Daily Report | The "Network State" project Praxis raises $525 million to build crypto-friendly cities; WLFI does not plan to create a secondary marke

Organizer: Fairy, ChainCatcher

Important News:

• "Network State" project Praxis raises $525 million to build crypto-friendly cities
• Arriba Studio establishes a new company, plans to invest $20 million to promote Web3 projects
• WLFI token terms: Non-transferable for one year, no plans to create a secondary market for the token
• a16z founder: Donated $50,000 to terminal of truths, but I have no connection to the Meme token GOAT
• Data: Tesla transfers over 10,000 bitcoins to unknown wallets, total value exceeds $700 million
• Data: Two a16z founders each donated $2.5 million to a super PAC supporting Trump
• Data: World Liberty Financial's first-day sales exceeded $9 million, selling over 600 million tokens

"What important events happened in the past 24 hours"

Real estate project Tangible suspected of related-party transactions, USDR investors may face huge losses

According to an investigation by CoinDesk, the real estate crypto project Tangible has undisclosed related-party transactions. The company's CEO Jagpal Singh's brother, Joshvun Singh, purchased properties at a discount through his company and then resold them to Tangible at a markup of up to 21%. This practice has been deemed lacking reasonable basis by UK real estate experts.

In October 2023, Tangible's USDR stablecoin faced a run, leading to the depletion of liquidity reserves, causing the token price to plummet from $1 to $0.5. CoinDesk's analysis indicates that the undisclosed markup may have caused USDR investors to lose at least £875,590, with actual losses potentially higher.

Tangible stated that it is "working hard" to compensate USDR investors but declined to answer detailed questions. The company currently needs to liquidate nearly 200 properties in the UK, with a total value of approximately £27 million, to repay investors.

OKX to delist BLOCK, UTK, AST, SIS, WXT, and WIFI related spot trading pairs

According to an official announcement from OKX, the exchange will delist multiple trading pairs on October 24, 2024, from 16:00 to 16:30 (UTC+8). The specific trading pairs involved are as follows: BLOCK/USDT, UTK/USDT, UTK/USDC, AST/USDT, AST/USDC, SIS/USDT, SIS/USDC, WXT/USDT, WXT/USDC, WIFI/USDT, WIFI/USDC.

Users with open orders for the above trading pairs are advised to cancel their orders before 16:00 (UTC+8) on October 24, 2024. If not canceled in time, the open orders will be executed automatically by the system. Cancellation may take 1-3 business days.

Arriba Studio establishes a new company, plans to invest $20 million to promote Web3 projects

Arriba Studio announced the establishment of a new company, "Arriba Studio Z," to enhance its investment capabilities. Since its inception in 2022, Arriba Studio has invested in 19 Web3 projects, several of which have successfully listed in Japan.

Due to the increasing demand for support from Web3 startups, the new company plans to invest $20 million (approximately 3 billion yen), which is about double the amount of the first company, aiming to provide more support for projects in Japan and abroad.

The first investment of Arriba Studio Z is in the U.S. Web3 fund Neoclassic Capital, with Double Jump.tokyo also participating in this investment. Neoclassic Capital's investors include a16z co-founder Marc Andreessen.

Gotbit CEO arrested in Portugal, will fully cooperate with the investigation to clear misunderstandings

Market maker Gotbit officially posted on X: "Our CEO Alex Andryunin has been arrested in Portugal. We currently have no further details, but please rest assured that your accounts at Gotbit are safe. Our goal is to prove the innocence of the company and CEO Alex Andryunin. We are fully prepared to cooperate with the authorities, providing all necessary documents to support the investigation and quickly clear this misunderstanding. We will update as soon as we have more information."

Former Paxos CEO, Scroll co-founder, and two other Chinese individuals directly involved in Trump's family crypto project

According to the official website, former Paxos CEO and Scroll co-founder are directly involved in Trump's family crypto project WLFI, with former Paxos CEO Rich Teo serving as a project team member and head of stablecoins and payments; Scroll co-founder Sandy Peng and Ankr founder Ryan Fang joined as advisors.

