LianGuai Daily | Monetary Authority of Singapore (MAS) has finalized the regulatory framework for stablecoins; Safe releases the interoperability protocol for modular smart accounts, Safe{Core}.
Singapore's Monetary Authority (MAS) has finalized the regulatory framework for stablecoins. Safe has released the interoperability protocol for modular smart accounts, Safe{Core}.
Today’s News Highlights:
The Monetary Authority of Singapore (MAS) has finalized the regulatory framework for stablecoins, requiring issuers to meet multiple requirements such as disclosure.
The Pingnan Court in China is conducting a trial for the case of Lai Mouhang, the leader of the Timespace Cloud pyramid scheme, involving over 600 million yuan.
The Dongyang Court in China has initiated the first round of fund recovery for a series of cryptocurrency fraud cases involving 380 million yuan.
Zhengzhou has officially introduced the “Several Policies for the Development of Metaverse Industry,” including the establishment of a 10 billion yuan special fund.
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Safe Wallet has released the interoperability protocol Safe{Core} for modular smart accounts.
Hong Kong Cyberport will announce the details of the allocation of a HKD 50 million government grant, including the direction and specific plans.
The CyberConnect airdrop is now open for claiming, with the CYBER price at around $7.
Data: An address that has been dormant for over 12 years transferred 1005 BTC last night, with an appreciation of over 20,000 times.
Regulatory News
The Monetary Authority of Singapore (MAS) has finalized the regulatory framework for stablecoins, requiring issuers to meet multiple requirements such as disclosure.
The Monetary Authority of Singapore (MAS) announced on its official website that it has finalized the regulatory framework for stablecoins. MAS’s regulatory framework for stablecoins will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency. Issuers of such SCS must meet the following key requirements: 1. Value Stability: The reserve assets of SCS must meet requirements in terms of composition, valuation, custody, and auditing to ensure high value stability; 2. Capital: Issuers must maintain minimum capital and liquid assets to reduce bankruptcy risk and orderly wind down operations when necessary; 3. Redemption at Face Value: Issuers must refund the face value of SCS to holders within five working days after redemption requests; 4. Disclosure: Issuers must provide appropriate disclosures to users, including information on the value stability mechanism of SCS, the rights of SCS holders, and the results of reserve asset audits.
Only stablecoin issuers that meet all the requirements under this framework can apply to MAS for recognition of their stablecoins and label them as “MAS-regulated stablecoins.” This label will allow users to easily distinguish MAS-regulated stablecoins from other digital payment tokens. Anyone misrepresenting tokens as “MAS-regulated stablecoins” may be penalized under MAS’s regulatory framework for stablecoins and may be listed in MAS’s investor alert list. Users should make wise decisions in trading stablecoins not regulated under the MAS framework, considering the associated risks.
Hong Kong Investment Promotion Agency: The Hong Kong government is considering building a public blockchain specifically for Hong Kong.
Terry, Senior Manager at the Hong Kong Investment Promotion Agency, stated in an interview with IQ Times, “The Hong Kong government is considering building a public blockchain specifically for Hong Kong. If this plan is realized, participants from around the world will be able to use this public blockchain.”
Pinan Court held a public trial on the case of Lai Mouhang’s leadership in the Time and Space Cloud pyramid scheme, involving an amount of over 600 million yuan.
According to the “Pinan Court Publicity” WeChat official account, recently, Pinan County People’s Court publicly held a trial in the first trial court of Gangnan District People’s Court in Guigang City for the case of four defendants, including Lai Mouhang, organizing and leading a pyramid scheme, involving an amount of over 600 million yuan. The public prosecution agency believes that the defendants Lai Mouhang and others, in the name of mining FIL coins on the Time and Space Cloud company platform, require participants to obtain membership qualifications by paying for the purchase of mining machines or renting mining machines, and form hierarchies in a certain order, directly or indirectly using the number of developed personnel as the basis for rebates, using high returns as bait to lure participants to continue to develop others, deceive property, disrupt economic and social order, with serious circumstances, and their behavior violates criminal laws, and they should be held criminally responsible for organizing and leading pyramid schemes. In order to expedite the trial process, the judge continued the trial after a short one-hour recess at noon for two consecutive days. During the trial, the court conducted a court investigation into the facts alleged in the indictment, and the prosecution and defense fully expressed their opinions on the facts, evidence, and sentencing of the case under the court’s guidance. The collegiate bench also separately heard the final statements of the defendants. The case is currently being further tried.
