Important News from Last Night and This Morning (July 28-29)

Kenya Lowers Capital Requirements for Stablecoin Issuers by 40% to $2.32 Million

The Kenyan Ministry of Finance has announced revised regulatory rules, reducing the minimum paid-up capital requirement for stablecoin issuers by 40%, from nearly $3.9 million in the previous draft to approximately $2.32 million (300 million Kenyan Shillings), in order to lower the barriers for global issuers entering the local market. The new regulations also maintain strict regulatory requirements: the Central Bank of Kenya will implement extensive oversight of stablecoin issuers and other virtual asset service providers; stablecoins must be backed by compliant reserve assets on a 1:1 basis, and customers can redeem at face value within two business days. In terms of reserve arrangements, at least 30% of customer funds must be deposited in a segregated trust account at a Kenyan commercial bank, with the remaining funds invested in qualified local assets; stablecoins pegged to fiat currencies must also be supported by reserve assets in the same currency as the pegged currency.

PayPal Q2 Earnings Exceed Expectations, No Response Yet on Potential Acquisition

PayPal reported its second-quarter earnings, with adjusted earnings per share at $1.38, surpassing analysts' expectations of $1.27; total payment volume reached $486.4 billion, also above market estimates. The company has raised its adjusted earnings per share guidance for 2026 to $5.38, higher than last year's level. Previously, private equity firms and payment competitors had made an acquisition offer of about $60 per share, to which PayPal did not respond in its latest statement. Since the appointment of new CEO Enrique Lores in March this year, the company has restructured its business lines and plans to lay off about 20% of its workforce over the next two to three years.

Foreign Media: Kalshi's Combo Betting Has Cost Ordinary Users $294 Million This Year

The multi-leg combo betting (Combo, similar to parlay betting) on the prediction market Kalshi has led to an aggregate net loss of approximately $294 million for ordinary users this year, excluding fees. Analysts note that such combo betting accounted for 36% of Kalshi's contract trading volume this month. Ordinary users typically execute trades at the prices shown on the interface, while professional market makers and algorithmic traders profit on the other side through automated quoting. Data shows that the average implied win rate for Kalshi's combo betting in 2026 is only about 9%, while the average for non-combo markets is 43%. Combo betting involves the correlation of multiple events, making it difficult for ordinary users to accurately assess odds. Kalshi also allows users to combine bets on Bitcoin prices with sports outcomes.

Myanmar Passes Anti-Cyber Fraud Law, Cryptocurrency Fraud Punishable by Life Imprisonment

The parliament supported by Myanmar's military passed an anti-cyber fraud bill on Tuesday. The bill stipulates that individuals operating cyber fraud schemes or engaging in "digital currency fraud (cryptocurrency fraud)" can face life imprisonment. Additionally, those who coerce others into cyber fraud through violence, torture, or illegal detention may face 10 years to life imprisonment; if the circumstances lead to the death of the victim, the maximum penalty can be the death penalty.

DCG's Crypto Exchange Luno Plans to Cut About 20% of Workforce, Will Expand Institutional Business

Digital Currency Group's cryptocurrency exchange Luno plans to cut about 20% of its workforce globally to facilitate business restructuring and control costs. Luno CEO James Lanigan stated that the company will expand its B2B business and continue to invest in institutional clients, core infrastructure, compliance, and retail products. Luno currently has approximately 16 million users in Africa and the Asia-Pacific region, opening liquidity, wallet, and compliance capabilities to banks, fintech companies, and telecom firms, enabling partners to offer crypto services under their own brands. The company also plans to advance non-USD stablecoin infrastructure in emerging markets.

Visa to Lay Off About 2,600 Employees, Plans to Increase Focus on Stablecoin and Other Businesses

Payment giant Visa plans to cut about 2,600 positions, approximately 7% of its total workforce, primarily affecting technology and product teams. Visa CEO Ryan McInerney stated that this move aims to enhance operational efficiency and reinvest resources into high-potential businesses. Visa plans to increase its focus on consumer payments, business and cash flow solutions, and value-added services; the latter includes stablecoins, cross-border payments, and business-to-business (B2B) operations. The company also noted that AI is helping it reduce repetitive tasks and accelerate product development, but it is not the sole reason for this round of layoffs.

