PA Daily | The U.S. SEC appeals the Ripple case; South Korean financial authorities notified Upbit that it will face suspension and rectification
Reprinted from panewslab
01/16/2025·18days agoToday’s news tips:
Solv Protocol has opened the SOLV short investment qualification inquiry channel
Ronin launches USD 10 million ecological funding plan
Bithumb will list AGLD, CBK, and HPO Korean won trading markets
Texas senator files SB 778 bill to establish state-level Bitcoin strategic reserve
ETF Analyst: The next cryptocurrency ETF to be approved may be Litecoin
Regulation/Macro
According to the Korean media "Daily Business", South Korean crypto exchange Upbit was notified by the country's financial authorities that it will face suspension and rectification for violating anti-money laundering obligations such as the customer identification system (KYC). The Financial Information Analysis Unit (FIU) of the Financial Commission of Korea notified Upbit in advance of sanctions, mainly including suspension of business and rectification, on the 9th of this month due to its violation of the Specified Financial Transaction Information Act. If the punishment is finalized, Upbit will restrict business related to new customers during the suspension period (up to 6 months), but existing users can still trade on Upbit. Upbit can submit a letter of opinion on this decision to FIU before the 20th of this month. After receiving Upbit's defense, FIU will hold a sanctions review meeting on the 21st of this month to finalize the suspension period and other sanctions.
According to CCTV, three people familiar with the matter revealed that the Biden administration is considering how to allow TikTok to continue operating in the United States. A government official revealed that officials are "exploring various options" to prevent TikTok from being banned this Sunday (January 19).
The latest data obtained from Sensor Tower shows that it is estimated that Xiaohongshu’s mobile app downloads in the United States in the past seven days (January 8 to January 14, local time) were higher than those in the previous seven days (January 1 to January 1, local time). July 7) increased by more than 20 times and increased by more than 30 times compared with the same period in 2024. Since the beginning of the month, more than one-fifth (22%) of the total downloads of the Xiaohongshu app have come from the United States, compared with only 2% during the same period in 2024. In addition, the data also shows that Xiaohongshu’s downloads in the United States increased by more than 130% year-on-year in December 2024.
Law firm Burwick Law launches legal action against Pump.fun
According to an announcement from Burwick Law, the law firm is launching legal proceedings on behalf of Pump.fun memecoin investors, claiming that investors have suffered losses due to these tokens and may be eligible for compensation. Affected persons can participate in the case by filling out a free questionnaire through its official website. Data shows that of the 14 million wallets that interacted with Pump.fun, only 0.4% made profits of more than $10,000, and the number of potential victims may reach millions. Burwick Law has previously stated that it has nothing to do with any tokens using its name or image, and emphasized that it is committed to bringing accountability to the crypto industry. The current case focuses on potential fraud or manipulation of Pump.fun tokens.
Canary submits revised Litecoin ETF application documents showing it may be in contact with SEC
Bloomberg ETF analyst James Seyffart tweeted that Canary Funds has submitted a revised S-1 application to advance its Litecoin ETF (exchange-traded fund) plan. While Form 19b-4, the key document that kicks off the approval process, has not yet been filed, the revised version could be a positive sign that the SEC is engaging with Canary. If approved, the Litecoin ETF will provide investors with more convenient exposure to digital assets by tracking the price of LTC. However, there is still no clear timetable, and we need to wait for the submission of Form 19b-4 and the SEC’s official response.
According to CoinDesk, the British government appointed Emma Reynolds as Minister of Economic Affairs to replace Tulip Siddiq, who resigned due to corruption investigations. Reynolds will be responsible for digital assets, central bank digital currencies (CBDC) and broader financial policy. She previously served as managing director at TheCityUK and said the UK could learn from the EU’s encryption policy. The UK is currently advancing stablecoin and encryption regulations and is expected to introduce relevant legislation early this year.
VanEck files on-chain economic ETF application with SEC
According to Cointelegraph, asset management company VanEck submitted an “Onchain Economy” ETF application to the SEC on January 15, 2025. The fund plans to invest more than 80% of its assets in digital transformation companies and digital asset-related tools, including software developers, mining companies, encryption exchanges, payment companies, etc., but will not directly hold cryptocurrencies.
