[Weekly Readings]Shanghai Upgrade Is Coming, and LSD Is Heading to 100 Billion?

HuobiPubblicato 2023-02-11Pubblicato ultima volta 2023-02-11

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Shanghai Upgrade Is Coming, and LSD Is Heading to 100 Billion?

1.Core DAO: How to Claim Your Airdrop

On February 8th the first airdrop of CORE tokens will be enabled. This is a detailed guide on how to claim your airdrop, both for claiming via browser and mobile.

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2.Can you understand the FUD token?

Huobi launched the FUD token on February 5th, and it's currently priced at over $50. So what is FUD?

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3.Half Of All Bitcoin Unmoved In 2 Years: What Does This Mean For The BTC Price?

A popular crypto analyst called “Documenting Bitcoin” released fresh data on Tuesday showing that half of all Bitcoin (meaning 9.64 million BTC worth $86.4 billion) have not been moved for the last two years.

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4.[Featured Research]Stablecoins War

From around 2018 to 2020, US Dollar stablecoins took over as the main settlement currency and trading pair coin in the cryptocurrency trading space, replacing Bitcoin. These stablecoins also took over as the main bridge between the cryptocurrency trading platforms. As a result of this, demand to use the Bitcoin blockchain declined and Bitcoin transaction fees therefore also declined from their 2017 peak. This was an era of unprecedented growth and success for blockchain based US Dollar stablecoins.

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5.[Featured Research]How the Fed “Went Broke”

The U.S. Federal Reserve is now operating at a financial loss, and is months away from having negative tangible equity for the first time in modern history.

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6.[Featured Research]Shanghai Upgrade: Effects on Liquid Staking Derivatives

Ethereum’s next hardfork, Shanghai, is anticipated in the late first quarter or early second quarter of 2023. Although several Ethereum Improvement Proposals (EIPs) were initially considered for integration, including numerous EVM object format upgrades and EIP 4844, commonly known as Proto-Danksharding, these proposals were deferred until the subsequent hardfork, Cancun. At present, the Shanghai hardfork will be composed solely of EIP 4895, which pertains to Beacon Chain withdrawals.

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Catholic And Law Enforcement Groups Warn CLARITY Act Could Weaken Crypto Crime Safeguards

A coalition of Catholic leaders, law enforcement groups, and anti-trafficking advocates warns that the CLARITY Act could weaken safeguards against crypto-enabled crime. Their criticism focuses on provisions that would protect developers of non-custodial software (like wallets and DeFi protocols) from being regulated as money transmitters. This highlights a core regulatory dilemma: distinguishing neutral software from financial intermediation. Crypto advocates argue such developers should not be treated like exchanges, while critics fear broad exemptions could hinder the tracking of illicit finance, including human trafficking and sanctions evasion. The bill aims to create clearer market-structure rules, but this opposition shows the debate extends beyond investor protection to law enforcement concerns. The pushback means supporters may need to address these issues, potentially leading to amendments or stricter requirements. For the crypto industry, clearer rules could spur U.S. investment, but the bill faces a tougher political path if framed as weakening crime-fighting tools.

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Catholic And Law Enforcement Groups Warn CLARITY Act Could Weaken Crypto Crime Safeguards

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The Full Story of How Crypto Unicorn Blockstream Is Mired in Serious Fraud Allegations

This article details serious allegations of fraud against Bitcoin infrastructure company Blockstream, founded by Bitcoin pioneer Adam Back. In June 2024, investigative account NatInfoSec published a report accusing Blockstream's mining note (BMN) program of potentially operating a multi-billion dollar scheme with Ponzi-like characteristics. The core allegations focus on Blockstream Mining Notes (BMNs), which offer investors fixed annual yields up to approximately 20% from Bitcoin mining. NatInfoSec's investigation raises several key issues: 1. **Suspicious Hashrate & Payout Capacity**: The analysis suggests Blockstream would need 20-45 EH/s of mining power to cover its BMN obligations, but its public dashboard shows only around 15 EH/s. Furthermore, no verifiable public evidence (e.g., grid connection records, import data) was found to support the massive mining operation required. 2. **Questionable Payout Source**: The BMN contract allows Blockstream to use Bitcoin from *any source* (Substitute Performance BTC) to fulfill investor payouts, raising concerns that payouts may not come from actual mining revenue. 3. **High-Risk, Fixed Returns**: Offering ~20% fixed yields in the volatile, cyclical Bitcoin mining industry is viewed as highly unusual and requires clear explanation. 4. **Undisclosed Criminal Record of Key Figure**: Christopher William Cook, a key figure in Blockstream's mining operations and CEO of spin-off Exacore, was found to have a federal felony conviction for mail fraud in 2008, a fact not disclosed in BMN offering documents. His background was also allegedly embellished. 5. **Potential Contagion to BSTR SPAC**: Questions were raised about whether these liabilities and Cook's record should have been disclosed in the SEC filings for Bitcoin Standard Treasury Company (BSTR), a separate Adam Back-associated firm planning a SPAC merger. The crypto community is divided. BitMEX Research validated Cook's criminal record and expressed concern over the high yields but found other evidence lacking or misleading, noting the legal separation between BMN, Blockstream, and BSTR. Blockstream defenders, like Samson Mow, argue the mining is real. Critics, however, emphasize the lack of independent, verifiable proof of the mining operation's scale and the true source of investor payouts. The article concludes that BMN remains shrouded in key unanswered questions regarding its actual size, the verifiability of its underlying mining assets and payouts, the source of its high yields, and the full role and disclosure concerning Chris Cook. Blockstream had not issued a comprehensive response at the time of writing.

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The Full Story of How Crypto Unicorn Blockstream Is Mired in Serious Fraud Allegations

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South Korea Targets 40 Unregistered Crypto Operators in Regulatory Crackdown

South Korea's Financial Intelligence Unit has referred around 40 unregistered virtual asset service providers to the police as part of a regulatory crackdown. Under local law, all crypto exchanges must obtain ISMS certification and FIU registration before operating, yet only 28 entities are currently registered. The FIU identified methods used by offshore platforms to attract Korean users, including advertising on local messaging apps and using private money changers to convert stablecoins. Officials stressed that unregistered platforms are not protected by Korean law. This action aligns with South Korea's push for stricter global crypto compliance through FATF measures. FIU Director Lee Hyung-joo recently urged FATF members to remove transaction thresholds for the "Travel Rule," as South Korea plans to mandate identity checks for all crypto transactions starting in August, expanding from the current 1 million won (≈$730) minimum. Regulatory enforcement has intensified in 2026, with authorities pursuing criminal cases against market manipulation schemes and enhancing cooperation with financial institutions to curb cross-border illegal transactions.

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South Korea Targets 40 Unregistered Crypto Operators in Regulatory Crackdown

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