PA Daily News | Backpack to hold TGE on March 23; Crypto Accounting Platform Cryptio completes $45 million Series B funding.

Today's top news highlights:

The Federal Reserve will begin a 90-day consultation period for the Basel III proposal.

Three U.S. Democratic senators said they will oversee the Justice Department's investigation into Binance.

Binance has added several tokens, including ATA and GTC, to its "monitoring label" list.

Backpack will be performing at TGE on March 23.

Binance will launch EWYUSDT U-margined perpetual contracts tracking a South Korean stock market ETF.

Binance will list Katana (KAT) and add a seed tag to it.

Eightco Holdings raises $125 million in new funding and completes its first $50 million investment in OpenAI.

Cryptocurrency accounting platform Cryptio raises $45 million in Series B funding.

Regulation & Macro

The Federal Reserve will launch a 90-day consultation period for Basel III proposals, and Bitcoin faces a 1250% risk weight.

Federal Reserve Vice Chair for Supervision Michelle Bowman stated that U.S. regulators will submit rule proposals for implementing the final phase of Basel III in the coming weeks, expected to be released during the week of March 17-21, followed by a 90-day public comment period. The proposals were coordinated by the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. Under the global crypto framework finalized by the Basel Committee in 2022, Bitcoin is classified as a Group 2b asset deemed difficult to hedge and inherently volatile by regulators, facing a risk weight of 1250%. This means that a bank holding $100 million in Bitcoin exposure would be considered a $1.25 billion risk-weighted asset, requiring approximately $100 million in capital for such exposure.

Compared to the zero-risk weighting of cash, gold, and US Treasury bonds, and the 20%-100% range for corporate loans, Bitcoin's capital treatment is extremely stringent. Crypto industry institutions have criticized the framework for misclassifying Bitcoin and preventing banks from providing related services.

Foreign Ministry: The sixth round of China-US trade consultations will be held.

Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked about the upcoming China-US trade consultations. Guo Jiakun responded that China has already released information about the sixth round of China-US trade consultations, which can be found online. For specific questions, he suggested contacting the relevant Chinese authorities.

Three U.S. Democratic senators said they will oversee the Justice Department's investigation into Binance.

Three U.S. Democratic senators said they will oversee the Justice Department's investigation into Binance's alleged violations of sanctions against Iran. Senators Chris Van Hollen, Elizabeth Warren, and Ruben Gallego said in a joint statement that they will monitor the investigation to ensure the Justice Department holds Binance accountable for any wrongdoing.

The Wall Street Journal reported on Wednesday, citing sources familiar with the matter, that the Justice Department is investigating whether Iran may have used Binance to circumvent sanctions. Senators stated that Binance has a history of prioritizing profits over the law, and the report has raised serious concerns that the company may again violate U.S. sanctions laws and fund activities by terrorist organizations linked to Iran. Binance previously responded that it was unaware of any investigation but has been cooperating with regulatory and law enforcement agencies in investigating the facts. Binance filed a lawsuit on Wednesday against a Wall Street Journal report from February, alleging defamation.

The U.S. Treasury Department has sanctioned six individuals and two entities for assisting North Korean IT workers in committing fraud.

According to the U.S. Treasury Department, OFAC announced sanctions against six individuals and two entities, accusing them of participating in a North Korean government-led overseas IT labor program, obtaining remote jobs at U.S. and allied companies through false identities and forged documents, and generating nearly $800 million in revenue for North Korea's weapons of mass destruction program in 2024.

Project Updates

Binance has added several tokens, including ATA and GTC, to its "monitoring label" list.

Based on a recent assessment, Binance will add Automatica Network (ATA), Arena-Z (A2Z), FIO Protocol (FIO), Gitcoin (GTC), Neutron (NTRN), Phoenix (PHB), BENQI (QI), and Radiant Capital (RDNT) to its "Monitoring Tag" list starting March 13, 2026.

The Dubai TOKEN 2049 Summit has been postponed to April 2027.

The organizers of the TOKEN2049 Summit announced that, after comprehensively considering the current geopolitical situation and its impact on international travel, participation arrangements, and event logistics, the Dubai leg of TOKEN2049 has been postponed to April 21-22, 2027. It is understood that the Dubai TOKEN2049 Summit was originally scheduled for April 29-30, 2026, but the recent conflict in the Middle East has spread to Dubai.

