PA Daily | Reddit shuts down blockchain-based community points program; Vitalik said it had not sold ETH for personal gain since 2018

Today's Highlights:

Scroll has officially announced the launch of the mainnet, which will build a decentralized proof-of-proof network and sequencer

Vitalik: Since 2018, I have not "sold" ETH for personal gain

Fidelity submits an updated version of the Bitcoin Spot ETF Prospectus

SBF had met with Clinton and the governor of New York before FTX went bankrupt

Reddit shut down its blockchain-based community points program, and Reddit community tokens plummeted across the board

Fantom Foundation: About $550,000 in Foundation funds were affected, with most of the funds remaining safe

Court documents: FTX had agreed to pay nearly $100 million in sponsorship fees to League of Legends development company

X will begin testing the ability to charge new users $1 a year for access to key features, including tweets and retweets

Regulatory News

The EU officially passed new rules on encrypted tax data sharing

According to CoinDesk, EU finance ministers on Tuesday formally passed new rules that allow tax authorities to share data on individual cryptocurrency positions. The document will be published in the Official Journal of the European Union and will enter into force 20 days later. The law, known as the Eighth Directive on Administrative Cooperation (DAC8), mandates that crypto firms report customer position information, which will automatically be shared between tax authorities. It is reported that DAC8 was proposed last year and covers a variety of digital assets, including stablecoins, NFTs, DeFi tokens and crypto staking earnings.

The Attorney General's Office of Singapore set up a Virtual Currency Task Force this year to tackle technology crime

According to Lianhe Zaobao, Singapore's Deputy Chief Prosecutor of the Attorney-General's Office, Wang Shouyan, said that the Attorney-General's Office formally established two task forces this year to deal with technology and virtual currency crimes, namely the Technology Crime Task Force and the Cryptocurrency Task Force, and deployed about 20 prosecutors to deal with the challenges posed by technology. The Virtual Currency Working Group focuses on the various issues raised by virtual currencies as assets, including assisting the Singapore Police Force in tracing, seizing and disposing of such assets.

Dozens of U.S. lawmakers urged the Biden administration to develop plans to prevent cryptocurrencies from being used for "terrorist financing"

According to Bloomberg, 86 U.S. members of Congress, representing both Democrats and Republicans, pressed the Biden administration to provide details on how it plans to stop militant groups from using cryptocurrencies in "financing terrorism." In an October 17 letter to the U.S. Treasury Department and the National Security Council, led by Senators Elizabeth Warren and Roger Marshall and Rep. Sean Casten, lawmakers noted that radical Islamist groups Hamas and Palestinian Islamic Jihad (PIJ) raised significant amounts of money through cryptocurrencies in the months leading up to Hamas's attacks on Israel. The letter cites the Wall Street Journal that the organizations raised more than $130 million through cryptocurrencies from August 2021 to June this year, while PIJ has sent more than $12 million in cryptocurrencies to Allah parties since 2023.

"Hamas's deadly attacks on Israeli civilians demonstrate that the group has become 'one of the most advanced cryptocurrency users in terror financing,' illustrating the national security threat that cryptocurrencies pose to the United States and its allies," the lawmakers wrote. As Congress considers legislative proposals aimed at mitigating the risks of cryptocurrency money laundering and illicit finance, we urge you to act quickly to forcefully curb illicit crypto activity and protect our national security and the security of our allies. ”

NFT&AI

! [PA Daily |.] Reddit shuts down blockchain-based community points program; Vitalik alleges no sale of ETH for personal gain since 2018] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-6c4ed1da14-dd1a6f-69ad2a.webp)

The CAC proposed a global AI governance initiative and proposed to promote the establishment of a risk level test and evaluation system

The Cyberspace Administration of China issued a global AI governance initiative on its official website. It is mentioned that the development of artificial intelligence should adhere to the principles of mutual respect, equality and mutual benefit, and all countries, regardless of size, strength or weakness, regardless of social system, have the right to develop and use artificial intelligence equally. Encourage the world to jointly promote the healthy development of artificial intelligence, share artificial intelligence knowledge achievements, and open source artificial intelligence technology. Oppose ideological demarcation or the construction of exclusive groups to maliciously obstruct the development of artificial intelligence in other countries. Oppose the use of technological monopoly and unilateral coercive measures to create barriers to development and maliciously block the global artificial intelligence supply chain.

