# Best of wublock.substack.com on Kiwi News

Page: https://news.kiwistand.com/source/wublock.substack.com

19 stories from wublock.substack.com have been shared on Kiwi News since 23 June 2024, with 33 upvotes and 3 comments in total. The latest was shared on 24 October 2026. They are listed below, most upvoted first.

Summaries are AI summaries of the linked article.

## 1. Opinion: Why Has China Decisively Halted Stablecoins?

- Kiwi News: https://news.kiwistand.com/stories/Opinion-Why-Has-China-Decisively-Halted-Stablecoins?index=0x694f908dbb5e010ef036c45ac581045c24a08d2eab4fb16239675660fb7e4f6f3516c849
- Source: https://wublock.substack.com/p/opinion-why-has-china-decisively?r=jbpop&triedRedirect=true
- Shared 27 December 2025, 6 upvotes, 0 comments

Wang Yongli argues that China has decisively halted stablecoins, prioritizing digital RMB development while suppressing virtual currencies, and that promoting RMB stablecoins offers little advantage. He points to a November 28 joint meeting of the PBOC and 12 other departments, which stated that stablecoins are a form of virtual currency and that their issuance and trading are illegal. Wang, who previously served as Vice President and Executive Director of Bank of China, says U.S. dollar stablecoins dominate over 99% of the global stablecoin market, leaving little room for non-USD stablecoins. He also argues that U.S. stablecoin legislation, which took effect July 18, may ultimately undermine the stablecoin industry itself.

## 2. Did HTX Really Play a Role in Russian Money Laundering? 

- Kiwi News: https://news.kiwistand.com/stories/Did-HTX-Really-Play-a-Role-in-Russian-Money-Laundering?index=0x6a687a48958017ebc94711e336ccc21873eb4024c2345ad65c82b22c2928c6c5abeee220
- Source: https://wublock.substack.com/p/did-htx-really-play-a-role-in-russian
- Shared 28 July 2026, 3 upvotes, 0 comments

The article argues that the UK's May 26, 2026 designation of HUOBI GLOBAL SA, HTX's Seychelles-based entity, is an allegation rather than a proven finding. OFSI stated there were "reasonable grounds to suspect" HTX provided financial services to A7 LLC and Garantex Europe OU, and it froze assets on that basis. The author says this was the first time a G7 country placed the entity behind a top-10 centralized exchange on an asset freeze list. The article also describes a Russian pipeline running from ruble conversion through A7A5 and USDT to an exchange endpoint, and notes that the US has not sanctioned HTX.

## 3. Why Bihu and Mirror Failed: The Rise and Fall of Crypto Social Platforms 

- Kiwi News: https://news.kiwistand.com/stories/Why-Bihu-and-Mirror-Failed-The-Rise-and-Fall-of-Crypto-Social-Platforms?index=0x6a3a4421bba165bf4ba916e6df82de27ff0256b1e785aed72a21ea7ead604f4756b21982
- Source: https://wublock.substack.com/p/why-bihu-and-mirror-failed-the-rise
- Shared 23 June 2026, 3 upvotes, 0 comments

Bihu and Mirror.xyz, once leading crypto content platforms in China and the West, both declined, with the article attributing their failures to weak incentive models, market downturns, and internal disagreements. Bihu, founded in early 2018, paid writers in KEY tokens, but after the token price collapsed and China tightened crypto rules after 2021, it shut down on March 21, 2022. Mirror.xyz, founded in October 2020 by Denis Nazarov and valued at around $100 million in media reports, struggled after the 2022 bear market, high gas fees, and internal divisions over its direction. Paragraph acquired Mirror in May 2024 and announced its sunset in mid-September 2025.

