Crypto Morning Brief: DWF Partner Fired Over Alleged Drug-Facilitated Sexual Assault, Ethereum On-Chain Funds Continue Net Outflow
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Crypto Morning Brief: DWF Partner Fired Over Alleged Drug-Facilitated Sexual Assault, Ethereum On-Chain Funds Continue Net Outflow
Due to the Federal Reserve lowering interest rates, Circle will increase the redemption fees for the USDC stablecoin.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
DWF Partner Removed Amid Allegations of Attempted Sexual Assault
Cryptocurrency market maker DWF Labs has fired partner Eugene Ng over "sexual misconduct allegations" and removed his information from the team page on its official website. In addition to being a DWF partner, he also founded RWA company OpenEden.
DWF Labs stated on X: "We have become aware of recent allegations regarding one of our partners involving behavior that is inappropriate and unacceptable, which is deeply concerning. While the matter remains under investigation, DWF Labs has decided to immediately relieve the partner of all management and operational responsibilities."
According to reports, a woman named Hana previously posted on X that on the evening of October 24, a DWF partner repeatedly slipped unknown substances into her drink at a bar in Hong Kong, and she was rescued after staff alerted her. Hana said she obtained video footage from the venue and has filed a police report.
dYdX Founder, Recently Reappointed CEO, Announces 35% Workforce Reduction
On October 30, dYdX founder and CEO Antonio Juliano published a blog post announcing a 35% reduction in staff, including members of the core dYdX team.
On October 10, dYdX founder Antonio announced his return as CEO, stating that dYdX faces intense market competition and unfavorable conditions, requiring founder leadership to guide the team through difficult times.
Florida Chief Financial Officer Proposes Including Bitcoin and Digital Assets in State Pension Fund
According to Crypto Briefing, Florida Chief Financial Officer Jimmy Patronis recommended including Bitcoin and other digital assets as investment options within the state pension fund.
He noted that Florida’s strong economic performance and history of innovation justify exploring the potential of cryptocurrencies. Bitcoin could serve as "digital gold" to diversify portfolios and hedge against volatility in other assets. Patronis proposed creating a "Digital Currency Investment Pilot Program" for the Florida Growth Fund to support innovative investments.
The letter also mentioned that other states such as Wisconsin, Michigan, and Arizona have already begun investing in cryptocurrency, while Wyoming and Nebraska have enacted laws to attract the crypto industry. Patronis requested the State Board evaluate the risks and benefits of digital currency investments to ensure Florida stays ahead in new investment opportunities and delivers optimal returns for residents.
MetaMask Developer Consensys Announces 20% Layoff
According to Fortune, MetaMask developer Consensys announced a 20% workforce reduction, affecting approximately 160 employees. The company’s founder and CEO Joe Lubin shared the news in a blog post, attributing the layoffs to macroeconomic headwinds and legal expenses stemming from prolonged regulatory disputes.
Prior to this, Consensys sent an open letter to the next U.S. president calling for clear and supportive regulations on cryptocurrency and Web3. The letter emphasized that regulatory clarity must be transparent to maintain U.S. global competitiveness while addressing consumer protection and illicit activity concerns.
Yesterday’s On-Chain Capital Flows: $19.8M Net Inflow to SUI, $33.9M Net Outflow from Ethereum
According to Artemis data, SUI saw a net inflow of $19.8 million yesterday, Arbitrum $5.5 million, Solana $3.4 million, while Ethereum experienced a net outflow of $33.9 million.
Nomura Warns: Over-Hedging of Trump Trade Could Lead to Higher-Than-Expected Harris Support
According to zerohedge, Charlie McElligott, Managing Director and Cross-Asset Macro Strategist for the Americas at Nomura, warned in a recent report that markets have excessively hedged for a Trump and Republican sweep of both chambers of Congress. This could result in higher-than-expected support for Harris and a deadlocked election outcome, leading to reversals across various asset classes. This is especially relevant given the upcoming period packed with key events: large-scale U.S. Treasury issuances ahead of the federal government’s FY2025, including $70 billion in 5-year Treasuries, $69 billion in 2-year notes, and $44 billion in 7-year bonds; the JOLTS report on job openings; the Treasury’s latest refunding announcement; Personal Consumption Expenditures (PCE), Non-Farm Payrolls (NFP), U.S. presidential election day, and the November FOMC meeting of the Federal Reserve.
Circle: Due to Fed Rate Cuts, USDC Redemption Fees to Increase
Circle announced it will raise redemption fees for its USDC stablecoin. With the Federal Reserve cutting interest rates, returns on stablecoin operators’ cash reserves have declined. Circle’s move aims to counteract this shift.
Currently, Circle charges fees for USDC redemptions exceeding $15 million and imposes additional fees for rapid redemptions over $2 million per day. These fees start at 0.03% per transaction and can go up to 0.1%. This fee adjustment comes as the company prepares for a potential public listing.
In an increasingly competitive stablecoin landscape, despite Tether dominating with over 70% market share, Circle still faces pressure from smaller, more agile startups.
Synthetix Multi-Collateral Perpetuals on Arbitrum Launch on Kwenta, Powered by Pyth Network
Synthetix multi-collateral perpetual contracts on Arbitrum have gone live on Kwenta, supported by Pyth Network. Pyth will provide over 500 real-time price feeds, updated every 400 milliseconds, aiming to deliver the most accurate, trusted, and timely data in DeFi to enhance trading experiences.
Kwenta is a spot and perpetuals trading platform within the Synthetix ecosystem, now supporting 81 new Perps markets and four new collateral types: tBTC, ETH, USDe (Ethena), and USDx (Arbitrum-native Synthetix stablecoin).
Tether Treasury Mints 1 Billion USDT on Tron (Authorized but Not Issued)
According to Whale Alert, at 04:43:51 Beijing time, Tether Treasury minted an additional 1 billion USDT on the Tron blockchain.
Tether CEO Paolo Ardoino commented that this is an authorized but not yet issued transaction, meaning these tokens will serve as inventory for future issuance requests and on-chain swaps.
Exchange Listing Report: Bitget Lists Most Tokens, Binance Delivers Highest Average Returns
Animoca Brands Research released its overview of exchange-listed project performance from January to September 2024.
The report shows that average returns for newly listed projects across multiple exchanges were negative year-to-date. Binance and OKX performed relatively well, with average returns of -27.00% and -27.30%, respectively. KuCoin, Bitget, and Bybit followed, with average returns of -48.30%, -46.50%, and -50.20%, respectively.
In terms of listing volume, Binance and OKX launched 44 and 47 tokens respectively—relatively conservative numbers. Bybit listed 155 tokens, KuCoin 188, while Bitget adopted a more aggressive strategy, listing 339 new tokens.
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