Today's Highlights:
1. Musk offered to buy 100% of Twitter for $54.20 per share in cash
2. Director of the Department of Payment and Settlement of the Central Bank: Strengthen risk prevention in new areas such as virtual currency
3. Jack Dorsey's first tweet NFT auction ended with a maximum bid of $277 and the seller may choose not to sell
Terraform Labs today donated 10 million LUNA to LFG
5. Ethereum before the merger, if the block speed is too slow or will be delayed by upgrading again difficulty bomb
Avalanche developer Ava Labs is raising $350 million in funding at a valuation of $5.25 billion
7. The Wikimedia Foundation will stop accepting cryptocurrency donations
8. Report: Blockchain attack security incidents in the first quarter of this year caused losses of up to $1.2 billion
Regulatory messages
Beijing Arbitration Commission: Virtual currencies such as Bitcoin are virtual property and are protected by law
According to Mr. Liu Yang's WeChat public account article, in a case of entrusting the management of bitcoin disputes represented by Mr. Liu Yang, the Beijing Arbitration Commission ruled: "The contract in this case is not a contract that violates the law, nor does it violate public order and good customs, there is no invalid situation, but a legal and valid contract." "The reasons given by the arbitral tribunal are: First, virtual currencies, including bitcoin in this case, are virtual property and are protected by law. Article 127 of the Civil Code stipulates that where the law has provisions on the protection of data and online virtual property, follow those provisions. At present, there are no laws and administrative regulations on the mainland that stipulate that virtual currencies, including BTC, are prohibited from being traded. Secondly, Article 153 of the Civil Code stipulates that civil juristic acts that violate the mandatory provisions of laws and administrative regulations are invalid. However, this mandatory provision does not render the civil juristic act invalid. Civil juristic acts that are contrary to public order and good customs are invalid. At present, there are no laws and administrative regulations on the mainland that prohibit bitcoin trading activities. Third, on September 15, 2021 Chinese Bank and other ministries and commissions issued the Notice on Further Preventing and Handling the Risk of Speculation in Virtual Currency Transactions, which does not prohibit all trading activities with virtual currency as the target, but prohibits virtual currency-related business activities as illegal financial activities. The arbitral tribunal stated that the contract in this case belonged to the entrustment of one party between natural persons to the other party to manage the virtual currency, and the two parties belonged to the entrustment contract relationship, and the two parties agreed that the trustee would manage the virtual currency for the trustor. The contract in this case is not an illegal financial activity and a token issuance financing activity expressly prohibited by the above documents, and the above provisions do not apply.
Director of the Department of Payment and Settlement of the Central Bank: Strengthen risk prevention in new areas such as virtual currency
According to Gelong's report, Wen Xinxiang, director of the Payment and Settlement Department of Chinese Minmin Bank, said at a press conference of the State Council New Office on April 14 that it is necessary to strengthen risk prevention in new areas such as virtual currency and block criminal funds in an all-round way. Looking forward to the next step, Wen Xinxiang said that the People's Bank of China will organize the financial industry to implement the decision-making and deployment of the Party Central Committee and the State Council with stricter requirements and higher standards, and guide commercial banks, payment institutions and clearing institutions to fully implement various measures for the governance of the "capital chain" in the financial industry.
Foreign media: Brazil's congress may approve the cryptocurrency market regulation bill in the first half of this year
According to Cointelegraph, Brazil's cryptocurrency market regulation bill is expected to be approved by the National Assembly in the first half of this year. The legislation, compiled by Irajá Abreu and Aureo Ribeiro, has been debated in the House of Representatives since 2015 and was approved in the first round of deliberations. The Senate attaches it to another cryptocurrency-focused bill that has been approved by the Senate Committee on Economic Affairs. It is reported that the plenum's approval of the law will not make Bitcoin legal tender in Brazil, as El Salvador did. The proposed law would allow brazil's president to identify a federal entity responsible for setting rules for cryptocurrencies. The president will create a new regulatory body, or delegate this function to the country's Securities and Exchange Commission (CVM) or the Central Bank of Brazil (BC). Regulators will be responsible for defining market norms and establishing norms that meet international standards to prevent money laundering and asset concealment. The bill also proposes a penalty of 4 to 8 years in prison for those who commit fraud in the provision of virtual asset services, in addition to fines. In addition, the bill will give a series of incentives to cryptocurrency miners in Brazil. It proposes tax exemptions for ASICs imported into the country. However, this may not be enough to attract bitcoin miners into the country, as Brazil's energy prices are too high, the highest in South America, about 5 times higher than in countries such as Paraguay and Venezuela.
