Important information last night this morning (March 4th to March 5th)
Reprinted from panewslab
03/05/2025·1M
The White House Crypto Summit will start at 2:30 am on March 8th Beijing time
PANews March 5th news, according to Fox Business News reporter Eleanor Terrett, according to the invitation email of the White House's first cryptocurrency summit, the meeting will last from 1:30 pm on March 7 to 5:30 pm (2:30 AM to 6:30 AM on Saturday, March 8, Beijing time), and no other detailed information was disclosed except for the time and place. Earlier today, executives from multiple companies including Coinbase and Robinhood confirmed that they will attend the White House crypto summit this Friday .
US SEC agrees to withdraw lawsuit against Cumberland DRW
PANews March 5th news, crypto trading company Cumberland DRW posted on X platform: "Today, we signed a joint document with the U.S. Securities and Exchange Commission (SEC) to cancel the lawsuit against Cumberland DRW. The document was agreed in principle by Cumberland DRW and SEC staff on February 20 and is currently awaiting approval from the committee. As a company firmly upholding the principles of integrity and transparency, we look forward to continuing to talk with the SEC to jointly promote a future of technological progress and regulatory clarity, ensuring that the United States is always at the forefront of global financial innovation."
U.S. Senate votes to repeal IRS cryptocurrency rules, yet to vote in the House
PANews March 5th news, according to CoinDesk, on Tuesday, the U.S. Senate, with the strong support of many Democrats, successfully passed a resolution aimed at repealing the Biden administration's cryptocurrency tax rules, which may be the biggest obstacle to eliminating the new IRS broker rule (which was originally planned to cover decentralized finance DeFi). The Senate voted 70 to 27 to pass a resolution authorized under the Congressional Review Act, aiming to completely repeal the extension of the IRS broker rules. However, the House still needs to pass an identical resolution before U.S. President Trump can sign it into law. Once completed, not only will the rule be completely abolished, but the IRS will also be banned from implementing similar policies in the future. The House Financial Services Committee has passed an identical resolution and recommended approval in the House of Representatives' voting, which is still awaiting a vote. The White House said earlier today that the president may sign the resolution quickly.
Previously, yesterday's news, the White House supported the abolition of the "crypto broker reporting rules" and opposed the expansion of DeFi regulation .
President El Salvador: Bitcoin purchase will not stop due to IMF agreement
PANews March 5th news, according to CoinDesk, El Salvador, led by the country's President Nayib Bukele, obviously has no intention to stop accumulating Bitcoin, regardless of the International Monetary Fund (IMF). Bukele posted on X platform that El Salvador will not stop accumulating Bitcoin: "When the whole world excludes us and most of the 'bitcoin believers' abandon us, it has not stopped, it will not stop now, and it will not stop in the future. Proof of Work is greater than proof of complaint." Shortly after Bucker posted on social media, the International Monetary Fund announced more details of its $3.5 billion loan agreement with the Latin American country. The IMF claims that it has banned “voluntary accumulation of bitcoin in the public sector” as part of its loan package. Perhaps in response to the IMF post, El Salvador disclosed late Monday that it had purchased 19 bitcoins in the past seven days, and then on Tuesday afternoon, it announced that it had purchased an additional token on that basis. The El Salvador government currently holds 6101.15 bitcoins, which is worth about $530 million based on the current price of Bitcoin at about $88,000.
PANews March 5th news, according to The Block, the U.S. government disclosed in an announcement that it has added dozens of Bitcoin (BTC) and Monero (XMR) addresses to its sanctions list. On Tuesday, the U.S. Treasury Office of Foreign Assets Control (OFAC) confirmed 49 virtual currency addresses used by Iranian national Behrouz Parsarad, who is said to be an administrator of the dark web market Nemesis. A total of 44 Bitcoin addresses and 5 Monero addresses were included in the sanctions list. Parsarad becomes the target of international law enforcement actions by 2024. Nemesis reportedly had 30,000 active users before it was shut down and led to nearly $30 million worth of drug deals during its three-year operation. "Parsarad makes a profit by charging Nemesis users per transaction fee, and according to OFAC estimates he made millions of dollars during the market's existence. In addition to providing a trading platform for criminals, Parsarad launders money for drug traffickers and cybercriminals active on Nemesis," OFAC wrote in a statement. Nemesis provides a range of drugs, personal identification data, forged documents, ransomware, and cybercrime services such as phishing and DDoS tools.
David Sacks: Multicoin positions sold and all crypto assets are cleared
PANews reported on March 4 that David Sacks posted on X platform that he had sold his holdings in Multicoin Capital and cleared all cryptocurrencies and crypto investment funds. He stressed that it was not necessary to do so when it was sold, because the relevant moral review process was still in progress, but he voluntarily chose to withdraw and advised the outside world not to make "unfounded and hysterical accusations" before grasping the entire facts.
