PA Daily | Bitcoin White Paper Release 17th Anniversary; Tether's Net Profit in the First Three Quarters Surpasses $10 Billion

Reminder: Today’s Top News

1. The 17th anniversary of the Bitcoin White Paper release

2. The three major US stock indices have at least six consecutive months of gains; Coinbase up over 4%

3. Binance Alpha will launch THORWallet (TITN) on November 3

4. Aster adjusts S3 buyback and airdrop mechanisms: 50% buyback and burn, 50% returned to locked airdrop addresses

5. Tether’s net profit exceeded $10 billion in the first three quarters, with USDT circulation reaching $174 billion

6. MEXC Chief Strategy Officer apologizes to crypto influencer The White Whale and unfreezes $3 million account

7. Pump fun launches Spotlight program to help utility tokens gain attention and liquidity

Macroeconomics

Singapore police freeze assets worth 150 million SGD belonging to Chen Zhichao, approximately 800 million RMB

According to Caixin, Chen Zhichao (head of the Cambodian Prince Group) is suspected of operating a transnational telecom fraud gang. On October 30, Singapore police took action against him and his accomplices, freezing assets totaling over 150 million SGD (about 800 million RMB), including six properties, bank and securities accounts, cash, as well as yachts, 11 cars, and multiple bottles of alcohol. Previously, the U.S. Department of Justice confiscated approximately $15 billion worth of Bitcoin he held; currently, Chen Zhichao and his accomplices are not in Singapore.

The three major US stock indices have at least six consecutive months of gains; Coinbase up over 4%

According to Caixin, the US stock market’s three major indices all closed higher, with the Nasdaq up 0.61%, gaining 2.24% this week and 4.7% in October; the S&P 500 rose 0.26%, up 0.71% this week and 2.27% in October; the Dow Jones increased 0.09%, up 0.75% this week and 2.51% in October. Coinbase ###COIN( rose 4.65%, Circle )CRCL( increased 3.48%, Strategy )MSTR( rose 5.87%.

American fast-food chain Steak 'n Shake announces establishment of Bitcoin reserves; all Bitcoin payments will be stored in reserves

American fast-food chain Steak 'n Shake announced the creation of a strategic Bitcoin reserve: all payments made with Bitcoin will be stored in this reserve. Over the next 12 months, they will donate 210 satoshis )sats( from each Bitcoin meal to Open Sats Initiative, Inc.

In May this year, it was reported that Steak 'n Shake supported Bitcoin payments, and in October, launched the “Bitcoin Steak Burger.”

Zhejiang Dinghai Court has concluded a case involving USDT-based assistance crimes, with the involved amount exceeding 5 million RMB

According to the official WeChat account of Dinghai Court in Zhoushan, Zhejiang, the court recently concluded a case involving the use of virtual currency transactions to facilitate information network crimes.

From October 2022 to August 2023, Huang Mou, along with Yao Mou and others, gathered 10 people to set up multiple “businesses” on an overseas virtual currency platform, profiting through joint ventures, low-buy-high-sell of Tether (泰达币). Despite knowing that upstream transactions might involve illegal activities, they still received transfers from victims Gan and Wen via employee WeChat accounts, then deposited Tether into designated accounts to help transfer funds involved in telecom fraud and other crimes. During this period, the “businesses” frequently faced WeChat account restrictions and freezes due to suspected scams, with involved personnel forging fake transaction screenshots and courier tracking numbers to unfreeze accounts or changing accounts to evade regulation.

It was found that Huang and others helped facilitate over 5 million RMB in cybercrime-related funds, with several defendants transferring tens of thousands to hundreds of thousands of RMB. On August 28, 2023, all ten defendants were arrested in Fuzhou and Putian, Fujian.

The court sentenced Huang to 2 years and 11 months in prison and fined 50,000 RMB; Yao, Guo, and nine other accomplices received sentences ranging from 7 months to 2 years and 3 months, all with probation and fines. The confiscated 877,000 RMB in proceeds were returned to victims, and tools such as mobile phones and hard drives used in the crimes were lawfully seized.

) Opinions

The Federal Reserve’s Logan: No need to cut interest rates this week; oppose another rate cut in December

Federal Reserve’s Logan stated that there is no need to cut interest rates this week, nor in December. She pointed out that the labor market is “generally balanced,” and there is no immediate need to support it, while inflation appears likely to remain above the 2% target for an extended period. Logan said, “The current economic outlook does not require a rate cut. I believe there is no need to cut this week. Without clear evidence that inflation will fall faster than expected or that the labor market will cool more quickly, I would find it difficult to support another rate cut in December.” Logan does not have voting rights in the Federal Open Market Committee this year. She noted that data from the private sector, unemployment claims from states, and the Fed’s own business and community contacts provide perspectives on the economy, which overall “are not yet concerning.”