According to a statement issued by Nate Anderson, founder of Hindenburg Research, a well-known American short-selling agency, the company has decided to formally dissolve. Nate said the company completed its final investigative projects, including filing Ponzi scheme cases with regulators. He plans to open source Hindenburg’s investigation methods and processes in the next six months to help more people understand and apply his model. In the statement, Nate expressed his gratitude to the team, family and readers, and revealed that some team members will create new research institutions, while he will devote himself to his personal life and new interests.
According to the preliminary briefing document submitted by the SEC, the U.S. Securities and Exchange Commission appealed the Ripple case, focusing on the judgment on whether the sale of XRP constituted a securities offering. The SEC claimed that the trial court made errors in its interpretation of securities laws in part of its judgment and asked the appeals court to review the relevant ruling.
Texas senator files SB 778 bill to establish state-level Bitcoin strategic reserve
Texas Senator Charles Schwertner tweeted that he has submitted SB 778, a bill proposing to establish the first state-level Bitcoin strategic reserve in the United States. If passed, this bill would position Texas as a leader in the digital economy and drive economic growth and freedom.
According to CoinDesk, eight blockchain associations in the United States jointly established the North American Blockchain Association (NABA) to provide unified encryption policy recommendations to the federal government. Lee Bratcher, chairman of the Texas Blockchain Council (TBC), expressed optimism about the new Trump administration’s cryptocurrency-friendly policies. Currently, more than half of TBC’s funding comes from Bitcoin mining companies. Despite challenges facing Texas' grid growth, discriminatory restrictions on mining companies are not expected.
Gaza ceasefire agreement has been formally reached and will be implemented in three phases
According to Reuters, an official familiar with the matter said that Israel and Hamas have formally reached a ceasefire agreement in Gaza, which will take effect on January 19. The agreement outlines an initial six-week ceasefire phase that includes arrangements for the gradual withdrawal of Israeli forces from central Gaza and the return of displaced Palestinians to northern Gaza. At this stage, Hamas will release 33 Israeli hostages, including all women (including soldiers and civilians), children and men over 50 years old. Israel stated that Israel will release all Palestinian women and children under the age of 19 detained since October 7, 2023 before the end of the first phase. Negotiations on the second phase of the agreement will start on the 16th day after the start of the first phase. It is expected to include the release of all remaining hostages, including Israeli male soldiers, a permanent ceasefire and the complete withdrawal of Israeli soldiers. The third phase is expected to include the return of all remaining remains and the start of reconstruction in Gaza under the supervision of Egypt, Qatar and the United Nations.
ETF Analyst: The next cryptocurrency ETF to be approved may be Litecoin
Bloomberg ETF analyst Eric Balchunas posted on the Cryptocurrency ETFs. That being said, the new SEC chairman has yet to take office, which is a huge wild card.
According to the New York Post, Trump is “open to the idea” of creating a strategic reserve containing a U.S.-created digital currency. The article reads: “While many in the cryptocurrency community are cheering Trump’s upcoming pro-crypto executive order, one of the proposals is causing more controversy: creating an ‘America First’ Strategic reserve, which will give priority to digital currencies created by the United States, such as Solana and USD Coin and Ripple. Trump has met with the founders of those digital currencies in recent weeks and is open to the proposal, according to industry insiders who spoke on condition of anonymity because they feared the move could be possible. It would delegitimize efforts to promote Bitcoin.”
According to the Financial Times, pension funds are trying to buy Bitcoin. Pension funds in the U.S. states of Wisconsin and Michigan have become among the largest holders of cryptocurrency-focused U.S. stock market funds, while some pension fund managers in the U.K. and Australia have also invested in Bitcoin through funds or derivatives in recent months. A small allocation was made. As of the end of September, the Wisconsin Investment Council became the 12th largest holder of the BlackRock Bitcoin ETF, with its stake worth approximately $155 million. Michigan is the sixth-largest holder of the Grayscale Ethereum ETF, with holdings worth $12.9 million, and the 11th-largest holder of the ARK 21Shares Bitcoin ETF. British pension fund advisory firm Mercer has been flooded with inquiries since the US election day, with trustees not wanting to be left in the dark about a hot asset class. Most pension funds have turned to regulated U.S. spot Bitcoin or Ethereum ETFs that were approved last year. In the UK, pension consulting firm Cartwright has facilitated the first Bitcoin transaction. An undisclosed small pension plan directly invested approximately 1.5 million pounds in Bitcoin, hoping to fill the funding gap through excess returns. At the same time, more than 50 individual savers want to transfer the full amount of their pension funds to cryptocurrency. Cartwright is exploring the possibility of setting up a Bitcoin fund with two multi-employer pension funds. Australia’s AMP Pension Fund Management has also used Bitcoin to boost returns. AMP senior portfolio manager Steve Flegg said that although cryptocurrencies are risky and novel, their size and potential cannot be ignored, so the AMP portfolio has a moderate allocation to Bitcoin futures. However, funds with allocations to Bitcoin and other cryptocurrencies remain a minority in the superannuation industry, with most advisers reluctant to advise clients to dabble in cryptocurrencies.
