WuBlockchain Weekly: Grab Introduces Web3 Wallet and Top10 News
Colin Wu . 2023-09-08 . Data

1. Tether Holdings Accumulates $72.5 Billion in US Treasury Bonds, Ranks as the 22nd Largest Holder Globally link

On September 5th, Paolo Ardoino, the Chief Technology Officer of Tether, tweeted that Tether currently holds US Treasury bonds worth 72.5 billion USD, surpassing countries like the United Arab Emirates, Mexico, Australia, and Spain, making it the 22nd largest holder of US Treasury bonds globally.

2. Former SEC Chairman Jay Clayton: Approval of Spot Bitcoin ETF Is ‘Inevitable’ link

On September 4th, former SEC Chairman Jay Clayton stated that the approval of a spot Bitcoin ETF is “inevitable.” The binary distinction between futures and spot products cannot persist indefinitely. Previously, the U.S. Securities and Exchange Commission (SEC) announced a delay in making a decision on proposals for spot Bitcoin ETFs from firms like BlackRock and Fidelity, until at least mid-October. Clayton suggests that the SEC may announce its decision at that time or may need more time, but he anticipates “progress in this regard in the future.”

3. Stake.com, the Betting Platform, Faces Cyber Attack link

On September 4th, according to PeckShield monitoring, the gambling platform Stake.com appears to have suffered an attack. Blockchain detective ZachXBT estimated initial losses to be around 15.9 million USD.

The assets lost include 6,000 ETH, 3.9 million USDT, 1.1 million USDC, and 900,000 DAI, which have been transferred or converted into other assets. Alongside the transfer of Ethereum funds, significant amounts of assets on BNB Chain and Polygon were also transferred from Stake.com, resulting in losses of around 25.6 million USD. SlowMist, a blockchain security company, reported that at least 41.3 million USD appears to have been stolen from the gambling platform Stake.com. This breach is suspected to be related to issues with private keys, which may involve either the theft of private keys or the malicious exploitation of services related to private keys.

4. Google Updates Advertising Policy to Allow NFT Game Advertisements link

On September 7th, Google updated its policies regarding cryptocurrency and related products. Starting from September 15, 2023, advertising clients for NFT games that do not promote gambling-related content may promote these products and services upon meeting the following requirements and obtaining Google certification. They are allowed to promote blockchain games involving NFTs. However, they are not permitted to promote social gambling games that reward NFTs. Advertising destinations related to “real-money gambling” are also not allowed. Furthermore, the promotion of games where players can wager or bet NFTs in exchange for the chance to win real-world value (including other NFTs) is prohibited.

5. Singapore’s New President: Cryptocurrencies Are Purely Speculative and Somewhat Eccentric link

On September 4th, the newly appointed President of Singapore, former Finance Minister and Central Bank Chairman Tharman Shanmugaratnam, described cryptocurrencies as purely speculative and somewhat irrational. His extensive financial experience might influence his stance on related policies. Singapore has evolved from an early adopter of cryptocurrencies to a jurisdiction seeking the right regulatory balance, especially after the collapses of Terraform Labs and 3AC. From 2011 to 2023, Shanmugaratnam also served as the Chairman of the Monetary Authority of Singapore (MAS). However, his earlier stance on cryptocurrencies was laissez-faire, but in 2023, during the World Economic Forum, he characterized cryptocurrencies as fundamentally speculative and, in fact, a bit crazy. He suggested that authorities should provide “super-clarity” regarding the risks associated with cryptocurrencies.

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6. Southeast Asia’s Largest Ride-Hailing App, Grab, Introduces Web3 Wallet in Singapore Region with Latest Version link

On September 8th, Grab, the largest ride-hailing software in Southeast Asia, unveiled its latest version in the Singapore region. This version includes a Web3 wallet, currently supporting the Polygon wallet, along with a guide for cryptocurrency wallets and NFTs. Grab boasts more than 180 million users.

It’s worth noting that Grab may offer a custodial wallet similar to centralized exchanges, without private keys. Instead, it employs a PIN code and a recovery process based on security questions and answers. Currently, it only supports the Polygon blockchain.

