Today's news tip:

Fed Takes Enforcement Action Against FTX Linked Farmington State Bank

SpaceX has sold $373M worth of Bitcoin purchased between 2021-2022

Connext will airdrop the native token "Next" on September 5th

CoinDesk confirms layoffs this week, including journalists who won Polk Journalism Awards for their FTX breaking news

Exactly Protocol: The protocol is temporarily suspended, and users can still withdraw assets

The country's first green bond with digital renminbi to collect funds is officially issued

Celsius creditors to vote on asset sale plan, expected to recover 67% to 85% of assets

BTC and ETH plummeted, and the entire network liquidated about 1 billion US dollars in 24 hours

Regulatory News

Ripple case judge grants US SEC's request for interlocutory appeal

According to a court filing on Thursday, a New York district court judge granted the U.S. Securities and Exchange Commission (SEC) a request for an interlocutory appeal in a legal dispute with Ripple Labs, The Block reported. Judge Analisa Torres stated that the SEC has until August 18 to file a motion, and Ripple has until September 1 to file objections. The SEC said last week it plans to file an interlocutory appeal. Ripple’s chief legal officer, Stuart Alderoty, tweeted yesterday against the SEC’s interlocutory appeal request, saying that “there are no exceptional circumstances that justify a departure from the rules that require all parties to resolve all issues prior to appeal.”

Fed Takes Enforcement Action Against FTX-Linked Farmington State Bank

According to the official website of the Federal Reserve, the Federal Reserve has announced enforcement actions against Farmington State Bank (Farmington State Bank) and its holding company FBH Corporation, which are associated with the cryptocurrency exchange FTX. In 2022, Farmington improperly changed its business plan without notifying bank regulators and obtaining prior approval for the changes, the Fed said. The Commission's action ensures that (Farmington State) banks wind up in a manner that protects depositors and the deposit insurance fund. The action was taken jointly with the Washington State Department of Financial Institutions, the Farmington state regulator. The action also prohibits Farmington and FBH from paying dividends or capital distributions, burning down cash assets and engaging in certain activities without regulatory approval. Farmington State Bank later said it agreed with the Fed's order.

It was previously reported that the Farmington State Bank of the United States has withdrawn from the cryptocurrency business and will stop using the "Moonstone Bank" name. Prosecutors seized $50 million from SBF's account at Farmington State Bank.

NFT


Project News

WSJ: SpaceX has sold $373 million worth of Bitcoin it bought between 2021 and 2022

SpaceX reported a profit of $55 million on revenue of $1.5 billion in the first quarter of this year, according to the Wall Street Journal. In 2022, the company will have a revenue of US$4.6 billion and a loss of US$559 million. SpaceX CEO Musk publicly announced in 2021 that the company has purchased a certain amount of bitcoin. Earnings documents obtained by The Wall Street Journal show that SpaceX recorded $373 million worth of bitcoin on its balance sheet in 2021 and 2022, but has since sold those assets, although it is unclear when. In addition, Tesla, another company under Musk, also sold more than 30,000 bitcoins at a price of US$936 million in the second quarter of 2022, accounting for about 75% of its original US$1.5 billion bitcoin holdings.

FTX and Genesis Reach $175 Million Settlement

FTX and Genesis reached an agreement on Thursday to settle claims related to the companies' ongoing bankruptcy, with Genesis agreeing to pay $175 million to Alameda Research, FTX's trading arm, Fortune reported. Genesis also agreed to waive all claims against FTX. A judge will hold a hearing on Sept. 13 to approve the agreement.

Connext will airdrop its native token "Next" on September 5

Blockchain interoperability project Connext will launch its native token called Next on Sept. 5, The Block reported. The Connext team is also planning to airdrop Next tokens to early adopters of Polygon, Arbitrum, Optimism, and Gnosis Chain, with claims starting September 5th. The airdrop claim service utilizes Connext's recently released xERC20 token standard, allowing assets to be transferred across chains without slippage. Connext is working with Tokensoft to launch "cross-chain airdrop as a service", allowing users to claim their tokens on any chain without bridging or additional gas fees. The total amount of NEXT tokens is 1 billion, of which 30% is allocated to DAO, 10.8% is allocated to the Connext Foundation, 10% is used for airdrops, 22.34% is allocated to early supporters, 11.24% is allocated to ecosystem and strategic supporters, 11.68 % allocated to early team and advisors, 3.90% allocated to Proxima Labs.

