Organized by: Cora, Techub News
Fear and Greed Index: 33 (Fear)
Bitcoin Price: $70,973
BTC/ETH Spot ETF Fund Flow (3.18)
BTC Net Outflow: $129.62 M
ETH Net Outflow: $55.51 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (3.18)
BTC Net Subscription/Redeem: 0 BTC
ETH Net Subscription/Redeem: 0 ETH
The Hong Kong Central Police Station announced the results of the "Thunder Drum" operation today. The police received reports from 13 victims since February this year, with losses ranging from HKD 50,000 to HKD 1.3 million, totaling up to HKD 5 million. The police arrested 6 Chinese nationals (3 males and 3 females, aged 29 to 63) for conspiracy to commit fraud. The fraud technique involved inducing victims to first pay a "deposit" to obtain low-interest loans. This case is the first to require the deposit to be paid in cryptocurrency. The six suspects are currently in detention, and the case is still under investigation.
Hong Kong stablecoin payment company RedotPay is in talks with multiple institutions for a new funding round of up to $150 million. Previously, the company completed over $150 million in funding last year, with investors including the venture capital divisions of Coinbase and Circle. RedotPay is currently valued at over $1 billion and aims to go public in the U.S. this year with a valuation of over $4 billion. The company faces frequent changes in management during the IPO process, with at least five senior employees serving less than 12 months in the past year, and the compliance officer position has changed twice. They are currently advancing their listing plan without a Chief Financial Officer.
We have specially organized key events in the cryptocurrency field in Hong Kong for March, which will open a window for you into the future of Web3.
Regulation/Macro
The joint explanatory guidelines on cryptocurrency assets released by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) provide a clear definition of "digital commodities": crypto assets whose value fundamentally derives from the programmed operation of the encryption system and supply-demand relationships, rather than relying on profit expectations generated by others' core management behaviors. Such assets do not possess passive income or inherent economic attributes such as corporate profits or asset rights for holders, and do not fall within the category of securities. The document lists 16 assets explicitly classified as digital commodities: APT, AVAX, Bitcoin, BCH, ADA, LINK, DOGE, Ethereum, HBAR, LTC, DOT, SHIB, SOL, XLM, XTZ, and XRP.
SEC Chairman Paul Atkins proposed the concept of a regulatory safe harbor for cryptocurrency assets at the DC Blockchain Summit, including three exemption pathways: 1. Startup Exemption: Up to four years, allowing projects to obtain a regulatory buffer before reaching maturity, with fundraising capped at $5 million within four years, requiring the submission of principal disclosure information. 2. Financing Exemption: Allows up to $75 million to be raised within 12 months, requiring the submission of disclosure documents to the SEC that include principal disclosures, financial status, and financial statements. 3. Investment Contract Safe Harbor: When the issuer completes or permanently ceases core management efforts under the investment contract, the relevant crypto assets can be exempted from the definition of securities.
The Shandong Jinan Zhangqiao District Court disclosed a typical case: Liu entrusted his friend Zhang to invest in "Alpha Coin," which showed daily earnings of hundreds of yuan, but the platform later became inaccessible, and the person in charge was suspected of criminal activity. Liu sued for the return of his investment. The court ruled that the delegated investment in virtual currency disrupts financial order and harms financial security, deeming the entrusted contract invalid. As Zhang did not profit, the loss was deemed an inherent risk of illegal financial activities, to be borne by Liu himself.
Arizona Attorney General Kris Mayes filed a criminal lawsuit against the prediction market platform Kalshi, accusing it of illegally offering bets on sports events and elections. Mayes stated that Kalshi, under the guise of a "prediction market," is actually operating an illegal gambling operation and accepts bets on the Arizona elections, violating state law; the accusations involve four election betting crimes, including the 2028 presidential election and the 2026 Arizona gubernatorial election. Kalshi argues that its event contracts are regulated by the CFTC and that federal authority should take precedence over state law; a spokesperson stated the accusations are "seriously flawed" and represent a "means to evade federal court," and they will actively respond. Previously, Kalshi faced similar legal challenges in Ohio and Tennessee, and last week an Ohio judge rejected its preliminary injunction motion.
A Chinese hacker team experienced internal conflicts due to profit-sharing disputes, and members publicly revealed that they had stolen cryptocurrency worth approximately $7 million through supply chain attacks, targeting platforms like Trust Wallet. The team operated under the name "Wuhan Ansun Technology" for cybersecurity business while actually engaging in cryptocurrency theft and gray market activities; using vulnerabilities in the Electron client supply chain, reverse engineering plugins, and automation tools, they bulk-acquired mnemonic phrases and scanned multi-chain assets, including Ethereum, BNB Chain, Arbitrum, and others.
