Today's news tips:
Michael Saylor Suggests Microsoft to Adopt Bitcoin as Core Corporate Strategy
DeBox operating account private key leaked, loss of more than 4.87 million BOX and 31 ETH
Binance supports the MONKY airdrop plan for FLOKI and APE holders
Spot cryptocurrency trading volume reached $2.7 trillion in November, the highest since May 2021
Ethereum spot ETFs saw a net inflow of $467 million last week, with BlackRock ETHA outperforming
Regulatory News
According to the online release hall of the Supreme People's Procuratorate, in order to further curb the high incidence of cross-border telecommunications network fraud crimes and cut off the criminal chain of collusion between domestic criminals and overseas fraud groups to the greatest extent, according to the normalized listing and supervision work mechanism, the Supreme People's Procuratorate and the Ministry of Public Security recently decided to continue to jointly list and supervise the fourth batch of 8 major cross-border telecommunications network fraud cases, insist on digging deep into the organizers, leaders and behind-the-scenes "financial backers", severely crack down on cross-border telecommunications network fraud and related illegal and criminal activities in the country in accordance with the law, and resolutely safeguard social stability and the vital interests of the people. The fourth batch of eight major cross-border telecommunications network fraud cases jointly supervised this time are: (1) the telecommunications network fraud case of "Boxiang Park" in Wuxi, Jiangsu; (2) the telecommunications network fraud case of "Dianfeng Technology" in Yancheng, Jiangsu; (3) the telecommunications network fraud case of "Haozhi Park" in Shengzhou, Zhejiang; (4) the "5.27" telecommunications network fraud case in Quanzhou, Fujian; (5) the telecommunications network fraud case of "Shengyuan Group" in Longyan, Fujian and Chongqing; (6) the "11.15" telecommunications network fraud case in Jiulongpo, Chongqing; (7) the "3.21" series of telecommunications network fraud cases in Luzhou, Sichuan; (8) the "8.09" telecommunications network fraud case in Nujiang, Yunnan. The heads of relevant departments of the Supreme People's Procuratorate and the Ministry of Public Security stated that the procuratorates and public security organs across the country have thoroughly implemented the important instructions and instructions of General Secretary Xi Jinping on combating and controlling telecommunications network fraud crimes, conscientiously implemented the requirements of the "Anti-Telecommunications Network Fraud Law of the People's Republic of China" and other laws, and severely cracked down on cross-border telecommunications network fraud and other illegal and criminal activities and domestic collaborators in accordance with the law. In the next step, we will continue to strengthen cooperation and coordination, and fully promote various work measures of "fighting, preventing, controlling and building". We will do our utmost to arrest and severely punish the leaders, behind-the-scenes "financial backers" and core members of cross-border telecommunications network fraud criminal groups, effectively cut off the criminal chain, do our utmost to recover the stolen money and prevent losses, and resolutely safeguard the legitimate rights and interests of the people and the safety of their lives and property.
Trump: Biden's pardon of his son is an abuse of power and misjudgment
After the White House released a statement on the same day about US President Biden's pardon of his son Hunter Biden, US President-elect Trump issued a statement on social media criticizing Biden's behavior. Trump said in the statement that Biden's use of his power as US President to pardon Hunter Biden was an abuse of power and misjudgment.
According to the Financial Times, four asset management companies have submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Bitcoin ETFs that use derivatives to reduce or protect investors' losses. These ETFs include buffer ETFs and managed floor ETFs. Institutions such as Calamos Investments, First Trust Portfolios, and Innovator ETFs have applied for products with different levels of protection, including buffer ETFs that protect 30% losses and three-month managed floor ETFs. Grayscale Investments plans to launch an ETF that covers the sale of call options on the Bitcoin spot ETF, which sacrifices some of the price increase potential but provides stable premium income.
Currently, challenges facing these ETFs include option position limits. The Chicago Board Options Exchange is about to launch Bitcoin index options with higher position limits, which may provide greater capacity for product structure. If approved, these ETFs will be listed as early as February next year.
South Korea’s crypto tax postponed to 2027, bipartisan agreement reached
According to Cryptonews, the South Korean National Assembly has agreed to delay the implementation of crypto tax until 2027, which is the third postponement of the tax since it was first proposed in 2020. The largest opposition party, the Democratic Party (DP), said it would vote in favor of the government's extension plan at the plenary session of the National Assembly on December 2.
DP had previously tried to push for an alternative bill, proposing to implement crypto taxes as originally planned in 2025, but raising the annual tax threshold to 50 million won (about $36,000) to achieve parity with the tax standards for stock transactions. However, the proposal was not supported by the ruling People's Power Party (PPP). DP leader Park Chan-dae said the decision to delay was "made after in-depth discussions" and believed that "more institutional preparations are needed" to ensure the perfection of the tax system.
