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"1011 Insider Whale" Representative: SK Hynix Rebound May Be Short Covering, AI Storage Cycle Enters Return Verification Stage
"1011 Insider Whale" representative Garrett Jin released a weekly analysis stating that while he previously suggested gradually positioning in memory chips and buying on dips, the market did not experience the expected pullback. He has sold half of his previous rebound positions during the surge, not because the investment logic has changed, but due to concerns regarding the capital structure driving the rise, stating, "This looks more like a short squeeze than a final confirmation of fundamentals by the market." Rapid capital covering short positions can create short-term gains for memory chip stocks like SK Hynix, but cannot sustain the trend alone. Risks associated with Korean leveraged ETFs have not been fully released, but the decline in asset size is mainly due to NAV shrinkage rather than investor exit. Currently, cumulative net subscriptions for related financial products remain at historic highs and have not turned negative. Garrett Jin emphasized that the decline in Korean leveraged ETF size does not indicate market bearishness on memory demand. SK Hynix's 2026 capacity is already sold out, and Micron's orders are covered until 2028, with demand remaining strong through the second half of 2027. However, the memory industry is essentially still cyclical. Stock prices have already surged by hundreds of percentage points in advance, and cyclical stocks are typically difficult to sustain long-term growth driven solely by valuation expansion. The current market is entering a new phase of the AI capital expenditure cycle, shifting from "rewarding investment" to "evaluating investment returns." Regarding Bitcoin, Garrett Jin stated it continues to meet the bottoming conditions established since the July lows, and he currently maintains the position view established near $60,000.
Bitcoin Institutional Holdings Shrink 10% Over Three Months, Corporate Treasury Model Under Pressure
According to CryptoQuant on-chain data, total institutional BTC holdings, including trusts, ETFs, and closed-end funds, have decreased from 1.33 million BTC three months ago to 1.2 million BTC, a decline of approximately 10%. Meanwhile, the corporate Bitcoin treasury model is also facing pressure. Novaque Research analysts pointed out that the market cap of multiple Bitcoin treasury companies has currently fallen below the net asset value (NAV) of their BTC holdings, and the previous positive cycle mechanism of "stock price premium → financing to buy BTC → strengthening premium" has significantly weakened. The listed company with the largest holdings, Strategy, even sold 1,638 BTC last week.
Multiple ETFs Warn That Net Asset Value of ETFs May Deviate from IOPV on Changxin Technology's Listing Day
on the eve of Changxin Technology's listing, multiple ETF fund managers including China Asset Management (ChinaAMC) and Harvest Fund Management issued cautionary notices. Certain ETFs under their management participated in the IPO subscription for Changxin Technology and valued it at the issuance price. However, the Indicative Optimized Portfolio Value (IOPV) for ETFs only reflects the issuance price of Changxin Technology and does not include its market price fluctuations. Therefore, on the first day of Changxin Technology's listing, the IOPV of these ETFs may differ from the fund's net asset value (NAV). Investors are advised to pay attention to the associated investment risks.In this regard, an ETF fund manager revealed that currently, fund companies generally participate in IPO subscriptions for these ETFs together with active equity funds. The ETF's IOPV is strictly calculated based on the PCF (Portfolio Composition File), and restricted stocks such as new shares are not included. If Changxin Technology sees a significant price surge on its listing day, the actual NAV of the participating ETFs would be slightly higher than the IOPV, resulting in a deviation. In such a scenario, potential arbitrage strategies could include buying ETFs while hedging with derivatives, retaining only the deviation's excess exposure. (Source: China Securities Journal Taurus)
Summer.fi: Lazy Summer USDC Vault Suffers NAV Manipulation Attack, Losing Approximately 6.04 Million USD
According to official sources, Summer.fi released a post-mortem stating that on July 6, the attacker manipulated the share prices of two Lazy Summer USDC vaults by injecting overvalued Silo tokens into an offline Ark still included in the NAV, and extracted approximately $6.04 million in a single atomic transaction.
