Asia's weekly TOP 10 crypto news (Nov 21 to Nov 27)
Author:Lily Editor:Colin Wu 1. FTX’s weekly summary 1.1 MAS Statement to Address Misconceptions in the Wake of Collapse of FTX Link The Monetary Authority of Singapore (MAS) issued a statement on November 21 in response to the FTX incident, noting that MAS had previously placed Binance on the Investor Alert List (IAL) and not FTX because of the apparent solicitation of Singaporean users by Binance, which was not evidenced by FTX. MAS also stated that “the most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous. Even if a crypto exchange is licensed in Singapore, it would be currently only regulated to address money-laundering risks, not to protect investors.” 1.2 FTX Japan plans to restore user withdrawals by the end of the yearLink An FTX Japan executive said he plans to resume user withdrawals by the end of the year. Previously, user withdrawals were suspended because FTX Japan used the same payment system as its parent company FTX; on November 14, FTX Japan announced the management of customer assets and said that cryptocurrencies were deposited in the company’s cold wallet, which holds a balance of cryptocurrencies larger than the balance of funds deposited by customers on the platform. 1.3 Fallen hedge fund Three Arrows Capital’s founder says FTX set crypto back years Link “Some industry leaders have said the FTX collapse set the industry back by five years,” Zhu Su, the co-founder of Three Arrows Capital, said in an in-person interview, “I think it’s even longer than that — seven or eight years — maybe even longer, if the underlying issues aren’t solved.” Zhu said he’s flirted with the idea of setting up a new trading entity — perhaps an all-weather fund that invests in both crypto but also traditional assets. 2. Justin Sun & Huobi’s weekly summary 2.1 Justin Sun acquires approximately 60% stake in Huobi through About Capital Link China-born crypto mogul Justin Sun spent about $1 billion to acquire the roughly 60% shareholding via the Hong Kong-based asset manager About Capital. Sequoia China and ZhenFund also sold their combined 28% stake in Huobi Global to About Capital. Sun kept his name out of the deal to avoid scrutiny from China, where crypto is mostly banned. 2.2 Huobi Global Announces Change of Chinese Brand “火币” to “火必” Link Huobi Global announced that it will change its Chinese brand name from “火币” to “火必”, because the agreement of the previous acquisition by Sun Yuchen clearly does not allow the new shareholders to use the Chinese brand name of “火币” and conduct business in mainland China. 2.3 Huobi formulates “Investment Conduct Management Regulations” to prevent insider trading and rat trading Link Huobi announces that in order to regulate employees’ investment and platform trading and prevent insider trading, “rat trading” and other kinds of behaviors, it has formulated the “Huobi Group Employees’ Investment Conduct Management Regulations”, which will come into effect on November 23, 2022. 2.4 Poloniex has discontinued BEP20 network deposit for stablecoin Link Poloniex, an exchange owned by Justin Sun, said it has discontinued the BEP20(BSC) network deposit function for USDT, USDC, TUSD, and BUSD stablecoins. Starting November 24, Poloniex will no longer support deposit or withdrawal of any stablecoins on the BEP20(BSC) network. Please use the ERC20 and TRC20 networks for stablecoin deposits and withdrawals. 2.5 Poloniex to merge with Huobi Link The Poloniex exchange, which Sun acquired from Circle in 2019, will be merged with his recently acquired Huobi exchange, according to multiple sources familiar with the matter, and the two sides have already begun integrating their personnel. 3. Mainland China’s weekly summary 3.1 Deputy director of the Department of Management and Inspection of the SAFE of China says it will strengthen the governance of virtual currency transactions Link Huang Hui, deputy director of the Department of Management and Inspection of the State Administration of Foreign Exchange of China and head of the Second Civil Division of the Supreme People’s Court , said that legislation in areas such as non-bank payment institutions and local financial supervision and management should be improved as soon as possible to jointly promote the incorporation of virtual currency regulation into the regulation of laws and regulations and strengthen the governance of virtual currency transactions. 3.2 Chinese prosecutors published “Criminal Law Characterization of Illegal Theft of Bitcoin” on WeChat Public Link A recent article entitled “Criminal Law Qualification of Illegal Theft of Bitcoin” written by a prosecutor from the Beijing Municipal Prosecution Branch 3 was published. The article points out that the use of computer information technology means to steal bitcoins at the disposal of a trading platform should be considered a crime of illegal acquisition of computer information system data. The theft of another person’s bitcoin private key to transfer bitcoin cannot be regulated as a crime against property and cannot be found to constitute a crime if it occurs after September 2021. 