Wu says daily selected encryption news + Wu says weekly selection: News Top 10 and popular articles

1. The biggest money laundering case in Singapore, fugitive Su Binghai, had approximately 260 million yuan worth of assets confiscated in the UK.

The biggest money laundering case in Singapore, fugitive Su Binghai, had approximately 260 million RMB in assets confiscated in the UK, including 9 apartments in London (approximately 140 million) and dinosaur fossils (approximately 116 million). The case involves 3 billion SGD (approximately 16 billion RMB). Another suspect, Wang Shuiming, had previously been arrested in Montenegro, while his partner, Su Weiyi, is accused of being the mastermind behind the Hong Kong crypto platform Atom Asset Exchange scam.

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2. The first unlicensed charged stock recommendation case in Hong Kong sentenced to 6 weeks in prison, the Securities and Futures Commission will continue to crack down.

The Eastern Magistrates' Court in Hong Kong ruled that financial “internet celebrity” Zhou Boxian illegally established and managed a subscription-based chat group through a social media application and provided investment advice without a license, resulting in a six-week imprisonment sentence. This case marks the first instance in Hong Kong where an unlicensed investment advice provider has been sentenced to imprisonment. The Hong Kong Securities and Futures Commission stated that Zhou Boxian earned a total of HKD 43,680 by charging members of the chat group, and will continue to combat illegal activities by financial “internet celebrities” and hold them accountable.

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3. The Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu: The next step will consider applying technology to existing products.

The Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated that the current market response and feedback regarding the application of AI, blockchain, and tokenized products are very positive and rapid. The next step will consider applying these technologies to some existing products, such as potential long-term income, like charging stations, and how to convert this long-term income into tokenized investment products, allowing investors to participate. Through blockchain, long-term income (which is currently testing long-term charter income) can be transformed into a verifiable income for investors to invest.

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4. Trump's Trump Media total financial assets reach 3.1 billion USD

Trump Media (DJT) under Trump announced its financial report for the third quarter of 2025. The company's total financial assets reached $3.1 billion, including cash, short-term investments, and digital assets. The operating cash flow for this quarter was $10.1 million, with total revenue of $61.1 million for the year. However, the report showed a net loss of $54.8 million for the same period, primarily due to changes in the fair value of digital assets and non-cash items such as legal expenses.

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5. Chairman of the Bank of Communications: Utilize blockchain and artificial intelligence technology to improve the efficiency of cross-border remittances and solve the financing difficulties of small and micro enterprises.

Ren Deqi, Chairman of Bank of Communications, stated at the Hongqiao International Economic Forum that the bank is deeply involved in the construction of the Shanghai Shipping and Trade Digital Platform, collaborating with government institutions, shipping, and foreign trade enterprises to integrate shipping and trade logistics, information flow, and capital flow, thereby building a shipping and trade financial service ecosystem. Ren Deqi pointed out that the bank will meet the needs of shipping and trade customers through cross-border integration, providing safe and efficient one-stop cross-border settlement and financing services, while utilizing blockchain and artificial intelligence technology to enhance the efficiency of cross-border remittances, solve financing difficulties for small and micro enterprises, and jointly build an ecosystem with insurance, logistics, e-commerce platforms, and others.

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6. Wu's Selected Weekly: Bitcoin briefly fell below 100,000, the established protocol Balancer was hacked, South Korea's monthly trading volume hit a new low, and news Top 10.

Top 10 News This Week

1. BTC briefly fell below 100000 USDT, with nearly 1.7 billion dollars liquidated across the network in 24 hours link

On Thursday, BTC briefly fell below 100,000 USDT, with a 24H drop of 1.05%. ETH briefly fell below 3,300 USDT, with a 24H drop of 4.60%. Coinglass data shows that on Thursday, the total liquidation across the network was 1.698 billion dollars, with long liquidations amounting to 1.293 billion dollars and short liquidations amounting to 405 million dollars.

Tether has added 961 BTC to its holdings, priced at approximately $9,734,000. As of now, its total Bitcoin holdings have reached 87,555.97 BTC.

Ark Invest CEO Cathie Wood has lowered her optimistic forecast for Bitcoin, reducing the 2030 target price from $1.5 million to $1.2 million, citing the rapid rise of stablecoins which are replacing some of the roles traditionally held by Bitcoin, especially in emerging markets and the payment sector. Wood stated that the growth rate of stablecoins is “far beyond expectations,” but remains optimistic about Bitcoin's long-term prospects, believing it will continue to play a central role as institutional adoption increases and the global monetary system evolves.

