Evening News | Huobi announces new Chinese name "火必"; Genesis has lowered its fundraising target to 500 million USD

整理：润升，链捕手

"What Important Events Happened in the Last 24 Hours"

1. Huobi Announces New Chinese Name "火必"

Huobi announced its new Chinese name "火必" at a brand restructuring launch event held in Singapore today.

It is reported that today's press conference will also showcase the content of Huobi's brand restructuring and the plan to rebuild Huobi. (Source link)

2. Insider: Genesis Faces Financing Difficulties, Cuts Funding Target by Half to $500 Million

According to a report by Bloomberg citing insiders, Genesis's lending department is facing difficulties in financing, and the company has warned potential investors that it may file for bankruptcy if it cannot raise funds. It is reported that its funding target has been reduced from $1 billion to $500 million. Insiders added that its parent company DCG is unwilling to sell part of its venture capital portfolio and has no plans to sell its other company, Grayscale.

Bloomberg cited a statement from Genesis stating that it has no plans to "immediately" file for bankruptcy and is working to resolve the current issues. According to previous reports, Genesis Trading has suspended redemptions and new loan issuances. DCG stated that the operations of its other wholly-owned subsidiaries have not been affected, and DCG has injected $140 million in equity into Genesis Trading. (Bloomberg)

3. Zhao Changpeng: Binance Plans to Expand Staff to 8,000 by Year-End

Binance founder Zhao Changpeng stated that Binance had 5,900 employees in June this year, and now has over 7,400. Binance's goal is to expand its staff to 8,000 by the end of the year, and it is currently continuing to hire. (Source link)

4. FTX Hacker Transfers Large Amounts of Funds in Units of 1,500 ETH

On-chain data shows that an address starting with 0x59a, labeled as "FTX Accounts Drainer," is transferring large amounts of funds in units of 1,500 ETH. Currently, this address holds approximately 5,735.29 ETH, worth about $6,377,538. (Source link)

5. Bloomberg: Sun Yuchen Spends Approximately $1 Billion to Acquire About 60% of Huobi

According to Bloomberg, citing insiders, Sun Yuchen has spent approximately $1 billion to acquire about 60% of Huobi through the Hong Kong asset management company About Capital. Sequoia China and ZhenFund have also sold a combined 28% stake in Huobi Global to About Capital. Insiders said that Justin Sun excluded his name from the transaction to avoid regulatory scrutiny in China.

ChainCatcher previously reported that Huobi's major shareholder completed the share sale, and About Capital's acquisition fund became the actual controller. Justin Sun joined Huobi Global's global advisory board and has repeatedly responded that he is not the buyer of Huobi. (Bloomberg)

6. Bloomberg: Tiger Global Invested $38 Million in FTX with Help from Bain and Others

According to Bloomberg, citing insiders, consulting firm Bain & Company was one of the firms that helped Tiger Global conduct due diligence on its investment in FTX. Tiger Global pays Bain over $100 million annually for research on private companies. Tiger Global has now written down its $38 million stake in FTX to zero.

ChainCatcher previously reported that after writing down its FTX investment, Tiger Global established a new fund and plans to raise $6 billion. (Bloomberg)

7. CoinMarketCap Data: Binance Currently Holds Over $78.7 Billion in Reserves

CoinMarketCap has launched a new feature to display the asset reserves of trading platforms, aimed at providing verifiable exchange reserve information to the market. It is reported that this section will cover multiple dimensions of data, including total asset value, ownership of public addresses, and address balances, with data updated every 5 minutes.

According to CoinMarketCap's new feature, Binance currently has asset reserves of $78,760,173,829.40. (Source link)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. "FTX's Aftermath, Genesis on the Brink"

The shockwaves from FTX's collapse continue to deter, leading the crypto lending platform Genesis into a series of market doubts. Currently, Genesis's urgent financing target is an additional $500 million, halved from the initial fundraising goal of $1 billion. Bankless author Jack Inabinet published an article summarizing the events, attempting to answer the following questions: What is the relationship between Genesis, Grayscale, and DCG? Is there a "suspicious connection" with Three Arrows Capital? What are the sources of risk for Genesis? How will the events unfold?

2. "FTX Hearing Today: How Should Chinese Creditors Protect Their Rights Legally?"

FTX has filed for bankruptcy reorganization under U.S. bankruptcy law in a Delaware court today. FTX is registered in Antigua and Barbuda, and its headquarters has moved to the Bahamas, but its main operating location is in the United States. How should legal rights be protected in this case? The Xiao Sa lawyer team analyzed the U.S. bankruptcy process and possible paths for Chinese creditors to protect their rights, concluding that the immediate priority for Chinese creditors is to join the creditors' committee, preserve evidence, and promptly engage professional U.S. lawyers for debt registration.

3. "IOSG: Why Are We Optimistic About Hardware Acceleration for Zero-Knowledge Proofs?"

This article mainly discusses the current development status of ZKP as a scaling solution, describing several dimensions that need optimization in the proof generation process from a theoretical perspective, and delving into the demand for acceleration in different scaling solutions. It focuses on hardware solutions and looks forward to the Moore's Law in the field of zk hardware acceleration. Finally, it elaborates on some opportunities and current situations in the hardware zk acceleration field.

The author of this article analyzes that the current scaling solutions face two issues: 1. Centralization, meaning that users' information still risks being censored; 2. The verifiable data forms are singular. Because off-chain data forms are diverse and unstandardized, verifiable data forms require extensive cleaning/screening, yet remain singular in form.