Morgan Stanley Asset Management Launches Ethereum and Solana Exchange-Traded Products

Morgan Stanley Investment Management has announced the launch of two exchange-traded products (ETPs): Morgan Stanley Ethereum Trust (MSSE) and Morgan Stanley Solana Trust (MSOL), which track the performance of Ethereum and SOL, respectively. Both products have a fee rate of 0.14% and plan to use part of their holdings for staking to earn rewards; Morgan Stanley will not retain any staking income. Previously, the company launched a Bitcoin ETP (MSBT) this year, and its crypto asset ETP product line now covers Bitcoin, Ethereum, and SOL.

Russian Central Bank Releases First Regulatory Draft for "Organized Trading" of Digital Assets

The Russian Central Bank has released a regulatory draft for "organized trading" of digital assets and digital rights, aiming to set entry and operational rules for cryptocurrency exchanges and digital custodians. The draft requires exchanges to determine trading processes through their own rulebooks and calculate market prices and weighted averages; a digital custodian responsible for bookkeeping is proposed, with registered capital ranging from 50 million to 250 million rubles, and must hold highly liquid, high credit quality assets. Electronic platform operators must also meet similar capital requirements and undertake the settlement functions for nominal accounts of digital financial assets. The draft has entered the regulatory impact assessment stage, linking to the previously passed cryptocurrency market bill, and continues to prohibit cryptocurrency payments within the country while providing a framework for compliant retail trading.

AI Voice Company Fish Audio Completes $50 Million Seed Round Financing, Led by Coreline Ventures and Capital Today

California-based AI voice startup Fish Audio announced the completion of a $50 million seed round financing, led by Coreline Ventures and Capital Today, with participation from 359 Capital, Parable, Play Time, Alphalist Partners, Bayhouse Ventures, Carya Venture Partners, and HF0. Since its launch last year, the company has attracted over 8 million users to its open-source or hosted voice models, with annual recurring revenue reaching $21 million. It has released four voice generation models and one voice-to-text model, with the latest S2.1 Pro available only through a paid API, serving enterprise clients such as HeyGen, Sanas, and Plaud. Fish Audio plans to launch audio understanding models and voice-to-voice models to compete with ElevenLabs, Speechify, and others in the crowded AI voice space.

Zcash Mainnet Activates Ironwood NU6.3 Upgrade, Introducing New Shielded Pool

Zcash activated the Ironwood NU6.3 network upgrade at block height 3,428,143, launching a new shielded pool to enhance network security and allow for independently verifiable ZEC circulating supply. After the upgrade, the original Orchard pool is restricted, with new funds prohibited from entering, and existing funds must be migrated out through a turnstile before re-entering Ironwood, ensuring that pool expenditures do not exceed verifiable income from a protocol level. Ironwood is based on a formally verified and independently audited revised protocol, aimed at preventing similar risks as the previous Orchard declarative vulnerabilities. Wallets supporting Ironwood (such as Zodl 3.8.0) have provided migration paths, allowing users to transfer Orchard funds to the new pool without changing addresses.

Nansen CEO: AI Trading Agents Expected to Surpass Human Traders Within Two Years

Nansen CEO Alex Svanevik stated that AI trading agents are expected to outnumber human traders in about two years. Nansen is transitioning its products from pure analytical tools to "direct trading" and is restructuring the platform around "trading all assets on-chain with agents"; this feature has already achieved over $500 million in transaction volume. Svanevik noted that about 10 of the top 15 perpetual contracts by trading volume on Nansen are non-crypto assets, including SpaceX, the S&P 500 index, gold, and crude oil. Nansen plans to open higher autonomy trading agents after completing backtesting and paper trading to reduce inference costs and control the risk of poisoned inputs.

