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Project Overview
Paper is a crypto payment processing company that enables users to create wallets with their email addresses and purchase NFTs with credit cards (or crypto wallets) across the Polygon, Ethereum, Solana, and Avalanche blockchains. This provides non-crypto consumers with a "frictionless" bridge to access the marketplace.
Ant International announced it has completed approximately $1.2 billion in Series A financing, with Ant Group, Alibaba, and others participating in the investment.
According to The Paper, Ant International announced that it has completed its Series A funding round. Ant Group, along with some existing shareholders including Alibaba and multiple well-known international investment institutions, participated in this round. It is reported that the funding amount is approximately $1.2 billion, which will be used to expand global business, accelerate investment in frontier technologies such as AI, broaden inclusive fintech services such as cross-border payments and global accounts, and help global merchants achieve growth.
Bitcoin Price Power Law Paper Published in Elsevier Journal After Peer Review
Odaily News: Bitcoin News posted on X platform, stating that the paper "A Mechanistic Derivation of the Bitcoin Price Power Law: Network Adoption Dynamics and Generalised Metcalfe Scaling" authored by @Giovann35084111 and @moneyordebt has been officially published in Elsevier’s *Nonlinear Science* journal after peer review. The paper argues that Bitcoin’s long-term price power law can be derived from network adoption dynamics and generalized Metcalfe scaling, providing a theoretical foundation for one of Bitcoin’s most debated valuation models.
Cambrian announced the completion of a $6 million seed funding round, co-led by Franklin Templeton and Polychain Capital.
According to The Block, Cambrian, a blockchain data infrastructure startup, has announced the completion of a $6 million seed funding round co-led by Franklin Templeton and Polychain Capital. Flow Traders, Selini Capital, Paper Ventures, and Nomad Capital also participated. Angel investors include Jason Mo, Avi Felman, and Alex Lee and Willy Chuang, co-founders of TrueNorth. This round was structured as a SAFE with token warrants, and Franklin Templeton and Polychain Capital have secured board observer seats. With this round, Cambrian’s total funding raised reaches $11.9 million, including its previously announced $5.9 million pre-seed round led by a16z CSX.
Blockchain data infrastructure company Cambrian raises $6 million in seed funding, co-led by Franklin Templeton and Polychain
Odaily reports: Blockchain data infrastructure startup Cambrian has secured $6 million in seed funding, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, Paper Ventures, Nomad Capital, and others.As previously reported by Odaily, Cambrian also received a $5.9 million pre-seed investment led by the a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million.Founded in 2024, Cambrian currently offers APIs for institutions and AI agents, providing real-time and historical on-chain data covering yield, risk, lending rates, trading activity, liquidity positions, and market sentiment, helping users allocate capital on-chain. The company plans to expand its existing APIs into a verifiable blockchain data oracle network, serving institutional financial clients, AI agent builders, and protocols that require reliable data to control capital flows. Unlike traditional oracles that primarily provide price data, Cambrian aims to aggregate data from lending protocols, DEX liquidity, social sentiment, developer activity, and historical market data.According to Cambrian, its platform has processed millions of API calls, currently indexes approximately $4.5 billion in TVL across four major lending protocols, tracks 1,789 vaults managed by 895 curators, and monitors over 320,000 DEX liquidity pools on Base and Solana. The company also plans to expand trading data support by integrating Hyperliquid and richer perpetual contract data.
After the financing news broke, DeepSeek launched an image recognition mode, but it couldn’t identify Liang Wenfeng
: DeepSeek has officially launched the image recognition mode on its web version, while the app is still in the internal testing phase. Functionally speaking, the newly launched image recognition mode is still in its early stages. The reporter repeatedly tested the model using photos of DeepSeek founder Liang Wenfeng. After several minutes of deliberation, the model gave many incorrect answers and ultimately admitted, "I am really not sure. It is not recommended to guess the name because guessing wrong is worse than saying 'I don’t know.'" In other tests by netizens, when presented with a photo of founder Liang Wenfeng, DeepSeek even misidentified him as Yang Zhilin, founder of Moonshot AI, or a "younger version" of Ma Huateng.It is worth noting that just before the launch of the image recognition mode, DeepSeek was reported to have secured its first round of financing, exceeding 50 billion yuan. According to reports, the core investment terms for DeepSeek are: whether for major tech companies or VC funds, Liang Wenfeng’s most important requirement is: not to poach DeepSeek’s employees or suggest they leave to start their own ventures. The reporter inquired about the relevant situation with an insider from DeepSeek and learned that this account is largely accurate. (The Paper)
Cluster Protocol closes $5M funding round, led by DAO5
According to The Block, Cluster Protocol—an AI-native infrastructure company building for Web3—has raised $5 million in funding, led by DAO5, with participation from Paper Ventures, JPEG Trading, and Mapleblock Capital. This brings the company’s total funding to $7.75 million. The new capital will accelerate the development of CodeXero, its browser-native IDE built for the EVM ecosystem, expand its product and engineering teams, and enhance its AI systems, developer workflows, deployment infrastructure, and ecosystem growth. Cluster Protocol stated that CodeXero has already connected over 300,000 wallets, processed more than 3 billion AI tokens, and supported the deployment of over 25,000 dApps.