Dongyang Court initiates the first round of funds recovery work for a series of cases involving a total of 380 million yuan in digital currency fraud.
Dongyang People’s Court published an announcement on its WeChat official account entitled “Announcement of Funds Recovery in the Case of Zhou Sheng, He Yan, and others involved in Fraud”, stating that based on the effective criminal judgments such as Zhe 0783 Criminal Initial 560 and the verification and registration of information, the funds involved in the case that have been collected in place will be recovered in the first round of funds recovery work. The specific matters are announced as follows: the registration for funds recovery work will start from the date of the announcement and last for one month. The objects of funds recovery are investors who have invested in fake digital currency platforms such as SIE (later renamed BTUE), CFEX, LKF, GDbit, and have suffered overall losses. The amount of funds to be recovered in this round is calculated based on the amount of losses suffered and the funds already collected, using a unified refund ratio. The funds recovery will be carried out through the WeChat official account by publishing information, providing a link and scanning a QR code to enter the APP for registration, and then the background will review and confirm the information. After the review is approved, the funds will be transferred with the assistance of the Dongyang Branch of the Industrial and Commercial Bank of China.
It is reported that in August 2019, the Dongyang Public Security Bureau filed an investigation into digital currency fraud platforms such as SIE, CFEX, LKF, and GDBIT. The key members of the fraud group were successively arrested and brought to justice. This fraud group fabricated engagement in blockchain technology development and formed a complete fraud industry chain through the research and development of a technical team for digital currency trading platforms. In September 2021, it was reported that all 171 defendants in a series of digital currency fraud cases involving a total amount of 380 million yuan were sentenced after trial.
NFT
CryptoPunk 3997 was sold at a price of 6.9 ETH in the early morning, far below the current floor price of 48.99 ETH.
According to CryptoPunk’s official APP data, CryptoPunk 3997 was sold at a price of 6.9 ETH in the early morning today Beijing time, far below the floor price of 48.99 ETH for CryptoPunk. The seller’s ENS domain name is “cryptopunks-eth”, and the buyer’s ENS domain name is “bids.cryptopunk”. It is worth mentioning that the last time CryptoPunk 3997 was sold was on June 23 at a price of 47.69 ETH.
Metaverse
Zhengzhou officially released the “Several Policies on the Development of the Metaverse Industry” and will establish a special fund of 10 billion yuan.
According to Henan Daily, on August 14, the Zhengzhou Municipal Government Office issued the “Several Policies on the Development of the Metaverse Industry in Zhengzhou”, providing substantial support for the development of the metaverse industry. Zhengzhou has refined and issued more than 10 policy measures, providing up to 200 million yuan in start-up capital support for the metaverse industry’s leading enterprises and major research platforms that move to Zhengzhou or set up regional headquarters in Zhengzhou, and providing support for “ready-to-move-in” and “ready-to-use” office spaces. It strengthens financial support for the development of the metaverse industry, establishes a special fund with a total scale of 10 billion yuan for the development of the metaverse industry, and collaborates with national ministries, provincial financial departments, and social investment institutions to establish a special fund of 50 billion yuan to support the development of the metaverse industry. It encourages metaverse companies to go public and provides a one-time reward of 20 million yuan for companies listed on the main board.
To develop the metaverse industry, Zhengzhou has set a new goal: by 2025, the core industry of the metaverse will exceed 50 billion yuan, driving related industries to exceed 200 billion yuan. It aims to attract and nurture more than 100 leading metaverse enterprises, cultivate more than 300 innovative small and medium-sized enterprises, and create more than 50 typical application scenarios. It strives to make Zhengzhou a leading city in metaverse innovation, industry, and integrated applications in China through three years of efforts.
Project Updates
Safe Wallet releases Safe{Core}, a modular and interoperable protocol for smart accounts.
Wallet service provider Safe (formerly Gnosis Safe) has released the Safe{Core} protocol: a secure, modular, and interoperable approach to transitioning to smart accounts. The first design of the Safe{Core} protocol introduces an open-source modular standard with an additional abstraction layer, “managers,” to handle various complexities and interdependencies. The protocol addresses fragmentation, vendor lock-in, security, etc., ensuring composability of DApps and tools through standardized modules (plugins, hooks, function handlers, signature validators, etc.), interoperability and portability of accounts in a vendor-agnostic manner, and introduces registries to mitigate smart contract risks.
