PA Daily | The US SEC appealed the Ripple case; South Korean financial authorities notified Upbit that it would face suspension and rectification

Today's news tips:

South Korean financial authorities informed Upbit that it will face suspension and rectification

The US SEC appealed the Ripple case and asked the appellate court to review the relevant ruling

Solv Protocol has opened a channel for querying SOLV airdrop qualifications

Ronin launches $10 million ecosystem funding plan

MetaLeX founder denies involvement in fake token scam: will not damage personal and MetaLeX reputation for just $55,000

Bithumb will launch AGLD, CBK, HPO Korean Won trading markets

Texas Senator Submits SB 778 to Establish State-Level Strategic Bitcoin Reserve

ETF Analyst: The Next Cryptocurrency ETF to be Approved Could Be Litecoin

Regulatory/Macro

South Korean financial authorities informed Upbit that it will face suspension and rectification

According to the Korean media Daily Economy, the Korean crypto exchange Upbit was notified by the country's financial authorities that it would face suspension and rectification due to violation of anti-money laundering obligations such as the customer identification system (KYC). The Financial Information Analysis Institute (FIU) of the Financial Services Commission of South Korea notified Upbit in advance on the 9th of this month of sanctions with suspension and rectification as the main content because it violated the Specific Financial Transaction Information Act. If the punishment is finalized, Upbit will restrict business related to new customers during the suspension period (up to 6 months), but existing users can still trade on Upbit. Upbit can submit an opinion on this punishment to the FIU before the 20th of this month. After receiving Upbit's defense, the FIU will hold a sanctions review meeting on the 21st of this month to finalize sanctions such as the suspension period.

People familiar with the matter said the Biden administration is considering allowing TikTok to continue operating in the United States

According to CCTV, three people familiar with the matter revealed that the Biden administration is considering how to allow TikTok to continue operating in the United States. A government official revealed that officials are "exploring various options" so that TikTok will not be banned this Sunday (January 19).

22% of Xiaohongshu's total downloads so far this month came from the United States, compared to just 2% in the same period last year

The latest data from Sensor Tower shows that it is estimated that in the past seven days (January 8 to January 14, local time), Xiaohongshu's mobile app downloads in the United States have increased more than 20 times compared with the previous seven days (January 1 to January 7, local time), and more than 30 times compared with the same period in 2024. Since the beginning of the month, more than one-fifth (22%) of Xiaohongshu's total app downloads have come from the United States, while this proportion was only 2% in the same period in 2024. In addition, the data also shows that Xiaohongshu's downloads in the United States in December 2024 increased by more than 130% year-on-year.

Burwick Law initiates legal action against Pump.fun

According to the Burwick Law announcement, the law firm is initiating legal action on behalf of Pump.fun memecoin investors, claiming that investors have suffered losses from these tokens and may be eligible for compensation. Those affected can participate in the case by filling out a free questionnaire on its official website. Data shows that of the 14 million wallets that interacted with Pump.fun, only 0.4% made a profit of more than $10,000, and the potential number of victims may reach millions. Burwick Law has previously stated that it has nothing to do with any token using its name or image, and emphasized that it will be committed to bringing accountability mechanisms to the crypto industry. The current case focuses on potential fraud or manipulation of Pump.fun tokens.

Canary submits revised Litecoin ETF application documents, indicating that it may be in contact with the SEC

Bloomberg ETF analyst James Seyffart tweeted that Canary Funds has submitted a revised S-1 application to advance its Litecoin ETF (Exchange Traded Fund) plan. Although Form 19b-4 (a key document to start the approval process) has not yet been submitted, the revision may indicate that the SEC is in contact with Canary, which is a positive sign. If approved, the Litecoin ETF will provide investors with more convenient exposure to digital assets by tracking LTC prices. However, there is still no clear timetable, and we need to wait for the submission of Form 19b-4 and the official response of the SEC.

UK appoints Emma Reynolds as economic secretary to advance cryptocurrency policy

According to CoinDesk, the British government has appointed Emma Reynolds as Minister of Economic Affairs, replacing Tulip Siddiq, who resigned due to a corruption investigation. Reynolds will be responsible for digital assets, central bank digital currencies (CBDCs), and broader financial policies. Previously, she served as managing director of TheCityUK and said that the UK can learn from the EU's crypto policy. The UK is currently promoting stablecoin and crypto regulations, and relevant legislation is expected to be introduced early this year.

VanEck submits application for on-chain economy ETF to SEC

According to Cointelegraph, asset management company VanEck submitted an application for the "Onchain Economy" ETF to the SEC on January 15, 2025. The fund plans to invest more than 80% of its assets in digital transformation companies and digital asset-related tools, including software developers, mining companies, crypto exchanges, payment companies, etc., but will not directly hold cryptocurrencies.

