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.

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Ministry of Finance: Promote the private investment guarantee program, encourage exploration of "scenario finance + digital RMB" model

The Ministry of Finance recently issued a notice on implementing a special guarantee program for private investment, proposing to increase risk compensation efforts and provide central financial risk compensation for new compensation expenditures under the financing guarantee fund in this program. The document states that the annual business scale of the financing guarantee fund will be determined by the Ministry of Finance in conjunction with corporate financing needs and the fund's operation and risk control situation. The Ministry also encourages government financing guarantee institutions and banks to explore innovative models such as "supply chain + financing guarantee" and "scenario finance + digital RMB," focusing on supporting the financing needs of small and micro enterprises and the upstream and downstream of the industrial chain.

Philippine police crack down on kidnapping extortion case, victimized Chinese citizen demanded $1 million and transferred over $400,000 in cryptocurrency assets

Philippine police recently rescued a Chinese citizen who was illegally detained by Chinese suspects in an apartment in Pasay City and arrested two suspects on the spot, with two others still at large. Police disclosed that the suspects threatened the victim with personal injury and organ trafficking, demanding a ransom of $1 million, and the victim was forced to transfer over $400,000 in cryptocurrency assets. Police seized items such as tape, knives, and handcuffs at the scene, and related kidnapping and extortion charges will be filed in accordance with the law, with the case still under further investigation.

South Korea advances digital asset regulatory reform, plans to abolish "1 exchange to 1 bank" mechanism and allow derivative trading

South Korean financial authorities are advancing reforms to the digital asset regulatory system, planning to eliminate the long-implemented "1 exchange to 1 bank" binding restriction and allow the issuance of crypto asset derivatives and participation in trading by corporate accounts. Regulators pointed out that while this mechanism is not legally mandatory, it has been continuously enforced due to anti-money laundering requirements, which has limited competition among exchanges and user choices to some extent. The relevant policy is expected to be included in the second phase of legislation for the "Digital Asset Basic Law," with both sides of the National Assembly reaching a consensus on some regulatory relaxations.

Shenzhen cybersecurity engineer Li Dong involved in the case has had approximately 183 Bitcoins seized by police from two locations

Shenzhen cybersecurity engineer Li Dong (pseudonym) has been investigated by police in Zhangjiajie, Hunan, and Changge, Henan, for involvement in an online gambling-related case, resulting in the seizure of approximately 183 Bitcoins from his digital wallet, with 103 Bitcoins seized by Zhangjiajie police and converted to over 49.61 million RMB, while Henan police seized about 80 Bitcoins, valued at over 40 million RMB.

India's central bank promotes BRICS CBDC interconnection plan, urges inclusion in the agenda of the 2026 BRICS summit

The Reserve Bank of India (RBI) is promoting the establishment of a system to connect the central bank digital currencies (CBDCs) of BRICS countries to support cross-border trade and tourism payments among member countries and gradually reduce dependence on the US dollar. Insiders say the RBI has urged the Indian government to include this CBDC interconnection proposal in the agenda for the 2026 BRICS summit hosted by India. Related discussions at the Senate level had previously been postponed.

Ethiopian Prime Minister: The government is seeking investment partners to mine Bitcoin

The Ethiopian Prime Minister stated that the government is seeking investment partners to mine Bitcoin.

Supreme Prosecutor's Office emphasizes anti-money laundering at the national procurators' meeting, highlighting the crackdown on crimes involving virtual currencies and underground banks

At the national procurators' meeting held in Beijing on January 19, the Supreme People's Procuratorate deployed work to legally safeguard economic and financial security, demanding severe punishment for serious economic crimes and creating a legal business environment.

Project/Company Updates

MakinaFi: Security mode activated, recommends withdrawing funds as soon as possible

MakinaFi announced on the X platform that the platform received reports about a suspected security incident involving the DUSD Curve pool, initially determining that the issue only affects DUSD liquidity positions, with no abnormalities found in other assets and deployments. MakinaFi stated that it has activated security mode for all Machines as a precaution and recommends that liquidity providers for the DUSD pool withdraw their funds as soon as possible. It also mentioned that the team is fully investigating the scope of the impact and will announce detailed progress and handling plans later.

