Morning Post - November 24

headlines

▌U.S. Senator Asks Department of Justice to Investigate FTX Incident

U.S. Democratic Senators Elizabeth Warren and Sheldon Whitehouse sent a letter to the Justice Department on Wednesday urging Attorney General Merrick Garland to investigate fraud and illegal practices in the collapse of FTX and demanding that the company's former CEO Sam Bankman-Fried and other executives "under the law" To the fullest possible extent” hold accountable.The senators wrote that FTX's downfall was not only the result of sloppy business and management practices, but appeared to be the result of deliberate and fraudulent tactics employed by Bankman-Fried and other FTX executives for personal gain. In addition to having a knock-on effect on the broader cryptocurrency industry, Warren and Whitehouse expressed concern in the letter about the impact of FTX’s implosion on retail investors, who they said FTX’s huge advertising placements and celebrity endorsements brought created a "false sense of security and an illusion of legitimacy".

policy

▌The Minister of Economy of El Salvador submits a bill to launch the issuance of Bitcoin Volcano Bonds

El Salvador’s economy minister, Maria Luisa Hayem Brevé, has submitted a digital asset issuance bill to the country’s legislative assembly, paving the way for the launch of its bitcoin-backed “volcanic” bond. Last year, El Salvador stated that it planned to issue a US$1 billion bond on the joint Bitcoin sidechain Liquid Network. The issuance of the bond is divided into US$500 million allocated directly to Bitcoin and an equal investment in the construction of energy and Bitcoin mining infrastructure in the region.

Blockchain application

▌Shen Bo: Continue to support decentralized protocol layer entrepreneurship and innovation driven by blockchain technology

Shen Bo, the founder of Fenbushi Capital, said on social media that my original intention remains the same, and I will continue to support decentralized protocol layer entrepreneurship and innovation driven by blockchain technology, as well as application-level entrepreneurship and regulation. Unswervingly participate in the creation of social value and contribute to the long-term health of the industry.Jinse Finance previously reported that Fenbushi Capital Shen Bo said that his personal wallet ending in 894 had a total value of 42 million US dollars, including 38 million USDC, which was stolen in the early morning of November 10, New York time. The stolen assets are personal funds and have nothing to do with distributed related funds. The case has been reported locally, and the FBI and lawyers have been involved.

cryptocurrency

▌Ethereum Shanghai upgrade will open pledged ETH withdrawals, but the upgrade time may be later than the previous roadmap

Ethereum core developers generally agree that opening up pledged ETH withdrawals has always been part of the "Shanghai upgrade" goal. But an exact date for withdrawals has yet to be set. Previously, according to the website of the Ethereum Foundation, after the merger, it is expected to implement the Shanghai upgrade, and the time to open pledged ETH withdrawals is 6 to 12 months. But last week users noticed a language change: the foundation website no longer has a suggested timeline. Tim Beiko, lead protocol support at the Ethereum Foundation, stated that the original forecast was that "six to 12 months is the 'historical average' time between upgrades on Ethereum. I don't understand why this upgrade is taking longer, but we are at this Not enough in the process to talk about the mainnet deployment date. Also, there are no changes to the status of withdrawals, they are included in the next network upgrade.”