链捕手ChainCatcher

ChainCatcher reports that, according to a report by Tencent News (First Line), an employee surnamed in a 26-year-old male staff member of Zhonghuan ZF Wealth Management Services Co., Ltd. in Hong Kong misappropriated HK$50 million from the company as margin without authorization, and used it to buy the Southern East Ying two-times long Hailis ETF (07709.HK) through financing, resulting in unrealized losses of up to HK$150 million. The trader was arrested by the police on July 20 on suspicion of theft, and the period involved was from January 9 to July 20.
Financial professionals in Hong Kong said that the reason why 50 million principal turned into a loss of 150 million was due to the combined effect of the dual leverage from both margin financing and a two-times long ETF. Driven by the storage-chip theme, the ETF surged to a record high of HK$193.65 at the end of June, but then the semiconductor sector sharply corrected. As of July 20, it had fallen to HK$52.58, a drop of more than 72%. The police said that the relevant positions had not yet been liquidated, and the final loss would still fluctuate with the stock price. The incident was discovered during a recent company audit and reported to the police. ZF Wealth Management is not a company licensed by the Securities and Futures Commission. In a statement, the related company, ZF Securities, said that the people involved were not its employees and were not connected to the incident, but after the event, some clients made risk-avoidance withdrawals.

ChainCatcher message: Today, Gate announced that Lucas Sum has officially joined Gate as Head of Market Development, Equities. In this key role, Lucas will drive Gate’s global equities business development strategy, coordinating commercial growth, ecosystem partnerships, market expansion, and user growth. He will strengthen Gate’s business layout across traditional finance, digital assets, and global capital markets, and support the continuous development of a multi-asset investment ecosystem.
Lucas has nearly a decade of industry experience, with his career spanning multi-asset brokerages, wealth management, payment fintech, and financial services. Prior to joining Gate, he was deeply involved with Longbridge Securities and Moomoo Singapore (Futu Holdings) in building the market and scaling the business from 0 to 1. He gained extensive experience in business development and collaboration, focusing on ecosystem partnerships, business model design, market strategy, and user growth.

ChainCatcher report: CryptoQuant analyst Axel Adler Jr. posted on X that Bitcoin’s MVRV Z-Score has fallen to around 0.42, about four times lower than its historical mean of 1.7, suggesting that Bitcoin is currently in an undervalued range. However, the metric has not dropped into negative territory, meaning the market has not yet shown the “capitulation-style selloff” (Capitulation) that is typically seen around cycle bottoms.
Meanwhile, Bitcoin’s 7-day realized profit/loss (Realized P/L) has turned from negative to positive, now at about $239 million, indicating that on-chain selling pressure has eased. Analysts believe the market is currently in a phase of undervaluation and short-term stabilization, but there has not been a capitulation signal required to confirm a cycle bottom, nor is there a clear new demand catalyst.

ChainCatcher reported that Hyperliquid’s testnet recently introduced a new feature called “stars.” This feature adds an optional trading address whitelist mechanism to the HIP-3 DEX. Deployers can restrict trading to only whitelisted addresses for opening positions or adding to positions. The testnet whitelist has an upper limit of 10,000 addresses, while unauthorized addresses can still deposit funds into accounts and submit reduce-only orders to close positions or lower existing exposure.
Community member analysis suggests this feature could expand the application scenarios of the HIP-3 DEX. For example, tokenized stocks, real-world assets (RWAs), institutional indexes, and other regulated products could be made tradable only to users who have completed identity verification (KYC) or meet admission requirements via an address whitelist. In addition, the new market could initially be opened to market makers, partners, or community members for testing, reducing the risk of encountering wash trading, junk trading, or malicious manipulation in the early stages of the market. The design also allows non-whitelisted users to continue reducing their positions, and it prevents users from being unable to exit their holdings due to permission restrictions.