Financing
Komainu Holdings Ltd., a crypto custody company backed by Nomura Holdings, announced that it raised $75 million from Blockstream Capital Partners. The financing, subject to regulatory approval, will be used to support Komainu’s global expansion plans and integrate collateral management and tokenization technology developed by Blockstream Corp. In addition, Blockstream CEO Adam Back will join Komainu’s board of directors to further strengthen cooperation and technology integration between the two parties.
Project news
Solv Protocol has opened the SOLV short investment qualification inquiry channel
According to the official announcement, the Bitcoin staking protocol Solv Protocol has opened the SOLV short investment price inquiry channel. It is reported that SOLV will be officially opened for collection at 17:00 on January 17. SOLV tokens will be listed on Binance, Bybit and Hyperliquid exchanges at 18:00 on January 17. Unclaimed tokens will be returned to the community rewards and DAO treasury after 17:00 on March 18. According to previous news, Solv Protocol: SOLV short investment qualification inquiry will be opened at 17:00 on January 16.
Ronin launches USD 10 million ecological funding plan
Game blockchain Ronin announced the launch of the "Ronin Ecosystem Grants" program, providing a total of US$10 million in funding to support developers in innovating and building within the Ronin ecosystem. A single project can receive financial support of US$20,000 to US$300,000, while enjoying community exposure and opportunities to connect with other developers in the ecosystem.
Stability AI’s official website is suspected to have been hacked, beware of being deceived
Stability AI’s official tweet released information about the STAI token contract, which seems to have been hacked. Be careful not to be deceived. Subsequently, multiple related CA information has been deleted.
Indian telecom giant Jio partners with Polygon to bring Web3 to 450 million users
According to CoinDesk, Indian telecommunications and technology company Jio Platforms (JPL) announced a cooperation with Polygon Labs to introduce Web3 and blockchain services into its existing applications and services. JPL is a wholly-owned subsidiary of Indian energy giant Reliance Industries and is led by Asian billionaire Mukesh Ambani. Polygon's advanced blockchain technology will help Jio provide decentralized digital services to 450 million users and promote the rapid development of the Web3 ecosystem in India.
Bithumb will list AGLD, CBK, and HPO Korean won trading markets
According to Bithumb’s announcement, Adventure Gold (AGLD), Cobak Token (CBK) and Hippocrat (HPO) will be listed on the Korean won trading market today, and the trading time will be 18:00 on January 16, 2025 (local time).
Zilliqa mainnet has returned to normal functionality
According to Zilliqa’s official announcement, the team has completed the mainnet restoration work after several hours of hard work. At present, the Zilliqa mainnet has fully restored normal functions, and users can resume online transactions. Last night, Zilliqa said: The Look-up node was out of sync, resulting in transactions failing to be successfully uploaded to the blockchain for processing, and it was working to resolve the issue.
CoinList will launch Aligned token sale
According to CoinList’s announcement, the Aligned token sale will start at 1 a.m. on January 17, 2025 (Beijing time) on a first-come, first-served basis. Aligned is focused on accelerating Ethereum scaling through faster, lower-cost zero-knowledge proof (ZK) verification. The sale is divided into two plans, with token prices of $0.03 and $0.04 respectively, and total FDV of $300 million and $400 million respectively. Participants are required to complete KYC, and the minimum purchase amount is $100 and the maximum purchase amount is $480,000.
