Headline
▌The Department of U.S. Government Efficiency (DOGE) announced the results of the first 80 hours of work, far behind schedule
According to Business Insider, the Department of U.S. Government Efficiency (DOGE) announced in an article on X on Friday that within 80 hours, the department canceled about $420 million worth of existing or upcoming government contracts, as well as two leases. According to Business Insider's calculations, this is equivalent to canceling contracts worth about $126 million every day.
If the organization works at this speed for 530 days between January 20, 2025 and July 4, 2026, it will cancel about $67 billion in contracts each year. (Note: The U.S. DOGE Service Temporary Organization should be terminated on July 4, 2026.) This will eventually account for about 3% of Elon Musk's original goal of cutting the federal budget by $2 trillion, or 7% of his goal of $1 trillion after the cut. Currently, DOGE focuses on DEI (diversity, equity and inclusion) contracts and idle buildings, but cannot directly change the federal budget without the approval of Congress.
▌Binance CEO: Beware of scam groups on WhatsApp
Binance CEO Richard Teng posted a message on the X platform to remind the community to be careful of scam groups on WhatsApp. He advised users to remain vigilant and report any suspicious activities immediately.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $104,733, with a daily increase or decrease of +1.2%;
ETH's latest transaction price is $3,303.32, with a daily increase or decrease of -0.4%;
BNB's latest transaction price is $682.41, with a daily increase or decrease of -0.6%;
SOL's latest transaction price is 252.28 US dollars, and its intraday increase or decrease is +0.1%;
DOGE's latest transaction price is 0.3501 yuan, and its intraday increase or decrease is +0.1%;
XPR's latest transaction price is 3.13 US dollars, and its intraday increase or decrease is +1.0%。
Policy
▌The U.S. Senate Banking Committee will hold a hearing on February 5 to focus on the issue of banks' "de-banking" of crypto companies
According to Fox reporter Eleanor Terrett, the U.S. Senate Banking Committee will hold a hearing on February 5 to focus on the issue of banks' "de-banking" of cryptocurrency companies. Eleanor Terrett said that this is the first "de-banking" themed hearing in the history of the United States.
Previously, the U.S. House of Representatives Oversight and Government Reform Committee sent letters to the heads of crypto companies such as Uniswap Labs CEO Hayden Adams, Coinbase CEO Brian Armstrong and Kraken CEO David Ripley, asking them to explain their experience of "de-banking".
▌The US SEC may make its first decision on Solana ETF today
The Solana ETF applications submitted by four institutions, including VanEck, 21Shares, Canary and Bitwise, will usher in the first SEC review period on January 25, 2025. These 19b-4 applications were officially accepted by the SEC on November 21, 2024. According to the approval process, the SEC needs to make its first decision within 45 days after acceptance, and may choose to approve, reject or postpone.
The market generally expects that the SEC may adopt a unified approach to review these Solana ETF applications.
Blockchain Applications
▌VanEck Digital Asset Research Director: Petrobras to Launch Bitcoin Mining R&D Project
According to Matthew Sigel, Director of VanEck Digital Asset Research, Petrobras, one of the world's top ten oil companies, announced that it will launch a new research and development (R&D) project, which includes Bitcoin mining and tokenization
Cryptocurrency
▌NoOnes CEO confirmed that the company suffered a security breach in early January, with a loss of approximately US$8 million
According to Ray Youssef, CEO of peer-to-peer encryption trading platform NoOnes, NoOnes has confirmed that it suffered a security breach earlier this month, resulting in the loss of approximately $8 million in crypto assets. The disclosure came shortly after crypto sleuth ZachXBT posted the news on his “Investigations by Zach” Telegram channel.
Ray Youssef said the losses were caused by the “Solana bridge exploit” on January 1. According to its status page, the company has taken steps to disable the security bridge, which currently remains offline.
Ray Youssef posted on X: "Our security team responded quickly and the situation was immediately under control. User funds are safe and personal data is safe. We know Solana is popular now, but the Solana bridge will not be restored unless a thorough penetration test is carried out. We apologize for the inconvenience."
▌Buffett's Berkshire Hathaway is gradually accepting cryptocurrencies
Although Berkshire Hathaway CEO and Chairman Buffett has repeatedly made clear his position on cryptocurrencies and has never concealed his disgust for cryptocurrencies, recent actions show that Berkshire Hathaway and some other investment managers may be gradually accepting cryptocurrencies.
It is reported that Berkshire Hathaway has invested millions of dollars in Nu Holdings Ltd., a Brazilian bank related to cryptocurrency. The bank's stock has risen 34% year-on-year. The company has its own cryptocurrency platform and supports the cryptocurrency market.