U.S. Treasury Secretary Scott Bessent praises the Bitcoin White Paper’s 17 years of stable operation

U.S. Treasury Secretary Scott Bessent tweeted that 17 years after the Bitcoin White Paper was published, the Bitcoin network continues to operate well and is more robust than ever. Bitcoin never goes offline. He added, “Senate Democrats might learn some lessons from this.”

Project Updates

The 17th anniversary of the Bitcoin White Paper release

On October 31, 2008, Satoshi Nakamoto published the paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” on a cryptography mailing list, introducing the concept of a decentralized electronic cash system for the first time. This paper laid the technical and ideological foundation for Bitcoin and the entire cryptocurrency industry, marking the beginning of the blockchain era.

Aster adjusts S3 buyback and airdrop mechanisms: 50% buyback and burn, 50% returned to locked airdrop addresses

Aster announced an optimization of the S3 buyback and airdrop model: 50% of all S2 and S3 buybacks will be directly burned to reduce supply, while the remaining 50% will flow back to locked airdrop addresses, decreasing circulation and reserving quota for future airdrops. The official stated that subsequent buyback and burn mechanisms will continue to iterate to support long-term value and sustainable growth.

Tether’s net profit exceeds $10 billion in the first three quarters; USDT circulation reaches $174 billion

According to Tether’s official website, Tether International announced Q3 2025 audit proof: net profit over $10 billion this year, with $17 billion of USDT issued this quarter, bringing circulation to $174 billion; the company’s holdings of U.S. Treasury bonds amount to about $135 billion, ranking 17th globally. As of September 30, reserves assets totaled $1.8122 trillion, liabilities $1.7444 trillion, with an excess reserve of $67.78 million; holdings include gold valued at $12.9 billion and Bitcoin worth $9.9 billion (about 13% of reserves). Tether completed a settlement with Celsius using its own funds and applied for a private investment fund license in El Salvador.

Bitwise updates XRP ETF application documents, adding NYSE and 0.34% management fee information

Bloomberg ETF analyst Eric Balchunas tweeted that Bitwise has updated the XRP ETF application with a fourth revision, adding the New York Stock Exchange as the trading venue and a 0.34% management fee. Balchunas noted that this is usually one of the final steps in the application process.

Vitalik sells again the meme coins received for free, worth over $15,000

According to Lookonchain, Vitalik Buterin sold the meme coins he received for free, earning 15,170 USDC.

MEXC Chief Strategy Officer apologizes to crypto influencer The White Whale and unfreezes $3 million account

Cecilia Hsueh, MEXC’s Chief Strategy Officer, apologized to crypto influencer The White Whale on X (Twitter), returning the frozen funds and admitting mishandling the situation. The White Whale’s account was frozen by MEXC in July, with $3 million. The exchange claimed that two orders placed simultaneously indicated non-manual trading, violating terms of service, and thus funds should be confiscated. The White Whale denied these allegations. Since then, he has been advocating on social media to recover the funds, with on-chain detective ZachXBT recently supporting his case.

Pump fun launches Spotlight program to promote utility tokens’ visibility and liquidity

Pump fun introduced the “Spotlight” program to help utility tokens without meme attributes gain more attention and liquidity, fostering the development of the internet capital market (ICM). Applications for the program are now open.

Binance Alpha to launch THORWallet (TITN) on November 3

According to official announcements, Binance Alpha will launch THORWallet (TITN) on November 3. Eligible users can claim airdrops by visiting the Alpha event page with Binance Alpha points after trading opens. More details will be announced soon.

Binance: Users holding over 245 Alpha points can claim 400 Marina Protocol ###BAY( airdrops

Officially, Binance Alpha Marina Protocol )BAY( trading will start at 16:00 (UTC+8) on November 1. Eligible Binance users can use their Binance Alpha points to claim 400 BAY tokens within 24 hours after trading begins via the Alpha event page. The airdrop will be conducted in two phases:

• Phase 1 (first 18 hours): Users with at least 245 Binance Alpha points can claim the airdrop.
• Phase 2 (last 6 hours): Users with at least 230 points can participate on a first-come, first-served basis. If the rewards are not fully distributed, the point threshold will automatically decrease by 15 points each hour.