Kimi Releases Open Source PerceptionBench Visual Perception Benchmark, GPT-5.6-Sol Ranks First but No Model Breaks 60%

Kimi announced the open-source release of the multi-modal large model visual perception evaluation benchmark PerceptionBench, aimed at breaking down visual perception capabilities into 10 atomic-level abilities for independent assessment, covering dimensions such as visual relationships, counting, attributes, depth and 3D, localization, comparison, fine-grained recognition, contextual integration, OCR, and hallucination recognition. The benchmark is built on failure cases of models from 42 existing evaluation sets, containing 3,000 manually verified questions, each assessing a single visual capability without requiring reasoning or external knowledge. The evaluation results show that among 16 leading multi-modal large models, no model achieved an overall accuracy exceeding 60%. GPT-5.6-Sol ranks first with an accuracy of 59.7%, followed by Kimi K3 (58.5%), Claude-Fable-5 (57.2%), Gemini-3.1-Pro (56.2%), and GPT-5.5 (55.8%). The report points out that visual hallucination remains the weakest capability across models, indicating significant room for improvement in overall perception capabilities.

Translunar Crypto Fund Founder Sentenced for Tax Evasion: Concealed $7 Million in Income, Received 37 Months in Prison

The founder of the cryptocurrency investment fund Translunar Crypto LP, Justin Ryan Schmidt, has been sentenced to 37 months in prison by a U.S. court for tax evasion. Schmidt reported an income of less than $5,000 between 2020 and 2022, but prosecutors claimed he actually earned over $7 million through fund operations from 2019 to 2022. Schmidt founded Translunar in 2017, primarily investing in blockchain startups. The U.S. Internal Revenue Service's Criminal Investigation Division arrested him on February 23, 2026. After his arrest, Schmidt claimed to the probation department that he was single and had a net worth of negative $1.1 million, but the actual situation showed he was married to a British citizen residing in the Cayman Islands, and Schmidt admitted his net worth was at least $5.8 million. In addition to imprisonment, the judge ordered Schmidt to pay approximately $3.4 million in restitution.

NVIDIA's five-year credit default swap (CDS) spread rose by 14 basis points to 0.82%, marking the largest intraday increase since November 2025, indicating a significant rise in investor concerns over NVIDIA's credit risk. Market analysts believe that the direct trigger for this credit market anomaly is NVIDIA potentially supporting OpenAI's data center expansion with its own credit. The real concern is that NVIDIA plays multiple roles, and the intertwined interests along the AI industry chain could create a "circular financing" situation that complicates risks: NVIDIA invests in, guarantees, or leases data centers, and after the projects secure funding, they purchase NVIDIA chips; the increase in chip sales further boosts NVIDIA's profits and financing capabilities, allowing it to continue supporting downstream customers.

Michael Saylor: Bitcoin Has Already Won, But Must Prevent Internal Corruption

Michael Saylor published a lengthy article on platform X stating that Bitcoin "has already won," but the biggest challenge currently comes from internal governance risks. He warned that the consensus rules of Bitcoin are its "constitution," and any attempts to modify the rules to satisfy specific group interests would harm the economic rights of all participants. Saylor criticized proposals like BIP-110 that attempt to change Bitcoin's underlying rules, arguing that these proposals essentially represent "a faction modifying the rules and passing the costs onto everyone." He pointed out that the block reward halves every 210,000 blocks, and in the future, network security will increasingly rely on the transaction fee market; weakening the fee market will diminish defense capabilities when Bitcoin needs security the most. Saylor called for Bitcoin to maintain a simple, neutral, scarce, and secure base layer, with innovation driven by voluntary adoption in the peripheral ecosystem. Protocol upgrades must remain rare and conservative, driven by necessity rather than interest demands.

Analysis: Bitcoin Breaks Key Support Level, Hits Ten-Day Low as AI Sector Sell-off Spreads to Crypto Market

Affected by the sharp decline in Asian chip stocks, the US tech sector faced pressure on Tuesday, with Bitcoin briefly dropping below $63,000, hitting a near ten-day low. The plunge in Asian semiconductor stocks triggered a chain reaction in risk assets, spreading to the US market. This adjustment in tech stocks stems from investor concerns over the return on investment in AI infrastructure—Alphabet, Microsoft, Amazon, and Meta Platforms are collectively expected to spend about $725 billion to $730 billion in capital expenditures by 2026, with Wall Street predicting it could rise to $900 billion by 2027. Alphabet reported its first negative free cash flow in the second quarter, consuming $5.9 billion in cash, despite its cloud business growing by 82% due to AI computing demand. In the crypto market, over $510 million in long positions were liquidated in the past 24 hours. Analysts believe that if BTC falls below $64,700, it could trigger a "chain reaction" of long liquidations, as significant long liquidity has accumulated below that price.

