Daily Report ｜ Hong Kong Chief Executive John Lee has requested the police and the Securities and Futures Commission to meet with the media today to explain the JPEX-related incident; cryptocurrency venture capital firm Blockchain Capital announced that its two new funds have completed fundraising of $580 million
Optimism launched the third round of OP airdrops, distributing approximately 19 million OP tokens to over 31,000 addresses; cryptocurrency startup Bastion completed a $25 million financing round, led by a16z crypto.整理：Grapefruit, ChainCatcher
What important events have occurred in the past 24 hours?
1. Data: DWF Labs deposits 2 billion SPELL into Binance
According to ChainCatcher, on-chain data shows that DWF Labs has deposited 2 billion SPELL (approximately $1.14 million) into Binance. (Source link)
2. Hong Kong police: Number of arrests in JPEX case rises to 8
According to ChainCatcher, the Hong Kong police stated that the number of arrests in the virtual asset trading platform JPEX case has increased to 8, and a press conference will be held today at 16:00 to provide updates on the case.
Previously, it was reported that the police had arrested 4 men and 2 women yesterday in connection with the JPEX case, suspected of conspiracy to commit fraud. (Source link)
3. FTX sues SBF's parents to recover misappropriated funds
According to ChainCatcher, as reported by CoinDesk, FTX's bankruptcy estate is suing SBF's parents, Joseph Bankman and Barbara Fried, to "recover millions of dollars fraudulently transferred and misappropriated." The company is seeking a court ruling for damages and the return of any property or payments made to his parents in a court filing on Monday.
The document states that FTX Trading paid $18,914,327.82 (including taxes and costs) to Blue Water and also paid various fees related to Blue Water, totaling over $90,000. Bankman and Fried own Blue Water. The document also mentions that "Bankman is well-versed in tax law and has a unique understanding of the chaotic corporate structure of the FTX group, which enabled him to facilitate the transfer of $10 million in cash gifts from Alameda Ltd. funds to himself and Fried."
The lawsuit claims that Bankman assisted other FTX insiders in using FTX group funds for donations and helped cover up a whistleblower complaint from September 2019. Barbara Fried is described as the "point of contact" for SBF's political donation strategy. Additionally, she leveraged her "connections and influence to benefit MTG (Mind the Gap)," a political action committee she co-founded in 2018 that only accepts independent expenditures, where she served as chair and president. The document states that "tens of millions of dollars" were donated to causes supported by MTG at Barbara Fried's explicit request. (Source link)
4. Hong Kong Chief Executive John Lee: Has requested police and the SFC to meet the media this afternoon to explain the JPEX-related incident
According to ChainCatcher, Hong Kong Chief Executive John Lee stated that regarding the JPEX case, he has requested the police and the Securities and Futures Commission (SFC) to meet the media this afternoon (19th) to explain the related incidents.
John Lee pointed out that the SAR government's policy stance on virtual assets is to establish an effective regulatory framework, ensure that information related to virtual assets is disclosed transparently, and emphasize and promote investor education.
John Lee emphasized that this incident reflects the importance of regulation, including the necessity of investing in regulated and licensed trading platforms, and the importance of individuals understanding virtual assets and the associated risks. He stressed that the current licensing system is designed to protect investors, and the SFC will monitor market changes to ensure that investor interests are fully protected, while the authorities will also vigorously promote investor education. (Source link)
5. Oak Grove Ventures launches a $60 million venture capital fund focusing on early-stage projects in Web3, AI, and other fields
According to ChainCatcher, Oak Grove Ventures has launched a $60 million venture capital fund that will focus on early-stage investments in cutting-edge technology fields such as Web3, artificial intelligence, and biotechnology.
Oak Grove Ventures, formerly a family office, has invested in over 30 projects, with a disclosed portfolio that includes 8 funds and 14 high-quality projects, including SpaceX and Neuralink. Its team members include Alchemy Pay co-founder Shawn Shi, former Libra tech lead Ethan W, former Harmony CTO RJ Lan, former Coinbase VP Michael Li (technical advisor), former Lightspeed China assistant partner Zac Pan, and former Sino Global VP Sally W, among others. (Source link)
6. Tip Coin opens for claiming the TIP token
According to ChainCatcher, the Web3 social application Tip Coin has opened for claiming its TIP token, launched DEX liquidity, and filtered out addresses with a wallet balance of 0 or no transaction history, with tens of thousands of wallets eligible to claim. At the same time, Tip Coin stated that it will launch an appeal process to ensure that all rule-compliant individuals are included.
