Evening News | Financial Times Reveals FTX Venture Capital: Nearly 500 Investments, Totaling Over $5.4 Billion; Huobi: CNHT (Tether CNH) to Launch Soon

Organizer: Xi Angxiang, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Huobi: Will Launch CNHT (Tether CNH) Soon

Huobi's official website announced that it will soon launch CNHT (Tether CNH), prioritizing the opening of spot trading for CNHT/USDD. Once the trading volume meets the standards, the CNHT/USDT trading pair will be opened. (Source link)

2. Dragonfly Capital May Lose $44 Million from PERP Token Investment

According to Lookonchain monitoring, about 11 hours ago, an address marked as Dragonfly Capital transferred 4.69 million PERP (approximately $2.17 million) to Binance.

On-chain records show that Dragonfly Capital began buying and staking PERP on July 20, 2021, acquiring a total of 4,264,921 PERP at an average purchase price of $10.92. At the current price, this transaction has resulted in a floating loss of $44 million for Dragonfly Capital. (Source link)

3. Zhao Changpeng: 90% of Binance's Revenue Comes from Trading Fees, All Ads on CoinMarketCap Have Been Removed

Binance founder Zhao Changpeng stated that 90% of Binance's revenue comes from trading fees, and all ads on CoinMarketCap have been removed.

Additionally, Zhao mentioned that if CoinMarketCap ads were to be restarted, it could generate $40 million annually, but he stated, "We don't need to do that right now." (Source link)

4. Bloomberg: Blockstream is Raising New Funding, Latest Valuation May Drop Nearly 70% to Below $1 Billion

Bloomberg cited insiders reporting that Bitcoin and blockchain infrastructure company Blockstream is raising a new round of funding. In August 2021, the company completed a $210 million Series B funding round with a valuation of $3.2 billion. However, the company's valuation may have dropped nearly 70% to below $1 billion.

Blockstream CEO Adam Back declined to comment on the scale of the funding or valuation but stated that the funds would be used to expand the capabilities of custodial crypto miners. (Source link)

5. Hoo's Official Website Content Deleted, Only Actual Controller Information Announcement Remains

Currently, Hoo's official website only has detailed information about its actual controller. Additionally, the website shows that all permissions for the platform wallet and website program are controlled by the actual controller, and users with issues need to contact the official email.

According to previous reports from ChainCatcher, Hoo had stated that to quickly resolve withdrawal issues, it would stop all trading services starting August 1, revoke all business statuses, and transfer user assets to wallet accounts. It also introduced a debt-to-coin conversion plan and a partner investment plan. (Source link)

6. Signature Bank Announces It Will Reduce Cryptocurrency Deposits by Up to $10 Billion

According to CoinDesk, Signature Bank in the U.S. announced it would reduce cryptocurrency-related deposits by $8 billion to $10 billion. Signature Bank CEO Joe DePaolo stated that as of September 2022, about 23.5% of the bank's total deposits of $103 billion came from the crypto industry, but due to recent issues in the sector, Signature ultimately decided to reduce this amount to below 15%.

DePaolo emphasized that Signature is not just a cryptocurrency bank, and stablecoins are part of its planned exit strategy.

ChainCatcher previously reported that after the FTX collapse, Signature Bank claimed it only had deposit relationships with FTX, with deposits below 0.1% of total deposits, and the balance of digital asset deposits remained stable. (CoinDesk)

7. Sequoia Capital Partner Responsible for Crypto and AI Investments is Leaving

According to The Information, Sequoia Capital partner Divya Gupta is set to leave. Gupta has been involved in seed and early-stage investments in cryptocurrency and artificial intelligence during her time at Sequoia Capital.

According to previous reports from ChainCatcher, Sequoia Capital apologized to investors during a conference call for losing $150 million in the FTX incident, stating that the company had conducted due diligence on FTX, but the company's founder Sam Bankman-Fried misled them about the relationship between FTX and Alameda Research. They will improve the due diligence process and have accounting firms audit the financial statements of early-stage companies. (Source link)

8. U.S. House Committee Considering Whether to Issue Subpoena for SBF to Testify

The U.S. House panel will hold a hearing next week on the FTX collapse and the state of the digital asset industry, and the House Financial Services Committee is considering whether to issue a subpoena for former FTX CEO SBF to testify.

However, it is worth noting that once the new Congress is sworn in in January, any subpoenas issued now will be meaningless unless the Republicans controlling the committee agree to issue them. (Source link)

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

1. Financial Times Reveals FTX Venture Capital: Nearly 500 Investments, Totaling Over $5.4 Billion

In addition to running an exchange that does not redeem cryptocurrencies and owning a hedge fund that does not hedge, SBF also has a venture capital fund that takes risks without using its own capital. This article from the Financial Times details the funding directions of SBF's venture capital department with multiple charts. It is reported that this diversified portfolio, consisting of nearly 500 illiquid investments, is divided into 10 holding companies, with a total investment value exceeding $5.4 billion.

2. "Delphi Digital: The Present and Future Outlook of Crypto Games"

Delphi Digital's gaming director Piers Kicks summarized the current state of crypto games and shared his views on the future of crypto gaming. In his opinion, some truly exciting developments will emerge in the crypto gaming industry within the next 1-2 years. Additionally, he predicts that Epic Games will launch some crypto-related products in the future, pushing crypto games into the mainstream.

3. The Ultimate Security Guide to DeFi Protocols

The collapse of FTX has highlighted the importance of self-custody and risk management. However, there are still many vulnerabilities, rug pulls, and contract bugs in DeFi, where one can easily incur losses. This article discusses how to assess the security of a project to protect one's assets. It is important to note that a high TVL does not guarantee absolute safety, and audit reports should not be blindly trusted.