SK Hynix's Earnings Report Falls Short of Expectations, US Stocks Drop 9% After Hours

SK Hynix released its earnings report on Wednesday, showing a staggering 557% increase in operating profit to 60.5 trillion won (approximately $41.62 billion) in the second quarter, a record high, compared to 9.2 trillion won in the same period last year, driven by strong demand for advanced memory chips due to increased AI data center investments. However, this figure fell short of market expectations of 64 trillion won, primarily due to its higher proportion of high-end memory chips (HBM), which did not fully benefit from the current strong price cycle for conventional memory chips. This has intensified concerns that the AI-driven boom in the semiconductor industry may be slowing down. SK Hynix's revenue also missed expectations, reporting 79 trillion won in the second quarter, while the market had anticipated 84 trillion won. Following the earnings report, SK Hynix's stock fell 9% on Tuesday and dropped another 9% after hours, with SanDisk and Micron Technology also declining over 4%, erasing the boost from Seagate Technology's earnings report.

Over 1,100 AI Professionals Sign Petition Urging US to Support Slowing Down Cutting-Edge AI Development

After OpenAI disclosed that its AI tools inadvertently breached another company's internal systems, over 1,100 employees from leading AI companies signed a petition urging the US government to support establishing a mechanism to intentionally control the pace of AI development when necessary, to prevent technology from advancing too rapidly. Organizers stated that the petition has garnered signatures from employees of nearly a dozen companies, including OpenAI, Anthropic PBC, Google, and Meta Platforms Inc. The petition calls on the US to support an international effort to set the pace for the development of more advanced AI systems when necessary. It warns that the speed of AI development "could indeed" exceed humanity's ability to "understand or control" it. Google stated in a statement: "We are committed to developing AI in a safe and reliable manner, ensuring that this technology benefits society." This petition echoes recent calls from several AI industry leaders. OpenAI CEO Sam Altman and Google DeepMind CEO Demis Hassabis have previously urged the establishment of a new international oversight body to review cutting-edge AI models and set standards.

Bitcoin Mining and AI Infrastructure Company Ionic Digital Surges 25% on Nasdaq Debut

Bitcoin mining and AI infrastructure company Ionic Digital surged over 25% on its first day of direct listing on Nasdaq, with shares nearing $63, implying a valuation of approximately $2.75 billion. Founded in January 2024, the company acquired most of the mining assets in bankruptcy restructuring, including mining machines, infrastructure, approximately $195 million in cash, and 540 BTC. Hut 8 initially managed Ionic's mining operations under a four-year agreement, but less than a year later, Ionic terminated the agreement and took direct control of the mining site, with Hut 8 retaining a minority stake. Ionic expanded into AI and high-performance computing infrastructure in 2025, signing a 10-year lease with AI cloud providers, with contract revenues nearing $2 billion, potentially increasing to $2.6 billion after revisions in February. The company continues to mine at four sites in Texas, producing nearly 25 BTC in May, and currently holds a total of 2,861 BTC, ranking approximately 28th among Bitcoin holders at the time of listing.

Report: Crypto Industry Lost Over $1 Billion in Hacking Incidents in First Half of the Year, Record Number of Events

A report released by Blockaid indicates that the crypto industry lost over $1 billion due to hacking incidents in the first half of 2026, with the number of verified vulnerability exploitation events reaching a record high, making it the most attacked half-year in history in terms of event count, although the dollar losses were lower than the same period last year due to $1.5 billion in theft cases in 2025. North Korean hackers were the largest perpetrators, involved in theft cases totaling $285 million and $292 million, with their social engineering attacks targeting multi-signature signers expected to continue. By blockchain, Ethereum and Solana projects suffered the most losses, amounting to $332 million and $326 million, respectively. The report also predicts an increase in AI-related vulnerability exploitation events, with $216,000 in AI agent theft cases reported in the first half of the year, and more expected in the second half.