It is mentioned that it is necessary to promote the establishment of a risk level test and evaluation system, implement agile governance, classify and hierarchical management, and respond quickly and effectively. R&D entities continue to improve the interpretability and predictability of artificial intelligence, improve the authenticity and accuracy of data, ensure that artificial intelligence is always under human control, and create auditable, supervisable, traceable and trustworthy artificial intelligence technology.

CEO of Yuga Labs: The restructuring is complete and will focus on Otherside in the future

According to The Block, Yuga Labs CEO Daniel Alegre said today that the company's restructuring has been completed and the team will focus on developing its metaverse expansion Otherside while supporting existing communities. After the reorganization, the team had three priorities – supporting existing communities, focusing on Otherside's execution, and leveraging partnerships.

OpenAI officially introduced web search to ChatGPT and integrated ChatGPT with the painting large model DALL-E 3

According to Techcrunch, OpenAI has now officially introduced web search to ChatGPT through Bing, after the feature was taken down just three weeks after it was introduced in beta form, because the real-time network is managed differently from static training datasets and is at risk of being abused, and the re-online feature currently promises to comply with whatever website owners say in their Robots .txt documents, similar to traditional web crawlers. All Plus and Enterprise subscribers can now officially use the Bing Browse feature without having to toggle the Beta switch in Settings.

In addition, OpenAI has also converted its painting large model DALL-E 3 into a beta version, and DALL-E 3 is integrated with ChatGPT, which means users don't have to carefully consider text prompts when asking DALL-E to create images. By embedding DALL-E 3 directly into ChatGPT, users will now be able to receive images as part of their text-based queries without having to switch between the two apps. DALL-E 3 is now available in beta on the web and mobile devices, and users can activate the feature by selecting "DALL-E 3 (Beta)" from within GPT-4 within ChatGPT.

Project Updates

The white paper of the public blockchain project Shardeum will be released on November 8

WazirX co-founder Nischal Shetty said on the X platform that the public blockchain project Shardeum white paper will be released by Omar Syed, the project's technical co-founder, on November 8.

Shardeum was co-founded by Nischal Shetty, who also founded WazirX, India's largest cryptocurrency exchange. This follows a $18.2 million seed round in October and a $5.4 million strategic funding round in July.

Scroll has officially announced the launch of the mainnet, which will build a decentralized proof-of-proof network and sequencer

Ethereum scaling solution Scroll has announced the launch of the zkEVM mainnet, with the next milestone being the construction of a decentralized proof-of-proof network and a decentralized orderer. Scroll launched its mainnet after more than a year of testing, completing over 55 million transactions on the Alpha and Beta testnets and finally confirming nearly 1 million lots of deals on L1. The beta testnet on the latest Sepolia linked more than 900,000 wallet addresses and processed more than 6 million transactions in two months.

Fidelity submits an updated version of the Bitcoin Spot ETF Prospectus

Fidelity has filed an updated version of the Bitcoin Spot ETF prospectus with the SEC on details of custody arrangements, mechanisms related to hard forks, valuation and pricing sources and GAAP compliance, risk disclosures surrounding regulatory uncertainty, and references to the energy-intensive nature of mining, according to a publicly available regulatory filing.

The decentralized data storage network BNB Greenfield mainnet is online

BNB Chain announced the launch of the BNB Greenfield mainnet on the X platform, and the decentralized data storage network is now fully available to the public. During the testnet phase, BNB Greenfield implemented more than 200,000 transactions, more than 150,000 wallet addresses, and support from multiple storage providers.

Immutable X co-creation: Extended the unlock period of 125 million IMX tokens for another year

Robbie Ferguson, co-founder and co-founder of Immutable X, an NFT two-layer scaling solution, said on the X platform that last year he had committed to relocking the 125 million IMX allocated by Immutable project development for one year. A few weeks later, the tokens will be unlocked, and it is now announced that this distribution will be relocked again until at least July 2024.

