Justin Sun withdrew $60 million from Binance in the past month, Polygon accused

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.

Headlines

▌ Justin Sun’s address has withdrawn $60 million in assets from Binance since the 18th of last month

According to Lookonchain monitoring, Justin Sun has withdrawn $60 million in assets from Binance since December 18, 2023. Including: 17,433 ETH (USD 43 million); 68,999 AAVE (USD 6.7 million); 656.4 billion SHIB (USD 6.3 million); 61,249 LINK (USD 957,000); 27.16B FLOKI (USD 885,000); 1,70 10,000 MANA (USD 826,000); 100,100 BAND (USD 168,000).

▌ChainArgos has made serious accusations against Polygon, involving token distribution and suspicious transfers to exchanges

Blockchain intelligence company ChainArgos has made accusations against the Polygon network Serious accusations related to token distribution and questionable transfers to exchanges. ChainArgos The company said a significant issue lies with the distribution of tokens from Launchpad sales and staking. ChainArgos has documented its findings in a spreadsheet available online, which compares expected amounts to actual allocations. It points to two main contracts within the Polygon network: one is the “vesting contract” responsible for unlocking token traffic, and the other is the “base contract.” The latter appears to manage not only the operations of the foundation, but also the entire token distribution. Outflows from this underlying contract indicate that it controls all 10 billion coins. ChainArgos hinted at collusion between the Polygon team and Binance, inferring that approximately $1 billion worth of tokens were illegally transferred. They also observed that outflows from address 0x2f4ee were correlated with significant market moves, suggesting manipulation.

▌The U.S. SEC agreed to postpone the Do Kwon trial, but objected to separating his case from the Terraform case

On January 15, the U.S. District Court for the Southern District of New York In the filing, the U.S. Securities and Exchange Commission (SEC) said it agreed to a request by Do Kwon's legal team to delay the start of the trial to no earlier than March 18. "The SEC agrees with Do Kwon's request for a modest adjournment so that he can participate in the trial. If the trial date is postponed, the SEC respectfully requests that the trial begin on April 15, 2024," the filing said. While the SEC agreed to a request to potentially delay the trial date, it objected to separating Kwon's case from the Terraform case, saying: "Holding two trials would unnecessarily require witnesses, including SEC whistleblowers and retail investors with limited financial resources, to Testify twice about the same facts in separate trials."

Policy

▌Circle CEO: US passes stablecoin law this year The "opportunity is very high"

Circle CEO Jeremy Allaire said that the United States has a "very good chance" of passing stablecoin laws this year. He believes that the regulatory development of the cryptocurrency industry is accelerating globally. , the United States is more likely to approve stablecoin laws than before. "I think what you're seeing is the desire of the administration, the Treasury, the Fed, both chambers of Congress, certainly bipartisan," he said. Circle chief strategy officer and global head of public policy Dante Disparte agreed with Allaire that stablecoin rules will be introduced in the United States in 2024.

▌ Hong Kong Financial Secretary Paul Chan Mo-po met with the second largest stablecoin issuer in Davos, Switzerland

Hong Kong Financial Secretary Paul Chan Mo-po Yesterday (January 15th, Davos time), he arrived in Davos, Switzerland, to start his trip to the World Economic Forum Annual Meeting. Paul Chan met with representatives from two companies engaged in financial technology and artificial intelligence respectively. One of them is the second largest stablecoin issuer in the world. Chan Mo-po pointed out that since the SAR government announced the policy declaration on the development of virtual assets in Hong Kong the year before last, the market has responded positively, and many digital assets and third-generation Internet companies have settled in Hong Kong. He said that Hong Kong is steadily advancing the development of digital assets and is launching public consultations on the regulation of stable coins to formulate an appropriate regulatory framework and promote the responsible and sustainable development of the relevant industry. He welcomed stablecoin companies based on legal currency to operate in Hong Kong and provide society with more innovative and convenient financial service options.

▌EU banking regulator extends anti-money laundering measures to cryptocurrency companies

The European Banking Authority (EBA) said in a press statement, By extending the scope of existing measures to cover cryptocurrencies, the European Banking Authority (EBA) has “harmonized” the approach that cryptoasset service providers (CASPs) should take to combat financial crime across the EU. The European Union last year finalized legislation on moving money through digital assets as well as a landmark regulatory package for markets in crypto-assets (MiCA). The EBA has since published risk-based regulatory guidance on CASPs and is consulting on proposed guidance to prevent abusive cryptocurrency transfers, which is in line with recommendations from global regulator the Financial Action Task Force (FATF). It also consults on further guidance relating to the internal policies and controls that CASPs should have in place.

▌South Korea’s financial sector plans to formulate regulatory rules for virtual asset mixers

In response to crypto asset “mixers” that are abused by illegal organizations as a means of money laundering, South Korean financial authorities began to formulate regulatory rules. A source from the Financial Information Analysis Institute (FIU) of the Korea Financial Commission said: "If crypto assets are put into a mixer, it will be very troublesome to track the funds and monitor crimes. We believe that the risk of money laundering through mixers is high. The United States introduced mixer regulations last year Later, South Korea also began to consider this. Supervising crypto-asset mixers requires international cooperation."

