Fear and Greed Index: 41 (Neutral)
Bitcoin Price: $112,932
BTC/ETH Spot ETF Fund Flow (9.24)
BTC Net Inflow: $112.10 M
ETH Net Outflow: $52.89 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (9.24)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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Various institutions have been asked to scale back their cryptocurrency business in Hong Kong, including internet platforms, Chinese brokerage firms, and Chinese banks, which have been requested to pause all types of business involving crypto assets, including investment, trading, issuance of RWA, stablecoins, etc. In particular, brokers who have obtained the qualification to "provide virtual asset trading services" have become a focus, as clients can directly trade Bitcoin, Ethereum, Tether, etc., in their accounts. From an asset perspective, Hong Kong categorizes virtual assets into security-type virtual assets and non-security-type virtual assets. It is reported that the "financial company" model will be restricted. In this wave of virtual currency innovation, the leveraged investment model in cryptocurrency assets using the "financial company" model has been rapidly replicated, with many Chinese companies listed in Hong Kong and the US announcing purchases of Bitcoin, Ethereum, and other crypto assets, hoping to profit from both stock prices and coin prices; this model is likely to be restricted now.
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The Secretary for Security of Hong Kong, Tang Ping-keung, stated that there has been an increase in fraud cases involving virtual assets. The Security Bureau has established a virtual asset intelligence task force to collaborate with virtual asset platforms to set up a "stop payment mechanism" for fraud cases. Tang added that some fraud cases used to be conducted through bank remittances, but now they are using virtual asset platforms to obtain fraudulent funds, and virtual asset service providers must have mechanisms in place. If a fraud case occurs and the money is still within the virtual asset platform, it should be treated like a banking system, where these funds should not be released and should be stopped first.
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]( BNY Investment Management Platform Launches Instant Liquidity Solution in Hong Kong
Starway Technology announced the official launch of its instant liquidity solution "Li Ji Da" for retail and institutional clients in Hong Kong, supported by the liquidity platform of BNY Investment Management under Bank of New York Mellon; "Li Ji Da" breaks through the traditional T+1 trading processing time limit, providing "interest accrued on the day of subscription" and "hourly redemption" functions to enhance fund processing efficiency; in addition, the solution allows clients to access a comprehensive liquidity network, including fund circulation, transfer services, and data analysis tools, to optimize cash management and enhance fund utilization efficiency and flexibility; Starway Technology Chairman Cheng Kang pointed out that "Li Ji Da" currently supports USD, with plans to expand to various currencies such as EUR, GBP, HKD, offshore RMB, and JPY in the future.
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[DAT
]( Selected Activities in Hong Kong for September
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
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[]( Selected Activities in Hong Kong for September
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
The volatility of DAT is far more complex than traditional assets, driven by technological cycles, regulatory shifts, and the highly concentrated "whale effect," which traditional risk models struggle to capture. More importantly, with the influx of institutional investors, the narrative of Bitcoin as an independent "digital gold" is being weakened, and its correlation with tech stock indices like Nasdaq has significantly increased.
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The volatility of DAT is far more complex than traditional assets, driven by technological cycles, regulatory shifts, and the highly concentrated "whale effect," which traditional risk models struggle to capture. More importantly, with the influx of institutional investors, the narrative of Bitcoin as an independent "digital gold" is being weakened, and its correlation with tech stock indices like Nasdaq has significantly increased.
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[](
The volatility of DAT is far more complex than traditional assets, driven by technological cycles, regulatory shifts, and the highly concentrated "whale effect," which traditional risk models struggle to capture. More importantly, with the influx of institutional investors, the narrative of Bitcoin as an independent "digital gold" is being weakened, and its correlation with tech stock indices like Nasdaq has significantly increased.
