WutalkWu

I feel that the core competitiveness of offshore exchanges lies first in the backend trading system and security, and second in the ability to control compliance boundaries, namely:

The ability to arbitrage from the gray areas of regulation without suffering fatal blows from regulators, flexibly grasping and adjusting the boundaries of business based on a deep understanding of both the explicit and implicit rules of regulation, achieving a balance between business and risk.

In this a16z article about how individuals in the crypto industry protect their personal safety, there is a point: use services like DeleteMe to remove personal digital footprints, helping users reduce the exposure of online personal information through automation and human intervention. It feels very suitable for OGs who want to exit the scene.

It reminds me of a friend who previously interviewed at a leading domestic financial company, where the responsibility was to eliminate all traces of actual controllers on the internet, investing in media holdings to eliminate any possible exposure.

Indeed has become history.

Primitive Ventures article: The story of Rushi as a founder showcases the spirit of resilience, ambition, independence from established paths, and relentless struggle. These qualities endow him with unique founder traits, making him a 'dark horse' worth betting on. Dovey overturned the initial decision, and the team decided to firmly support Rushi, and what happened next, as people say, has become part of the history of the crypto industry.

Primitive Ventures full text: The logic behind the reverse investment Movement and the growth secrets of the hundred billion FDV.

Creating meme trading tools, the core is to gain the trust of the leader, otherwise it is meaningless.

The trading chain of memes is that the leader shouts, the core group members follow, then the core group members shout, and the peripheral group members follow.

The leader is different from traditional KOLs; they do not rely solely on advertising revenue but focus more on trading income. The trading tools must be enjoyable to use, with fast transactions and a high success rate, otherwise they will not seriously recommend and shout.

Several newly emerged trading tools, I noticed the leader mentioned them in the WeChat group quite early, basically a few weeks earlier than they exploded on Twitter.

Bybit seems to have launched a megadrop and even alpha to compete with Binance? Competition among exchanges is beneficial for projects and users. OKX focuses on wallets, BG is just a package, and only Bybit is left to compete. But Bybit needs to put in a hundred times more effort, as Binance has been incredibly strong recently, draining all the traffic from the entire exchange race...

CoinDesk exposed the terms of Movement and market makers, which should also be the regular routine for most projects:

If the FDV exceeds $5 billion, Rentech, a subsidiary of Web3Port, can liquidate its MOVE tokens, and Rentech will be able to share profits with the foundation 50-50. The foundation allows Web3Port to borrow 5% of the MOVE supply and sell tokens for profit.

https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-backroom-deals-shadow-advisors-and-secret-middlemen

The essence of the Bitget matter, as I understand it, is: the proprietary market maker and risk control went wrong, external market makers made 43 million dollars, and 20 million dollars were withdrawn, possibly some of which were frozen by Binance.

Then both sides continue to fight, BG focuses on the judiciary, the market makers focus on public opinion, putting pressure on each other. If one side cannot withstand the pressure, they may seek a compromise. It is also possible that both sides have grown tired and are silent, and we will see the final judgments from the courts in Singapore and the mainland.

Today, there are rumors in the community that profits from trading US stocks are being taxed by the mainland tax bureau, and that Futu and Tiger Brokers are suspected of providing information to the tax bureau.

Some friends are also concerned whether profits from trading cryptocurrencies will be taxed.

I believe that, for now, they will not be, because the legality in the mainland is uncertain and there is no legal basis.

However, the tax department definitely wants to impose taxes. In the past few years, they have tested the waters; some exchanges have already submitted information and data about large accounts to them. A few large accounts and many companies in the cryptocurrency sector have also been investigated, but there has not been a large-scale rollout. As long as an exchange has a large number of users in a certain area, the tax department will ultimately request information and KYC.

In short, trading cryptocurrencies is very special in the mainland. You can say it is illegal, but individual investments are not illegal. You can say it is not illegal, but the government claims that the law does not protect relevant activities. In summary, it is a very peculiar gray area.

Shuǐ dī zī běn dà shān zài Space shàng shuō: Zuìjìn wǒmen yǒu sì gè xiàngmù shàngxiànle bì ān, dàn shíjì shang méiyǒu yīgè xiàngmù àn yuēdìng gěi tóuzī rén fā bì. Míngmíng zài tóuzī xiéyì lǐ xiě de qīngqīng chǔchǔ yào fā bì, dàn shàngxiàn hòu xiàngmù fāng kěyǐ suíyì xiūgǎi tiáokuǎn, tóuzī rén méiyǒu rènhé fǎnzhì shǒuduàn. Yīnwèi zài mùqián de huánjìng xià, shàng bù shàng tóubù jiāoyì suǒ qūbié tài dàle.