Analysts: Any Dovish Signals from the Fed Could Benefit Bitcoin

Analysts suggest that any dovish signals from the Federal Reserve could benefit Bitcoin. There is significant divergence in the market regarding whether the Fed will raise interest rates on Wednesday—CME FedWatch data shows a 70% probability of maintaining rates and a 30% probability of an unexpected 25 basis point hike. Analysts point out that the Fed Chair's reduced use of forward guidance has led to increased market uncertainty, making this FOMC meeting one of the most uncertain in years. Bitcoin has risen about 6% in July so far, while the S&P 500 has remained flat, and the semiconductor sector has fallen nearly 20%. The research director noted that Nasdaq had previously been strong and positions stretched, while Bitcoin has been consolidating near multi-year lows, with the correlation between the two weakening; the impact of this week's FOMC meeting on BTC may be limited. Analysts stated, "Any dovish signal could drive Bitcoin to continue outperforming."

Jump Capital Raises $350 Million Fund for AI Investments

Jump Capital has raised a $350 million fund for AI investments. The company spun off its cryptocurrency team into Jump Crypto in 2021, which is the digital asset division of Jump Trading.

Robinhood CEO Reveals His X Account Was Hacked Last Week by Attackers Who Deceived Customer Service to Bypass 2FA

Robinhood's CEO stated on platform X that his X account was hacked last week, with attackers using social engineering to deceive X customer service, bypassing standard security features like two-factor authentication and login notifications, and posting false content about Meme coins. The X security team has assisted in removing the related posts and restoring account access, and additional security measures have been implemented for the account.

Multicoin Capital Transfers 101,300 Unstaked HYPE to Coinbase

Multicoin Capital has transferred a portion of its $120 million in unstaked HYPE to Coinbase. After receiving 1.29 million HYPE (approximately $71.1 million), the fund quickly transferred 101,340 HYPE (approximately $5.6 million) to Coinbase. There is a 7-day waiting period for unstaked tokens to return to the spot balance.

US Senate Plans to Push for Clarity Bill Vote Before August Recess, Ethical Clauses and Bank Lobbying Become Key Obstacles

Republicans in the US Senate hope to push the Clarity Bill into procedural voting before the August recess, but face multiple obstacles, including a tight legislative schedule, wavering support from some Republican senators, and concerns from Democrats about the Trump family's crypto profits. The bill's fate depends on the votes of moderate Democrats, but progressive senators warn that supporting the bill would compromise on special interests and potentially benefit the Trump family. The core controversy remains the ethical clauses—Democrats demand restrictions on Trump profiting from crypto businesses, and a senator from Arizona is working with a Republican senator from North Carolina to draft a counter-proposal that would include a mechanism for joint enforcement by state attorneys general and the Department of Justice. Additionally, the banking industry continues to lobby against stablecoin reward provisions, with senators from Texas and Utah expressing sympathy for concerns about bank deposit losses, and a senator from Missouri stating, "Local banks have many concerns." Even if the Senate passes the bill, the review may be delayed until September, as the legislative window in an election year is extremely limited.

Previously, 134 US bank executives jointly wrote to the Senate, calling for tightening the stablecoin incentive provisions in the Clarity Bill.

Trade.xyz to Bear Clearing Losses from SK Hynix Contract Spike Incident, Claims Oracle Functioned Normally but Takes Responsibility

Trade.xyz responded to the SK Hynix perpetual contract spike incident: At 23:01 UTC on July 27, SKHYNIX's marked price plummeted from $1,127.9 to $917.25, triggering user liquidations. This price was generated based on an executed trade and data forwarded by multiple independent providers, and the oracle system functioned normally as designed. Despite the system operating correctly, trade.xyz decided to bear the clearing losses caused by this anomaly, with eligibility requirements to be announced soon, and distribution expected to be completed within the next few days. This is a one-time discretionary decision and does not constitute a guarantee for future similar actions. The platform stated it would expedite the review of the price formation mechanism, including re-examining external venue assumptions and considering price signals from its own order book.

