China News Today Official TheBitTimes.com

Author：0xMingyue Editor：Colin Wu 1. Singapore Attorney-General’s Office Establishes a Task Force for Digital Currencies this Year link On October 18th, as reported by The Straits Times, the Attorney-General’s Office of Singapore officially established two task forces this year, namely the Technology Crime Task Force and the Cryptocurrency Task Force, which will focuse on various issues raised by cryptocurrencies, including assisting the Singapore Police Force in tracking, seizing and disposing of such assets. 2. South Korea’s Weekly Summary 2.1 South Korean Financial Regulatory Authorities to Establish Protocols for Cryptocurrency Listings, Internal Management, and Circulation Standards link On October 17th, South Korean financial regulatory authorities, in accordance with the supplementary guidelines of the Virtual Asset User Protection Act established in June of this year, are set to formulate standards for cryptocurrency listing procedures, internal controls, supply/circulation volu...

Author: defioasis Last week, Vitalik Buterin’s Twitter account was hacked and used to post phishing links, resulting in user losses of over $690,000. After research, Slowmist Yuxian pointed out that the phishing group behind the theft of Vitalik’s Twitter is still related to the currently popular and rampant PinkDrainer. The hacking method might have been SIM swap or something similar. Two days later, Vitalik confirmed on the de centralized social media platform Farcaster that his Twitter account was indeed compromised via a SIM swap attack. He speculated that the vulnerability might have been exposed when he registered for Twitter Blue, revealing his phone number. He had previously seen advice against using phone numbers for identity verification but unfortunately did not heed it. Vitalik stated that he has since deleted Twitter and has joined Farcaster, where account recovery can be controlled through an Ethereum address. Farcaster is a de centralized protocol for building social a...

1. The United States’ second largest electric power firm, Duke Energy, is reportedly exploring bitcoin mining. The news was confirmed by Duke Energy’s Lead Rates and Regulatory Strategy Analyst Justin Orkney. He stated that the firm is running an ongoing study into bitcoin mining. Orkney also confirmed that Duke Energy is already hosting a small-scale system for several bitcoin miners. Read more 2. A common concern during cyclical downturns in bitcoin (BTC) mining is the extent to which miners are selling their BTC holdings, crypto exchange Coinbase (COIN) said in a research report last week. In times of market upheaval and a falling bitcoin price, margins compress across the board and force more miners to become net sellers, the note said. Given the price drop and the resulting loss of profitability, the financing environment for the mining industry has “shifted materially” since late last year, and raising capital in the public markets has become very difficult, Coinbase said. Still,...

Author: Wublockchain Joey Wu The crypto market, like the stock market, reflects people’s expectations of the future economy. The crypto market had already started a downtrend when people are still under the illusion that the Fed rate rises will not hit the market. And right now, investors are still divided on whether the U.S. economy is about to enter a recession, which means that the market’s expectations have not yet been agreed upon, so the downtrend is not yet over. Once the U.S. economy starts to officially enter a recession or a geopolitical conflict breaks out in full force, the bottom of the crypto market will appear. There are two types of recessions, one is inflationary and the other is deflationary, and the one the U.S. is about to face clearly belongs to the first type. Inflationary recession is characterized by high inflation and low unemployment in the early part of the recession and rising unemployment in the later part of the recession, but the inflation rate remains hi...

Source: https://www.techflowpost.com/article/detail_12594.html Recently, Allen, who used to conduct Worldcoin KYC by hiring locals in Kenya and then reselling the accounts to Chinese users, has returned to China. The source of the products related to Worldcoin found on Xianyu (a Chinese online marketplace) can be traced back to intermediaries like Allen operating in Africa. However, this business has become challenging. With the official launch of Worldcoin and increased transparency in token prices, the gray area has disappeared. Moreover, due to the current political instability in Kenya, Allen has suspended the KYC business and returned to China. This business lasted for over three months, and at its peak, they were earning up to $3,000 a day at a location where iris verification was possible. But the most profitable period only lasted for two weeks in May when Worldcoin was gaining popularity in China. The sudden surge in new local users raised suspicions among the operators, leadi...

Author：Crescent Editor：Colin Wu 1. South Korea’s Weekly Summary 1.1 South Korea Passes First Standalone Cryptocurrency Bill link On June 30th, according to Bloomberg, South Korea passed its first independent crypto currency bill to strengthen investor protection. The Virtual Assets User Protection Act, passed by the parliament on June 30th, consolidates 19 crypto currency-related bills. It defines digital assets and imposes penalties for illegal activities such as using non-public information, market manipulation, and unfair trading practices. It also grants the Financial Services Commission the power to supervise crypto currency operators and asset custodians, and the central bank will be able to investigate such platforms. The bill requires insurance, reserve funds, and necessary record-keeping. These regulations cover assets such as Bitcoin, while existing capital market laws apply to tokens deemed as securities. 1.2 South Korean Prosecutors Conduct First-Ever Forced Search and Seiz...

1. Solana’s weekly summary a. Solana Labs announces open-source reference implementation for ChatGPT plugin link On April 26, Solana Labs announced an open-source reference implementation for the ChatGPT plugin, allowing users to interact directly with the Solana network. Once the ChatGPT plugin is available, users will be able to check wallet balances, transfer tokens, and purchase NFTs. In addition, the Solana Foundation announced a $1 million fund to explore the intersection of Solana and artificial intelligence, with grant sizes ranging from $5,000 to $25,000. b. Solana Wallet Phantom adds support for Ethereum and Polygon link Solana Wallet Phantom adds support for Ethereum and Polygon, which was originally scheduled for the 2023Q1, but was delayed until today. Phantom once completed a financing of $109 million at $1.2 billion in January 2022. Paradigm led and A16Z participated. c. Solana NFT Market Tensor surpasses Magic Eden in daily trading volume link According to Flipside, on ...