7. DCG’s Weekly Summary

a. Gemini Proposes a Plan for DCG to Repay More Funds link

On September 2nd, according to The Information, the cryptocurrency exchange Gemini has put forth a plan to reclaim more funds from Genesis’s parent company, DCG. They are also seeking support from other creditors. This plan aims to secure a larger portion of any funds obtained through legal action against DCG, with an estimated value of $2.8 billion.

b. Genesis Files Lawsuit Against DCG for Unpaid $600 Million-Plus Loan link

On September 7th, according to Coindesk, Genesis Global Capital is filing a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI), seeking repayment of multiple loans totaling over $600 million in principal. Based on two documents filed with the Southern District of New York bankruptcy court on Thursday, DCG borrowed up to $500 million from Genesis in 2022 through four loans, while DCGI borrowed 18,697.7 bitcoins in 2019. As of Wednesday, DCG owes Genesis $500 million, and DCGI owes Genesis 4,550.5 bitcoins (currently valued at approximately $117 million). Genesis is also seeking late fees and accrued interest.

8. Binance’s Weekly Summary

a. Resignations of Three Top Executives at Binance link

On the 6th of September, Gleb Kostarev, the Head of Binance’s Eastern European and Russian operations, announced his departure from Binance on Facebook. Following this, Vladimir Smerkis, the General Manager of Binance Russia and the Commonwealth of Independent States region, also announced his resignation on Facebook. Prior to this, according to reports from The Wall Street Journal, Binance has been reevaluating its operations in Russia, including the possibility of a complete withdrawal from the Russian market. Furthermore, as per reports from The Wall Street Journal, Helen Hai, who has held executive positions at Binance since 2018, has also resigned.

b. Binance Releases the Tenth Reserve Audit link

On September 7th, Binance released its tenth reserve proof (snapshot taken on September 1st). User-held BTC assets amounted to 588,000 coins, representing a decrease of 0.07% compared to the previous month (August 1st), with a reduction of 450 BTC. User-held ETH assets stood at 3,890,000 coins, marking a decrease of 4.3% compared to the previous month and a reduction of 175,000 ETH. User-held BNB assets amounted to 30,250,000 coins, showing a growth of 3.3% and an increase of 975,000 BNB. User-held USDT assets totaled 15.44 billion coins, reflecting a 1% increase compared to the previous month, with an addition of 161 million USDT.

c. Binance Publishes XIRTAM Refund Guide link

On September 6th, Binance issued an update regarding matters related to XIRTAM. Currently, the relevant assets have been deposited into the smart contract. Users can access the XIRTAM Refund Guide to view information about the Claim contract and follow the guide for operations and verification of relevant information. Previously, Binance users affected by the XIRTAM incident had submitted specific information applications by August 2nd. The security team had then utilized the smart contract address to return the corresponding ETH assets to eligible users.

9. OKX Global Chief Business Officer, Lennix, Expects Licensing in Hong Kong by Q1/Q2 Next Year link

On September 4th, OKX’s Global Chief Business Officer, Lennix, stated that OKX HK’s preparations for a regulatory license application in Hong Kong have entered the final stages. They hope to obtain the license in the first or second quarter of the coming year, and within the first year, they aim to onboard 100,000 to 200,000 retail users in Hong Kong. It’s expected that the number of licensed brokerages issued next year won’t see a sharp increase. The Securities and Futures Commission (SFC) is believed to adopt a conservative stance and has high requirements for applicants. It’s anticipated that the authorities will want to observe the operational performance of license applicants first.

10. Founder of Turkish Crypto Exchange Thodex, Faruk Fatih Öze, and Family Sentenced to Over 10,000 Years in Prison link

On September 8th, Faruk Fatih Özer, the founder of Thodex, one of Turkey’s largest cryptocurrency exchanges, along with his family, was sentenced to a total of 11,196 years and 10 months of imprisonment, and was fined 135 million Turkish liras (approximately $5 million). Thodex abruptly went offline in April 2021, with Özer disappearing, leaving over 400,000 members unable to retrieve a total of $2 billion in cryptocurrency deposits. Özer was arrested in August 2022 and faced seven charges, including establishing a criminal organization and fraud.


  • Web3 startup Helix has successfully concluded a $2 million funding round. link
  • OpenCover, a decentralized insurance distributor for cryptocurrencies and Web3 platforms, has completed a $4 million seed funding round. link
  • Trident Digital Group, an emerging player in the crypto startup realm, has secured $8 million in seed funding. link
  • TRLab, a Web3 art startup, has secured a $5 million investment in its seed funding round. link
  • Story Protocol has successfully raised $25 million in Series A funding, led by a16z crypto. link
  • D3 Global, a Web3 domain startup, has secured $5 million in seed funding. link
  • Kotani, a cryptocurrency payment startup, has successfully completed a $2 million seed funding round. link

Learn more, check out crypto-fundraising.info.

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