Binance: The entry threshold for Unitas Labs (UP) exclusive TGE is 226 Alpha Credits.

Binance Wallet posted on the X platform that the entry threshold for the Unias Labs (UP) exclusive TGE is 226 Alpha points, and 15 points will be deducted for participating in this event.

Binance Options will mandate Self-Transaction Prevention (STP) for all users.

Binance will mandate the Self-Transaction Prevention (STP) feature for all Binance Options users starting at 14:00 (UTC+8) on March 19, 2026. This update will cover spot, margin, futures, and options trading on the Binance platform. Please note that the system update will begin at 14:00 (UTC+8) on March 19, 2026 and is expected to last for one hour to allow for a smooth transition.

The STP (Send-to-Pay) feature aims to prevent API users from unintentionally executing self-trades, ensuring compliance and the integrity of market data, and saving users unnecessary transaction fees. The STP feature automatically prevents the execution of orders that could lead to self-trades. Three STP modes are available, with "EXPIRE_MAKER" being the default STP mode for all Binance Options orders.

Vitalik proposed establishing a silent alarm system using secret voice commands to combat crimes targeting crypto holders.

Ethereum founder Vitalik Buterin published an article on the X platform proposing a tool to enhance personal security and protect civil liberties at a low cost: everyone should have a simple and "repudiable" way to call for help. For example, pre-setting a few secret words that, when heard by a watch, phone, or home device, automatically and silently dial 911 and transmit the location to the police in real time. This would be particularly effective for cryptocurrency holders worried about kidnapping or robbery. Vitalik stated that if the environment ensures at least a 20% probability that the police will arrive immediately in the event of a robbery, and that the robbers cannot detect whether an alarm has been triggered, then such crimes would be too risky to be feasible. Because this function requires active action from the victim, the risk of it being abused by governments for mass surveillance is relatively low.

Coinbase adds Billions (BILL) to its listing roadmap

According to an official announcement, Coinbase has added Billions (BILL) to its listing roadmap. The listing of this asset still depends on whether market-making support and technical infrastructure are in place. The specific listing time will be announced separately once the relevant conditions are met.

Backpack will be performing at TGE on March 23.

According to official news, Backpack announced that it will conduct TGE on March 23. Previously, Backpack announced its token economics: 25% of TGE will be released, with 24% allocated to token holders.

Binance will launch EWYUSDT U-margined perpetual contracts tracking a South Korean stock market ETF.

Binance Futures will launch the EWYUSDT index perpetual contract on March 16, 2026 at 21:30 (UTC+8), supporting up to 10x leverage. The underlying index of the contract is the iShares MSCI South Korea ETF (ticker symbol: EWY), which tracks large and mid-cap South Korean stocks. It supports 24/7 trading and multi-asset mode, and can use assets such as BTC as margin.

SlowMist: ClawHub developers beware of phishing and credential leakage risks.

23pds, Chief Information Security Officer of SlowMist Technology, issued a warning to ClawHub developers about the risks of phishing and credential leakage. ClawHub currently relies on developers' one-click login via GitHub. Previously, the Sha1-Hulud worm stole a large number of developers' GitHub credentials, and attackers may use this opportunity to target Skills.

The attack path is as follows: credential theft → attacker gains GitHub privileges → logs into ClawHub as a developer → publishes malicious skills to implant a backdoor → user downloads and installs the malicious code, leading to system intrusion.

Vitalik clarified his relationship with the AI ​​organization FLI, outlining the ideological differences between the two sides on the issue of AI risks.

Ethereum founder Vitalik Buterin clarified his stance on his donation to the Future of Life Institute (FLI) years ago in a social media post, outlining the similarities and differences between the two organizations regarding AI risks. He emphasized that donating money does not equate to supporting all of FLI's policy actions. Vitalik stated that in 2021 he received a large amount of tokens such as SHIB, with a peak value exceeding $1 billion. He quickly converted some into ETH and donated it to relatively "normal" institutions, while donating the remaining half of the SHIB to FLI. At the time, FLI proposed a comprehensive roadmap covering risks in areas such as biology, nuclear energy, and AI, as well as promoting peace and cognition. FLI ultimately honored approximately $500 million, but subsequently shifted its internal strategy, prioritizing cultural and political action.