Hindenburg Research, a short-selling agency, announced its dissolution, and its founder will open source its investigation model

According to a statement issued by Nate Anderson, founder of Hindenburg Research, a well-known short-selling agency in the United States, the company has decided to officially disband. Nate said that the company has completed the last investigation project, including the Ponzi scheme case submitted to the regulator. He plans to open source Hindenburg's investigation methods and processes in the next 6 months to help more people understand and apply its model. In the statement, Nate expressed his gratitude to the team, family and readers, and revealed that some team members will create a new research institution, and he will devote himself to personal life and new interests.

The US SEC appealed the Ripple case and asked the appellate court to review the relevant ruling

According to the preliminary briefing document filed by the SEC, the U.S. Securities and Exchange Commission appealed the Ripple case, focusing on the dispute over whether the sale of XRP constitutes a securities offering. The SEC claimed that the trial court had made errors in its interpretation of the securities law in some of its decisions and asked the appellate court to re-examine the relevant ruling.

Texas Senator Submits SB 778 to Establish State-Level Strategic Bitcoin Reserve

Texas Senator Charles Schwertner tweeted that he has submitted SB 778, proposing to establish the first state-level Bitcoin strategic reserve in the United States. If the bill is passed, it will enable Texas to take a leading position in the digital economy and promote economic growth and freedom.

Eight major blockchain associations in the United States jointly established NABA to provide unified encryption policy recommendations to the federal government

According to CoinDesk, eight blockchain associations in the United States have jointly established the North American Blockchain Association (NABA) to provide unified crypto policy recommendations to the federal government. Lee Bratcher, chairman of the Texas Blockchain Committee (TBC), expressed optimism about the cryptocurrency-friendly policies of the new Trump administration. Currently, more than half of TBC's funds come from Bitcoin mining companies. Despite the challenges of Texas' power grid growth, it is not expected to impose discriminatory restrictions on mining companies.

The Gaza ceasefire agreement has been formally reached and will be implemented in three stages

According to Reuters, an official familiar with the matter said that Israel and Hamas have formally reached a ceasefire agreement in Gaza, which will take effect on January 19. The agreement outlines a six-week initial ceasefire phase, which includes the gradual withdrawal of Israeli troops from central Gaza and the return of displaced Palestinians to northern Gaza. Hamas will release 33 Israeli hostages during this phase, including all women (both soldiers and civilians), children and men over 50 years old. Israel said that Israel will release all Palestinian women and children under the age of 19 detained since October 7, 2023 before the end of the first phase. Negotiations on the second phase of the agreement will start on the 16th day after the start of the first phase, and are expected to include the release of all remaining hostages, including Israeli male soldiers, a permanent ceasefire and the complete withdrawal of Israeli soldiers. The third phase is expected to include the return of all remaining remains and the start of reconstruction work in Gaza under the supervision of Egypt, Qatar and the United Nations.

ETF Analyst: The Next Cryptocurrency ETF to be Approved Could Be Litecoin

Bloomberg ETF analyst Eric Balchunas wrote on the X platform that we heard that the S-1 application form of Litecoin ETF has received a response from the SEC, which seems to confirm our prediction that Litecoin is most likely to become the next approved cryptocurrency ETF. That being said, the new chairman of the US Securities and Exchange Commission has not yet taken office, which is a huge variable.

Foreign media: Trump is "open to the idea of establishing a strategic reserve that includes a US-created digital currency

According to the New York Post, Trump is "open to the idea of establishing a strategic reserve containing digital currencies created by the United States." The article wrote: "While many in the cryptocurrency community are cheering Trump's upcoming executive order in support of cryptocurrency, one proposal has caused more controversy: the establishment of an "America First" strategic reserve that would give priority to digital currencies created by the United States, such as Solana, USD Coin and Ripple. In recent weeks, Trump has met with the founders of these digital currencies, and according to sources, he is open to the proposal. Industry insiders who wish to remain anonymous said they are worried that the move could delegitimize efforts to promote Bitcoin."

Financial Times: Several pension funds in the UK and Australia have recently made small allocations to Bitcoin

