PA Daily | Solv Lianchuang denies accusations of asset security issues; MicroStrategy plans to issue up to US$2 billion in preferred shares to increase its holdings of Bitcoin
Reprinted from panewslab
01/04/2025·5MToday’s news tips:
1. Mike Johnson, supported by Trump, was re-elected as Speaker of the U.S. House of Representatives
2.MicroStrategy plans to issue up to $2 billion in preferred shares to increase its holdings of Bitcoin
3. In 2024, various projects issued tokens worth US$14.91 billion to crypto users through airdrop activities.
4. Tether and Circle’s on-chain revenue in December 2024 totaled US$664 million, dominating the stablecoin market
5. Coinbase CEO sold $636 million in COIN shares last year, and Michael Saylor sold $410.8 million in MicroStrategy shares.
6. Solv Lianchuang issued a document denying the accusations against Solv’s asset security issues.
7.Ethena releases 2025 roadmap: “iUSDe” will be launched in February to enter the TradFi field
8.Shiba Inu will launch its ecosystem token TREAT in January 2025
9. 15 wallets suspected of insiders made a total profit of more than 20 million US dollars from Focai transactions
Regulation/Macro
The U.S. FDIC discourages member banks from using public blockchains such as Ethereum
Bank of America attempted to offer customers services based on the public blockchain network but appeared to be dissuaded by the Federal Deposit Insurance Corporation, according to unredacted documents obtained by Coinbase. The disclosure stems from a large number of unabridged encryption-related communications between the FDIC and member banks. San Francisco-based cryptocurrency exchange Coinbase obtained the documents through a Freedom of Information Act (FOIA) request. Last month, Coinbase obtained heavily redacted versions of 23 such letters. Thanks to a court order, the contents of those letters (along with two new ones) were revealed (almost) in full today.
One of the letters, sent to a member bank by the FDIC's New York office in March 2022, detailed how the federal agency learned of the bank's plans to launch a "bank digital deposit" program that would run on a public blockchain. The name of this public blockchain remains undisclosed. In the letter, the FDIC appeared to express displeasure with the bank’s choice to use a public blockchain instead of a private permissioned network. Blockchains such as Ethereum and Solana are decentralized and permissionless, meaning activity on them is completely public and cannot be overridden by third-party human administrators. In contrast, private blockchain networks, such as those used by nation-states to issue central bank digital currencies, impose restrictions on who can use them and for what purposes.
The FDIC clearly does not approve of member banks launching products on a universal, fully transparent network. In a March 2022 letter, the regulator instructed New York banks to undergo a new detailed review process before launching any products on public blockchains. Other letters disclosed showed that the FDIC ordered member banks to stop performing services related to the purchase and sale of Bitcoin. Portions of the same unabridged letter from last month revealed that the FDIC directed member banks to "suspend all crypto-asset-related activities."
Trump-backed Mike Johnson re-elected as Speaker of the U.S. House of Representatives
U.S. Republican Representative Mike Johnson, who was publicly supported by Trump, narrowly succeeded in being re-elected as Speaker of the House of Representatives. Mike Johnson previously voted in support of the Financial Innovation and Technology Act for the 21st Century (commonly known as FIT21) and the anti-Central Bank Digital Currency (CBDC) bill. The reelection of Mike Johnson (as well as the reelection of lawmakers like Tom Emmer) means that crypto-friendly members of Congress will likely push for cryptocurrency legislation in 2025.
Project news
DeSci Protocol BIO Protocol announced on the Any token on other blockchains is a scam. More blockchains will be launched in the coming days and weeks.
Binance Alpha adds FLOCK, ELIZA, and METAV
Binance Alpha announced a new batch of project lists, including: FLOCK, ELIZA, and METAV.
Koma: 5% of the total supply of KOMA will be burned within 24 hours
Koma, the dog-themed meme project on BNB Chain, announced on the X platform that 5% of the total supply of KOMA will be destroyed within 24 hours, worth US$5.9 million.
