Daily Report | Robinhood fined $3.9 million by California; Grass launches airdrop check page; Upbit launches BIGTIME KRW trading pair
September 5 News Overview整理：Fairy，ChainCatcher
Important News:
- Robinhood fined $3.9 million by California for cryptocurrency withdrawal issues
- Upbit adds BIGTIME KRW trading pair
- Weifang, Shandong establishes a metaverse industry fund group with a total scale of no less than 10 billion yuan to support metaverse industry development
- Federal Reserve accuses crypto-friendly bank United Texas Bank of "significant deficiencies" in transactions with crypto-related clients
- Grass launches airdrop check page, with the first airdrop accounting for 10% of the total
- Coinbase spokesperson: Harris did not directly accept cryptocurrency donations, but her PAC did
"What important events happened in the past 24 hours"
Robinhood fined $3.9 million by California for cryptocurrency withdrawal issues
The California Department of Justice has fined Robinhood's cryptocurrency trading subsidiary, Robinhood Crypto LLC, $3.9 million for past actions.
The company had prohibited users from withdrawing purchased cryptocurrencies from 2018 to 2022. Although Robinhood abandoned this policy in 2022, the California Department of Justice still conducted an investigation. The investigation viewed the cryptocurrencies traded through Robinhood as commodities and determined that the company failed to allow users to have custody of their personal assets, violating California commodity laws. Under the settlement agreement, Robinhood must allow users to withdraw cryptocurrencies from the app and update disclosures regarding its custody practices. Robinhood Crypto is also facing a separate review by the U.S. Securities and Exchange Commission, which indicated in May that it was preparing to sue the company for violating federal securities laws.
Upbit adds BIGTIME KRW trading pair
According to official news, Upbit announced that it will launch the BIGTIME KRW trading pair on September 5 at 18:00 (Beijing time 17:00).
Weifang, Shandong establishes a metaverse industry fund group with a total scale of no less than 10 billion yuan to support metaverse industry development
According to Jinshi, the Weifang Municipal Bureau of Industry and Information Technology recently released a document titled "Several Policies to Accelerate the Development of the Metaverse Industry," proposing to establish a metaverse industry fund group with a total scale of no less than 10 billion yuan, targeting enterprises at different lifecycle stages in the metaverse industry chain, with an initial scale of no less than 2 billion yuan. The focus will be on investing in and attracting enterprises and projects that "strengthen, supplement, and extend the chain."
State-owned enterprises are encouraged to jointly establish special funds for the metaverse industry, exploring a direct investment model combining "equity + debt," with exits within five years at no higher than the bank loan interest rate, and market-based exits for more than five years. Municipal guiding funds may transfer value-added income to the contributing state-owned enterprises.
Federal Reserve accuses crypto-friendly bank United Texas Bank of "significant deficiencies" in transactions with crypto-related clients
On Wednesday, the Federal Reserve issued a cease-and-desist order to crypto-friendly bank United Texas Bank, citing "significant deficiencies" in compliance with anti-money laundering laws related to transactions with cryptocurrency clients, as well as other alleged illegal activities.
Grass launches airdrop check page, with the first airdrop accounting for 10% of the total
According to official news, Grass announced the launch of an airdrop check page.
Currently, the check page only reflects the allocations for Closed Alpha and Epochs 1-7, excluding the ongoing Bonus Epoch or To Be Announced allocations. The total supply will be 1 billion GRASS tokens, with 10% allocated for the first airdrop.
The detailed allocation is as follows:
- Closed Alpha: 1.5%;
- Epochs 1-7: 7%;
- Bonus Epoch: 0.5%;
- To Be Announced: 1%.
Coinbase spokesperson: Harris did not directly accept cryptocurrency donations, but her PAC did
A Coinbase spokesperson clarified on Wednesday that the statement about Harris "accepting crypto donations" was incorrect. The spokesperson stated, "Coinbase can confirm that the lobbying organization Future Forward PAC has partnered with Coinbase Commerce to accept cryptocurrency donations." Harris's campaign website currently does not provide a way to donate via cryptocurrency.