NFT
Binance and Cristiano Ronaldo Launch “ForeverSkills” Digital Collectibles
According to the official announcement, Binance announced that it has joined hands with Cristiano Ronaldo (C Ronaldo) to launch the "ForeverSkills" digital collectibles. The ForeverSkills series contains eight unique digital collectibles inspired by Ronaldo's iconic football skills. Collectors can get different utilities and rewards based on the type of digital collectibles they own. The event will be held from 18:00 on December 1, 2024 to 07:59 on December 24, 2024, Beijing time. The benefits for holders include downloadable football skills tutorial videos, a chance to win a lottery for signed merchandise, and even a chance to meet Ronaldo in person.
Project News
Michael Saylor Suggests Microsoft to Adopt Bitcoin as Core Corporate Strategy
Michael Saylor made a 3-minute speech at the Microsoft board of directors. According to the Bitcoin strategy slides he released, he proposed that Bitcoin is the core opportunity for the next wave of technological innovation and suggested that Microsoft adopt Bitcoin as its core corporate strategy. He believes that Bitcoin is "digital capital" and in the current global asset market of about $900 trillion, the market value of Bitcoin is expected to grow from the current $2 trillion to $280 trillion in 2045, surpassing traditional assets such as bonds and gold.
The report emphasizes that Bitcoin far outperforms traditional financial instruments in terms of asset performance, with an annualized rate of return significantly higher than bonds and stocks, and almost no counterparty risk. Saylor also suggested that Microsoft invest part of its funds in Bitcoin to replace traditional dividend distribution and stock repurchase strategies, predicting that this move will increase Microsoft's market value by up to $4.9 trillion by 2034.
In addition, he pointed out that the global institutional support for Bitcoin is continuing to rise, including endorsements from governments, Wall Street and many prominent politicians, showing its potential to become an important part of the financial strategy of global companies. Saylor called on Microsoft to seize this opportunity and take a leading position in global digital financial innovation.
Japanese Crypto Exchange DMM Bitcoin to Shut Down Operations and Sell Assets to SBI Group Subsidiary
Japanese cryptocurrency exchange DMM Bitcoin will shut down operations and sell its assets to an SBI Group subsidiary, Nikkei reported.
Moonshot Launches Solana On-Chain Meme Coin Mundi (MUNDI)
Binance supports the MONKY airdrop plan for FLOKI and APE holders
Binance announced that it will support airdrops of Wise Monkey (MONKY) to FLOKI (FLOKI) and ApeCoin (APE) holders. The snapshot times are APE: 08:00 (GMT+8) on November 29, 2024 and FLOKI: 08:00 (GMT+8) on December 15, 2024. The airdrop ratio is 0.35 MONKY for every 1 FLOKI and 804,828 MONKY for every 1 APE. The rewards will be distributed in proportion to the amount of coins held at the time of the snapshot.
DeBox operating account private key leaked, loss of more than 4.87 million BOX and 31 ETH
DeBox officially announced that due to the leakage of the personal EOA wallet private key of the operating account, 31.03 ETH and 4.879 million BOX were stolen. The official emphasized that this incident has nothing to do with the asset security of platform users, please rest assured. The response plan includes:
1. Stability Fund Buyback: The Stability Fund will be used to buy back the stolen tokens from the exchange, which is expected to be completed within a week.
2. Token allocation: All repurchased tokens will be injected into the BOX DAO asset pool, and the specific use will be determined by community voting.
3. Account security upgrade: After DeBox App supports multi-signature login, the operating account will be migrated to the multi-signature wallet.
4. Tracking and Accountability: A professional security company has been commissioned to conduct the investigation and asset tracking, and the progress of the process will be updated regularly. Any recovered assets will be managed through BOX DAO voting.
As reported earlier, DeBox token BOX plummeted by more than 30% this morning, with only about US$10,000 in on-chain liquidity.
According to Cointelegraph, the weekly revenue of Pump.fun, a meme coin startup platform on the Solana chain, plummeted by 66% after experiencing a live broadcast controversy. According to DefiLlama data, Pump.fun's revenue peaked at $33.83 million between November 18 and 24, but quickly fell to $11.31 million between November 25 and December 1. The main reason for the decline in revenue was that the community asked the platform to disable the live broadcast function because some users performed dangerous behaviors in the live broadcast in an attempt to drive the price of its token.