WLFI token terms: Non-transferable for one year, no plans to create a secondary market for the token

Trump's family crypto project World Liberty Financial has updated the sales terms and conditions for its WLFI token. The main points are as follows:

1. WLFI is only for governance and not as an investment tool;
2. The token does not grant any economic rights or ownership;
3. All WLFI tokens are currently indefinitely locked in wallets or smart contracts and are non-transferable;
4. If there is a future desire to unlock the transferability of WLFI through the protocol governance process, the following conditions must be met: it must be determined not to violate applicable laws, and at least 12 months must have passed since the completion of the token sale;
5. Due to the non-transferable nature of the token, the company has not taken any action and does not plan to create a secondary market for the token;
6. Tokens purchased are non-refundable, unless required by applicable law;
7. WLF reserves the right to refuse or cancel token purchase requests.

a16z founder: Donated $50,000 to terminal of truths, but I have no connection to the Meme token GOAT

a16z founder Marc Andreessen posted on X: "This summer, I provided a $50,000 unconditional personal research grant to terminal of truths and its creators. This grant was intended to support independent AI research, which has been very successful, but I have no connection to the Meme token GOAT, no financial interest, and do not hold any of its tokens."

Market data shows that GOAT is currently priced at $0.19, with a market cap of approximately $190 million.

Musk donates $75 million to support Trump

According to Federal Election Commission documents, Musk donated $75 million to a political action committee supporting Trump.

Grayscale applies to the SEC to convert its mixed crypto fund containing BTC, ETH, and SOL into an ETF

According to The Block, Grayscale Investments submitted an application to the U.S. Securities and Exchange Commission on Tuesday to convert its mixed crypto fund containing Bitcoin, Ethereum, Solana, XRP, and Avalanche into an exchange-traded fund (ETF). The company had previously converted its Bitcoin and Ethereum funds into ETFs.

According to the company's website, Grayscale's cryptocurrency-based financial instrument, the Digital Large Cap Fund, trading under the ticker GDLC, is currently trading over-the-counter with assets under management of $524 million. The fund is primarily composed of Bitcoin, accounting for nearly 75%, followed by Ethereum at about 19%. According to company documents, the remainder consists of SOL, XRP, and AVAX.

Data: World Liberty Financial's first-day sales exceeded $9 million, selling over 600 million tokens

According to The Block, Trump's family crypto project World Liberty Financial launched its public token sale on October 15. As of 7:25 AM Beijing time on October 16, the project had sold approximately 610 million WLFI tokens, with 19.4 billion remaining for sale. Based on a price of $0.015 per token, the first-day sales amounted to approximately $9.15 million.

Data: Tesla transfers over 10,000 bitcoins to unknown wallets, total value exceeds $700 million

According to Cointelegraph, electric vehicle manufacturer Tesla transferred all of its held bitcoins to multiple unknown wallets on October 15, with a total value exceeding $765 million. According to data from Arkham Intelligence, Tesla transferred approximately 11,500 bitcoins through 26 transactions (including test transfers). Prior to this large-scale transfer, Tesla's bitcoin wallet had been dormant since June 17, 2022.

There are currently no signs that these bitcoins have been transferred to cryptocurrency exchanges, and Tesla has not publicly disclosed any plans to sell cryptocurrencies. Before the transfer, Tesla was the fourth largest holder of bitcoin among publicly traded companies, behind MicroStrategy, Marathon Digital, and Riot Platforms.

It is reported that Tesla first purchased $1.5 billion worth of bitcoin in February 2021. Subsequently, the company sold 4,320 and 29,160 bitcoins in March 2021 and 2022, respectively. Tesla CEO Elon Musk briefly accepted bitcoin as a payment method for company vehicles but canceled this decision a few weeks later.

Data: Two a16z founders each donated $2.5 million to a super PAC supporting Trump

According to the latest documents submitted to the Federal Election Commission, venture capitalists Marc Andreessen and Ben Horowitz each donated $2.5 million to a super PAC supporting Trump.

The founders of the venture capital firm Andreessen Horowitz (a16z) announced their support for Trump in July. It was previously unknown which organization they supported that was aligned with Trump. Andreessen also donated an additional $844,600 to Trump's campaign team and the Republican Party, which is the federal government's limit.

