Techub News Evening Report: Kanye launches Token YZY surpassing 3 billion USD, Boyaa Interactive plans to raise 441 million HKD through a placement.

Organizer: Nona

Fear & Greed Index: 50 (Greed) Bitcoin price: $113,447 BTC/ETH Spot ETF Fund Flow (8.20) BTC net outflow: $311.57 M ETH Net Outflow: $240.14 M

Regulation/Macro

Brazil holds first public hearing on strategic Bitcoin reserve proposal

The Brazilian Chamber of Deputies held its first public hearing on the proposal to establish a national "Strategic Bitcoin Reserve." This hearing was organized by the Economic Development Committee, and the core discussion centered around Bill No. 4501/2024 proposed by Congressman Eros Biondini.

British police are investigating a case of impersonating law enforcement to steal Bitcoin, with involved funds amounting to approximately 2.8 million dollars.

The North Wales Police Cyber Crime Unit is investigating a case of impersonation of law enforcement agencies to steal Bitcoin. Previously, a scammer impersonated a senior officer and stole Bitcoin worth £2.1 million (approximately $2.8 million) from the victim. The police added that the victim may have been identified in a data breach incident, making this case a "highly targeted and complex scam."

New York Congressman: No modifications to proposed cryptocurrency tax will be made to accommodate the use of stablecoins in everyday payments.

New York State Assemblyman Phil Steck stated that his proposal to impose a 0.2% sales tax on cryptocurrency transactions will not be modified to accommodate the use of stablecoins in everyday payments. "If you are buying cryptocurrency to use it as currency, I don't think there should be any tax exemption. Frankly, I don't see how cryptocurrency can replace dollar bills in daily transactions."

Hong Kong Stock Exchange Group CEO: The Hong Kong Stock Exchange will study a 24-hour trading mechanism.

At the Hong Kong Stock Exchange's mid-year performance meeting in 2025, the Group CEO of the Hong Kong Stock Exchange, Charles Li, stated, "The Hong Kong Stock Exchange has always adhered to the principle of strategic investment to maintain global competitiveness. We will not skimp on capital expenditures, and we continue to increase our investments in optimizing data platforms, upgrading trading and settlement systems, and so on." In addition, Charles Li also addressed the market's hot topic of extending trading hours. "Regarding the issue of extending trading hours, we have noted that Nasdaq plans to implement a weekly 5-day, 24-hour trading mechanism in the second half of 2026. The Hong Kong Stock Exchange will adhere to a prudent and gradual approach, conducting research based on fully drawing on the experiences of international peers while considering the actual situation of the local market. This process will be gradually improved after the trading system upgrades, the risk management system is perfected, and the regulatory framework matures."

The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority will jointly hold the Hong Kong Fixed Income and Currency Forum on September 25.

The Hong Kong Securities and Futures Commission and the Monetary Authority will jointly hold the Hong Kong Fixed Income and Currency Forum 2025 on September 25. As Asia's leading international bond issuance center and the world's fourth largest foreign exchange market, Hong Kong is actively exploring ways to consolidate and enhance its position in the fixed income and currency markets. The forum aims to provide an interactive and multi-participant platform for participants in the fixed income and currency markets, senior executives from major financial institutions, senior government officials, and regulatory bodies to exchange strategic insights and visions regarding the development of Hong Kong's fixed income and currency markets, share views on Hong Kong's policies in this area, and discuss the latest developments in the fixed income and currency markets in the Asia-Pacific region.

Project/Company Updates

Hong Kong Stock Exchange: Committed to improving market efficiency, but extending trading hours requires caution.

At the Hong Kong Stock Exchange's mid-year performance meeting in 2025, some market participants suggested extending trading hours. The response from the CEO of the Hong Kong Stock Exchange, Charles Li, was misinterpreted by some market participants as "the Hong Kong Stock Exchange is researching a 24-hour trading mechanism." On August 21, it was learned from the Hong Kong Stock Exchange that Charles Li stated that the exchange has always been committed to providing more convenience for investors and is open to all relevant suggestions. However, extending trading hours has a significant impact on the overall market, presents considerable challenges, and requires great caution, as well as consultation with all market participants. For example, if something goes wrong, there are still a few hours to fix the issue; but if there is 24-hour continuous trading, there would be no room for error.