<h3 dir=)[European Central Bank Executive Board Member Pier Carlo Padoan stated today that the digital euro may be officially launched in mid-2029. He revealed that Eurozone finance officials reached an agreement last week on the holding limits for digital euro clients, which is a "significant breakthrough" that injects new momentum into the project. Padoan believes that the project has now gained good momentum, and all parties are accelerating the implementation of this long-term digital currency plan.
]( Launch in Mid-2029
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[]( Launch in Mid-2029
<p class=)[Fiji's National Anti-Money Laundering Committee (NAMLC) announced today that it reaffirms a comprehensive ban on virtual asset service providers (VASP). NAMLC stated that cryptocurrencies pose serious risks in money laundering, terrorist financing, and the financing of weapons of mass destruction, as their anonymity and cross-border characteristics can be exploited by criminals. NAMLC Chair Selina Kuruleca emphasized that given the current lack of effective regulation and enforcement capabilities, Fiji will prioritize protecting its financial system and national security, and will reassess relevant policies once the regulatory and technical frameworks are improved.
](<p class=)
[](<p class=)[The U.S. Securities and Exchange Commission (SEC) plans to establish new rules by the end of the year that will allow crypto companies to launch products in the U.S. without adhering to previous regulatory requirements, referring to it as an innovation exemption.
]( SEC Plans to Introduce "Innovation Exemption" Mechanism for Cryptocurrency Companies by Year-End
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[Project/Company Updates]( SEC Plans to Introduce "Innovation Exemption" Mechanism for Cryptocurrency Companies by Year-End<p class=)
[Uniswap Labs has released Compact v1, a non-custodial ERC-6909 contract for managing "resource locks." This mechanism aims to reduce the fragmentation of cross-chain liquidity and is being adopted by]( Labs Launches Compact v1 System to Address Blockchain Fragmentation Issues<p class=)LI.FI and Rhinestone teams.
[Kazakhstan's National Bank, in collaboration with Mastercard, Intebix, and Eurasian Bank, has launched the first stablecoin KZTE backed by the tenge (Kazakhstan's currency) on Solana.
]( Launched KZTE Stablecoin Backed by Tenge on Solana<p class=)
[]( Launched KZTE Stablecoin Backed by Tenge on Solana<p class=)[Blockchain analytics company Elliptic has received a strategic investment from HSBC, becoming the first industry company to gain support from four global systemically important banks (G-SIBs), with the other three being JPMorgan, Santander, and Wells Fargo. Richard May, HSBC Group's head of financial crime, will join Elliptic's board. This round of financing will be used to expand the team and financial service coverage to meet the growing demand from financial institutions for blockchain transaction monitoring tools. The company's key areas include stablecoin regulation, AI-driven compliance tools, and expanding blockchain network coverage.
]( Elliptic Receives Strategic Investment from HSBC<p class=)
[]( Elliptic Receives Strategic Investment from HSBC<p class=)[An address marked as belonging to the government of Bhutan transferred 419.5 Bitcoin to a new wallet, valued at approximately $47.23 million, and now holds 9,232 Bitcoin, valued at approximately $1.04 billion.
]( 419.5 Bitcoin Transferred to New Wallet<p class=)
[]( 419.5 Bitcoin Transferred to New Wallet<p class=)[Kraken Co-CEO Arjun Sethi stated that Kraken donated $1 million to the pro-Trump political action committee Freedom Fund PAC and that the company will also increase its donation commitment to the pro-Trump organization America First Digital to $1 million in 2025.
]( Donated $1 Million to Pro-Trump Freedom Fund PAC<p class=)
[]( Donated $1 Million to Pro-Trump Freedom Fund PAC<p class=)[BlackRock generated $260 million in annual revenue through Bitcoin and Ethereum ETFs, with the Bitcoin ETF contributing $218 million and the Ethereum product contributing $42 million.
