Cointime

Cointime

Download App
iOS & Android

The Block Fully Owned by SBF? Crypto Titans in Twitter Spat; Staked ETH to Release Soon | Cointime Weekly Dec.04 – Dec.10

Top stories

The Block Fully Owned by SBF? CEO Resigned

Michael McCaffrey, CEO of crypto media site The Block, has resigned after his personal loan from Alameda comes to light. He received three loans for a total of $43 million from 2021 through this year.

3AC co-founder claimed the CEO of the Block has been bribed massively, and that the company has been de facto wholly owned by Sam Bankman-Fried for years now.

CZ v SBF: Crypto Titans in Twitter Spat

SBF wrote to Binance CEO CZ “You won. There's no need to lie, now, about the buyout.”SBF said Binance threatened to walk at the last minute if they didn't kick in an extra ~$75m.

CZ responded with, “No one won.” CZ claimed “Sam was so unhinged” when they pulled out and “threatened” to make them pay.

Staked Ethereum Is Set to Be Released in March 2023

Ethereum holders and investors who have staked their ETH on the Consensus layer deposit contract may be able to withdraw their funds by March 2023.

Tether Launches Offshore Chinese Yuan (CNH₮)

Tether launches its offshore Chinese Yuan (CNH₮) on the Tron blockchain. Bitfinex will be the first exchange to enable its users to deposit and withdraw CNH₮.

Global regulations

Japan, South Korea and UK Want to Police Stablecoins

  • Japanese financial regulator intends to police “algorithmic stablecoins.”
  • The Bank of Korea (BOK) claimed it needs the authority to monitor and supervise stablecoins.
  • The UK government is currently working on establishing a safe regulatory environment for stablecoins.

Spain, Indonesia, and UK to explore CBDCs

  • Spain’s central bank intends to begin testing wholesale CDBCs and is seeking collaboration proposals.
  • Indonesia is pushing further for its Digital Rupiah plan; the planned digital rupiah currency will be used in Metaverse.
  • UK will begin exploring CBDC in the coming weeks, a digital pound could be released by The Bank of England.

Hong Kong Introduces VASP Licensing Regime

Hong Kong passed an amendment introducing a licensing regime for virtual asset service providers. The new rules for VASPs are scheduled to commence on June 1, 2023.

Crypto weekly price action

Cryptocurrency Prices Heat Map in 7 Days, Source COIN360

Research and technology

How Merkle Trees Benefit Blockchains

Binance publishes Merkle tree-based PoR system, and Vitalik Buterin proposes Merkle tree technique for increased privacy. Do you know how blockchains can benefit from Merkle tree technique? Let’s take a deep dive.

Impressing New DeFi Protocols

When it comes to listing the most impressive DeFi projects in 2022, do you have a name you never want to forget?

State of Web3 Adoption Report

A detailed look at the current state of Web3 technologies adoption and development in the enterprise sector, despite all of the FUD you may be hearing.

Huobi 2022–2023 Annual Report

Leading crypto exchange Huobi Global in its 2022-2023 annual report predicted that the current bear cycle may soon be over, as it expects the crypto market to reach its bottom in early 2023.

Fundraising and investment

Brazil’s Nubank Announces $330M Equity Capitalization in Mexico

The investment adds to the $1 billion the company has previously invested in Mexico, makes it one of the largest foreign investors in Mexico.

Gate.io Launches $100M Industry Liquidity Support Fund

Gate.io welcomes all industry participants to join the liquidity support fund and work together to support the growth of the crypto industry.

Another DAO Is Raising Funds to Buy US Constitution

ConstitutionDAO2’s raised 27.8 ETH (around $34,000) as of Wednesday in public contributions from 120 wallets. The new auction will be held live on Dec. 13.

Bitwave Raises $15 Million Series A

The funding will help develop Bitwave Institutional, a new product targeted at enterprise customers with complex accounting needs, such as custodians and exchanges.

Viral Quotes

“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”

—  Jim Cramer, host of CNBC’s Mad Money show

“We are, many people say, going through a ‘crypto winter.’ But that may understate the case. This is looking more and more like Fimbulwinter, the endless winter that, in Norse mythology, precedes the end of the world.”

—  Paul Krugman, Nobel Prize-winning economist

“You won, @cz_binance. There's no need to lie, now, about the buyout. […] You threatened to walk at the last minute if we didn't kick in an extra ~$75m.”

— Sam Bankman-Fried, former CEO of FTX

“SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to media and key opinion leaders.”

— CZ, CEO of Binance 

FTX Sam Bankman-Fried Binance CZ DAO stablecoin
Comments

All Comments

Recommended for you

  • Whale Transfers 1,133 BTC to Coinbase Prime, Valued at $71.48 Million

    According to Onchain Lens monitoring, a whale transferred 1,133 BTC from Coinbase to Coinbase Prime through an intermediary wallet, valued at $71.48 million.

  • U.S. AI Chip Stocks Decline Before Market Open, Intel Falls Over 3%

    On July 7, U.S. AI chip stocks experienced widespread declines before the market opened. Intel dropped over 3%, while AMD, Qualcomm, and NXP fell more than 2%. TSMC, Broadcom, and Tesla decreased by over 1%, and NVIDIA declined by 0.7%.