Hong Kong Cyberport will announce the details of the use, specific plans, and other information regarding the HKD 50 million government funding this week.
According to the Hong Kong Economic Times, Leung Tak-ming, Senior Manager of Digital Entertainment at Cyberport, stated that there are currently over 170 Web3.0 startups at Cyberport. The government has allocated HKD 50 million in the budget to accelerate the development of Web3.0 at Cyberport. Cyberport will announce more details regarding the use of the funding and specific plans this week.
friend.tech will distribute reward points to test users starting from August 18th.
Decentralized social platform friend.tech announced that it will start distributing reward points to application test users this Friday (August 18th). During the testing period, the points will be collected off-chain, and they will have special uses when the application is officially released. 100 million points will be distributed within 6 months.
LianGuaiyLianGuail hires former Intuit executive Alex Chriss as the new CEO.
According to Bloomberg, LianGuaiyLianGuail has hired former Intuit executive Alex Chriss as the new CEO and President. Chriss previously served as the Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Division, a financial management solutions provider. He will take over as CEO of LianGuaiyLianGuail on September 27th and will join the company’s board of directors. In February of this year, LianGuaiyLianGuail announced that current CEO Daniel Schulman will retire in the next few months and will continue to serve on the board until the next annual shareholders’ meeting in May next year. Previously, LianGuaiyLianGuail announced the launch of the USD stablecoin PYUSD on the Ethereum platform.
ZachXBT: Calvin Cheng has agreed to voluntarily withdraw the lawsuit and will refund the unused legal defense funds.
Blockchain investigator ZachXBT tweeted that Calvin Cheng, also known as “Big Brother Ma Ji,” has agreed to voluntarily withdraw the lawsuit. He expressed disappointment that the matter initially went to legal proceedings but appreciated that both parties were able to reach a resolution. He also expressed gratitude to all those who donated and supported during this process and will soon announce the procedure for refunding the unused legal defense funds. In June of this year, Calvin Cheng filed a defamation lawsuit against ZachXBT. ZachXBT subsequently raised funds for legal defense from supporters, with funding support from Binance and Coinbase, among others. Last year, ZachXBT claimed that Calvin Cheng misappropriated 22,000 ETH from a project.
Later today, ZachXBT announced that it is expected to refund 90% of the legal defense funds and the refund will be completed next week.
The Immutable zkEVM testnet has officially launched, and the mainnet is expected to be released in the fourth quarter.
According to the official blog, Web3 gaming platform Immutable announced that its Immutable zkEVM testnet has officially launched. Existing smart contracts and Solidity code can be directly migrated to Immutable’s zkEVM testnet environment for free. Immutable zkEVM is a gaming-specific chain that provides EVM compatibility, low cost, scalability, and enterprise-level security. It combines the advantages of zk-rollup technology with the functionality of the Ethereum ecosystem, while providing access to the entire suite of Immutable gaming products.
The Immutable zkEVM testnet provides the following features upon release: EVM compatibility, Immutable product compatibility, native L2 faucet for Test-IMX, deposit bridge from Sepolia to Immutable zkEVM, withdrawal bridge from Immutable zkEVM to Sepolia, and Immutable Relayer (coming soon). In this testnet, MATIC will be used as the sole staking token, and Test-IMX will be used as the sole native Gas token. The testnet will be anchored to Sepolia instead of Goerli. For the mainnet, Immutable zkEVM will eventually anchor to the Ethereum mainnet.
Immutable plans to continue improving the testnet experience while pushing for the mainnet release. The Immutable zkEVM mainnet is currently scheduled to launch in the fourth quarter of this year. Although Immutable zkEVM is currently leveraging Polygon Edge, there are plans to deploy Polygon Zero in future versions. Immutable zkEVM will gradually increase its reliance on validity proofs in the future.
Ark Invest and 21Shares have submitted three Bitcoin futures ETF applications to the U.S. SEC
According to Blockworks, Ark Invest and 21Shares have submitted three Bitcoin futures ETF applications to the U.S. Securities and Exchange Commission (SEC) since August 11th. The proposed first ETF is called “Ark 21Shares Active Bitcoin Futures ETF (ARKA)”, which will invest in cash-settled Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), as well as hold U.S. Treasury bonds, money market instruments, and repurchase agreements. The second ETF is called “Ark 21Shares Active Chain-Linked Bitcoin Strategy ETF (ARKC)”, which will invest at least 25% of its assets in Bitcoin futures contracts or ARKA, with the remaining assets in cash and cash equivalents. The final ETF is called “Ark 21Shares Digital Assets and Blockchain Strategy ETF (ARKD)”, which will invest in Bitcoin futures contracts or ARKA, as well as stocks of blockchain, digital asset, and fintech companies. Previously, both companies applied for a Bitcoin spot ETF in April this year. Last Friday, the SEC delayed its decision on the ARK Invest Bitcoin spot ETF application, with September 2nd being the next deadline for a decision.
