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.

Beckett: Bitcoin seized by the Department of Justice and the Department of the Treasury will be permanently transferred to the "U.S. Strategic Bitcoin Reserve"

U.S. Treasury Secretary Scott Beckett stated on January 20 at the World Economic Forum in Davos that the U.S. government will halt all planned liquidation activities for seized digital assets. He mentioned that the Bitcoin held by the Department of Justice and the Department of the Treasury will be permanently transferred to the "U.S. Strategic Bitcoin Reserve," viewing the existing over 200,000 Bitcoins as a long-term value reserve. Beckett also stated that the reserve will primarily grow through law enforcement seizures rather than using taxpayer funds to purchase on the open market.

White House Digital Asset Council Director: The cryptocurrency industry has long been in a state of systemic regulatory absence

Patrick Witt, Director of the White House Digital Asset Council, posted on X platform that a cryptocurrency market structure bill is inevitable, stating that it is unrealistic to expect a multi-trillion-dollar industry to operate for a long time without a systematic regulatory framework. Witt also mentioned that we are currently in a "window period" for advancing legislation, and although the "CLARITY Act" is not perfect, compromises must be made to secure 60 votes in the Senate, urging continued improvements to the bill's content to avoid "pursuing perfection" hindering legislative progress.

The Trump family's cryptocurrency assets account for nearly one-fifth of their $6.8 billion wealth, adding about $1.4 billion in the past year

In the past year, cryptocurrency assets have added approximately $1.4 billion to the Trump family's wealth, bringing their share of the total assets of about $6.8 billion to nearly one-fifth for the first time. Reports indicate that as Trump begins his second presidential term, the structure of his personal and family assets has significantly changed compared to his first term, with new digital asset layouts including social media companies, a jointly founded crypto platform, and meme coins named after him, further deepening the connection between the Trump family's wealth and the cryptocurrency industry.

Project/Company Updates

Alchemy Pay obtains MTL license in Nebraska, increasing the number of licensed states in the U.S. to 14

Cryptocurrency payment and fiat exchange service provider Alchemy Pay has obtained a money transmission license (MTL) in Nebraska, allowing it to legally conduct regulated fund transfer services, including the exchange and transfer of fiat and digital assets. To date, it holds MTL licenses in 14 states in the U.S.

Bhutan's Sovereign Fund DHI to operate Sei network validation nodes

Sei announced on the X platform that it has reached a cooperation agreement with Bhutan's sovereign fund Druk Holding and Investments (DHI), which will deploy and operate Sei network validation nodes. The announcement stated that the project is led by DHI's innovation and technology department and is expected to go live in the first quarter of 2026. The Sei development fund also mentioned that both parties will explore asset tokenization and other new economic initiatives in the future.

Paradex: Mithril trading bot hacked, leading to the leak of about 57 users' subkeys

The Mithril trading bot partnered with Paradex was hacked, resulting in the acquisition of about 57 users' subkeys. Paradex pointed out that the subkey permissions are limited, allowing for proxy trading but not withdrawals, and has suspended all XP transfers, revoking all subkeys associated with Mithril trading accounts. Paradex also stated that it has completed the review of affected accounts regarding the network outage incident on January 19 and has issued refunds to users who were incorrectly liquidated, totaling $650,000 distributed to 200 accounts. Gigavault's deposit and withdrawal functions have been restored, and other tickets will continue to be processed in the coming days.

Solayer establishes a $35 million ecosystem fund, focusing on four areas including DeFi

Solayer has launched a $35 million ecosystem fund to support the development of high-throughput, revenue-driven applications based on infiniSVM. The fund will invest in early-stage and growth-stage teams, focusing on products suitable for on-chain operation that require low latency and high execution performance while sustainably processing transactions. It prioritizes four areas: DeFi, consumer applications, payments, and AI-driven systems for real-time execution of on-chain transactions.

