Mango Labs sues members for misappropriation of funds; Trump's lead over his opponent rises to 13%

Headlines

▌Mango Labs sues DAO members for allegedly embezzling $10 million from internal funds

Mango Labs has filed a lawsuit against John Kramer and Maximilian Schneider, accusing them of misappropriating $10 million from the Mango Decentralized Autonomous Organization (DAO). John Kramer and Maximilian Schneider served in a trust position in the DAO and are accused of conspiring to illegally profit while purchasing the DAO's MNGO governance tokens held by the bankrupt FTX on behalf of the DAO. The lawsuit accuses the two of breaching their fiduciary duties and violating the Puerto Rico Civil Code's provisions on damages, fraud/misrepresentation, and unjust enrichment. The organization's lawsuit seeks monetary damages, "punitive and exemplary damages," and the return and forfeiture of improperly obtained funds, including interest and fees.

▌Trump's lead over Harris on Polymarket jumps to 13%

On the blockchain-based prediction platform Polymarket, former US President Donald Trump's lead over Kamala Harris has jumped to 13%. According to Benzinga data, earlier this week, the platform's anonymous trader Fredi9999 held about 7 million shares of Trump's victory, and now the trader holds nearly 11 million shares. In the past hour alone, Fredi9999 has purchased hundreds of thousands of dollars worth of stocks, betting that Trump will win. So far, the total amount of bets on who will win between Trump and Harris has exceeded $1.6 billion.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $60,252.63, with a daily increase or decrease of -0.5%;

ETH's latest transaction price is $2,382.45, with a daily increase or decrease of +0.5%;

BNB's latest transaction price is $562.84, with a daily increase or decrease of -1.3%；

SOL's latest transaction price is 138.88 US dollars, and its intraday increase or decrease is -0.1%；

DOGE's latest transaction price is 0.1059 yuan, and its intraday increase or decrease is -1.9%；

XPR's latest transaction price is 0.5296 US dollars, and its intraday increase or decrease is +1.1%.

Policy

▌Tezos node operator sues the US IRS again, demanding that staking rewards be treated as property rather than income

Tezos node operator Josh Jarrett sued the US Internal Revenue Service (IRS) again, demanding that staking rewards be treated as property rather than income. Jarrett previously filed a lawsuit in 2021 against the 2019 tax bill, but the case was dismissed in 2024 as "meaningless." In this lawsuit, Jarrett and his wife seek a tax refund for 13,000 Tezos tokens received in 2020, and ask the court to prohibit the IRS from treating staking rewards as income. Jarrett believes that tokens should be taxed when they are sold, not when they are obtained. Organizations such as Coin Center support this lawsuit, arguing that current policies will inhibit participation in decentralized networks.

▌Ripple Labs plans to file a cross-appeal in SEC case

Ripple Labs announced that it will file a cross-appeal against the U.S. Securities and Exchange Commission (SEC) to maintain its legal defense. The SEC has appealed against Ripple, and the case has been ongoing since December 2020. Ripple Chief Legal Officer Stuart Alderoty said the cross-appeal is intended to ensure that the company retains its arguments, especially regarding the fundamental rights of investment contracts. In July 2023, the judge ruled that Ripple's sale of XRP to exchanges did not violate federal securities laws and determined that XRP was not a security. Ripple will submit detailed arguments in the coming weeks, and the SEC's appeal brief is expected to be completed by the end of January. Alderoty emphasized that the industry needs lawmakers to provide policy solutions rather than relying solely on court rulings.

Blockchain Application

▌USDA Approves Blockchain-Based Certification System

The United States Department of Agriculture (USDA) approved CattleProof's "Verified" as a blockchain-based process verification program (PVP). The system records cattle information through a decentralized digital ledger, including the data and status of electronic identification tags. CattleProof also provides "Born in the USA" certification and digital certificates for individual cattle, a move that shows USDA's recognition of blockchain technology in the agricultural field.

▌ZK rollup Scroll integrates Chainlink's CCIP to achieve cross-chain token transfer and interoperability

ZK rollup Scroll has integrated the Chainlink Cross-Chain Interoperability Protocol (CCIP). Native access to CCIP will enable developers to build secure and novel decentralized applications on Scroll while expanding the multi-chain ecosystem. Chainlink's CCIP provides developers with the tools to build secure applications that support token transfers, messaging, and operation initiation across multiple blockchains. The protocol's programmable token transfer feature allows smart contracts to send tokens across different chains in a single transaction, including specific instructions for processing tokens when they arrive.

▌US SEC Commissioner Mark Uyeda: SEC's encryption policies and methods are a "disaster" for the entire encryption industry

US Securities and Exchange Commission (SEC) Commissioner Mark Uyeda said in an interview with Fox Business News that the agency's encryption policies and methods "have really been a disaster for the entire industry over the past few years." Asked what the SEC could or should do differently, Uyeda said, “There needs to be some clear guidance and interpretation about what does and does not fall under the securities laws.”

