Techub News Evening Report: Hong Kong cracks down on a 1.15 billion stablecoin Money Laundering case, the amount of Ethereum pending stake increases to nearly 620,000 coins.

Organizer: Nona

Fear and Greed Index: 70 (Greed) Bitcoin price: $118,082 BTC/ETH Spot ETF Fund Flow (7.22) BTC net outflow: $67.93 M ETH net inflow: $533.87 M

Regulation/Macroeconomics

Japanese Prime Minister Shigeru Ishiba refutes media reports regarding his resignation.

Japanese Prime Minister Shiohira Shigeru stated to the media today that reports from Japanese media regarding his resignation “are all without factual basis.” Shiohira mentioned that he has just concluded a meeting with senior advisor Aso Taro, former Prime Minister Suga Yoshihide, and Kishida Fumio, “the issue of resignation was not discussed.” The media reports about his intention to resign are completely untrue. Shiohira reiterated that he will remain in office and continue to govern. Previously, Japan’s “Mainichi Shimbun” reported that Prime Minister Shiohira indicated to those around him that he would announce his intention to resign by August at the latest, based on the results of the Upper House elections summarized by the Liberal Democratic Party in August.

Russian officials: The state should confiscate the cryptocurrencies of illegal miners

Yevgeny Masharov, a member of the Russian Public Chamber and policy maker, stated that authorities should be granted the power to confiscate cryptocurrencies from illegal or quasi-legal bitcoin miners. Masharov believes that this proposal will stop “gray” miners by “making illegal mining unprofitable.” He mentioned that many regions face significant pressure on their power grids from illegal miners, and if the proposal is accepted, regions in Russia, “especially those with energy shortages, will breathe a sigh of relief.”

Hong Kong Customs has cracked a money laundering case involving the use of stablecoins, with an amount involved reaching approximately 1.15 billion.

Hong Kong Customs today cracked a case involving suspected money laundering using smuggled cash and virtual assets, with an amount involved of approximately 1.15 billion. They arrested a local man and a non-local man. Customs personnel identified a 37-year-old local man and a 50-year-old non-local man and launched a wealth investigation, discovering that the two had smuggled cash out of the country and frequently and rapidly conducted large transactions in stablecoins and fiat currency with funds of unknown origin, which was inconsistent with their backgrounds and financial status, suspected of engaging in money laundering activities. During the operation, customs seized a batch of suspected items including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently on bail pending further inquiries, with the possibility of more arrests not ruled out.

Yu Weiwen: Avoid excessive speculation on stablecoins, and only a few stablecoin licenses will be issued in the initial stage.

The President of the Hong Kong Monetary Authority, Yu Weiwen, spoke again about stablecoins. Recently, with the heated speculation surrounding the concept of stablecoins, there has been an excessive exuberance in the market. Some listed companies, regardless of whether their main business is related to stablecoins or digital assets, have seen their stock prices rise and trading volumes surge simply by claiming an intention to explore stablecoin business, effectively turning “stone into gold”. He stated that in the initial stage, at most only a few stablecoin licenses will be granted. Even if a license is obtained, due to their desire for steady development and the resource investment required in the early stages, the contribution to short-term profitability for companies will have a certain degree of uncertainty. He hopes investors will remain calm and think independently when digesting “positive” market news.

Project/Company Updates

Coinshares obtains EU MiCA license

The cryptocurrency asset management service provider CoinShares has obtained regulatory approval under the EU Crypto Asset Markets (MiCA) framework, becoming the first European crypto asset management company to receive this license. The license, granted by the French Financial Markets Authority (AMF), allows CoinShares to provide cryptocurrency portfolio management services across the 27 EU countries, complementing its existing MiFID and AIFM licenses to form a triple regulatory qualification.

The Sui ecosystem parallel multi-party computing network Ika will launch its mainnet.