Less dilution to reduce the selling pressure of pledgers. As of February, Solana inflation was 4%, lower than the initial 8%, but still well above the 1.5% terminal target, and is currently declining at a rate of 15% per year, according to Coin Metrics.
OpenAI launches NextGenAI Alliance, pledges $50 million to support AI research and education
PANews March 4th news, according to OpenAI announcement, the company launched NextGenAI, an innovation alliance composed of 15 leading research institutions, aiming to use artificial intelligence to accelerate scientific research breakthroughs and promote educational change. OpenAI promises $50 million in research funding, computing resources and API access to support academics, students and researchers to explore the cutting-edge of AI. The alliance members include MIT, Harvard University, Oxford University, Caltech, Texas A&M University, Boston Children's Hospital and other institutions. Members plan to use AI to promote the development of multiple fields such as medical care, digital libraries, education reform and scientific research automation. For example, Oxford will use AI to digitally archive precious literature, while Harvard University and Boston Children's Hospital will use AI to optimize the diagnostic process for rare diseases.
PANews March 5th news, asset management company VanEck said that Solana's planned protocol upgrades are crucial to the long-term healthy development of the network, but may hit validators' revenue. In March, Solana's validators will vote on two blockchain protocol upgrade proposals (SIMDs) that aim to ensure stakeholders' rewards and adjust inflation rates for network native token SOL. Matthew Sigel, head of digital assets research at VanEck, said in a March 4 X post that the two proposals sparked "significant controversy" as they could cut validators' revenue by up to 95%, potentially endangering small operators. "While these changes may reduce staking rewards, we believe that reducing inflation is a worthwhile goal that can enhance the long-term sustainability of Solana," Sigel said. Sigel introduced that the first proposal, SIMD 0123, will introduce an in-protocol mechanism to allocate Solana's priority fees to validator stakers. Traders can pay additional fees to speed up transaction processing, with priority fees accounting for 40% of network revenue, but currently validators do not need to share with stakers. The proposal voted on March 6 to increase pledge rewards, and to prevent off-chain transaction agreements and strengthen on-chain execution. Sigel said the second proposal, SIMD 0228, is the "most influential" proposal, will adjust SOL inflation rate to inversely proportional to the percentage of staked token supply, thus potentially reducing
Reddit Lianchuang joins the bidding team to acquire TikTok, planning to "open" the social app
PANews March 5th news, according to The Block, Reddit co-founder Alexis Ohanian is seeking to acquire TikTok to "open" the social media app. The app plans to integrate the Frequency blockchain, a "decentralized social media protocol" designed to give users control over their web content. "This is exciting news in the digital world. I am now officially one of the people trying to acquire TikTok's U.S. business and put it on the chain. TikTok is a game changer for creators, and its future should be shaped by them. Users should have their data. Creators should have their audience." Ohanian joined Project Liberty, a bidding team for the acquisition of TikTok's U.S. business, which was previously announced by Frank McCourt, the Los Angeles Dodgers boss, and will serve as a strategic consultant focused on social media.
Blockstream receives billions of dollars in investment to launch three crypto funds
PANews March 5th news, according to Bloomberg, people familiar with the matter revealed that Bitcoin development company Blockstream Corp. has received a multi-billion dollar investment to launch three funds, two of which will support cryptocurrency lending. The investment shows that the once-out-of-favored cryptocurrency lending business, which was once out of favour after Sam Bankman-Fried's FTX exchange collapsed at the end of 2022, will benefit the business as well. Blockstream said in January that it plans to launch a fund that guarantees Bitcoin-backed loans, another fund will support cryptocurrency lending with US dollars as collateral, and a third fund will adopt a hedge fund strategy. All three funds will be available for borrowing on April 1, and two of the lending funds will be available for borrowing, according to a person familiar with the matter who asked not to be named. The company plans to accept additional external funding starting July 1. Blockstream declined to comment further besides confirming the date of its planned launch.
Coinbase International Station will launch CAKE, BRETT, AI16Z perpetual contracts
According to PANews on March 5, Coinbase International Station announced that it will launch Perpetual Contract (PERP) transactions of PancakeSwap (CAKE), Brett (BRETT) and ai16z (AI16Z) at 9:30 UTC or later on March 6, 2025, supporting the Coinbase International Exchange and Coinbase Advanced platforms.