While Harris's campaign team did not directly accept cryptocurrency donations, Future Forward USA is a major source of support for Harris, and this development may at least signal Democrats' growing interest in cryptocurrency.
Data: Ethereum Foundation sells 100 ETH, approximately $240,000
According to @ai_9684xtpa's monitoring, the Ethereum Foundation has sold 100 ETH again, approximately $240,000.
The address has sold a total of 2,616 ETH on-chain over the past eight months, with a total value of $7.64 million and an average selling price of $2,921.
19-year-old Singapore crypto trader attacked during offline USDT transaction, police arrest two suspects
According to Protos, a 19-year-old Singapore cryptocurrency trader "ZK" was attacked while attempting to exchange 32,000 Singapore dollars (approximately $24,000) for Tether (USDT) and was forced to cancel the transaction.
According to Mothership, during the transaction, ZK was ambushed by two men in a parking lot when meeting with the seller, one of whom punched him in the face. ZK fled to a nearby mall and called the police. The transaction was originally scheduled to take place in a public location, but the seller changed the location at the last minute. Police have arrested two suspects, aged 20 and 21, on charges of attempted robbery.
"What are the exciting articles worth reading in the past 24 hours"
Overview of AI+DePIN project EMC backed by Amber Group, Polygon, and others
With the rapid rise of AI technology and decentralized physical infrastructure networks (DePIN) in Web3, GPU-based computing DePIN is becoming a focal point of industry attention. Several projects such as Render, IoTeX, Helium, and io.net are making significant progress. Recently, EMC announced the successful completion of $20 million in strategic financing, and the following will introduce EMC.
The Legend of Yang Bin: The former Chinese billionaire and Kim Jong Il's adopted son arrested for crypto fraud
On August 26, 2024, at the Singapore High Court, Yang Bin, once the second richest man in China, now sits in the defendant's seat. Yang Bin, who usually has a dark complexion, does not look well; through a court translator, he tells the judge that he has stomach cancer.
As the judge reads the verdict, the courtroom falls silent. Yang Bin was sentenced to six years in prison and fined 16,000 Singapore dollars for allegedly disguising cryptocurrency investments and manipulating a Ponzi scheme involving millions of dollars.
This all traces back to 2021, when Yang Bin attracted a large number of investors under the name of A & A Blockchain Innovation, claiming to own 300,000 cryptocurrency mining machines and promising a daily return of 0.5%. In reality, these mining machines never existed, and Yang Bin used funds from new investors to pay early participants, a typical Ponzi scheme tactic. Ultimately, this scam was fully exposed under the investigation of Singapore's regulatory authorities.
This is not the first time Yang Bin has faced legal sanctions; in 2003, he was sentenced to 18 years in prison by a Chinese court. "Nelson Mandela was imprisoned for 27 years and came out to become president. I, Yang Bin, was imprisoned for 18 years, and when I come out at 58, I can still be president," the 68-page thick verdict could not suppress his arrogance.
This former Chinese billionaire and North Korean special zone leader has a story filled with ambition and glory in his business empire, as well as a remarkable journey: from orphan to billionaire, from business tycoon to prisoner. The following content reveals the entire truth about this once-glorious "dark horse billionaire."
As Polkadot plummets 50%, Gavin Wood decides to become a DJ
- Ethereum co-founder Gavin Wood gave an interview to DL News as Polkadot (DOT) plummeted 50%.
- After investing heavily in marketing, Polkadot is facing strong backlash from users.
- Gavin Wood discussed his other identity—being a DJ.
Earlier this year, after Polkadot's students concluded a five-week developer boot camp in Hong Kong, they celebrated with a party. At the graduation ceremony, members of the DeFi network saw a familiar face behind the DJ booth—Gavin Wood, co-founder of Polkadot and one of the architects of Ethereum.
At 44 years old, Gavin Wood, who has played a key role in building the DeFi ecosystem for a decade, is now returning to his original passion—music. Wood told DL News, "If you see any articles related to DJ Wasabi, that's me."