▌The U.S. Senate Banking Committee will discuss legislation against cryptocurrency money laundering

U.S. Senate Banking Committee Chairman Sherrod Brown said that discussions on legislation targeting cryptocurrency money laundering will continue in the coming weeks and that he is currently working with members and people outside the committee. In addition, Politico magazine reporter Eleanor Mueller said on social media that, as far as I know, Republicans on the U.S. Financial Services Committee and Agriculture Committee are quietly introducing the new text of their encryption bill to selected staff. Added language around whistleblower protection, insider trading, definition of securities, etc.

Blockchain Application

▌Circle has completed the upgrade to USDC 2.2 version

Stable Coin company Circle has completed an upgrade to version 2.2 of USDC. This update brings a series of changes, including improvements in Gas efficiency, support for account abstraction and smart contract wallets, and enhanced currency flexibility when dealing with forks. According to Circle, the cost reduction can reach 6%-7%, and cross-chain burning and minting USDC can also save 3%-4%.

▌The Arbitrum community initiated a vote on the proposal to “distribute 25-45 million ARB incentives to the ecological protocol”

According to the Snapshot governance page, the Arbitrum community initiated a “ Long-term Incentive Pilot Program" proposal voting, plans to pilot the distribution of 25-45 million ARB to protocols built on Arbitrum. The proposal states that it aims to establish a long-term incentive pilot program for the DAO to test new incentive designs and answer the questions needed to ensure that Arbitrum is ready to commit to long-term plans. The program will distribute ARBs to protocols over a 12-week period.

▌Vitalik: Becoming Validium is the right choice for most blockchain apps. A good distributed DA guarantee system can improve its security

Ether Vitalik Buterin, co-founder of Taiko, affirmed on his social platform the view put forward by Taiko CEO Daniel Wang that "Rollup using other data chain DA can be regarded as Ethereum Validium". At the same time, Vitalik pointed out that the core of Rollup is unconditional security. This cannot be done if DA relies on systems outside of Ethereum. But becoming Validium is the more correct choice for many blockchain applications, and using a good distributed DA assurance system can be a good way to improve the actual security of Validium. Validium is a scalability solution for Ethereum Layer 2. It can be understood as a ZKRollup that does not use ETH as the DA layer.

▌Ethereum Foundation Engineer: Goerli forked and blobs have been enabled on the testnet

Ethereum Foundation Engineer Parithosh Jayathi tweeted that Goerli forked and blobs have been enabled on the testnet. We are debugging a client issue and will have more information later. Expect more news later today, with more in-depth coverage on ACD tomorrow.

▌Conflux will launch an EVM-compatible Bitcoin Layer 2 solution

Conflux announced the launch of an EVM-compatible Bitcoin Layer 2 solution, by which time Conflux can The contract seamlessly manages Bitcoin-based assets such as BTC and xRC20 tokens such as BRC20 and ARC20. Users can connect various asset types to the Bitcoin network or transfer assets to the Bitcoin chain. It is reported that the test network of the network is expected to be launched in February or March 2024, and the main network is planned to be launched in May.

▌Visa pilots Web3 customer loyalty platform, allowing brands to create digital wallets

Payment giant Visa announced on Thursday that it will launch a Web3 loyalty service , which includes gamified giveaways and an immersive treasure hunt. The customer engagement platform, called Visa Web3 Loyalty Engagement Solution, will allow brands to create digital wallets where reward points and experiences are stored on behalf of consumers. Visa has a large number of existing cryptocurrency partners and projects. It has a card program that works with a large number of exchanges, started settling transactions in USDC back in 2020, and recently started allowing partners to send or receive USDC payments through the Solana blockchain.

▌Using NFTs as profile pictures becomes a paid feature for X users

X first launches in January 2022 The feature comes after support for NFTs as profile pictures was discontinued this week. Under crypto-friendly CEO Elon Musk, profile pictures became a paid feature, although Musk seemed unhappy with the concept. Users using the feature opened the app on Wednesday to find that their previous hexagonal profile pictures had become round again.

Cryptocurrency

▌ARK Fund has reduced its holdings of nearly $80 million in Coinbase stocks since January 1st

Data shows that as of press time, ARK Fund has reduced its holdings of 609,251 Coinbase shares (COIN) since January 1, which is worth approximately US$79.68 million based on current prices. As of Friday's close, COIN was trading at $130.78.