Claiming the airdrop costs 15 Binance Alpha points. Users must confirm receipt on the Alpha event page within 24 hours, or they will forfeit the claim.

Binance: Users with at least 235 Alpha points can claim 245 BEAT tokens

Officially, Binance Alpha will list the Audiera token BEAT, with trading starting at 17:00 on November 1. Users with at least 235 Binance Alpha points can claim 245 BEAT tokens on a first-come, first-served basis. If the reward pool is not fully distributed, the point threshold will decrease by 5 points every 5 minutes. Claiming the airdrop costs 15 Alpha points. Users must confirm receipt within 24 hours on the Alpha event page or forfeit the claim.

Romania blacklists Polymarket for unlicensed operation

Romanian authorities have blacklisted Polymarket for operating without a license. The National Gambling Office (ONJN) determined that betting on prediction markets constitutes counterparty betting, not trading. In Romania, gambling is monopolized by the state, and operators must apply for and obtain a license from the National Gambling Office before operating. The director of ONJN stated, “The decision to blacklist Polymarket is unrelated to technology but related to legal issues.”

Official: Binance Alpha to list Audiera token BEAT, trading begins at 17:00 on November 1

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Zcash developer Electric Coin Company releases Q4 roadmap

Electric Coin Company announced its Q4 roadmap, focusing on:

• Temporary transparent addresses: Each time NEAR Intents are used to exchange ZEC, a new temporary transparent address is generated to enhance privacy and reduce transaction linkability.
• Transparent address rotation: Each time funds are received at a previous address, a new transparent address is generated.
• Keystone device re-synchronization and disconnection: Allows Zashi-Keystone users to unbind and re-sync their Keystone devices.
• P2SH multi-signature support in Keystone: Ensures secure management of Zcash development fund resources to support ongoing development. Keystone will initially serve as a development tool for Lockbox access, but any wallet integrated with PCZT can use Keystone for signing.

) Important Data

Data: USDC Treasury mints an additional 500 million USDC on the Solana network

According to Whale Alert, the USDC Treasury minted a total of 500 million USDC on Solana in two transactions.

A new wallet received 9,272 ETH transferred from Galaxy Digital, possibly belonging to BitMNR or SharpLink

Onchain Lens detected that a newly created wallet received 9,272 ETH from Galaxy Digital, worth approximately $35.77 million. The wallet may belong to BitMNR or SharpLink (unconfirmed) ###.

US Solana Spot ETF net inflow of $44.48 million for four consecutive days

According to SoSoValue, as of October 31, Eastern Time, the US Solana Spot ETF had a total net inflow of $44.48 million for four consecutive days.

Bitwise Solana Spot ETF (BSOL) had a single-day net inflow of $44.48 million, with total net inflow reaching $197 million historically. Grayscale Solana Spot ETF (GSOL) saw no net inflow or outflow. As of the latest data, the total net asset value of Solana Spot ETF is $502 million, with a net asset ratio of 0.49%, and cumulative net inflow of $199 million.

) Funding / Acquisitions

AI video generation company Synthesia completes $200 million funding, led by Google Ventures

According to Sina citing Forbes, UK-based AI video generation company Synthesia completed a new funding round of $200 million, valuing the company at $4 billion. The new funding was led by Google Ventures, with Nvidia possibly participating. Previously, Synthesia had raised $280 million (about RMB 2 billion), with Nvidia and Adobe as investors.

Synthesia was founded in 2017 and focuses on helping enterprises generate videos using AI virtual avatars for marketing and employee training. Currently, over 60,000 companies use Synthesia’s platform to create their own virtual avatar videos.

Bloomberg: Coinbase’s acquisition of stablecoin startup BVNK expected to close by late 2023 or early 2024

According to Bloomberg, sources say that U.S. cryptocurrency exchange Coinbase Global Inc. is in late-stage negotiations to acquire stablecoin infrastructure startup BVNK for approximately $2 billion, pending due diligence. Coinbase Ventures is an investor in BVNK. The deal is expected to close later this year or early next year, but terms may change, and the transaction could still fail.

Institutional Holdings

Bitmine increases ETH holdings by 7,660, valued at about $29.54 million

According to Onchain Lens, Bitmine purchased an additional 7,660 ETH from Galaxy Digital about 5 h ago, worth approximately $29.54 million.