整理：Nona，Techub News
**TinTinLand
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Fear and Greed Index: 29 (Fear)
Bitcoin Price: $106,340
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Outflow: $1.22 B
ETH Net Outflow: $507.83 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Redemption: 231.88 BTC
ETH Net Redemption: 456.73 ETH
[]( AI, tokenization, blockchain technology applied to existing products
The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated in an interview that the market's response to the application of AI, blockchain, and tokenized products has been very positive and rapid. As financial technology continues to develop, more companies or financial institutions are expected to seek to apply these technologies to some existing products.
Legao Holdings (08472.HK) announced that after considering the special risks associated with investing in cryptocurrency and commodities, as well as the management team's expertise and experience in these markets, the company has decided not to proceed with the proposed purchase of cryptocurrency and commodities, and the approved budget of HK$24 million will be canceled.
<div class=)Boyaa Interactive (00434.HK) announced that the expected profit attributable to the company's owners for the first nine months of 2025 is expected to increase by approximately 105% to 115% year-on-year (for the nine months ending September 30, 2024: approximately HK$234 million), mainly due to an increase in the fair value growth of digital assets compared to the same period in 2024. Excluding the impact of non-operating one-time factors such as fair value changes of financial assets like digital assets and equity investment partnerships, the expected profit attributable to the company's owners for the first nine months of 2025 is expected to decrease by approximately 30% to 35% year-on-year, mainly due to reduced bank deposits from cryptocurrency purchases leading to a decrease in expected interest income and an increase in expected income tax expenses year-on-year.
]( Profit for 9 months expected to increase over 100% year-on-year, mainly benefiting from the growth in fair value of digital assets
[]( @Cyberport, planning to invest HK$100 million over the next three years
Shenzhen Sifang Jinchuan Information's wholly-owned subsidiary Sifang Jinchuan Information (Hong Kong) signed a memorandum of cooperation with Hong Kong Cyberport to jointly launch the "Blockchain Town @Cyberport".
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.
<div data-v-c679a437=)[DAT]( 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.
<div data-v-c679a437=)[As the market frenzy subsides, recent trends remain sluggish, and these once "buyers" are facing severe tests. Can they continue to support the market? Or will they transform from "blood transfusion pumps" into "invisible bombs," becoming accelerators that amplify market declines due to their inherent structural risks?
]( Treasury companies slow down purchases, but still 85% of market value exceeds holding value<p class=)
[Regulation/Macro]( Treasury companies slow down purchases, but still 85% of market value exceeds holding value<p class=)
[The U.S. Treasury Department has provided tax relief to large enterprises such as private equity firms, cryptocurrency companies, and foreign real estate investors this year. In October, the IRS released new proposed regulations that will provide benefits to foreign investors investing in U.S. real estate. In August, the IRS proposed to relax regulations preventing multinational companies from avoiding taxes by declaring duplicate losses in multiple countries. Reports indicate that although these announcements have not made headlines, they have attracted the attention of the accounting and consulting industry. Kyle Pomerleau, a senior fellow at the American Enterprise Institute, stated that the Treasury has been implementing "unlegislated tax cuts."
](<p class=)
[](<p class=)
[](
According to Crypto In America, citing informed sources, the Senate Banking Committee and Agriculture Committee's draft on cryptocurrency market structure is still being drafted, and the review originally planned for before Thanksgiving may be postponed until December. David Sacks, the White House's head of cryptocurrency and AI affairs, expressed encouragement after a call with the two main drafters of the bill on Wednesday and looks forward to seeing a bipartisan draft "in the near future."
The UK's National Crime Agency (NCA) obtained a settlement order in the High Court of England on November 5, under the Proceeds of Crime Act, to confiscate nine apartments worth £15 million (approximately 140 million yuan) in London from Chinese businessman Su Binghai, as well as dinosaur fossils worth £12.4 million (approximately 116 million yuan). According to Caixin, Su Binghai, born in February 1988, was one of the fugitives in Singapore's largest money laundering case, while another suspect, Wang Shuiming, has been arrested in Montenegro, and partner Su Weiyi is accused of being the mastermind behind the Hong Kong cryptocurrency platform Atom Asset Exchange scam.
Kazakhstan is establishing a national cryptocurrency reserve fund ranging from $500 million to $1 billion, with part of the funds coming from assets seized and repatriated from abroad. Timur Suleimenov, the governor of the National Bank of Kazakhstan, stated in an interview that the fund's investments will include exchange-traded funds (ETFs) and stocks of companies related to digital currencies, and will "very cautiously avoid direct investments in cryptocurrencies." The fund is expected to begin operations in January next year.
Finland plans to implement a cryptocurrency reporting system starting in 2026, as part of a measure under the 2019 EU anti-money laundering directive. Due to technical and regulatory challenges, the implementation of this reform may face delays. Some countries have postponed implementation, and the UK has also raised questions about the implementation. Juho Hasa, a senior advisor at the Finnish Tax Administration, stated at an event in London that Finland is "almost fully prepared" to implement its domestic cryptocurrency asset reporting framework law.
Due to the U.S. government shutdown, the non-farm payroll data for October, originally scheduled to be released tonight at 21:30, is expected not to be published as planned. This will be the second consecutive "absence" of non-farm data, as the September non-farm report also failed to be released normally. The U.S. Secretary of Labor recently reiterated that the non-farm report will be released when the government resumes operations, and no economic data can be published before that. On Friday, the U.S. Senate is expected to vote on a new temporary funding bill to end the government shutdown. The Senate has previously failed to vote 14 times, setting a record for the longest government shutdown in U.S. history.
