- Binance CEO, CZ pleaded guilty to US anti-money laundering laws as part of a $4.3 billion settlement with DOJ, CFTC, OFAC and FinCEN. He later stepped down and appointed Richard Teng as Binance new CEO. Sentencing hearing has been scheduled on 23rd February 2024. Binance experienced $1.77 billion net withdrawal or approximately 2.6% of its PoR assets. BNB token price dropped 5.97% week-over-week, the price fall was minuscule comparing to FTX’s collapse, FTT tokens dropped 93% during the week. This closure marked the end-of-year-long probe between US regulators and Binance and potentially paves the bright path in cryptocurrency compliance and spot ETF application. 

- BTC prices hit session highs since May 2022, and crossed $38K on Friday defying the DOJ enforcement actions. On-chain long-term holders’ addresses continue to score higher.

 

November FOMC minutes outlook was within expectation, as all the members of Federal Reserve agreed on remain the rate unchanged in November and multiple emphasises of proceed with cautious. The treasury yields had minimum volatility last week, only changed single digit bps across the duration. The market expects 96.8% chance rate to remain unchanged in December.

 

Upcoming Economic Calendar including,

- Wednesday, 29th November 9:30pm: US Q3 GDP

- Thursday, 30th November 9:30pm: US October PCE Price Index

- Saturday, 1st December 12:00am: Jerome Powell’s Speech at Spelman College Fireside Chat

 

- KyberSwap Elastic liquidity pools were attacked and lost $54.7 million of users’ fund. 

- Heco Chain bridge and HTX had been exploited with an estimated loss of $100 million. The HTX team committed to fully compensate and an airdrop to the affected users. 

- Grayscale has updated its S-3/prospectus for BTC spot ETF. 

 

- Cosmos’s ATOM halving proposal mentioned in previous newsletter had been passed, reduces the maximum inflation from 20% to 10%. 

- Blast, a soon to release L2 by Blur co-founder Pacman. It features native yield for ETH and Stablecoin, and profit-sharing gas revenue with developers. Its “bridge” contract is opened, users are able to perform one-way deposit into this multi-sig contract for ETH Lido staking yield or Maker’s DAI yield and locked until February 2024 to be eligible to earn airdrop points. Testnet is expected to be launched in January. 

 

- LooksRare launched Infiltration, a new game that will burn 25% of LOOKS used for healing in the game and 50% of the overall fee will buyback LOOKS from the market.

- Dopex released rDPX v2, holders can now bond rDPX with ETH to minth rtETH, a yield-bearing ETH derivative.

 

- India Blockchain Week will be held in Bangalore from 6th to 7th December.

- Chainlink Staking v0.2 will launch v0.1 Stakers Priority Migration on 28th November, subsequently Early Access-eligible addresses are able to stake on 7th December and finally General Access on 11th December.

- Kava mainnet 15 will launch on 7th December, while KAVA token will reduce its inflation to zero on 1st January 2024.

- FXS halving on 20th December, Frax Chain is expected to be delivered in January 2024.

- Magic co-founder stated TreasuryDAO is building a game chain.

- SUI Token Unlocked in the next 7 days, amount representing 8.54% of the token supply.

- DYDX Token Unlocked on 28th November, amount representing 1.2% of the token supply.

- OP Token Unlocked on 30th November, amount representing 2.74% of the token supply.

- DYDX Token Unlocked on 1st December, amount representing 84.41% of the token supply. The unlocked tokens will be on the dYdX Chain, which is not supported by majority CEXs yet.

- 1INCH Token Unlocked on 1st December, amount representing 9.48% of the token supply.