PA Daily｜The Federal Reserve launched a new plan to supervise bank encryption activities; the founder of MakerDAO proposed to change the maximum value of EDSR to 5%

Today’s news tip:

The Federal Reserve launched a new plan to supervise bank encryption activities, and all regulated banks must obtain approval to engage in digital asset activities

AntChain: The period of digital collection transfer is adjusted to 24 hours

The founder of MakerDAO proposed to change the maximum value of EDSR to 5%, increase the borrowing rate, and establish a retrospective airdrop for Spark borrowers

Saddle Finance proposes to close operations and liquidate funds

Bitstamp will stop providing trading of 7 tokens including SOL to US users

Binance’s update on the progress of XIRTAM’s asset recovery: eligible user assets will be automatically returned on September 4

Web3 security company Cube3.ai completes $8.2 million in seed round financing led by Blockchain Ventures

Report: The top 15 Ethereum NFT traders have made nearly $300 million in profits, 70.6% of which came from CryptoPunks

Regulatory News

The Federal Reserve launched a new plan to supervise bank encryption activities, and all regulated banks must obtain approval to engage in digital asset activities

The Federal Reserve is launching a new program to oversee banks’ crypto activities, and has further clarified its requirement that banks under its supervision must obtain approval before engaging in digital asset activities, CoinDesk reported. The Fed also issued a more comprehensive explanation of the need for pre-approval for regulated banks to participate in stablecoin transactions. Any institution that “issues, holds, or trades U.S. dollar stablecoins” needs to demonstrate to regulators in advance that it can do so in a “safe and secure manner” and requires formal approval from the Federal Reserve. The license may be difficult to obtain, as each bank will need to demonstrate that it can “identify, measure, monitor and control the risks of its activities”, while the Fed will look for any loopholes in areas such as money laundering, customer runs and hacking. The Fed said the new program will notify each bank when its exposure to digital assets will be reviewed, and that the level and intensity of oversight will vary based on the extent to which each regulated banking institution is involved in digital asset activities.

NFT

! [PA Daily｜The Federal Reserve launched a new plan to supervise bank encryption activities; the founder of MakerDAO proposed to change the maximum EDSR to 5%](https://img-cdn.gateio.im/resized-social/moments-69a80767fe- 6be8fe9962-dd1a6f-1c6801)

AntChain: The period of digital collection transfer is adjusted to 24 hours

The “AntChain Digital Collection Platform User Service Agreement” was updated on August 9th, modifying the transfer rules in Article 3.2.2 of the original agreement, and adjusting the transfer period from 90 days to 24 hours. The updated agreement It will take effect seven (7) days after the date of announcement.

Project News

The founder of MakerDAO proposed to change the maximum EDSR to 5%, increase the borrowing rate, and establish a retrospective airdrop for Spark borrowers

Rune Christensen, founder of MakerDAO, issued a post saying that it is recommended to take immediate action to optimize EDSR (Enhanced DSR) to ensure that it mainly benefits ordinary Dai holders, rather than benefiting ETH giant whales on a large scale. Christensen said that he believes that large-scale ETH and pledged ETH whales obtain income from EDSR through lending is unintentional, but it crowds out ordinary Dai users who should mainly benefit from EDSR. Christensen’s proposals mainly include changing the maximum value of EDSR from 8% to 5%, increasing the borrowing rate to match EDSR to end arbitrage opportunities (it will initially reach a minimum of 5%), and establishing retroactive airdrops for Spark Protocol borrowers. The first two proposals have been proposed in “MIP102c2-SPXX: MIP Amendment Sub-Proposal”, and the last proposal related proposal is in preparation and will provide more details on how this retroactive airdrop will be calculated and distributed.

