Flash News

TREE NEWS update: Hongjing Technology said in a statement on its official WeChat account on October 7 that all of its computing equipment is procured through compliant commercial channels, responding to what it called inaccurate overseas media reports about its business activities. The company said it strictly complies with market rules and laws and that overall production and operations are normal, with business proceeding in an orderly manner. It added that it reserves the right to pursue legal liability.

TREE NEWS reports: Bitcoin briefly fell below $84,000, triggering $487.2 million in long liquidations over the past 24 hours. Total crypto liquidations reached $555.6 million in the same period, with long positions accounting for the bulk of the damage.

TREE NEWS update: Stacks Labs CEO Muneeb Ali pledged to transfer intellectual property to the Stacks Endowment as part of a CEO plan, and promised a two-year roadmap covering Bitcoin privacy and post-quantum technology. He also committed to a public holder call within 30 days.

TREE NEWS reports: Bitcoin fell below $84,000 in a sudden sell-off, touching a low of $83,551 on Coinbase. Coinalyze data showed $83 million in bitcoin long liquidations over the past 24 hours.

TREE NEWS update: Igloo Inc., the parent company of Pudgy Penguins, announced on Oct 6 that its Ethereum L2 network Abstract will wind down operations and close its mainnet on Dec 15, leaving any unmigrated on-chain assets inaccessible. The company said it absorbed tens of millions of dollars in losses over 18 months despite 400,000 users, 4 million wallets and 144 apps. Igloo secured over $11 million from a Founders Fund-led round in July 2024.

TREE NEWS update: Coinbase plans to relaunch Coinbase Pro by the end of the year and has completed its integration with Deribit, creating what it calls Coinbase Global Exchange. The move combines Coinbase’s spot platform with Deribit’s derivatives business under one global exchange structure.

TREE NEWS update: German regulator BaFin has rejected Bitcoin.de’s MiCA license application, leaving trading on the platform largely suspended since June. The exchange’s operator had been awaiting MiCA authorization and is now turning to regulated partners in an effort to restart services.

TREE NEWS update: A Chinese research team has constructed the world’s first three-dimensional spatiotemporal cell atlas covering the entire rice life cycle, from seed germination to flowering and grain formation. The work, a collaboration among several Chinese research institutions, was published online on the evening of the 6th in the journal Cell. The atlas integrates genome sequencing, single-cell sequencing and spatial transcriptomics, offering a new resource for understanding rice growth and improving grain quality.

TREE NEWS update: Igloo CEO Luca Netz said the company will shut down Abstract after funding it for 18 months and losing ‘tens of millions’ of dollars. Netz said the chain still failed to find product-market fit despite attracting major brands and a community of millions.

TREE NEWS update: Navra has closed an oversubscribed $19 million Series A round led by Ribbit Capital, with Baseline and DCM participating and Jump Crypto and Figure Technology Solutions joining as strategic investors. The platform connects users to multiple blockchain venues through a single interface, linking directly to DeFi yield protocols and cash rails, and offers keyless self-custody meeting qualified custody requirements plus a built-in AI agent. Its institutional version adds enterprise team management and full audit trails.

TREE NEWS update: Payments firm Conduit has sued Tether in New York, saying the stablecoin issuer’s financial-crime unit froze $2.76 million in its treasury wallet over a Brazilian police probe that never targeted the company. Conduit says the funds have been locked since September 2025 and that the freeze forced layoffs.

TREE NEWS update: Dubai’s Virtual Assets Regulatory Authority issued a reserve asset audit circular on October 6 setting minimum requirements for independent audits of VASPs. Firms must maintain reserves of no less than 100% of client liabilities throughout the review period, held 1:1 in the same virtual assets and reconciled daily. Audits must cover hot, warm and cold wallets, third-party wallet infrastructure and third-party custodied assets, and verify client asset segregation, wallet control and any rehypothecation, lending or other use.

TREE NEWS update: A federal judge in the Northern District of Illinois granted Kalshi a partial preliminary injunction on October 2, blocking the state from enforcing its sports betting licensing regime against the prediction market. Judge Martha M. Pacold said championship-winner contracts may qualify as swaps under the Commodity Exchange Act, diverging from the Ninth Circuit’s August ruling that such contracts are gambling, not swaps. The court left Illinois’s new prediction-market fee schedule undecided.

TREE NEWS update: Igloo, the parent of Pudgy Penguins, is shutting down its Abstract chain, saying funds left on the network after Dec. 15 will be inaccessible. Igloo CEO Luca Netz said the consumer-crypto bet cost tens of millions of dollars. Roughly $47 million still sits on the chain, which is being wound down.

TREE NEWS update: Circle has welcomed DJ Khaled to what it calls ‘Team USDC’, though none of the company’s posts announce a sponsorship. Crypto Twitter responded with anger, resurfacing Khaled’s 2018 SEC settlement over a crypto fraud he promoted. The backlash centers on the stablecoin issuer aligning itself with a figure previously sanctioned by regulators.

TREE NEWS update: Kalshi has launched a US 500 perpetual future that carries no expiration date. The stock-index contract uses daily funding payments and futures-account collateral, and Kalshi displayed maximum leverage of 15.3 times on launch day.

TREE NEWS update: Brian Armstrong said Coinbase for Agents has added several new features in recent weeks, letting users connect their agents to Coinbase to manage portfolios, trade, make payments and handle other financial tasks. The Coinbase CEO announced the update in a post on X.

TREE NEWS update: THORChain co-founder Chad Barraford said he will raise with THORChain’s Treasury the idea of returning some of the developer fund’s income earned from the Bitget hack back to the exchange. Barraford made the comments on Unchained. No figure or timeline for any refund was given.

TREE NEWS update: Coinbase added short-dated up-or-down contracts on bitcoin, ether and eight other tokens to its prediction markets on Tuesday. Kalshi lists the contracts and already runs the same 15-minute markets on its own exchange.