Vitalik expressed concern about large-scale coordinated political action, believing it could have unintended consequences, leading to coercive and fragile solutions. He pointed out that regulations targeting dangerous technologies often grant exemptions to national security agencies, which are themselves a major source of risk. Vitalik advocates for a d/acc path—developing open-source technologies to help humanity survive safely—and has recently allocated approximately $40 million in this direction. He also affirmed that FLI's recent "Manifesto in Support of Human AI" and other initiatives represent a positive philosophical approach.

Binance will list Katana (KAT) and add a seed tag to it.

Binance will list Katana (KAT) on March 18, 2026 at 21:00 (UTC+8) and open the following spot trading pairs: KAT/USDT, KAT/USDC, and KAT/TRY. KAT deposits will open one hour later. Withdrawals are expected to open on March 19, 2026 at 21:00 (UTC+8).

POAP: Starting March 16th, the platform will enter maintenance mode and will no longer be actively developed.

Digital badge platform POAP has officially announced that due to limited growth and failure to expand into a wider infrastructure, POAP will transition its existing platform to maintenance mode starting March 16, 2026. At that time, new issuers will no longer have access to the issuance interface, while existing issuers can continue to use their existing tools. Existing POAP creations will remain intact, the collector interface will be unaffected, and APIs and existing integrations will continue to function. However, the platform will no longer be actively developed, and some operations may slow down due to reduced resources. POAP stated that operating the platform has made it clear that digital collectibles are still an emerging medium, and existing tools often reflect the constraints of their built systems rather than community needs. Future work will focus on developing open collectible standards and providing a platform that provides standardized implementations to sustainably support a truly permissionless collectible creation model.

Katana (KAT) will be listed on Binance Wallet's seventh Prime Sale Pre-TGE.

According to the official announcement, Binance Wallet's seventh Prime Sale Pre-TGE will list Katana (KAT). The subscription period is from 8 PM to 10 PM (UTC+8) on March 16, 2026. Eligibility: Eligible users must participate using Binance Alpha Points. Pre-TGE details and the event page will be released through the @BinanceWallet X account.

Investment and financing news

Stablecoin company MetaComp completes Pre-A+ round of financing, raising a total of $35 million in three months.

Singapore-based digital finance platform MetaComp has completed its Pre-A+ funding round, bringing its total funding to $35 million, including the Pre-A round completed three months ago . This round was led by Alibaba, Spark Venture, and other institutional investors, with existing shareholders also participating.

MetaComp and its affiliates aim to build a Web 2.5 payments and wealth management platform, offering hybrid stablecoin/fiat currency payments and hybrid security/RWA token wealth management services. The new funding will be used to accelerate the expansion of the StableX network in high-growth corridors in Asia, the Middle East, Africa, and Latin America, as well as to develop an AI-driven strategic architecture to support proxy-based Web 2.5 payments and wealth management services.

Eightco Holdings raises $125 million in new funding and completes its first $50 million investment in OpenAI.

Crypto asset treasury firm Eightco Holdings (NASDAQ token ORBS) announced it has secured $125 million in new funding commitments, with Bitmine committing $75 million, and ARK Invest and Payward each committing $25 million. ORBS also disclosed that it has completed a $50 million Series A strategic investment in OpenAI and a $25 million investment in MrBeast and Beast Industries.

Palmprint authentication company VeryAI has raised $10 million in seed funding, led by Polychain Capital.

According to Axios, palmprint authentication startup VeryAI has raised $10 million in seed funding, led by Polychain Capital, with participation from Berggruen Institute, Anagram, and several crypto angel investors. VeryAI provides a palmprint scanning SDK based on a mobile phone camera, which partners can integrate into existing applications to combat bot accounts and multi-factor authentication fatigue. Its system analyzes palmprint texture and prompts users to make random gestures to prevent screenshots, screen recordings, and AI forgery. The company claims a false recognition rate of approximately one in ten million for single-hand scanning, higher than Apple's official Face ID rate.

