Author: Shenchao TechFlow
Yesterday's Market Dynamics
U.S. media: Iranian sources say both sides have indeed made contact, but have not yet reached the level of comprehensive negotiations.
According to CNN, an Iranian source stated that “contacts” have taken place between the United States and Iran, and that Iran is willing to consider “sustainable” proposals aimed at ending the war. The source said, “In recent days, contacts initiated by Washington between the U.S. and Iran have indeed occurred, but they have not yet reached the level of full-scale negotiations. Both sides have received messages through various intermediaries to explore whether an agreement to end the war can be reached.” They added, “The proposals currently under consideration aim not only to achieve a ceasefire, but to reach a specific agreement ending the U.S.-Iran conflict.”
The source did not provide further details. The source declined to comment on Trump’s public statements regarding the negotiations and emphasized that Iran’s position has always been clear: Tehran is prepared to consider any viable proposal. “Iran has not requested meetings or direct dialogue with the United States, but if a sustainable agreement emerges that safeguards Iran’s national interests, Iran is willing to listen,” the source said. The source also insisted that any proposal must include the lifting of all sanctions imposed on Iran.
U.S. media: U.S. Department of Justice acknowledges lack of evidence in investigation into Powell
According to The Washington Post, court records show that a senior aide to U.S. Department of Justice official Jenny O’Connor admitted during an in-camera hearing this month that the Department of Justice has no evidence of wrongdoing in its criminal investigation into Federal Reserve Chair Powell regarding the renovation costs of the Fed building.
The Central Committee of the Communist Party of China issued the "Regulations on Clean Business Conduct for Leaders of State-Owned Enterprises": Prohibiting the acceptance of property such as "cryptocurrencies".
According to the People's Daily, the General Office of the CPC Central Committee and the General Office of the State Council recently issued the "Regulations on Clean Business Conduct for Leaders of State-Owned Enterprises." Article Seven explicitly prohibits leaders of state-owned enterprises from using their authority or influence to seek personal gains, including: accepting gifts, cash, or virtual currencies from affiliated enterprises; indirectly receiving property by buying or selling houses, vehicles, or other assets at unfair prices; entrusting others to invest in securities or futures without contributing capital yet profiting; engaging in quid pro quo transactions through anonymous shareholding or holding shares on behalf of others; obtaining substantial returns through financial activities such as private lending; exploiting insider information or trade secrets of the enterprise for personal gain; embezzling, illegally possessing, or misappropriating enterprise assets; and privately appropriating discounts, intermediary fees, or returned rewards. Violators will be dealt with in accordance with regulations, discipline, and the law.
Backpack responds to the sybil detection controversy:申诉通道 has been launched, points will be refunded, and a token buyback compensation program will be initiated.
According to Claire, a member of the Backpack team, in response to recent user disputes over sybil account determinations, Backpack has established an appeal process and plans to launch a token buyback compensation program.
Backpack co-founder Armani and the core team have immediately opened an appeals channel and introduced "Criterion 3": Users with no more than three accounts operated from a single device, and who have been flagged as sybils, will receive over 50% of their points back upon manual review and verification. Additionally, the Backpack team will launch a dedicated program within the coming days to repurchase tokens on the secondary market, with the acquired tokens specifically allocated to compensate users meeting the above criteria.
Claire stated that the witch detection had a relatively concentrated impact on Chinese-speaking users, as the Europe and America teams adhere to a compliance standard of "one person, one account," which differs from the usage habits of Chinese-speaking users. It is understood that members of the Chinese-speaking region team engaged in in-depth discussions with the Europe and America teams to help implement the aforementioned appeal and compensation mechanisms.
Resolv offered a settlement to the attacker overnight: return 90% of the funds and keep approximately $2.5 million in incentives.
According to a message from Resolv Labs earlier today, in response to the vulnerability exploit that led to the uncollateralized minting of approximately 80 million USR, the Resolv team has sent an on-chain message to the attacker's address formally proposing a settlement.