PANews reported on March 4 that according to the team strategy released by Jupiter founder Meow, Jupiter will focus on decentralized liquidity platforms, global community expansion and Jupnet ecosystem in the next five years, and plans to allocate 280 million JUP to new team members in the next three years, but the source of funds requires community decision-making. The startup team initially held 20% (2 billion JUP), of which 600 million JUPs have been destroyed, and the remaining 1.4 billion JUPs are currently expanded to 80 people, promoting projects such as Jupiter Research Center, Jup.ag, and Jupiter Mobile. Meow proposes two plans: Plan 1 (default) allocates 280 million JUP from strategic reserves, which will be unlocked from July 2025 without community voting; Plan 2 (community voting) is paid by Meow's personal holdings of 280 million JUP, and will be recycled from the strategic reserves in 2030, and an additional 220 million JUP is applied for as an incentive (DAO can be adjusted). Meow said that if Plan 2 is approved, he will focus on Jupiter development in the next five years, and the community can supervise and adjust the final implementation plan.
Aave updates token economic model, initially plans to repurchase $1 million AAVE every week
PANews reported on March 4 that according to Aave governance proposal, the Aave community proposed the latest token economics update [Aavenomics Implementation Plan: Part 1], aiming to optimize the AAVE token economy, including launching AAVE repurchase, redistribution of agreement excess revenue, terminating LEND token migration, and upgrading secondary liquidity management. Aave DAO currently has cash reserves of US$115 million and expects revenue growth in 2025. The proposal plans to use Umbrella security mechanisms to protect liquidity while promoting Anti-GHO tokens to repay GHO debts or exchange them for StkGHO. In addition, Aave will launch the "repurchase and distribution" plan, repurchase $1 million in AAVE every week in the initial stage and gradually expand its scale. If passed, the proposal will enter the Snapshot voting phase and will be implemented by Aave Finance Committee.
PANews reported on March 4 that according to Binance announcement, GoPlus Security (GPS) will launch multiple trading and financial management platforms in Binance from 21:00 on March 4, 2025 (East Eighth District time). GPS guaranteed and earned coins and current products will be available for subscription on the Binance Financial Management Platform. Users can purchase GPS through fixed investment from 18:00 on March 5. The one-click coin buying function supports the purchase or sale of GPS by credit cards, debit cards, Google Pay, Apple Pay, etc. In addition, within 1 hour after GPS is launched, you can exchange BTC, USDT and other assets on the flash redeem platform, and there is no handling fee. In terms of leverage trading, the coin security position and position-by-position leverage will add GPS to borrow assets, and open GPS/USDT, GPS/USDC, and GPS/FDUSD leveraged trading pairs.
Tether's asset tokenization platform Hadron now supports Bitcoin sidechain Liquid
PANews March 4th news, according to Tether CEO Paolo Ardoino, Tether's Hadron has now supported digital asset tokenization on the Bitcoin sidechain Liquid. Liquid is Bitcoin’s Layer 2 extension, designed to improve transaction speed, security and privacy protection.
Cross-chain protocol Across completes US$41 million financing, led by Paradigm
PANews reported on March 4 that according to The Block, Across Protocol, which focuses on cross-chain interoperability, completed a US$41 million token financing, led by Paradigm, with Bain Capital Crypto, Coinbase Ventures, Multicoin Capital and angel investor Sina Habinian. This round of financing was carried out in two phases, completed in Q2 and Q4 in 2024, with a total financing amount of US$51 million. Across focuses on intention-driven cross-chain transactions, and supports users to transfer cross-chain assets through a single request, with an average transaction time of less than 5 seconds. Its technology is based on the ERC-7683 standard, which has been adopted by more than 50 protocols such as Base, Arbitrum, Polygon and Optimism, and is used for the cross-chain bridging function of Uniswap. As of now, Across has processed a cumulative transaction volume of US$19 billion, of which the monthly transaction volume in January 2025 exceeded US$1 billion.
Metaplanet completes approximately $87 million in financing to increase Bitcoin
According to the announcement of Metaplanet on March 4, the company completed the large-scale exercise of the 13th and 14th series of stock subscription rights through third-party targeted share issuances, with a total financing of approximately 12.97 billion yen (about 87 million US dollars). This financing is backed by EVO FUND, and some funds have been used to redeem the previously issued 7th ordinary bonds in advance. Metaplanet plans to use the funds to continue to increase its holdings in Bitcoin to strengthen its digital asset investment strategy.
Flowdesk completes $102 million in financing to expand trading and liquidity operations
PANews reported on March 4 that according to The Block, French crypto trading company Flowdesk completed a financing of US$102 million, of which 90% were equity financing and 10% were debt financing. This round of financing was led by HV Capital, with existing investors Eurazeo, Cathay Innovation and ISAI VC participating, and the debt financing was partly provided by funds managed by BlackRock. Flowdesk plans to use the funds to expand its OTC derivatives trading business, launch a crypto credit division and set up a new office in the UAE. The company also plans to double the number of employees in the next 12 months, strengthen regulatory compliance, and actively respond to the implementation of EU MiCA regulations.