Forward Industries Releases White Paper on Crypto Vault Regulatory Framework, Responding to SEC Commissioner Peirce's Statement
According to a public letter issued by Forward Industries (NASDAQ: $FWDI), General Counsel Georgia Quinn formally responded to SEC Commissioner Hester Peirce's July 22, 2026, statement "Headstands and Summervaults," proposing a three-tier vault regulatory framework centered on the core variable of "manager discretion": • Type I - Use: Developers provide only off-the-shelf software, with users configuring parameters independently, requiring no registration; • Type II - Follow: Drawing on the SEC's 2013 AngelList no-action letter, Angels set strategies for others to follow, subject to conditions such as co-investment and disclosure, and do not need to register as investment advisers; • Type III - Advised: Involves active management, requires registration or an applicable exemption, and recommends joint oversight by the SEC and CFTC to avoid dual compliance conflicts. The article also outlines five baseline requirements applicable to all vaults, including conflict of interest disclosure, public code audits, exclusion of disqualified persons, application of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and cross-agency regulatory issues regarding mixed-asset vaults urgently require the SEC and CFTC
AI Wealth Wave Continues: Global Billionaire Count Reaches Record High of 3,795
Odaily News According to the latest report released by wealth intelligence firm Altrata, the number of billionaires worldwide surged to a record high in 2025, reaching 3,795—an increase of 8.2%, the strongest growth in five years. Rising stock markets, monetary stimulus policies, and the artificial intelligence (AI) investment boom have driven rapid wealth accumulation among the ultra-rich.The total wealth of billionaires grew by 12.8% in 2025, hitting a record $15.1 trillion—equivalent to nearly a quarter of the total market capitalization of the S&P 500. This marks the third consecutive year of accelerated wealth growth among billionaires, with the average billionaire now holding $4 billion in assets. In reality, however, the median net worth of billionaires stands at nearly $2 billion, reflecting the highly concentrated distribution of wealth among a small group of "super-billionaires."By region, North America saw the fastest growth in billionaire population at 11.6%, outpacing all other regions and reaching 1,337 individuals (35% of the global total). Europe recorded its second consecutive year of growth, with the number of billionaires rising nearly 8% to 1,081 (28% of the global total). Asia ranked as the third-largest region for billionaires, with an increase of 6.5% to 881 individuals.The report noted that since 2023, the AI investment boom has been one of the most significant drivers of global billionaire wealth creation, with its impact becoming even more pronounced in 2025 and the first half of 2026. Investor enthusiasm for generative AI, large language models, cloud computing, and AI software has attracted unprecedented capital, driving substantial market value revaluations across many tech companies. Since billionaire wealth is typically concentrated in corporate equity, founders and major shareholders of the world's leading tech companies have emerged as the biggest beneficiaries of the AI-driven tech stock rally, which has directly translated into significant growth in personal net worth. (The Paper)
2.95 Billion Yuan Online Gambling Case Exposed, Multiple Individuals Sentenced for Settling USDT and Other Virtual Currencies via Four-Party Payment Platform
TechFlow news, July 25, according to The Paper, the Inner Mongolia Autonomous Region Xilin Gol League Intermediate People's Court issued a second-instance judgment maintaining the original verdict in the case involving Ma suspected of the crime of illegal business operations. This is one of a series of cases where four-party payment platforms provided fund payment and settlement services for gambling platforms. In this case, some defendants were accused of receiving commissions or rebates in the form of virtual currencies such as USDT. Upon investigation, between May 24, 2022 and October 18, 2023, Ma and four others used third-party payment accounts to collect and pay illegal funds on behalf of others, and utilized settlement methods such as receiving USDT virtual currency via virtual wallets and bank card collections. Through 105 merchants across 10 third-party payment companies, the settlement amount exceeded 2.95 billion yuan. The court ultimately determined that Ma committed the crime of illegal business operations, sentencing him to four years and six months in prison and imposing a fine of 3 million yuan. The 5 individuals who were subsequently brought to justice were sentenced by the court to prison terms ranging from 3 to 6 years for the crime of illegal business operations.
