WuBlockchain Weekly: CoinEx Faces Cyberattack and Top10 News
Colin Wu . 2023-09-15 . Data
1. U.S. August Unadjusted CPI at 3.7%, Core CPI at 4.3% link

In August, the seasonally adjusted CPI in the United States rose by an annualized rate of 3.7%, slightly exceeding expectations of 3.6%. This marked the second consecutive increase and reached the highest level since May this year. The seasonally adjusted core CPI in the U.S. for August stood at 4.3%, matching the expectations, but down from the previous month’s 4.7%. This marks the lowest level since September 2021 and continues a six-month downward trend.

According to The Wall Street Journal, the consumer price increase in August was the fastest in over a year, driven by rising energy costs. The monthly core data is likely to keep Federal Reserve officials leaning towards maintaining interest rates at next week’s meeting. However, it won’t resolve the larger debate on whether further rate hikes are needed this year to slow down the economy and sustain recent progress in curbing inflation. The International Energy Agency noted that Saudi Arabia’s decision to extend the crude production cuts until the end of this year could lead to an increase in gasoline prices.

2. SEC Chairman Gensler Reviews Multiple Bitcoin Spot ETP Applications link

On September 12th, according to @EricBalchunas, SEC Chairman Gensler stated during a recent hearing: ‘We are reviewing that decision. We’re also reviewing multiple bitcoin spot ETP applications (other than Grayscale), and I’m seeking the staff’s recommendation.’ This comes after a court ruling sharply criticized the SEC for not having a reason to disapprove a bitcoin spot ETF while approving a futures ETF.

3. G20 Progressing on International Cryptocurrency Framework link

On September 11th, according to Cointelegraph, the G20 is advancing an international cryptocurrency framework that will impact users across multiple countries by automatically exchanging information about cryptocurrency transactions between jurisdictions, starting from 2027. The G20 calls for the swift implementation of the Cryptocurrency Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS), urging the Global Forum on Transparency and Exchange of Information for Tax Purposes to establish an appropriate and coordinated timetable.

4. Binance’s Weekly Summary

a. Binance US General Counsel and Chief Risk Officer to Depart link

On September 15th, according to The Wall Street Journal, Binance US Chief Legal Officer Krishna Juvvadi and Chief Risk Officer Sidney Majalya are set to resign. Juvvadi has been one of the company’s liaisons with the SEC. Previously, Binance US had laid off a third of its staff, with President Brian Shroder resigning, and Chief Legal Officer Norman Reed temporarily assuming the role of CEO of Binance US.

b. Binance US Reduces Workforce by One-Third, President Brian Shroder Resigns link

On September 13th, according to TheBlock, Binance US has laid off one-third of its staff, and its President, Brian Shroder, has resigned.

Following the SEC’s lawsuit, Binance US has seen a significant drop in monthly trading volume, plummeting from $10.58 billion in January to $70 million this month.

On the same day, according to Bloomberg, Chief Legal Officer Norman Reed has temporarily taken over the role of CEO at Binance US. A Binance spokesperson stated: ‘The SEC is actively trying to stifle our industry and impede our business, impacting real-world employment and innovation in the United States, which is an unfortunate example. ‘

c. Binance to Airdrop a Total of 3.5 Million USD in BNB to Users in Earthquake-Affected Areas in Morocco and Libya link

On September 12th, the Binance Charity Foundation announced a $3 million BNB airdrop to Moroccan users affected by the earthquake. User identification will be based on Proof of Address (POA) completed in the Safi province of Marrakech before September 9, 2023. Qualified users will receive $100 worth of BNB directly into their Binance accounts. For existing users who complete POA between September 9 and September 30, they will receive a donation of $25 worth of BNB. In addition, active trading users in unaffected areas will receive a $10 BNB airdrop. It is estimated to cover approximately 70,000 Binance users in Morocco.

On the same day, Binance announced a $500,000 BNB airdrop to Libyan users to support post-flood recovery efforts. On September 13th, Binance announced a $100 BNB airdrop to all Binance users in Libya who completed Proof of Address (POA) by September 11, 2023.

5. CoinEX Exchange Suffers Attack with Significant Outflow of Funds from Hot Wallets link

On September 12th, the exchange CoinEx suffered a hack resulting in the theft of approximately $54 million in funds. CoinEx issued a statement indicating that this incident primarily involved assets in cryptocurrencies like ETH, TRON, Polygon, and others. Users’ assets are not expected to be affected, as the CoinEx User Asset Security Fund will cover all losses incurred in this event. Additionally, during the investigation conducted by CoinEx’s security team, withdrawals will be temporarily suspended. Withdrawal services are expected to be resumed promptly once the investigation is concluded.

