Crypto Market News Roundup: Top Developments on November 1, 2023

Key Takeaways

• Bitcoin Whitepaper celebrates its 17th anniversary.
• US stock indices post at least 6 consecutive months of gains; Coinbase up over 4%.
• Binance Alpha to launch THORWallet (TITN) on November 3rd.
• Aster adjusts S3 repurchase and airdrop mechanism.
• Tether's net profit exceeds $10 billion in the first three quarters, USDT circulation reaches $174 billion.
• MEXC Chief Strategy Officer apologizes to The White Whale and unfreezes $3 million account.
• Pump fun launches Spotlight program to help utility tokens gain attention and liquidity.

Top News

Chan Chi Zhao's Assets Frozen in Singapore

Singaporean police have frozen over S$150 million (approximately ¥800 million) in assets of Chan Chi Zhao, head of the Prince Group in Cambodia, due to his alleged involvement in cross-border telecom fraud. The frozen assets include 6 properties, bank and securities accounts, cash, yachts, 11 cars, and bottles of liquor. The U.S. Department of Justice previously seized approximately $15 billion USD worth of Bitcoin held by him. Chan Chi Zhao and his associates are reportedly not currently in Singapore.

US Stocks Gain, Coinbase Rises

Major US stock indices closed higher, with the Nasdaq up 0.61% for the week and 4.7% for October. Coinbase (COIN) rose 4.65%, Circle (CRCL) rose 3.48%, and Strategy (MSTR) rose 5.87%.

Steak 'n Shake Establishes Bitcoin Reserve

American fast-food chain Steak 'n Shake announced the establishment of a strategic Bitcoin reserve. All Bitcoin payments will be deposited into this reserve. Additionally, 210 sats will be donated to Open Sats Initiative, Inc. from every Bitcoin meal for the next 12 months.

USDT Fraud Case in Zhejiang

The Dinghai Court in Zhoushan, Zhejiang, recently adjudicated a case involving aiding information network criminal activities using USDT. From October 2022 to August 2023, Huang and 10 others registered multiple accounts on a foreign digital currency platform to profit from participating in dividend distributions and selling USDT at low and high prices. Despite knowing that the transactions may involve illegal activities, they continued to receive transfers from victims and transferred USDT to designated accounts, helping to transfer funds involved in telecom fraud and other crimes. The funds involved totaled over ¥5 million.

Opinions & Analysis

Fed's Logan: No Need for Rate Cuts

Federal Reserve Bank of Cleveland President Loretta Mester stated that the Fed should not cut interest rates this week and should not cut them again in December. She noted that the labor market is "broadly in balance" and does not need immediate support, and inflation could remain above the 2% target for an extended period. Logan does not have a vote on the Fed's monetary policy committee this year.

US Treasury's Bessent Praises Bitcoin

US Treasury Secretary Scott Bessent praised Bitcoin's operation and stable performance over the past 17 years since the whitepaper was released.

Project Updates

Bitcoin Whitepaper 17th Anniversary

On October 31, 2008, Satoshi Nakamoto published a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" on a cryptography mailing list, introducing the concept of a decentralized electronic cash system. This paper laid the technical and ideological foundation for Bitcoin and the entire cryptocurrency industry, marking the beginning of the blockchain era.

Aster Adjusts Repurchase & Airdrop Mechanism

Aster announced optimizations to the S3 repurchase and airdrop model: 50% of all S2 and S3 repurchases will be directly burned to reduce supply, and the remaining 50% will return to locked airdrop addresses to reduce circulation and provide quotas for subsequent airdrops. Subsequent repurchase and burn operations will continue to iterate on the mechanism to support long-term value and perpetual growth.

Tether's Net Profit Exceeds $10 Billion

According to Tether's official website, Tether International announced the Q3 2023 audit proof: Net profit this year exceeds $10 billion, USD₮ increased by $17 billion this quarter, and circulation reached $174 billion. The company's holdings of US Treasury bonds are approximately $135 billion, ranking 17th globally. As of September 30, reserve assets were $181.2231 billion, liabilities were $174.4454 billion, and excess reserves were $6.778 billion. Its holdings of gold are $1.29 billion and $9.9 billion of Bitcoin (approximately 13% of reserves).

Important Data

USDC Treasury Mints 500 Million USDC

USDC Treasury minted a total of 500 million USDC on the Solana network in two batches.

New Wallet Receives ETH from Galaxy Digital

A newly created wallet received 9,272 ETH worth $35.77 million from Galaxy Digital. The wallet may belong to BitMNR or SharpLink.