Empery Digital Invests $65 Million in US AI Data Centers, Acquires 25% Stake in Project
Nasdaq-listed Bitcoin treasury company Empery Digital has announced the signing of a definitive cooperation agreement with Hunt Properties, investing $65 million to acquire a 25% equity stake in a new project entity. This entity plans to acquire and repurpose industrial厂房 in the U.S. Midwest to build a professional AI data center.The two parties have established a long-term strategic partnership to jointly develop computing power assets, advance AI and high-performance computing (HPC) infrastructure expansion, and integrate advantages in power supply, grid access, and capital market financing. Simultaneously, Empery Digital announced it will cease its previous public data disclosures based on Bitcoin holdings net asset value (NAV). The company explained that its current asset structure can no longer be measured solely by Bitcoin holdings and will focus on growth opportunities in AI computing power and energy infrastructure, diversifying into physical computing power operations. (Businesswire)
“White-Haired Stock God” Serenity identifies undervalued Asian tech stocks trading at discounts to NAV, with a focus on Wistron and other targets.
“White-Haired Stock God” Serenity released his personal investment observations, focusing on valuation and shareholding structure analyses of several technology and semiconductor-related companies. He particularly emphasized net asset value (NAV) discounts and growth momentum. His key views include: 1. Wistron is considered one of his top-conviction holdings. Its current market capitalization stands at approximately USD 16.2 billion; Q1 revenue surged 144% year-on-year. It holds ~35.46% of Wiwynn, with the implied value of this stake amounting to ~0.66x Wistron’s market cap. 2. Wiwynn is viewed as having strong continued growth potential and is among his core monitored assets. 3. Priortech holds ~21% of Camtek; the implied value of this stake is ~1.35x Priortech’s own market cap—indicating a quasi-controlling ownership structure. 4. GlobalWafers exhibits a significant NAV discount (~USD 3.5 billion market cap vs. ~USD 7.9 billion in underlying stake value). 5. Korean-listed companies Iljin Holdings and Simmtech Holdings also show notable NAV discounts; however, Serenity remains cautious regarding corporate governance quality and valuation realization capability in Korean firms. Serenity noted that his analysis remains in the research phase, with no final investment conclusions yet drawn. Nevertheless, he leans toward increasing position concentration in these names further on Monday, underscoring that certain companies possess standalone growth capacity and meaningful NAV re-rating potential.
R25 Studio Opens Public Beta: Fund Setup Compressed from Months to 10 Minutes, Onchain Asset Management Enters the Programmable Era
R25 today announced the official public beta launch of R25 Studio, the core product of its 2.0 architecture.R25 Studio is dedicated to realizing the vision that "anyone can become an asset manager," fully opening up institutional-grade fund setup, operations, and distribution capabilities. By abstracting cumbersome legal documents, back-end systems, and compliance processes into configurable smart contracts, R25 Studio has successfully compressed the fund setup timeline from months to just 10 minutes.The platform is built around four pillars — Build, Manage, Earn, and Distribute — covering Vault creation, subscription and redemption, investment management, fee earning, and distribution. Asset managers no longer need to build complex fund structures from scratch; they can autonomously configure investment parameters, management fees, and performance fee rates onchain, generate dedicated Vault Tokens/Shares, and list their Vaults on channels such as Dapp and Topnod. The platform also provides performance data including NAV, APY, cumulative returns, and maximum drawdown, helping asset managers monitor strategy performance in real time.Previously during the 1.0 phase, Axil launched a private credit Vault on R25 and successfully surpassed $130 million in TVL, validating the reliability of this infrastructure.The application channel for the first batch of managers is now open. (Please click the original link)