The specific terms are as follows: The attacker must return 90% of the converted funds (approximately $25 million worth of ETH) to the designated recovery address and may retain the remaining 10% as a settlement incentive; additionally, the attacker must cease all further operations involving the stolen funds and transfer all USR under their control to the same address. These requirements must be fulfilled within 72 hours of this announcement.
The Resolv team stated that if the attacker fails to cooperate within the specified timeframe, escalated measures will be taken, including coordinating with centralized exchanges, cross-chain bridges, and infrastructure providers to freeze related assets; publicly disclosing the attacker’s addresses and transaction tracking information; collaborating with blockchain analysis firms and law enforcement agencies; and pursuing legal remedies to recover losses. The investigation is ongoing.
Ethereum Foundation: Reposition L2 from a "scaling tool" to a "customization service layer"
According to a post on the Ethereum Foundation’s official website, a systematic framework for the coordinated development of L1 and L2 is outlined. The article states that the core role of L2 has evolved from an early “scaling tool” to a “layer for differentiated features and customized services,” while L1 should focus on becoming a permissionless, highly resilient global settlement layer, shared state, liquidity, and DeFi hub.
Regarding recommendations for L2s, the article requires L2s to meet at least Stage 1 security standards and pass the "exit test." L2s aiming for the closest L1 integration should advance to Stage 2 and implement synchronized composability and native rollup mechanisms.
The Ethereum Foundation stated that it will continue advancing L1 scaling and blob expansion to increase throughput without compromising decentralization, while investing in research to support the deployment of native rollup technologies and collaborating with L2Beat to enhance the transparency and verifiability of L2 security properties. The article emphasized that the mutually beneficial relationship between L1 and L2 is a fundamental prerequisite for the continued growth of the Ethereum ecosystem.
Bitlayer ($BTR) plunges 80% in a single day, suspected to be due to concentrated selling on Bithumb
According to on-chain analyst Ember (@EmberCN), Bitlayer ($BTR) plummeted 80% since yesterday afternoon, with its price dropping from $0.2 to $0.04. On-chain data shows that 41% of the circulating supply (approximately 140 million tokens) of $BTR entered the Bithumb exchange within a single day, suggesting Bithumb may be the primary destination for spot selling or price manipulation.
ZachXBT: Circle has frozen the USDC balances in 16 business hot wallets related to an undisclosed U.S. civil lawsuit.
According to on-chain detective ZachXBT, Circle recently froze USDC balances in 16 hot wallets belonging to multiple companies. The freeze stems from an ongoing U.S. civil lawsuit whose details have not been publicly disclosed; the information was confirmed directly by one of the affected companies to ZachXBT.
ZachXBT believes that these wallets associated with exchanges, casinos, forex, and other businesses show no clear connection to each other, questioning whether Circle conducted adequate review of the freeze requests; he also stated that the affected wallets are operational hot wallets used by businesses to process large volumes of user transactions, and their freezing has disrupted their daily operations.
Tether has hired one of the Big Four accounting firms to complete its first full audit.
According to Tether’s official announcement, Tether has entered into an agreement with one of the Big Four accounting firms to initiate its first-ever comprehensive independent financial statement audit. This audit is regarded as the largest first-time audit in financial market history, covering complex asset structures including digital assets, traditional reserves, and tokenized liabilities. The market capitalization of USD₮ has now exceeded $184 billion, serving over 550 million users worldwide.
Tether stated that this audit aims to go beyond the industry-standard "attestation" to move toward a full audit, demonstrating that USD₮ is fully backed, sufficiently liquid, and managed with risk controls at an international best-practice level. Tether CEO Paolo Ardoino said, "Trust is built through actions, not promises; this audit represents the culmination of years of system strengthening."
Robinhood approves a $1.5 billion stock repurchase program, expected to be executed over approximately three years.
According to Bloomberg, Robinhood Markets announced approval of a new stock repurchase program authorizing the company to repurchase up to $1.5 billion of its own shares, expected to be executed over approximately three years. Robinhood’s stock price has declined by 39% since early 2026, and the company views this as an opportune time for repurchases.
The Information: SpaceX plans to file its IPO application as early as this week.
According to The Information, SpaceX plans to file its IPO application as early as this week.
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