Cointime

Huawei secures seven-year offshore loan of 15 billion yuan as chip spending rises
Huawei Technologies Co. has secured a 15 billion yuan (about $2.25 billion) loan as spending on chips for AI-related projects surges, Bloomberg reported on Oct. 22. The seven-year offshore yuan loan was provided by six Chinese lenders, including Bank of China, China Construction Bank and Industrial and Commercial Bank of China, and will be used for general corporate purposes, a person familiar with the matter said. The person asked not to be identified because the discussions were private. According to a report republished by Moneycontrol and credited to Bloomberg, the deal highlights the role of domestic lenders in Huawei’s offshore financing since the United States imposed restrictions on the company in 2019. Before finalizing the deal, Huawei had held exploratory talks with international banks. Huawei, Bank of China, China Construction Bank and Industrial and Commercial Bank of China did not immediately respond to requests for comment. The report said Huawei’s research and development spending rose to 121 billion yuan in the first half of this year. It also stockpiled memory chips as costs soared, leaving it with negative cash flow of 39.9 billion yuan and eroding its profits for the period. According to data compiled by Bloomberg, this is Huawei’s first offshore syndicated loan since it raised HK$11.8 billion (about $1.5 billion) in 2020.

Shanghai Financial Regulatory Bureau: Using big data and blockchain to expand supply chain finance
The Shanghai Financial Regulatory Bureau issued Several Measures to Promote the High-Quality Development of Digital Finance in Shanghai’s Banking and Insurance Sectors, calling for the prudent expansion of supply chain financial services using technologies such as big data and blockchain. The measures call for the regulated development of products such as accounts receivable financing, supply chain bill financing, warehouse receipt pledge financing, and order financing. They also call for continued efforts to deepen insurance services for advanced manufacturing and enhance comprehensive risk protection capabilities.

Zcash to activate NU7 upgrade, tripling block production speed
On October 22, Zcash co-founder Sean Bowe posted that the Zcash NU7 upgrade is about to activate. Version Zakura 1.7.0 will take effect at block height 3,543,405, corresponding to the evening of November 5 in U.S. time. After the upgrade, Zcash will produce blocks three times faster than before. The upgrade also includes other updates, such as the NSM funding mechanism and the deactivation of the Sprout pool.

National Information Security Vulnerability Sharing Platform: PHP Remote Code Execution Vulnerability Rated “High Risk”
On October 22, according to the National Information Security Vulnerability Sharing Platform, on October 21, 2026, the platform (CNVD) recorded a PHP remote code execution vulnerability (CNVD-2026-41674 and CNVD-2026-41675, corresponding to CVE-2026-109618 and CVE-2026-109619). Unauthenticated remote attackers can craft malicious HTTP requests to trigger memory errors and, under certain conditions, launch denial-of-service attacks against target servers, steal sensitive data, or execute code remotely. Technical details and PoCs for the vulnerabilities have now been widely circulated. CNVD recommends that affected users upgrade to the latest version immediately. CNVD rates the overall risk of the vulnerabilities as “High Risk.” (National Information Security Vulnerability Sharing Platform)

Jensen Huang: Regulation cannot prevent AI safety incidents from happening
October 22, Jensen Huang: Regulation cannot prevent AI safety incidents from happening.

Futures on the three major U.S. stock indexes continue to fall, with S&P 500 futures losses widening to 1%
On October 22, Dow futures fell 0.59%, S&P 500 futures fell 0.99%, and Nasdaq 100 futures fell 1.75%. (Sina Finance)

Musk publicly backs a SpaceX–Tesla merger, prompting shareholder questions about its fairness
On October 22, Elon Musk publicly confirmed that SpaceX and Tesla were assessing the possibility of a merger. A person directly familiar with the negotiations said Musk’s decision to disclose progress on the deal to investors and express his support could prompt shareholders to question whether the transaction is fair, slow negotiations, and even subject the deal to a longer period of legal scrutiny. Typically, parties avoid publicly expressing a preference while independent directors evaluate a major transaction, so as not to compromise the fairness of the process or give the impression that the decision has already been made. Market analysts say that if SpaceX and Tesla ultimately merge, the deal could be worth as much as $3.5 trillion. A transaction of that scale would involve not only corporate governance and shareholder rights but could also draw scrutiny from regulators around the world. Tesla has significant operations in China, while SpaceX is involved in U.S. defense programs and the artificial intelligence sector. The companies’ distinct business profiles, regulatory environments, and national security considerations could make merger approval more complex.

South Korea’s KOSPI Index extends intraday losses to 4%
According to Gate market data, South Korea’s KOSPI Index has extended its intraday decline to 4%, currently at 5,503.73 points. SK Hynix is down more than 6%, while Samsung Electronics is down more than 4%.

Musk warns Democrats he will fight back against investigations
Musk warned that if Democrats take control of the U.S. Congress and investigate him and his companies, he will retaliate. He said he would go after the people pulling the strings behind the scenes, not their puppets. His companies include Tesla and SpaceX, which do business with the federal government and could come under scrutiny if Democrats take control of Congress.

