Key Overnight and Morning News (November 8–November 9)

Shandong Linyi flags risk in "Global Stock Exchange" virtual currency project: exit as soon as possible to avoid losses

According to the WeChat public account of the Linyi Media Center, Linyi authorities issued a risk warning exposing two major illegal financial scams, the "Global Stock Exchange" and the "Savings Project" apps. Among them, the "Global Stock Exchange" project advertises high returns and lures the public into investing in and buying virtual currency; those who have participated should exit as soon as possible to avoid losses. The "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" issued by the People's Bank of China and other departments clearly states that virtual currency does not have the same legal status as legal tender.

Vitalik: Slowing the ultra-large-scale expansion of computing power may overall do more good than harm

Ethereum co-founder Vitalik Buterin posted on X that he does not agree with the recent strongly emotional reaction against the anti-data-center movement. He believes that algorithmic progress means that what can be done in two years with more and larger data centers can be done within four years (or even sooner) using existing data centers, so even if anti-data-center advocates achieve extreme success, it would not bring catastrophic consequences. At the same time, the world needs as much time as possible to strengthen its response to cybersecurity problems that have already emerged and to upcoming risks such as biosecurity; and scientific applications are also constrained by many factors beyond AI, so a one-year slowdown in AI affects them by far less than a year. Therefore, he believes that slowing the ultra-large-scale expansion of computing power overall appears to do more good than harm, and this judgment does not require controversial arguments such as "doomerism" or recursive self-improvement (RSI).

Data: ALLO, AZTEC and other tokens will see large unlocks worth over $10 million next week

Token Unlocks data shows that the ALLO, AZTEC, YZY and STRK tokens will see large unlocks next week, including:

Allora (ALLO) is expected to unlock about 160 million tokens at 9:00 p.m. Beijing time on November 11, about 65.56% of the circulating supply, worth about $23.7 million;

Aztec (AZTEC) is expected to unlock about 797 million tokens at 8:00 a.m. Beijing time on November 13, about 31.81% of the circulating supply, worth about $10.3 million;

YZY (YZY) will unlock about 29.17 million tokens at 11:00 a.m. Beijing time on November 14, about 4.12% of the circulating supply, worth about $8.4 million;

Starknet (STRK) will unlock about 127 million tokens at 8:00 a.m. Beijing time on November 15, about 3.26% of the circulating supply, worth about $5 million;

Aptos (APT) will unlock about 4.54 million tokens at 2:00 p.m. Beijing time on November 11, about 0.51% of the circulating supply, worth about $2.7 million;

Sei (SEI) will unlock about 55.56 million tokens at 8:00 p.m. Beijing time on November 15, about 0.83% of the circulating supply, worth about $2.5 million;

peaq (PEAQ) will unlock about 82.21 million tokens at 8:00 a.m. Beijing time on November 12, about 3.07% of the circulating supply, worth about $2.4 million.

Vitalik: ETH should focus on store of value, not rely on fee burning

Ethereum co-founder Vitalik Buterin wrote that ETH should focus on being a store of value (SoV) rather than being positioned as a "fee-burning token." He said EIP-1559 and its burn mechanism should be retained, but even if the burn amount stays below 10% of the break-even point for a long time, there is no need to worry. Vitalik noted that the burns of 2021–2023 mainly came from usage scenarios inside the crypto circle and were never a real valuation floor. If a market cap of about $270 billion were to be supported by burning, Ethereum would need about 700,000 ETH per year in in-protocol R&D funding and would also require interventionist governance, which conflicts with the goals of decentralization and censorship resistance.

Analysis: Cumulative Binance tokenized gold trading tops $8 billion, 7-day volume hits record high

CryptoQuant analyst Darkfost wrote that as the crypto market weakens, trading in tokenized gold is heating up again. Since launch, cumulative spot trading volume of gold-backed products on the Binance platform has exceeded $8 billion; excluding the initial trading peak right after listing, the past 7 days' volume hit a record high of more than $325 million, with single-day volume of $78 million on November 5. According to CoinGecko data, the total market cap of tokenized assets is about $50 billion, of which commodities account for close to $6 billion, with gold making up a large share. Darkfost said gold prices have pulled back more than 30% since the start of the year and are now stabilizing around $4,000 per ounce, and that volume alone cannot determine whether investors are adding to or reducing their gold exposure.

EU preliminarily finds TikTok's recommendation system in breach of the Digital Services Act

The European Commission on November 6 local time preliminarily found that TikTok's recommendation system has a "rabbit hole effect," making it harder for users to tear themselves away the more they scroll, in breach of the Digital Services Act (DSA), and that TikTok's existing mitigation measures are ineffective. The EU believes TikTok should adjust its "For You" algorithm, including pushing content more based on preferences users explicitly express, removing watch time as a recommendation metric, and making user control features easier to use. If a violation is ultimately confirmed, TikTok could face a fine of up to 6% of its global annual turnover. TikTok denies the allegations, saying the EU's claims are fundamentally untrue. The conclusion is a preliminary finding, not a final penalty decision, and TikTok can exercise its right of defense.