Galaxy plans to launch a $100 million hedge fund in Q1 2026, with up to 30% allocated to cryptocurrencies

Mike Novogratz's crypto group Galaxy plans to launch a $100 million hedge fund in the first quarter of 2026, aiming to profit from price fluctuations in digital assets. The fund has already secured $100 million in investments from family offices, high-net-worth individuals, and large institutions, and may receive additional funding commitments at launch. The fund will allocate up to 30% of its assets to cryptocurrencies, with the remainder invested in financial services stocks affected by the digital asset technology and legal environment. Galaxy stated it will provide seed investment for the fund and currently manages approximately $17 billion in digital assets.

Polymarket becomes DAZN's exclusive prediction market partner, with prediction data integrated into live sports broadcasts

Sports streaming platform DAZN has designated Polymarket as its exclusive prediction market partner. Polymarket's real-time prediction data will be integrated into DAZN's live sports broadcast content to show viewers relevant market prediction trends and result changes.

Delaware Life collaborates with BlackRock to launch fixed indexed annuities, introducing IBIT for Bitcoin exposure

Delaware Life Insurance Company has partnered with BlackRock to include the "BlackRock U.S. Stock Bitcoin Balanced Risk 12% Index" in its fixed indexed annuity (FIA) investment portfolio, launching a fixed indexed annuity product that provides Bitcoin exposure. The announcement stated that the index incorporates U.S. stocks and Bitcoin into the same index framework, targeting a volatility of 12%, and smooths Bitcoin fluctuations through dynamic cash adjustments. Its Bitcoin exposure will be achieved through the iShares Bitcoin Trust ETF (IBIT).

Grayscale applies to convert Near Trust into an ETF fund, planning to list on NYSE Arca

According to documents disclosed by the U.S. Securities and Exchange Commission (SEC), Grayscale has submitted an S-1 registration document to apply for converting the Grayscale Near Trust into a Grayscale Near Trust ETF. The documents show that the trust shares are currently traded on the OTCQB market under the ticker "GSNR." Once the registration statement attached to the prospectus becomes effective, the trust plans to transfer its shares to be listed on the New York Stock Exchange Arca (NYSE Arca), with the ticker remaining "GSNR."

In-Depth & Outlook

Whales Entering the Sea: NYSE's Tokenized Securities Platform Aims for All-Weather Trading and Instant Settlement

The end of this silent revolution will not be a zero-sum game. It points to a new structure for a multi-layered, multi-dimensional financial market: traditional financial giants bring credibility and liquidity, while the crypto world injects efficiency and innovation, ultimately benefiting every investor worldwide seeking value flow.

After ten months of silent "maintenance," an article reveals ZeroLend's "zombie market" and the never-closing "deposit" button

On February 23, 2025, the LBTC market on ZeroLend in the Base chain was cleared—just 18 days after Ionic Money collapsed due to the same false collateral scam. However, the protocol never mentioned this. When users launched fierce attacks on Discord regarding the withdrawal freeze issue, the administrators attributed the cause to "high usage" and "maintenance"—until the truth was revealed by torakapa at the end of 2025.

Opinions

The familiar tariff script, what's different this time?

In the last U.S.-China trade war, November 1 was originally the day when 100% tariffs were set to take effect, and on that very day, both sides announced an agreement to cancel the tariffs. As for the investors who were liquidated prior to this, they could only be considered as market costs. Overall, this time, Trump's plan regarding Greenland is clearly more aggressive than any previous trade friction, and the negotiation period may also be longer. The market turmoil may not end quickly.

The 99% win rate invisible trap: Why does Polymarket's extreme tail strategy lead to losses more easily?

The Hubble research team believes the root cause lies in a systematically underestimated variable: the time cost brought by the dispute mechanism. We audited the full-cycle data of 943 dispute cases in Polymarket's history, and the results showed that under specific high-risk market structures, once the time value of frozen funds is accounted for, the theoretical positive expected value (Positive EV) can quickly turn into a negative value.

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