C1 Fund Bets on Polymarket in Q2, Portfolio Expands to 11 Crypto Companies
Odaily News Crypto asset investment fund C1 Fund (NYSE: CFND) has announced its Q2 2026 performance results. As of June 30, the fund's net asset value (NAV) stood at $42.63 million, with a NAV per share of $6.49. The fair value of its investment portfolio was approximately $33.07 million, accounting for 77.5% of net assets.C1 Fund added Polymarket to its holdings in Q2, bringing its total investment portfolio to 11 companies. These span sectors including crypto payments, custody, compliance, staking, exchanges, development infrastructure, and prediction markets. Its two largest exposures are Ripple (17.5% of net assets) and Payward, the parent company of Kraken (16.9%).As of July 31, C1 Fund has repurchased and canceled 249,300 shares of its own stock at a total cost of approximately $824,000. The company is currently authorized to repurchase up to $3 million worth of shares. Management stated that buybacks conducted when the share price falls below NAV help enhance the per-share NAV for remaining shareholders.Additionally, Kraken and Blockchain.com have publicly announced that they have confidentially submitted potential IPO applications to the U.S. SEC; BitGo completed its IPO in January 2026. C1 Fund also revealed that an early partial issuer repurchase by Ripple generated approximately a 150% return on investment for the fund in just over four months. (Businesswire)
Swell suspends swETH and rswETH deposits and withdrawals
Restaking protocol Swell announced that it is currently working with security partners and Seal911 to fully secure its infrastructure, and has suspended deposits and withdrawals for swETH and rswETH. The next step to restore normal operations is to adjust the Net Asset Value (NAV) back to its correct level, after which deposits and withdrawals will be reopened. Swell emphasized that all funds remain secure and that it is collaborating with its security team to advance the restoration efforts. Users are advised to stay vigilant, guard against phishing risks, and rely solely on official channels for information.
Compress fund issuance into "one click," as R25 2.0 upgrades from closed infrastructure to open institutional-grade Vault infrastructure
institutional-grade onchain Vault infrastructure R25 has announced an upgrade to version 2.0, opening its previously closed infrastructure to a broader ecosystem. R25 2.0 positions itself as "Vault Infrastructure as a Service," offering asset managers, traders, quant teams, and emerging portfolio managers a one-stop solution for Vault deployment, operations, and scaling.The core change lies in the shift of the issuance threshold: qualified asset managers can configure, deploy, and operate Vault smart contracts in minutes using natural language, greatly lowering the technical barrier to turning curated strategies into composable, transparent smart contracts. R25 2.0 supports building strategies from over 2,000 onchain assets across RWA, Crypto, and DeFi, while preserving institutional-grade transparency and risk control standards; it also offers one-click Vault deployment and AI backtesting, supports access to the global onchain capital network, and connects custodians, exchanges, wallets, fintech/Neobanks, and crypto-native investors. In other words, asset managers only need to define strategy, fee rates, and risk parameters, while contract deployment, asset onboarding, NAV calculation, and capital distribution are handled by R25's modular infrastructure.This open architecture is built on the validation of R25 1.0. The R25 Curator lineup includes Axil, Raffaello, Ember Protocol, among others, with the private credit Vault issued by Axil reaching $130 million in TVL after launch. The production-grade infrastructure supporting such Vaults includes modular Vault architecture, asynchronous deposits and withdrawals, standardized NAV and portfolio accounting, onchain strategy management and execution, configurable fees and risk management, as well as multiple rounds of security audits. R25 2.0 is expected to officially launch in Q4 2026.