Pyth Network has announced PYTH tokenomics, where 85% of tokens are initially locked and unlocked regularly

The oracle project Pyth Network announced PYTH tokenomics, the maximum supply of PYTH tokens is 10,000,000,000 coins, the initial circulation is 1,500,000,000 (15%), 85% of PYTH tokens are initially locked, and the locked tokens will be unlocked 6, 18, 30 and 42 months after the initial coin offering. Of these, 22% is allocated to network data providers, 52% to the Ecosystem Growth Strategy, 10% to protocol development, 6% to the initial start-up phase and related activities and programs, and 10% to two rounds of financing identified for strategic contributors.

Regarding governance scope and Pyth DAO, Pyth governance can help determine high-level parameters for other network mechanisms. On-chain governance is expected to be responsible for many decisions and actions, such as: determining the size of update fees, determining the reward distribution mechanism for publishers, approving other software updates for on-chain programs across blockchains, determining how to list new symbols and their reference data on Pyth, and determining how data providers are allowed to provide price information data. New topics related to on-chain governance may be established by DAOs.

Fantom Foundation: About $550,000 in Foundation funds were affected, with most of the funds remaining safe

The Fantom Foundation issued a statement in response to the wallet attack, saying that it can now confirm that a small number of wallets have been affected, including about $550,000 in Fantom Foundation funds. The vast majority of the Fantom Foundation's funds (more than 99%) are unaffected and remain safe. While there have been initial reports that the attack was due to a zero-day vulnerability on Google Chrome, the team is actively investigating the mechanism of the attack. Some of these affected wallets were labeled as "Foundation Wallets," but they were no longer actually used by the organization and had been reassigned to a Fantom employee, so this was an attack against individuals. The employee's lost funds are currently under investigation.

Reddit shut down its blockchain-based community points program, and Reddit community tokens plummeted across the board

According to CoinDesk, social media platform Reddit will shut down its blockchain-based community points program on November 8. Reddit said that while there are some opportunities in the program, the resources required are too high. The team has launched or is actively investing in some products that are easier to adopt. In addition, changes in the regulatory environment have exacerbated this dilemma. Affected by this news, the price of Reddit community tokens plummeted. Moons (MOON) fell 85%, Bricks (BRICK) fell 67%, and Donut (DONUT) fell 66%.

Later today, Kraken co-founded said Reddit should provide a "redemption path" for community points.

The Sui Foundation's claim of "manipulating the token supply" is baseless and has never liquidated any SUI tokens, including staking rewards

The Sui Foundation tweeted denying earlier reports of its "manipulation of the SUI token supply." The Sui Foundation stated that it has worked and will continue to work with DAXA and its member exchanges in a spirit of full compliance and transparency. The claim of "manipulating the supply of SUI tokens" is baseless and grossly false. After the initial Community Access Program (CAP) distribution, the Foundation never sold any SUI tokens. The circulation supply schedule displayed on the public website of the Sui Foundation is accurate. Other than that, the Sui Foundation has never liquidated any Sui tokens, including staking rewards. Every token transfer of the Sui Foundation is open and transparent and can be verified on the blockchain. The Sui Foundation will always be transparent and openly communicate the SUI token circulation and supply schedule. The Foundation is fighting disinformation and FUD through a variety of channels.

According to previous news, Lee Bu-hyun, president of the South Korean Financial Supervisory Institute, said that he would check whether the SUI team manipulated the supply of tokens, and then the price of SUI fell sharply, currently at $0.3797, a 24-hour drop of 7.63%.

Court documents: FTX had agreed to pay nearly $100 million in sponsorship fees to League of Legends development company

According to The Block, court documents show that FTX had agreed to pay nearly $100 million in sponsorship fees to League of Legends development company Riot Games over seven years, and after FTX declared bankruptcy, Riot Games began trying to exit the deal late last year. The documents also show that FTX agreed to provide about $42 million to the Tomorrowland festival by 2026. In addition, the annual Coachella Music Festival in Southern California has signed a $25 million deal with FTX.