In October of this year, Horowitz stated that although he did not know or support Vice President Harris's policies, he would also provide a "substantial" donation to her campaign. No records of this donation have yet appeared in federal documents.

"Network State" project Praxis raises $525 million to build crypto-friendly cities

Claiming to be the world's first "network state," the project Praxis announced on Tuesday that it has raised $525 million to build a cutting-edge city that supports the development of crypto, AI, energy, and biotechnology.

According to the announcement, the financing participants include Arch Lending, GEM Digital, Manifold Trading, and new angel investors such as Dan Romero (CEO of Farcaster), Tom Schmidt (General Partner at Dragonfly), and Rob Hadick (General Partner at Dragonfly).

Additionally, the Web3 asset data platform RootData shows that Praxis is a community composed of future city residents, including founders, creatives, investors, and everyone in between. Membership is based on an application process. Once accepted, members can participate in events and contribute to the city's development. Most importantly, members share a common lifestyle: optimism, health, clear goals, and a commitment to ideas greater than themselves, summarized in one word: vitality.

Opacity Network completes $12 million seed round financing

The zero-knowledge proof data verification platform Opacity Network announced the completion of a $12 million seed round financing, led by Archetype and Breyer Capital, with participation from a16z Crypto Startup Accelerator (CSX), Finality Capital Partners, Bodhi Ventures, and Escape Velocity (EV3). This seed round financing brings Opacity's total funding to $13.4 million, following its previous seed pre-round financing of $1.4 million.

"What are the exciting articles worth reading in the past 24 hours"

Ether.Fi founder reveals: The top ten chaos of Crypto VCs

Today, Ether.Fi founder Mike Silagadze published a piece on social media about the chaos encountered with Crypto VCs during seed and Series A rounds. ChainCatcher compiles it as follows:

1. Multiple Initial Meetings in a Loop

You meet with a partner or assistant, and the meeting goes smoothly, but they schedule another meeting with a different partner, who has no idea who you are, hasn't received any briefing, and hasn't read the notes. Thus, you experience another initial meeting. If this happens three times or more, it becomes even more "exciting."

2. Sudden Change of Heart

A partner proactively contacts you, having heard that you are raising funds, and requests a meeting. However, at the meeting, the partner does not show up and sends a colleague instead. If this situation occurs multiple times during fundraising, it becomes even more "interesting."

Grayscale selects 35 tokens: FDV minimum of $300 million, more suitable for large investors

As one of the bridges connecting Web3 with mainstream finance, Grayscale's actions in the crypto industry have attracted significant attention. From the initial Bitcoin, Ethereum, and numerous well-known token trust products to the launch of Bitcoin spot ETF and Ethereum spot ETF this year, Grayscale's contributions to the crypto industry are evident.

Recently, Grayscale listed 35 cryptocurrencies it is considering adding to its products in the future.

To this end, Odaily first categorized the 35 cryptocurrencies by sector and ranked them by market capitalization, sharing nearly two years of price trends with readers through illustrations.

Arthur Hayes' new article: Escalation of Middle East conflict and rising energy prices will lead to long-term appreciation of Bitcoin

In the first two weeks of October, I was skiing on New Zealand's South Island. My guide and I spent last ski season in Hokkaido, and he assured me that New Zealand is one of the best places in the world for backcountry skiing. I believed him and set out with him from Wanaka, spending two weeks chasing powder and spectacular ski lines. The weather was very cooperative, and I skied down several magnificent peaks and traversed massive glaciers. Additionally, I improved my mountaineering knowledge.

The storms on the South Island are extremely fierce. Once the weather turns bad, you can only stay at home or in a mountain hut. To pass the time, one day my guide held a class on avalanche science. I have undergone avalanche training multiple times since my first outdoor adventure in British Columbia as a teenager, but I had not yet participated in a formal certification course.

This knowledge is both fascinating and sobering, as the more you learn, the more you realize that there are always risks when skiing in avalanche terrain. Therefore, our goal is to keep the risks within acceptable limits.

The course covered different types of snow layers and how they can lead to avalanches. One of the most terrifying scenarios is the persistent weak layer (PWL), which can trigger a persistent slab avalanche when under pressure.