Suspected Sonic Labs-Related Address Transfers 11.78 Million S Tokens to Binance, Valued at Approximately $5.55 Million

February 10th U.S. Treasury Secretary Scott Benson labeled Coinbase a "reluctant participant" in a Fox News appearance, criticizing the crypto exchange for opposing the proposed CLARITY Act. During last week’s Senate Banking Committee hearings, Benson repeatedly emphasized the need to pass the legislation and used strong language against its opponents. The CLARITY Act aims to clarify regulatory jurisdiction over crypto assets, with the SEC and CFTC overseeing distinct areas. However, Coinbase has raised concerns that the bill could restrict business models tied to stablecoin rewards, sparking industry divisions.

**February 10 Update** Per the official WeChat account of Net Letter Jiangmen, Guangdong’s Kaiping Court recently sentenced 19 people in a money laundering case tied to bank card trafficking (locally referenced as “smurfing”). Between July and September 2024, Suspects A, B and their group recruited 14 “cardholders” by offering a 4% commission for cash withdrawals using bank cards, plus extra rewards for recruiting more people. The group helped transfer funds from telecom fraud and other crimes via cash withdrawals and virtual currency exchanges—with total funds involved exceeding 2 million yuan. All 19 defendants were convicted of concealing and disguising proceeds of crime (they knew the funds were from illegal activities). Sentences range from 8 months to 3 years and 6 months in prison, plus corresponding fines.

Feb. 10 — Per LookOnChain data, the whale address "degen-retard.sol" emerged roughly two weeks ago, investing ~$124M (avg. $124/SOL) to buy 100k SOL tokens and stake them. Six hours ago, he dumped all his SOL, incurring a loss of over $3.6M. Prior to this trade, he’d already lost over $6.6M on SOL.

On February 10, Base App announced a product direction shift, focusing on enhancing the on-chain transaction experience. Its information feed will now only display tradable assets and on-chain activities, while the Talk discussion section will be removed. Additionally, Base App will phase out its Creator Rewards program. Over the past six months, more than $450,000 has been distributed to roughly 17,000 creators. The program will conclude on February 15, with the final distribution taking place on February 18. The company stated it will explore new community incentive mechanisms in the future.

**idOS to Launch IDOS Token March 5 via Tally’s Uniswap CCA Auction** Web3 identity layer idOS will debut its IDOS token on March 5, with the token auctioned via Tally platform’s Uniswap CCA mechanism. The auction runs February 25 to March 5, followed by token distribution. Key auction details: - **Phase 1 (2 days):** Discounted pricing, minimum subscription requirement, linear token unlocking. - **Phase 2 (6 days):** Standard pricing, no minimum subscription, full token unlocking on TDE day. Specific terms will be announced shortly. All phases are open to all users (subject to KYC verification). In July 2024, idOS closed a $4.5 million funding round led by Fabric Ventures.

On February 10, Bloomberg reported that Stripe Inc.—the global payments giant—is lining up a new takeover offer that would value the company at at least $140 billion, up more than $30 billion from its $107 billion valuation last year. Sources familiar with the matter noted that the specific terms of the offer could still shift.