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Gemini receives arbitration support: no liability for the collapse of the Earn lending program

According to CNBC, Gemini Space Station won a legal victory in August, with arbitrators ruling that the cryptocurrency exchange platform did not mislead users and is not responsible for the collapse of its Earn lending program. The claim was made by a user of the digital asset company's lending program Earn at the end of 2024. According to the ruling, there was insufficient evidence to prove that Gemini lied to customers or was negligent in its due diligence with its main lending partner, Genesis Global Capital.The Earn program was launched in 2021, allowing users to earn up to 7.4% annualized returns by lending cryptocurrency. Under this program, Gemini lent assets to institutional borrowers, with Genesis acting as an intermediary. However, in November 2022, Gemini suspended withdrawals from the Earn program, angering some of its more than 300,000 users. This move came shortly after Genesis suspended new loan issuance and redemptions due to a liquidity crisis caused by the downturn in the cryptocurrency market that year. After the freeze on Earn withdrawals, several customers filed legal complaints against Gemini. The New York Attorney General also sued Gemini over the Earn program and reached a $50 million settlement with the company in 2024.In February 2024, Gemini announced that the company had reached a "principled settlement" with Genesis and other creditors regarding the Genesis bankruptcy case. Three months later, Earn users received $2.18 billion in digital assets in physical form, equivalent to 97% of the digital assets owed to Earn users, which is $1 billion more than when Genesis suspended withdrawals in 2022.

first_img Samsung Electronics' operating profit in the third quarter may exceed 1 trillion won for the first time

According to a report by South Korea's Seoul Economic Daily on August 31, the prices of HBM and DRAM used in AI accelerators continue to rise. Data from the Korea Trade Association shows that DRAM export volume decreased from approximately 681.7 million units in May to 591.74 million units in July, a decline of 13.2%. However, the export value increased from $11.428 billion to $13.552 billion, a growth of 18.5%, with the export unit price rising from $16.76 to $22.9, an increase of 36.6%.The supply of HBM4 to customers such as Nvidia is expanding, but the initial yield is lower than that of HBM3E, exacerbating the overall DRAM supply shortage. Samsung Electronics' memory division is reportedly planning to allocate about 70% of its capacity to long-term supply agreements until 2031, with major clients including Nvidia, Microsoft, and Google. Mega Grid Supply data shows that the spot price for HBM3E 36GB is $2,100, approximately 4 to 5 times the long-term contract price; the spot price for HBM4 16-layer, which is in mass production coordination, is about $3,500.The financial investment community expects Samsung Electronics' third-quarter revenue to reach 206.64 trillion won and operating profit to reach 116.38 trillion won, with operating profit expected to exceed 100 trillion won for the first time. SK Hynix's third-quarter revenue is expected to be 101.76 trillion won, with operating profit of 79.16 trillion won. Samsung Electronics is considering converting its only wafer foundry line S5 in the Pyeongtaek campus to memory production as early as next year.

The Ministry of Industry and Information Technology has launched a special initiative to cultivate artificial intelligence application service providers

The Ministry of Industry and Information Technology of China has launched a special action to cultivate artificial intelligence application service providers, encouraging various regions to increase the procurement of large models, intelligent agents, and Token services through first purchase and first use, risk compensation, and other methods, while using tools such as "computing power vouchers" to reduce computing power costs.The Ministry of Industry and Information Technology will also establish a national resource pool for AI application service providers, aiming to exceed 2,000 by the end of 2026 and no less than 3,000 by the end of 2027. These service providers mainly help enterprises implement AI projects, with services ranging from early consulting, program design, to system development, integration delivery, and then to subsequent operation and maintenance and security governance.This policy also specifically names FDE. The Ministry encourages service providers to form FDE teams to directly address project implementation issues on-site with users. Various regions are also required to open real business scenarios, organize supply and demand matching, and turn high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.

first_img Data: The total financing amount of the cryptocurrency market in August is approximately 596 million USD, with an RWA financing coverage rate of about 28.2%

According to RootData's financing data statistics, the crypto primary market disclosed 49 financing events in August, with a total financing amount of approximately $596 million, a 74.2% decrease compared to about $2.312 billion in July, and a 35.5% decrease compared to about $924 million in August 2025; the number of financing events slightly increased by 2.1% compared to 48 events in July, and decreased by 42.4% compared to 85 events in the same period last year. (This data does not include questionable financing and excludes mergers and acquisitions, IPOs, post-IPO, and debt financing.)From the perspective of sectors, DeFi was the most active sector this month, completing 19 financings, but the disclosed amount was only about $73.1 million; the infrastructure sector completed 14 financings, with a disclosed amount of about $311 million, ranking first in amount; CeFi completed 8 financings, with a disclosed amount of about $199 million. The top three projects by financing amount were Ripple ($275 million), RQD Clearing ($74 million), and Fasset ($68 million), with the top three projects totaling about $417 million, accounting for approximately 70.0% of the overall disclosed financing scale.In terms of RWA, RootData currently includes 529 RWA-related projects, of which 149 projects have financing records, with a financing coverage rate of about 28.2%. However, in August alone, there was only one RWA-related financing, Entropy, with a financing amount of $14 million, accounting for about 2.0% of this month's financing events and about 2.3% of the disclosed financing amount.In addition, 6 merger and acquisition events were disclosed in August, a significant decrease from 19 in July; among them, 4 belong to CeFi, including BitGo's acquisition of NYDIG, Nasdaq's acquisition of LeveL Markets, Rain's acquisition of Ansa, and OpenFX's acquisition of Global Ledger. These were mainly concentrated in CeFi, payments, market infrastructure, and data analysis services.In terms of investment institutions, YZi Labs, MH Ventures, Mapleblock, Polychain, and others remain active. Overall, in August, financing market funds mainly flowed into payments, clearing, stablecoins, CeFi, and institutional-level infrastructure; RWA sector projects are well-reserved, with high narrative heat, but monthly financing has not yet seen a synchronized increase.
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