WuBlockchain Weekly: Bitcoin White Paper’s 16th Anniversary, CZ’s First Statement Post-Release, DWF Partner Implicated in Drink-Spiking Scandal, etc
1. Bitcoin White Paper’s 16th Anniversary on October 31 link
October 31 marks the 16th anniversary of the Bitcoin whitepaper’s release. On this date in 2008, Bitcoin’s mysterious and anonymous creator, Satoshi Nakamoto, introduced the world to this cryptocurrency and its applications. The nine-page paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” laid out the foundational structure of the Bitcoin network.
2. CZ Attends Binance Blockchain Week, Expresses No Interest in Returning as CEO link
On Thursday, CZ made an appearance at the Binance Blockchain Week event and delivered a keynote speech. He stated that he has no intention of returning to his role as Binance CEO and is currently focused on two main areas: education and investment. His investments span blockchain, AI, and life sciences. CZ also shared that life in detention was “not good,” as he had no freedom, but he gained new perspectives. He humorously noted that some guards asked him which cryptocurrencies to buy, but he replied that, without internet access, he had no information to offer.
3. He Yi: Binance Aspires to Become the Google of Crypto link
At Binance Blockchain Week, He Yi stated that Binance’s biggest challenge was CZ’s resignation last year, yet the company has achieved significant success through a well-established management system and strong team support. She noted that while many startups initially rely on the standout qualities of their founders to break into markets, a mature team with a solid organizational culture can continue to grow even without the founder’s presence. Externally, regulatory issues pose a challenge. Binance aspires to serve billions of users with regulatory support, bringing cryptocurrency to a global audience. “Binance wants to be like Google, aiming to shape the future internet and make Web3 more accessible to all.”
4. U.S. Core PCE Inflation at 2.7% in September, October ADP Adds 233,000 Jobs link
The U.S. reported a September Core PCE Price Index annual rate of 2.7%, matching the previous reading but slightly above the 2.6% forecast. The monthly rate for September Core PCE was 0.3%, in line with expectations, with the previous value revised from 0.1% to 0.2%. Analysts indicate that this is the largest monthly increase since April, suggesting support for the Fed’s decision to slow its rate-cutting pace following a significant cut last month.
Additionally, the October ADP Employment Report showed an increase of 233,000 new jobs, the largest since July 2023 and nearly double the 114,000 expected, with the prior figure adjusted from 143,000 to 159,000. The preliminary annualized GDP growth rate for Q3 came in at 2.8%, slightly below the 3% forecast and previous figure.
5. Arthur Hayes: China’s Economic Stimulus Could Drive Crypto Rally link
Data indicates that the People’s Bank of China (PBOC) has, since August this year, begun purchasing government bonds for the first time since 2007, with local government bond holdings rising from 1.5 trillion yuan to 4.6 trillion yuan. Analyst Hayes suggests that the PBOC may follow a similar path to the Fed, ECB, and Bank of Japan by expanding its balance sheet to mitigate economic downturn pressures. He notes that this policy direction could echo the market response seen during the yuan adjustment in August 2015, when Bitcoin’s price surged nearly fivefold in under three months, from $135 to $600.
6. a16z: Active Monthly On-Chain Crypto Users Estimated at 30–60 Million link
According to an a16z report, analyses using various methods estimate the actual monthly on-chain cryptocurrency user count at 30 to 60 million. This represents only 5–10% of the 617 million global cryptocurrency holders reported by Crypto.com in June (where “holders” includes those who own crypto but may not actively engage in on-chain transactions). As infrastructure advancements enable new and compelling applications and user experiences, dormant cryptocurrency holders may be encouraged to re-engage as on-chain users.
7. Florida CFO: State Holds $800M in Crypto Investments link
Jimmy Patronis, Florida’s Chief Financial Officer, stated in a CNBC interview on Thursday that the state’s investment portfolio holds approximately $800 million in crypto-related assets. He remarked that he wouldn’t be surprised to see this figure grow if former President Trump is re-elected next month. Earlier this week, Patronis suggested in a letter that Florida should consider allocating a portion of its state retirement system funds to cryptocurrency investments.