Coinbase has acquired BUX’s Cyprus subsidiary and is suspected of entering the field of CFDs
US-listed crypto exchange Coinbase has acquired the Cypriot subsidiary of BUX (formerly Stryk) and renamed the entity Coinbase Financial Services Europe. BUX CEO Yorick Naeff also confirmed the deal, saying: “We are pleased to sell our MiFID authorized entity BUX Europe Limited (BEU) to Coinbase.”
With this acquisition, Coinbase now holds a Cyprus Investment Company (CIF) license, which authorizes it to offer Contracts for Difference (CFD) products. Additionally, Coinbase can leverage this Cyprus license to offer financial products to other European Economic Area (EEA) member states. The Cyprus Securities and Exchange Commission (CySEC) registrar confirmed that the domain name “coinbase.com/international-exchange/europe” has been approved by the regulator but has not yet been put into use. Although Coinbase has not officially confirmed it, it appears that Coinbase is targeting professional and institutional clients with the services it offers under a Cyprus license.
The deal is suspected to have been completed in October last year, as registration records with the Belgian Financial Services and Markets Authority (FSMA) indicate that the entity’s name was changed from Bux Europe Ltd to Coinbase Financial Services Europe Ltd on October 11, 2024.
Ethena releases 2025 roadmap: “iUSDe” will be launched in February to enter the TradFi field
DeFi protocol Ethena released the 2025 roadmap "Convergence". Ethena's next growth will be mainly driven by exporting products to traditional finance. Ethena will launch a new product “iUSDe” next month, designed to enable the export of sUSDe to the TradFi space in a regulated form. Same as sUSDe, but adds a simple wrapper contract that adds some transfer restrictions at the token level so that traditional financial entities can hold and use it. This will include working with partners to offer independent SPVs managed by regulated investment managers who allow shares to be subscribed to the vehicle, allowing traditional finance to efficiently enter the product without having to touch the cryptocurrency track. Ethena will announce iUSDe’s initial TradFi distribution partners this month.
In addition, Ethena plans to address payment and savings instrument use cases by building dedicated applications in the Telegram and TON ecosystems, namely a dedicated use case for issuing sUSDe in the Telegram application, where users can send, spend and save. Payments will be connected directly to Apple Pay, and users can convert between savings assets in sUSDe and direct mobile payments on their phone.
In addition to these core products, Ethena will continue to transform from a single asset issuer into a platform for best-in-class builders to leverage and enable on-chain financial innovation. Two applications have been announced: spot exchange Ethereal, which will open its testnet next month, and on-chain options and structured products protocol Derive, which will launch its token in the next two weeks. These are just the first examples of the entire DeFi ecosystem built on sUSDe, with more to come in Q1 2025.
0xScope official X account has been compromised, please do not click on suspicious links
lmk.fun (formerly Scopescan) issued a reminder on the X platform that the X account of the Web3 knowledge graph protocol 0xScope (@ScopeProtocol) has been stolen. Please do not click on any links or trust the content published by it. Investigation and recovery are under way.
ZAILGO, the AI concept currency on the Solana chain, announced an airdrop to 8,185 holder wallets
The AI concept currency ZAILGO on the Solana chain announced an airdrop to 8,185 holder wallets. A single wallet airdropped 10,177.2 ZAILGO tokens, which is approximately worth US$915.9 based on the current price of US$0.09.
According to GMGN data, ZAILGO’s market value briefly hit a record high of US$96 million, but has now fallen back to US$8,900. The price of ZAILGO token increased by more than 101% in 24 hours.
Shiba Inu will launch its ecosystem token TREAT in January 2025
Shiba Inu Inc. has officially announced that it will launch its ecosystem token TREAT in January 2025. The announcement was first made through Treat’s official X account on January 2, and the news was further confirmed by Shytoshi Kusama, the lead developer of Shiba Inu. . Details about TREAT are now available on the Shiba Inu website, which outlines the token’s key role in the Shiba Inu ecosystem. TREAT is designed to unlock advanced features of the network state operating system as an access token that integrates rewards, governance, security, and payouts into a cohesive framework designed to foster a vibrant and engaged community.
This follows news last April that the Shiba Inu team raised $12 million by selling unissued TREAT tokens to non-U.S. venture capital investors to develop its new privacy-focused Layer 3 blockchain. According to Shiba Inu, the TREAT token is a “utility and governance token” for its new privacy-focused Layer 3 blockchain, which is built on Shibarium, the Ethereum Layer 2 blockchain.
