加密城市 Crypto City

Last night, the prediction market Polymarket, which had exploded during the U.S. election, encountered the most serious manipulation attack since its establishment, resulting in a prediction pool with a betting scale of over $7 million giving an incorrect result determination. Ultimately, users who bet on the correct outcome suffered heavy losses, while those who bet on the incorrect outcome took away all the funds in the prize pool.

The involved prediction pool was 'Will Ukraine reach a rare earth trade agreement with Trump before April?' In the real world, the U.S. and Ukraine have not yet reached an agreement on this transaction, so the determination result of this prediction pool should be 'No.' However, as shown in the figure below, the determination result of this prediction pool unexpectedly turned to 'Yes' before settlement, ultimately leading to this upside-down situation.

US asset management giant 'Fidelity Investments' is accelerating its efforts to actively prepare for the launch of its own USD stablecoin.

(Financial Times) reported on Wednesday, citing informed sources, that Fidelity's stablecoin has entered the late testing phase and will be used as 'digital cash', becoming a key part of Fidelity's strategy in the tokenized US Treasury market.

The timing of the exposure of this news is quite delicate - just a few days ago, Fidelity had just applied for registration of a blockchain-based tokenized US money market fund, seeking to register its 'Fidelity US Treasury Digital Fund (trading code FYHXX)' as an 'on-chain' stock category.

From the owner of a ginger duck restaurant to a virtual currency crime syndicate.

The Yunlin District Prosecutor's Office recently uncovered a shocking virtual currency fraud case, revealing a crime syndicate organized by family units. The protagonist of the case, Zhou Hongwei, was originally a small boss of a ginger duck restaurant in Nantou but transformed into Taiwan's most arrogant virtual currency money laundering tycoon in just a few months. The prosecution's investigation found that this crime syndicate, formed by Zhou family members, is large-scale and operates with extreme precision.

Zhou Hongwei was originally a personal currency dealer. After collaborating with a certain fraud group, he realized the enormous profits hidden in over-the-counter transactions. Not only did he not stop, but he also escalated his activities, teaming up with his father Zhou Funing, mother, brother Zhou Weijie, and girlfriend to open more than 10 Tether exchange shops across Taiwan. These seemingly legal physical currency stores were actually carefully planned criminal bases, handling as much as 3 billion NT dollars in illicit proceeds in just a few months.

Regulatory Transformation: SEC Seeks Clear Regulations and Industry Dialogue

The U.S. Securities and Exchange Commission (SEC) is embarking on a series of significant reforms to reshape the regulatory landscape for cryptocurrencies. SEC Commissioner 'Crypto Mom' Hester Peirce revealed a milestone regulatory strategy at the blockchain summit in Washington, D.C.: from April to June, four roundtable forums will be held to gather in-depth insights from industry experts on the regulation of crypto assets. This initiative marks a shift from the SEC's past 'enforcement-first' regulatory model to a more constructive and communicative approach.

Fund manager: Why will 99% of tokens go to zero?

Chris Solarz, a fund manager who previously managed about $8 billion and is now the Chief Investment Officer at Amitis Capital, recently shared many things that retail investors may not want to hear in an interview with CoinDesk: '99% of tokens will go to zero', 'the altcoin season is over', and the market is entering a new phase of high competition and strict selection.

Solarz stated that the current investment in crypto hedge funds is in a 'golden age', with the crypto market resembling the early development of hedge funds over 30 years ago. Picking excellent crypto funds is as easy as fishing in a pond.

Stablecoin legislation moves towards legalization

The development of U.S. crypto stablecoins is moving towards an important milestone. The U.S. House of Representatives submitted a revised version of the 'Stablecoin Transparency and Accountability Act' (STABLE Act) on March 26, paving new paths for digital asset regulation. The bill was co-drafted by Republican lawmakers French Hill and Bryan George Steil, aiming to establish clear regulations for digital assets backed by the U.S. dollar.

The core objective of the bill is to regulate stablecoins for payment purposes and introduce a new compliance system. The revised version has several significant adjustments compared to the draft from early February. Firstly, financial products such as securities, deposits, and credit union accounts will be excluded from the definition of 'payment stablecoins.' One of the co-sponsors, Congressman Bill Huizenga, further pointed out that stablecoins help maintain the global dominance of the U.S. dollar and are essentially an important attempt to digitize the dollar.