"1011 Insider Whale" Representative: SK Hynix Rebound May Be Short Covering, AI Storage Cycle Enters Return Verification Stage
"1011 Insider Whale" representative Garrett Jin released a weekly analysis stating that while he previously suggested gradually positioning in memory chips and buying on dips, the market did not experience the expected pullback. He has sold half of his previous rebound positions during the surge, not because the investment logic has changed, but due to concerns regarding the capital structure driving the rise, stating, "This looks more like a short squeeze than a final confirmation of fundamentals by the market." Rapid capital covering short positions can create short-term gains for memory chip stocks like SK Hynix, but cannot sustain the trend alone. Risks associated with Korean leveraged ETFs have not been fully released, but the decline in asset size is mainly due to NAV shrinkage rather than investor exit. Currently, cumulative net subscriptions for related financial products remain at historic highs and have not turned negative. Garrett Jin emphasized that the decline in Korean leveraged ETF size does not indicate market bearishness on memory demand. SK Hynix's 2026 capacity is already sold out, and Micron's orders are covered until 2028, with demand remaining strong through the second half of 2027. However, the memory industry is essentially still cyclical. Stock prices have already surged by hundreds of percentage points in advance, and cyclical stocks are typically difficult to sustain long-term growth driven solely by valuation expansion. The current market is entering a new phase of the AI capital expenditure cycle, shifting from "rewarding investment" to "evaluating investment returns." Regarding Bitcoin, Garrett Jin stated it continues to meet the bottoming conditions established since the July lows, and he currently maintains the position view established near $60,000.
Bitcoin Institutional Holdings Shrink 10% Over Three Months, Corporate Treasury Model Under Pressure
According to CryptoQuant on-chain data, total institutional BTC holdings, including trusts, ETFs, and closed-end funds, have decreased from 1.33 million BTC three months ago to 1.2 million BTC, a decline of approximately 10%. Meanwhile, the corporate Bitcoin treasury model is also facing pressure. Novaque Research analysts pointed out that the market cap of multiple Bitcoin treasury companies has currently fallen below the net asset value (NAV) of their BTC holdings, and the previous positive cycle mechanism of "stock price premium → financing to buy BTC → strengthening premium" has significantly weakened. The listed company with the largest holdings, Strategy, even sold 1,638 BTC last week.
TD Cowen Reiterates Sharplink "Buy" Rating: Maintains $16 Price Target, Sees 106% Upside
Odaily Investment bank TD Cowen reiterated its "Buy" rating on Sharplink following its Q1 earnings report, maintaining a $16 price target, implying approximately 106% upside from the current share price of $7.76.Sharplink's Q1 revenue exceeded $12 million. The company also announced the establishment of an approximately $125 million income fund in partnership with Galaxy Digital, with Sharplink contributing roughly $100 million. The fund will focus on DeFi and liquidity yield opportunities, targeting returns higher than base staking yields.The analyst team believes the current share price is in a "favorable entry window," driven primarily by a persistent NAV discount and expanding Ethereum demand. Sharplink currently holds approximately 873,000 ETH (about $2 billion), translating to a net asset value (NAV) of roughly $9.68 per share, while the stock still trades at about a 20% discount to NAV. TD Cowen noted that the Galaxy partnership strengthens Sharplink's yield strategy, allowing it to maintain ETH exposure while improving capital efficiency through institutional-grade DeFi opportunities. (The Block)
JPMorgan: Strategy's Bitcoin Purchases Could Reach $30 Billion This Year
Strategy (formerly MicroStrategy), led by Michael Saylor, has been accelerating its Bitcoin acquisitions this year. JPMorgan analysts stated that if the current pace continues, the company's total Bitcoin purchases for the year could reach approximately $30 billion. So far this year, Strategy has added 145,834 Bitcoin to its holdings, valued at around $11 billion. Analysis indicates that a significant portion of the company's purchases occurred when Bitcoin was below its average cost of roughly $75,000, reflecting a more "opportunistic" allocation strategy.At the current rate, Strategy's total Bitcoin purchases in 2026 could significantly exceed the approximately $22 billion levels seen in 2024 and 2025. Analysts noted that the company has re-accelerated its buying since April, suggesting its strategy is becoming more dependent on market conditions and financing availability. Meanwhile, Strategy's stock continues to trade at a premium of approximately 26% to its net asset value (NAV), providing favorable conditions for the company to continue purchasing Bitcoin through equity and debt financing. The company currently holds approximately 818,334 BTC, with a total value exceeding $65 billion. (The Block)
Swell suspends swETH and rswETH deposits and withdrawals pending restoration of correct NAV
Odaily reports: At 2:39 AM EST on October 23, Swell announced the suspension of deposits and withdrawals for its liquid staking token swETH and restaking token rswETH until the net asset value (NAV) returns to correct levels, without disclosing a restoration timeline. On-chain data shows that at 16:48 that day, the contracts reported approximately 1.203 ETH per swETH and approximately 1.138 ETH per rswETH, roughly 6% and 5% higher than the normal exchange rates of 1.133 ETH and 1.082 ETH as determined by Spreek, respectively; rates on decentralized exchanges stood at approximately 1.089 WETH per swETH and 1.029 WETH per rswETH, both far below the contract-reported values. Spreek stated that at 21:28 on October 21, the admin keys of both tokens were suspected to have been compromised, with NAV being inflated by up to 1% per hour without asset backing; the attacker deployed 4 malicious upgrade contracts capable of withdrawing approximately 2,513 ETH, but the transactions were not queued through Swell's multisig. Odysseus, founder of Phylax Systems, said the incident involved BOT key misuse, and losses have not been confirmed. Railway disclosed the same day that an unauthorized third party may have read customers' encrypted environment variables. Swell stated that funds are safe.