Binance co-CEOs and Chief Security Officer to hold X Space fireside chat at 20:00 tomorrow

Binance posted on X that Binance co-CEOs Richard Teng and He Yi, together with Chief Security Officer Jimmy Su, will hold an X Space fireside chat at 20:00 Beijing time on November 9, hosted by Jessica. Previously, Binance suffered a security incident on October 29 in which about $6.3 billion in assets were stolen, and released a preliminary investigation report on November 3.

DeepSeek Harness to launch official plugin marketplace and plugin author support program

DeepSeek Harness officially posted on X that it will further improve the stability and compatibility of the plugin API, strengthen plugin security, and build an official plugin marketplace to make it easier for developers to publish plugins and for users to find the plugins they need. The team is also preparing a plugin author support program that will provide token grants, technical exchanges and promotion of works; an expression-of-interest form is now open, with specific participation rules and support details to be announced when the program officially launches. In addition, since its launch, the number of third-party plugins for DeepSeek Harness has grown to about 35,000, and about 60% of active users have created or installed at least one plugin.

DeepSeek team member: DeepSeek Harness is positioned as "the operating system of the Agent era"

Tianyi Cui, a core member of the DeepSeek Harness team, wrote a post responding to plugin developers' questions about "the relationship between official built-in features and third-party plugins." He said DeepSeek Harness is positioned as "the operating system of the Agent era." The official team will provide stable foundational capabilities and build in the general features most users need. Under the "everything is a plugin" design, built-in features can likewise be replaced by third-party plugins. Citing the alarm clock and calculator built into smartphone systems as examples, he said he hopes community plugins will do better than the built-in features.

Lightning Network wallet LNbits hit by a wave of attacks, warns all users to shut down servers immediately

Bitcoin Lightning Network open-source wallet and account system LNbits warned on X that all LNbits users should immediately shut down their LNbits servers. LNbits said that after being hit by a wave of attacks, the team needs to push a number of security patches, and it is best to stay cautious until then, with updates to be released as soon as possible.

Web3Auth has moved about $5.6 million in assets from affected Keplr wallets to recovery addresses

Web3Auth, owned by Consensys, said that a vulnerability in its service exposed the private keys of some Keplr wallets created via Google or Apple login, and that it moved the funds in those wallets to safe addresses ahead of the attackers. On-chain data shows that the 12 recovery addresses it published currently hold about $5.6 million in crypto assets in total, including about 2.49 million ATOM on Cosmos Hub, worth about $3.3 million. Web3Auth also mentioned "the original attacker," suggesting that some wallets were stolen from before recovery, but it did not disclose the amount stolen. Keplr co-founder Josh Lee estimated that about 20% of Google and Apple login accounts were affected, but only a small fraction were actually exploited.

Upbit's trading resumption encounters instability, restart delayed to 06:00 Beijing time

South Korean crypto exchange Upbit said it found some instability during the process of resuming trading and has delayed the resumption of trading in the KRW, BTC and USDT markets to 07:00 KST on November 9 (06:00 Beijing time). Upbit began about five hours of server maintenance at 02:00 KST, having previously announced that the maintenance was completed ahead of schedule and that trading would resume in batches from 06:00 KST (05:00 Beijing time). Deposit and withdrawal services will resume gradually after trading resumes and backlogged orders are processed.

Data: $745 million liquidated across the network in the past hour, longs account for over 90%

CoinGlass data shows that as of 06:21, $745 million in crypto futures contracts were liquidated across the network in the past hour, including $715 million in long positions and $29.62 million in short positions. In the past 24 hours, about 137,000 traders were liquidated; ETH and BTC liquidations amounted to $343 million and $229 million respectively, with the largest single liquidation occurring on Binance's ETH/USDT pair at $48.16 million. OKX market data shows BTC hit a 24-hour low of $73,500 and is now at $74,643, down 1.52% in 24 hours; ETH hit a low of $2,063.29 and is now at $2,132.8, down 4.52% in 24 hours.

Jensen Huang writes to employees acknowledging marital infidelity, says he will fully cooperate with board investigation

Nvidia's official website published an email from founder and CEO Jensen Huang to employees. In the email, Huang acknowledged infidelity to his wife and apologized to his family as well as to company colleagues, the board of directors, partners and shareholders, saying he will take full responsibility and is committed to regaining the trust of all parties. Regarding the national security concerns mentioned in news reports, Huang said Nvidia's board has launched an independent investigation, which he supports and will fully cooperate with.

