Today's News Summary

1. A certain tech entrepreneur announced the establishment of a new political party.

2. The Ethereum Community Foundation is committed to promoting ETH to reach the goal of 10,000 yuan.

3. Singapore imposes hefty fines on several financial institutions.

4. A certain crypto project collaborates with the UAE to provide long-term visas

5. The U.S. Secret Service has recovered a large amount of digital assets over the past decade.

6. The trading volume of the NFT market increased by over 10% month-on-month.

7. Large withdrawals from a cryptocurrency exchange attract attention

Regulation and Macro

New Developments in the U.S. Political Arena

Recently, a well-known tech entrepreneur announced the establishment of a new political party on a social media platform. This move has sparked widespread attention, but analysts believe that truly challenging the two-party system in American politics is no easy task. Establishing a new political party faces numerous legal and economic obstacles, which may take years to resolve.

It is currently unclear whether this new political party has initiated the formal establishment process. According to U.S. law, a party eligible to participate in elections must undergo a complex certification process, which includes convening party caucuses, electing temporary officials, and designating a party name. In addition, the criteria for recognizing the candidacy of new political parties vary from state to state.

In addition to legal procedures, raising campaign funds is also a major challenge. Experts point out that new political parties may need thousands of donors to co-fund their operations. Overall, creating a third-party political party that can truly challenge the two-party system in the United States is fraught with difficulties and a long road ahead.

Singapore Issues Huge Fines to Financial Institutions

The Monetary Authority of Singapore ( MAS ) imposed a total fine of 27.5 million Singapore dollars (, equivalent to approximately 21.5 million US dollars ), on 9 financial institutions, marking one of the largest investigations into money laundering cases in the country to date. The penalized institutions include a subsidiary of a Swiss bank in Singapore and the Singapore operations of an American bank, among others.

The investigation into this case, involving an amount as high as 3 billion Singapore dollars (, approximately equivalent to 2.2 billion US dollars ), lasted for two years and involved various assets ranging from luxury properties to cryptocurrencies. So far, 10 individuals involved in the case have been convicted, and two former bankers have been charged. Law enforcement agencies have also seized a large amount of cash, property, luxury goods, and cryptocurrencies related to the case.

The Monetary Authority of Singapore stated that the fined financial institutions have compliance violations, including loopholes in anti-money laundering control measures. These companies are taking remedial actions, and the regulatory agency will closely monitor the progress of the rectification.

Project Updates

A Certain Cryptocurrency Project Partners with the UAE to Offer Long-term Visas

According to an official announcement, a certain cryptocurrency project has partnered with the UAE to provide a 10-year golden visa to the project's stakers. The specific requirement is to stake $100,000 worth of project tokens, which can be unlocked after 3 years, with an expected annualized return of 3-4% within 3 years. In addition, applicants are required to pay a one-time fee of $35,000.

The Ethereum Community Foundation Sets Grand Goals

The Ethereum Foundation recently stated that it will work towards achieving a target of $10,000 for ETH. The organization mentioned that it will release a series of follow-up work plans in the coming weeks, including complete funding details, the first batch of initiatives, core team and contribution value information, as well as instructions on how to apply or contribute.

The foundation emphasized that they are not a think tank, but a "fighting fund" that will take practical actions to drive up the price of ETH. This statement has sparked heated discussions in the community, with people being curious about their specific implementation plans and potential impacts.

Data and Opinions

U.S. Secret Service Recovers Massive Digital Assets Over Ten Years

According to reports, the Global Investigative Operations Center of the U.S. Secret Service (GIOC) has recovered $400 million worth of digital assets from criminals over the past decade. Just last month, during a large-scale investigation, $225 million worth of cryptocurrency was seized.

Most of the recovered funds are stored in a cold wallet. In addition to asset recovery, GIOC also held a week-long free training course in over 60 countries around the world, teaching local law enforcement how to identify and prevent cryptocurrency-based scams and crimes.

NFT market trading volume increases

Data shows that the NFT market trading volume increased by 10.44% compared to the previous week, reaching $136.5 million. Among them, the trading volume of a certain public chain network increased by over 50%, reaching $25 million. The trading volume of another well-known public chain network was $22.5 million, down by 8.63%.

Despite the overall increase in trading volume, the number of NFT transactions decreased by 19.72% to 1,357,295. The number of buyers remained stable, while the number of sellers increased by 8.09%. This week also saw several high-value transactions, with the highest transaction price approaching $400,000.

Large ETH Withdrawal Draws Attention

On-chain data shows that an address has continuously withdrawn ETH from a certain exchange since June 10, and recently withdrew another 3000 ETH, worth approximately 7.55 million dollars. Currently, the total amount of ETH held by this address has reached 7001, approximately worth 1.7946 million dollars.