▌Morgan Stanley: Bitcoin and CBDC have the potential to "de-dollarize" the world

Morgan Stanley said in a report titled " Digital (De)Dollarization" report stated that the rise of central bank digital currencies (CBDC) and digital assets such as Bitcoin and stablecoins has the potential to "de-dollarize" the world and may undermine the long-term dominance of the U.S. dollar in the global economy. . The report believes that these emerging technologies provide more efficient, more transparent, and more convenient financial solutions. In the future, CBDC and other private digital currencies will become viable alternatives to traditional cash and fiat currencies, potentially reducing the burden on the traditional banking system and international transactions. and reliance on U.S. dollars in reserves.

▌The joint venture between Binance and Gulf Energy has launched crypto exchange business in Thailand

Gulf Binance, the joint venture between Binance and Gulf Energy, has started Providing a comprehensive cryptocurrency trading business to the public. In a statement, Binance said that Gulf Binance, established by a subsidiary of Binance Capital Management and Gulf Energy Development Company, is beginning full operations of its cryptocurrency trading and brokerage platform called Binance TH. Users in Thailand can buy and sell cryptocurrencies using local currency pairs through their Binance TH account. For its cryptocurrency brokerage service, Binance TH said it has integrated its order book with Binance Kazakhstan, an exchange regulated by the Astana Financial Services Authority.

▌Coinbase Chief Legal Officer: Coinbase does not provide securities, and the SEC cannot unilaterally expand and redefine the scope of supervision

Coinbase Chief Legal Officer paulgrewal.eth at The X platform issued a statement saying: Today we elaborated on our arguments for rejecting the SEC's charges. One thing remains clear: the US SEC continues to have broad powers over all investments, and at the same time does not provide any restrictive principles for the definition of its investment contracts. The SEC cannot unilaterally expand and redefine its regulatory scope. This should be decided by Congress and the ongoing legislative discussions on the regulatory framework. Coinbase, which does not offer securities, is confident in our legal arguments and looks forward to a court decision that will bring clarity to the industry.

▌CertiK: Web3 security incidents in 2023 will cause losses of approximately US$1.84 billion

According to CertiK on social media, the number of Web3 security incidents in 2023 will be 751 cases, resulting in losses of approximately US$1.84 billion, a 51% decrease from 2022. Among them, the total loss from private key leakage incidents in 2023 exceeded US$880 million, the highest among all types of incidents; the total loss from security incidents on Ethereum was US$686 million, the highest among all chains; in addition, 35 cross-chain security incidents The incident caused huge losses of nearly US$800 million, suggesting that interoperability vulnerabilities need to be focused on.

▌Scam Sniffer: Cryptocurrency phishing attacks cost nearly $300 million in 2023

According to statistics from Scam Sniffer, in 2023, approximately 324,000 Users fell victim to cryptocurrency phishing scams, with losses totaling nearly $300 million. Inferno Drainer was reportedly used to steal the most funds, taking $81 million from 134,000 victims.

▌Santiment: Bitcoin, Ethereum and XRP at ‘high risk’ profit levels

According to Santiment data, 83%, 84%, and 81% of the supply of Bitcoin, Ethereum, and XRP are profitable, exceeding the average between 55% and 75%. Santiment said the last time assets reached this level was in March 2022. Cryptocurrency prices may still rise due to positive developments in the crypto industry, including the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, but the company said a lower supply-to-profit ratio would be a bullish indicator for the crypto asset.

Important economic developments

< strong>▌Federal Reserve Bostic: If inflation declines faster than expected, it will be open to cutting interest rates before July

Federal Reserve Bostic said that if there are "disturbing Convinced by the evidence that inflation is falling faster than I expected, I am open to starting to cut interest rates before July. Stick reiterated that the benchmark is for rate cuts starting in the third quarter, but caution is needed to avoid cutting rates too early and risk triggering a resurgence in demand and price pressures.

▌Federal Reserve Beige Book: There is almost no significant change in economic activity

The Federal Reserve’s Beige Book of Economic Conditions shows that most of the 12 Federal Reserve regions The report said there had been few noticeable changes in economic activity since the last Beige Book was released. Consumers in most regions increased their spending during the holiday season, with spending exceeding expectations in three regions. Several regions cited growth in leisure travel. Nearly all regions reported declines in manufacturing activity. Regions continue to point to high interest rates as limiting car sales and real estate transactions. However, many contacts across regions see the prospect of lower interest rates as a source of optimism. Overall, most regions said their businesses' expectations for future growth are positive, improving, or both.

▌Barclays economists advance the estimated timing of the Fed’s rate cut from June to March

Barclays economists expect that from this This week's inflation data predicts that the Federal Reserve will start cutting interest rates early, predicting that the start time will be March instead of June as they previously thought. "Given recent progress on inflation we believe the FOMC will feel comfortable cutting rates without seeing a significant weakening in the economy or the labor market," Marc Giannoni and Jonathan Millar wrote in a research note on Friday. As before, they expect the Fed to cut interest rates by 25 basis points at its next meeting. The forecast assumes a "gradual economic slowdown" and an unemployment rate slightly higher than the Fed's long-term forecast (3.5%-4.3% in December).

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.