Techub News Evening Report: FTX Chinese users may find it difficult to get compensation, 20,000 BTC transferred from a dormant "Bitcoin OG" address for 14 years.

Organizer: Nona

Regulation/Macro

Central Bank: Support the promotion of innovative applications of digital RMB to relevant free trade pilot zones.

On July 4th, Ji Min, head of the Research Bureau of the People's Bank of China, stated at the State Council's regular policy briefing that the next step for the People's Bank is to work with relevant departments and other financial regulatory authorities to continue supporting the pilot free trade zones in deepening their alignment with international high-standard economic and trade rules and promoting a higher level of institutional opening-up, all while effectively preventing risks. On one hand, further deepen financial opening and innovation in the Shanghai Free Trade Zone. On the other hand, increase the efforts to replicate and promote the "Shanghai experience", supporting the promotion of innovative applications of the digital RMB and other measures to relevant free trade zones, and expanding measures such as optimizing electronic payment services nationwide, to explore practical paths for the open and innovative development of our country's financial sector and accumulate more replicable and promotable experiences.

Trump will issue a tariff letter on Friday, with a range of 10% to 70%.

He will start sending letters to trade partners on Friday, setting unilateral tariff rates, and countries must start paying tariff rates from August 1. About "10 to 12 letters" will be sent out on Friday, with more letters to follow in the coming days. "I believe all countries will receive the letters by the 9th. The tariff range is as high as 60% or 70%, and as low as 10% and 20%." He was referring to the initial deadline of July 9 for countries to reach an agreement with the United States. If confirmed, the highest tariffs in that range will be higher than any tariffs outlined by Trump during the "Liberation Day" rollout in early April (a baseline tariff of 10%, up to a maximum of 50% retaliatory tariffs).

Reuters: JD.com and Ant Group are lobbying the People's Bank of China, requesting approval to issue offshore RMB stablecoins.

JD.com and Ant Group are lobbying the People's Bank of China, requesting approval to issue a stablecoin pegged to the offshore RMB in Hong Kong, to promote the global use of the RMB and counter the expanding influence of the digital dollar. Sources revealed that JD.com mentioned in discussions with the People's Bank that due to the Hong Kong dollar being pegged to the US dollar, it is not effective in promoting the use of the RMB in trade, hence the need to launch a RMB-pegged stablecoin. JD.com proposed that the PBOC allow the issuance of RMB stablecoins in Hong Kong, further expanding into offshore markets in China's free trade zones, a company insider stated that this proposal has received a positive response from regulators. Previously, Ant Group was planning to apply for stablecoin licenses in Hong Kong and Singapore and has started planning for an offshore RMB stablecoin. JD.com Chairman Liu Qiangdong also publicly stated plans to apply for such licenses in major currency countries globally to promote foreign exchange and cross-border payments.

The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill.

The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill with a vote of 218 in favor and 214 against. The bill has been controversial due to its cuts to federal assistance, increases in long-term debt, and tax reductions for the wealthy and large corporations. The bill was passed by the Senate on the 1st of this month. The White House stated that Trump is scheduled to sign the bill into law on July 4, which is American "Independence Day" (5 AM Hong Kong time on the 5th).

Project/Company Updates

Jingbei Fang: Reached a strategic cooperation with Guofu Quantum, focusing on virtual assets and digital currency business.

Jingbei Fang stated in the investor relations activity record that the company recently signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd. The two parties will focus on virtual assets and digital currency business, carrying out in-depth cooperation in three areas: IT technology innovation, virtual asset and stablecoin ecosystem collaboration innovation, and financial business innovation. The company will take this cooperation as an opportunity to fully launch its overseas strategy and gradually expand its overseas financial technology and digital transformation business. Guofu Quantum has made early arrangements in the stablecoin ecosystem, becoming an early investor and a founding shareholder of Yuan Coin Technology, one of the first participants in the Hong Kong stablecoin issuer "sandbox" program.

