This week in review | Huobi renamed to HTX; CoinEx suffers hacker attack, losses rise to $54 million.

BlockBeats will summarize the industry's key news content for the week of 9.11-9.17 in this article, and recommend in-depth articles to help readers better understand the market and industry trends.

Weekly News Recap

zkSync Airdrop Hunter or Owner of 21,877 Witch Addresses, Builds DEX Interaction to Win Airdrops

On September 11th, according to community user @lingland09, a zkSync ecosystem airdrop hunter or owner of 21,877 interaction addresses, used a witch strategy: providing a small amount of ETH for all his wallets, and then deploying the non-open source Token Gemstone. Then, he listed his 21,877 witch addresses as token whitelist and later claimed all the tokens he deployed himself. The address trades every month, week, and day, with a transaction fee of only $1.5-2 for each witch address, completing a total trading volume of $10,000 and 10 transaction times to make its on-chain behavior similar to the airdrop issuance qualifications of other Layer 2 projects.

FTX has been granted court approval to liquidate its cryptocurrency assets

On September 14th, a Delaware district judge approved an order allowing bankrupt cryptocurrency exchange FTX to sell or invest its $3.4 billion worth of cryptocurrency. The plan shows that most tokens can only be sold for $100 million per week, but the upper limit for each token may be permanently increased to $200 million. When selling bitcoin, ethereum, and other tokens, the management agency needs to notify the US trustee's office 10 days in advance. Related reading: "Analysis of FTX's top ten digital asset holdings, how much selling pressure will it bring?"

CoinEx suffers hacker attack, losses rise to $54 million

On September 13th, according to the latest data from PeckShieldAlert, the amount of losses suffered by the cryptocurrency exchange CoinEx in this hacking incident has been updated to $54 million. On September 14th, the cryptocurrency exchange CoinEx released an update on the hacking incident, stating that the preliminary determination is that the cause of the incident was the leakage of the hot wallet private key, and that the investigation and handling work is being carried out in an orderly manner. The assets in CoinEx's cold wallet have not been affected by this incident. CoinEx stated that it is working hard to rebuild the wallet system, including 211 chains and 737 tokens, and will gradually restore deposit and withdrawal services after ensuring the safety of assets. CoinEx said it will fully compensate all parties affected by the hacker incident.

Justin Sun: Considering making a tender offer for tokens and assets held by FTX

On September 12th, Justin Sun, the founder of TRON and a member of Huobi's global advisory committee, posted on social media that he is considering making a tender offer for tokens and assets held by FTX in order to reduce its impact on the crypto community when sold.

Multiple perpetual contract trading pairs on OKX experience "needle insertion" market, TRB fluctuates over 90%

On September 13th, according to OKX market information, multiple perpetual contract trading pairs including TRB, PERP, WLD, YGG and other currencies experienced "needle insertion" market, with TRB fluctuating over 90% in a short period of time and PERP fluctuating up and down by 22%. Subsequently, the official Chinese Twitter account of OKX Europe stated that from 3:38 to 3:43 pm (UTC+8) on September 13th, some contract targets on the platform experienced abnormal prices. After investigation, it was found that the problem was caused by the abnormal limit order service on the platform, which resulted in some contracts being unable to be normally placed, causing price deviations and triggering liquidation or stop loss for some users. OKX will compensate users who suffered losses due to liquidation or stop loss caused by this issue. The specific compensation information is as follows:

Arthur Hayes: Bitcoin will quickly rise to $70,000 after the Fed's interest rate cut decision

On September 12th, BitMEX founder Arthur Hayes wrote in his blog that if the Fed continues to raise interest rates, the real interest rate will become more negative and will remain so in the foreseeable future. The reason why Bitcoin has not reached $70,000 is because everyone is focused on the nominal Fed interest rate and not comparing it to the stunningly high nominal GDP growth in the United States. Related reading: "Arthur Hayes Singapore TOKEN2049 speech in full: the next bull market will start in early 2024".

BM's NFT platform Voice announced shutdown, formerly raised $150 million

On September 14th, NFT platform Voice announced that it will cease operations in a few months due to the high uncertainty of the cryptocurrency and NFT market. Voice stated that new user registration has been suspended and the trading market has been closed. Old user assets are safe and can be migrated to EOS, Polygon, and Ethereum in a few weeks. Assets will be retained on the Voice platform until December 31, 2024. Related reading: "EOS founder BM's platform Voice announces shutdown: a four-year, $300 million attempt"

PolkaWorld, a well-known media outlet in the Chinese Polkadot community, announced the suspension of its operations

On September 15th, PolkaWorld, the Chinese community of Polkadot, announced that it had suspended its operations for half a month due to the rejection of its proposal for official funding. PolkaWorld also criticized OpenGov, Polkadot's new governance framework. The original intention of OpenGov was to make Polkadot's governance more decentralized while improving the efficiency and transparency of the treasury. However, the management mechanism of the treasury under this framework has caused many long-term contributors and organizations to have their funding applications repeatedly rejected, forcing these groups to leave the Polkadot ecosystem.

