Justin Sun has filed a lawsuit against David Geffen, seeking the return of an Alberto Giacometti sculpture or $80 million in damages, claiming it was stolen by his former art advisor, Xiong Zihan Sydney. Sun alleges that Xiong forged his signature to sell the sculpture, valued at $78.4 million, to Geffen without his consent. Geffen’s legal team has dismissed the claims as unfounded, asserting that the transaction was conducted through intermediaries and not directly with Sun.
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February 8, 2025 | 14:31
February 8, 2025 | 14:31
News from Singapore
Generated 4 posts last week Traders Invest Six Point Five Billion in US Technology Sector Amid Volatility
Traders invested $6.5 billion into US technology sector funds in just one week, contributing to a total of approximately $25 billion in equity fund inflows. Bullish sentiment is at a record high, with 54% of financial assets allocated to US stocks, nearly double the levels seen in 2008. As market volatility rises amid trade tensions, particularly with China, demand for gold and Bitcoin ETFs is also increasing, signaling a highly tradable market ahead.
read moreBitdeer Acquires Land for 99MW Bitcoin Mining Facility in Canada
Bitdeer has acquired a 19-acre site near Fox Creek, Alberta, for $21 million to establish a 99 MW Bitcoin mining facility, including a natural gas power plant. The project aims for operational status by Q4 2026, with an estimated total investment of $141.7 million. This vertical integration strategy is expected to lower production costs and enhance sustainability in Bitcoin mining.
read moreDeepSeek’s Rise and Its Impact on the Global AI Landscape
DeepSeek, a Chinese AI startup, caused a significant market upheaval by erasing nearly $1 trillion from Nvidia’s value in a single day, highlighting the competitive landscape in AI technology. Founded by Liang Wenfeng, DeepSeek’s efficient use of older Nvidia chips has raised skepticism about its claims and security, especially amid geopolitical tensions. Concerns over potential censorship and cybersecurity vulnerabilities have also emerged following a recent cyber attack on the company.
read moreTrump’s CBDC Ban and Musk’s Dad’s Memecoin Fundraising Efforts
Ether’s recent underperformance raises concerns for investors, especially with the upcoming spot Ethereum ETF launch in July 2024. Factors that could drive Ether above $3,500 include the Pectra upgrade in early 2025, potential changes in U.S. ETF regulations, and the growth of Ethereum layer-2 solutions.In the broader market, most top cryptocurrencies ended the week down, with Pudgy Penguins and Fartcoin experiencing significant losses. Meanwhile, Trump’s executive order banning CBDCs may enhance institutional crypto adoption, and Elon Musk’s father plans to raise $200 million through a new memecoin project.
read morePi Network Extends Grace Period Amid User Frustration and Growing Popularity
Pi Network has extended its Grace Period for KYC verifications and mainnet migration to February 28, 2025, amid ongoing frustrations over delays and the absence of a native token. Despite skepticism, the platform continues to grow, particularly in Asia, with significant user adoption in countries like South Korea and India.
read moreHyperliquid Surpasses Ethereum in Daily Fees and Revenue Amid Token Surge
Hyperliquid has surpassed Ethereum in daily fees and revenue, processing $1.93 million compared to Ethereum’s $1.82 million on January 28. This surge has driven the HYPE token up 15% to $27.5, while the ecosystem’s memecoin, PURR, also rose 15% to a $130 million market cap. The upcoming Hyper EVM release, transitioning to a dual-block architecture, is expected to enhance transaction efficiency and further boost market confidence.
read moreCryptocurrency Hacks Surge in January with Major Losses for Centralized Platforms
In January 2025, cryptocurrency hacks resulted in nearly $74 million in losses, a ninefold increase from December, with centralized exchanges (CEXs) suffering the most, accounting for 93.5% of stolen funds. The largest incident involved a $69.1 million breach of Singapore-based exchange Phemex, highlighting ongoing vulnerabilities in both centralized and decentralized finance platforms. The BNB Chain emerged as the top target for hackers, representing 50% of all losses across ten attacks.
read moreThe Journey of Patrick Dai and the Creation of Qtum Blockchain
Patrick Dai, a former Alibaba employee, founded the Qtum Foundation in 2016 to merge Bitcoin’s security with Ethereum’s flexibility, aiming to create a business-friendly blockchain. Recognized in Forbes China’s “30 Under 30,” Dai continues to influence the blockchain sector, actively participating in industry events in 2023. It’s crucial to distinguish him from another individual with the same name involved in criminal activities.
read moreCrypto Hacks Decline in January but CeFi Remains Major Target
In January 2025, cryptocurrency hacks decreased by 44% year-over-year, with over $73 million stolen across 19 incidents, primarily targeting centralized finance (CeFi) platforms, which accounted for 93% of losses. The largest breach involved Singapore-based Phemex, losing over $69 million. Despite the decline, the total losses in 2024 reached $2.3 billion, a 40% increase from the previous year, highlighting ongoing vulnerabilities in CeFi infrastructure, particularly to private key compromises and phishing attacks.
read moreABN AMRO Completes Tokenized Trading Pilot with 21X on Ethereum
ABN AMRO, the Netherlands’ third-largest bank, has successfully completed a pilot for tokenized trading using stablecoins in collaboration with German exchange 21X. The trial involved on-chain settlement for tokenized securities, with ABN AMRO issuing an ERC-3643 token on the Polygon Amoy Testnet. Following the pilot, the bank plans to enhance its offerings with secondary market capabilities through partnerships with European DLT systems. In Jakarta, police dismantled a crypto romance scam syndicate that targeted professionals from Southeast Asia, arresting 20 suspects linked to a fraudulent trading platform. The scheme promised high returns and has been active for over two months, with ongoing investigations into the total losses incurred.
read moreB3 Gaming Chain Launches Token and Expands Ecosystem on Base Network
B3, a layer-3 gaming chain on Coinbase’s Ethereum network Base, plans to launch its own ecosystem token, B3, aimed at enhancing the gaming experience for developers and players. Since its mainnet launch in August 2024, B3 has attracted over 6 million players and 80 games, with more than five dedicated gamechains set to launch this quarter. The platform also features a web-based crypto arcade, BSMNT, which offers a variety of mini games and has partnered with notable Web3 publishers like Parallel Studios for upcoming projects.
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