Binance Alpha adds LLM, SEKOIA and PYTHIA
According to official news, Binance Alpha has added a new list of projects, including: LLM, SEKOIA and PYTHIA. The project introduction is as follows: LLM: a Solana memecoin about large-scale language models; SEKOIA: VC on the terminal chain; PYTHIA: connecting neurobiology, artificial intelligence and the future.
point of view
Singaporean crypto investment institution QCP Capital issued a statement today saying that last night, global markets rebounded after the release of a lower-than-expected Consumer Price Index (CPI) report, easing market concerns about rising inflation. Bitcoin subsequently surged 4.13%, hitting a high of $100,800 before stabilizing at just under $100,000. Stock markets also showed optimism, with the S&P 500 rising 1.83% and the Nasdaq rising 2.27%. Yesterday, both Bitcoin and Ethereum spot ETFs ushered in healthy capital inflows. Among them, the inflow of Bitcoin spot ETF was staggering, reaching $723.2 million. The rapid recovery in capital inflows reflects strong institutional demand and bodes well for the future prospects of the cryptocurrency market. In the options market, Bitcoin January call options dominated yesterday, with traders becoming increasingly bullish and snapping up contracts with strike prices between $100,000 and $110,000. This is a positive sign as we head into March (with the $120,000 strike currently seeing the highest open interest). Given this craze, is altcoin season just around the corner? With Bitcoin’s market share plummeting from 58.6% to 57.4%, altcoins are expected to perform even better as profits flow to Ethereum and other altcoins. To confirm the arrival of altcoin season, Bitcoin’s market share would need to fall below the 57.3% support level while Bitcoin price remains volatile around $100,000.
Gabriel Shapiro, founder of crypto governance consulting firm MetaLeX, responded on social media that someone used fake MetaLeX tokens to commit fraud and cashed out $55,000, and tried to link him to this incident. He said that the scammers sent him messages through multiple accounts, demanding the return of the $50 in ETH that he had previously transferred to Shapiro's friend's account. Shapiro refunded the amount after confirmation and immediately unlinked his social account from the old address. He emphasized that he had nothing to do with the fake MetaLeX tokens and pointed out that he had never monetized his personal reputation or social influence through tokenization. He also said that scammers used this small transaction to create false correlations and induce some investors to buy the token. Shapiro expressed regret for this, but insisted that he had no knowledge at all and would not damage his personal reputation and that of MetaLeX for a mere $55,000. According to previous news, crypto governance consulting company MetaLeX completed a $2.75 million seed round of financing.
CryptoQuant CEO: America uses Coinbase, the world uses Binance
Ki Young Ju, CEO of CryptoQuant, posted on the , 68% in South America, and more than 50% in Europe and Asia. In North America, Coinbase is the top choice with a 45% market share.
important data
WBTC recently released an annual review stating that in 2024, WBTC's market value peaked at US$14.3 billion (December 18), its single-day trading volume exceeded US$1.01 billion (December 5), and its number of single-day transactions reached 1.0299 million, accounting for 1,029,900 Ethereum transactions. 75.8% of the Bitcoin token market. Its handling fee is as low as US$0.03, and it has added more than 10 new project integrations and expanded to 7 new chains such as Base and zkSync to achieve a multi-chain ecological layout. Since its launch in 2019, WBTC has maintained zero security incidents and firmly remains the leading Bitcoin tokenized asset in the DeFi ecosystem. In 2025, we will continue to be committed to promoting cross-chain interoperability and DeFi innovative applications.
Data: Bitcoin spot ETF saw a net inflow of US$755 million yesterday
According to SoSoValue data, on January 15 (EST), Bitcoin spot ETFs had a total net inflow of US$755 million, which was the first net inflow after consecutive net outflows in the past four days. Among them: • Fidelity FBTC: net inflow of US$463 million, historical cumulative US$12.506 billion • Ark Invest & 21Shares ARKB: net inflow of US$139 million, historical cumulative US$2.535 billion • Grayscale GBTC: Net inflow of US$50.54 million, historical cumulative net outflow of US$21.605 billion. As of press time, the total net asset value of Bitcoin spot ETFs is US$113.637 billion, accounting for 5.76% of the total market value of Bitcoin, with a cumulative historical net inflow of US$36.477 billion.
An address holding more than 50 million USDT was frozen
According to Whale Alert monitoring, an address holding 50,251,106 USDT (approximately $50,246,458) has just been frozen.
An address with a balance of 14 million USDT has been frozen
Whale Alert monitoring shows that at 4:02 am Beijing time, an address with a balance of 14,000,000 USDT ($14,002,344) was frozen.
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