Connext founder and CEO Arjun Bhuptani said that the Next token will serve as a governance tool for the Connext DAO ecosystem, with further utility. Subject to DAO approval and community development, the token can also be used to incorporate common governance operations directly into the protocol itself through activities such as Next token staking.

OpenSea Disables Royalty Enforcement Tool, Will Implement Optional Creator Fee Model

According to official news, OpenSea will shut down the royalty enforcement tool "Operator Filter" on August 31, and will switch to implementing an optional creator fee model. For collections with Operator Filter enabled by August 31st, and all existing collections on non-Ethereum blockchains, OpenSea will enforce creator royalties until February 29th, 2024, after which the fee becomes optional. OpenSea said, "The launch of Operator Filter aims to give creators more control, but it requires the support of everyone in the Web3 ecosystem, and unfortunately, this is not feasible."

The latest ACDE conference on Ethereum: Holesky testnet genesis supply is expected to be 1.6 billion HETH, and Devnet 8 bugs in some clients are being fixed

Ethereum core developer Tim Beiko summed up the latest Ethereum Core Developers Executive Conference (ACDE), including Devnet 8 progress, ElP-4788, Holesky testnet, EIP editorial updates, and the newly proposed EIP-7212 (secp256r1 preview compile). Tim Beiko also said that the next ACDE will be held at 22:00 on August 31, Beijing time.

Regarding Devnet 8, which went live recently, bugs were found in some clients, but most were fixed and other fixes are in progress, the network is being finalized. In addition, the basic infrastructure has been established for Devnet 8 as support. Regarding ElP-4788, the developers agreed to use a regular smart contract instead of precompilation to store the historical beacon block root, which means that a bug in the contract will not cause a consensus failure, and the developer finally chooses a regular transaction to deploy this contract, if later Felt it was a bad decision and might reconsider this, it's the fastest option right now.

Regarding the Holesky testnet update, the new testnet is scheduled to launch on September 15th. There is already a public process for requesting genesis allocations, providing a total supply of 1.6 billion HETH.

Regarding the update on EIP editing, the ERC/EIP repository split has been confirmed and is progressing, i.e. the ERC specification will be split from the EIP repository into a new repository so that only the core protocol EIP remains, the editors are working on the specification Its governance process to manage future multi-repository protocols, with some draft documents to be discussed at the next EIPIP call. The developers agreed to renumber the EL spin-off specification files and prefix them with numbers to make the sequence clearer.

For the newly proposed EIP-7212, precompiled for secp256r1 curve support, the same curve as Ethereum uses on EL, but with different input parameters. This may be the ElP adopted by L2 before L1, and this ElP still needs to be discussed.

CoinDesk Confirms Layoffs This Week, Including Reporters Who Won Polk Journalism Awards for FTX Breaking News

Marc Hochstein, the event planner of the encrypted media CoinDesk, revealed on the X platform (formerly Twitter) that CoinDesk has laid off staff this week. Tracy Wang of the Polk Journalism Awards, along with other editors and reporters. Hochstein cited the former employees' contributions to journalism and called on other companies to recruit them. CoinDesk officials also confirmed the matter by reposting the post.

Prior to the news on August 14, according to The Block citing people familiar with the matter, as the parent company DCG plans to introduce strategic investors, the encrypted media company CoinDesk will lay off 20 people, accounting for 45% of its editorial team.

Coinbase Suspends USDT, DAI, and RAI Trading for Canadian Users

According to official news, Coinbase will suspend trading USDT, DAI, and RAI in Canada on August 31. In an email to users, Coinbase stated: “We regularly monitor assets on our exchanges to ensure they meet our listing standards. Based on our recent review, Coinbase will be listing in Canada on August 31st at 12:00 ET local time. Suspending trading of RAI, Dai, and USDT." Canadian users will still be able to access the aforementioned stablecoins after trading is suspended. According to previous news, Coinbase announced this week that it will officially enter the Canadian market. Canadian users can use Coinbase to conduct transactions, and can complete deposits and withdrawals through Interac electronic transfers.