According to the U.S. Securities and Exchange Commission (SEC) filing, Berkshire Hathaway's holdings of Nu stock rose from 0.1% in the fourth quarter ending December 31, 2022 to 0.4% in the third quarter of fiscal 2024. This means that by the end of the third quarter of fiscal 2025, Berkshire Hathaway held more than 86 million shares of Nu stock, worth nearly $1.2 billion. Buffett and Berkshire Hathaway are benefiting from an industry that he claimed in the past to not know much about, and Buffett may need to rewrite his previous statement that cryptocurrencies will not have a significant impact.
▌1,000,000 TRUMP transferred from Crypto.Com to an unknown wallet
According to the on-chain data tracking service Whale Alert, at 7:50 Beijing time, 1,000,000 TRUMP (US$29,601,000) was transferred from Crypto.Com to an unknown wallet.
▌Trump's encryption project WLFI added 3001 ETH and 95 WBTC 2 hours ago
On January 25, according to SpotOnChain monitoring, Trump's encryption project World Liberty Financial spent US$20 million to add 3001 ETH and 95 WBTC about 2 hours ago. In the past 5 days, the address has invested $210 million, including 35,995 ETH worth $119 million at an average price of $3,332, and 629.1 WBTC worth $66.84 million at an average price of $106,249. Currently, the address holds a total of 77,818 ETH (about $257 million) and 646.72 WBTC (about $67.6 million).
▌Currently, the number of altcoins has exceeded 36.4 million, while the number of altcoins in 2017-2018 was less than 3,000.
On January 25, on-chain analyst Ali tweeted that the current number of altcoins has exceeded 36.4 million; during the altcoin peak season in 2017-2018, the number of altcoins was less than 3,000, and in 2013-2014 there were even less than 500.
Important Economic Dynamics
▌The U.S. Treasury's cash reserves face uncertainty, strategists from Bank of America and other institutions say: May affect the bond market
Changes in the leadership of the U.S. Treasury may change the department's attitude toward cash deposited at the Federal Reserve, and strategists warn that this move may affect the U.S. bond market. Bank of America and Wrightson ICAP LLC and other institutions said that as cash balances - the buffer of funds that ensures that the United States can pay its bills - decrease, the Treasury may reduce the funds deposited in the Federal Reserve account. Against the backdrop of the debt ceiling being restored and cash balances shrinking, this will allow the government to issue fewer short-term bonds and may save taxpayers money.
▌The U.S. dollar index fell 0.56% on the 24th
The U.S. dollar index fell on the 24th. The dollar index, which measures the dollar against six major currencies, fell 0.56% on the day and closed at 107.444 at the end of the foreign exchange market. As of the end of the New York foreign exchange market, 1 euro was exchanged for 1.0495 US dollars, higher than 1.0423 US dollars on the previous trading day; 1 pound was exchanged for 1.2483 US dollars, higher than 1.2360 US dollars on the previous trading day. 1 US dollar was exchanged for 155.82 Japanese yen, higher than 155.81 Japanese yen on the previous trading day; 1 US dollar was exchanged for 0.9060 Swiss francs, lower than 0.9068 Swiss francs on the previous trading day; 1 US dollar was exchanged for 1.4343 Canadian dollars, lower than 1.4362 Canadian dollars on the previous trading day.
▌US House of Representatives Committee Investigates the "De-Banking" Phenomenon in the Crypto Industry
The US House of Representatives Oversight and Government Reform Committee is investigating the so-called "de-banking" phenomenon in the crypto industry. The committee sent letters to crypto company leaders including Uniswap Labs CEO Hayden Adams, Coinbase CEO Brian Armstrong and Kraken CEO David Ripley, asking them to explain their experiences with "de-banking."
"The committee wants to understand whether this phenomenon of 'de-banking' stems from the financial institutions themselves or from government actions," committee Chairman James Comer (R-KY) said in a letter.
The committee's letter marks the latest move by lawmakers to crack down on alleged bank decentralization. Lawmakers including House Financial Services Committee Chairman French Hill have vowed to investigate the issue of bank decentralization and said his committee will take a "tough stance."
Golden Encyclopedia
▌What is a teardrop attack in encryption?
In the context of cryptocurrency, teardrop attacks often target the decentralized nature of blockchain platforms. Even if they do not target the blockchain's cryptographic algorithms, compromising the underlying peer-to-peer network infrastructure that cryptocurrencies rely on can lead to service disruptions, loss of funds, and decreased user trust. Attackers can interfere with the consensus process, transaction verification, or node-to-node communication by focusing on specific nodes or servers. This can lead to network fragmentation, processing delays, or even complete downtime.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.