.
Spot On Chain monitoring shows that BlackRock's iShares Bitcoin Trust (IBIT) has increased its holdings of Bitcoin for 9 consecutive trading days, purchasing a total of 29,714 BTC (about US$1.99 billion). The total holdings currently reach 399,355 BTC (about US$27.16 billion), accounting for more than 2% of the circulating supply of Bitcoin.
According to Captain Zwingli (@ChrisJourdan), the decentralized social platform Farcaster has seen a significant slowdown in protocol revenue growth since it completed a $150 million financing in May this year . Although its valuation reached $1 billion at the time, its cumulative revenue exceeded $2 million on July 1, and has only increased to $2.34 million in the past four months.
According to Dune data, Farcaster's revenue performance in October was particularly sluggish, with only four days of daily revenue exceeding $1,000, and the cumulative revenue this month was only $10,000. Compared with the growth trend at the beginning of the year, Farcaster's revenue growth has slowed down since its financing in May, and it has been less than $1 million so far.
Data: Bitcoin spot ETFs had a total net inflow of $188 million yesterday
Data: Ethereum spot ETF had a total net inflow of approximately US$2.3 million yesterday
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