## 4. Yang Haipo: Cryptocurrency is Heading Towards an Inevitable Endgame

- Kiwi News: https://news.kiwistand.com/stories/Yang-Haipo-Cryptocurrency-is-Heading-Towards-an-Inevitable-Endgame?index=0x69e9c73a0a590eced4a4fbc6f2360fc34088f41c88e9df64e05dedc8db98c34c1994905d
- Source: https://wublock.substack.com/p/yang-haipo-cryptocurrency-is-heading
- Shared 23 April 2026, 2 upvotes, 1 comment

## 5. Power, Not Bitcoin, Is Now the Most Valuable Asset

- Kiwi News: https://news.kiwistand.com/stories/Power-Not-Bitcoin-Is-Now-the-Most-Valuable-Asset?index=0x6a85743e8ce81688a04ca4f61817585677b81ac0e9dc7fb86d13602d464830fbd6db6f9f
- Source: https://wublock.substack.com/p/the-transformation-of-bitcoin-miners
- Shared 19 August 2026, 2 upvotes, 0 comments

Bitcoin miners are increasingly valued by controlled power capacity in megawatts and gigawatts rather than by hash rate and bitcoin holdings, because mining margins are thinning while AI data center power demand grows. Core Scientific reported $164.2 million in second-quarter 2026 revenue, of which $136.7 million came from high-density colocation, while its self-mining business posted a gross margin of -56%. TeraWulf signed a 20-year lease with Anthropic covering about 401 MW at its Kentucky campus, which it said could generate roughly $19 billion over the initial term. VanEck found that companies with signed AI or HPC leases traded above 10x EV/Gross Energized Power as of June 4, 2026, versus 2x to 6x for those relying mainly on prospective power pipelines.

## 6. The SpaceX Pre-IPO Trap: Why the Crypto Community Got Collectively Burned

- Kiwi News: https://news.kiwistand.com/stories/The-SpaceX-Pre-IPO-Trap-Why-the-Crypto-Community-Got-Collectively-Burned?index=0x6a32667d482ca603b714a7d9c93ecc251a578919d6695491c2db9be37f296cc2c8511d69
- Source: https://wublock.substack.com/p/the-spacex-pre-ipo-trap-why-the-crypto
- Shared 17 June 2026, 2 upvotes, 0 comments

Crypto platforms that offered tokenized SpaceX IPO subscriptions through xStocks faced severe allocation shortfalls on listing day, June 12, 2026, leading to full refunds and compensation for users. Kraken, Bybit, Binance and Bitget Wallet were among the platforms that promoted the offerings, with Binance reporting about 27,700 wallets and roughly $557 million in USDC deposits. Underwriters including Goldman Sachs and Morgan Stanley kept final allocations tightly controlled, and according to CNBC the retail share fell to the low 20% range from an initial 30% target. As of June 14, 2026, refunds had largely been completed.

## 7. From Trading to Addiction: How Retail Investors Slip into the Perpetual Trap

- Kiwi News: https://news.kiwistand.com/stories/From-Trading-to-Addiction-How-Retail-Investors-Slip-into-the-Perpetual-Trap?index=0x6a156454d53ea71546ae5d9f76d58dd7c178329c1ce0536bd369f1a487983dffed040f83
- Source: https://wublock.substack.com/p/study-from-rational-trading-to-speculative
- Shared 26 May 2026, 2 upvotes, 0 comments

Perpetual futures, a crypto derivative with no expiry date that BitMEX launched in May 2016, are presented here as a product whose structure and reward patterns encourage gambling-like trading addiction. The article argues that the variable, unpredictable returns and frequent feedback of perpetual trading mirror slot machines and the psychology described by B.F. Skinner, whose pigeon experiments showed that uncertain rewards sustain persistent behavior. It also says that 24/7 markets and leverage of up to 100x remove the natural breaks that might restrain compulsive trading.

## 8. OKX Wallet in Conversation with Vitalik Buterin: How Will Wallets, L2s … Evolve?

- Kiwi News: https://news.kiwistand.com/stories/OKX-Wallet-in-Conversation-with-Vitalik-Buterin-How-Will-Wallets-L2s-Evolve?index=0x69f3056f81f1de66376b8b08d381fbfed1f6ab7f0dafe02f40e3dbe0fa229de28ff40609
- Source: https://wublock.substack.com/p/okx-wallet-in-conversation-with-vitalik
- Shared 30 April 2026, 2 upvotes, 0 comments

OKX Wallet VP Paul Wan interviewed Vitalik Buterin on how blockchains, L2s and wallets should evolve as AI agents begin acting on-chain. Buterin says Ethereum's core functions of data publication and computation remain relevant, but AI agents will change how users reach the chain, and he sees a need for an economic layer where decentralized agents can discover and match one another. On L2s, he argues for designing around application needs, with accounts on L1 and high-frequency trading and matching on L2, and he notes privacy-focused systems such as Tornado Cash, Railgun and Privacy Pools can be viewed as privacy-focused L2s. He also suggests that wallets may become SDK-based tools, and that a promising native agent standard centers on ZK Payments and ZK API.

