Sincere Knowledge Investment Research Update · August 6, 2025

Policy and Regulation

1. Tornado Cash Developer Found Guilty

A New York court ruled that the developer conspired to operate an unlicensed money transmission business, facing up to 25 years in prison. This is the first criminal conviction in a case involving a crypto privacy tool, triggering strong protests from the developer community.

2. Trump to Nominate Interim Federal Reserve Board Member

Announced plans to fill the critical vacancy at the Federal Reserve in the coming days, aiming to push for a rate cut agenda. Market expectations for a rate cut in September have risen to 68%.

3. U.S. Imposes Tariffs on Southeast Asian Mining Machines

Import tax rates for Bitcoin mining machines reach as high as 21.6%, primarily affecting supply chains in the Philippines and Vietnam, which may raise operational costs for North American mining companies.

Market Dynamics

4. $172 Million Liquidation Across the Entire Network in 24 Hours

The derivatives market experiences severe volatility, with short sellers accounting for 78% of the total liquidation ($134 million), and ETH contract losses exceeding 40%.

5. U.S. Imposes 25% Tariff on India

The new tariff will take effect on August 15, affecting textiles, electronic components, etc. The USDT premium rate in the Indian OTC market has risen to 3.7%.

Institutional Movements

6. Parataxis Goes Public via SPAC

The Bitcoin asset management company will go public through a merger with SilverBox, valued at $4 billion, becoming the first publicly traded company focused on BTC spot ETF strategies.

7. Cosmos Health Establishes ETH Treasury

Signed a $300 million convertible bond agreement, planning to allocate 50% of the funds to Ethereum, managed by Grayscale and participating in re-staking.

Technical Progress

8. Vitalik Proposes New Layer 2 Standards

Emphasizes that ZK systems are the core objective for the next phase, requiring L2 withdrawal speeds to be compressed to within 10 minutes, currently averaging 7 days.

9. U.S. Government Adopts ChatGPT Enterprise Services

OpenAI has secured federal contracts to deploy AI systems for the Department of Justice, FDA, and other departments, enhancing governmental data processing capabilities.

Ecosystem Development

10. Orca DAO Launches 55,000 SOL Staking Program

Simultaneously initiates a two-year ORCA token buyback program ($15,000 daily), with stakers enjoying a 70% share of protocol revenue.