We have specially compiled noteworthy activities in the crypto field in Hong Kong for January, which will open a window to the future of Web3 for you.

South Korean Financial Commission plans to study "payment suspension" mechanism for virtual asset accounts suspected of market manipulation

The South Korean Financial Commission is studying the introduction of a "payment suspension" system in cases of virtual asset price manipulation to restrict the withdrawal, transfer, and payment of funds from suspicious accounts during the investigation phase, preventing illicit gains from being transferred or concealed.

Democratic lawmakers in the U.S. plan to submit a regulatory bill for prediction markets this week, prohibiting government officials from trading on non-public information

New York State Democratic Congressman Ritchie Torres plans to introduce the "2026 Financial Prediction Market Public Integrity Act" this week. The bill aims to prohibit federally elected officials, politically appointed officials, and executive branch employees from trading in prediction markets while possessing non-public information related to trading or potentially obtaining such information due to their positions. This move stems from a controversial case where individuals profited hundreds of thousands of dollars based on accurate bets on the political prospects of the Venezuelan president.

Project/Company Updates

PeckShield: Suspected "pig butchering" funds laundered through Tornado Cash, processing approximately 2,479.1 Ethereum

According to PeckShieldAlert monitoring, an address starting with 0xB8b is obscuring funds through Tornado Cash, having processed approximately 2,479.1 Ethereum (valued at about $7.9 million). Monitoring shows that these funds initially came from multiple TRON wallets and were subsequently transferred to an Ethereum wallet for processing.

Gemini and Crypto.com parent company Foris Dax donate a total of $21 million to Trump's Super PAC

Cryptocurrency exchanges Gemini and Crypto.com parent company Foris Dax recently donated a total of $21 million to the "MAGA Inc." Super Political Action Committee supporting Trump. Among them, Gemini provided 1.5 million USDC; Foris Dax donated $10 million in cash in two installments.

YZi Labs accuses BNC board of obstructing shareholder reforms with "poison pill" measures

YZi Labs accuses the BNC board of using "poison pill" and amended charter provisions to obstruct and delay shareholders from exercising their rights through written consent. YZi Labs stated that the substantive impact of these actions exceeds the unnecessary restrictions and procedural burdens required by Nevada law. YZi Labs also calls on the board to ensure that the nomination and election process is "free and fair," avoiding further defensive maneuvers.

U.S. Department of Justice accused of illegally selling 57.55 Bitcoin seized from Samourai case

The U.S. Department of Justice directed the U.S. Marshals Service to illegally sell 57.55 Bitcoin, valued at approximately $6.367 million, through Coinbase Prime on November 3, 2025, which was paid as part of a guilty plea agreement by the Samourai Wallet developer. The relevant address balance currently shows as 0, and the assets may have been liquidated. This action conflicts with Executive Order 14233 signed by Trump on March 6, 2025, which established a "strategic Bitcoin reserve" and required that the seized Bitcoin be included in the reserve and not sold.

Starknet: Network has fully resumed normal operation

Starknet announced on X that its network has resumed online and is fully operational. Transactions submitted between 17:24 and 17:42 Hong Kong time yesterday may not have been processed correctly. The official also stated that a detailed review will be released, including a complete timeline, root cause of the failure, and long-term preventive measures.

Jupiter launches reserve-backed USD stablecoin JupUSD

Jupiter tweeted that it has launched the reserve-backed USD stablecoin JupUSD, built on Ethena Labs technology, with 90% of the initial reserve assets consisting of USDtb and 10% of USDC as a liquidity buffer, paired with a secondary liquidity pool on Meteora. Jupiter stated that it plans to gradually convert part of the reserves into USDe in the future to enhance the capital efficiency and resilience of the ecosystem. The JupUSD codebase has been fully open-sourced and completed three independent audits by Offside Labs, Guardian, and Pashov Audit Group before launch.

Lighter has initiated a protocol fee buyback mechanism, having repurchased and held approximately 180,000 LIT

Jupiter announced on X that it has launched the reserve-backed USD stablecoin JupUSD, built on Ethena Labs technology, with 90% of the initial reserve assets consisting of USDtb and 10% of USDC as a liquidity buffer, paired with a secondary liquidity pool on Meteora. Jupiter stated that it plans to gradually convert part of the reserves into USDe in the future to enhance the capital efficiency and resilience of the ecosystem. The JupUSD codebase has been fully open-sourced and completed three independent audits by Offside Labs, Guardian, and Pashov Audit Group before launch.

In-Depth & Outlook

Dalio 2025 Reflection: The Global Changes Under Dollar Decline and Capital Migration

In this reflection, I will take a step back to examine the dynamic relationships between currency/debt/market/economy over the past year and briefly discuss how the four major drivers—politics, geopolitics, natural forces, and technology—impact the global macro landscape within the evolving framework of the "big cycle."

Trapped in Local Optima, Prediction Markets Should Not Stop Here

I hope prediction markets can develop, I hope they can be accepted by the public, and I personally believe that everything can be traded is a good thing. Most of my frustration stems from a widely accepted view that today's version is the best version, but clearly, I do not agree with this view.

Opinion

2026 Watchlist: Based on a16z's "Major Concepts," Detailed Analysis of 8 Major Trends Including Stablecoins, RWA, and AI Agents

The story of stablecoins has passed the proof-of-concept stage. Today, their annual trading volume has reached trillions of dollars. The question is no longer whether stablecoins are effective, but whether they can seamlessly integrate with the financial system of the real world.

U.S. Marshals Service Selling Seized Bitcoin, Does It Violate Trump's Executive Order?

In criminal cases tried in the U.S. federal court system, over 90% of defendants ultimately receive convictions, with acquittal rates in some years dropping as low as 0.4%. The prosecution team in the Southern District of New York is known for its exceptionally high win rate, far exceeding the federal average.

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