Hong Kong Web3 Daily Must-Read: Franklin Templeton Launches First Tokenized Money Market Fund in Hong Kong, $320 Million Liquidated Across the Network in 24 Hours
Fear and Greed Index: 21 (Fear)
Bitcoin Price: $101,496
BTC/ETH Spot ETF Fund Flow (11.6)
BTC Net Inflow: $65.94 M
ETH Net Outflow: $444.72 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (11.6)
BTC Net Redemption: 98.68 BTC
ETH Net Subscription: 0 ETH
[]( JPEX Case Update
According to the Hong Kong Daily News, the virtual currency trading platform JPEX is involved in a fraud case update. The police prosecuted 16 individuals yesterday and earlier, including Lam Tso, and the case was brought to the Eastern Magistrates' Court this morning. Around 8:19 AM today, the police car carrying Lam Tso left North Point Police Station heading to the Eastern Magistrates' Court.
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Franklin Templeton has launched its first tokenized money market fund, the Franklin OnChain U.S. Government Money Fund, supported by short-term U.S. Treasury bonds, issuing shares and recording ownership through blockchain. This initiative is the first project under the Hong Kong Monetary Authority's Fintech 2030 plan, which aims to cover AI and tokenized ecosystem development.
<div class=)[New Fire Technology COO Xing Yue systematically elaborated on the three stages of cryptocurrency exchange development during the roundtable discussion "Rejecting Black Swans: The Future Form of Digital Asset Institutional Liquidity and Exchanges," pointing out that licensed and compliant cryptocurrency exchanges will become key hubs connecting traditional finance and digital assets.
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]( Selected Events in Hong Kong for November
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
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[Regulation/Macro]( Selected Events in Hong Kong for November
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
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[Bank of England Deputy Governor Sarah Breeden stated that the UK's new stablecoin regulatory rules will be implemented "as quickly as those in the U.S." in response to industry concerns that the UK may lag in establishing a stablecoin regulatory framework. She also noted that there are differences in the design of restrictions on stablecoin holdings between the UK and the U.S., mainly because the UK mortgage market relies more on commercial bank loans.
]( FBI Not Liable for Destroying Hard Drive Containing 3,400 Bitcoins
A U.S. court ruled that the Federal Bureau of Investigation (FBI) is not liable for a hard drive containing approximately 3,400 bitcoins that was disposed of according to procedure. The case shows that the hard drive's owner had repeatedly denied holding a large amount of bitcoin, leading the government to abandon further clue searches and clean up the disposable equipment after legally notifying. This incident is seen as part of the "irrecoverable loss" of bitcoin, with industry estimates suggesting that about 3.7 million bitcoins (approximately 18% of the total supply) may be permanently lost due to reasons such as lost private keys, discarded hardware, and early addresses remaining inactive for long periods.
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[Project/Company Updates]( FBI Not Liable for Destroying Hard Drive Containing 3,400 Bitcoins
A U.S. court ruled that the Federal Bureau of Investigation (FBI) is not liable for a hard drive containing approximately 3,400 bitcoins that was disposed of according to procedure. The case shows that the hard drive's owner had repeatedly denied holding a large amount of bitcoin, leading the government to abandon further clue searches and clean up the disposable equipment after legally notifying. This incident is seen as part of the "irrecoverable loss" of bitcoin, with industry estimates suggesting that about 3.7 million bitcoins (approximately 18% of the total supply) may be permanently lost due to reasons such as lost private keys, discarded hardware, and early addresses remaining inactive for long periods.
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[Stablecoin issuer Circle confirmed to the National Shooting Sports Foundation (NSSF) that it has amended its terms of service to clarify that USDC can be used for legal firearm transactions protected by the Second Amendment of the U.S. Constitution. Circle stated, "We have clarified the terms to indicate that USDC can be used for legal firearm transactions protected by the Second Amendment"; it also stated, "We have never and will never refuse USDC for legal transactions involving firearms."