]( ETF Generated $260 Million in Annual Revenue<p class=)
[]( ETF Generated $260 Million in Annual Revenue<p class=)[UXLINK has released the latest progress on token migration: the new UXLINK smart contract has successfully passed a security audit, and the contract will be deployed on the Ethereum mainnet, removing the minting and burning functions, and will maintain its cross-chain functionality through cross-chain partner services. The official confirmation states that the token code will continue to use "UXLINK," ensuring continuity in user experience across all platforms. The team will submit the new contract details and migration plan to centralized exchange (CEX) partners today, while preparing a comprehensive response to inquiries from the Korea Digital Asset Exchange Association (DAXA), planned for submission today. In response to security incidents, UXLink has frozen a large number of addresses related to the hacking attack and is working with law enforcement and professional third parties to initiate asset recovery procedures. The official commitment is that all community losses will be handled transparently, and the recovered funds will be used for community development and user compensation.
]( Progress on Token Migration: New Contract Passed Audit, Token "UXLINK" to be Deployed on Ethereum Mainnet<p class=)
[]( Token Migration Progress: New Contract Has Passed Audit, Token "UXLINK" Will Be Deployed on Ethereum Mainnet<p class=)[Meta Alchemist was hacked yesterday, with the hacker transferring minted tokens across multiple chains, including BNB, where they sold most of the SFUND tokens. In response, Binance founder Zhao Changpeng stated that he has communicated with several security personnel in the industry, who successfully tracked and froze approximately $200,000 of the stolen funds on the HTX exchange, while the remaining funds appear to still be on-chain. These funds are suspected to be related to North Korea, and centralized exchanges have now blacklisted the relevant addresses.
]( Part of the Stolen Funds from Meta Alchemist Has Been Frozen<p class=)
[]( Part of the Stolen Funds from Meta Alchemist Has Been Frozen<p class=)[The FTX liquidation trust fund has sued Bitcoin mining company Genesis Digital Assets in a U.S. bankruptcy court, accusing former FTX CEO SBF of using commingled funds to invest $1.15 billion in the company, of which $550 million went to co-founders Rashit Makhat and Marco Krohn. The lawsuit claims that Genesis Digital did not provide accurate financial statements and that the company's valuation was severely inflated. The FTX trust is seeking to recover the relevant funds. SBF has been sentenced to 25 years in prison for misappropriating customer assets.
[]( Trust Sues Genesis Digital, Seeking to Recover $1.15 Billion Investment<p class=)[Ripple and the security token issuance platform Securitize have integrated the stablecoin Ripple USD (RLUSD) as a share redemption channel for the securities funds under two major crypto investment giants, BlackRock and VanEck. Ripple and Securitize have launched a smart contract that allows holders of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and VanEck's Treasury Fund (VBILL) to redeem their security token shares for the stablecoin Ripple USD (RLUSD). This smart contract supports BUIDL and VBILL investors to instantly redeem their shares for RLUSD at any time, enabling more on-chain transfer operations.
]( Stablecoin RLUSD Becomes Share Redemption Channel for BlackRock and VanEck Tokenized Funds<p class=)
[]( Stablecoin RLUSD Becomes Share Redemption Channel for BlackRock and VanEck Tokenized Funds<p class=)[UK blockchain startup Fnality has completed a $136 million Series C funding round, led by WisdomTree, Bank of America, Citibank, KBC Group, Temasek, and Tradeweb, to expand its global settlement network for banks and tokenized assets. Fnality, headquartered in London, operates a wholesale payment system regulated by central banks and launched the Fnality payment system for GBP (£FnPS) in December 2023. Fnality's system allows banks to settle digital asset transactions using funds backed 1:1 by the Bank of England, providing real-time payment channels for tokenized bonds, stocks, and repurchase transactions. This funding round will be used to expand into other major currencies, build liquidity tools, on-chain workflows, and interoperability with stablecoins and tokenized deposits. The company has raised over $280 million to date, including $95 million in a funding round led by Goldman Sachs and BNP Paribas in 2023, and approximately $67 million raised in 2019.