Coinbase establishes cryptocurrency advocacy organization ahead of U.S. crypto legislation vote
According to an official blog post, Coinbase has announced the establishment of the Stand with Crypto Alliance, a cryptocurrency advocacy organization aimed at mobilizing the crypto community to directly participate in the legislative process. Members of the alliance will help promote clear and reasonable regulations to ensure the future of cryptocurrencies in the United States.
Coinbase stated, “Building on the recent historic bipartisan legislative momentum in Congress, Stand with Crypto Alliance is the first true grassroots movement for crypto, organizing on-chain. By providing a LaunchLianGuaid, the alliance is mobilizing the full power of the decentralized crypto community to tell lawmakers: the hiatus is over. This autumn, when Congress votes on common-sense legislation to protect consumers and their crypto rights, America’s crypto voters will be a forceful legislative for protecting consumers and their crypto rights, and they will bear their responsibility when Congress votes on common issues this autumn.”
It is reported that two cryptocurrency bills are about to be voted on by the full House of Representatives, with one bill guiding regulators to create a clear path for digital assets to transition from securities to commodities, and the other creating a comprehensive framework to regulate payment stablecoins. Both bills passed in certain committees of the House of Representatives last month.
Game publisher Take-Two, the company behind “Grand Theft Auto,” will launch its first crypto game “Sugartown” on Ethereum.
According to The Block, Take-Two Interactive Software, the publisher of the multi-billion-dollar blockbuster “Grand Theft Auto,” is set to release its first Web3 game. Take-Two announced in a statement that it will launch a Web3 game called “Sugartown” based on Ethereum through its mobile game publishing subsidiary Zynga, which it acquired for $12.7 billion last year. The two companies also referred to this release as the first instance of building a crypto game from scratch by a “major mobile game developer.”
The two companies stated that players will enter the game “Sugartown” using Ethereum (or ERC-721) tokens, where they will be able to stake tokens to “earn energy” that allows them to play the game and receive Oras token rewards. Oras is a “game token that can be used for access” and will be minted later this year, with Zynga releasing 10,000 access tokens in the “initial run.”
Crypto custodian Prime Trust files for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.
According to Cointelegraph, crypto custodian Prime Trust has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in Delaware after facing a shortage of customer funds. In documents filed on August 15, the company stated that it has between 25,000 and 50,000 creditors and estimated liabilities ranging from $100 million to $500 million, with estimated assets valued between $50 million and $100 million. The company stated in an accompanying press release, “The Company believes that the commencement of a Chapter 11 case will provide a transparent and value-maximizing process for the benefit of the Company’s customers and stakeholders.” Prime Core Technologies Inc., Prime Trust, LLC, Prime IRA LLC, and Prime Digital, LLC are listed as the entities applying for Chapter 11 relief.
It is worth noting that the U.S. Bankruptcy Code consists of 13 chapters, with “Chapter 11” referring to the “reorganization” chapter of the U.S. Bankruptcy Code and is one of the most commonly used chapters by companies seeking bankruptcy protection. It provides companies with court protection while they reorganize their business or capital structure before satisfying their creditors’ claims.
Base ecosystem project RocketSwap suffers attack, losing approximately $868,000.
According to CertiK Alert, the Base ecosystem project RocketSwap has suffered an attack, with the attacker bridging the stolen assets to Ethereum, resulting in a loss of 471 ETH (approximately $868,000).
Later today, RocketSwap released an emergency plan for the attack, including the team relinquishing minting rights and redeploying liquidity mining contracts.
Binance applies for protective order in U.S. court to respond to the SEC’s “fishing expedition.”
According to Cointelegraph, Binance has filed a motion for a protective order after receiving testimony notices and requests for evidence from the U.S. Securities and Exchange Commission (SEC). Binance claims that the SEC is engaged in a “fishing expedition.”