NFT
Jack Dorsey's first tweet NFT bid ended with a maximum bid of $277, and the seller may choose not to sell
Last week, Crypto entrepreneur Sina Estavi, who bought Twitter founder Jack Dorsey's first tweet NFT for $2.9 million, announced that she would sell the tweet for $48 million; on Wednesday, the NFT auction for this tweet ended with just seven bids in total, ranging from 0.0019 ETH (about $6) to 0.09 ETH (about $277), CoinDesk reported. Estavi said yesterday: "The deadline I set is over, but if I get a good offer I may accept it or may never sell it. "It is reported that Estavi has two days to accept the bid, otherwise it will expire.
Previously, on April 7, The news that Jack Dorsey's first tweet, NFT, was being sold on OpenSea for nearly $48 million.
People's Daily signed a contract with China Foreign Culture Group to enter the field of digital collections
According to the People's Daily news, the People's Network signed a strategic cooperation agreement with the China Foreign Culture Group, which will join hands with Internet technology to help popularize cultural and artistic works that the people like to hear, and promote the healthy development of the mass art market with digital technology. According to the agreement, People's Daily will launch a special area for China Foreign Art Exhibition, exclusively publish the authorized content of China Foreign Culture Group, provide digital services for its authorized art collections, regularly plan and distribute digital collections, and develop cultural creations and derivatives. The cooperation with China Foreign Culture Group marks the official entry of People's Daily into the field of digital collections.
LVMH's Scottish distillery Ardbeg will launch whisky NFTs
According to Forkast, LVMH's Scottish distillery Ardbeg announced that it will release a limited edition buried distilled whisky Ardbeg Fon Fhòid and a corresponding NFT version. Ardbeg Fon Fhòid is limited to 456 bottles, and the corresponding NFT will be sold on The BlockBar. Founded in 1815, Ardbeg was acquired by luxury giant LVMH in 2004.
Former Universe
Meta-universe industry committee: regulate the healthy development of the digital collection industry and resist disorderly speculation
According to the Financial Associated Press, the Meta-Universe Industry Committee of the China Mobile Communications Federation issued self-discipline requirements on regulating the healthy development of the digital collection industry, resisting disorderly speculation and guiding reasonable expectations. The Committee noted that the development of digital collections is still at an early stage and that the value standards for most digital collections are not yet clear and a consensus has yet to be reached. Platforms and issuers should set reasonable prices on digital collections, avoid overpricing, and prevent serious bubbles. Reasonably set up the sales model, effectively monitor and manage the transfer of gifts, internal and external circulation, etc., and avoid the occurrence of disorderly speculation from the mechanism.
Project dynamics
Musk offered to buy a 100 percent stake in Twitter for $54.20 a share
According to regulatory documents, Tesla CEO Musk offered to buy 100% of Twitter for $54.20 per share. Subsequently, Twitter pulled up 15% in front of the session. Musk said in the article: "I invested in Twitter because I believe it has the potential to become a platform for free speech around the world, and I believe that freedom of speech is a social responsibility for a functioning democracy." However, since making the investment, I now realize that the company is neither going to flourish nor serve this social need in its current form. Twitter needed to transform into a private company. As a result, I offered to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I started investing in Twitter and a 38% premium the day before I publicly announced my investment. My offer is the best and ultimate offer and if it is not accepted, I need to reconsider my position as a shareholder. He also said Twitter has extraordinary potential, and he will unleash that potential. It also said it had hired Morgan Stanley as financial advisor.