Previously, Nvidia's board issued a statement saying that in light of recent reports that Huang had become a target of a foreign intelligence operation, the board had launched an independent investigation, and that there is currently no reason to believe that US national security or Nvidia's secrets have been compromised.

South Korea's KOSPI opens down 1.2%

South Korea's KOSPI opened down 1.2%, falling to 5,000 points.

Bitcoin block 974961 contains 11,255 transactions, the second-highest number in a block

Bitcoin block 974961, mined by Antpool, packed 11,255 transactions, becoming the block with the second-highest transaction count in the network's history, just 984 short of the record of 12,239 set by block 367853, mined by F2pool on August 1, 2015. The block was about 1.1 MB in size and used nearly 99.85% of the block weight limit, but fees were only about 0.002405 BTC. Previously, block 974557 on November 4 also reached 10,573 transactions, ranking second in history.

ACryptoS: vaults exploited for about $665,000 in losses, project announces shutdown

DeFi yield aggregator ACryptoS said that because its vaults were exploited, deposits have been disabled while withdrawals remain open. ACryptoS analyzed that due to a lack of input validation, an attacker could mint the vast majority of a vault's shares by depositing only a very small amount of tokens. The attack affected 77 vaults across 5 chains, with total losses of about $665,000. The stolen funds have been moved through multiple cross-chain protocols, and an offer has been made to the attacker to keep a 10% bounty if the funds are returned. In addition, ACryptoS said that because it can no longer afford to maintain the project, it has now ceased operations and asked users to withdraw their assets as soon as possible.

Foreign media: Democrats' midterm landslide expected to tighten regulation of prediction markets

After Democrats won the midterm elections, prediction market platforms including Kalshi and Polymarket may face tougher regulation. Politico said that during Trump's term, regulators took a relatively lenient attitude toward prediction markets, driving their rapid expansion into fields such as politics, sports and stocks. Now, a number of Democratic lawmakers, including Oregon Senator Jeff Merkley, criticize such markets for allowing bets on sensitive events such as elections, wars and assassinations, and are calling for stronger legislative constraints.

Lightning Network wallet LNbits: all services to be restored within 24 hours

Lightning Network wallet LNbits said that for security reasons it has disabled all instances on its SaaS platform my.lnbits.com. All services will be restored within 24 hours.

Previously, Lightning Network wallet LNbits was hit by a wave of attacks and warned all users to shut down their servers immediately.

Bloomberg: Trump supports Jensen Huang continuing as Nvidia CEO

After Nvidia CEO Jensen Huang's marital infidelity, US President Donald Trump called him "a very good person" and said he should continue as Nvidia's CEO. Trump told reporters on Sunday before returning to Washington: "I haven't spoken to him about it. I just know he's a very good person, but you never know exactly what happened."

Previously, Jensen Huang wrote to employees acknowledging marital infidelity and said he would fully cooperate with the board's investigation.

Nvidia falls more than 3% in US overnight trading

Nvidia fell more than 3% in US overnight trading, after Jensen Huang admitted to an extramarital affair and apologized, and Nvidia's board launched an investigation.

A whale with $253 million in longs is liquidated for $140 million, losing $61.41 million

A whale holding $253 million in long positions had $140 million of those longs liquidated in the 6 a.m. drop, taking a loss of $61.41 million. Of that, 63,000 ETH ($135 million) was liquidated, realizing a loss of $48.47 million; 60.8 BTC ($4.56 million) was liquidated, realizing a loss of $550,000. The whale still holds $113 million in BTC and ETH longs, with an unrealized loss of $12.39 million. The BTC liquidation price is $72,197 and the ETH liquidation price is $2,004.

A whale/institution moves 512,000 redeemed HYPE into FalconX; selling would yield a $16.36 million profit

A whale/institution moved 512,000 HYPE ($39.3 million) redeemed from staking into institutional trading platform FalconX six hours ago. These HYPE were accumulated a year ago at a price of about $44.8, and selling them would realize a profit of $16.36 million.

Unitree Technology rises more than 15% intraday

Market data shows Unitree Technology rose more than 15% intraday, up 15.52%, now at 758.5 yuan.

Galaxy head of research: Bitcoin's weekly close falls below the 50-week moving average, after 7 straight weeks above it

Alex Thorn, head of research at Galaxy Digital, said Bitcoin's latest weekly close has fallen below its 50-week moving average, after holding above that average for 7 consecutive weeks. Historical data shows that in 2011-12 and 2019-20, Bitcoin also reclaimed the 50-week moving average after a bear market bottom and then fell below it again, but in neither case did it set a lower weekly closing low. In the current cycle, Bitcoin peaked at about $123,500 and bottomed at about $59,500; after reclaiming the 50-week moving average on September 20, it held it for 7 weeks, and on November 8 it closed at about $75,000, slightly below the 50-week moving average of about $75,500. Thorn believes that as long as the average is reclaimed within a month, the technical part of his bullish view still holds.