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  • 2/8/25: OpenSea Navigates The Fog ⛵️🇭🇰✋

2/8/25: OpenSea Navigates The Fog ⛵️🇭🇰✋

Today’s issue is brought to you by Safe — the world’s leading smart account provider on EVM, securing $100B+ in assets (including Vitalik’s).

Top News

  1. OpenSea denies leaked airdrop details, calls rumors false

  2. Hong Kong allows BTC & ETH as proof of assets for visa

  3. SEC and Binance agree to pause case for 60 days

Specs’ Insights

1. OpenSea denies leaked airdrop details, calls rumors false

⌐◪-◪ → Is the OpenSea airdrop real?

The OpenSea Foundation is shutting down rumors about their upcoming airdrop. Specifically, they denied reports that the drop would require strict KYC, geo-block U.S. participants, and ban VPN usage—calling them completely false.

Even OpenSea’s CEO, Devin Finzer, chimed in, saying he was “disappointed to see false rumors spreading” and that “there’s a lot to be excited about, but we’ll share when we’re ready.”

The origin of these rumors is unclear, but it’s a good reminder to double-check sources—especially when the “facts” align too perfectly with our biases (i.e., most NFT collectors already hate OpenSea).

That said, an OpenSea airdrop still feels inevitable, though Polymarket odds of it happening before April have now dropped to 45%.

If you think you’re eligible, now might be a good time to turn on notifications for OpenSea and OpenSea Foundation on X.

2. Hong Kong allows BTC & ETH as proof of assets for visa

⌐◪-◪ → The global battle for crypto rages on!

Hong Kong just announced that Bitcoin and Ethereum can now be used to meet asset requirements for its New Capital Investment Entrant Scheme visa. Applicants need to prove a net worth of HK$30 million ($3.8 million), and now, for the first time, cryptocurrency holdings count.

But here’s the catch: once granted a visa, the Bitcoin and Ethereum must be converted into other assets. On one hand, this is bullish—another government formally recognizing crypto as a legitimate asset class. On the other, it shows low conviction in Bitcoin’s long-term value.

Regardless, this move highlights a growing trend: countries aren’t just competing to accumulate Bitcoin—they’re competing for the people driving crypto innovation.

That said, the real Bitcoin believers wouldn’t sell their stack just to get a visa.

3. SEC and Binance agree to pause case for 60 days

⌐◪-◪ → The SEC is pulling off their dogs!

Binance and the U.S. Securities and Exchange Commission (SEC) just filed a joint motion to pause their legal battle for 60 days. This comes after the SEC announced its new Crypto Task Force, which both parties say is reason enough to put things on hold while regulators “reassess” crypto laws.

Translation: The SEC under new leadership is actually willing to talk instead of just suing everything in sight. It’s really starting to feel like the SEC is turning pro-crypto. Amazing what happens when you replace the head of the snake.

As a reminder, they already reassigned 50+ lawyers from crypto enforcement, and now they’re pressing pause on one of their biggest cases.

The vibe shift is undeniable.

Everything Else

⛓️ Crypto & DeFi

  • Ethereum gas fees hit 5-year low of $0.04

  • OpenSea denies airdrop-related talk of enforced KYC plans

  • Berachain controversy as co-founder sells BERA tokens

  • Solana DEX volume soars to $60M

  • Solo miner beats the odds, winning $310K BTC reward

  • BTC difficulty hits ATH as one metric signals miner capitulation

  • Elon Musk offers $97.4 billion to buy OpenAI

  • Klarna says it will look to integrate crypto

  • Binance corporate reserves shrink despite $7B rise in user balances

  • Proton rolls out self-custodial Bitcoin wallet to all users

  • Changpeng Zhao critiques Binance’s token listing process as 'a bit broken'

  • Yi He discusses Binance's token listing criteria after CZ's remark

  • Base defends moving sequencer fees to Coinbase custody for 'security'

  • Story Protocol to launch mainnet later this week

🏦 Wall Street & VC

🏛️ Legal & Regulatory

  • Maxine Waters releases draft proposal to regulate stablecoins

  • North Carolina joins growing list of states considering crypto reserves

  • Hacker pleads guilty to hacking SEC’s Twitter account

  • FTX begins $16B creditor repayments starting February 18th

🌎 Rest Of The World

  • British investor seeks to buy landfill to find for $768 in lost Bitcoin

  • Three arrested in Spain over plot to kidnap and extort crypto broker

  • Poland central bank won’t buy BTC “under any circumstances”

  • WazirX offers 85% of stolen funds back

  • Gumi, a Japanese game maker, announces $6.6M Bitcoin purchase

  • Thai police seize $2.5M USDT from alleged scam operation

  • South Korea lawmaker off the hook in crypto disclosure case

  • Hong Kong takes a patient approach to regulating crypto

🖼️ NFTs & Metaverse

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