Today's top news highlights:

Macro

FTX's motion to reinstate the trust and withdraw "restricted jurisdiction proceedings" marks a partial victory for creditors.

According to Delaware Bankruptcy Court documents, FTX Resumption Trust formally withdrew its previously filed motion on November 3rd to proceed with the restructuring plan through "restricted proceedings" in certain foreign jurisdictions. The motion was unconditionally withdrawn after the court expressed objections at a hearing on October 23rd, marking a significant victory for affected creditors in their fight for their rights. If the proceedings are to be restarted in the future, a new motion must be filed and notification procedures fulfilled.

Alpha Arena Season 1 has concluded, with Qwen 3 MAX emerging victorious.

Jay A, founder of nof1.ai, announced that the first season of the AI live trading competition Alpha Arena has concluded, with Alibaba's Qwen team's Qwen 3 MAX overtaking Deepseek in the final stages to win the championship, reaching an account value of $12,231.82. He stated that the next season will introduce mechanisms such as multiple prompts, multiple instances, and trading history to enhance stability and assessment depth.

Wintermute denied that it would sue Binance, stating that it had never had such a plan.

Wintermute founder and CEO Evgeny Gaevoy stated on the X platform, "We have never planned to sue Binance, and there is no reason for us to do so in the future," responding to market rumors. Previously, on October 11th (Beijing time), a massive deleveraging event in the crypto market resulted in the liquidation of over $20 billion in leveraged positions; Binance subsequently paid approximately $283 million to affected traders and launched a $400 million user compensation and low-interest loan program. Gaevoy stated that the company is "completely fine" and indicated that the prices of some of the liquidated positions were "very abnormal." It is unclear whether Wintermute received compensation.

Opinion

CZ: I added to my Aster position again yesterday. Every time I buy, I get trapped. I won't disclose that anymore.

Binance founder CZ tweeted that he always gets trapped when he buys cryptocurrencies, recalling his experiences of buying BTC at an average price of $600 in 2014 only to see it drop to $200 within a month, and buying BNB in 2017 only to see it fall by 20-30%. He revealed that he added to his Aster position again yesterday, but did not disclose the specific assets, and reminded users to be aware of investment risks. He also stated that he will no longer disclose related operations in the future to avoid affecting market trends.

Solana Foundation President Lily Liu: On-chain native IPOs may happen within a few years

The Finternet 2025 Asia Digital Finance Summit, supported by the OSL Group, was held in Hong Kong on November 4th. Lily Liu, President of the Solana Foundation, stated that Solana is driving the creation of an "internet capital market" and plans to achieve a native on-chain IPO in the coming years. She added that Solana will also collaborate with institutions such as Western Union to deepen the application of blockchain in payments and stablecoins, pointing out that the essence of blockchain is a technological platform serving the financial system, and the core of future financial infrastructure lies in "liquidity, speed, and cost." Lily continued, stating that to find stablecoins and financial infrastructure that can be used in the long term, two key elements must be considered: performance and decentralization.

Project Updates

UnifAI announced the $UAI token economics, with 13.33% allocated to the community and ecosystem.

UnifAI, an AI-native infrastructure, has launched the $UAI token economics, with a total supply of 1 billion tokens based on the BSC blockchain. Token allocation includes protocol development (20%), the foundation and treasury (20.75%), marketing (18.57%), the team and advisors (15%), and the community and ecosystem (13.33%). $UAI will be used for service payments, governance voting, staking, and revenue distribution, incentivizing developers and users to participate in ecosystem building and promoting the deep integration of autonomous AI and Web3. Previously, it was announced that Binance Alpha and Binance Futures would list UnifAI (UAI).

Moonwell lending contract attacked, attackers profit 295 ETH.

According to CertiK's monitoring, the Moonwell lending contract was attacked by multiple transactions. The attackers used a faulty oracle to return a wrst price (approximately $5.8 million), repeatedly borrowing and lending more than 20 wstETH by flash-borrowing only about 0.02 wrstETH and depositing it, thereby profiting 295 ETH (approximately $1 million).

The ZKsync community has launched a 6-month ZK staking reward program with a maximum reward of 37.5 million ZK.

According to the ZKsync community governance platform, the [TPP-12] ZKnomics token staking proposal has been approved. Proposed by Dennison (Tally), the proposal aims to pilot a 6-month ZK token staking reward program with a total reward cap of 37.5 million ZK (approximately $1.9 million). Staking participants will receive up to a 10% annualized return. The program will be deployed via Tally's smart contract, conducted in two quarters, with 10 million and 25 million ZK allocated as rewards each quarter. Users can delegate voting rights while staking tokens, and there is no lock-up period. The proposal plans to launch the first quarter of staking in December 2025, and the implementation will be monitored through ZKsync governance.

Berachain: Hard fork upgrade files have been distributed; the attacker is a white-hat hacker and is willing to return the funds.