Decentralized exchanges embroiled in manipulation scandal

Hyperliquid decentralized exchange has recently fallen into turmoil again due to the $JELLY token incident. The incident occurred on March 26, when a trader opened a $6 million short position on $JELLY token on the platform and then deliberately manipulated the market, resulting in the platform suffering a massive loss of over $10.6 million. This shocking market manipulation event not only exposed the platform's vulnerabilities but also sparked deep questions in the industry about the decentralized exchange (DEX) ecosystem.

$JELLY token was originally launched by Venmo co-founder Iqram Magdon-Ismail as a Web3 social media project in January this year. Before the incident, the token's market value had reached as high as $250 million, but then quickly dropped to single-digit millions. On March 26, with major exchanges like Binance and OKX launching their perpetual contracts, the market value of $JELLY token soared to $25 million.

Image source: Gork

Taiwan's virtual asset market is at a regulatory turning point, with 10 companies vying for positions.

As Taiwan's virtual currency market officially enters the regulatory era, the Financial Supervisory Commission has opened the deadline for applying for Virtual Asset Service Provider (VASP) licenses, which has now entered the final countdown phase, with the application deadline set for the end of March. According to the latest statistics from the Financial Supervisory Commission, so far, 10 companies have submitted applications. However, compared to the original 23 companies that submitted 'Anti-Money Laundering Declarations' to the Financial Supervisory Commission, only 4 have actually completed the application, accounting for less than 20%, which has attracted market attention.

Image source: Chain News

On March 26, the on-chain exchange Hyperliquid's token $HYPE dropped from $16.4 to $12.3 in a single day, a decline of 25% at one point, before rebounding to $14.4 before publication. The reason was that a whale opened a short position on $JELLYJELLY on Hyperliquid while simultaneously driving up the spot price, causing the short position to be liquidated. Hyperliquid's mechanism is for the official treasury to take over the short position. Ultimately, under the circumstances of the whale's price manipulation and the listing of $JELLYJELLY on OKX and Binance, Hyperliquid announced the delisting of the trading pair.

Traders exploit Hyperliquid's design flaws

Regulatory Storm: Removal of Unregistered Exchange Apps

The Financial Supervisory Commission (FSC) of Korea has recently launched a large-scale regulatory action against cryptocurrency exchanges. The Financial Intelligence Unit (FIU) requested that the Google Play store remove 17 unregistered overseas cryptocurrency exchange apps, symbolizing a new severe phase of regulation in the Korean cryptocurrency market. The removed exchanges include KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, and BitMart.

Exchanges have seen significant outflows of Bitcoin, reaching a new high in seven months.

Is the Bitcoin bull market returning? According to (Cointelegraph) reports, as of March 25, more than 27,740 Bitcoins (approximately $2.4 billion) flowed out of exchanges in a single day, setting a record high since July 2024.

Among them, large investors (whales) holding over 1,000 Bitcoins contributed more than 11,574 Bitcoins, valued at approximately $1 billion.

Source: Glassnode. Exchanges have seen significant outflows of Bitcoin, reaching a new high in seven months.

Blockchain analysis firm Arkham further points out that an unidentified billionaire Bitcoin whale purchased 2,400 Bitcoins on March 24, with a total value exceeding $200 million. In February of this year, this whale sold when Bitcoin was priced between $86,000 and $100,000 but has now bought back in, currently holding more than 15,000 Bitcoins.

Financial Statement Reveals Substantial Assets and Holdings in Crypto Companies

According to a report by Bloomberg, Paul Atkins, the nominee for the chair of the U.S. Securities and Exchange Commission (SEC), publicly released a striking financial statement ahead of his upcoming confirmation hearing before the Senate Banking Committee on March 27.

According to the financial disclosure report released by the U.S. Office of Government Ethics on March 25, Atkins and his wife Sarah Humphreys have a total net worth of $327 million, which includes a diversified investment portfolio. This financial report not only showcases Atkins' substantial personal assets but also has drawn widespread attention to his investment positioning in the crypto industry.

On March 25, 2025, Binance disclosed the MOVE collapse incident, and the market maker black box caused a stir again. On March 25, 2025, an announcement from Binance once again pushed the "market maker black box" of the crypto market to the forefront. The market maker of the Movement ($MOVE) project was exposed to have made a profit of $38 million by maliciously selling 66 million tokens. This is the third time this year that Binance has publicly exposed the illegal operations of market makers after the sharp drop in GPS and Shell tokens. Behind this series of bankruptcies, not only the tip of the iceberg of industry malpractices was exposed, but also the secret game between exchanges, project parties and capital was revealed.

Cryptocurrency services upgraded again, with four major coins vying for the Latin American market.