Hong Kong Securities and Futures Commission Discusses Removing the 10% Minimum Exemption for Virtual Asset Management
the Hong Kong Securities and Futures Professional Association stated that representatives from regulatory bodies, including Executive Director of the SFC's Intermediaries Division Keith Yee and Deputy Secretary for Financial Services and the Treasury Joseph Chan, discussed several specific policy changes. These include: canceling the previous 10% minimum exemption for virtual asset management, and implementing new regulations effective immediately without a transitional period.Furthermore, the SFC indicated that it has communicated with the Hong Kong Securities and Investment Institute (HKSI). In the future, the examination for virtual asset platform practitioners will be separated from the existing courses, and examination fees will be lowered, aligning with the costs of current papers such as Paper 2 and Paper 3. The Hong Kong Securities and Futures Professional Association also called for a clear delineation between technology services and regulated activities, suggesting that the SFC establish a more transparent approval timeline and phased reference framework. (Sing Tao Daily)
Samsung, SK Hynix, and Micron Face US Class-Action Lawsuit, Accused of Manipulating Memory Prices via HBM Transition
According to The Paper, 14 individual consumers and three small businesses filed an antitrust class-action lawsuit on June 25 in the U.S. District Court for the Northern District of California, accusing Samsung, SK Hynix, and Micron of conspiring to manipulate DRAM supply and pricing since 2022, leading to an approximately 700% increase in memory prices over the past four years. The plaintiffs claim the three companies used the transition to High Bandwidth Memory (HBM) as an excuse to artificially cut supply of traditional DDR3 and DDR4 memory, disregarding "all economic and business logic". The lawsuit also cites Apple's recent price increases for iPads and Macs as evidence that supply restrictions have affected downstream products. If successful, the defendants are required to pay treble damages, and the scope of the lawsuit may expand to all consumers and businesses purchasing products containing DRAM. Notably, Samsung and SK Hynix were previously fined in the U.S. for price-fixing behavior in the early 2000s, and Samsung was even handed a $300 million criminal fine in 2005. Investment bank Jefferies predicts that the high level of memory prices is difficult to reverse in the short term, with prices still expected to rise quarter-on-quarter by 30% to 50% in the third and fourth quarters of 2026, and a significant decline may not occur until 2028 at the earliest.
Cross-border broker rectification in progress: Some Hong Kong broker account openings still open, intermediaries continue to solicit mainland clients
Following the introduction of centralized regulatory measures, different accounts held by the same investor within the Futu Niu Niu App have shown distinctly different trading statuses. The Futu Securities (Hong Kong) accounts of some existing domestic investors can no longer execute buy orders, requiring them to update their overseas identity documents. In contrast, the Moomoo accounts, which are serviced by U.S. licensed institutions, can still place orders normally. Furthermore, against the backdrop of ongoing regulatory rectification, account opening application channels for certain locally licensed Hong Kong brokers remain open. Some intermediaries are also still soliciting clients on social platforms by offering rebates and other incentives. (The Paper)
Forward Industries Releases White Paper on Crypto Vault Regulatory Framework, Responding to SEC Commissioner Peirce's Statement
According to a public letter issued by Forward Industries (NASDAQ: $FWDI), General Counsel Georgia Quinn formally responded to SEC Commissioner Hester Peirce's July 22, 2026, statement "Headstands and Summervaults," proposing a three-tier vault regulatory framework centered on the core variable of "manager discretion": • Type I - Use: Developers provide only off-the-shelf software, with users configuring parameters independently, requiring no registration; • Type II - Follow: Drawing on the SEC's 2013 AngelList no-action letter, Angels set strategies for others to follow, subject to conditions such as co-investment and disclosure, and do not need to register as investment advisers; • Type III - Advised: Involves active management, requires registration or an applicable exemption, and recommends joint oversight by the SEC and CFTC to avoid dual compliance conflicts. The article also outlines five baseline requirements applicable to all vaults, including conflict of interest disclosure, public code audits, exclusion of disqualified persons, application of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and cross-agency regulatory issues regarding mixed-asset vaults urgently require the SEC and CFTC
BIS Publishes Working Paper: Exploring Blockchain-Based Verification Solutions for Official Statistical Data
According to BIS Working Paper 1374 released by the Bank for International Settlements (BIS), the BIS, together with several researchers, has proposed a verifiable framework that binds official statistical data to the blockchain. The solution computes cryptographic fingerprints for SDMX datasets and anchors the digest values to the XRP Ledger, enabling independent verification of data provenance and integrity while leaving existing data publication workflows unaffected. Prototype tests show a data publication latency of approximately 3–5 seconds and a verification latency of approximately 1–2 seconds, meeting the requirements for real-time interactions and automated systems. Since only fingerprints, rather than raw data, are stored on-chain, data confidentiality is preserved. Cost modeling indicates that on-chain fees become negligible after batch processing, with a single ledger record capable of covering thousands of datasets. The study also provides an open-source reference implementation and reserves capacity for future integration of zero-knowledge proofs and AI-driven automated verification.