Swell DAO's swETH and rswETH management keys are suspected to have been leaked, and attackers have deployed 4 malicious upgrade contracts.
According to security researcher Spreek (@spreekaway), the administrative keys for swETH and rswETH under Swell DAO appear to have been compromised. Attackers are inflating the NAV (Net Asset Value) without asset backing by up to 1% per hour. Four malicious upgrade contracts have been deployed and are queued for multisig execution; if executed, they could result in the theft of approximately 2,500 ETH. Furthermore, analysis by ADL (@ADLXBT) indicates that the management keys control proxy administrator permissions. Once seized by attackers, these keys could allow the redirection of swETH/rswETH proxies to malicious implementation contracts, triggering minting or withdrawal functions to artificially inflate the NAV without corresponding asset backing. Spreek noted that any connection between this incident and the Railway platform remains speculative, with only a coincidental timeline observed and no concrete evidence available. The incident report he published was generated by Claude, and certain portions remain unverified.
Summer.fi: Lazy Summer USDC Vault Suffers NAV Manipulation Attack, Losing Approximately 6.04 Million USD
According to official sources, Summer.fi released a post-mortem stating that on July 6, the attacker manipulated the share prices of two Lazy Summer USDC vaults by injecting overvalued Silo tokens into an offline Ark still included in the NAV, and extracted approximately $6.04 million in a single atomic transaction.
Swell suspends swETH and rswETH deposits and withdrawals pending restoration of correct NAV
Odaily reports: At 2:39 AM EST on October 23, Swell announced the suspension of deposits and withdrawals for its liquid staking token swETH and restaking token rswETH until the net asset value (NAV) returns to correct levels, without disclosing a restoration timeline. On-chain data shows that at 16:48 that day, the contracts reported approximately 1.203 ETH per swETH and approximately 1.138 ETH per rswETH, roughly 6% and 5% higher than the normal exchange rates of 1.133 ETH and 1.082 ETH as determined by Spreek, respectively; rates on decentralized exchanges stood at approximately 1.089 WETH per swETH and 1.029 WETH per rswETH, both far below the contract-reported values. Spreek stated that at 21:28 on October 21, the admin keys of both tokens were suspected to have been compromised, with NAV being inflated by up to 1% per hour without asset backing; the attacker deployed 4 malicious upgrade contracts capable of withdrawing approximately 2,513 ETH, but the transactions were not queued through Swell's multisig. Odysseus, founder of Phylax Systems, said the incident involved BOT key misuse, and losses have not been confirmed. Railway disclosed the same day that an unauthorized third party may have read customers' encrypted environment variables. Swell stated that funds are safe.
Swell DAO's swETH and rswETH management keys are suspected to have been leaked, and attackers have deployed 4 malicious upgrade contracts.