PANews reported on March 4 that according to The Block, Berachain liquid pledge agreement Infrared completed a US$14 million Series A financing led by Framework Ventures, with Citizen X, Halo Capital, No Limit Holdings, NGC Ventures and Selini Capital participating. This round of financing is carried out using the SAFT (Future Token Simple Agreement) model. After a $2.25 million strategic round and a $2.5 million seed round led by Binance Labs, Infrared's cumulative total financing amount reached US$18.75 million. Infrared was incubated by the Berachain Foundation and launched two liquid pledged tokens: iBGT and iBERA, which correspond to Berachain's governance token BGT and Gas token BERA. Currently, the agreement TVL exceeds US$1.7 billion, making it the largest agreement for the Berachain ecosystem. The Berachain main network was officially launched in February, but due to controversy over the proportion of investors and internal holdings, the BERA token has fallen 57% since its issuance on February 6.
PANews March 5th news, According to The Block, the trading volume of Pump.fun tokens that have "graduated" since the beginning of the year has dropped significantly, which not only reflects the cooling of the wider market but also reflects the evolution of trader sentiment. Daily trading volume has plummeted from its peak of $3 billion in January to about $170 million at the time of writing, a drop of 94%, consistent with a slowdown in platform token graduation rates, which has dropped from 1.85% per week to 0.83%, indicating a decrease in the number of new tokens that meet the $100,000 market cap threshold and thus qualify for upgrading to Raydium. The shrinking volume points to the potential fatigue that traders in the Solana meme coin ecosystem. After months of fanatical activities, many participants seemed to be tired of the dark side of the field. Factors such as fraud, suspicious Internet celebrity promotion and insider trading groups have led to a general reduction in people's trust in Meme coins. Despite the current market downturn, Pump.fun's overall influence remains significant since its launch on January 19, 2024. In just over seven months, the platform has generated $570 million in revenue.
Bitcoin ETF net outflows of 1238 BTC today, Ethereum ETF net outflows of 12221 ETH
PANews reported on March 4 that according to Lookonchain data, both Bitcoin and Ethereum ETFs experienced large-scale net outflows today: • 10 Bitcoin ETFs had net outflows of 1,238 BTC (about $102.85 million) • iShares(Blackrock) Bitcoin Trust (IBIT) had 909 BTC and now held 572,227 BTC (about $47.55 billion) • Grayscale Bitcoin Trust (GBTC) had 420 BTC, and overall holdings fell to 196,387 BTC • 9 Ethereum ETFs had net outflows of 12,221 ETH (about $25.35 million) • iShares(Blackrock) Ethereum Trust (ETHA) outflowed 7,570 ETH and now holds 1,284,919 ETH (approximately US$2.66 billion) • Grayscale Ethereum Trust (ETHE) outflowed 5,521 ETH and total holdings fell to 1,263,919 ETH
According to Onchain Lens monitoring, a giant whale spent 1,000 ETH (about 2.09 million US dollars) to purchase 298.27 billion PEPE in the past hour. Currently, the giant whale holds a total of 1.062 trillion PEPE (about $7.2 million) in two wallets, most of which can be traced back to 1.8 years ago.
A giant whale unsecured 79,530 SOLs 2 hours ago, with a cumulative profit of over US$27 million
According to PANews on March 4, according to Lookonchain monitoring, a giant whale unstaked 79,530 SOLs (about 10.86 million US dollars) two hours ago. The giant whale extracted 200,000 SOLs (about 8.6 million US dollars) from Binance on November 8, 2023 and pledged them. At that time, the SOL price was $43. On November 6, 2024, the giant whale unstaked and deposited 120,000 SOLs (about 22.2 million US dollars) into Binance. At present, the giant whale still holds 98,727 SOLs (about 13.53 million US dollars), with a cumulative profit of over US$27 million.
Mysterious entity "7 Siblings" spent $36.68 million to buy 17,855.3 ETH
According to OnchainLens monitoring, the mysterious entity marked "7 Siblings" on the chain purchased 17,855.3 ETH for US$36.68 million in DAI, USDC and USDT, with an average price of US$2,054. They are likely to hold more than 1,169,015 ETHs in two different wallets, with a total value of approximately $2.53 billion.
According to PANews on March 4, on-chain data, the Grayscale Bitcoin Trust (GBTC) address transferred 674.35 BTC to three addresses including Coinbase Prime Deposit at 22:21:43 on March 4, 2025 (UTC+8), with a total value of approximately US$56.037 million.
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