  • China's Central Bank Increases Gold Reserves for the 20th Consecutive Month

    As of the end of June, China's gold reserves stood at 75.44 million ounces (approximately 2,346.446 tons), an increase of 480,000 ounces (about 14.93 tons) from the end of May, which reported 74.96 million ounces (approximately 2,331.52 tons). This marks the 20th consecutive month of gold accumulation.

  • China's Foreign Exchange Reserves in June at $341.6262 Billion

    On July 7, China's foreign exchange reserves for June stood at $341.6262 billion, a decrease of $26 billion from the end of May, representing a decline of 0.75%, with expectations set at $343.2 billion.

  • U.S. Storage Stocks Drop Pre-Market, SanDisk and Micron Down Over 4%

    On July 7, U.S. storage concept stocks collectively fell in pre-market trading. Western Digital dropped over 5%, SanDisk and Micron Technology fell over 4%, Seagate Technology declined over 3%, Rambus fell over 2%, and SMI fell over 1%.

  • U.S. Stocks in Optical Communication Sector Drop Pre-Market

    On July 7, stocks in the optical communication sector of the U.S. market collectively fell pre-market. Astera Labs dropped over 4%, while Marvell Technology, Credo Technology, and AXT Inc. fell more than 3%. Tower Semiconductor, MaxLinear, Corning, Applied Optoelectronics, GlobalFoundries, Lumentum, and Qorvo all declined by more than 2%. Coherent, Nokia, Amphenol, and Broadcom dropped over 1%.

  • Pre-market Decline in U.S. Storage Stocks

    In pre-market trading, U.S. storage concept stocks experienced a widespread decline, with Micron Technology falling by 4.8%, SanDisk dropping over 4%, Corning down more than 2%, and Intel decreasing by over 3%.

  • Two Departments: Support for Reinsurance Institutions to Increase Capital and Issue Supplementary Capital Tools

    On July 7, the National Financial Supervision and Administration Bureau and the Shanghai Municipal Government released several measures to accelerate the construction of the Shanghai International Reinsurance Center. Among these measures, they proposed to enhance the quality and efficiency of the reinsurance industry, support reinsurance institutions in increasing capital and expanding shares, and issuing supplementary capital tools to improve the capacity for internal capital accumulation and external capital supplementation, thereby strengthening the reinsurance industry's capabilities. The initiative aims to guide the insurance industry to focus on major national projects, strategic emerging industries, and livelihood security, consolidating insurance and reinsurance underwriting capabilities to enhance risk protection levels. It also supports reinsurance institutions in leveraging their professional technical advantages to assist the insurance industry in reducing risk.

  • Sources: Saudi Arabia Plans to Expand Oil Pipeline to Red Sea, Increasing Capacity by 2 Million Barrels Daily to Bypass Strait of Hormuz

    On July 7, five informed sources revealed that Saudi Arabia is considering expanding the crude oil pipeline capacity to its western coast on the Red Sea, allowing Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. This east-west pipeline, built in the early 1980s, has gained strategic importance since the outbreak of the Iran war in February and the disruption of shipping in the Strait of Hormuz. The pipeline can deliver up to 7 million barrels of crude oil per day to the Red Sea port. The CEO of Saudi Aramco stated in May that approximately 2 million barrels are supplied to west coast refineries, while about 5 million barrels are for export. Sources indicate that Saudi Arabia is in preliminary discussions with some neighboring countries regarding the pipeline expansion, aiming to add about 2 million barrels of pipeline capacity per day. It remains unclear whether Aramco's planned expansion involves upgrading existing infrastructure or constructing new pipelines. One source mentioned that the expansion plan also includes a smaller refined oil pipeline. Two sources indicated that the expansion scale could range from 1 million to 2 million barrels per day, with refined oil also being considered. Another source stated that the project would take several years and cost billions of dollars, requiring adjustments to Saudi crude pricing mechanisms.

  • Citi: Tencent's WorkBuddy Gains Momentum, Maintains 'Buy' Rating

    On July 7, Citi released a research report stating that, according to the latest industry data, Tencent's AI agent product WorkBuddy has reached 20 million monthly active users (MAU) and over 13 million daily active users (DAU), with a DAU/MAU ratio between 65% and 75%. Considering the product has only been launched for a few months, user stickiness and daily engagement are performing strongly. Citi quoted Tencent's management as saying that in terms of daily active users, Tencent is leading its Chinese peers in the deployment of AI agents. Early user data reflects strong natural growth for both CodeBuddy and WorkBuddy, with high retention rates. Early users are interacting with the AI agents for long durations and with high frequency, creating a positive feedback loop. It is expected that AI products will become a key revenue source for Tencent Cloud. The firm believes that WorkBuddy's success demonstrates the strength of Tencent's ecosystem, the synergy between various productivity tools, and users' trust in Tencent's products and security. Citi maintains a 'Buy' rating on Tencent with a target price of HKD 763 unchanged.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company