According to security researcher Spreek (@spreekaway), the administrative keys for swETH and rswETH under Swell DAO appear to have been compromised. Attackers are inflating the NAV (Net Asset Value) without asset backing by up to 1% per hour. Four malicious upgrade contracts have been deployed and are queued for multisig execution; if executed, they could result in the theft of approximately 2,500 ETH. Furthermore, analysis by ADL (@ADLXBT) indicates that the management keys control proxy administrator permissions. Once seized by attackers, these keys could allow the redirection of swETH/rswETH proxies to malicious implementation contracts, triggering minting or withdrawal functions to artificially inflate the NAV without corresponding asset backing. Spreek noted that any connection between this incident and the Railway platform remains speculative, with only a coincidental timeline observed and no concrete evidence available. The incident report he published was generated by Claude, and certain portions remain unverified.
R25 Studio Opens Public Beta: Fund Setup Compressed from Months to 10 Minutes, Onchain Asset Management Enters the Programmable Era
R25 today announced the official public beta launch of R25 Studio, the core product of its 2.0 architecture.R25 Studio is dedicated to realizing the vision that "anyone can become an asset manager," fully opening up institutional-grade fund setup, operations, and distribution capabilities. By abstracting cumbersome legal documents, back-end systems, and compliance processes into configurable smart contracts, R25 Studio has successfully compressed the fund setup timeline from months to just 10 minutes.The platform is built around four pillars — Build, Manage, Earn, and Distribute — covering Vault creation, subscription and redemption, investment management, fee earning, and distribution. Asset managers no longer need to build complex fund structures from scratch; they can autonomously configure investment parameters, management fees, and performance fee rates onchain, generate dedicated Vault Tokens/Shares, and list their Vaults on channels such as Dapp and Topnod. The platform also provides performance data including NAV, APY, cumulative returns, and maximum drawdown, helping asset managers monitor strategy performance in real time.Previously during the 1.0 phase, Axil launched a private credit Vault on R25 and successfully surpassed $130 million in TVL, validating the reliability of this infrastructure.The application channel for the first batch of managers is now open. (Please click the original link)
Pharos Ecosystem Launchpad Project Prosper Kicks Off 100,000 $PROS Trading Competition
According to official announcements, the Pharos ecosystem project Prosper has officially launched its 7-day Trading Challenge. Reports indicate that the Prosper platform currently features six meme assets with market caps exceeding $2 million, with momentum steadily rising. This event features a total prize pool of 100,000 $PROS, consisting of: Top 50 Leaderboard Pool (80,000 $PROS): Distributed proportionally based on eligible trading volume; Participation Pool (20,000 $PROS): Proportionally shared by users who achieve a minimum eligible trading volume of $1,000; Additionally, net buys on the Bonding Curve will receive a 5x points multiplier. The official team has also launched community tasks on Galxe, allowing participants to claim an exclusive Navigator Badge.
Compress fund issuance into "one click," as R25 2.0 upgrades from closed infrastructure to open institutional-grade Vault infrastructure
institutional-grade onchain Vault infrastructure R25 has announced an upgrade to version 2.0, opening its previously closed infrastructure to a broader ecosystem. R25 2.0 positions itself as "Vault Infrastructure as a Service," offering asset managers, traders, quant teams, and emerging portfolio managers a one-stop solution for Vault deployment, operations, and scaling.The core change lies in the shift of the issuance threshold: qualified asset managers can configure, deploy, and operate Vault smart contracts in minutes using natural language, greatly lowering the technical barrier to turning curated strategies into composable, transparent smart contracts. R25 2.0 supports building strategies from over 2,000 onchain assets across RWA, Crypto, and DeFi, while preserving institutional-grade transparency and risk control standards; it also offers one-click Vault deployment and AI backtesting, supports access to the global onchain capital network, and connects custodians, exchanges, wallets, fintech/Neobanks, and crypto-native investors. In other words, asset managers only need to define strategy, fee rates, and risk parameters, while contract deployment, asset onboarding, NAV calculation, and capital distribution are handled by R25's modular infrastructure.This open architecture is built on the validation of R25 1.0. The R25 Curator lineup includes Axil, Raffaello, Ember Protocol, among others, with the private credit Vault issued by Axil reaching $130 million in TVL after launch. The production-grade infrastructure supporting such Vaults includes modular Vault architecture, asynchronous deposits and withdrawals, standardized NAV and portfolio accounting, onchain strategy management and execution, configurable fees and risk management, as well as multiple rounds of security audits. R25 2.0 is expected to officially launch in Q4 2026.