]( : Allowing the Use of USDC for "Legal" Firearm Purchases<p class=)
[]( : Allowing the Use of USDC for "Legal" Firearm Purchases<p class=)[Ripple's USD stablecoin RLUSD has surpassed a market cap of $1 billion less than a year after its launch, ranking as the 10th largest USD stablecoin. The token is issued by Standard Custody & Trust Company (a wholly-owned subsidiary of Ripple) and regulated by NYDFS, with reserves in USD and short-term U.S. Treasury bonds; the current circulation is approximately $819 million on Ethereum and about $203 million on XRP Ledger. Ripple President Monica Long stated that the company has processed nearly $100 billion in payments, with RLUSD being the primary settlement stablecoin integrated into Ripple's payment and liquidity system.
[]( Stablecoin RLUSD Surpasses $1 Billion Market Cap, Ranking 10th Among USD Stablecoins<p class=)[Balancer tweeted that the Balancer V2 composable stable pool was attacked on November 4, 2025, across multiple chains. The vulnerability stemmed from the "rounding down of the scaling function when including non-integer factors" during the EXACT_OUT exchange in batchSwap, leading to balance manipulation. The attack only affected the V2 composable stable pool, while V3 and other pool types were not impacted. The team has initiated an emergency response with security partners and white hat teams, including automatic pauses through Hypernative, asset freezes, and white hat intervention under the SEAL framework to control the situation. StakeWise has successfully recovered about 73.5% of the stolen osETH and is working with zeroShadow and others on cross-chain tracking and fund recovery; final loss and recovery data will be published in a complete technical summary report.
[]( Initial Attack Report Released: Rounding Logic Flaw in Batch Exchange Exploited<p class=)[SOL Treasury Company Solana Company (NASDAQ: HSDT) announced that its board has approved a $100 million stock repurchase plan to buy back the company's circulating common stock. The repurchase plan is open-ended, allowing the company to repurchase shares periodically in the open market and through negotiated transactions.
]( Treasury Company Solana Company Board Approves $100 Million Stock Repurchase Plan<p class=)
[]( Treasury Company Solana Company Board Approves $100 Million Stock Repurchase Plan<p class=)[Stablecoin issuer Tether announced that it has signed a memorandum of understanding (MoU) with the People's Committee of Da Nang City, Vietnam, to jointly promote the responsible integration of blockchain, digital assets, and peer-to-peer technology in the city, helping to build a transparent, efficient, and robust digital governance and infrastructure model. Tether stated it will assist Da Nang in formulating policies applicable to blockchain technology, digital assets, sandbox experiments, and real-world asset tokenization (RWA), and promote innovative education programs to enhance local technical capabilities.
]( Agreement Signed with Da Nang City, Vietnam, to Promote Blockchain-Driven Digital Governance and Infrastructure Development<p class=)
[In-Depth & Outlook]( Agreement Signed with Da Nang City, Vietnam, to Promote Blockchain-Driven Digital Governance and Infrastructure Development<p class=)
[]( The Tide Retreats to Balancer, Triggering a Crisis of Confidence in DeFi
The cracks in technological trust, the cooling of the DAT model, and the headwinds of the macro environment—these three "cold currents" are not isolated; they are interwoven into a complex test for the crypto world.
<div class=)[**Opinion**](
It is easy to overlook that a whale buying does not mean you should buy; a whale selling does not mean you should sell. When you treat "following the leaderboard" as a strategy rather than "understanding the logic behind the leaderboard," you become a blind follower. More dangerously, when most people are focused on the same leaderboard, the signals become congested, arbitraged, and backfired. The speed at which smart money strategies fail is faster than you might think.
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[Uniswap is exploding. Trading volume is skyrocketing. Crypto speculators are flooding in. It all seems too easy, and we know this opportunity won't last forever. We must become stronger and figure out how sniping really works.
]( Sniping Shitcoins on DEXs Earns Over $50 Million<p class=)
[]( Sniping Shitcoins on DEXs Earns Over $50 Million<p class=)[
Just as the early development of stablecoins faced skepticism, the popularity of x402 remains in doubt. However, as more participants test and refine it, the AI-driven trading internet vision is gradually becoming a foreseeable reality.
]( Coinbase AI Strategy Core "x402": From Concept to Ecosystem, Will It Open the Era of AI Autonomous Consumption Value Networks?<div class=)