Headlines
▌The U.S. Department of Efficiency (DOGE) announced the results of the first 80 hours of work, far behind schedule
According to a report by BusinessInsider, the U.S. Department of Efficiency (DOGE) announced in an article on X on Friday that within 80 hours, the department had canceled about $4.2 billion worth of existing or pending government contracts, as well as two leases. According to BusinessInsider's calculations, this is equivalent to canceling about $1.26 billion worth of contracts per day. If the organization works at this pace during the 530 days between January 20, 2025 and July 4, 2026, it will cancel about $67 billion in contracts per year. (Note: The U.S. DOGE service temporary organization is scheduled to terminate on July 4, 2026.) This will ultimately account for about 3% of ElonMusk's initial $2 trillion federal budget cut target, or 7% of his post-cut $1 trillion target. DOGE is currently focused on DEI (Diversity, Equity and Inclusion) contracts and idle buildings, but cannot directly change the federal budget without congressional approval.
▌Binance CEO: Beware of scam groups on WhatsApp
Binance CEO Richard Teng posted on the X platform to warn the community about scam groups on WhatsApp, advising users to remain vigilant and report any suspicious activity immediately.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $104,733, with a daily change of +1.2%;
ETH's latest trading price is $3,303.32, with a daily change of -0.4%;
BNB's latest trading price is $682.41, with a daily change of -0.6%;
SOL's latest trading price is $252.28, with a daily change of +0.1%;
Doge's latest trading price is $0.3501, with a daily change of +0.1%;
XPR's latest trading price is $3.13, with a daily change of +1.0%.
Policy
▌The U.S. Senate Banking Committee will hold a hearing on February 5 to focus on the "de-banking" of crypto companies by banks
According to a report by Fox reporter Eleanor Terrett, the U.S. Senate Banking Committee will hold a hearing on February 5 to focus on the "de-banking" of crypto companies by banks. Eleanor Terrett said this will be the first "de-banking" themed hearing in U.S. history. Previously, the U.S. House Oversight and Government Reform Committee wrote to crypto company executives such as Uniswap Labs CEO Hayden Adams, Coinbase CEO Brian Armstrong, and Kraken CEO David Ripley, asking them to explain their experiences with "de-banking".
▌The U.S. SEC may make its first decision on the Solana ETF today
The Solana ETF applications submitted by institutions including VanEck, 21Shares, Canary, and Bitwise will reach their first SEC review deadline on January 25, 2025, as these 19b-4 applications were officially accepted by the SEC in November 2024. According to the approval process, the SEC needs to make its first decision within 45 days of acceptance, which may be to approve, reject, or delay. The market generally expects the SEC to take a unified approach in reviewing these Solana ETF applications.
Blockchain Applications
▌VanEck Digital Assets Research Director: Brazil's Petrobras to launch Bitcoin mining R&D project
According to Matthew Sigel, Director of Digital Assets Research at VanEck, one of the world's top 10 oil companies, Brazil's Petrobras, has announced the launch of a new R&D project that includes Bitcoin mining and tokenization.
Cryptocurrencies
▌NoOnes CEO confirms the company encountered a security vulnerability in early January, resulting in a loss of about $8 million
According to Ray Youssef, CEO of the peer-to-peer crypto trading platform NoOnes, NoOnes has confirmed that it encountered a security vulnerability earlier this month, resulting in the loss of about $8 million in crypto assets. This disclosure came shortly after crypto sleuth ZachXBT posted this news on his "Investigations by Zach" Telegram channel. Ray Youssef stated that these losses were due to the "Solana bridge being exploited" on January 1. According to their status page, the company has taken measures to disable the security bridge, which remains offline. Ray Youssef posted on X saying, "Our security team responded swiftly, and the situation was immediately brought under control. User funds are safe, personal data is safe. We know Solana is hot right now, but the Solana bridge will not be restored unless a thorough penetration test is conducted. We apologize for the inconvenience."
▌Berkshire Hathaway, owned by Buffett, is gradually embracing cryptocurrencies
Although Berkshire Hathaway CEO and Chairman Warren Buffett has repeatedly made it clear that he is against cryptocurrencies and has never hidden his disdain for them, recent actions show that Berkshire Hathaway and some other investment managers may be gradually embracing cryptocurrencies. It is reported that Berkshire Hathaway has invested hundreds of millions of dollars in Nu Holdings Ltd., a Brazil-based bank related to cryptocurrencies, whose stock has risen 34% year-over-year. The company has its own cryptocurrency platform and supports the cryptocurrency market. According to SEC filings, Berkshire Hathaway's stake in Nu increased from 0.1% at the end of Q4 2022 to 0.4% by the end of Q3 2025. This means that by the end of Q3 2025, Berkshire Hathaway will hold over 86 million Nu shares, worth nearly $1.2 billion, and Buffett and Berkshire Hathaway are benefiting from a company in an industry he previously claimed he did not understand much about, and Buffett may need to rewrite his previous statements that cryptocurrencies will not have a significant impact.