<h3 dir=)[]( Non-farm payroll data for October will be absent again due to U.S. government shutdown
Due to the U.S. government shutdown, the non-farm payroll data for October, originally scheduled to be released tonight at 21:30, is expected not to be published as planned. This will be the second consecutive "absence" of non-farm data, as the September non-farm report also failed to be released normally. The U.S. Secretary of Labor recently reiterated that the non-farm report will be released when the government resumes operations, and no economic data can be published before that. On Friday, the U.S. Senate is expected to vote on a new temporary funding bill to end the government shutdown. The Senate has previously failed to vote 14 times, setting a record for the longest government shutdown in U.S. history.
<h3 dir=)[
]( Non-farm payroll data for October will be absent again due to U.S. government shutdown
Due to the U.S. government shutdown, the non-farm payroll data for October, originally scheduled to be released tonight at 21:30, is expected not to be published as planned. This will be the second consecutive "absence" of non-farm data, as the September non-farm report also failed to be released normally. The U.S. Secretary of Labor recently reiterated that the non-farm report will be released when the government resumes operations, and no economic data can be published before that. On Friday, the U.S. Senate is expected to vote on a new temporary funding bill to end the government shutdown. The Senate has previously failed to vote 14 times, setting a record for the longest government shutdown in U.S. history.
<h3 dir=)[]( Non-farm payroll data for October will be absent again due to U.S. government shutdown
Due to the U.S. government shutdown, the non-farm payroll data for October, originally scheduled to be released tonight at 21:30, is expected not to be published as planned. This will be the second consecutive "absence" of non-farm data, as the September non-farm report also failed to be released normally. The U.S. Secretary of Labor recently reiterated that the non-farm report will be released when the government resumes operations, and no economic data can be published before that. On Friday, the U.S. Senate is expected to vote on a new temporary funding bill to end the government shutdown. The Senate has previously failed to vote 14 times, setting a record for the longest government shutdown in U.S. history.
<h3 dir=)[Re7 Labs released an impact report early this morning, stating that the total amount affected by risks related to stablecoin protocols such as Stream is approximately $27 million. Re7 Labs indicated that Stream has repaid part of the loans on Plasma, as well as a $7 million USDC loan on WorldChain, and has removed the xUSD market; for deUSD and sdeUSD issued by Elixir, the limits have been lowered and funds have been transferred out of the related markets, with all loan positions collateralized by sdeUSD on Plume fully repaid, but nearly $14 million positions on WorldChain's Morpho market and Avalanche, Plasma's Eluer market remain affected.]( Labs released xUSD de-pegging incident report, total amount affected exceeds $27 million due to multiple stablecoin protocol failures<p class=)
[]( Labs released xUSD de-pegging incident report, total amount affected exceeds $27 million due to multiple stablecoin protocol failures<p class=)[The digital collectibles contract platform TROVE has completed a $20 million financing, which will be used to launch a perpetual contract market based on Hyperliquid. TROVE stated that it will rely on the activated HIP-3 mechanism on the Hyperliquid mainnet to advance the launch; this mechanism allows eligible developers to stake 500,000 HYPE to independently deploy and operate the perpetual contract market.
]( TROVE completes $20 million financing and will launch a contract market based on Hyperliquid<p class=)
[]( TROVE completes $20 million financing and will launch a contract market based on Hyperliquid<p class=)[Zafar Masud, Chairman of the Pakistan Bankers Association (PBA), revealed that the country is seriously considering issuing a Pakistan Rupee-backed stablecoin, warning that delays in digital asset regulation could result in a loss of up to $25 billion in economic development opportunities. Additionally, Faisal Mazhar, Deputy Director of the Payment Department at the State Bank of Pakistan, stated that with the assistance of the World Bank and the International Monetary Fund (IMF), a prototype of a central bank digital currency (CBDC) is being developed, with plans for a pilot phase before full rollout.
]( CBDC pilot<p class=)
[]( CBDC pilot<p class=)[A study from Columbia University indicates that nearly 25% of Polymarket's trading volume may involve users quickly buying and selling contracts, often trading with themselves or colluding accounts to inflate trading activity metrics without changing their net market position.
]( Nearly 25% of trading volume may be fake trading<p class=)
[]( Nearly 25% of trading volume may be fake trading<p class=)[The latest report from Google's Threat Intelligence Group reveals that at least five new types of malware are exploiting large language models (LLMs) to dynamically generate and hide malicious code. Among them, the North Korea-related hacker group UNC1069 has been found using Gemini to probe wallet data and create phishing scripts with the intent to steal digital assets. These malware employ "real-time code creation" technology, calling external AI models like Gemini or Qwen2.5-Coder to evade traditional security detection. Google stated that it has disabled related accounts and strengthened security measures for model access.
]( AI technology develops new malware to steal cryptocurrency<p class=)
[]( Q3 earnings report exceeds expectations, competing with Coinbase for financial "super app"
Essentially, Robinhood and Coinbase represent two distinctly different financial entities and development paths. As a traditional financial company, Robinhood's ultimate goal is to create a financial super app for various retail investors, integrating stocks, cryptocurrencies, prediction markets, and banking services into one platform, allowing users to complete all financial scenarios without leaving Robinhood.
The Hong Kong Monetary Authority's "Ensemble" project sandbox and the latest "Fintech 2030" strategy are building a policy high ground, attracting a group of "national team" members such as China Resources and COSCO Shipping, transforming vast physical assets and financial expertise into new competitiveness in the digital age.
<div class=)[
]( Behind the craze, how ERC-8004 builds the trust foundation for AI agents
A new question arises: since x402 has already focused on solving payment issues, what is the positioning of ERC-8004? Are they in competition? The answer seems to be negative. They are more like a pair of intricately designed, complementary components in the commercial landscape of AI agents.
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