Ethereum Layer 2 TVL Drops to $5 Billion, Lowest Level Since 2023

The total value locked (TVL) in Ethereum's Layer 2 networks has fallen to approximately $5 billion, the lowest level since 2023, nearly erasing the growth brought by the launch of L2 solutions like Optimism, Arbitrum, and ZKsync in 2024. Optimistic Rollups such as Optimism, Base, and Arbitrum still dominate the TVL, totaling about $4.8 billion, accounting for 96% of the total. The decline in TVL coincides with Ethereum's own challenges—the Ethereum Foundation has lost several senior leaders since the beginning of the year, including its co-executive director, amid layoffs. While traditional finance embraces Ethereum, it is increasingly adopting alternative solutions, such as DTCC tokenizing government bonds based on $100 trillion in custodial assets, and JPMorgan deploying JPM Coin across multiple public chains. Stablecoins remain an exception, with USDC and USDT primarily settling on Ethereum and its L2s, maintaining Ethereum's core position as a bridge between crypto and traditional finance.

Crypto DAO's Pro Token Under Attack, Attacker and Profit Addresses Hold Approximately 8.2 Million USDT

The Pro token of Crypto DAO has come under attack, with the attacker and related profit addresses currently holding approximately 8.2 million USDT as of 00:23 today.

Uniswap Founder Responds to V4 Fee Switch Controversy: Protocol Fees Are Cumulative, LP Earnings Not Reduced

Uniswap founder Hayden Adams responded on X to the controversy surrounding the V4 fee switch, clarifying that the claim of "LP fees being reduced" is a misunderstanding; protocol fees are cumulative rather than deducted, and LPs still earn 30 basis points per transaction. Regarding the claim that "the protocol takes 25% of LP profits," he stated that on a 30 basis point pool, the protocol fee is 5 basis points, accounting for about 14% of total transaction fees, and LPs have not lost any of their earnings. Hayden Adams also pointed out that centralized exchanges charge 100 to 200 basis points per transaction, making Uniswap's 5 basis points fee at the 30 basis point level 20 to 40 times cheaper. He criticized some forked projects that charge 100% transaction fees but use uneven inflation set by token voting to "compensate" LPs.

South Korean Presidential Office: Will Investigate Structural Factors Behind High Volatility in Korean Stock Market, Not Limited to Leveraged ETFs

Kim Yong-bum, head of the policy office at the South Korean presidential office, announced that in response to the recent significant volatility in the Korean stock market, the Financial Services Commission and the Financial Supervisory Service have been asked to investigate structural factors that contribute to the Korean stock market's volatility being significantly higher than other markets. The assessment will not only include leveraged ETFs but will cover the entire market structure. The Korean stock market has its own structural issues; similar global market fluctuations are often amplified in the Korean market. Leveraged ETFs may exacerbate market volatility, but they are not the only reason; factors such as the proportion of derivatives trading and investor structure should be closely examined. Kim Yong-bum also mentioned that the popularity of Chinese DRAM manufacturer Changxin Storage's listing in Shanghai and the efforts of Chinese state-owned enterprises to promote the research and development of deep ultraviolet (DUV) lithography equipment may raise concerns about the competitiveness of Samsung Electronics and SK Hynix in memory chips, similar to the previous "DeepSeek shock."

Earlier news from the Financial Services Commission of South Korea: If demand for single-stock leveraged ETFs does not cool down, it will consider setting personal investment limits.

Vitalik: Diamond iO Moves Program Obfuscation from "Impossible" to "Theoretically Possible," but Security Assumptions Still Need Verification

Ethereum co-founder Vitalik Buterin published a technical article titled "Obfuscation (Part 2): Diamond iO," introducing a new type of program obfuscation protocol. Previously, conservative obfuscation schemes had run times exceeding the lifespan of the universe, making them completely unfeasible. Diamond iO significantly shortens the run time by modifying the BGG+14 attribute encryption scheme, advancing program obfuscation from "absolutely impossible" to a stage where "theoretically there is hope." Vitalik explained that the core of Diamond iO is nesting FHE computation within ABE, achieved through three key mechanisms: special handling of output encoding for conditional FHE decryption; adjusting functions to output pseudo-random results; and enabling evaluators to generate unique encodings for arbitrary inputs through tensor fusion. This scheme is simpler than conservative obfuscation, with only FHE nested within ABE, avoiding complex sub-linear random encoding, function encryption, and obfuscation circuit constructions. The article notes that Diamond iO relies on two newer cryptographic assumptions, all-product LWE and evasive LWE, and its security still requires further verification. The main efficiency bottleneck comes from hash computation depth and "sub-exponential security" parameter requirements. Vitalik proposed several optimization directions, including improving Goldreich PRG implementation, finding more efficient FHE schemes, and folding ABE and FHE layers, hoping that Diamond iO will receive more attention and analysis, ultimately achieving a runnable obfuscation protocol.