MicroStrategy plans to raise up to $2 billion through the sale of preferred stock, advancing its previously announced plan to raise $42 billion over three years to fund Bitcoin purchases. MicroStrategy's latest offering is expected to occur in the first quarter of 2025, but the company reserves the right to decide whether to proceed, depending on market conditions. The preferred shares sold may be convertible into MSTR Class A shares and pay dividends. MicroStrategy has not yet set a price target for the offering.
Base is considering launching tokenized COIN stocks, but is currently in the exploratory stage
Base developer Jesse Pollak tweeted that Coinbase is considering offering tokenized COIN shares to U.S. users of its Base network. Pollak said that non-U.S. users can already obtain tokenized COIN stocks through protocols such as Backed, a tokenized RWA platform. Pollak said implementing COIN on Base is "something to look into in the new year," adding that eventually "every asset in the world will be implemented on Base." Coinbase has "no concrete plans at this time" and is in an "exploratory phase" as the exchange works to understand how to comply with U.S. regulations. “We need regulatory clarity and improvements to the on-chain platform as an open platform to unlock this functionality for everyone.”
FTX restructuring plan has taken effect
The FTX restructuring plan takes effect on January 3 and will allow users to start receiving repayments. Customers need to file a claim through the official website to be eligible for refunds, and FTX said the first group of customers should receive their refunds within 60 days. Under the FTX program, users in the first "Convenience Classes" will be reimbursed first, including those with claims of $50,000 and below. Registration and payment dates for other categories of claims will be announced later. The plan, approved in October, states that 98% of FTX users can expect to receive repayment of 119% of the declared value of their funds. FTX Debtors advises that users requesting claims should be wary of phishing emails that appear to be sent from the exchange.
Solv Lianchuang issued a document denying the accusations against Solv’s asset security issues
Solv co-founder Ryan Chow tweeted a positive response to the community’s hot discussion on asset security issues. The full text is as follows:
After a whole day of unwarranted public attacks on "1,800 RUG" and "private agreement" yesterday, Solv suffered even more ridiculous accusations today. These accusations, without exception, target the core issue of asset security, but their basis is wrong and self-contradictory in an attempt to mislead the public by confusing the public. Solv decided to respond head-on.
First, Nubit Lianchuang Hans publicly accused Solv of misappropriating the underlying BTC of SolvBTC.BBN and tried to prove it by citing the mempool link (address xxxm5I2). In fact, the mempool link he intercepted is SolvBTC.CORE, another income-generating asset of Solv. There is direct proof in the screenshots of his own evidence.
In addition, Hans also accused Solv of urgently submitting an update request to DeFillama after "feeling guilty because of being exposed." In fact, the BTC participating in SolvBTC.CORE must be re-pledged to a new script address every half month. The last 12.19 was pledged and 1.2 was withdrawn and re-pledged. Each time it is completed, the address needs to be resubmitted to defillama. This is completely Solv's normal action when managing SolvBTC.CORE assets. The information on the chain can fully prove the daily operational actions of Solv's income assets.
In addition, Hans also accused SolvBTC.BBN of declining TVL during Babylon Cap3, again alluding to Solv being suspected of misappropriating user assets. In fact, Solv officially started the redemption of SolvBTC.BBN on that day. It is completely normal for TVL to change, which further highlights the liquidity and flexibility that SolvBTC.BBN provides users.
The content even leads the market to speculate that Solv has "three BTC spends", implying that each BTC in Solv is counted three times in TVL.
Solv has been building for four years, and at this sensitive time when TGE is about to take place, it has suffered a series of well-planned unprovoked attacks. In this regard, Solv has provided all facts and evidence, leaving the truth to the market and the public to judge for themselves.
important data
Data from DeFiLlama shows that the cryptocurrency industry’s on-chain revenue in December 2024 was considerable, with stablecoin issuers accounting for the lion’s share. Together, these issuers earned more than $664 million, accounting for more than 40% of the $1.5 billion in total revenue generated by crypto protocols.