The exchange wrote, “BAM Trading (parent company of Binance) has been working in good faith, but the SEC insists that an order be granted allowing it to investigate BAM’s asset custody business without any apparent limit.” Binance claims that the SEC has requested “communications on dozens of subjects since November 2022, many of which are unrelated to customer assets.”
Binance also objected to the SEC’s request for the exchange to provide testimony from six employees and managers, including its CEO, Zhao Changpeng. Binance argued, “The SEC also requires most of BAM’s executives to testify, even though they do not have unique firsthand knowledge of the security, custody, and transfer of customer assets, and these employees are also required to testify.”
Binance will delist SNM, SRM, and YFII
According to the official announcement, Binance announced that it will stop trading and delist the following currencies at 11:00 on August 22: Sonm (SNM), Serum (SRM), DFI.Money (YFII). Binance stated that the platform will regularly review the digital assets listed to ensure the quality of the currencies. When a token no longer meets the listing criteria or there are significant industry changes, a thorough project review will be conducted and it may be delisted.
Sei Network: SEI token has 6 major use cases, 3% of the tokens have been allocated to the first season reward pool
According to the official blog, the public chain Sei Network has announced the SEI token economics. SEI token has 6 major uses: 1. Network fees: Paying transaction fees on the Sei blockchain; 2. DPoS validator staking: SEI holders can choose to delegate their token shares to validators or stake SEI to run their own validators to ensure network security; 3. Governance: SEI holders can participate in future protocol governance; 4. Native collateral: SEI can be used as local asset liquidity or collateral for applications built on the Sei blockchain; 5. Fee market: Users can pay fees to validators to prioritize their transactions, which can be shared with users who delegate to that validator; 6. Transaction fees: SEI can be used as fees on exchanges built on the Sei blockchain.
In terms of airdrops, a portion of the SEI supply is allocated to airdrops, incentivized testnet rewards, and ongoing initiatives aimed at distributing SEI quickly to users and the community. These SEI airdrops and incentives are designed to reward truly active and pioneering users in the cryptocurrency field. 3% of the SEI token supply has been allocated to the first reward pool, called “Season 1”.
This update on token total supply and distribution ratios is consistent with the previous announcement. According to the news on August 1, the total supply of SEI is 10 billion tokens, with 20% allocated to private investors, 20% to the team, 9% to the foundation, 48% to the ecosystem reserve fund, and 3% as Binance Launchpool rewards.
CyberConnect airdrop is now open for claiming, CYBER price is around $7
According to the CyberConnect airdrop claiming page, the CyberConnect (CYBER) airdrop is now open for claiming. CYBER is currently listed on Binance with a price of around $7, showing a growth of over 300%. In addition, CoinList announced the listing of CYBER.
Sei has opened the airdrop query page, and the airdrop will be open for claiming when the mainnet is launched
According to official sources, Sei has opened the airdrop query page, and users can check their eligibility for the airdrop through the official website. Whitelisted users must bridge eligible assets to Sei, including the following networks: Solana, Ethereum, Arbitrum, Polygon, Binance Smart Chain, and Osmosis. The airdrop will be open for claiming when the public mainnet is launched.
Around 8 o’clock in the evening, there was news that the Sei mainnet had gone live. However, shortly after, SEI officially announced that Atlantic and airdrop rewards will be available for claiming after the initial preparation period in the Sei ecosystem. Coinbase announced that SEI will soon be listed.
Funding News
Web3 enterprise equity trading company Dinari completes a $7.5 million seed round of funding
According to The Block, Web3 enterprise equity trading company Dinari has raised $7.5 million in seed funding. Investors in this round include Third Kind Venture Capital, 500 Global, former Coinbase CTO Balaji Srinivasan, Sancus Ventures, Version One VC, and members of Susquehanna International Group’s company SPEILLLP.
In addition to announcing the seed funding, Dinari also stated that it will launch a trading platform called dShare, which will match tokens with underlying securities on a 1:1 basis. Due to regulatory reasons, the dShare platform will provide services for users outside the United States to access securities such as Apple or Tesla stocks using wallets on the Arbitrum network.
Important Data
Data: An address that has been dormant for over 12 years moved 1,005 BTC last night, with a value appreciated over 20,000 times
According to on-chain analyst Yu Jin, at 23:56 on August 14th Beijing time, an address that has been dormant for over 12 years transferred 1,005 BTC to an address starting with bc1q. At that time, these 1,005 BTC were worth about $1,316 (at a price of $1.31 per BTC), and they are currently worth $29.68 million, an appreciation of 22,560 times.
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