Jack Ma's Yunfeng Financial Invests $44 Million in Ethereum to Lay Out Web3
On September 2, Yunfeng Financial Group announced that it has purchased 10,000 Ethereum (ETH) on the open market, with a total investment cost of $44 million. The funds for this purchase came from the group's internal cash reserves, and the acquired ETH will be listed as investment assets on the financial statements. Yunfeng Financial was co-founded by Alibaba founder Jack Ma and Yu Feng in 2010, with Ma indirectly holding about 11% of the company's shares through Yunfeng Fund.
WLFI Blacklists Justin Sun's Address, Suspected of Token Misappropriation by Exchange
WLFI has blacklisted the blockchain address of Tron founder Justin Sun, freezing approximately 540 million unlocked WLFI and 2.4 billion locked tokens, valued at hundreds of millions of dollars. WLFI accuses a certain exchange of misappropriating user tokens to depress market prices.
Justin Sun responded that these were merely small exchange deposit tests and address diversification operations, not involving buying or selling, and could not affect the market. WLFI has seen a cumulative decline of over 40% since its launch.
Nasdaq Strengthens Scrutiny of Companies Exposed to Cryptocurrency Risks
According to The Information, Nasdaq will enhance its regulatory oversight of listed companies holding cryptocurrencies. For some companies that have inflated their market value by financing through new stock issuance to purchase digital assets, the exchange has begun requiring prior shareholder approval and has proposed stricter information disclosure requirements; non-compliant companies may face trading suspension or delisting risks. This initiative aims to prevent certain companies from hoarding tokens for short-term speculation on valuations while enhancing market stability and investor protection awareness.
Polymarket Receives CFTC Approval to Return to the U.S. Market
Prediction market Polymarket's CEO Shayne Coplan tweeted that Polymarket has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to launch in the U.S. The CFTC issued a no-action letter to the company, allowing it to resume operations and stating that it would not take enforcement action against its acquisition of the regulated derivatives exchange QCX for $112 million in July, while also waiving certain record-keeping and data reporting requirements. Previously, Polymarket exited the U.S. market in 2022 after reaching a settlement with the CFTC for not registering as a designated contract market.
Venus Protocol Hacked, Successfully Recovers $13.5 Million in Stolen Funds
On September 2, Venus Protocol experienced a phishing attack that resulted in user Kuan Sun's wallet being stolen of approximately $13.5 million in assets. The attacker used a malicious Zoom client to lure the victim into granting authorization, thereby gaining control of the wallet and extracting stablecoins and wrapped assets. Venus Protocol subsequently paused platform operations and enforced an emergency governance vote to liquidate the attacker's wallet, successfully recovering the stolen $13.5 million.
Conflux Foundation Plans to Collaborate with Listed Companies to Establish CFX Treasury, Token Lockup Period of No Less Than 4 Years
On September 2, 2025, the Conflux Foundation announced a proposal to authorize the ecological fund to engage in strategic cooperation with global listed companies (including those listed in Hong Kong and the U.S.) to explore collaboration in areas such as digital asset treasury (DAT) management and ecological construction (e.g., PoS node operation, on-chain liquidity, RWA asset management). The CFX tokens injected into the listed companies' digital asset treasury will have a lock-up period of no less than 4 years. The foundation plans to initiate a community governance vote soon to solicit community members' opinions and confirm the proposal.
OKX Fined $2.6 Million by Dutch Central Bank for Unregistered Operations
The Dutch Central Bank (DNB) has fined OKX €2.25 million (approximately $2.6 million) for operating in the Netherlands without registration from July 2023 to August 2024. Although the EU's Markets in Crypto-Assets Regulation (MiCA) will take effect in August 2024, the DNB pointed out that OKX did not comply with the anti-money laundering (AML) regulations implemented in the Netherlands since 2020 and failed to register with the DNB. OKX stated that the issue has been resolved, and Dutch users have migrated to its MiCA-licensed European entity "Okcoin Europe," emphasizing that the fine has no impact on customers.
Gemini Files S-1 Application for IPO, Plans to Issue 16.7 Million GEMI Shares on Nasdaq
On September 2, cryptocurrency exchange Gemini submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) to be listed on the Nasdaq under the ticker symbol "GEMI."
According to the submitted documents, Gemini plans to issue 16,666,667 shares of Class A common stock, with a price range of $17 to $19 per share. If priced at the maximum, the total fundraising amount is expected to be approximately $317 million. Additionally, underwriters may choose to purchase up to 2,500,000 additional shares within 30 days to meet excess demand.
Bit Digital Plans to Increase Authorized Capital to $1.01 Billion to Support Ethereum Strategy
On September 10, Nasdaq-listed Bit Digital (BTBT) will hold a shareholder meeting to propose increasing the company's authorized capital from $3.5 million to $1.01 billion to support its Ethereum (ETH) strategic layout. If approved, the number of common shares will increase from 340 million to 1 billion, while the number of preferred shares will remain unchanged at 10 million.
Token Unlocking
Movement will release 50 million MOVE tokens on September 9, accounting for approximately 1.89% of the current circulating supply.
Axie Infinity will release 652,500 AXS tokens on September 9, accounting for approximately 0.25% of the current circulating supply.
Aptos will release 11.31 million APT tokens on September 11, accounting for approximately 2.2% of the current circulating supply.
Moca Network will release 2.43 million MOCA tokens on September 12, accounting for approximately 0.06% of the current circulating supply.
Related: Justin Sun's WLFI address blacklisted after $9 million token transfer
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