Georgia financial regulators halt Crypto Dispensers' operations, citing unlicensed money transmission

The Georgia Department of Banking and Finance has issued a cease-and-desist order to the crypto ATM operator Crypto Dispensers. Regulatory documents indicate that Crypto Dispensers operated an online virtual currency trading platform in Georgia without a valid license and did not meet relevant exemption conditions, allegedly violating Section 7-1-681 of the Georgia Code regarding money transmission businesses.

Norwegian listed company K33 launches Bitcoin and Ethereum collateralized lending

Norwegian listed company K33 announced on January 20 that it has launched a crypto asset loan service collateralized by Bitcoin and Ethereum, initially open only to select qualified clients. The loans will be issued in stablecoin forms such as USDC. K33 also stated that it will incorporate the company's own Bitcoin holdings into operations to expand digital asset products and enhance asset yield capabilities.

SynapLogic contract hacked, resulting in a loss of approximately $186,000

The SynapLogic contract was hacked, resulting in a loss of approximately $186,000. The SynapLogic contract proportionally allocates native token revenue shares but does not check whether the total payment exceeds the actual payment (msg.value), allowing attackers to withdraw excess native tokens while simultaneously obtaining newly minted SYP.

Pump.fun establishes investment department Pump Fund and launches a $3 million public construction hackathon to support 12 projects

Pump.fun has established an investment department, Pump Fund, aiming to promote the development of startup projects within the ecosystem through long-term partnerships with projects. Pump Fund has also launched a $3 million public construction hackathon, providing $250,000 in funding support for each of the 12 projects (with a project valuation of $10 million) and offering resources such as guidance from the founders of Pump.fun.

Bhutan Sovereign Wealth Fund-associated address suspected of leveraging Ethereum through Aave, valued at approximately $459 million

An address associated with Bhutan's Sovereign Wealth Fund, Druk Holdings, appears to be leveraging Ethereum through Aave, withdrawing 42,000 Ethereum and 54 million USDT from Binance, converting USDT to Ethereum, and depositing it into Aave while borrowing 275 million USDT for further purchases of Ethereum. Currently, this leveraged position holds 117,000 Ethereum, valued at approximately $459 million.

Revolut applies for a full banking license in Peru, intensifying its expansion in Latin America

UK fintech company Revolut has applied for a full banking license in Peru to expand its operations in Latin America and compete with major local fintech companies. This license will enable Revolut to launch more localized products and services in Peru; it will become the fifth country in its Latin American expansion plan, following Mexico, Colombia, Argentina, and Brazil.

NASDAQ-listed company Aether acquires crypto communication platform Coinstack

NASDAQ-listed fintech group Aether Holdings' Alpha Edge Media has acquired the institutional-grade crypto communication and media platform Coinstack, with the transaction amount undisclosed. Coinstack will retain its original brand and operate independently, receiving support from Aether in technology, analytical infrastructure, and distribution channels.

In-Depth & Outlook

Plain language breakdown of X's new recommendation algorithm: from "data mining" to "scoring"

For X Company: This is a cost-cutting and efficiency-boosting initiative, trading computational power for human labor and using AI to enhance retention. For users, we are faced with a "super brain" that constantly tries to understand human psychology. The more it understands us, the more we rely on it, but because it understands us so well, we will become more deeply trapped in the "information cocoon" woven by algorithms and more easily become targets for emotionally charged content.

"Non-investable" US Treasuries may be the highest-yielding asset in 2026

Based on the heavy interest expenditure pressure on the US government, deflation signals released by gold, extremely crowded short positions in bonds, and imminent trade conflicts, the author believes that long-duration US Treasuries (such as TLT) are at a breakout point with "asymmetric game" advantages.

Opinions

The public sale of $1.39 billion MegaETH is about to launch on the mainnet; what key developments have occurred in the past few months?

The final subscription amount for this public sale exceeded $1.39 billion (with an actual limit of $49.95 million), achieving an overall subscription ratio of 27.8 times, attracting over 50,000 investors. Now, with the mainnet launch imminent, what has been the development journey of MegaETH over the past two months?

"Ultimate deduction" from the smartest people in Silicon Valley: What should we "All-In" on in 2026?

On one side, there is falling inflation, accelerated AI penetration, and capital markets stirring; on the other side, there are geopolitical frictions, rising institutional uncertainties, and widespread skepticism about whether "the next round of growth truly exists." Against this backdrop, the globally influential tech business podcast "All-In Podcast" has released its annual ultimate predictions:

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