SBF had met with Clinton and the governor of New York before FTX went bankrupt

According to Bloomberg, Nishad Singh, former director of engineering at FTX, said during cross-examination by SBF lawyers at the trial that he used an FTX loan to purchase a property on Orcas Island in October 2022, even though he already knew that FTX misused client funds. He has now abandoned the property.

Singh acknowledged that he was not "required" to be the face of FTX's political donations, but he played the role anyway. In addition, he said he was unaware of the software vulnerabilities that led to Alameda's increased liabilities before overhearing discussions between former FTX CTO Gary Wang and former FTX developer Adam Yedidia. The breach resulted in an $8 billion increase in Alameda's funding gap in the FTX master account.

Evidence filed by the administration on Tuesday shows that in the months leading up to FTX's bankruptcy, SBF had scheduled meetings in Manhattan with several influential figures, including former President Bill Clinton and New York Gov. Kathy Hochul.

In addition, an email filed by prosecutors on Tuesday revealed that two months before the FTX crash, Bahamian Prime Minister Philip Davis asked SBF to advise his son on an NFT project. In response, SBF sent his phone number and said he could be reached by phone or Zoom.

Binance will remove 29 spot trading pairs such as ADX/BUSD, EOS/BNB, etc

According to the official announcement, based on the results of the recent review, Binance will remove the following spot trading pairs and stop trading. October 20, 13:00: ADX/BUSD, AMP/BUSD, AR/BUSD, BADGER/BUSD, BURGER/BUSD, CELR/BUSD, CHESS/BUSD, COTI/BUSD, DEXE/BUSD, ELF/BUSD, ENJ/EUR, EOS/BNB, HARD/BUSD, IDEX/BNB, ILV/BUSD. October 20, 15:00: IOTA/BUSD, JOE/BUSD, KNC/BUSD, MBOX/BUSD, MINA/BUSD, MOVR/BUSD, QI/BUSD, QNT/BUSD, SNX/BUSD, SYS/BUSD, THETA/BNB, TKO/BUSD, VOXEL/BUSD, ZEC/BUSD.

According to the announcement, in order to better protect users and maintain a high-quality trading market, Binance will conduct regular reviews of all online spot trading pairs, and may remove some spot trading pairs due to various factors such as poor liquidity and trading volume.

Later today, Binance will terminate the redemption service and remove ADAUP and ADADOWN leveraged tokens.

Everscale: The theft of EVER tokens was the result of fraudulent activity and the network was not attacked

Blockchain network Everscale said it has determined that the theft of EVER tokens was due to fraudulent activity, and that the network and that no dApps were hacked. The stolen token is ERC20 EVER, not the native EVER token. Exchanges partnering with Everscale have now suspended Wrapped EVER (WEVER) deposits and withdrawals. Efforts are currently underway to secure the native EVER, which is secure on the Octus Bridge. A full investigation is underway and all details will be released soon.

Yesterday, Everscale said that a large number of EVER tokens were stolen and is working with exchanges to stop further outflows.

X will begin testing the ability to charge new users $1 a year for access to key features, including tweets and retweets

According to an official blog post, the test, called "Not a Bot," began Tuesday in New Zealand and the Philippines. The price of this subscription method varies by country and currency, and new users who do not pay will not be able to perform certain actions on the site, including writing posts, liking, replying, or adding bookmarks. In this test, existing users are not affected.

X (formerly Twitter) said the new test was developed to reinforce its efforts to already successfully reduce spam, platform manipulation and bot activity, while balancing the platform's accessibility with a small fee. It is not a profit driver.

Vitalik: Since 2018, I have not "sold" ETH for personal gain

Ethereum co-founder Vitalik Buterin posted a regular reminder on the Farcaster platform: "If you see an article that says, "Vitalik sends XXX ETH to [exchange]," then it's not actually me selling, it's almost always me donating to some charity, non-profit, or other project, and the recipient is selling because they need to pay for it. Since 2018, I have not "sold" ETH for personal gain.