## 9. Why Gold Farming Studios Sustained World of Warcraft Yet "Killed" All Web3 Games

- Kiwi News: https://news.kiwistand.com/stories/Why-Gold-Farming-Studios-Sustained-World-of-Warcraft-Yet-Killed-All-Web3-Games?index=0x69c393ebd336c432eaf30916fc2d57d27e8e2a311dc0e932c00e147d59796824ad8a3fcd
- Source: https://wublock.substack.com/p/why-gold-farming-studios-sustained?r=jbpop&triedRedirect=true
- Shared 25 March 2026, 1 upvote, 2 comments

Lao Bai argues that Web3 games failed because their design lets repeatable actions and freely exitable assets combine, which makes the player base run on capital and scripts rather than people. He contrasts this with World of Warcraft, where gold cannot buy top-tier gear, achievements or titles, and most high-value items are Soulbound and cannot be sold, which confined gold farming to the game's periphery. Blizzard also sold WoW Tokens at system-regulated prices and added daily and weekly quests and cooldowns that diluted industrialized farming. He concludes that blockchain games must die, and that what might suit a chain is records like boss first-kill proofs and guild history rather than assets.

## 10. Why Are Sui’s Chinese-Speaking Developers Leaving? Inside the APAC Friction

- Kiwi News: https://news.kiwistand.com/stories/Why-Are-Suis-Chinese-Speaking-Developers-Leaving-Inside-the-APAC-Friction?index=0x6adc7951c54461a5262e2c856cb7b9e6026cbf2c84e4eb103c493852908901edde8f9ee1
- Source: https://wublock.substack.com/p/why-are-suis-chinese-speaking-developers
- Shared 24 October 2026, 1 upvote, 0 comments

WuBlockchain Podcast's discussion with Sui ecosystem developers examines a developer backlash after Sui moved to phase out JSON-RPC in July 2026, focusing on communication problems between the Sui Foundation and the APAC community. Arthur says an APAC lead told him Sui "doesn't welcome or support memecoins" before reviewing his project, and that when JSON-RPC was shut down, OKX Wallet, OneKey Wallet and Binance Wallet had not all finished adapting, leaving some DApps unusable. Citing third-party GitHub statistics, Chen says Sui has more than 600 active developers and over 180 full-time developers, down roughly 55% year over year. Mike has decided to leave Sui, and Arthur is considering migrating elsewhere.

## 11. Memories of a Long-Time BitMEX User: Did the March 12 Outage Save Crypto?

- Kiwi News: https://news.kiwistand.com/stories/Memories-of-a-Long-Time-BitMEX-User-Did-the-March-12-Outage-Save-Crypto?index=0x6a6b2433f5ab4dbfc4e26954cc61362e6ab44b7fd7f86eaff551d6722f01632ac122711a
- Source: https://wublock.substack.com/p/memories-of-a-long-time-bitmex-user
- Shared 30 July 2026, 1 upvote, 0 comments

Hedge fund manager Kuan argues that BitMEX's perpetual contracts were a major innovation and that offshore exchanges' golden era has passed as the industry moves toward compliance. In a WuBlockchain podcast interview, Kuan says BitMEX's funding rates, mark prices, insurance fund and auto-deleveraging solved the liquidity fragmentation of fixed-expiry futures, and that its order book depth frequently reached millions of dollars during the 2018 bear market. Discussing the March 12, 2020 crash, Kuan says the outage interrupted a liquidation cascade and Bitcoin stabilized around $3,800, though whether it was intentional cannot be proven from outside.

