Mango Labs sues members for embezzlement of funds, Trump leads opponent by 13%

Headlines

▌Mango Labs sues DAO members for alleged misappropriation of $10 million in internal funds

Mango Labs has filed a lawsuit against John Kramer and Maximilian Schneider, accusing them of stealing $10 million from the Mango Decentralized Autonomous Organization (DAO). John Kramer and Maximilian Schneider serve as trustees in the DAO and are accused of conspiring to profit illegally, while they represent the DAO in purchasing the bankrupt FTX-held MNGO governance Token. The lawsuit accuses the two of breaching their fiduciary duties, violating the Puerto Rico civil law provisions regarding damages, fraud/misrepresentation, and unjust enrichment, and the organization's lawsuit seeks monetary damages, "punitive and remedial damages," as well as the return and confiscation of improperly obtained funds, including Interest and fees.

▌****Polymarket's leading advantage for Trump over Harris has surged to 13%

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

Market

As of the time of writing, according to Coingecko data:

BTC recently traded at $60,252.63, with a -0.5% intraday change;

ETH recently traded at $2,382.45, with a daily change of +0.5%;

BNB recently traded at $562.84, with a daily change of -1.3%.

The recent transaction price of SOL is $138.88, with a **-**0.1% intraday change;

The recent transaction price of DOGE is 0.1059 yuan, with an intraday fluctuation of -****1.9%;

The recent transaction price of XPR is 0.5296 US dollars, with a daily change of +1.1%.

Policy

▌TezosNode operators sue the US IRS again, demanding that stake rewards be treated as property rather than income

TezosNode operator Josh Jarrett has filed a lawsuit against the Internal Revenue Service (IRS) again, requesting that stake rewards be treated as property rather than income. Jarrett previously filed a lawsuit in 2021 against the 2019 tax return, but the case was dismissed in 2024 as 'meaningless.' In this lawsuit, Jarrett and his wife seek a tax refund for the 13,000 TezosTokens received in 2020, and ask the court to prohibit the IRS from treating stake rewards as income. Jarrett believes that taxation should occur at the time of Token sale, rather than upon acquisition. Organizations such as Coin Center support this lawsuit, arguing that the current policy will stifle participation in decentralized networks.

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

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

Block Chain Application

▌The U.S. Department of Agriculture approves blockchain-based certification system

The US Department of Agriculture (USDA) has approved CattleProof's "Verified" as a blockchain-based Process Verified Program (PVP). The system records cattle information, including data and status of electronic identification tags, on a decentralized digital ledger. CattleProof also provides certification for "Born in the USA" and individual cattle's Digital Certificate, demonstrating USDA's recognition of blockchain technology in the agricultural sector.

▌ZK rollup Scroll integrates Chainlink's CCIP to achieve Cross-Chain InteractionToken transfer and interoperability

ZK rollup Scroll has integrated the Chainlink Cross-Chain Interaction Protocol (CCIP), and native access to CCIP will enable developers to build secure and innovative decentralized applications on Scroll while expanding the multi-chain ecosystem. Chainlink's CCIP provides developers with tools to build secure applications that support Token transfer, message delivery, and operation initiation across multiple blockchains. The ProgrammabilityToken transfer feature of this protocol allows Smart Contracts to send Tokens across different chains in a single transaction, including specific instructions for handling Tokens upon arrival.

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

Mark Uyeda, a member of the Securities and Exchange Commission (SEC), said in an interview with Fox Business News that the agency's encryption policy and methods have been "a disaster for the entire industry" in the past few years. When asked what different measures the SEC could or should take, Uyeda said, "Clear guidance and explanation are needed to clarify what actions fall within the scope of securities law and which do not."

Cryptocurrency

▌Charles Schwab Report: Nearly 50% of American Investors Plan to Invest in Digital Asset Through ETF

According to a report released by Charles Schwab on Thursday, 45% of respondents said they plan to invest in digital assets through encryption ETF next year. Last year, this figure was 38%. The report also said that among those who intend to buy CryptocurrencyETF, 62% are millennials; only 44% are Gen X, and 15% are baby boomers. The survey interviewed 2,200 individual investors aged between 25 and 75 with investable assets of at least $25,000.