Pension funds are trying to buy Bitcoin, according to the Financial Times. Pension funds in Wisconsin and Michigan have become among the largest holders of U.S. stock market funds focused on cryptocurrencies, while some pension fund managers in the UK and Australia have also made small allocations to Bitcoin through funds or derivatives in recent months. As of the end of September, the Wisconsin Investment Committee became the 12th largest holder of BlackRock's Bitcoin ETF, with a stake worth about $155 million. Michigan is the sixth largest holder of the Grayscale Ethereum ETF, with a stake worth $12.9 million, and is also the 11th largest holder of the ARK 21Shares Bitcoin ETF. Since the U.S. election day, British pension fund advisory firm Mercer has received a large number of inquiries, and trustees do not want to be ignorant of hot asset classes. Most pension funds have turned to regulated U.S. spot Bitcoin or Ethereum ETFs approved last year. In the UK, pension advisory firm Cartwright has facilitated the first Bitcoin transaction, with an undisclosed small pension plan investing about £1.5 million directly in Bitcoin, hoping to fill the funding gap through excess returns. At the same time, more than 50 individual savers want to transfer their pensions in full to cryptocurrencies. Cartwright is exploring the possibility of setting up a Bitcoin fund with two multi-employer pension funds. Australia's AMP Pension Fund Management Company also uses Bitcoin to improve returns. AMP senior portfolio manager Steve Flegg said that although cryptocurrencies are high-risk and new, their size and potential cannot be ignored, so AMP's portfolio has made a moderate allocation to Bitcoin futures. However, funds that allocate Bitcoin and other cryptocurrencies are still a minority in the pension industry, and most advisors are reluctant to advise clients to get involved in cryptocurrencies.

Financing

Crypto Custody Company Komainu Completes $75 Million Funding, Blockstream CEO Joins Board of Directors

Komainu Holdings Ltd., a crypto custody company backed by Nomura Holdings, announced that it has raised $75 million from Blockstream Capital Partners. The financing will be used to support Komainu's global expansion plans after obtaining regulatory approval and integrate the collateral management and tokenization technology developed by Blockstream Corp. In addition, Blockstream CEO Adam Back will join Komainu's board of directors to further strengthen the cooperation and technical integration between the two parties.

Project News

Solv Protocol has opened a channel for querying SOLV airdrop qualifications

According to the official announcement, Bitcoin staking protocol Solv Protocol has opened a channel for querying SOLV airdrop qualifications. It is reported that SOLV will be officially available for collection at 17:00 on January 17. SOLV tokens will be listed on exchanges such as Binance, Bybit and Hyperliquid at 18:00 on January 17. Unclaimed tokens will be returned to community rewards and DAO vaults after 17:00 on March 18. Earlier news: Solv Protocol: SOLV airdrop qualification query will be open at 17:00 on January 16.

Ronin launches $10 million ecosystem funding plan

The gaming blockchain Ronin announced the launch of the "Ronin Ecosystem Grants" program, providing a total of $10 million in funding to support developers' innovative construction within the Ronin ecosystem. A single project can receive funding support of $20,000 to $300,000, while enjoying community exposure and the opportunity to connect with other developers in the ecosystem.

Stability AI's official Twitter account appears to have been hacked, beware of scams

Stability AI’s official Twitter account released information related to the STAI token contract, which was suspected to have been hacked. Be careful not to be deceived. Subsequently, multiple related CA information has been deleted.

Indian telecom giant Jio partners with Polygon to bring Web3 to 450 million users

According to CoinDesk, Indian telecommunications and technology company Jio Platforms (JPL) announced a partnership with Polygon Labs to introduce Web3 and blockchain services into its existing applications and services. JPL is a wholly-owned subsidiary of Indian energy giant Reliance Industries and is led by Asian billionaire Mukesh Ambani. Polygon's advanced blockchain technology will help Jio provide decentralized digital services to 450 million users and promote the rapid development of the Web3 ecosystem in India.

Bithumb will launch AGLD, CBK, HPO Korean Won trading markets

According to the Bithumb announcement, Adventure Gold (AGLD), Cobak Token (CBK) and Hippocrat (HPO) will be listed on the Korean won trading market today, and the trading time is 18:00 on January 16, 2025 (local time).

Zilliqa mainnet has resumed normal functionality

According to Zilliqa's official announcement, the team has completed the mainnet recovery after several hours of hard work. Currently, the Zilliqa mainnet has fully restored normal functions and users can resume online transactions. Last night, Zilliqa said: The Look-up node was out of sync, resulting in the failure of transactions to be successfully uploaded to the blockchain for processing, and the problem is being resolved.

CoinList to Launch Aligned Token Sale

According to the CoinList announcement, the Aligned token sale will start at 1:00 am (Beijing time) on January 17, 2025, on a first-come, first-served basis. Aligned focuses on accelerating Ethereum expansion through faster and lower-cost zero-knowledge proof (ZK) verification. The sale is divided into two plans, with token prices of $0.03 and $0.04, respectively, and total FDV of $300 million and $400 million, respectively. Participants are required to complete KYC, with a minimum purchase amount of $100 and a maximum of $480,000.

Binance Alpha adds LLM, SEKOIA, and PYTHIA

According to official news, Binance Alpha has added a list of new projects, including: LLM, SEKOIA and PYTHIA. The project introductions are as follows: LLM: A Solana memecoin about large language models; SEKOIA: Terminal on-chain VC; PYTHIA: Connecting neurobiology, artificial intelligence and the future.