In an interview with PBD Podcast, Michael Saylor, co-founder and executive chairman of Microstrategy, criticized Berkshire Hathaway's management strategy for its $325 billion cash reserves. He pointed out that the fund loses about $32 billion a year due to a negative real return of 12%, which is equivalent to a loss of $3 billion a month. Saylor believes that Bitcoin can be used as a better asset management tool to help resist inflation and currency depreciation, and calls on companies with excess cash reserves to consider including it in asset allocation. Saylor boldly stated that he is confident that he can convince Buffett to accept Bitcoin within an hour. He said, "If I can talk to Buffett alone for an hour, he will admit that Bitcoin is a good idea. Even Buffett's long-term business partner Charlie Munger may support this idea."
Japanese company Metaplanet announced that it will launch a shareholder welfare plan in cooperation with SBI VC Trade, and will distribute 30 million yen worth of Bitcoin as a reward to 2,350 shareholders. After the announcement of the news, Metaplanet's stock price rose by more than 6%, breaking through the $2,450 level.
According to the plan, 50 shareholders will each receive 100,000 yen worth of Bitcoin, 100 shareholders will receive 30,000 yen, and 2,200 shareholders will receive 10,000 yen. Participants must meet the following conditions: hold at least 100 shares of Metaplanet as of December 31, 2024, and open a new account at SBI VC Trade between November 18, 2024 and March 31, 2025. Bitcoin will be distributed in late April 2025.
Important data
XRP surpasses SOL in market value, ranking fourth in cryptocurrency market value ranking
PANews reported on December 2 that according to coingecko data, XRP's market value surpassed SOL, ranking fourth in the cryptocurrency market value ranking. XRP rose 17.6% in 24 hours, currently at US$2.28, with a market value of approximately US$130.1 billion. SOL fell 0.3% in 24 hours, currently at US$237.13, with a market value of US$112.7 billion.
Ethereum spot ETFs saw a net inflow of $467 million last week, with BlackRock ETHA outperforming
Ripple locked 1 billion XRP into a custodial wallet early this morning
According to Whale Alert monitoring, Ripple has re-locked a total of 1 billion XRP into the custodial wallet at 2:21 and 2:22 am today, worth approximately US$1.546 billion.
Paxos: As of the end of October, the number of USDG tokens on the Ethereum network was 10,750,140
Stablecoin issuer Paxos released its first USDG attestation report, which disclosed that as of 5 pm Singapore time on October 31, 2024, the number of USDG tokens held by the USDG contract on the Ethereum network was 10,750,140, the fair value of the redeemed assets was at least equal to or greater than US$10,750,140, and the number of USDG tokens did not exceed the reported redemption asset balance.
Spot cryptocurrency trading volume reached $2.7 trillion in November, the highest since May 2021
According to The Block, the spot trading volume of the crypto market reached $2.7 trillion in November, the highest since May 2021, more than double the trading volume in October ($1.14 trillion). About 36% of the trading volume in November came from Binance, which had a trading volume of over $986 billion. Crypto.com, Upbit and Bybit followed closely behind, with trading volumes exceeding $200 billion, and trading volumes in all regions of the world showed significant month-on-month growth. In addition, the total trading volume of Bitcoin futures on trading platforms reached $2.59 trillion in November, and Ethereum futures reached $1.28 trillion, both of which were the highest since May 2021.
Token Unlocks data shows that TAIKO, ADA, ENA and other tokens will be unlocked in large amounts next week, including:
- Taiko (TAIKO) will unlock approximately 9.29 million tokens at 8:00 pm Beijing time on December 5, accounting for 11.38% of the current circulation, with a value of approximately US$20.9 million;
- Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 a.m. Beijing time on December 6, accounting for 0.05% of the current circulation, with a value of approximately US$19.8 million;
- Ethena (ENA) will unlock approximately 12.86 million tokens at 3:00 p.m. Beijing time on December 4, accounting for 0.45% of the current circulation, with a value of approximately US$10.5 million;
- Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 a.m. Beijing time on December 4, accounting for 0.69% of the current circulation, with a value of approximately US$4.9 million;
- Dora Factory (DORA) will unlock approximately 28.57 million tokens at 8:00 a.m. Beijing time on December 2, accounting for 2.86% of the current circulation, with a value of approximately US$3.5 million;
- Cetus Protocol (CETUS) will unlock approximately 8.33 million tokens at 8:00 am Beijing time on December 6, accounting for 1.37% of the current circulation, with a value of approximately US$3.1 million;
- Everclear (NEXT) will unlock approximately 20.11 million tokens at 8:00 a.m. Beijing time on December 5, accounting for 18.82% of the current circulation, with a value of approximately US$2.6 million;
- Staika (STIK) will unlock approximately 1.57 million tokens at 8:00 am on December 4th, Beijing time, accounting for 0.00% of the current circulation, with a value of approximately US$2.4 million;
- Delysium (AGI) will unlock approximately 8.57 million tokens at 8:00 a.m. Beijing time on December 5, accounting for 0.67% of the current circulation and worth approximately US$2.1 million.
