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

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Xiamen Prosecutor: Employee of a company in Fujian embezzled 1.53 million yuan for cryptocurrency trading, resulting in total loss of funds

The Xiamen Prosecutor's Office published an article stating that an employee of a certain issuing company in Fujian incurred huge debts due to participation in virtual currency investments and committed embezzlement starting from the spring of 2024. The employee unauthorizedly changed the company's public payment code to a personal WeChat payment code and bank account, guiding clients to transfer educational material subscription fees directly into their personal account, cumulatively intercepting over 1.53 million yuan of company funds, and invested all related funds into Bitcoin and other virtual currencies for trading, attempting to profit through speculation, but ultimately lost all funds. The Xiamen District Prosecutor's Office has filed a public prosecution against him for embezzlement, and the court sentenced him to two years and three months in prison, along with a fine.

U.S. Senate Judiciary Committee calls for the removal of developer protection clauses from cryptocurrency structure bill

Leaders of the U.S. Senate Judiciary Committee are seeking to remove developer protection clauses from the Senate cryptocurrency market structure bill, arguing that these provisions would weaken the legal effectiveness against unlicensed remittance businesses. Senate Judiciary Committee Chairman Charles Grassley and the committee's chief Democrat Richard Durbin wrote to Senate Banking Committee Chairman Tim Scott and chief Democrat Elizabeth Warren, stating that the current draft would "create significant enforcement gaps for decentralized digital asset platforms." "Such regulatory gaps could attract criminal groups—such as cartels and other complex criminal organizations—into decentralized platforms." They added, "Criminals already use means to conceal illegal transactions. This bill would make the prosecution of such actions significantly more difficult."

Indian Central Bank proposes interconnectivity of digital currencies among BRICS members for cross-border payments

According to Jinshi Data citing sources, the Indian central bank has proposed that BRICS members interconnect their digital currencies for cross-border payments. The Indian central bank has requested the government to include the proposal in the agenda for the 2026 BRICS summit.

South Korean customs crack down on underground remittance cases using virtual assets, involving approximately $101 million

The Seoul Customs Office of South Korea has cracked down on a case involving underground remittances using virtual assets. The gang involved has illegally exchanged and laundered approximately 148.9 billion Korean won (about $101 million) over the past four years by receiving payments through WeChat Pay, Alipay, etc., purchasing virtual assets overseas, transferring them to wallets in South Korea, and then converting them into Korean won. The office has now referred the suspects to the prosecution.

Kevin Hassett may remain in current position, Kevin Warsh leads predictions for next Federal Reserve Chair

White House economic advisor Kevin Hassett stated on Fox News' "Sunday Briefing" that Trump is likely to keep him in his current position, which would take him out of the running for the next Federal Reserve Chair. "From the beginning, he and I have been discussing whether I would be better off in the West Wing or at the Fed," Hassett said. "I don't think he has made a final decision on that yet." Trump expressed reservations last week about nominating Hassett to replace current Federal Reserve Chair Powell. At an event at the White House, he told the National Economic Council Director, "To be honest, I actually hope you can stay in your current position."

Project/Company Updates

Cryptocurrency derivatives exchange Paradex: will perform chain rollback, account status will be restored to pre-maintenance

The status page of cryptocurrency derivatives exchange Paradex shows that the platform is currently unavailable, affecting cloud/API, user interface, blockchain, bridge, block explorer, and RPC proxy services. The team has identified the issue and will roll back the chain state to block 1604710 (Hong Kong time 12:27:54), restoring all accounts to the state before database maintenance. Additionally, the official website indicates that the expected maintenance time is from January 19, 13:15 to 13:45.

Binance Australia resumes direct bank transfer services after being cut off by banks for two years

After being cut off from the Australian banking system for two years, Binance has resumed direct bank transfer services in Australia. As of last Friday, Binance Australia has restarted this feature. Matt Poblocki, General Manager of Binance Australia and New Zealand, stated that this feature was trialed for a small number of users last year. The limited fiat channels had hindered local users' participation in the digital asset ecosystem, and the resumption of services has removed a significant barrier.

Genius releases airdrop and points white paper, GENIUS token to be created before April 12

The Perp DEX trading terminal Genius, supported by YZi Labs, has released an airdrop and points white paper. The first quarter activity will end on April 12, and the GENIUS token will be created before April 12. The team will increase the airdrop allocation by 50% and enhance the value of points by 50%. From now until April 12, Genius will distribute 10 million GP points weekly. GP points will adopt a retrospective allocation mechanism and will only be calculated based on spot trading volume. The GP value obtained through trading volume remains unchanged. All GP points rewards based on referrals have been reduced and reclaimed.

Trove's shift from Hyperliquid to Solana sparks community dissatisfaction, some supporters demand refunds

The digital collectibles contract platform Trove's transition from Hyperliquid to Solana has sparked dissatisfaction within the community, with some supporters demanding refunds. Trove team member unwise tweeted, "In light of the recent market sentiment fluctuations regarding Trove, our liquidity partners supporting our Hyperliquid path have chosen to close their positions of 500,000 HYPE. This has changed our constraints: we are no longer building based on Hyperliquid, so we are starting to rebuild the perp DEX on Solana." Currently, the TROVE TGE is scheduled to take place at 00:00 Hong Kong time on January 20.

In-Depth & Outlook

Trump's tariff stick strikes allies, cryptocurrency plummets while gold and silver hit new highs

We have become accustomed to Trump threatening China, Mexico, and even other trade partners with tariffs. But using economic weapons to threaten NATO allies? This is relatively rare in post-war international relations history. When these European countries sent troops to Greenland to participate in Denmark-led "Arctic Endurance" exercises, Trump interpreted it as a provocation against the U.S. and immediately wielded the tariff stick.

Pantera Capital: 2025 Investment Review

2025 reminds us once again that the development of cryptocurrency is not a smooth journey. Driven by historic favorable factors and the clarity of U.S. regulatory policies, the market soared to historic highs, and various viewpoints evolved accordingly, with market momentum being reset cyclically. Although the final closing price was below the historical peak, this year marked a necessary adjustment for the cryptocurrency industry, laying the foundation for achieving true leapfrog growth.

Views

Privacy coins back in the spotlight, rebound or reversal?

In the long run, privacy technology may evolve into enterprise-level solutions. Imagine large companies using improved privacy coins for business settlements, protecting trade secrets while meeting audit requirements—this would be a win-win.

On-chain speculative demand continues to decline, fundamentals "deteriorate," comprehensive analysis of Solana network Q4 development

Solana started 2025 with strong momentum. It is not only the place where Trump launched his Memecoin but also where most new cryptocurrency users were introduced during this cycle, witnessing the birth of the fastest and most profitable applications in this cycle.

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