Daily Report | Hong Kong police are investigating whether JPEX is involved in criminal elements; Paradigm plans to raise a $1 billion fund by the end of this year or early next year

"What Important Events Happened in the Last 24 Hours"

1. Paradigm Partner: Paradigm Will Raise a $1 Billion Fund by the End of This Year or Early Next Year
Paradigm partner Matt Huang stated in an interview with The Information that Paradigm will not give up on investments in the crypto space and will raise a $1 billion fund by the end of this year or early next year. (Source link)

2. Hong Kong Legislator Responds to Vitalik's Remarks: Hong Kong's Policies and Laws Will Not Change Overnight, Welcoming On-Site Visits
Hong Kong Legislative Council member Wu Jiezhuang stated on X platform: Regarding Ethereum founder Vitalik Buterin's views on developing virtual asset projects in Hong Kong, I respect his right to speak, but I believe he does not understand or know the situation in Hong Kong. I sincerely invite Mr. Vitalik to come to Hong Kong to understand the situation. I am willing to coordinate relevant institutions and enterprises to share Hong Kong's situation with him.

Wu Jiezhuang mentioned: "Hong Kong's policies and laws will not change overnight; all relevant strategies and regulations are based on significant social consensus and complete procedures, so I can tell Mr. Vitalik that Hong Kong's policies are very stable." (Source link)

3. Hong Kong Media: Police Investigating Whether JPEX Involves Criminal Elements
According to Hong Kong media am730, the Hong Kong police have confirmed to the media that they have received a notice from the Securities and Futures Commission, and the Commercial Crime Bureau is following up and investigating whether the crypto exchange JPEX involves criminal elements. The media also reported that users online have reflected that JPEX has restricted withdrawal limits to a maximum of 1000 USDT stablecoins, and the withdrawal fee has been changed to 999 USDT, meaning retail investors can only withdraw a maximum of 1 US dollar. There are KOLs publicly displaying photos of successfully withdrawn amounts, and according to the photos, the influencer successfully withdrew 1 US dollar. However, JPEX issued an announcement last night adjusting the USDT withdrawal fee. Additionally, according to online writer "Qian Song C," at a crypto summit in Singapore, JPEX, as one of the platinum sponsors, did not have any staff working today.

Moreover, JPEX had previously advertised heavily in Hong Kong on television, outdoor advertising spaces, and bus stop light boxes, and announced that actor Zhang Zhilin would serve as the brand ambassador. JPEX not only promoted in Hong Kong but also collaborated with Taiwanese singer Chen Lingjiu, a member of MIRROR, as a spokesperson; earlier, Lin Zuo, who transitioned from the insurance industry to the cryptocurrency industry, promoted "applying to become a JPEX partner" on social media in July, and later promoted JPEX in a seminar. After the Hong Kong Securities and Futures Commission requested influencers to stop promoting the platform, Lin Zuo also stated on social media that "no regulatory provisions were violated, and he respects the requirements of the Securities and Futures Commission." Another artist, Zhuang Simin, was also reported to have filmed a YouTube video introducing JPEX in July, claiming to receive returns as high as 16 times. The video has since been taken down, but Zhuang Simin stated that the video was a promotion for a cryptocurrency exchange that had a partnership with JPEX.

ChainCatcher previously reported that the Hong Kong Securities and Futures Commission clarified that no entities under the JPEX group have been licensed by the Commission, and they have not applied for a license to operate a virtual asset trading platform in Hong Kong. (Source link)

4. OKX Announces Compensation Plan for Contract Price Anomaly Incident
OKX's Chinese official Twitter stated that from 3:38 PM to 3:43 PM (UTC+8) on September 13, some contract assets on the platform experienced price anomalies. After investigation, the issue was caused by an abnormal limit price service on the platform, which prevented some contracts from being properly ordered, resulting in price deviations that triggered liquidation or stop-loss for some users.