6. FTX’s Weekly Summary

a. Bankrupt FTX Reorganizes Assets Valued at Around 7 Billion USD, Including 1.16 Billion USD in SOL and 560 Million USD in BTC link

On September 11th, FTX, which has filed for bankruptcy, has organized approximately $7 billion in assets, including $1.16 billion in SOL and $560 million in BTC. The documents provide detailed insights into how SBF (Sam Bankman-Fried) and other executives received $2.2 billion in cash, cryptocurrencies, equities, and real estate in the months leading up to FTX’s bankruptcy. The filings also disclose 38 apartments in the Bahamas, including luxury penthouses and other properties, estimated to be worth around $200 million. The documents indicate 438 portfolio items with roughly $4.5 billion invested. These figures are not accounted for in the total of $7 billion in assets.

b. FTX to Sell Coins: 50 Million USD of Altcoins This Week and Next, with Weekly Limit Increasing to 100 Million USD Afterwards link

On September 14th, according to North Rock Digital, their understanding of FTX’s coin-selling plan after the hearing is as follows: they can sell $50 million of altcoins this week and next, and then the weekly limit increases to $100 million thereafter; they can protect their Bitcoin and Ethereum through arbitrage (buying put options and selling call options) with no limit on scale; they can sell actual Bitcoin and Ethereum with approval from various subsidiaries; FTX doesn’t seem to intend to wait until after 2028 to distribute cash to creditors; and they plan to complete the entire distribution plan and finalize all details by the second quarter of 2024.

7. Huobi Exchange to Rebrand as HTX link

On September 13th, the official English Twitter account of Huobi was changed to “HTX,” and Huobi was renamed to HTX. It was rumored that Justin Sun would announce this news in Singapore.

There had been disputes between Justin Sun’s side and Li Lin’s side regarding the Chinese name for Huobi. After the acquisition, it was initially referred to as “火必” and later changed back to “火币.” Li Lin’s side had filed a lawsuit over this matter.

On the same day, Justin Sun tweeted that the Chinese brand name “火币” remains unchanged, with the full name being “火币HTX.”

8. Bybit CEO: New Marketing Rules Effective October 8 in the UK May Mean Bybit Exiting the UK link

On September 14th, Ben Zhou, the CEO of Bybit, stated that the new marketing rules coming into effect on October 8th by the UK Financial Conduct Authority (FCA) might lead to Bybit exiting the UK. These new rules include a cooling-off period for first-time investors. He mentioned, “We do see more regulation coming into play. Most likely, we will have to move out of many countries. I think we will have to move out of the UK very soon, and we recently moved out of France.”

On the same day, Bybit responded via their official Twitter account, saying, “We view the UK as a critical market for the advancement of crypto and blockchain technology. Our commitment to this market remains unwavering, and we intend to maintain our presence in the UK over the long term. We are also dedicated to working with regulators on the new laws to ensure the responsible and safe development of the industry. We are in negotiations with regulatory authorities to find the best way forward, and while a final agreement has not been reached, we will keep the community updated.”

9. PayPal Introduces Cryptocurrency to USD Exchange Service link

On September 12th, PayPal introduced the ability for its customers in the United States to buy and sell supported cryptocurrencies through the integration of On and Off Ramps. This means customers can directly convert their cryptocurrencies into US dollars and transfer them into their PayPal balance. They can then use these US dollars for shopping or transfer them to their bank accounts. This service is now available for wallets, DApps, NFT markets, and was launched on MetaMask on the same day.

10. Paradigm: No Plans to Abandon Crypto Investments and Will Raise a 1 Billion USD Fund by the End of the Year or Early Next Year link

On September 14th, Matt Huang, a partner at the well-known venture capital firm Paradigm, stated in an interview with The Information that Paradigm will not give up on investing in the cryptocurrency space. He also mentioned that they plan to raise a fund with a size of $1 billion at the end of this year or early next year. Prior to this, Paradigm had removed references to cryptocurrencies from its website homepage and Twitter bio, changing its description to a “research-driven technology investment firm.” Huang acknowledged this change in messaging.


  • The French financial technology firm Fipto has successfully concluded a €15 million seed funding round. link
  • Parallax, the cross-border payment platform, has declared the completion of a $4.5 million seed funding round. link
  • Mythic Protocol has announced the achievement of a $6.5 million seed funding round. link
  • Animoca Brands has proclaimed that its NFT series, Mocaverse, has secured a commitment of $20 million in funding. link
  • Flashwire Group has accomplished a $10 million Series A funding round. link
  • Pahdo Labs, a gaming startup, has secured a $15 million Series A funding round led by a16z. link
  • Range Protocol, the blockchain asset management platform, has disclosed the successful conclusion of a $3.75 million seed funding round. link

Learn more, check out crypto-fundraising.info.

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