Berachain stated in a post on the X platform that the hard fork upgrade documents have been distributed and many validator nodes have also upgraded. They hope that core infrastructure partners required for on-chain operation (such as liquidation oracles) will ensure their RPCs are updated, as this is currently the main obstacle to restoring on-chain operation. After completing the core service RPC requests, they will coordinate with bridges, CEX partners, custodians, etc., to restore service. Berachain added that they are also currently communicating with a BEX fund holder, an MEV bot operator who identified himself as a white-hat hacker, who is willing to pre-sign a series of transactions to have his funds returned after the upgrade, expected to be returned to Berachain's deployment address.

Staked Stream USD (XUSD) has decoupled from its peg by over 60%.

According to CoinGecko data, the Staked Stream USD (XUSD) has become 62.1% decoupled from its peg, currently trading at $0.5504.

Stream Finance: Suffers $93 million in asset losses, has suspended withdrawals and launched an investigation.

According to an official announcement, Stream Finance stated that an external fund manager disclosed a loss of approximately $93 million in Stream funds under its supervision. Stream has hired Keith Miller and Joseph Cutler of the law firm Perkins Coie LLP to lead a full investigation. Currently, Stream is withdrawing all liquid assets and has announced a suspension of all deposits and withdrawals. Further updates will be provided regularly. Earlier today, PeckShield reported that the StakedStreamUSD (XUSD) had de-pegged by approximately 23%.

PeckShield: Staked Stream USD (XUSD) has de-pegged by approximately 23%.

According to blockchain security firm PeckShieldAlert, the stablecoin Staked Stream USD (XUSD) has de-pegged and fallen by about 23%. The project owner is Stream Finance, and users are advised to be aware of the risks.

StakeWise has recovered over $20 million in stolen assets through emergency multi-sign-in services and will return the funds to users proportionally.

StakeWise tweeted that its DAO emergency multisignature team has recovered 5,041 osETH (approximately $19 million) and all 13,495 osGNO (approximately $1.7 million), totaling approximately $20.7 million, representing 73.5% of the osETH stolen in the Balancer V2 vulnerability. The remaining osETH could not be recovered because the attacker quickly converted it into ETH. The recovered assets will be returned to users according to their pre-incident holdings, and a full review report will be released soon.

Chainlink, in collaboration with FTSE Russell, is bringing global index data onto the blockchain for the first time.

According to an official announcement from Chainlink, FTSE Russell has partnered with Chainlink, and for the first time, FTSE Russell has uploaded its core index data (including Russell 1000, 2000, 3000, FTSE 100, etc.) to the Chainlink DataLink blockchain. This covers over 60 blockchains, serves more than 2,000 applications, and enables 24/7 real-time access across multiple chains. FTSE Russell is a leading global provider of financial index and data services and is part of the London Stock Exchange Group (LSEG).

Important data

"7 Siblings" added another $32.49 million worth of ETH to its holdings, bringing its total ETH purchases during this price drop to $72.49 million.

According to Onchain Lens monitoring, the "7 Siblings" address group spent another $32.49 million USDC to purchase 9,057 ETH. To date, they have spent a total of $72.49 million USDC in this round of price correction, purchasing 19,918 ETH at an average price of $3,638.

A whale that sold BTC last November bought back in at an average price of $106,000, acquiring 800 BTC.

According to Ember Monitoring, a whale that sold BTC last November and hasn't traded since has re-entered the market today, buying 800 BTC at $106,060, for a total value of approximately $84.87 million. This whale profited a total of $120 million through three BTC swing trades between 2022 and 2024. This is its fourth purchase, and whether it can continue its previous successful profits remains to be seen.

A major short seller of ASTER has already made a paper profit of $21 million, bringing its total profit to nearly $100 million.

According to Lookonchain monitoring, as prices fell, anti-CZ whales increased their short positions in ASTER after CZ posted his buy order, and currently hold over $21 million in unrealized profits through two wallets. In addition, this whale is also shorting DOGE, ETH, XRP, and PEPE, all of which are profitable, bringing its cumulative profits on Hyperliquid to nearly $100 million.

Data shows that long-term holders sold 400,000 BTC in the past 30 days, accounting for nearly 2% of the total.

Crypto analyst Quinten stated that over the past 30 days, long-term Bitcoin holders have sold approximately 400,000 BTC, representing nearly 2% of the total Bitcoin supply. Despite this significant selling pressure, Bitcoin has remained above $100,000. He pointed out that once genuine market demand picks up, the price of Bitcoin could see further upside potential.

Investment and Financing/Acquisition

Ripple acquires Palisade, strengthening its digital asset custody and wallet services portfolio.

Ripple announced the acquisition of Palisade, a digital asset wallet and custody company, to expand its enterprise-grade crypto custody capabilities. The transaction amount was not disclosed. This acquisition will enable Ripple to provide crypto-native institutions, fintech companies, and enterprise clients with complete asset management solutions, ranging from long-term storage to high-frequency trading. Palisade features MPC, a zero-trust architecture, and multi-chain support, and will be directly integrated into Ripple's payment system, improving the efficiency of cross-border payments and fund transfers. Ripple has invested approximately $4 billion in the cryptocurrency ecosystem through strategic investments and acquisitions. Previous acquisitions include Hidden Road ($1.25 billion), Rail ($200 million), and GTreasury ($1 billion).