Cryptocurrency

▌Charles Schwab Report: Nearly 50% of U.S. Investors Plan to Invest in Digital Assets Through ETFs

A total of 45% of respondents said they plan to invest in digital assets through crypto ETFs in the next year, according to a report released Thursday by Charles Schwab. Last year, the figure was 38%. The report also said that of those who said they intended to buy cryptocurrency ETFs, 62% were millennials; only 44% were Gen X and 15% were baby boomers. . The survey interviewed 2,200 individual investors aged between 25 and 75 with at least $25,000 in investable assets.

▌Yesterday, ARKB had a net outflow of 30.3 million US dollars, and ETHW had a net outflow of 4.8 million US dollars

According to Farside Investors data, the capital inflow data of US spot Bitcoin ETF and spot Ethereum ETF (October 10) are as follows: Spot Bitcoin ETF: BITB had a net outflow of 6.2 million US dollars, ARKB had a net outflow of 30.3 million US dollars; EZBC, GBTC, BTC had no capital inflow/outflow; Spot Ethereum ETF: ETHW had a net outflow of 4.8 million US dollars, and CETH, ETHE, EZET, ETH had no capital inflow/outflow.

▌CryptoQuant: More than 63,000 BTC have been sent to cryptocurrency exchanges since October 7

According to CryptoQuant data, more than 63,000 BTC have been sent to cryptocurrency exchanges since October 7, 2024. On October 7, about 28,000 BTC were sent to exchanges, on October 8, another 23,500 BTC were transferred to exchanges, and on October 9, about 12,000 BTC entered exchanges.

▌Founder of 10T Holdings: US election results will not prevent Bitcoin from reaching $100,000

Dan Tapiero, founder of venture fund 10T Holdings, said in a panel discussion at the Permissionless Conference in Salt Lake City, Utah today that BTC could reach $100,000 no matter which US presidential candidate wins. Tapiero said: "Bitcoin is the representative of cryptocurrency, and I believe it will reach $100,000 soon, and other assets will follow suit." Dan Tapiero said: "The move to put all value on the blockchain is significant, far greater than the results of an election. So I think... the trend will continue to develop and it will sweep the world."

▌Fidelity plans to launch a blockchain money market fund

Fidelity is preparing to launch a money market fund that may be traded on the blockchain in the future. This is the latest move by traditional large fund management companies to explore the use of blockchain technology to accelerate financial transactions and expand the audience of products.

Important Economic Dynamics

▌Economic Daily: There is a solid foundation for the stability of the RMB exchange rate

The article said that exchange rate fluctuations affect the market nerves, are related to internal and external balance, and have a high degree of attention. In the medium and long term, there is a solid foundation for the RMB exchange rate to remain basically stable. Macroeconomically, the exchange rate is fundamentally determined by economic fundamentals. Recently, financial management departments have introduced a series of policy combinations to accurately and effectively support the real economy, which will further consolidate and enhance the trend of my country's economic stabilization and improvement. From the perspective of policy space, relevant departments have the ability to continue to maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. The People's Bank of China has repeatedly emphasized that the market should play a decisive role in the formation of exchange rates and maintain exchange rate flexibility. Market participants should adhere to the concept of risk neutrality. Financial institutions, enterprises and even individual residents should establish a risk-neutral concept and not gamble on the direction of the exchange rate.

▌The probability of the Fed cutting interest rates by 25BP in November is 86.9%, and the probability of not cutting interest rates is 13.1%

According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points by November is 86.9%, and the probability of maintaining the current interest rate is 13.1%. The probability of a cumulative interest rate cut of 50 basis points by December is 86.2%, the probability of a cumulative interest rate cut of 75 basis points is 0%, and the probability of a cumulative interest rate cut of 100 basis points is 0%.

▌21Shares analyst: CPI data will have a "favorable impact" on Bitcoin prices

The U.S. Bureau of Labor Statistics reported on October 10 that the Consumer Price Index (CPI) rose 2.4% month-on-month in September, the lowest level since February 2021. Leena ElDeeb, research analyst at 21Shares, explained: "Bitcoin and crypto assets more broadly are particularly sensitive to inflation indicators, as these heavily influence the Federal Reserve's monetary policy decisions. CPI data will have a favorable impact on Bitcoin prices as borrowing costs will be lower. Therefore, we expect market flows to recover after recent geopolitical tensions disrupted the financial landscape."

Golden Encyclopedia

▌What are Rollups

Rollup is a way of processing transactions on a Layer 2 protocol that frees up valuable space on the base layer. Rollup folds transactions one by one on the second layer, sometimes dozens of times, and then rolls them together before sending the data back to Layer 1. There are two main types of Rollup, optimistic and zero-knowledge (ZK) proofs.

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