## 12. What Makes Already-Fragile Speculative Tokens Even More Vulnerable?

- Kiwi News: https://news.kiwistand.com/stories/What-Makes-Already-Fragile-Speculative-Tokens-Even-More-Vulnerable?index=0x6a61dfd6d09d2c246b225ecb43bee4342484cb08af55c6e4c9fa01cf1de90693a1ecabaf
- Source: https://wublock.substack.com/p/what-makes-already-fragile-speculative
- Shared 23 July 2026, 1 upvote, 0 comments

Speculative tokens carry four interconnected structural weaknesses that make long positions far easier to liquidate than similar positions in BTC, even at the same leverage and volatility. These weaknesses are a higher maintenance margin ratio, funding fees that steadily erode trader capital, thin order books, and a mark price that loses support when spot markets collapse. Humanity Protocol ($H) fell from $0.865 to $0.052 in just over ten minutes, a 93.9% collapse. Many traders blamed a market maker, hackers, or the exchange, but the text says these fragilities turned the wick into an avalanche.

## 13. How Is a Pre-IPO Company's "Share Price" Determined on Hyperliquid?

- Kiwi News: https://news.kiwistand.com/stories/How-Is-a-Pre-IPO-Companys-Share-Price-Determined-on-Hyperliquid?index=0x6a59e9e3e6557ee46d975ceba838dc487521a98ec92dca1551b0d604709ce15f01858230
- Source: https://wublock.substack.com/p/how-is-a-pre-ipo-companys-share-price
- Shared 17 July 2026, 1 upvote, 0 comments

Trade.xyz launched a Pre-IPO perpetual for ChangXin Memory Technologies (CXMT) on Hyperliquid on July 14, and its price is set by order book trading rather than by the company's share price. The contract, ticker xyz:CXMT, began with a Trade.xyz-set reference price of $5, supports up to 5x leverage, and is settled in USDC. As of 02:13 UTC on July 16, Hyperliquid's onchain data showed a mark price of about $7.37, while the company's A-share IPO price is RMB 8.66, with listing expected on July 27. The article states that the contract holds no stock, IPO allocation, dividends or voting rights, and that its 20% discovery bounds, re-anchored to $6, $7.20 and $8.64, shape how the price moves.

## 14. Navigating the Crypto Winter: Startup Opportunities from the Perspective of VCs

- Kiwi News: https://news.kiwistand.com/stories/Navigating-the-Crypto-Winter-Startup-Opportunities-from-the-Perspective-of-VCs?index=0x6a33b1366c63518dc6a41019a0f527bca13a9c15289b94bb883aaadc5a9546711c57cccb
- Source: https://wublock.substack.com/p/navigating-the-crypto-winter-startup
- Shared 18 June 2026, 1 upvote, 0 comments

Alliance, a US crypto startup accelerator, reported on June 17, 2026 that its latest early-stage application cycle saw total applications double compared to the previous quarter, its strongest cycle since its founding. Co-founder Imran Khan said founders are entering new categories including stablecoin applications, AI, agentic payments, and robotics, and set a goal of tripling application volume over the next year. The article argues this contrasts with talk of a crypto winter, but says the growth may not signal a rapid market expansion, reflecting instead a shift toward application-layer work on mature infrastructure.

## 15. Jack Ma's Crypto Foray: From Building AntChain to Purchasing Ether

- Kiwi News: https://news.kiwistand.com/stories/Jack-Mas-Crypto-Foray-From-Building-AntChain-to-Purchasing-Ether?index=0x6a0f26241bb4a221756956b2dc113ae1dd60c15aa821fdc39e2508e656d3b812b06a3e7a
- Source: https://wublock.substack.com/p/jack-mas-crypto-foray-from-building
- Shared 21 May 2026, 1 upvote, 0 comments

Yunfeng Financial, the Hong Kong-listed fintech group, disclosed on 2 September that it had bought 10,000 ETH (approximately US$44 million) in the open market with internal cash and booked the holdings as an investment. The purchase follows a 1 September strategic cooperation with Ant Digital and an investment in the Pharos public chain, which the company said aims to promote RWA tokenization and Web3 scenarios. The article also covers Ant Digital's AntChain-related products, including the Jovay Ethereum Layer 2 released on 30 April 2025 with no native token, and the DTVM toolkit open-sourced in April 2025.