Liquid, a DEX aggregator, has raised $7.6 million in seed funding, led by Paradigm.

According to The Block, decentralized perpetual contract aggregator Liquid has completed a $7.6 million seed funding round, led by Paradigm, with participation from General Catalyst and several angel investors in the crypto and technology sectors. Liquid integrates platforms such as Hyperliquid, Lighter, and Ostium, providing a one-stop solution for non-custodial trading, yield, risk control, and analytics. The founder is Franklyn Wang, former head of AI at Two Sigma. The platform has already facilitated over $500 million in trading volume.

Web3+AI browser project Donut Labs has raised $15 million in seed funding, with participation from Hack VC and others.

According to CoinDesk, Donut Labs, a Web3+AI browser project, has completed a $15 million seed funding round. Investors include BITKRAFT, Makers Fund, Sky9 Capital, Altos Ventures, and Hack VC, as well as participants from the Solana, Sui, and Monad ecosystems. The project plans to embed autonomous trading agents into the browser, enabling users to perform on-chain transaction analysis even offline. Donut already has over 160,000 users on its waiting list, and the company plans to use the funding to develop a profitable smart browser that integrates real-time market intelligence and executes automated trading. Donut states that its goal is to transform how users interact with the financial internet by directly embedding autonomous trading agents into the browsing experience. These agents can analyze the market, calculate risk, and execute on-chain transactions, even when the user is offline.

Stablecoin developer Standard Money completes $8 million strategic funding round, led by Yzi Labs.

According to CoinDesk, Standard Money, the developer of the BNB Chain ecosystem stablecoin USDsd, has completed an $8 million strategic funding round led by Yzi Labs, with participation from Gate.io, Crypto.com, and Animoca Brands, among others. USDsd is a yield-seeking algorithmic stablecoin based on the stablecoin USDT. The funds raised will be used to support Standard Money's mainnet launch, expand its liquidity partnerships, and grow its global operations.

Animoca Brands plans to pursue a Nasdaq listing through a reverse takeover.

According to its official blog, Animoca Brands co-founder and executive chairman Yat Siu released a letter to shareholders announcing its proposal to list Animoca Brands on Nasdaq through a reverse takeover of fintech company Currenc Group Inc. (NASDAQ: CURR). Under the proposed structure, upon completion of the reverse takeover, Animoca Brands shareholders will collectively own approximately 95% of the issued shares of the combined entity, which is expected to operate under the name Animoca Brands. Previously, Animoca Brands announced that it had signed a letter of intent with Nasdaq-listed Currenc Group.

Institutional holdings

Tharimmune completes $540 million private funding round to establish Canton token treasury

According to PRNewswire, Nasdaq-listed Tharimmune announced the completion of a $540 million private funding round, led by DRW and Liberty City Ventures, with participation from ARK Invest, Bitwave, Broadridge, Clear Street, Copper, Digital Asset, and other companies. The new funds will support the company in establishing a Canton utility token treasury and purchasing tokens. Previously, it was reported that DRW was leading talks to raise $500 million for a publicly traded company that holds a Canton token reserve.

Bitmine increased its holdings by 82,353 ETH last week, bringing its total holdings to $12.61 billion.

According to Onchain Lens monitoring, Bitmine purchased 82,353 ETH (worth $305.9 million) last week. The company currently holds a total of 3,395,422 ETH, worth $12.61 billion. Furthermore, according to PR Newswire, as of November 2nd, Eastern Time, BitMine held 3,395,422 ETH and 192 BTC, as well as $62 million worth of Eightco Holdings shares.

Strategy spent $45.6 million last week to acquire 397 bitcoins.

According to official sources, Strategy purchased 397 Bitcoins between October 27th and November 2nd at a price of approximately $114,771 per Bitcoin, for a total value of approximately $45.6 million. As of the beginning of 2025, this represents a 26.1% return on Bitcoin. As of November 2nd, 2025, Strategy will hold 641,205 Bitcoins, purchased at approximately $74,057 per Bitcoin, for a total value of approximately $47.49 billion.

Strategy plans to issue 10% perpetual preferred shares (STRE) denominated in euros and will use part of the proceeds to purchase Bitcoin.

Strategy Inc. (NASDAQ: STRF/STRC/STRK/STRD/MSTR) announced a proposed offering of 3,500,000 10.00% Series A Perpetual Stream Preferred Stock (STRE), with a par value of €100 per share. The stock will pay quarterly dividends, with unpaid dividends accruing at 10% + 100 basis points quarterly, up to a maximum of 18%. The company stated that the proceeds will be used for general corporate purposes, including the purchase of Bitcoin and working capital. STRE includes a redemption option in the event that the outstanding shares fall below 25% of the original offering or in the event of a specific tax event, and a buyback option for holders at par value plus accrued unpaid dividends in the event of a “material change.” Underwriters include Barclays, Morgan Stanley, and Moelis.

Two whales shorting ASTER currently have a total unrealized profit of $11.9 million.

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