"1011 Insider Whale" Representative: SK Hynix Rebound May Be Short Covering, AI Storage Cycle Enters Return Verification Stage
"1011 Insider Whale" representative Garrett Jin released a weekly analysis stating that while he previously suggested gradually positioning in memory chips and buying on dips, the market did not experience the expected pullback. He has sold half of his previous rebound positions during the surge, not because the investment logic has changed, but due to concerns regarding the capital structure driving the rise, stating, "This looks more like a short squeeze than a final confirmation of fundamentals by the market." Rapid capital covering short positions can create short-term gains for memory chip stocks like SK Hynix, but cannot sustain the trend alone. Risks associated with Korean leveraged ETFs have not been fully released, but the decline in asset size is mainly due to NAV shrinkage rather than investor exit. Currently, cumulative net subscriptions for related financial products remain at historic highs and have not turned negative. Garrett Jin emphasized that the decline in Korean leveraged ETF size does not indicate market bearishness on memory demand. SK Hynix's 2026 capacity is already sold out, and Micron's orders are covered until 2028, with demand remaining strong through the second half of 2027. However, the memory industry is essentially still cyclical. Stock prices have already surged by hundreds of percentage points in advance, and cyclical stocks are typically difficult to sustain long-term growth driven solely by valuation expansion. The current market is entering a new phase of the AI capital expenditure cycle, shifting from "rewarding investment" to "evaluating investment returns." Regarding Bitcoin, Garrett Jin stated it continues to meet the bottoming conditions established since the July lows, and he currently maintains the position view established near $60,000.
Related news
Hong Kong Investor Education Centre Warns of Risks in Secondary Market Trading of Tokenized Funds: NAV May See Significant Premiums or Discounts
Odaily reports: The Hong Kong Investor and Financial Education Council (IEC) has issued a warning regarding the risks of buying and selling tokenized funds in the secondary market, including price discrepancy/trading risk, liquidity risk, price fragmentation risk, and reliance on market maker risk. Tokenized funds trading on virtual asset trading platforms may trade at significant premiums or discounts to their net asset value.The Hong Kong IEC pointed out that investors should understand the underlying fund, including its investment objectives, strategies, characteristics, operations, and related investment risks, as well as the tokenization arrangements, including whether transactions are ultimately settled on-chain or off-chain and the associated risks. Investors should also pay attention to information on trading channels, market maker arrangements, applicable fees, circumstances under which trading may be suspended, risks of secondary market trading, the option to subscribe for or redeem tokenized fund units at net asset value, and the related implications.
Swell suspends swETH and rswETH deposits and withdrawals pending restoration of correct NAV
Odaily reports: At 2:39 AM EST on October 23, Swell announced the suspension of deposits and withdrawals for its liquid staking token swETH and restaking token rswETH until the net asset value (NAV) returns to correct levels, without disclosing a restoration timeline. On-chain data shows that at 16:48 that day, the contracts reported approximately 1.203 ETH per swETH and approximately 1.138 ETH per rswETH, roughly 6% and 5% higher than the normal exchange rates of 1.133 ETH and 1.082 ETH as determined by Spreek, respectively; rates on decentralized exchanges stood at approximately 1.089 WETH per swETH and 1.029 WETH per rswETH, both far below the contract-reported values. Spreek stated that at 21:28 on October 21, the admin keys of both tokens were suspected to have been compromised, with NAV being inflated by up to 1% per hour without asset backing; the attacker deployed 4 malicious upgrade contracts capable of withdrawing approximately 2,513 ETH, but the transactions were not queued through Swell's multisig. Odysseus, founder of Phylax Systems, said the incident involved BOT key misuse, and losses have not been confirmed. Railway disclosed the same day that an unauthorized third party may have read customers' encrypted environment variables. Swell stated that funds are safe.