2. The U.S. government shutdown may cause the cryptocurrency market structure legislation to be postponed until 2026 link

The U.S. government shutdown has lasted for 36 days, setting a record for the longest duration in history, and it may further delay the advancement of the cryptocurrency market structure bill. Influenced by the Democratic Party's electoral victory on Tuesday, the impasse in budget negotiations in Congress may continue, forcing a postponement of the relevant legislative timeline. Patrick Witt, Executive Director of the White House Digital Assets Advisory Committee, stated that President Trump still hopes to complete the final bill by the end of 2025, but industry insiders believe the likelihood of the bill being delayed until 2026 is increasing.

3. Trump: Hopes to make the U.S. a “Bitcoin Superpower” link

During a U.S. business forum in Miami, Florida, Trump expressed his hope to turn the United States into a “Bitcoin superpower,” comparing this move to U.S.-China competition. Trump stated that his administration has signed a presidential order to end the “war” on crypto assets at the federal level, emphasizing that “crypto assets should be part of America's economic strategy.” He pointed out that if the U.S. does not actively embrace the crypto industry, China and other countries will quickly dominate. Trump also linked Bitcoin to the U.S. dollar, believing that digital assets can “alleviate the burden on the dollar.”

4. White House: Trump's pardon of CZ underwent an “extremely serious” review process link

White House Press Secretary Karoline Leavitt stated at a press conference that President Trump’s decision to pardon Binance founder Changpeng Zhao (CZ) was “subject to extremely serious review” and processed according to procedures by the Department of Justice and the White House Counsel's Office. Previously, Trump said in an interview with CBS that he “didn’t know who Changpeng Zhao was” and criticized the case as “political persecution by the Biden administration.” In response, Leavitt clarified at the press conference that Trump meant he “does not know this person Changpeng Zhao,” indicating “no personal relationship with him.”

5. Multiple EU countries join forces to combat crypto scams, involving an amount of 689 million dollars link

Law enforcement agencies from multiple EU countries, coordinated by Eurojust, arrested 9 individuals involved in a transnational network accused of money laundering through a fraudulent cryptocurrency investment platform on October 27 and 29. This network defrauded approximately $689 million. The organization directed users to transfer funds to the fake investment platform through social media, false advertisements, and impersonating celebrities. The funds were then laundered through multiple blockchain platforms. Currently, authorities have frozen approximately $919,000 in bank deposits, $477,000 in cryptocurrency assets, and $345,000 in cash.

6. France's preliminary review passes the amendment to the “non-productive wealth tax”: crypto assets included in the tax scope link

The French National Assembly preliminarily approved on October 31 a “Non-productive Wealth Tax” amendment, expanding the current real estate wealth tax (IFI) to include previously tax-exempt assets such as gold, cryptocurrencies, and artworks, with a unified tax rate set at 1%. The new tax applies only to individuals with net assets exceeding 2 million euros, and the primary residence is eligible for a deduction of up to 1 million euros. The French Ministry of Finance initially estimates that this tax could generate an additional 2 billion euros annually.

7. The Canadian government has announced that it will introduce regulatory legislation for stablecoins link

The Canadian government announced in its 2025 federal budget that it will introduce regulatory legislation for stablecoins, requiring fiat-backed stablecoin issuers to hold sufficient reserves, establish redemption mechanisms, and implement risk management measures to enhance the protection of personal and financial data. The Bank of Canada plans to invest CAD 10 million starting from the 2026-2027 fiscal year to support the implementation of regulations, with subsequent annual expenses expected to be CAD 5 million, which will be borne by regulated stablecoin issuers.

8. The trading volume of South Korean cryptocurrency exchanges has hit a historic low link

The South Korean stock market index (KOSPI) has reached an all-time high, while the trading volume on South Korean cryptocurrency exchanges has hit a historical low. Ki Young Ju agreed with a netizen's analysis that the current South Korean president is actively promoting the stock market, shifting speculative activities away from the real estate sector; moreover, facing multiple allegations, the sitting South Korean president may be arrested, so he is doing his best to boost his popularity.

9. Wintermute: The four-year cycle theory is no longer applicable; liquidity is the real driving force link

Wintermute's latest report points out that despite global liquidity expanding, major central banks starting to cut interest rates and ending quantitative tightening, and the stock market maintaining high levels, funds have not flowed into the cryptocurrency market. The report states that incremental funds are increasingly flowing into stocks, AI, and prediction markets, causing crypto assets to become the main lagging sector. Only the supply of stablecoins continues to grow. Wintermute believes that the four-year cycle theory is no longer applicable; today, liquidity is the true driving force behind price movements. The market structure remains healthy, leverage has been sufficiently cleared, volatility is controlled, but the recovery of the crypto market still relies on the restart of ETF and DAT inflows.