AI Wealth Wave Continues: Global Billionaire Count Reaches Record High of 3,795
Odaily News According to the latest report released by wealth intelligence firm Altrata, the number of billionaires worldwide surged to a record high in 2025, reaching 3,795—an increase of 8.2%, the strongest growth in five years. Rising stock markets, monetary stimulus policies, and the artificial intelligence (AI) investment boom have driven rapid wealth accumulation among the ultra-rich.The total wealth of billionaires grew by 12.8% in 2025, hitting a record $15.1 trillion—equivalent to nearly a quarter of the total market capitalization of the S&P 500. This marks the third consecutive year of accelerated wealth growth among billionaires, with the average billionaire now holding $4 billion in assets. In reality, however, the median net worth of billionaires stands at nearly $2 billion, reflecting the highly concentrated distribution of wealth among a small group of "super-billionaires."By region, North America saw the fastest growth in billionaire population at 11.6%, outpacing all other regions and reaching 1,337 individuals (35% of the global total). Europe recorded its second consecutive year of growth, with the number of billionaires rising nearly 8% to 1,081 (28% of the global total). Asia ranked as the third-largest region for billionaires, with an increase of 6.5% to 881 individuals.The report noted that since 2023, the AI investment boom has been one of the most significant drivers of global billionaire wealth creation, with its impact becoming even more pronounced in 2025 and the first half of 2026. Investor enthusiasm for generative AI, large language models, cloud computing, and AI software has attracted unprecedented capital, driving substantial market value revaluations across many tech companies. Since billionaire wealth is typically concentrated in corporate equity, founders and major shareholders of the world's leading tech companies have emerged as the biggest beneficiaries of the AI-driven tech stock rally, which has directly translated into significant growth in personal net worth. (The Paper)
Alibaba Completely Bans Claude Code Internally, Recommends Qoder as Replacement
According to reports by The Paper, due to security risks involving implanted backdoors exposed in Claude Code, Alibaba has listed it on its high-risk software list following a comprehensive evaluation. Effective July 10, internal employees are completely prohibited from using it in the office environment, and Qoder is recommended as an alternative. It is reported that Anthropic's Claude Code was found to have embedded "invisible code" since version 2.1.91. If users enable network proxies, the tool will secretly transmit user location and other information by modifying invisible system prompts. In response, Anthropic stated that this function was an experimental measure launched in March this year, aimed at preventing unauthorized resellers from abusing accounts and preventing distillation behavior, and indicated it would be fully rolled back in the latest version.
Blockchain data infrastructure company Cambrian raises $6 million in seed funding, co-led by Franklin Templeton and Polychain
Odaily reports: Blockchain data infrastructure startup Cambrian has secured $6 million in seed funding, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, Paper Ventures, Nomad Capital, and others.As previously reported by Odaily, Cambrian also received a $5.9 million pre-seed investment led by the a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million.Founded in 2024, Cambrian currently offers APIs for institutions and AI agents, providing real-time and historical on-chain data covering yield, risk, lending rates, trading activity, liquidity positions, and market sentiment, helping users allocate capital on-chain. The company plans to expand its existing APIs into a verifiable blockchain data oracle network, serving institutional financial clients, AI agent builders, and protocols that require reliable data to control capital flows. Unlike traditional oracles that primarily provide price data, Cambrian aims to aggregate data from lending protocols, DEX liquidity, social sentiment, developer activity, and historical market data.According to Cambrian, its platform has processed millions of API calls, currently indexes approximately $4.5 billion in TVL across four major lending protocols, tracks 1,789 vaults managed by 895 curators, and monitors over 320,000 DEX liquidity pools on Base and Solana. The company also plans to expand trading data support by integrating Hyperliquid and richer perpetual contract data.