Viewpoint

QCP Capital: CPI data eases market concerns about rising inflation, and the altcoin season is expected to arrive

Singapore-based crypto investment firm QCP Capital said in a post today that global markets rebounded last night after a lower-than-expected consumer price index (CPI) report, easing market concerns about rising inflation. Bitcoin surged 4.13% to a high of $100,800 before stabilizing just below $100,000. The stock market also showed optimism, with the S&P 500 up 1.83% and the Nasdaq up 2.27%. Yesterday, both Bitcoin and Ethereum spot ETFs saw healthy inflows, with Bitcoin spot ETFs seeing a staggering inflow of $723.2 million. The rapid recovery in inflows reflects strong institutional demand and bodes well for the future prospects of the cryptocurrency market. In the options market, Bitcoin January call options dominated yesterday, with traders becoming increasingly bullish and snapping up contracts with strike prices between $100,000 and $110,000. This is a positive sign as we head into March, with the $120,000 strike currently seeing the highest open interest. Given this surge, is altcoin season imminent? With Bitcoin’s market share plummeting from 58.6% to 57.4%, altcoins are expected to outperform as profits flow to Ethereum and other altcoins. To confirm the arrival of altcoin season, Bitcoin’s market share needs to break below the 57.3% support level while Bitcoin price remains volatile around $100,000.

MetaLeX founder denies involvement in fake token scam: will not damage personal and MetaLeX reputation for just $55,000

Gabriel Shapiro, founder of MetaLeX, a crypto governance consulting firm, responded on social media that someone used fake MetaLeX tokens to commit fraud and cash out $55,000, and tried to link it to this incident. He said that the scammers had sent him messages through multiple accounts, asking for the return of the $50 ETH that he had previously transferred to Shapiro's friend's account. Shapiro returned the amount after confirmation and immediately cancelled the association between his social account and the old address. He emphasized that he had nothing to do with the fake MetaLeX tokens, and pointed out that he had never cashed in his personal reputation or social influence through tokenization. He also said that the scammers used this small transaction to create a false correlation and induce some investors to buy the token. Shapiro expressed regret for this, but insisted that he was completely unaware and would not damage his personal and MetaLeX reputation for a mere $55,000. Earlier news, crypto governance consulting firm MetaLeX completed a $2.75 million seed round of financing.

CryptoQuant CEO: America uses Coinbase, the world uses Binance

Ki Young Ju, CEO of CryptoQuant, posted on the X platform: "The United States uses Coinbase. The world uses Binance." Data shows that Binance dominates the markets in Asia, Africa, South America, the Middle East and Europe, with Africa accounting for 72%, South America for 68%, and Europe and Asia both accounting for more than 50%. In North America, Coinbase is the first choice with a market share of 45%.

Important data

WBTC releases 2024 annual review: market value peaks at $14.3 billion, with daily trading volume exceeding $1 billion

WBTC recently released an annual review, saying that in 2024, WBTC's market value peaked at $14.3 billion (December 18), daily trading volume exceeded $1.01 billion (December 5), and the number of daily transactions reached 1.0299 million, accounting for 75.8% of the Ethereum Bitcoin token market. Its handling fee is as low as $0.03, and more than 10 new project integrations have been added, expanding to 7 new chains such as Base and zkSync, realizing a multi-chain ecological layout. Since its launch in 2019, WBTC has maintained zero security incidents and has firmly established its position as the leading Bitcoin tokenized asset in the DeFi ecosystem. In 2025, it will continue to be committed to promoting cross-chain interoperability and innovative DeFi applications.

Data: Bitcoin spot ETFs had a net inflow of $755 million yesterday

According to SoSoValue data, on January 15 (EST), Bitcoin spot ETFs had a total net inflow of $755 million, which was the first net inflow after four consecutive days of net outflows. Among them: • Fidelity FBTC: net inflow of $463 million, a historical cumulative total of $12.506 billion • Ark Invest & 21Shares ARKB: net inflow of $139 million, a historical cumulative total of $2.535 billion • Grayscale GBTC: net inflow of $50.54 million, a historical cumulative net outflow of $21.605 billion As of press time, the total net asset value of Bitcoin spot ETFs is $113.637 billion, accounting for 5.76% of the total market value of Bitcoin, with a historical cumulative net inflow of $36.477 billion.

An address holding over 50 million USDT was frozen

According to Whale Alert monitoring, an address holding 50,251,106 USDT (approximately US$50,246,458) has just been frozen.

An address with a balance of 14 million USDT was frozen

Whale Alert monitoring showed that at 4:02 am Beijing time, an address with a balance of 14,000,000 USDT (14,002,344 US dollars) was frozen.