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

According to Farside Investors data, the fund inflow data for the US SpotBTCETF and SpotETH Fund ETF (October 10) are as follows: SpotBTCETF: BITB net outflow of $6.2 million, ARKB net outflow of $30.3 million; EZBC, GBTC, BTC have no fund inflows/outflows; Spot ETH Sector ETF: ETHW net outflow of 4.8 million US dollars, no fund inflow/outflow for CETH, ETHE, EZET, and ETH.

▌CryptoQuant: Since October 7, more than 63,000 BTC have been sent to Cryptocurrencyexchange

According to CryptoQuant's data, since October 7, 2024, over 63,000 BTC has been sent to the Cryptocurrency exchange. On October 7, about 28,000 BTC was sent to the exchange. On October 8, an additional 23,500 BTC was transferred to the exchange. On October 9, about 12,000 BTC entered the exchange.

****▌10T Holdings Founder: US Election Results Won't Prevent BTC from Reaching $100,000

Dan Tapiero, founder of risk fund 10T Holdings, said today during a panel discussion at the Permissionless conference in Salt Lake City, Utah, that regardless of which US presidential candidate wins, BTC could reach $100,000. Tapiero said, 'BTC is the representative of cryptocurrency, and I believe it will soon reach $100,000, and other assets will pump as well.' Dan Tapiero said, "Putting all value on-chain is far more significant than the outcome of an election. So I think... the trend will continue to develop and will sweep the world."

****▌Fidelity launches blockchain currency market fund

Fidelity is preparing to launch a currency market fund that may be traded through blockchain in the future. This is the latest move by traditional large asset management companies to explore the use of blockchain technology to accelerate financial transactions and expand product audiences.

Important Economic Trends

▌Economic Daily: The RMB Exchange Rate maintains stability with a solid foundation

The article states that Exchange Rate Fluctuation affects the market's nerves and is related to internal and external balance, with high attention. In the medium and long term, the basic stability of the RMB Exchange Rate has a solid foundation. Macroscopically, the Exchange Rate is fundamentally determined by the economic fundamentals. Recently, the financial regulatory authorities have issued a series of policy combinations to accurately and effectively support the real economy, which will further consolidate and enhance the trend of China's economic stabilization and improvement. In terms of policy space, relevant departments have the ability to continue to maintain the basic stability of the RMB Exchange Rate at a reasonable and balanced level. The People's Bank of China has repeatedly emphasized the decisive role of the market in the formation of the Exchange Rate and the maintenance of Exchange Rate flexibility. Market participants should adhere to the concept of risk neutrality. Financial institutions, enterprises, and even individual residents should establish a concept of risk neutrality and not gamble on the direction of the Exchange Rate.

▌The probability of a 25BP rate cut by the Federal Reserve in November is 86.9%, and the probability of no rate cut is 13.1%

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

**▌21Shares analyst: CPI data will have a "positive impact" on bitcoin prices

The U.S. Bureau of Labor Statistics reported on October 10th that the Consumer Price Index (CPI) rose by pump2.4% in September, the lowest level since February 2021. 21Shares research analyst Leena ElDeeb explained: "BTC and the broader encryption assets are particularly sensitive to inflation indicators because these indicators heavily influence the monetary policy decisions of the Federal Reserve. CPI data will have a positive impact on BTC prices as borrowing costs drop. Therefore, we expect market liquidity to recover after recent geopolitical tensions disrupted the financial landscape."

Golden Encyclopedia

▌What are Rollups

Rollup is a way to process transactions on Layer 2 protocols, which can free up valuable space on the underlying layer. Rollup will fold transactions one by one on the second layer, sometimes folding them dozens of times, and then roll them together and send the data back to Layer 1. Rollup has two main types, optimistic and zero-knowledge (ZK) proof.