According to U.S. SEC filings, elon Musk held 73,115,03 shares of Twitter stock, or 9.1%, as of April 13, 2022.
Azuki's fragmentation project Bobu plans to send 2,000 tokens into space aboard spaceX Crew-4
According to official announcements and tweets, Azuki's fragmentation project Bobu the Bean Farmer plans to join NASA and SpaceX's Crew-4 mission on April 23, launching 2,000 Bobu tokens (about $1 million) to the International Space Station. If so, Bobu will be the first NFT project to send a private key to space via the Ledger Nano wallet. It is reported that Bobu will cooperate with the student research organization STELLAR to complete this task (for a period of 31 days), and Bobu has also launched a vote on the official website, including whether to support the task and the amount of donation (2-8ETH) to STELLAR. Bobu token holders can participate in the voting, and the voting snapshot is coming online soon, with a deadline of April 20.
The Boba Network mainnet will be suspended for several hours starting in the early hours of April 16 to enable new features
According to the official Twitter, the main network of the Ethereum expansion network Boba Network will be suspended from 01:00 to 11:00 Beijing time on April 16 to enable an important new feature.
STEPN began buying back and destroying GMT, planning to invest 10,000 SOLs per day until the Q1 profit funds were exhausted
According to the official Tweet, move to Earn game STEPN announced that it has begun buying back and burning GMT tokens, and the team plans to buy 10,000 SOL (about $1 million) of GMT per day until the funds run out (about $26 million). Previously, the Move to Earn game STEPN Q1 made more than $26 million and will all be used for GMT repurchase and destruction.
South Korean blockchain platform Klaytn launched a $20 million fund to advance blockchain research
According to official sources, South Korean blockchain platform Klaytn today announced the launch of a $20 million fund to create the Blockchain Research Center (BRC) program. The fund aims to support research projects that blockchain technology will continue to evolve over the next four years to deepen blockchain capabilities and support industry development. Applications for the BRC program are aimed at universities and research consortiums conducting diverse research on blockchain, with a focus on blockchain technology and ecosystems, aiming to be a bridge between university researchers and industry leaders. The research center will operate in an open model, the research will be publicly disclosed as a research paper or open source software, and external researchers will be able to participate in ongoing research projects or submit their own proposals.
Ethereum Core Developers: If the block speed is too slow before the Ethereum merges, it will be delayed again by upgrading the difficulty bomb
Ethereum core developer Tim Beiko again said at the Ethereum merger point that the specific date of the merger has not yet been determined, and the merger date will only be determined if the client team is confident that the software implementation has been thoroughly tested and there are no errors. After the testnet is successfully upgraded and remains stable, the time will be set for the upgrade on the Ethereum mainnet. Unlike previous Ethereum upgrades, merges are not triggered by block time. Instead, it will be triggered by the total difficulty value. In addition, Tim Beiko said that difficulty bombs are expected to start appearing on the Ethereum network around May, and start to significantly increase block time in June or July, and make blocks slower (read 15-20 seconds) by August. If the client developer is unable to deploy Merge to the mainnet before the blocking time is too slow, the difficulty bomb needs to be delayed again. There are two ways to do this, one is to combine bomb latency with a merged client release, and the other is to do a separate network upgrade of the delayed difficulty bomb before doing a Merge upgrade. Previously, on April 13, Tim Beiko tweeted that the Ethereum merger would not be completed in June, but would be completed within the year.
Terraform Labs today donated 10 million LUNA to LFG
Terraform Labs (TFL), Terra's development company, today donated an additional 10 million LUNA to Terra's eco-development organization, luna Foundation Guard (LFG), worth about $887.5 million, according to Terra's official Twitter post. Previously, on March 11, Terraform Labs donated 12 million LUNA to the LFG to mint UST.