Under global scrutiny, Nubank (Brazil's digital bank) announced a significant strategic move on March 25, adding four promising alternative cryptocurrencies for its 100 million Brazilian users: Cardano ($ADA), Near Protocol ($NEAR), Cosmos ($ATOM), and Algorand ($ALGO). These four cryptocurrencies have a total market capitalization of approximately $34.6 billion, enriching the digital asset ecosystem of Nubank Cripto and symbolizing the bank's strategic expansion in the cryptocurrency industry.

This move has increased the total number of cryptocurrencies on the Nubank Cripto platform to 20, allowing users to trade a diverse range of cryptocurrencies including Bitcoin, Ethereum, Solana ($SOL), $USDC, and $XRP. Compared to other digital financial services on the market, Nubank has shown a forward-looking layout and innovation in customer service. As early as 2022, the bank began offering cryptocurrency services and allocated 1% of its net assets to Bitcoin, demonstrating its long-term strategic layout and confidence in digital assets.

Image source: Chain News

The video game retail chain GameStop announced that its board has unanimously approved an update to its investment policy to add Bitcoin as a reserve asset.

GameStop returns to Bitcoin after closing its NFT and crypto wallet.

The struggling video game retailer GameStop became a favorite among retail traders during the meme stock frenzy of 2021. The retailer attempted to enter the NFT market and crypto wallet services, but it did not last long. Due to regulatory uncertainties, GameStop closed its NFT wallet in August 2023 and will close its NFT marketplace in February 2024.

Binance, one of the largest cryptocurrency exchanges in the world, recently conducted an investigation into a case involving internal employees suspected of profiting from advance trading using their positions, with detailed results announced on March 25, 2025.

Employee involved in trading based on 'former job' information, outside current team scope

According to Binance's announcement, on March 23, 2025, its internal audit department received a report stating that a current employee of the wallet team was suspected of using non-public information for token trading. However, preliminary investigation results indicated that the employee's current responsibilities in the wallet department were unrelated to the token project and that they had no access to internal information about the project, thus ruling out suspicions of insider trading related to their 'current position.'

The seminar on regulatory perspectives of financial technology was grandly held.

The Asia FinTech Alliance (AFA) and the Taiwan FinTech Association (TFTA) jointly held an online seminar this morning (25th) themed 'Regulatory Perspectives on FinTech Innovation in Taiwan,' inviting Hu Zehua, Director of the Financial Market Development and Innovation Department of the FSC, and Huang Zhonghao, head of the Securities and Futures Bureau, to discuss Taiwan's financial technology strategy, regulatory progress, and the role of regulatory agencies in promoting innovation.

Cross-border collaboration to explore a new era of token economy.

In the context of the rapid development of global digital assets, the Asia Web3 Alliance Japan (AWAJ) submitted a landmark proposal to the U.S. Securities and Exchange Commission (SEC) on March 25. This highly anticipated document is not merely a simple cross-national technical communication but represents an important step towards the standardization and normalization of the global Web3 ecosystem. AWAJ seeks to establish a strategic partnership with the United States to jointly advance the development of tokenization and Web3 technology, particularly focusing on the tokenization strategy of real-world assets (RWA).

The business operation unit 'House of Doge' under the Dogecoin Foundation announced that it has purchased 10 million Dogecoins, valued at approximately 1.8 million USD, to create an 'official Dogecoin ($DOGE) reserve.'

House of Doge was officially established in February this year and has reached a five-year collaboration with the Dogecoin Foundation, being designated as the foundation's official commercialization partner.

The official statement indicated that the goal of the collaboration is to free Dogecoin from the label of a 'meme coin' and transform it into a currency that can be genuinely used for daily payments, thereby proving that Dogecoin also possesses low fees and high efficiency in transactions, capable of functioning in real-world trading scenarios.

Optimistic Forecast for Bitcoin: Over 70% Chance of New Highs

In the rapidly changing environment of the cryptocurrency market, Bitcoin has once again become the focus of investors' attention. Bitcoin network economist Timothy Peterson recently made a highly forward-looking optimistic prediction, stating that Bitcoin currently has a 75% chance of hitting a historical high within the next 9 months. This statement has sparked widespread discussion in the cryptocurrency community and injected a dose of confidence into the market.

Peterson elaborated on his views in a social media post on March 25. He emphasized that Bitcoin is currently near the low end of its historical price range, positioned in the bottom 25%, which means there is considerable upside potential. More specifically, he believes that Bitcoin has a 50% chance of achieving over 50% gains in the short term, a forecast that has garnered significant market attention.