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Beijing investigates the first case of pyramid selling using blockchain and virtual currency, a technology company was fined and confiscated over 930,000 yuan

According to a report from the Beijing Daily client, the Market Supervision Administration of Haidian District, Beijing, investigated and handled the city's first illegal case of assisting pyramid schemes using blockchain and virtual currency technology, resulting in a technology company being fined and confiscated a total of over 930,000 yuan.The technology company involved is an outsourcing service provider for a certain public blockchain, offering support such as operations, market services, publicity and promotion, exchange docking, and maintenance. This public blockchain launched the "Atomic Plan" and "Hathaway Plan," which are centered around recruiting people for rebates, using the number of recruited individuals as the basis for rebates, and requiring participants to invest funds to obtain membership qualifications. Despite being aware of the pyramid scheme applications associated with this public blockchain, the involved company continued to provide technical operations, external publicity, and maintenance of virtual currency trading channels, facilitating the flow of funds and the spread of activities related to the pyramid scheme.Ultimately, the pyramid scheme activities of this public blockchain were investigated by public security authorities, the organizers were criminally detained, and the involved technology company was administratively punished with a total fine and confiscation of over 930,000 yuan for providing facilitative conditions.

Competition among exchanges extends to everyday payments, Gate launches a brand new one-stop financial portal Gate Money

According to an official report from Cointelegraph, the competition among cryptocurrency exchanges is undergoing transformation, with the industry's focus gradually shifting from trading data to users' broader daily financial needs. During TOKEN2049, Gate officially launched a one-stop financial service application, Gate Money, to lead this new competitive landscape.Dr. Han, the founder and CEO of Gate, pointed out that Gate Money aims to break down the barriers between traditional investments and daily consumption. It integrates users' named bank accounts, fiat currencies, cryptocurrency assets, and traditional financial holdings such as stocks and gold into the same account system, combined with the Gate Card that supports Apple Pay and Google Pay, as well as a Visa co-branded card, granting assets instant consumption capabilities. It also integrates various fiat currency deposits and withdrawals, on-chain transfers, instant exchanges, and up to 3.6% annualized wealth management, achieving a one-stop experience for asset management, appreciation, and payments.While expanding its business, Gate always places compliance and transparency at its core. Currently, the platform has obtained compliance qualifications in Malta, Dubai, Australia, and the United States; the platform's total reserves amount to $8.688 billion, with a comprehensive reserve ratio of 118.49%. The launch of Gate Money marks Gate's acceleration towards upgrading into a comprehensive financial ecosystem that encompasses daily payments and comprehensive asset management.

first_img The House Oversight Committee investigates the proposal from the Delaware AI entity operating company

According to Decrypt, James Comer, the Chairman of the House Oversight Committee (Republican from Kentucky), has launched an investigation into a proposed company entity in Delaware that would be operated daily by AI entities.In a letter to Delaware Governor Matt Meyer, Comer stated that the proposed "Artificial Intelligence Company" (AIC) could exempt AI companies and their investors from liability for damages caused by AI entities, and he requested the governor to submit relevant documents and communications, including "internal AI chat logs," by November 9.The proposal was announced in July in a joint article in Fortune by Delaware Secretary of State Charuni Patibanda-Sanchez and Norm Ai CEO John Nay, positioning it as a public-private partnership led by Norm Ai.By design, the AIC could sue and be sued, hold property, and assume obligations under the direction of AI entities; its sole member must maintain sufficient capital and is not liable for the company's debts except in cases of incomplete capitalization, fraud, or willful misconduct. The AIC can only operate within a regulatory sandbox for 30 months, must disclose its identity to counterparties, and is prohibited from conducting banking activities.Comer also questioned the role of private sector participants in the proposal, stating that the Delaware AI Commission's report due in December 2025 did not mention a security risk assessment or consult independent experts, and the Secretary of State's office refused to clarify its relationship with an AI company involved in the project.He stated that this information could inform federal legislation, including proposals to limit state-level AI regulatory initiatives. The Secretary of State's office denied that the plan is a liability waiver arrangement, and Governor Meyer defended it, with state legislators expected to review the legislative proposal in January.