Almost all official North Korean websites have been offline for more than 24 hours
According to MTS, nearly all official North Korean websites, including official media outlets and government portals, have been offline for more than 24 hours.

Dragonfly Managing Partner Haseeb: A “COVID-like” wave of cyberattacks is emerging, with the crypto industry bearing the brunt
Dragonfly Managing Partner Haseeb Qureshi wrote that a “COVID-like” wave of cyberattacks is emerging. He believes on-chain hacks are the cybersecurity industry’s “canary in the coal mine,” because on-chain platforms are where cyberattacks are easiest to monetize. Citing data from DefiLlama Research, he said the number of on-chain hacks has surged, but the annualized value stolen is roughly in line with 2025, with losses per incident declining. He said most small protocols have already been breached, while larger ones are strengthening their defenses with AI tools. He expects similar trends to emerge across the broader internet.

Bitget ranks first among all CEXs in 24-hour net inflows, reaching $867 million
According to DeFiLlama data, Bitget recorded $867 million in net inflows over the past 24 hours, ranking first among CEX platforms.

Multiple Weaxor ransomware attacks discovered in China, users’ files encrypted
According to CCTV News, the National Computer Virus Emergency Response Center and the National Engineering Laboratory for Computer Virus Prevention and Control recently used the National Computer Virus Collaborative Analysis Platform to identify multiple cases in China in which users were targeted by the “Weaxor” ransomware. After users’ important files were encrypted, their filenames were changed by adding extensions such as “.weax” to the original names. The attackers left ransom notes on the affected computers, demanding that users contact them and pay a ransom.

Fidelity Digital Assets Settles Investigation into California Crypto Withdrawal Restrictions
California Attorney General Rob Bonta announced that his office has reached a $500,000 settlement with Fidelity Digital Assets, National Association, the successor entity to Fidelity Digital Asset Services, over the company’s former practice of restricting California retail customers from transferring cryptocurrency to external wallets. Regulators found that the practice may have violated the California Commodity Law of 1990, which restricts certain speculative commodity contracts unless buyers take physical delivery within a specified period. California considers the ability to withdraw cryptocurrency the functional equivalent of delivery. From November 2022 to April 2025, California customers could buy and sell cryptocurrency on the Fidelity platform but could not send their assets directly to external wallets. Fidelity said the restriction stemmed from the New York State Department of Financial Services (NYDFS) not having approved the feature at the time. Approval was granted in April 2025, and the transfer feature was extended to all California retail customers in June 2025.

Vitalik: The cybersecurity endgame will favor defense; more than 1% of GDP should be invested in strengthening cybersecurity and biosecurity
Vitalik Buterin said in a post on X that he was not predicting that defense would automatically gain the upper hand over offense. Rather, he believes cybersecurity will ultimately reach an endgame that favors defense, though the transition will be difficult. He noted that “good people finding vulnerabilities in released software before bad people do” is not a game in which defense has the advantage. For the game to truly favor defense, a deeper methodological shift is needed, including formal verification and aggressively reducing the trusted computing base (TCB). These changes are only just beginning. He also said this is an important reason why he is sympathetic to slowing or pausing AI development, and called for more than 1% of GDP to be invested in cybersecurity, biosecurity, and strengthening the physical world.

NVIDIA unveils OpenShell reference architecture
NVIDIA (NVDA.O) has introduced the OpenShell reference architecture to ensure the safe operation of AI agents.

Duan Yongping says he will continue buying Pop Mart
On October 21, a netizen asked Duan Yongping about his investment in Pop Mart. Duan replied: “I’ll probably buy some more, but I won’t go over 10% of the company, or the company might have something to say about it, haha. My stake in NetEase only ever reached around 10% at most. Now people are making me sound like a Pop Mart agent. I don’t want to answer these kinds of questions anymore. I’ve already said all I have to say about my views; we’ll know in a few years whether I was right or wrong.”

NVIDIA launches DSX POD factory to accelerate deployment in Europe
NVIDIA launches DSX POD AI factories to accelerate infrastructure deployment in Europe. DSX Pod modules can reduce deployment time to as little as 14 days.

Jensen Huang pitches AI across Europe, putting Nvidia in the spotlight
According to Axios, Nvidia CEO Jensen Huang is touting the promise of artificial intelligence across Europe ahead of the company’s flagship conference in Berlin. He stressed that governments see AI as essential to national development and may become more reliant on Nvidia.

UK High Court grants appeal to around 16,000 Chinese victims in the Qian Zhimin case
On October 21, Caixin reported that just four days after the UK High Court ruled that Chinese law applied to the dispute over ownership of more than 60,000 bitcoins in the Qian Zhimin case, around 16,000 Chinese victims involved in recovery proceedings in the UK had been given the opportunity to continue challenging the ruling. The High Court held another hearing, at which the judge granted the Chinese victims permission to appeal the October 12 ruling on applicable law. Lawyers for the parties also discussed the costs of litigation over the earlier choice-of-law dispute, whether the roughly 16,000 individual applicants would continue their recovery efforts, and how they could withdraw.