As the issuer of the USDT stablecoin, Tether became the largest contributor, with revenue reaching $532.1 million. Following closely behind is USDC issuer Circle with revenue of $132.77 million. Together, these two issuers dominate the stablecoin space, accounting for nearly 90% of the market, which is valued at more than $200 billion.
Based on insider stock sales in 2024 at the top 60 companies in the S&P 500, including Apple, Nvidia, and Walmart, approximately 500 insiders, executives, investors, and other major shareholders reported selling a total of $36.9 billion worth of company stock. Amazon Executive Chairman Jeff Bezos accounts for more than a third of that total ($13.4 billion).
Four crypto executives make the top 25: Coinbase CEO Brian Armstrong ranks 8th with $636 million; MicroStrategy’s Michael Saylor ranks 13th with $410.8 million; Coinbase co-founder Fred Ehrsam ranks 22nd overall is $203.8 million, a figure that includes COIN shares sold by its trust as well as its fund Paradigm; Ehrsam is followed by Coinbase Chief Operating Officer Emilie Choi, who joined the company in 2018 from LinkedIn for $186.4 million. All of these sales put Coinbase at No. 7 on last year’s list of insider trading sales:
- Amazon: $13.5 billion
- Walmart: $4.84 billion
- Palantir: $4.14 billion
- Meta: $2.72 billion
- Nvidia: $2 billion
- Salesforce: $1.27 billion
- Coinbase: $1.25 billion
- Oracle: $842 million
- Apollo: $630.6 million
- Intuit: $593.9 million
- MicroStrategy: $567.8 million
- Netflix: $528.3 million
An ENS-related address transferred 50,000 ENS to Binance, worth approximately US$1.91 million.
According to on-chain analyst Ember Monitoring, an address that received 339,000 ENS from the ENS Cold Wallet in 2022-2023 transferred 50,000 ENS ($1.91 million) to Binance 5 hours ago. After receiving ENS, this address transferred 250,000 ENS to Binance in the past year, with an average transfer price of $22.8 and a value of $5.69 million.
In 2024, projects distributed $14.91 billion worth of tokens to crypto users through airdrops
According to on-chain analysis by crypto aggregator Dropstab, projects distributed $14.91 billion to crypto users through a series of airdrops in 2024. At the top of the airdrop distribution list is Hyperliquid, with more than 90,000 users of the platform receiving $1.34 billion in airdrops. Following closely behind was Starknet, with 1.3 million addresses receiving an airdrop of 700 million tokens worth $1.33 billion. Pengu’s $1.15 billion airdrop, Wormhole’s $896 million airdrop, and Jupiter’s $891 million airdrop have become the top five airdrop projects with the highest returns in 2024.
Of the US$14.91 billion released through airdrops, US$4.22 billion (28.3%) was released in the L2 field, US$3.31 billion (22.2%) was released in the DeFi field, and US$2.63 billion (17.6%) was released in the L1 field. Games and memes, liquid staking and artificial intelligence (AI) projects issued tokens worth US$2.28 billion, US$1.27 billion and US$373 million respectively.
WIntermute and Amber Group may be market makers for VIRTUAL
According to monitoring by on-chain analyst @ai_9684xtpa, WIntermute and Amber Group may be market makers for the AI agent token VIRTUAL. Both major market makers began high-frequency interactions a month ago, and their current positions are as follows:
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WIntermute: Address 0xDBF...dC080 holds 0.31% of the total tokens, approximately US$1.53 million, and is the TOP47 address holding positions
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Amber: Deposited 500,000 VIRTUAL to Gate two hours ago, worth $2.13 million
In addition, the market maker that used to be Binance’s new currency mining project PORTAL seems to be making markets for VIRTUAL, and has not yet located a specific institution; the institution withdrew tokens worth US$6.07 million from Bybit in the past hour, and currently holds a total of There are 2.04 million VIRTUAL (8.05 million US dollars), which are the top 38 addresses with positions.
According to Lookonchain monitoring, 15 suspected insider wallets spent 67.16 SOL ($146,000) to purchase 605 million Focai (60.5% of the total supply) on Pump.fun. They then sold all of Focai for 94,175 SOL ($20.5 million), netting 94,108 SOL ($20.48 million).