Shuǐdī zīběn Dàshān zài Space shàng shuō: Zuìjìn wǒmen yǒu sì gè xiàngmù shàngxiànle Bì'ān, dàn shíjì shang méiyǒu yīgè xiàngmù àn yuēdìng gěi tóuzīrén fā bì. Míngmíng zài tóuzī xiéyì lǐ xiě de qīngqīngchǔchǔ yào fā bì, dàn shàngxiàn hòu, xiàngmù fāng kěyǐ suíyì xiūgǎi tiáokùn, tóuzīrén méiyǒu rènhé fǎnzhì shǒuduàn. Yīnwèi zài mùqián de huánjìng xià, shàng bù shàng tóubù jiāoyì suǒ, qūbié tài dàle. Dāngqián de kùnjìng, zhǔyào shì yīnwèi tóubù jiāoyì suǒ guòyú qiángshì, qiě quēfá yǒuxiào de hángyè jiānguǎn.

The statements from Bitget and the accused "market maker" have some new details:

The market maker's profit once reached 43 million US dollars, but most of it was not withdrawn; a small amount was transferred to Binance, but some accounts have been frozen; Bitget said that there are still 20 million US dollars in profits transferred out (there may be other market makers).

This cycle has seen quite a few tragedies caused by ETH, but if you don't use leverage, it's bearable; holding spot won't lose you too much.

In 2017 - 2018, some projects raised ETH through ICOs but did not sell, and ETH fell from a peak of $1400 to a low of $89, leading many projects to quietly shut down.

There was also an episode where VB urged the foundation to sell 70,000 ETH, most of which were sold at the peak.

However, while some project teams shut down, there were still teams holding tens of thousands or even more ETH without selling, managing to hold on, and later it was heard that they quietly became wealthy.

Although the cryptocurrency industry appears international, the real power holders are still primarily China and the United States. To put it simply: China's offshore exchanges, mining machine manufacturers, miners, and large traders; the United States' VCs, project teams, Wall Street institutions, and compliant exchanges. The sad reality is that while the U.S. president supports cryptocurrency with national strength, practitioners in China have to hide in Hong Kong, Singapore, and Dubai.

Cryptocurrency (Bitcoin): A currency that truly belongs to you, not controlled by the government or anyone else, and just this aspect is worth 10 trillion dollars. It is now 30% complete.

But to go further, for example, on-chain Nasdaq, Web3 Internet (which seems to coincide with the visions of Solana and Ethereum), could be something of even greater value, but currently only 1% is completed.

Rough words, but not rough reasoning. It seems that project parties in the cryptocurrency space should also read this when they use airdrops to PUA users.

Binance has released a more detailed listing guide, and project teams are likely intensifying their research.

Here are my insignificant suggestions:

First: All listing projects must disclose the market maker list and market maker strategies.
Second: Any project team holding tokens worth more than $500,000 must announce any significant changes 24 hours in advance.
Third: The rule that Binance employees can only trade 90 days after holding tokens should be reinstated.

https://www.binance.com/en/support/announcement/detail/d378c2176ac841bb8eae68f63d4c4845

When will the cryptocurrency world have its own bank?

Is OKX also entering the payment track?

Looking at the screenshots released by Lao Xu, there are a few key points: there is a U card; it is used on its own L2; there are DeFi yields; it has social attributes; it supports USDT and USDC.

One point of doubt is: can mainland Chinese users use KYC?

Involving fiat currency exchange, currently, many mainstream exchanges have not opened up U cards for Chinese KYC, or require detours. It seems that it might also be a bit difficult for OKX?

It seems there is a paradox

CZ has always emphasized that the most important thing is to protect users, but also emphasizes that CEX should list tokens without permission just like DEX

CEX has significantly loosened the listing criteria, resulting in a bunch of relatively poor projects, and even rampant manipulation. How can we protect users? These two things are contradictory

How to resolve this?

Should project parties be required to disclose more information? Core point one: who are the market makers, and what are the terms? Core point two: should large token releases be transparently disclosed?