10. Decentralized trading protocol Balancer was attacked link

The decentralized trading protocol Balancer was attacked, resulting in losses exceeding 120 million USD. BlockSec's preliminary analysis indicates that the attacker manipulated the invariant of the stable pool, distorting the BPT (Balancer Pool Token) price calculation, thus exploiting the batchSwap operation for arbitrage. Berachain validators have urgently suspended on-chain operations to prevent the Balancer vulnerability from spreading to the BEX platform, primarily affecting the USDe three-pool.

Balancer announced that its V2 Composable Stable Pools were attacked on November 4 at 7:48 AM (UTC). Since the related pools have been online for several years, some have exceeded the pause window. The pools that can be paused have been paused and entered recovery mode. Balancer V3 and other pools were not affected. The team is working with security researchers to investigate and will release more details and a complete post-mortem analysis report as soon as possible.

Balancer indicated in its preliminary incident report that the attack originated from the rounding logic of the upscale function in V2 Composable Stable Pools within the EXACT_OUT path. When the scaling factor is a non-integer, this function produces exploitable precision errors. The attacker combined the delayed settlement mechanism of batchSwap (which allows assets to be temporarily borrowed during a trade and returned at the end) with the design that treats BPT as a regular token, allowing them to bypass the minimum pool share limits, which reduced the liquidity in the pool to extremely low levels, enabling the manipulation of the pool balance and extraction of funds. The vulnerability only affects CSPv5 pools that have passed their pause window; CSPv6 has been automatically paused by Hypernative and remains unaffected. Other V2 pool types and the V3 architecture have also not been impacted, and exchange and liquidity operations for unaffected pools can still proceed normally. Currently, the CSPv6 pool has entered recovery mode, supporting proportional withdrawals of underlying assets; the CSPv5 pool is still under investigation, and users are advised not to interact with it for the time being.

According to @AdiFlips's analysis, the Balancer hacker left console.log debug information in the on-chain code, suggesting that the attack code may have been generated with the assistance of AI (written by LLM). He pointed out that hackers usually do not leave debug logs in formal code, and such mistakes are often copied from LLM-generated templates, with meaningless content like “Done with amts1” appearing in the logs, further indicating that the attack code may bear obvious traces of AI coding.

The DeFi lending protocol Notional officially announced via Twitter that it has incurred severe bad debts in Notional V3 due to the Balancer vulnerability, with a total loss of over 721 ETH on the Ethereum mainnet and Arbitrum. The official announcement stated that Notional V3 will be shut down, and all Balancer/Aura leveraged vault users will face a 100% loss, while ETH lenders and liquidity providers will also face significant asset write-downs. Notional will assist users in migrating to Aave and will release a withdrawal and compensation plan as soon as possible. Notional raised a total of $11.3 million in funding from 2020 to 2021, with investments from Pantera Capital and Coinbase Ventures.

Sonic tweeted that due to the Balancer hack incident involving the Sonic ecosystem project Beets, the team has deployed a security mechanism as a precautionary measure, which is planned to be implemented in the upcoming network upgrade. In addition, two wallets related to the hacker (0xf19f, 0x0453) have been frozen and are awaiting further investigation. Sonic will work with the Beets team to advance follow-up work.

The Berachain Foundation stated that the approximately $12.8 million in funds stolen in the BEX / Balancer v2 vulnerability has been fully returned to the official deployment address. The minting and redemption functions of HONEY have been restored, but the exchange, withdrawal, and deposit functions of BEX remain restricted. The team is establishing a distribution mechanism for the assets of over 1,000 users affected in the attacked pool, and will return them according to the original addresses in the future. Currently, users with unaffected deposits in BEX are temporarily unable to withdraw. Out of caution, the team will restore withdrawal permissions only after clarifying the cause of the vulnerability and ensuring safety.

Key Financing Events

Ripple completes $500 million financing, led by Galaxy Digital and others link

YZi Labs announced an investment in the digital inheritance platform Funes link.

The AI-native social platform KapKap announced the completion of a $10 million financing link.

AI trading browser startup Donut Labs has completed a $15 million seed round funding link

The decentralized perpetual contract aggregation platform Liquid announced the completion of a $7.6 million seed round financing link

Stablecoin payment infrastructure platform Zynk announced the completion of a $5 million seed round financing link

Infrastructure startup Harmonic has completed a $6 million seed round financing, led by Paradigm link

Hardware and software company Arx Research completes $6.1 million seed round financing link

The infrastructure startup Sprinter recently completed a $5.2 million seed round of financing link

For more industry financing events, please refer to crypto-fundraising.info.