Swell suspends swETH and rswETH deposits and withdrawals
Restaking protocol Swell announced that it is currently working with security partners and Seal911 to fully secure its infrastructure, and has suspended deposits and withdrawals for swETH and rswETH. The next step to restore normal operations is to adjust the Net Asset Value (NAV) back to its correct level, after which deposits and withdrawals will be reopened. Swell emphasized that all funds remain secure and that it is collaborating with its security team to advance the restoration efforts. Users are advised to stay vigilant, guard against phishing risks, and rely solely on official channels for information.
Swell DAO's swETH and rswETH management keys are suspected to have been leaked, and attackers have deployed 4 malicious upgrade contracts.
According to security researcher Spreek (@spreekaway), the administrative keys for swETH and rswETH under Swell DAO appear to have been compromised. Attackers are inflating the NAV (Net Asset Value) without asset backing by up to 1% per hour. Four malicious upgrade contracts have been deployed and are queued for multisig execution; if executed, they could result in the theft of approximately 2,500 ETH. Furthermore, analysis by ADL (@ADLXBT) indicates that the management keys control proxy administrator permissions. Once seized by attackers, these keys could allow the redirection of swETH/rswETH proxies to malicious implementation contracts, triggering minting or withdrawal functions to artificially inflate the NAV without corresponding asset backing. Spreek noted that any connection between this incident and the Railway platform remains speculative, with only a coincidental timeline observed and no concrete evidence available. The incident report he published was generated by Claude, and certain portions remain unverified.
Grayscale's Zcash ETF completes "3-for-1" share split, begins trading on post-split basis today
According to a report from GlobeNewsWire, Grayscale's Zcash ETF (ZCSH) has completed its previously announced 3-for-1 share split, which took effect before the U.S. market opened on September 30. Fund shares began trading on a split-adjusted basis starting that day. Grayscale stated that shareholders of record as of the close of trading on September 28 would receive an additional two shares for every one pre-split share of ZCSH held, converting each pre-split share into three post-split shares. This split will not alter the total investment value for shareholders, with the net asset value (NAV) per share correspondingly adjusted to approximately one-third of its pre-split level. Following the split, ZCSH will continue to trade on NYSE Arca, with its ticker symbol and CUSIP number remaining unchanged.
R25 Studio Opens Public Beta: Fund Setup Compressed from Months to 10 Minutes, Onchain Asset Management Enters the Programmable Era
R25 today announced the official public beta launch of R25 Studio, the core product of its 2.0 architecture.R25 Studio is dedicated to realizing the vision that "anyone can become an asset manager," fully opening up institutional-grade fund setup, operations, and distribution capabilities. By abstracting cumbersome legal documents, back-end systems, and compliance processes into configurable smart contracts, R25 Studio has successfully compressed the fund setup timeline from months to just 10 minutes.The platform is built around four pillars — Build, Manage, Earn, and Distribute — covering Vault creation, subscription and redemption, investment management, fee earning, and distribution. Asset managers no longer need to build complex fund structures from scratch; they can autonomously configure investment parameters, management fees, and performance fee rates onchain, generate dedicated Vault Tokens/Shares, and list their Vaults on channels such as Dapp and Topnod. The platform also provides performance data including NAV, APY, cumulative returns, and maximum drawdown, helping asset managers monitor strategy performance in real time.Previously during the 1.0 phase, Axil launched a private credit Vault on R25 and successfully surpassed $130 million in TVL, validating the reliability of this infrastructure.The application channel for the first batch of managers is now open. (Please click the original link)