TRM Labs established the Beacon Network to track and freeze illegal funds on the blockchain.

TRM Labs announced the establishment of the Beacon Network to track and freeze illegal funds on the blockchain. Under the Beacon Network framework, verified members can flag wallet addresses suspected of financial crimes, trace the flow of funds on the blockchain, and share information with related services and law enforcement agencies.

MicroBit's Bitcoin and Ethereum spot ETFs are officially listed.

The virtual asset investment management company MicroBit has launched its Bitcoin and Ethereum ETFs today, priced in both Hong Kong dollars and US dollars, with a management fee set at 0.5%. Additionally, MicroBit's Ethereum spot ETF will stake up to 30% of its Ethereum in the investment portfolio to earn staking rewards.

The Ethereum Foundation has launched the second phase of the "Trillion Dollar Security" initiative, focusing on improving wallet experience.

The Ethereum Foundation has announced the launch of the second phase of the "Trillion Dollar Security" initiative, focusing on improving wallet experience. This plan involves enhancing wallet security, addressing the blind signing issue, and establishing a vulnerability database to prevent smart contract exploitations.

Boyaa Interactive plans to raise up to HKD 441 million through a stock placement, with the proceeds to be used for the development of its Web3 business and more.

Boyaa Interactive announced that it has entered into a placing agreement with the placing agent to place up to 63,510,000 new shares at a placing price of HK$6.95 per share. The placing shares represent 8.93% of the total issued shares, or approximately 8.20% of the total issued shares as enlarged. The maximum total amount raised from the placing will be HK$441 million, with a net amount estimated to be approximately HK$436 million, which will be used for business development in the Web3 field, including Web3 game research and development, infrastructure construction, project investment and strategic cooperation, as well as for the group's working capital and general corporate purposes.

Kanye West: The official token has been released.

Famous American rapper Kanye West's X account released a video in which Kanye West appeared and stated, "The official token has been released." Previously, the Kanye West X account announced the launch of the YZY token. In February of this year, there were reports that Kanye West allegedly sold the publishing rights of the X account, which Kanye West later denied.

Goldman Sachs: The stablecoin market is entering a new expansion cycle, with a potential scale reaching several trillion dollars.

The stablecoin market is entering a new expansion cycle, with its potential scale possibly reaching the trillion-dollar level. Analysts point out that, in the long term, the payment sector will become the core driving force behind the total addressable market (TAM) for stablecoins. Although the current applications of stablecoins are still dominated by cryptocurrency trading and offshore dollar demand, the penetration potential in payment scenarios has not been fully developed.

Hong Kong Mingcheng Group plans to invest 483 million USD to purchase 4,250 Bitcoins.

Hong Kong Mingcheng Group announced that it has signed a Bitcoin purchase agreement to spend 483 million USD to buy 4,250 Bitcoins.

Depth & Foresight

Kanye meme's market value broke 3 billion dollars in seconds, rumored to be involved in insider trading.

The surface-level "fair token distribution" of the project hides the reality of capital and information asymmetry manipulation. Like previous celebrity token launches, it has become a game for retail investors. In fact, if we look at Kanye's past methods, we wouldn't be surprised by these operations.

Disrupting the Price Maze: Where Does the Lasting Value of Blockchain Come From

Speculation will find its exit, and the market exists for this reason. As builders, investors, and policymakers, it is our responsibility to ensure that there is real, legitimate, and scalable support behind speculation.

Viewpoint

The cryptocurrency market has been declining for several consecutive days, with weak rebounds. What catalysts are still present in the market?

In contrast to the institutions that are leading the buying frenzy, the "retail speculators" who were the main force in the previous cycle have not yet fully entered the market. Taking Ethereum as an example, although its price once approached an all-time high, there has not been enough intensity in this bull market to create congestion; on-chain activity remains mediocre, and trading volume and DeFi data have not reached new peaks.

Trump's "Pension Magic Box": How will the $8.7 trillion 401(k) leverage the crypto world?

One of the biggest challenges for the cryptocurrency industry has always been "breaking out of the circle"—how to get the mainstream public, especially those older investors who hold substantial wealth but are conservative in their thinking, to accept and allocate cryptocurrency assets. This reform can be seen as a top-down "national-level" market education.