After the financing news broke, DeepSeek launched an image recognition mode, but it couldn’t identify Liang Wenfeng
: DeepSeek has officially launched the image recognition mode on its web version, while the app is still in the internal testing phase. Functionally speaking, the newly launched image recognition mode is still in its early stages. The reporter repeatedly tested the model using photos of DeepSeek founder Liang Wenfeng. After several minutes of deliberation, the model gave many incorrect answers and ultimately admitted, "I am really not sure. It is not recommended to guess the name because guessing wrong is worse than saying 'I don’t know.'" In other tests by netizens, when presented with a photo of founder Liang Wenfeng, DeepSeek even misidentified him as Yang Zhilin, founder of Moonshot AI, or a "younger version" of Ma Huateng.It is worth noting that just before the launch of the image recognition mode, DeepSeek was reported to have secured its first round of financing, exceeding 50 billion yuan. According to reports, the core investment terms for DeepSeek are: whether for major tech companies or VC funds, Liang Wenfeng’s most important requirement is: not to poach DeepSeek’s employees or suggest they leave to start their own ventures. The reporter inquired about the relevant situation with an insider from DeepSeek and learned that this account is largely accurate. (The Paper)
Related news
Forward Industries Releases White Paper on Crypto Vault Regulatory Framework, Responding to SEC Commissioner Peirce's Statement
According to a public letter issued by Forward Industries (NASDAQ: $FWDI), General Counsel Georgia Quinn formally responded to SEC Commissioner Hester Peirce's July 22, 2026, statement "Headstands and Summervaults," proposing a three-tier vault regulatory framework centered on the core variable of "manager discretion": • Type I - Use: Developers provide only off-the-shelf software, with users configuring parameters independently, requiring no registration; • Type II - Follow: Drawing on the SEC's 2013 AngelList no-action letter, Angels set strategies for others to follow, subject to conditions such as co-investment and disclosure, and do not need to register as investment advisers; • Type III - Advised: Involves active management, requires registration or an applicable exemption, and recommends joint oversight by the SEC and CFTC to avoid dual compliance conflicts. The article also outlines five baseline requirements applicable to all vaults, including conflict of interest disclosure, public code audits, exclusion of disqualified persons, application of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and cross-agency regulatory issues regarding mixed-asset vaults urgently require the SEC and CFTC
BIS Publishes Working Paper: Exploring Blockchain-Based Verification Solutions for Official Statistical Data
According to BIS Working Paper 1374 released by the Bank for International Settlements (BIS), the BIS, together with several researchers, has proposed a verifiable framework that binds official statistical data to the blockchain. The solution computes cryptographic fingerprints for SDMX datasets and anchors the digest values to the XRP Ledger, enabling independent verification of data provenance and integrity while leaving existing data publication workflows unaffected. Prototype tests show a data publication latency of approximately 3–5 seconds and a verification latency of approximately 1–2 seconds, meeting the requirements for real-time interactions and automated systems. Since only fingerprints, rather than raw data, are stored on-chain, data confidentiality is preserved. Cost modeling indicates that on-chain fees become negligible after batch processing, with a single ledger record capable of covering thousands of datasets. The study also provides an open-source reference implementation and reserves capacity for future integration of zero-knowledge proofs and AI-driven automated verification.
Data: 60% of the most popular cryptocurrencies at their five-year peaks have fallen over 90%, with only 12 posting positive returns.
According to a report by The Paper's Meishuke, in 2021, the total global cryptocurrency market capitalization surged to $2.62 trillion, reaching a historic peak. Five years later, Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) remain the three pillars of the crypto market. As of August 31, 2026, their combined market capitalization accounts for approximately 78% of the global total, with Bitcoin alone representing nearly 60%. However, among the cryptocurrencies that ranked in the Top 100 in 2021, only 12 have currently posted positive returns, three no longer have valid price quotes, and nearly 60% have cumulative declines exceeding 90%.