PayPal Launches Cryptocurrency to USD Exchange Service

On September 12th, according to official sources, PayPal launched a cryptocurrency to USD exchange service, allowing customers to buy and sell supported cryptocurrencies in the United States (subject to applicable state laws) through the integration of On and Off Ramps. Cryptocurrencies can be directly exchanged into USD and transferred to PayPal balance, which can be used for shopping or transferred to a bank account. This service supports use in wallets, DApps, NFT markets, and MetaMask.

Huobi officially renamed as HTX, official X account has updated information

On September 13th, BlockBeats reported on the front line of Token2049 that the cryptocurrency exchange platform Huobi officially changed its name to HTX on its tenth anniversary. Currently, the Huobi official X account has been renamed as HTX, and the handle has been changed to @HTX_Global. According to insiders, Huobi's work email has already been changed to the @HTX suffix in August 2022.

Arbitrum Community Proposes "Distributing 75 Million ARB Incentives to Ecological Protocols"

On September 11th, according to the Snapshot page, the Arbitrum community proposed the "Distribution of 75 million ARB incentives to active protocols in the Arbitrum ecosystem" plan, which aims to meet short-term community needs. The plan will distribute ARB owned by DAO to incentivize projects, while ensuring transparent consensus and distribution methods. The plan spans two rounds of voting and provides incentives for eligible projects, aiming to provide funding for incentive measures before January 31, 2024.

Asset management giant Franklin Templeton has applied for a spot Bitcoin ETF

On September 12th, Eric Balchunas, senior ETF analyst at Bloomberg, announced that asset management giant Franklin Templeton has applied for a spot Bitcoin ETF. The company manages nearly $1.5 trillion in assets and revealed in a filing submitted on Tuesday that it plans to list such funds on the Cboe BZX trading platform. The ETF's shares will be backed by Bitcoin held by Coinbase Custody Trust Company, the fund's custodian.

A man forged virtual currency to defraud 700,000 people of 160 million yuan and was sentenced to 13 years and 6 months in prison

On September 13th, according to Litchi News, the People's Procuratorate of Huqiu District, Suzhou, recently handled a virtual currency fraud case, with more than 700,000 victims nationwide and involved amounting to as much as 160 million yuan. After deducting the cost of accompanying goods, recommended cashback, and other fees of more than 97 million yuan, the suspect, Mr. Fang, actually profited about 69 million yuan. It is reported that the name of the fraudulent project is "Global Coin", which falsely claimed that the virtual currency was launched by a Hong Kong group using the latest blockchain technology and could be exchanged for RMB at a certain ratio once it was listed. Among them, the "membership system" is the "winning weapon", and only by becoming a higher-level member can one have more global coins and larger production capacity of mining machines to produce global coins. At the same time, members can develop downlines to earn rebates.

This week's popular articles

At TOKEN2049 in Singapore, what did we all "see"?

The annual Web3 event Token2049 has come to a close. This year, there were thousands of attendees, and many participants said it was more lively than in previous years, with new improvements in the quality of the activities. The SideEvents of this conference included Demo Day, hackathons, industry conferences, City Walk, private dinners, and more. The two peripheral events held by BlockBeats were also highly praised. So, what new opportunities emerged from this Token2049 conference? What new insights did the participants gain? Let's take a look at this year's post-conference "essay". If you have any insights or gains to share, please contact us: @BlockBeatsAsia

Arthur Hayes Singapore Token2049 Speech Full Text: The Next Bull Market Will Start in Early 2024

In this speech, I will discuss debt and AI from a macro perspective, and then narrow it down to a micro perspective, briefly introducing why I am very fond of Filecoin. Once again, I remind everyone that this is my broad framework for the value of cryptocurrency, namely the liquidity of fiat currency and certain technologies in the ecosystem. In the past decade, one of these two factors has always been the reason for us to start a bull market, but we have not yet encountered a bull market where both of these aspects appear at the same time.

Exclusive Interview with MetaMask: How will Snaps Subvert the Ecological Interaction of MetaMask?

On September 12th, Consensys announced the first version of MetaMask Snaps to the public. According to the official website, MetaMask Snaps is a feature created by third-party developers that MetaMask users can install directly into their wallets. BlockBeats conducted an exclusive interview with Francesco Andreoli, the developer relations maintainer of MetaMask, to explore how the latest release of Snaps can promote permissionless innovation and interoperability between different ecosystems.