Christensen pointed out that within 48 hours since the launch of EDSR, the supply of Dai has increased by nearly 500 million, and the utilization rate of DSR (deposit rate) has almost reached the threshold of 20%, which will automatically reduce EDSR to about 5.8%. This provides two important data points: 1. Providing high yields for established stablecoins will lead to rapid, large-scale capital inflows, which will quickly consume excess yields and keep it in balance with the market; 2. Holding Dai The rate of return is higher than the cost of mortgage borrowing, which will lead to larger capital inflows and borrowing activities to carry out the so-called “borrowing arbitrage”. We must pay attention to the borrowing rate being high enough to avoid capital leakage.

According to previous news, after MakerDAO passed the proposal of “Introducing the Enhanced DAI Savings Rate (EDSR)” on July 28, the MakerDAO DAI deposit rate was adjusted to 8% yesterday.

Steadefi attack progress: about $418,000 in user funds have been recovered

The automatic income leverage strategy platform Steadefi Twitter updated the latest progress of the attack, saying that the stolen funds (about 624 ETH) were transferred to a new address at 20:29 Beijing time on August 8. The Steadefi team managed to recover approximately $418,000 in user funds from the remaining vaults at 20:43. Steadefi has reported the case to authorities and is currently working with security firms to track the attacker’s on-chain and off-chain activities. The team will continue to investigate the attack and develop an action plan. According to previous news, Steadefi announced that it was attacked and all funds were at risk. On-chain messages have been sent to the attacker wallet address for negotiation. According to CertiK monitoring, Steadefi lost about $1.1 million in this incident.

Bloomberg: Former FTX executive Ryan Salame is negotiating a guilty plea with U.S. prosecutors

Bloomberg quoted people familiar with the matter as saying that Ryan Salame, the former co-CEO of FTX Digital Markets, is negotiating with federal prosecutors to plead guilty to criminal charges related to FTX’s bankruptcy. He could enter a plea to crimes including violating campaign donation laws as early as next month, according to people familiar with the matter. It is unclear whether he will reach a cooperation agreement with prosecutors and testify against SBF. Salame has not previously been charged in connection with the FTX bankruptcy, and details of a potential plea deal have yet to be finalized. Salame will be the fourth former FTX executive to plead guilty. Gary Wang, Caroline Ellison and Nishad Singh have all pleaded guilty and will be key witnesses in the US government’s prosecution of SBF. Salame has not previously been charged in connection with FTX, and details of a potential plea deal have yet to be finalized. According to previous news, in April this year, the FBI searched Ryan Salame’s residence. In July, Ryan Salame was investigated by federal prosecutors in Manhattan for possible violations of campaign finance laws.

Saddle Finance proposes to close operations and liquidate funds

Decentralized trading platform Saddle Finance will shut down operations and distribute funds to investors, CoinDesk reported. Saddle founder Sunil Srivatsa on Tuesday proposed liquidating his funds into Arbitrum (ARB) tokens and airdropping the proceeds to SDL and veSDL token holders. Developers of the protocol need to exit the project by September 30, 2023. Srivatsa said the previous Curve Finance attack reminded Saddle’s team of the ever-present threat of exploitable vulnerabilities. Previously, Saddle had raised more than $10 million from venture investors. The platform, which primarily deals in stablecoins, currently has around $2 million worth of user deposits.

Bitstamp will stop offering trading of 7 tokens including SOL to US users

According to Cointelegraph, the encryption exchange Bitstamp will stop providing Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND) to US users starting from August 29 Trading with 7 tokens including Solana (SOL). Bitstamp said in an Aug. 8 announcement that U.S. customers would soon be unable to trade the seven cryptocurrencies due to “the latest developments.” While the company did not say why it stopped trading, the U.S. Securities and Exchange Commission (SEC) accused the seven tokens of being unregistered securities in its lawsuit against Binance and Coinbase. Bitstamp said users should close orders involving the aforementioned assets by August 29, 2023. After this deadline, related trading activity will cease permanently on the Bitstamp platform. Users can still hold these 7 tokens in their accounts and withdraw them at any time.