AI Wealth Wave Continues: Global Billionaire Count Reaches Record High of 3,795
Odaily News According to the latest report released by wealth intelligence firm Altrata, the number of billionaires worldwide surged to a record high in 2025, reaching 3,795—an increase of 8.2%, the strongest growth in five years. Rising stock markets, monetary stimulus policies, and the artificial intelligence (AI) investment boom have driven rapid wealth accumulation among the ultra-rich.The total wealth of billionaires grew by 12.8% in 2025, hitting a record $15.1 trillion—equivalent to nearly a quarter of the total market capitalization of the S&P 500. This marks the third consecutive year of accelerated wealth growth among billionaires, with the average billionaire now holding $4 billion in assets. In reality, however, the median net worth of billionaires stands at nearly $2 billion, reflecting the highly concentrated distribution of wealth among a small group of "super-billionaires."By region, North America saw the fastest growth in billionaire population at 11.6%, outpacing all other regions and reaching 1,337 individuals (35% of the global total). Europe recorded its second consecutive year of growth, with the number of billionaires rising nearly 8% to 1,081 (28% of the global total). Asia ranked as the third-largest region for billionaires, with an increase of 6.5% to 881 individuals.The report noted that since 2023, the AI investment boom has been one of the most significant drivers of global billionaire wealth creation, with its impact becoming even more pronounced in 2025 and the first half of 2026. Investor enthusiasm for generative AI, large language models, cloud computing, and AI software has attracted unprecedented capital, driving substantial market value revaluations across many tech companies. Since billionaire wealth is typically concentrated in corporate equity, founders and major shareholders of the world's leading tech companies have emerged as the biggest beneficiaries of the AI-driven tech stock rally, which has directly translated into significant growth in personal net worth. (The Paper)
Xiaomi Responds to “Lei Jun Profits 700 Million from Changxin’s IPO”: It’s a Corporate Investment, Can't Be Confused with Personal Wealth
: “Lei Jun profits 700 million from Changxin Technology’s IPO” trended on Weibo’s hot search list. According to a previous announcement by Changxin Technology, a company in Wuhan participated in Changxin Technology’s strategic placement, securing 18,244,800 shares. Calculated at the issue price of 8.66 yuan per share, the company made a profit of 736 million yuan on the first day of listing. This company is Wuhan 1810 Enterprise Management Co., Ltd., established in 2021, with its office located in the East Lake High-tech Zone in Wuhan.Notably, Wuhan 1810 Enterprise Management Co., Ltd. is a wholly-owned subsidiary of Xiaomi Technology. According to equity information, the chairman of Xiaomi Technology is Lei Jun, who holds 97.48% of Xiaomi Technology’s shares.Xu Jieyun, Special Assistant to the Chairman of Xiaomi Group and Deputy General Manager of the Strategic Marketing Department, responded to this today, saying, “Friends can have a laugh at this, but don’t take it seriously. Actually, you can’t calculate it that way. This is a corporate investment; specific subsidiary entities cannot be conflated with personal wealth. Also, by the way, best wishes to Changxin again.”It is reported that semiconductor industry chain companies such as Montage Technology, ESWIN, ACM Research, Anji Microelectronics, Tongfu Microelectronics, AMEC, YITAN Technology, and National Silicon Industry Group each received 18.24 million shares, with an allocation amount of 158 million yuan. Based on the closing price on the first day of listing, each company’s floating profit exceeded 700 million yuan. (The Paper)
2.95 Billion Yuan Online Gambling Case Exposed, Multiple Individuals Sentenced for Settling USDT and Other Virtual Currencies via Four-Party Payment Platform
TechFlow news, July 25, according to The Paper, the Inner Mongolia Autonomous Region Xilin Gol League Intermediate People's Court issued a second-instance judgment maintaining the original verdict in the case involving Ma suspected of the crime of illegal business operations. This is one of a series of cases where four-party payment platforms provided fund payment and settlement services for gambling platforms. In this case, some defendants were accused of receiving commissions or rebates in the form of virtual currencies such as USDT. Upon investigation, between May 24, 2022 and October 18, 2023, Ma and four others used third-party payment accounts to collect and pay illegal funds on behalf of others, and utilized settlement methods such as receiving USDT virtual currency via virtual wallets and bank card collections. Through 105 merchants across 10 third-party payment companies, the settlement amount exceeded 2.95 billion yuan. The court ultimately determined that Ma committed the crime of illegal business operations, sentencing him to four years and six months in prison and imposing a fine of 3 million yuan. The 5 individuals who were subsequently brought to justice were sentenced by the court to prison terms ranging from 3 to 6 years for the crime of illegal business operations.