]( Fnality Completes $136 Million Series C Funding Round, Led by Temasek, Citibank, and Others<p class=)
[]( Fnality Completes $136 Million Series C Funding Round, Led by Temasek, Citibank, and Others<p class=)[Issuance platform Seedify posted on X, stating, "Yesterday at around 20:05 Hong Kong time, an organization related to North Korea, known for multiple Web3 hacking incidents, obtained the private key of one of our developers. Using this access, they minted a large number of SFUND tokens through a previously audited cross-chain bridge contract. Due to this incident, the OFT contract was compromised, allowing the attackers to modify the contract settings and mint unauthorized tokens on Avalanche.
]( Seedify Attacked by Hacker Address Related to North Korea<p class=)
[]( Seedify Attacked by Hacker Address Related to North Korea<p class=)[Coinbase will launch the first stablecoins denominated in Australian dollars and Singapore dollars, AUDD and XSGD, which will be globally released on Coinbase starting at 1:00 AM Hong Kong time on September 30. AUDD is a digital currency from Australia, issued by AUDC Pty Ltd. It is a fully collateralized, fiat-backed stablecoin designed to be redeemable at a 1:1 ratio with the Australian dollar, specifically built for institutional-grade programmable finance. XSGD is a fiat-backed stablecoin issued by StraitsX. XSGD has been approved by the Monetary Authority of Singapore (MAS) and complies with the upcoming Single Currency Stablecoin (SCS) regulatory framework.
]( Launch of Stablecoins AUDD and XSGD Denominated in Australian and Singapore Dollars<p class=)
[]( Launch of Stablecoins AUDD and XSGD Denominated in Australian and Singapore Dollars
<p class=)Crypto.com, Moonpay, and Ripple to conduct a pilot project for non-cash collateral derivatives.
[
Two informed sources indicate that Tether, the world's largest stablecoin issuer, is negotiating with investors to raise up to $20 billion, a deal that could elevate the cryptocurrency company to one of the most valuable private companies globally. Tether aims to raise $15 billion to $20 billion through a private placement, representing about 3% of the company’s shares. The negotiations are still in the early stages. Based on the offered share percentage, this deal could value Tether at approximately $500 billion.
]( Seeking to Raise $20 Billion at a $500 Billion Valuation<div class=)
[In-Depth & Outlook]( Seeking to Raise $20 Billion at a $500 Billion Valuation<div class=)
[]( AI Public Chain, How 0G Labs Founder Crosses Boundaries to Create AI Layer1
The emergence of 0G is a perfect combination of technology, team, and timing. From its inception in 2023, it took only two years to achieve the launch of its mainnet in 2025. Technological modular innovation has addressed long-standing pain points; the team's cross-disciplinary background has brought unique perspectives; in the face of AI giants' monopolies, 0G provides decentralized solutions, allowing developers to build freely. It is not just Layer 1, but an AI on-chain solution.
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Perspective
]( New Article: The Importance of Full-Stack Openness and Verifiability
Computations that truly require security often do not demand speed; even in cases where speed is necessary, it is often possible to achieve a unification of high performance and high trust by combining "high-performance but untrusted" and "trusted but not high-performance" components for many applications. Achieving extreme security and openness for everything is unrealistic, but we can start by ensuring these characteristics are realized in truly critical areas.
<p class=)
[]( New Article: The Importance of Full-Stack Openness and Verifiability
Computations that truly require security often do not demand speed; even in cases where speed is necessary, it is often possible to achieve a unification of high performance and high trust by combining "high-performance but untrusted" and "trusted but not high-performance" components for many applications. Achieving extreme security and openness for everything is unrealistic, but we can start by ensuring these characteristics are realized in truly critical areas.
Jupiter Lend's impressive start in the Solana lending space undoubtedly refreshes people's imagination about the influx of capital. It is worth noting that many established DeFi protocols often take months or even years to accumulate a similar amount of funds. Jupiter Lend's ability to ignite the market in a very short time is closely tied to the technological support of its partner, Fluid protocol.
