Research Summary
The report covers a range of topics including the suspected hacking of Poloniex exchange, Nasdaq’s submission of BlackRock Ethereum Spot ETF application to the SEC, and SBI’s plan to launch a fund for investing in Web3 and other emerging companies. It also discusses the ransomware attack on ICBCFS, Binance’s launch of Binance Web3 Wallet, and Celsius Network’s transformation into a Bitcoin mining company. Other topics include Circle’s consideration of an IPO in 2024, Robinhood’s third-quarter earnings report, and various fundraising activities in the crypto space.
Key Takeaways
Poloniex Exchange Suspected Hacking
- Poloniex Exchange Under Attack: The exchange, owned by Justin Sun, is suspected of being hacked with around $60 million in assets transferred. The hacker moved substantial assets to different addresses on the Tron blockchain before being frozen. Justin Sun has offered a 5% white hat bounty to the hacker and requested the return of the funds.
Nasdaq’s Ethereum Spot ETF Application
- Nasdaq Submits BlackRock Ethereum Spot ETF Application: Nasdaq has submitted a proposed Ethereum spot ETF application to the U.S. Securities and Exchange Commission (SEC) on behalf of BlackRock. The Ethereum ETF will use Coinbase Custody Trust Company as the custodian and will rely on the CME CF Ether-Dollar Reference Rate.
SBI’s Investment Fund Launch
- SBI to Launch Investment Fund: Japanese financial giant SBI Holdings will begin operating a fund for investing in startups related to Web3, AI, metaverse, and other technologies. The expected total size of the fund is 100 billion yen (approximately 663 million USD).
ICBCFS Ransomware Attack
- ICBCFS Suffers Ransomware Attack: ICBC Financial Services LLC (ICBCFS), a subsidiary of China Industrial and Commercial Bank Limited, suffered a ransomware attack leading to partial system disruptions. The attack may have come from a hacker group called Lockbit with Russian ties.
Celsius Network’s Transformation
- Celsius Network’s Transformation into a Bitcoin Mining Company: Cryptocurrency lending company Celsius Network LLC has obtained approval from a bankruptcy court judge to transform into a Bitcoin mining company owned by its creditors. They plan to redistribute approximately $20 billion worth of Bitcoin and Ethereum along with equity in NewCo to Celsius creditors.
Actionable Insights
- Monitor the Poloniex Exchange Situation: Keep an eye on the developments regarding the suspected hacking of Poloniex exchange. This could have implications for the security of other exchanges and the overall market sentiment.
- Track the Progress of Nasdaq’s Ethereum Spot ETF Application: The approval of this application could potentially open up new avenues for institutional investment in Ethereum.
- Investigate the Potential of SBI’s Investment Fund: The launch of SBI’s fund could provide opportunities for startups in the Web3, AI, metaverse, and other technology sectors.
- Assess the Impact of ICBCFS’s Ransomware Attack: The ransomware attack on ICBCFS could have implications for the security of other financial institutions and their approach to cybersecurity.
- Examine the Implications of Celsius Network’s Transformation: The transformation of Celsius Network into a Bitcoin mining company could potentially impact the cryptocurrency lending space and the Bitcoin mining industry.