Caixin: Virtual Currency Becomes One of the Few Recoverable Assets in Zou Shiming and His Wife's Debt

Caixin published an article titled "The Asset-Liability Statement of the Boxing Champion Collapses," revealing that for the six individual creditors of Zou Shiming and his wife, the funds invested in P2P and virtual currency are the only amounts with potential for recovery compared to other losses. Real estate has been sold, luxury goods have been discounted, gym renovations have been scrapped, and cross-border projects have been shut down—these are all irreversible sunk costs. However, P2P and virtual currency are different: if the platform has not completely liquidated or if the wallet address is still traceable, there is theoretically room for subrogation. For example, the Beijing procuratorate has successfully recovered over 89 million yuan in illicit funds by using penetrating reviews combined with blockchain big data analysis tools to trace the flow of virtual currency.

ARK Invest Executive: Crypto Industry Revenue Highly Concentrated, Platforms like Hyperliquid Account for Nearly 80%

Lorenzo Valente, head of crypto research at ARK Invest, stated on X that the crypto industry is undergoing the largest consolidation phase in history, deeper than previous bear markets. The market structure has changed, capital is more selective, and teams and exchanges lacking product-market fit are shutting down. Revenue concentration has reached historical highs across all levels (applications, middleware, Layer 1, etc.)—Hyperliquid and Pump.fun together account for 67% of total application revenue, with the top three including Ethena accounting for nearly 80%. Valente expects consolidation to intensify in the coming months, with more mergers, bankruptcy filings, shutdowns, and talent acquisitions, which he believes is an extremely bullish signal for the industry.

Grayscale: HYPE Still Undervalued, Forward P/E Ratio Approximately 15-18 Times

Grayscale stated on X that Hyperliquid (HYPE) has a forward P/E ratio of about 15 to 18 times. Grayscale pointed out that Hyperliquid has real cash flow and can be valued like a stock, but based on earnings per token rather than earnings per share. By this calculation, HYPE still appears cheap compared to fintech peers like Coinbase, Robinhood, and Circle.

LULA Token on BSC Chain Attacked, Losses Approximately $578,000

The system detected a suspicious attack involving the LULA token on the BSC chain, resulting in losses of approximately $578,000.

a16z-Related Entity Suspected of Rebuilding Position in HYPE Worth $7.335 Million

a16z-related entities appear to have resumed building positions after seemingly multiple sell-offs of HYPE. In the past 8 hours, a total of 132,056.65 HYPE has been withdrawn from various exchanges, valued at $7.335 million, with an average withdrawal price of $55.54. The same address has transferred a total of 398,000 HYPE (approximately $24.89 million) to exchanges since July 15.

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Selected AI news worth paying attention to in the last 24 hours, helping you filter out the noise.

Claude Discovers Weaknesses in Cryptographic Algorithms, Theoretically Threatening Post-Quantum Security

Anthropic's Claude Mythos Preview model has discovered two new cryptanalysis attack methods, one significantly weakening the post-quantum digital signature scheme HAWK, and another identifying a new path to attack a simplified version of AES. Currently, these research advancements have not impacted any production systems.

AI Training Leads to Rare Books Being Scanned and Destroyed

Social media reports that AI companies have scanned a large number of rare books for training models, subsequently shredding the original books. This behavior has been criticized as "cultural destruction under the guise of digital preservation," sparking widespread discussions about cultural protection and technological ethics.

Elon Musk Previews Release Roadmap for Grok 4.6 and 4.7

Musk announced that Grok 4.6 will be released on August 7, with a parameter count of 1.5 trillion, significantly upgrading supervised fine-tuning and reinforcement learning. Grok 4.7, released a few weeks later, will have an even larger parameter count of 2.1 trillion, but the inference speed will be slightly slower.

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