headlines

headlines

USDC Issuer Circle Terminates SPAC Merger Listing Plan

Odaily News Circle Internet Financial, the main USDC issuer, and Concord Acquisition Corp, a special purpose acquisition company (SPAC), announced the mutual termination of their proposed business combination plan originally announced in July 2021 and revised in February 2022. Termination of the proposed business combination has been approved by the boards of directors of Concord and Circle.

More than 1 trillion SHIBs were transferred from unknown addresses to Coinbase, and the currency price rose by more than 6% in 24 hours
In addition, Ouyi OKX market shows that SHIB rose to 0.00001016 USDT at around 13:24 today, and is now reported at 0.00000983 USDT, an increase of 6.27% in 24 hours.

Industry news

Industry news

Pakistan enacts new laws to ensure CBDC launch by 2025
Odaily News The State Bank of Pakistan (SBP) signed a new law for Electronic Money Institutions (EMIs) to ensure the timely issuance of CBDC within the next three years. The law was designed with the support of the World Bank.

In addition to adhering to the timetable issued by the CBDC, the law also requires precautionary measures against money laundering and terrorist financing while considering consumer protection and reporting requirements. Additionally, the State Bank of Pakistan will issue CBDC issuance licenses to e-money institutions.

Hangzhou Internet Court: NFT digital collections belong to online virtual property and are protected by law"According to the official account of the Hangzhou Internet Court, the Hangzhou Internet Court heard an information network sales contract dispute case caused by the transaction of NFT digital collections."NFT digital collection blind box
The claim for a refund of more than 90,000 yuan, the court ruled that the plaintiff's personal information was incorrectly filled in, and the lawsuit was dismissed.

After the trial, the court held that the transaction objects involved in the case were NFT digital collections, not NFT equity certificates. NFT digital collections have the characteristics of property rights such as value, scarcity, controllability, and tradability. At the same time, they also have the unique attributes of network virtual property such as network virtuality and technology, and belong to network virtual property. The contract involved in the case does not violate the laws and regulations of our country, nor does it violate the actual policy and regulatory guidance of our country to prevent economic and financial risks, and should be protected by the laws of our country.

Odaily news Swyftx, a cryptocurrency trading platform headquartered in Brisbane, Australia, will lay off 40% of its staff, or about 90 employees. Swyftx CEO Alex Harper said that the layoffs are to prepare in advance for the worst-case scenario of continued decline in the crypto market next year and more black swan events such as FTX.

Project News

Project News

Ape staking has started, rewards will be claimed on December 12

Odaily News Horizen Labs tweeted that ApeStake.io has officially launched and opened APE deposits, and will support receiving rewards on December 12.

Orthogonal Trading Defaults on $36M Loan on Maple Finance
Odaily News Investment institution Orthogonal Trading defaulted on eight loans on the encrypted lending agreement Maple Finance, totaling $36 million, accounting for about 30% of Maple Finance's active loan volume.
Its defaulted loans come from the M 11 USDC pool (approximately 31 million US dollars in loans) and the M 11 WETH pool (5 million US dollars in loans) operated by M 11 Credit, and other loan liquidity pools will not be affected. Maple Finance has canceled borrowing authority from Orthogonal Trading and said it expects to recover $2.5 million to mitigate losses. M 11 Credit is considering legal action against Orthogonal Trading to recover the loan. Orthogonal Trading did not respond to a request for comment.
Maple Finance founder Sid Powell said he was shocked and disappointed by the incident. He acknowledged that stricter due diligence would be required for undercollateralized loans, and said the platform might consider introducing partial collateral. In November, Orthogonal Trading told Maple Finance that it had a small exposure to FTX, according to Powell. Yet on Dec. 3, Orthogonal Trading said it would default on the loan because it had more money trapped on the FTX platform.

Maven 11, the venture capital firm behind M 11 Credit, said Orthogonal Trading had repeatedly stated in November that its exposure to FTX was only $2.5 million.

Coinbase Adds MAGIC, RPL, and ANT to Asset Listing Roadmap
It is reported that Coinbase has previously decided that in order to improve asset transparency, it will announce the assets that have been decided to go online in advance and move them to the roadmap.

Metaverse & NFT

Metaverse & NFT

The floor price of Pudgy Penguins rose to 4 ETH
In addition, the transaction volume of Pudgy Penguins in the past 24 hours reached 577.56 ETH, a growth rate of 192.67%.

Characters & Voices

Characters & Voices

Vitalik published an article discussing the noteworthy application categories in the Ethereum ecosystem
Odaily News Vitalik Buterin today published a blog post "What Excites Me in the Ethereum Application Ecosystem". The article said that the excitement about Ethereum is now no longer based on the potential of undiscovered unknowns, but on some specific categories of applications that have proven themselves and will only grow stronger. The article discusses five aspects: currency (the first and most important application), DeFi (keep it simple), identity ecosystem (ENS, SIWE, PoH, POAP, SBT), DAO, and hybrid applications.
Vitalik also said that in the long run, many of these apps will need to overcome privacy concerns. The FTX debacle showed many people the importance of holding funds through a truly decentralized solution. Rollup technology is rapidly evolving to address scalability issues, and transactions are already on-chain faster than they were three years ago.

But it's also important to pay conscious attention to the app ecosystem itself. Many of the more stable, boring apps aren't built because they're less exciting and don't have much short-term profit to be made: LUNA once had a market cap of over $30 billion, and those striving for robustness and simplicity Stablecoins have often been overlooked for years. Non-financial apps generally have no hope of reaching $30 billion in revenue because they simply don’t have tokens. But in the long run, it is these applications that are most valuable to the ecosystem and will bring the most lasting value to their users and to the people who build and support them.

People familiar with the matter: Genesis has disclosed total debt of $1.8 billion, or will continue to grow
Odaily news sources said that in addition to the previous debt of $900 million to Gemini, the cryptocurrency brokerage firm Genesis has another group of creditors represented by the law firm Proskauer Rose, with a total debt of $900 million, leading to its Total disclosed debt now stands at $1.8 billion, and that figure is likely to continue to grow.
More money will come in the form of a third task force, represented by Kirkland & Ellis, which owes an undisclosed amount in loans. The Gemini client base is represented by the law firm of Latham & Watkins.

Genesis declined to comment for this story. Proskauer Rose, Latham & Watkins and Kirkland & Ellis did not respond to requests for comment by press time.

SBF: Willing to testify in Congress about the FTX crash once the incident is clear
Odaily News SBF tweeted that after he understands and reviews what happened, he is obliged to explain before the House Financial Services Committee. But he's not sure he'll have until Dec. 13 to know everything. He is willing to testify before Congress if he can.