8. Trump’s WLF Project Lowers WLFI Token Funding Target from $300M to $30M link
Donald Trump’s crypto project, World Liberty Financial (WLF), has revised its WLFI token funding target from $300 million to $30 million following lower-than-expected sales. Documents filed on October 30 reveal that the token sale will conclude once the $30 million target is reached. Since its launch in mid-October, the WLF project has drawn only around $14 million in investments. Analysts suggest that the WLFI token’s function as a governance token, with limited mechanisms for intrinsic value growth, may be contributing to the subdued investor interest.
9. Tether’s Q3 Net Profit Reaches $2.5B, Totaling $7.7B Year-to-Date link
Tether has released its third-quarter financial report for 2024, revealing a net profit of $2.5 billion, bringing the cumulative profit for the first nine months of the year to $7.7 billion, with total assets reaching an all-time high of $134.4 billion. The circulation of Tether’s stablecoin, USDT, has approached $120 billion, marking a 30% increase since the beginning of the year. Additionally, Tether holds $102.5 billion in U.S. Treasury bonds, ranking among the top 18 holders globally. The company’s reserve buffer has expanded to over $6 billion, with ongoing investments in renewable energy, Bitcoin mining, and artificial intelligence.
During the Plan ₿ forum in Lugano, Switzerland, Tether CEO Paolo Ardoino detailed the company’s reserve situation, indicating that Tether currently holds $5.58 billion in Bitcoin and $3.87 billion in gold reserves. Ardoino also stated that Tether possesses approximately $100 billion in U.S. Treasury bonds. In an interview, he emphasized that the company respects international sanctions and collaborates closely with law enforcement agencies, acknowledging that ultimately, it is subject to the whims of U.S. authorities. “If the U.S. wants to eliminate us, they can press a button anywhere and take us down. We are not going to fight the U.S.,” Ardoino remarked.
10. DWF Partner Accused of Spiking Drink, Firm Announces Immediate Termination link
Hana, known as @hananotsorry, reported that on the evening of October 24, she was at a bar in Hong Kong when Eugene Ng, a partner at DWF Labs, allegedly contaminated her drink with an unknown substance. In response, DWF stated that such behavior is unacceptable and has relieved Eugene Ng of his management and operational duties as a partner. Hana mentioned that as it was her first encounter with such a situation, she was initially uncertain about how to handle it, but later felt a responsibility to speak out for others. On October 29, she returned to Hong Kong to file a police report and review surveillance evidence. Eugene Ng is also a co-founder of OpenEden, a real-world asset project invested in by Binance, which has since suspended his role. Lingling Jiang, the current head of business development at DWF, will take over Eugene Ng’s position and officially become a partner at the company.
Fundraising
The Solana-based DeFi protocol Phoenix, developed by Ellipsis Labs, has successfully completed a new funding round of $21 million link
The Bitcoin rollup project Citrea has secured $14 million in Series A financing link
Glow, a blockchain solar energy company, raised $30 million in funding link
The privacy blockchain project Nillion announced it has completed a $25 million financing round link
Bitcoin DeFi infrastructure firm bitSmiley has successfully closed a second funding round of $10 million link
The Solana ecosystem’s Web3 gaming social platform LOScoin has raised $2 million link
Hana Network has completed a funding round of $4 million link
The rollup development platform Gelato has secured $11 million in financing link
The crypto insurance company Native announced it has raised $2.6 million in seed funding link
Bitcoin liquid staking platform PumpBTC has completed a seed round of $10 million link
AI data collection startup Sapien announced it has raised $10.5 million in seed funding link
The liquid staking protocol Magma on the Monad network has completed a seed round of $3.9 million link
Nitro Labs has secured $4 million in seed funding, led by Lemniscap link
Web3 gaming infrastructure provider Alliance Games announced it has raised $5 million in Series A financing link
Ethereum scaling infrastructure firm Spire Labs has completed a seed funding round of $7 million link
The verifiable autonomous agent network Axal has raised $2.5 million in a pre-seed round link
The security protocol Phylax Systems has successfully completed a seed funding round of $4.5 million link
Learn more, check out crypto-fundraising.info.
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Category: China News
Post by: TheBitTimes.com
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