The Sui ecosystem’s parallel multi-party computation (MPC) network Ika will launch its mainnet on July 29. Ika received strategic investment from the Sui Foundation in April this year, with a total financing amount exceeding $21 million.

FTX Hearing Minutes: Allow creditors from restricted jurisdictions to transfer claims to non-restricted jurisdictions.

The account FTX Historian, which tracks the bankruptcy and compensation situation of FTX, tweeted a summary of last night’s FTX hearing. The core content of the hearing is: For creditors in “restricted jurisdictions” (such as China), their funds will not be immediately confiscated as proposed in the original FTX recovery plan, but creditors are allowed to transfer to non-restricted jurisdictions. FTX Historian added that for affected creditors, such as those who completed KYC in China but now reside in other jurisdictions like Singapore, this could be a path to realization of claims, although it may require further information updates and more time costs.

The US-listed company Nano Labs has increased its holdings of approximately 45,685 BNB, valued at about 34.9 million dollars.

The US-listed company Nano Labs Ltd (NASDAQ: NA) has increased its BNB holdings to 120,000 coins, with a current total value of approximately $90 million. Nano Labs acquired an additional 45,684.9862 BNB through over-the-counter (OTC) trading, with an average purchase price of around $764 per coin. Market data shows that BNB has surpassed 800 USDT today, reaching a historic high.

Public company MEI Pharma completes a private placement of 100 million dollars for Litecoin strategic reserves.

Public company MEI Pharma has completed a $100 million private placement, selling 29,239,767 shares of common stock at a price of $3.42 per share (or in exchange for prepaid warrants). MEI has appointed Charlie Lee, the founder of Litecoin and PIPE lead investor, as a member of its board of directors, and appointed GSR as its digital asset and fund management advisor, responsible for overseeing the implementation of its Litecoin strategic reserve. Previously, MEI Pharma announced the launch of a $100 million Litecoin treasury strategy.

Bitmine plans to use the entire net income of 177 million USD from the acquisition of ARK Invest shares to purchase Ethereum.

Bitmine will use the net proceeds from the transaction of $177 million, from the $182 million stake in ARK Invest, to purchase more Ethereum and deposit it into its treasury.

The amount of Ethereum pending staking has increased to nearly 620,000 coins.

The amount of Ethereum pending staking has increased to nearly 620,000 coins, with a net redemption of 271,000 coins. On-chain data shows that in the past week, the two wallets of HTX have collectively redeemed 110,000 Ethereum, with a total value exceeding 400 million dollars. In addition, institutions such as Abraxas Capital Mgmt have also engaged in staking redemptions.

Deep & Forward

Why is the US dollar stablecoin the new Dollar 3.0?

The dependence relationship between stablecoins and U.S. Treasury bonds may lead to some potential risks. For example, if there is a large-scale redemption wave in the stablecoin market, the stablecoin issuers need to sell an equivalent amount of U.S. Treasury bonds to redeem these stablecoins, which could cause significant turmoil in the U.S. Treasury bond market, thereby pushing up the yields on government bonds.

When the KYT tool becomes a “zombie system”: what you think is compliance is actually a trap.

Why do the KYT tools that we invest heavily in and expend manpower to procure sometimes become mere shells of their former selves? Behind this, is it a fatal mistake in technology selection, a complete breakdown in process management, or an inevitable result of both?

Viewpoint

Who is harvesting the trillion IPO dividends? How Hyperliquid breaks the Wall Street arbitrage black box

For decades, IPOs have been a legalized form of “front-running,” and Hyperliquid has broken the structural underpricing mechanism long held by investment banks, opening up profit opportunities that were once exclusive to institutional insiders for retail investors.

Should we choose IPO or RWA for financing? This is a question worth considering.

RWA is not a substitute for IPOs, but rather a complement and reconfiguration of the traditional financing system. It provides unprecedented financing channels for small and medium-sized enterprises and asset holders, enhancing financial inclusivity; whereas IPOs remain a key pathway for companies to mature, embrace public markets, and access global capital.