▌1,000,000 TRUMP tokens transferred from Crypto.Com to an unknown wallet
According to on-chain data tracking service Whale Alert, at 7:50 am Beijing time, 1,000,000 TRUMP (worth $29,601,000) were transferred from Crypto.Com to an unknown wallet.
▌The Trump crypto project WLFI added 3,001 ETH and 95 WBTC about 2 hours ago
On January 25, according to SpotOnChain monitoring, the Trump crypto project World Liberty Financial spent about $20 million to add 3,001 ETH and 95 WBTC about 2 hours ago. Over the past 5 days, this address has invested $210 million, including $119 million for 35,995 ETH at an average price of $3,332, and $66.84 million for 629.1 WBTC at an average price of $106,249. Currently, this address holds a total of 77,818 ETH (about $257 million) and 646.72 WBTC (about $67.6 million).
▌The number of Altcoins has now exceeded 36.4 million, compared to less than 3,000 during the 2017-2018 Altcoin boom
On January 25, on-chain analyst Ali tweeted that the number of Altcoins has now exceeded 36.4 million, compared to less than 3,000 during the 2017-2018 Altcoin boom, and less than 500 in 2013-2014.
Important Economic Dynamics
▌Changes in U.S. Treasury leadership may impact the bond market, according to strategists at Bank of America and others
Changes in the U.S. Treasury Department's leadership may alter the department's approach to the cash it holds at the Federal Reserve, with strategists warning this could impact the U.S. bond market. Bank of America and Wrightson ICAP LLC have stated that as the cash buffer - funds to ensure the U.S. can pay its bills - declines, the Treasury may reduce the amount of funds it holds in its Fed account. Against the backdrop of the debt ceiling being reinstated and the cash buffer shrinking, this would allow the government to issue fewer short-term bonds, potentially saving taxpayer money.
▌The U.S. dollar index fell 0.56% on the 24th
The US dollar index fell on the 24th. The US dollar index, which measures the US dollar against six major currencies, fell 0.56% that day, closing at 107.444 in the foreign exchange market. As of the close of the New York foreign exchange market, 1 euro was exchanged for 1.0495 US dollars, higher than the previous trading day's 1.0423 US dollars; 1 British pound was exchanged for 1.2483 US dollars, higher than the previous trading day's 1.2360 US dollars. 1 US dollar was exchanged for 155.82 Japanese yen, higher than the previous trading day's 155.81 Japanese yen; 1 US dollar was exchanged for 0.9060 Swiss francs, lower than the previous trading day's 0.9068 Swiss francs; 1 US dollar was exchanged for 1.4343 Canadian dollars, lower than the previous trading day's 1.4362 Canadian dollars.
▌The US House of Representatives Committee is investigating the "de-banking" phenomenon in the crypto industry
The US House of Representatives Committee on Oversight and Reform is investigating the so-called "de-banking" phenomenon in the crypto industry. The committee sent letters to crypto company executives such as Uniswap Labs CEO Hayden Adams, Coinbase CEO Brian Armstrong, and Kraken CEO David Ripley, asking them to explain their experiences with "de-banking". Committee Chairman James Comer (Republican-Kentucky) said in a letter: "The committee wants to understand whether this 'de-banking' phenomenon is driven by the financial institutions themselves or by government actions." The committee's letter marks the latest legislative move to crack down on alleged bank decentralization. Lawmakers, including House Financial Services Committee Chairman Maxine Waters, have vowed to investigate the issue of bank decentralization and said his committee will take a "tough stance".
Jinse Finance
▌What is a drip attack in crypto?
In the Altcoin environment, drip attacks often target the decentralized nature of Blockchain platforms. Even if they do not target the encryption algorithms of Altcoins, disrupting the underlying peer-to-peer network infrastructure that Altcoins rely on can lead to service interruptions, fund losses, and a decline in user trust. Attackers can focus on specific nodes or servers to interfere with the consensus process, transaction verification, or node-to-node communication. This can lead to network fragmentation, processing delays, or even a complete shutdown.
Disclaimer: Jinse Finance, as a Blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and improve risk awareness.