Two large insurance companies in Russia have launched investment-linked life insurance products tied to Bitcoin.

Two large Russian insurance companies, Renaissance Life and BCS Life Insurance, have launched investment-linked life insurance policies (ILIPs) linked to Bitcoin. These innovative policies allow investors to invest in BlackRock's iShares Bitcoin Trust (IBIT), which is the largest Bitcoin ETF by assets under management. These ILIPs are designed for high-net-worth individuals who want to profit from Bitcoin price fluctuations without directly holding Bitcoin.

FTX creditors representative: Chinese users may not be able to receive compensation

Sunil, a representative of FTX creditors, stated on platform X that users from 49 countries and regions may not be able to receive any compensation. These countries and regions are listed as "potentially restricted jurisdictions." FTX is seeking legal advice to allocate to the restricted foreign jurisdictions. However, if it is determined that users belong to restricted foreign jurisdictions, the claims will be disputed, and if the issues are not resolved, users will lose their allocation rights. Sunil noted that 5% of the claims involve restricted countries, of which 82% of the claim funds belong to Chinese users.

Important data

A "Bitcoin OG" address starting with 1HqXB9 transferred a total of 20,000 Bitcoins after being dormant for 14 years, valued at approximately $2.18 billion.

The "Bitcoin OG" addresses starting with 1HqXB9 transferred out 10,000 bitcoins each after being dormant for 14 years, totaling 20,000 bitcoins, worth approximately $2.18 billion. Fourteen years ago, the price of Bitcoin was only $0.78, which means a return of 140,000 times.

Yesterday, the total net inflow of Ethereum spot ETF in the United States was approximately 149 million dollars.

Yesterday (July 3, Eastern Time), the total net inflow of Ethereum spot ETFs in the United States was approximately $149 million. BlackRock ETF ETHA had a net inflow of approximately $85.38 million in a single day; Grayscale ETF ETHE had a net outflow of approximately $5.35 million in a single day; Grayscale Micro ETF ETH had a net inflow of approximately $3.9 million in a single day; Fidelity ETF FETH had a net inflow of approximately $64.65 million in a single day; Bitwise ETF ETHW, VanEck ETF ETHV, Franklin ETF EZET, 21 Shares ETF CETH, and Invesco ETF QETH had no net inflow or outflow.

Yesterday, the total net inflow of Bitcoin spot ETFs in the United States was approximately 602 million USD.

Yesterday (Eastern Time, July 3), the total net inflow of Bitcoin spot ETFs in the United States was approximately $602 million. The BlackRock ETF IBIT had a net inflow of about $224.5 million in one day; the Fidelity ETF FBTC had a net inflow of approximately $237 million in one day; the Ark & 21 Shares ETF ARKB had a net inflow of about $114 million in one day; the Bitwise ETF BITB had a net inflow of about $15.53 million in one day; the Grayscale Micro ETF BTC had a net inflow of about $5.84 million in one day; the VanEck ETF HODL had a net inflow of about $4.66 million in one day; the Grayscale ETF GBTC, Valkyrie ETF BRRR, Franklin ETF EZBC, Invesco Galaxy ETF BTCO, WisdomTree ETF BTCW, and Hashdex ETF DEFI had no net inflow or outflow of funds.

Data: Ethereum on-chain NFT sales in June were only about 100 million dollars, the lowest level since February 2021.

In June, Ethereum blockchain NFT sales amounted to only about 100 million USD, setting the lowest monthly sales record since February 2021, with approximately 549,000 transactions of NFTs on the Ethereum blockchain that month.

The US-listed company DeFi Development increased its holdings by 17,760 SOL.

The US-listed company "SOL version of MicroStrategy" DeFi Development Corp has again increased its holdings by 17,760 SOL, worth approximately $2.72 million. As of July 3, it holds 640,585 SOL and equivalent assets, with a total value of $98.1 million.

Tether issued an additional 1 billion USDT on Ethereum this morning.

Tether issued an additional 1 billion USDT on the Ethereum network this morning.