ChainCatcher previously reported that Tip Coin announced its token economic model, with 35% of the TIP token allocated for platform rewards, 5% allocated to the market, 5% allocated to team lock-up, and the remaining tokens distributed across three Epoch rewards: Epoch 1 phase 15% for liquidity provision and 15% for airdrops; Epoch 2 phase 20% of tokens for airdrops; Epoch 3 phase 5% of tokens for airdrops. (Source link)
7. Optimism launches the third round of OP airdrop, distributing approximately 19 million OP tokens to over 31,000 addresses
According to ChainCatcher, Optimism has launched the third round of the OP airdrop plan, distributing approximately 19 million OP tokens to over 31,000 unique addresses to reward community users who actively participate in governance. This round of airdrop began on September 19 at 02:10 and does not have a claiming page; tokens will be directly distributed to addresses that were granted OP token voting rights between January 20, 2023, and July 20, 2023. (Source link)
8. Crypto venture capital Blockchain Capital announces completion of $580 million fundraising for two new funds
According to ChainCatcher, The Block reports that San Francisco-based venture capital firm Blockchain Capital has raised $580 million for two new cryptocurrency investment funds.
These two funds are Blockchain Capital's sixth early-stage venture fund and its first opportunity fund, with payment giant Visa being one of the funding companies.
Blockchain Capital focuses on investing in crypto startups that specialize in infrastructure, gaming, DeFi, consumer, and social sectors.
9. Crypto startup Bastion completes $25 million financing, led by a16z crypto
According to ChainCatcher, Bloomberg reports that crypto startup Bastion has completed a $25 million seed round financing, led by a16z crypto, with participation from Laser Digital Ventures (a subsidiary of Nomura Group), Robot Ventures, Not Boring Capital, and others.
It is reported that Bastion provides services such as cryptocurrency custody. (Source link)
"What are some interesting articles worth reading in the past 24 hours?"
On September 13, the Hong Kong Securities and Futures Commission (SFC) rarely named a virtual asset platform, JPEX, marking it as the first virtual asset exchange to receive a red warning since Hong Kong's new crypto regulations. In response to this naming, JPEX claimed on its official website that it was "unfairly suppressed by the SFC, leading us to consider withdrawing our license application in Hong Kong and adjusting our future policy development accordingly. The SFC should bear full responsibility for undermining the prospects of Hong Kong's cryptocurrency development." JPEX's attitude clearly shows its discontent, asserting that numerous institutions claiming to have applied for exchange licenses exist, and the announcement only proves the SFC's discrimination, with the last sentence being a blatant insult.
Even more ironically, despite its defiant response, JPEX's booth at the Token2049 event was completely empty, indicating a hasty retreat; a booth typically costs at least 10,000 USDT. This highlights the panic and desperation of the situation.
For Hong Kong, which is striving to establish a crypto ecosystem, JPEX not only re-labels virtual currency as criminal but also exposes the loopholes in Hong Kong's virtual asset regulation, severely undermining the confidence of the political arena and investors in crypto.
In this interview, Laura Shin and Jeremy Allaire discussed Coinbase's investment in Circle, the regional adoption of USDC, lessons learned by Circle after the collapse of Silicon Valley Bank, how to respond to the stablecoin launched by PayPal, U.S. regulation of stablecoins, Circle's tenth anniversary, and China's upcoming CBDC, among other topics.
The scale of this industry continues to grow; this year I have attended various events such as ETHDenver, ETHCC, Montenegro Zuzalu, and Edcon. At Token 2049, I encountered many old friends. Each of these conferences attracts a large number of attendees, and many companies allocate budgets for participation in such events. Therefore, as the industry grows, even during a bear market, the number of attendees continues to rise.
LPs continue to support early-stage VCs growing within the industry, and VCs are constantly backing emerging track founding teams, with teams expanding and growing in scale. It seems everything is moving in a better direction. However, the reality is quite different; for many teams, this Token 2049 may be one of their last hopes for financing. If the bear market does not end, this could be their last brand exposure, as most early teams have expanded over the past two years, leaving their runway nearly depleted. Some teams have a very high burn rate and, in this market, only have 5 to 10 months left, even going so far as to buy expensive tickets/sponsorships for Token 2049 to pitch to more potential investors.
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