EOS Network Foundation Urges EOS Community to Reject Block.one’s $22M Settlement

According to the official blog, the EOS Network Foundation urges the EOS community to reject the Block.one settlement agreement, arguing that the proposed settlement with Block.one is not in the best interests of the EOS network and the entire EOS community.

The EOS Network Foundation stated that the settlement failed to adequately compensate community members for the losses suffered by Block.one’s misrepresentation and bad behavior, prohibiting the right of class members to seek a fair and equitable resolution of claims in the future. Block.one raised $4 billion from the community in the ICO sale and had promised to invest $1 billion in the EOS network and community, but failed to deliver.

Under the terms of the settlement agreement, community members who join the settlement agreement will have no future claims against Block.one and its founders, and Block.one will pay $22 million. The deadline to opt out is August 29, 2023, and community members who fail to opt out by this date may be automatically included in the class action.

Binance’s update on the progress of XIRTAM’s asset recovery: Qualified user assets will be automatically returned on September 4

A Binance employee (@sisibinance) tweeted an update on the progress of XIRTAM’s recovery of assets, stating that “after evaluation, the ‘auto-return’ time for all user assets eligible for return is September 4, 2023”.

Prior to the news on May 4, the running XIRTAM project transferred 1,909 ETH raised to Binance. Binance responded that the XIRTAM project’s fraudulent funds had been frozen and would cooperate with law enforcement agencies to investigate. On July 2, Binance released the XIRTAM refund application form to collect the victim’s address.

SpiritSwap: The Multichain incident has led to the depletion of project funds. If there is no new team to take over, it will be shut down on September 1

The Fantom ecological DEX project SpiritSwap announced in the Discord announcement that due to the Multichain incident, the project’s funds have dried up, and the project has no funds to support daily operations, including regular development costs, operating salaries, monthly costs, and marketing activities. Currently, SpiritSwap is looking for a new team to take over the project. If no potential successor team is found, SpiritSwap will automatically shut down on September 1, providing community members with the opportunity to transfer liquidity safely.

Additionally, SpiritSwap says it will make another ConvergeX-specific announcement in the next few days.

18 venture capital firms, including Temasek, Sequoia Capital and SoftBank, were sued for their relationship with FTX

Eighteen venture capital firms, including Temasek, Sequoia capital, Sino Global, and Softbank, are named as defendants in a class-action lawsuit filed in Miami, accusing them of Linked to now-defunct crypto exchange FTX.

The suit alleges that the investment firms were responsible for “aiding and abetting” the FTX fraud, and that the firms used their “power, influence, and deep pockets to drive FTX’s ‘house of cards’ into the billions”; Defendant VC firms, especially Temasek and others, provided a false picture of the exchange, claiming that they had done due diligence; thus, these VC firms directly “implemented, conspired to implement, and /or aided and abetted FTX Group’s multi-billion dollar fraud".

Plaintiffs cite Temasek and its statements regarding FTX’s financial condition when referring to the role of VCs in helping and deterring FTX’s fraud. Temasek claims that they conducted an extensive eight-month review of FTX’s financial, audit and regulatory inspections and found no red flags. The lawsuit further claims that these venture capital firms vouch for the safety and stability of FTX and promote FTX’s purported attempt to be properly regulated.

Microsoft and Aptos Labs collaborate on new AI blockchain solution

According to CoinDesk, Aptos is using Microsoft’s infrastructure to deploy new products that combine artificial intelligence and blockchain, including a new chatbot called Aptos Assistant, which will answer users’ questions about the Aptos ecosystem and provide guidance for building smart contracts. and decentralized application developers provide useful resources. The chatbot is powered by Microsoft’s Azure OpenAI service.