Unitas, a yield-based stablecoin protocol, has raised $13.33 million in seed funding.

Unitas Labs, a yield-generating stablecoin protocol, announced the completion of a $13.33 million seed funding round, with participation from Awaken Finance, Amber Group, BB Fund, Taisu Ventures, Bixin Ventures, and SevenX Ventures. Unitas stated that it will use the funds to build on-chain execution and strategy infrastructure for long-term capital, improve stable asset returns through transparent market-neutral strategies, and gradually expand to multiple on-chain collateralized assets such as BTC, tokenized commodities, and RWA under a unified custody, risk control, and monitoring framework, with a focus on strengthening compliant institutional access and DeFi ecosystem integration.

Crypto accounting platform Cryptio has raised $45 million in Series B funding, led by BlackFin Capital Partners and Sentinel Global.

According to Fortune, digital asset accounting startup Crypto has completed a $45 million Series B funding round, led by BlackFin Capital Partners and Sentinel Global, with participation from 1kx, BlueYard Capital, and Ledger Cathay Capital. The company primarily provides large institutions with digital asset holdings, custody locations, crypto lending, and on-chain asset management software. The funding round was reportedly completed three weeks ago, and the valuation was not disclosed. Currently, the company has approximately 110 employees and serves over 450 clients, including stablecoin issuer Circle and BNP Paribas' blockchain subsidiary.

Opinions & Analysis

Analysis: Conditions for a Bitcoin rebound are gradually forming.

In its weekly report, Matrixport stated that current crypto market sentiment is weak, with overall trading volume remaining low. Many traders have shifted their attention to other assets such as gold and crude oil. However, beneath the calm surface, some changes are taking place. Bitcoin has fallen for five consecutive months, a rare occurrence historically, and similar price movements often precede subsequent rebounds. Meanwhile, the total market capitalization of altcoins has also fallen back to levels that have historically triggered multiple rebounds. Although our altcoin model has not yet officially turned bullish, the number of tokens that have regained their 30-day moving average and passed momentum screening has increased significantly. Liquidity conditions are also continuously improving as stablecoin funds flow back into the market. Overall, these signals suggest that the likelihood of a crypto market rebound is gradually increasing.

Analysts: The whale that lost $50 million due to high slippage is suspected of being linked to Garrett Jin.

On-chain analyst Lookonchain published an analysis suggesting that the mysterious trader who exchanged 50.43 million aEthUSDT for only 327 aEthAAVE ($36,000) is likely Garrett Jin (the "1011 insider whale"). Clues include: on-chain tracking revealed 13 wallets potentially belonging to him. These wallets all received USDC or USDT from Binance on February 16th and 20th, and are active today, consolidating funds into two newly created wallets. One of these wallets shares the same Binance deposit address as Garrett Jin. Notably, Garrett Jin sold 261,000 ETH ($543 million) and 11,300 BTC ($761 million) on February 15th and 20th, respectively, a timing that closely matches the dates these wallets withdrew stablecoins from Binance.

Important data

Bitcoin spot ETFs saw a total net inflow of $53.8681 million yesterday, marking the fourth consecutive day of net inflows.

Ethereum spot ETFs saw a total net inflow of $72.3677 million yesterday, marking the third consecutive day of net inflows.

A whale lost nearly $50 million when exchanging USDT for AAVE because it ignored slippage warnings.

According to The Block, a whale lost nearly $50 million when it failed to notice slippage warnings while exchanging $50 million worth of USDT for AAVE through the Aave interface, ultimately only receiving about $36,000 worth of AAVE.

The founder of Aave Labs stated that a user attempted to purchase AAVE with $50 million USDT through the Aave interface. However, due to the unusually large order size, the trading interface issued an abnormal slippage warning and required the user to confirm via a checkbox. The user confirmed the warning on their mobile device and continued the transaction, accepting the high slippage and ultimately receiving only 324 AAVE. CoW Swap stated that the transaction was executed according to the parameters of the signed order, and the interface displayed a clear price impact warning; there was no indication of a protocol vulnerability or malicious behavior. Aave stated that they are attempting to contact the user and will refund the $600,000 fee collected from the transaction.