Project/Company Updates
ZKsync collaborates with Huntington Bank, First Horizon, M&T Bank, KeyBank, and Old National to develop the Cari Network tokenized deposit network. This network is based on Matter Labs' Prividium platform, using privacy-preserving permissioned blockchain infrastructure. Cari Network is positioned as a secure and compliant tokenized deposit system, with deposits directly counted as bank liabilities and qualifying for FDIC insurance, aimed at bringing the $83 trillion assets held by regional banks onto the blockchain for 24/7 programmable digital currency services.
The prediction market and launchpad platform Harry Howard AI has completed testing for its prediction market product, attracting 8,518 participants and generating 26,423 on-chain transactions during the test period. The platform completed a $3 million seed funding round in 2025, with investors including Vantec Angel Network, Mantella Venture Partners, Inovia Capital, Metalpha, and B Strategy, and is currently advancing a private fundraising round, planning to launch a token soon.
The stablecoin cross-border payment platform TransFi has completed a $19.2 million financing, including $14.2 million in Series A equity financing and $5 million in commitment liquidity financing, with this round led by digital payment and financial infrastructure strategic investor Turing Financial Group. TransFi uses stablecoins as a settlement track, providing alternatives to traditional correspondent banks and the SWIFT system for emerging markets, supporting over 40 fiat currencies and more than 100 digital assets, integrating over 250 local payment methods, operating in over 70 countries, and serving more than 100 clients and 2 million end users worldwide.
The DAO governance platform Tally announced its shutdown after six years of operation. The platform provided on-chain voting and delegation governance infrastructure for over 500 DAOs, including Uniswap, Arbitrum, and ENS. CEO Dennison Bertram stated that regulatory pressure from the SEC under Gensler forced projects to decentralize through DAOs to reduce the risk of tokens being seen as securities, while the current U.S. government's more lenient stance on crypto has transformed decentralization from a "necessity" to an "option," weakening the demand for governance tools. He also acknowledged that the "Ethereum infinite garden" hypothesis was unfounded, with the industry actually forming only a few leading protocols, compounded by AI taking away top talent, making it difficult for governance tools to form sustainable venture capital business models.
Robinhood's Robinhood Ventures Fund I, traded on the NYSE, announced an investment of approximately $14.6 million in Stripe's Series B equity and $20 million in the AI audio company ElevenLabs to purchase its Series D preferred shares. This fund aims to provide retail investors exposure to investments in private companies, with current holdings including Revolut, which offers cryptocurrency trading services, as well as Airwallex, Boom, Databricks, Ramp, and others. Robinhood's management stated it will continue to invest in cutting-edge fintech and AI companies; Stripe owns the stablecoin platform Bridge.
Mastercard plans to acquire stablecoin infrastructure startup BVNK for up to approximately $1.8 billion, which includes $300 million in contingent consideration. BVNK is headquartered in London and was previously in negotiations for an approximately $2 billion acquisition with Coinbase last year, but both parties terminated discussions in November. Recently, Mastercard has established a global partnership network with over 85 digital asset and crypto-related companies, and this transaction will further strengthen its positioning in stablecoin payment and settlement infrastructure.
In-Depth & Forward-Looking
When we talk about public chains in a bear market, what are we discussing? Is it the price? The community? Or governance? A more fundamental question is: operating a public chain essentially means governing a digital nation. Tokens are currency, developers are citizens, DApps are industries, and on-chain governance is the government. If we reevaluate Solana's development history from the perspective of governance, many seemingly coincidental decisions have clear logic behind them.
The distribution layer for stablecoin payments is rapidly being consolidated. The endgame of this track is not an abundance of flowers; rather, card organizations, banks, and large fintechs gradually buying out compliance distribution capabilities—whoever controls this layer controls the entry point for stablecoins into everyday consumption.
Last night, a shocking news hit the DAO governance field: Tally, a platform providing on-chain voting and delegation governance infrastructure for over 500 leading DAOs, including Uniswap, Arbitrum, and ENS, announced it will officially shut down after nearly six years of operation.
Once, Ethereum was the narrative engine of the Web3 world. From the grand vision of the "Merge" to the "ultrasound money" myth brought by the EIP-1559 burn mechanism, each key node was accompanied by frenzied consensus and skyrocketing valuations. However, as we step into 2026, Ethereum's sky has changed.
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