The Wikimedia Foundation will stop accepting cryptocurrency donations
According to the results of the vote, the Wikimedia Foundation will stop accepting cryptocurrency donations. Wikipedia contributor Molly White released in January this year the Wikimedia Foundation should continue to accept cryptocurrency donations? " related proposals. She believes that cryptocurrencies are extremely risky investments, and Wikipedia is contributing to their mainstream recognition. According to the proposal, associating with crypto poses a reputational risk to the Wikimedia Foundation. In the end, the wiki community approved the proposal with a 71.17% vote (to stop accepting cryptocurrency donations).
Tether launches USDT on the Kusama network
Officially, Tether has launched USDT on the Kusama network. So far, USDT stablecoins now have a total of ten networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and the standard ledger protocol of Bitcoin Cash.
Financing messages
Web3 wallet tracking app Contentxt completed a $19.5 million seed round, led by Variant Fund and others
Web3 wallet tracking app Contentxt on Wednesday announced the completion of a $19.5 million seed round, co-led by Variant Fund and OpenAI CEO Sam Altman, venture capitalists Lachy Groom, Dragonfly Capital, Quora CEO Adam D'Angelo, Vine co-founder Dom Hofmann, and Vine co-founder Dom Hofmann, According to TheBlock reported. Phantom CTO and co-founder Francesco Agosti and others participated. It is reported that Context supports users to monitor other people's wallets and transactions through social media-style feeds, and its new feature can automatically find wallets associated with Twitter celebrities that users follow, and track corresponding on-chain activities in real time.
Bloomberg: Avalanche's main developer, Ava Labs, is raising $350 million in financing at a valuation of $5.25 billion
According to Bloomberg, Ava Labs, the main developer of the cryptocurrency Avalanche, is in the process of raising a new round of funding with a valuation expected to exceed $5 billion, making it one of the most highly valued cryptocurrency startups in the world, according to Bloomberg. People familiar with the matter said the company will raise $350 million at a valuation of $5.25 billion. As a result, the round of financing has not been made public, and the person familiar with the matter asked to remain anonymous. Ava Labs was founded in 2018 and raised $6 million in 2019 with investors including fund giants Andreessen Horowitz (a16z) and Polychain.
Mining news
TSMC plans to set up a new plant by the end of 2022 to produce 2nm process chips
According to Sina Finance, TSMC plans to set up a new plant in Taiwan at the end of 2022 to produce 2nm process chips, and plans to start mass production in 2024.
Important data
Report: Blockchain attack security incidents in the first quarter of this year caused losses of up to $1.2 billion
According to the "2022 Q1 Global Blockchain Security Ecology Report" released by Chengdu ChainAn, in the first quarter of 2022, there were about 30 typical security incidents in the blockchain field. The total loss was approximately $1.2 billion, an increase of 823% compared to the same period last year. In the top 20 rankings, Ronin, which had the highest loss amount, was 625 million, about 558 times the lowest amount of Build Finance ($1.12 million). The losses for the Ronin and Wormhole projects amounted to $950 million, representing 80% of the total loss amount in Q1 2022. From the perspective of chain platform, Ethereum and BNB are still the two chains with the highest attack frequency, but high attack frequency does not mean high loss amount. From the perspective of capital flow, 80% of the time, hackers will eventually transfer the stolen funds to Tornado.Cash for mixing coins. From the perspective of attack methods, contract vulnerability exploitation and lightning loan attacks are the most commonly used methods by hackers, and 50% of the attack methods are contract vulnerability exploitation. From the audit, 70% of the projects attacked were audited by third-party security companies; however, in the remaining 30% of unaudited projects, the losses suffered due to the attack accounted for more than 60% of the total loss amount. In terms of project types, DEFI projects are still a hot area for hacking, accounting for 60% of the total number of projects attacked. Although the number of cross-chain bridges has not been attacked, the amount of money involved is huge.