MakerDAO initiates a vote on EDSR and stability fee adjustment proposals, if passed, the DSR will be reduced to 5%

The MakerDAO governance page shows that a series of adjustment proposals such as EDSR and stability fees have begun to be voted on. The main content of the proposal includes: DSR will be reduced according to the update of EDSR. After the proposal is passed, DSR will be reduced according to the latest update of the Enhanced DAI Savings Rate (EDSR) in the stability range. DSR will be reduced from 8% to 5%; A series of stability fees such as ETH, wstETH, rETH; update the parameters of the intelligent destruction engine, etc. Voting will close on September 16.

PayPal’s US dollar stablecoin PYUSD is listed on the Kraken platform and will start trading on August 21

According to the official announcement, PayPal's US dollar stablecoin PYUSD is now live on the Kraken platform, deposits and withdrawals have been launched, and PYUSD will start trading on Kraken on August 21.

Exactly Protocol: The protocol is temporarily suspended, and users can still withdraw assets

DeFi lending agreement Exactly Protocol tweeted: "We are actively investigating security issues in the agreement. In order to ensure user safety, the agreement is temporarily suspended (users can still withdraw assets). The team is working on this matter and will share more details as soon as possible. "

Earlier today, Exactly Protocol was attacked. According to security agency De.Fi, Exactly Protocol has lost more than 7,160 ETH (approximately $12.04 million).

The country's first green bond with funds raised in digital renminbi was officially issued

According to the Shanghai Securities News, the country's first green bond "23 Tin Industry GN010", independently undertaken by Ningbo Bank, was issued in the inter-bank bond market. It is understood that the issuer of this bond is Wuxi Industry Development Group Co., Ltd., with a scale of 100 million yuan and a term of 2 years. The issue coupon rate is 2.6%. The raised funds will all be used to repay the bank loans arising from the expansion of the subsidiary's photovoltaic project. Photovoltaic annual production of 1GW high-efficiency module new project".

Investment and Financing

Ellipsis Labs closes $3.3 million seed round led by Electric Capital

According to official news, Solana ecological DEX developer Ellipsis Labs announced the completion of a $3.3 million seed round of financing, led by Electric Capital, Robot Ventures, Anagram, Solana co-founder Anatoly Yakovenko, Polygon Labs CEO Marc Boiron and Monad Labs CEO Keone Hon and other angels Investors participate.

Important data

BTC and ETH plummeted, and the entire network liquidated 990 million US dollars in 24 hours

The market shows that Bitcoin once fell to $25,409.11 in the short term, and is currently at $26,221.32, a 24-hour drop of 9.41%. Ethereum fell below $1,600 in the short-term, as low as $1,551.71, and is currently trading at $1,615.47, a 24-hour drop of 10.85%. In addition, the 24-hour liquidation of the entire network was 990 million US dollars, an increase of 737.87% from the previous trading day. Among them, the ETH/BUSD liquidation order on Binance reached 55.92 million US dollars.

Huang Licheng's address sold more than 200 DeGods in the early morning, and there are only 28 DeGods left in his wallet

Blur data shows that Huang Licheng's address sold more than 200 DeGods NFTs in the early morning of this morning, and currently there are only 28 DeGods NFTs left in his wallet. The current floor price of DeGods is 4.27 ETH, a drop of 39.43% on the 7th.

Celsius creditors to vote on asset sale plan, expect to recover 67% to 85% of assets

Creditors are expected to recover between 67% and 85% of assets as Celsius is set to vote on its plan to sell assets to the Fahrenheit consortium on Thursday, CoinDesk reported, after a judge approved Celsius’ disclosure statement. Under the Chapter 11 process, "we remain focused on achieving the best possible outcome for our clients and creditors and returning asset value as quickly as possible," the company's interim chief executive Chris Ferraro said in an emailed statement.

Creditors will vote between Aug. 24 and Sept. 22 on the plan, which involves the sale of assets to the Fahrenheit consortium. Creditor returns could range from 67 percent for Earn account holders to 85.6 percent for Celsius lending program participants, mostly in the form of bitcoin (BTC) and ethereum (ETH), according to court documents, while assets liquidated The return was just 47%.

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! [PA Daily｜SpaceX once sold $373 million in Bitcoin; the entire network’s single-day liquidation exceeded $1 billion] (https://img-cdn.gateio.im/resized-social/moments-69a80767fe-52d5f3d68d -dd1a6f-1c6801)