3.3 Guangzhou court invokes “Green Principles” to decide contract case involving virtual currency “mining” Link The People’s Court of Guangzhou Tianhe District recently heard a case of contract dispute arising from virtual currency mining. The court held that the contract signed between the plaintiff and the defendant was invalid because it was detrimental to the public interest and contrary to public order and morality, and the related property rights and interests should not be protected by the law, and the consequences caused by the above actions should be borne by the parties themselves. 4. Fenbushi Capital founder has $42 Million stolen just after withdrawing USDC from FTX US Link Bo Shen, founder of Fenbushi Capital, said today that his personal commonly used 894-terminated wallet with a total of $42M worth of assets, including 38M USDC, was stolen in the early hours of November 10, New York time. The stolen assets are personal funds, not related to the funds of Fenbushi Capital. Both the FBI and lawyers have been involved. According to SlowMist, Bo Shen was using Trust Wallet. The funds were stolen due to the leak of the recovery phrase; Trust Wallet itself has no security issues. In addition, the on-chain data also shows that the USDC in Bo Shen’s wallet address was withdrawn from FTX US just before the theft. 5. Matrixport is seeking $100 million in funding at a $1.5 billion valuation Link Crypto services provider Matrixport, founded by Wu Jihan, Ge Yuesheng and others, is seeking $100 million in funding at a $1.5 billion valuation and has already secured commitments for a $50 million investment. matrixport says it processes $5 billion in transactions per month and has tens of billions of dollars in assets under management and custody. 6. Mining Industry’s weekly summary 6.1 Canaan will offer and sell ADSs representing Class A common stock Link Canaan Inc., a China-based leading high-performance computing solutions provider, will offer and sell ADSs representing Class A common stock for an aggregate offering price of up to $750 million. The net proceeds of the offering are intended to be used for research and development, production expansion and other general corporate purposes. Previously, Canaan’s CFO stated that the downward trajectory of Bitcoin, rising energy prices, and increased cash pressure on miners are expected to continue to worsen market conditions over the next two quarters, and Canaan will focus on securing cash flow. 6.2 Bitmain announced the launch of the third installment of its “Coupon Campaign” Link Bitmain announced the launch of the third installment of its “Coupon Campaign”, which will be available to customers who purchase LTAs starting in September 2021, provided that 100% of the covered delivery batches have been paid (no cancellations). The coupons are negotiable and transferable and can be used to offset up to 30% of the total order amount. Data shows that miner prices have fallen by approximately 80% since September 2021. 7. Longling Capital suspected of using lending agreement to leverage purchase of ETH Link The address (0x71…e9ae) tagged by Nansen as “Longling Capital” (founded by Meitu founder Wensheng Cai) has recently been using Compound to pledge ETH to borrow USDC and then transfer USDC to Binance to buy ETH. This address is currently pledging 25,510 ETH on Compound and borrowing 8 million USDC, a security ratio of 284.99%. 8. GIC invested in parent firm of troubled crypto broker Genesis, expects high volatility in short term Link GIC, the Singapore government investment company that manages Singapore’s government reserves, expects volatility in investments to remain high inshort term. The now-troubled DCG Group received $700 million in investments last year from SoftBank, Google, GIC and others. 9. Singapore Police Force is investigating Hodlnaut and company directors Link The Singapore Police Force said Nov. 23 it received multiple reports of alleged fraud at Hodlnaut and is investigating Hodlnaut and the company’s directors. Hodlnaut, a cryptocurrency lending and finance platform, lost nearly $190 million when it sold off its unanchored UST to 17,513 creditors. 10. DAXA 24 announced that WEMIX will be delisted Link DAXA 24, a group of five major Korean crypto exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax, announced that WEMIX will be delisted. The reason is that Wemix provided false information through the media and submitted more offerings than planned. Follow us |
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WuBlockchain Weekly:Privacy Policy 、crvUSD、IRI and Top10 News
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World Cup Concept Leaders: Introducing Chiliz's Fan Token Economy
Tuesday, November 22, 2022
Author: @0xMavWisdom (We have no partnership or sponsorship with the projects mentioned in this article and do not provide financial advice) As the World Cup approaches, Chiliz token CHZ, a blockchain
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