Investment and Financing

Parcha AI, founded by ex-Coinbase exec, completes $5 million seed round

According to Fortune magazine, Parcha AI, a generative artificial intelligence financial technology startup founded by former Coinbase senior product director AJ Asve, announced the completion of a $5 million seed round of financing, Kindred Ventures and Initialized Capital, as well as angel investors YC President Garry Tan, Datadog President Amit Agarwal and Google’s vice president of product Bradley Horowitz participated in the investment, and the funds will be used to continue to build its products and hire more employees.

It is reported that Parcha AI mainly helps financial technology companies including encryption companies to automate manual labor, and uses large-scale language models to handle fraud detection, understand business compliance, and customer acquisition. Services and technology company Brex.

Web3 Security Company Cube3.ai Completes $8.2 Million Seed Round Funding Led by Blockchain Ventures

According to The Block, Web3 security company Cube3.ai completed $8.2 million in financing, led by Blockchain Ventures, with participation from Dispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB and TA Ventures. Funding from this round will be used to expand the platform to enhance Web3 security and educate the community on transaction security risks and their exploitation.

Cube3.ai uses machine learning to prevent malicious blockchain-based transactions from happening. If a malicious transaction is detected, the algorithm alerts the company to deploy a smart contract and prevent the transaction from proceeding. The startup secures transactions on ethereum, the BNB smart chain, Arbitrum and Polygon, with Avalanche launching later this month.

Mining News

Marathon Digital produced 2,926 BTCs in the second quarter, a quarter-on-quarter increase of 33%

According to Blockworks reports, the executives of Bitcoin mining company Marathon Digital said in the earnings conference call that the company’s computing power in the second quarter increased by 54%, from 11.5 EH/s to 17.7EH/s; 2926 BTC, a 33% increase from 2195 BTC in the first quarter; the total number of bitcoins in the second quarter accounted for about 3.3% of the available bitcoin network rewards during the same period.

Additionally, Marathon sold 63% of the bitcoin it produced during the quarter to fund operating costs, for a total proceeds of $23.4 million. The company posted a net loss of $21.3 million for the quarter, up from a net loss of about $7 million in the previous quarter. Marathon’s total revenue increased from about $51 million in the first quarter to nearly $82 million in the second quarter.

Important data

Data: Certus One once again transferred 1 million LDOs to Binance, and transferred over 6.51 million LDOs to Binance since July 14

According to monitoring by Ember, an analyst on the chain, four and a half hours ago, Certus One continued to transfer 1 million LDOs (approximately US$1.85 million) to Binance.

It is reported that Certus One has transferred 6,517,487 (approximately US$12.1 million) to Binance since 26 days ago (July 14); the possible average selling price of LDOs that Certus One has transferred to Binance is US$2.05; Certus One currently holds 3,482,513 LDOs (about $647).

Report: Top 15 Ethereum NFT Traders Already Made Nearly $300M in Profits, 70.6% of Profits Come from CryptoPunks

According to data released by CoinGecko on Twitter, the top 15 Ethereum NFT traders have made a profit of 299 million US dollars, and more than 94.5% of the total profits of these top traders come from blue-chip NFTs launched by Larva Labs, Yuga Labs and Art Blocks Series: CryptoPunks accounted for 70.6% of top traders’ profits, CryptoPunks V1 accounted for 2.0%, Art Blocks accounted for 12.2%, Bored Ape Yacht Club (BAYC) accounted for 5.5%, Meebits 3.4%.

According to the report, the number one anonymous NFT trader in terms of realized profits is SethS, who earned 55,291 ETH (worth about $100 million) from NFT investments, and these profits were pooled through 9 addresses beginning with 0x2238 NFT whale address.

Data: Bitcoin mining difficulty increased by 0.12% to 52.39T, and the current network computing power is 376.52 EH/s

Bitcoin mining difficulty ushered in the adjustment of mining difficulty at 20:27 today (block height 802368), and the mining difficulty increased slightly by 0.12% to 52.39 T. The current average computing power of the entire network is 376.52 EH/s.

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