## 16. Hong Kong Grants Its First Stablecoin Licenses

- Kiwi News: https://news.kiwistand.com/stories/Hong-Kong-Grants-Its-First-Stablecoin-Licenses?index=0x69df49d9989ebb2a5c897e158396f221aa02e2f354f8667463839687908d2e3912decf80
- Source: https://wublock.substack.com/p/hong-kong-grants-its-first-stablecoin
- Shared 15 April 2026, 1 upvote, 0 comments

Hong Kong's Monetary Authority granted its first stablecoin issuer licenses on April 10, 2026, to HSBC and Anchorpoint, a joint venture of Standard Chartered, Animoca Brands and HKT. The licenses took effect immediately, and both licensees will begin operations in the coming months. The HKMA said there is no timetable for additional licenses, and Anchorpoint plans to start issuing its Hong Kong dollar stablecoin HKDAP in phases from the second quarter of 2026. Liu Honglin, founder of KUN Law Firm, argues that the more important question is who will actually use Hong Kong stablecoins.

## 17. Exchange Data Report March 2026: Spot Trading Volume Down 19.4% …

- Kiwi News: https://news.kiwistand.com/stories/Exchange-Data-Report-March-2026-Spot-Trading-Volume-Down-194percent?index=0x69d88267b7f92288221bf8b088cc0c39a384bee78fa3730094326375f47d251ac20ac435
- Source: https://wublock.substack.com/p/exchange-data-report-in-march-2026
- Shared 10 April 2026, 1 upvote, 0 comments

Spot trading volume across major crypto exchanges fell about 19.4% in March 2026 compared with February 2026, with every exchange recording a decline, according to data compiled by Wu Blockchain. Kraken (-9.5%), Bybit (-12.4%) and OKX (-13.2%) had the smallest spot declines, while Upbit (-39.4%), Bitget (-31.2%) and Crypto.com (-23.4%) had the largest. Derivatives volume fell about 2.9% month-over-month, with Coinbase (+41.4%), MEXC (+36.6%) and KuCoin (+4.4%) posting the top gains. Website traffic dropped about 2.34%, with Bitget (+17.16%) showing the strongest growth.

## 18. How Two High-Frequency Traders Exploited an Exchange Loophole to Make $43 Millio

- Kiwi News: https://news.kiwistand.com/stories/How-Two-High-Frequency-Traders-Exploited-an-Exchange-Loophole-to-Make-dollar43-Millio?index=0x68184d93dfd78b00f4c6226ea4336fb1822e4d8efa2f7cc9d4a5fe677311adfad04c55d2
- Source: https://wublock.substack.com/p/how-two-high-frequency-traders-exploited
- Shared 5 May 2025, 1 upvote, 0 comments

Market maker qntxxx, accused in Bitget's VOXEL incident, told Wu Blockchain that his two-person team made $43 million through about 100 sub-accounts by trading against the order book, not by exploiting bugs, and that the money rightfully belongs to them. Bitget says eight accounts linked to a professional arbitrage syndicate illicitly profited over $20 million and pledged to return recovered funds to users via airdrops. qntxxx said his team withdrew about $10 million, that Binance froze several hundred thousand dollars, and that they have hired a lawyer. Bitget says $38.31 million in abnormal profits were withdrawn before risk controls triggered.

## 19. Asia's weekly TOP10 crypto news (Jun 17 to Jun 23)

- Kiwi News: https://news.kiwistand.com/stories/Asias-weekly-TOP10-crypto-news-Jun-17-to-Jun-23?index=0x6678aecf341098236805d849632385f874d379c5f81db5a115c7c5ba4c7fb4d08c7bf52c
- Source: https://open.substack.com/pub/wublock/p/asias-weekly-top10-crypto-news-jun-e8d?r=16nwyb
- Shared 23 June 2024, 1 upvote, 0 comments

This weekly roundup covers ten crypto regulatory and industry items from Asia between June 17 and June 23. Tiger Brokers received approval from Hong Kong's Securities and Futures Commission to offer virtual asset trading to retail investors, and a Hong Kong court fined Wong Ming Chung HK$10,000 for unlicensed investment advice in a Telegram group. South Korea's FSC said exchanges, not the regulator, will handle token inspections and delistings under the Virtual Asset User Protection Act, which takes effect July 19. In Taiwan, the Financial Supervisory Commission plans to finish a virtual asset rules draft by December and is considering overseas Bitcoin ETFs.