OKX will compensate users who triggered liquidation or stop-loss due to this issue for their losses. The specific compensation information is as follows:

1. Compensation Targets: Users who completed opening positions before 3:38:07 PM (UTC+8) on September 13 and experienced forced liquidation or triggered stop-loss between 3:38:07 PM and 3:43:59 PM, including perpetual contracts, delivery contracts, and leveraged trading.

2. Compensation Amount: Liquidated users will be compensated for the loss between the marked price at 3:38:06 PM and the forced transaction price during the service anomaly. Stop-loss users will be compensated for the loss between the marked price at 3:38:06 PM and the stop-loss transaction price during the system anomaly. (Compensation includes the transaction fees incurred by the user for this transaction.)

3. Compensation Method: Compensation will be directly issued to users' fund accounts in USDT before September 20. (Source link)

5. Data: MakerDAO Increases $100 Million in RWA Assets Again, Total RWA Assets Reach $2.713 Billion
According to Makerburn data, MakerDAO has again increased $100 million in RWA assets through BlockTower Andromeda, primarily investing in short-term U.S. Treasury bonds with an annualized interest rate of 4.5%. The current total RWA assets of the protocol have reached $2.713 billion. (Source link)

6. Japanese Government to Relax Financing Regulations, Allow Startups to Raise Funds Using Virtual Currencies
According to the Nikkei, the Japanese government will relax regulations on financing for startups. Startups will be allowed to raise funds through crypto assets (virtual currencies) in addition to stocks. The new regulations will cover funds known as Limited Partnership (LPs). (Source link)

7. FTX Opposes BlockFi's Bankruptcy Plan
According to Blockworks, FTX has opposed BlockFi's bankruptcy plan, stating that it still has certain fundamental flaws and believes that the plan unfairly discriminates against FTX's claims in some aspects, requesting the court to dismiss the plan.

The document states that FTX debtors do not seek to prevent BlockFi debtors from returning funds to creditors, but must ensure that any plan is fair to FTX's creditors in the absence of a consensus solution. (Source link)

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

1. "Bloomberg: How SBF's Elite Parents Helped Him Build a Crypto Empire?"
The towering success of FTX is not solely due to one person; both parents are renowned scholars from Stanford University, opening doors for SBF and bringing a halo effect to the company.

2. "Ethereum Staking Rate Exceeds 20%, LSDFi Upgrades Again: High Yield, Re-Staking, More Decentralization"
The Ethereum staking rate has exceeded 20%, with a value of up to $44 billion, while the LSDFi track currently has only $350 million in locked LST assets, leaving hundreds of billions of dollars of growth potential in the future. The enormous market growth potential has made LSDFi a hot track pursued by capital. Many established LSD applications built around the "LST + DeFi" yield logic, such as MakerDAO and Lybra Finance, have been reviewed. In contrast, "re-staking yields and yield derivatives" are less common due to the complexity of product yield logic. So what exactly are re-staking and LST yield products? What are the representative applications? How do they differ from the common LSD and DeFi integration logic?

3. "From Token Incentive Programs to L3 Innovations, How Should Arbitrum Save Itself in the Face of Token Sell-Offs?"
Recently, there has been continuous on-chain activity from ARB whales selling off. Since Monday, whale addresses, including market maker Wintermute Trading, have successively transferred tens of millions of ARB to Binance. Coupled with the overall market panic caused by "FTX selling digital assets," ARB's price fell to a historical low of $0.744 on Monday, with a 12% decline over the past week. To stabilize the coin price, Arbitrum has started self-rescue, but the results have not been satisfactory.

4. "Elon Musk's Biography Officially Published, How Does the Book Describe Dogecoin?"
On September 12, the personal biography of Elon Musk, written by American biographer Walter Isaacson, was officially published. As the richest and most influential super KOL in the world, many industry insiders are curious whether the book will mention Dogecoin, given Musk's subtle relationship with it, and if so, in what form.

According to summaries from foreign media such as BENZINGA, NewsBTC, and TS2, Musk indeed mentioned Dogecoin multiple times in this biography, even revealing many previously unknown "secrets," such as SBF advising Musk and Musk continuously funding the development of Dogecoin, etc.