The Gate event market has a cumulative trading volume of approximately 909 million USD, ranking second among the channels connected to Polymarket

According to the latest data from Polymarket Builders, the Gate event market has a cumulative trading volume of approximately $909 million, ranking second among all access channels on Polymarket and consistently remaining at the forefront of major trading entrances.The Gate event market has launched a quarterly earnings prediction challenge, setting a total reward of 90,000 USDT around the earnings events of popular companies such as Microsoft, Apple, and Amazon. Activities include new trader transactions, inviting friends, and profit rankings, with the top of the leaderboard eligible for a reward of up to 5,000 USDT.Gate is the first to layout the event market, creating a one-stop trading experience for global hot events. Users can participate in trading directly through the Gate App, placing orders using USDT from their spot accounts without the need for on-chain operations. The platform has launched the Combo prediction feature and introduced a macro market topic page related to the U.S. midterm elections, focusing on displaying market probabilities and trading data for key macro topics such as Federal Reserve interest rate decisions, inflation, employment, and economic growth. At the same time, it continues to improve features such as intelligent monitoring, AI analysis, profit and loss analysis, and quick trading, enriching the trading scenarios and information service capabilities of the event market.

Gate Money launched a promotional event for account opening, where new users who open a USD-named account can receive up to 100 USDT

According to the official announcement, Gate Money will launch the "Account Opening Gifts" event from October 28 at 16:00 to November 11 at 16:00 (UTC+8). During the event, users who complete registration and identity verification, successfully open an account for the first time, and complete a valid bank transfer will have the chance to receive random rewards ranging from 2 to 100 USDT.After the event ends, Gate will randomly select up to 5,000 users who pass the qualification review, with each person eligible to receive a random reward of 2 to 100 USDT. Each individual can claim the reward once, and no trading or purchase of financial products is required. The specific account opening and reward rules are subject to the official announcement.Gate Money is an integrated financial service application within the Gate App, facilitating cross-border capital flow and daily consumption scenarios. Eligible users can directly open a USD bank account in their own name with one click through the Gate App. The platform supports cross-border deposits and withdrawals in four major fiat currencies: US Dollar (USD), Euro (EUR), British Pound (GBP), and United Arab Emirates Dirham (AED) via SWIFT, and integrates functions such as Convert asset exchange, Earn financial management, Gate Card consumption, and Pay payment, achieving efficient connections from global fund transfers, multi-currency asset management to daily payments.

The Gate event market "Macro Prophet" activity has begun, with a prize pool of 70,000 USDT focusing on the U.S. midterm elections and macro data

According to official news, the WCTC × Gate event market "Macro Prophet" activity has started and will last until November 25 at 16:00 (UTC+8), with a total reward value of 70,000 USDT. Eligible users who complete the WCTC S9 main event and register for this activity will be able to participate in the distribution of a reward pool valued at 20,000 USDT, provided that the daily effective trading volume in designated sectors related to the U.S. midterm elections and macro data reaches 200 USDT for at least 3 cumulative days.A separate cumulative trading volume leaderboard has a reward pool valued at 50,000 USDT, where users meeting the corresponding conditions can receive event market experience vouchers worth up to 8,250 USDT in total. The Gate event market has also launched a macro market special page, which visually displays the event probabilities, trading volumes, and market expectations for topics such as Federal Reserve interest rates, inflation, and employment, providing users with a reference for observing macro trends.Meanwhile, as of October 27, the total prize pool for the 11th phase of the Gate event market points activity has reached 70,049 USD, with the points prize pool being 11,074 USD and the lucky prize pool being 58,974 USD. The top position on the points leaderboard is expected to receive 4,152.75 USD. In conjunction with the ongoing League of Legends World Championship, Gate's "Summit Prediction Competition" is simultaneously offering a total reward pool valued at 150,000 USDT, covering initial predictions, phased trading tasks, canyon power rankings, and championship predictions, combining event result judgments with multi-stage participation tasks.

The Gate event market has launched a macro market special page, with a multi-dimensional data dashboard to help gain insights into market expectations

According to the official announcement, the Gate event market has officially launched a macro market special page, focusing on core topics such as the Federal Reserve's interest rate decisions, inflation, employment, economic growth, U.S. Treasury yields, and economic recession, displaying event probabilities, trading volumes, and market expectations through a visual dashboard. Users can experience related features by updating the Gate App to version v8.41 or above.In the special page, the Federal Reserve interest rate decision module provides a countdown to future interest rate events and displays the probability distribution of options such as rate hikes, rate cuts, and maintaining the current rate; core CPI, core PCE, non-farm employment, and unemployment rates are presented through indicator cards showing the latest forecast results. The GDP module displays the probabilities of different growth ranges, the U.S. Treasury module covers yields for 5-year, 10-year, and 30-year bonds, and the recession module presents market probabilities through a dashboard. The page supports dynamic updates of related event probabilities, and users can also enter event details to view key events and related news.As a centralized trading platform that is the first to layout the event market, Gate's upgrade further integrates macroeconomic information, enhancing the market expectation observation experience. In the future, the platform will continue to enrich the coverage of events, deepen the connection between market data, information, and event trading, and improve the one-stop event market service system.
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