SSV Network Releases Governance 2.0: Building the SSV Foundation and Community Empowerment

Ethereum staking infrastructure SSV Network has released a Governance 2.0 plan to build the SSV Foundation and empower the community to move on to the next phase of handing over the protocol to the community. SSV. The Network consists of three parts: the Open Source License, the SSV DAO, and now the SSV Foundation. The SSV DAO has taken several steps to enable community operations, but initially needed to create a framework. Currently, the Foundation Working Group (FWG) has completed its comprehensive proposal for the establishment and operation of the SSV Foundation, and in the coming weeks (pending the DAO vote), the next era of governance is coming as the DAO finally establishes the SSV Foundation.

The Foundation Code is summarized below: Includes professional directors from Hash Directors and Leeward Management Limited. However, the Foundation document has been drafted in such a way that allows token holders to have all the powers, and steps have been taken to allow token holders as much say as they can in the law; Carey Olsen will act as legal counsel responsible for navigating legal challenges and the regulatory environment; The proposed annual budget of $400,000 will ensure the smooth running of the SSV Foundation.

Financing News

Web3 infrastructure Spheron closed a $7 million funding round in August 2022

Web3 infrastructure building tool Spheron began the second phase of its roadmap with the primary goal of addressing user experience, security, and reliability, as reported by CoinDesk, which revealed that it had raised $7 million in a funding round in August 2022 with investors including Alphawave Ventures, NexusVP, Zee Prime Capital, Protocol Labs, ConsenSys Mesh, Paradigm Shift Capital, Matrix Partners India and Tykhe Ventures. Sandeep Nailwal, Aniket Jindal Julian Traversa, etc.

Authentication solution Prove Identity closed $40 million in funding

Authentication solution Prove Identity announced it has completed a $40 million funding round, led by MassMutual Ventures and Capital One Ventures, with a 10-figure valuation that would push the company above the $1 billion mark (the company did not disclose the exact number). The funds raised will be used to develop more tools for digital payments and commerce, as well as fraud detection. Proven's technology connects data from a phone's SIM card with features provided by smartphones, such as facial recognition, to authenticate users.

Important Data

CryptoQuant: The approval of the Bitcoin spot ETF could add $1 trillion to the cryptocurrency market cap

According to CoinDesk, data analytics firm CryptoQuant wrote in a recent report that if a Bitcoin spot exchange-traded fund (ETF) is approved, Bitcoin will become a $900 billion asset and the entire cryptocurrency market will grow by $1 trillion. According to CryptoQuant, about $155 billion could enter the bitcoin market if issuers applying to list bitcoin ETFs invest 1% of their assets under management (AUM) in these ETFs. This represents almost a third of Bitcoin's current market cap. If this happens, Bitcoin's price is assumed to rise to between $50,000 and $73,000.

According to CryptoQuant's model predictions, historically, during previous bull markets, Bitcoin's market capitalization grew by 3-5 times its realized capital. CryptoQuant added that this suggests that for every $1 of new money entering the bitcoin market, the market cap could increase by $3 to $5.

Celestia airdrop claims have closed, with more than 190,000 claims

Modular blockchain network Celestia tweeted that Genesis Airdrop received a total of 191,391 claims, and the final Genesis balance will soon be available on Genesis.celestia.org. Participants are expected to receive TIAs directly in their mainnet wallets in the coming weeks. According to the 576,653 eligible on-chain addresses announced in the previous period, about 67% of the addresses did not participate in the airdrop application.

Worldcoin's 5 market makers hold a total of 40.39 million WLDs on the chain

According to the statistics of on-chain analyst Ember, the on-chain coin holdings of the five market makers of Worldcoin (WLD) are as follows: since October 1, Wintermute, Flow Traders, GSR Markets have withdrawn 4.67 million WLDs from CEX; At present, 5 market makers hold a total of 40.39 million WLDs on the chain; At present, the closest number of holdings on the chain is GSR, and the largest gap in volume is Amber Group.

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! [PA Daily |.] Reddit shuts down blockchain-based community points program; Vitalik alleges no sale of ETH for personal gain since 2018] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-8ce12bf571-dd1a6f-69ad2a.webp)