Interview with Yuga Labs: We are more like Tencent of Web3, continuously changing the rules of NFT games

As a leader in the NFT industry, Yuga Labs' incubated NFT brand firmly occupies the blue chip rankings. Over the past year, Yuga Labs has launched Dookey Dash and Bitcoin NFT series TwelveFold, but these new narrative gameplay only attracted players' brief attention and liquidity. During the TOKEN2049 conference in Singapore, BlockBeats' frontline reporter interviewed Yuga Labs CEO Daniel Alegre exclusively, delving into topics such as NFT narrative and Yuga Labs' ecological layout.

BlockBeats reporter interviewed Pudgy Penguins' current CEO Luca Netz exclusively at TOKEN2049 in Singapore, exploring the story behind the "fat penguins" selling out on Amazon.

Interview with MakerDAO: Solana is not our only choice

On September 1st, MakerDAO founder Rune Christensen published an article titled "Exploring the Branch of Solana Codebase for NewChain", which caused a sensation. Ethereum founder Vitalik sold 500 MKR worth about $581,000 the next day and exchanged it for 350 ETH, sparking rumors about MakerDAO "leaving Ethereum" and "offending Vitalik". The crypto community has various speculations about the future direction of MakerDAO. During the TOKEN2049 conference in Singapore, BlockBeats exclusively interviewed MakerDAO founder Rune Christensen, and we can explore some of the stories behind MakerDAO's governance and public chain disputes.

与 Paradigm 反目，Reflexer 选择独自前行
Translation:

Reflexer chooses to go alone after falling out with Paradigm

Paradigm, the investment firm that best represents the encryption industry, has been "mocked" by a project in its own investment portfolio. As the recognized top venture capital (VC) fund in the encryption industry, Paradigm may also be the top native encryption fund. Its two founders have backgrounds in Coinbase and Sequoia Capital. The two famous people have different approaches. Leading projects such as Uniswap and Blur have caused collective anxiety among VC investors in the encryption industry: investment not only needs to provide capital, but also needs to provide strong help for project mechanisms and token economics.

TipCoin releases economic model, how many tokens can your points be exchanged for?

Following the wave caused by friend.tech, a new project called TipCoin, which combines with X (formerly Twitter), has recently attracted attention to the social field in the Web3 world. Thanks to the participation of a group of KOLs in the currency circle, TipCoin has attracted about 100,000 users to participate in tweet publishing and commenting within four days since its official launch on September 1, sweeping across the Twitter platform like a virus. Why has TipCoin attracted so much attention in a short period of time? How can TipCoin users participate in this Web3 social feast? Can TipCoin survive in the fiercely competitive social field?

融资 5400 万美元，链上 IP 基础设施 Story Protocol 能解决什么问题？
Translation:

Raised $54 million, what problems can Story Protocol, a blockchain-based IP infrastructure, solve?
In the bear market, completing two rounds of financing of such a large scale consecutively is indeed rare. 'On-chain IP infrastructure' happens to be the author of this article.

ABCDE: Why do we invest in Gravity?

GRVT (Gravity) is a hybrid on-chain trading platform - Hybrid Exchange (Hex), which combines the user experience of Cex with the fund security of Dex. Gravity will become the leading derivative trading protocol on zkSync, alongside gmx on Arbitrum and Dydx, which originated from Starkex. It will be launched on the testnet in Q4.

ABCDE: Why We Invest in GasZero

GasZero is a 2-layer blockchain network with no gas fees, allowing trusted users to transfer and use on-chain applications without any gas fees. GasZero's vision is to bring one billion users to web3 and enjoy zero gas fees and frictionless interaction. In Web2's deployment test, GasZero greatly improved the conversion rate of users onboard to Web3, increasing the conversion efficiency by 146 times compared to blockchain with gas fees. ABCDE led the angel round investment in GasZero.

Folius Ventures: Friend.Tech's Explosive Logic and Future Evolutionary Trends
This article introduces the development history of Friend.Tech, its point system and airdrop expectations, early explosive income and subsequent income issues, as well as potential risks it may face in the future.

Bloomberg: How did SBF's elite parents help him build a crypto empire?

Long before their son was accused of fraud, both parents had outstanding careers. They met at Stanford University in the 1980s and taught at the law school for more than 30 years, living on campus and raising two sons. Joseph Bankman is a tax expert known for his dedication to making US tax law more friendly to low-income citizens. Barbara Fried is an authority on legal ethics and is highly respected in progressive political circles.

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia