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Bitcoin Mining Firm Cango to Terminate ADR, List Common Stock on NYSE in November

2025.10.16 10:48:28

On October 16th. The Bitcoin mining company Cango Inc. made an announcement that the board of directors has given the green light to the termination of its American Depositary Receipt (ADR) program. The ADRs will be annulled, and the company will directly list Class A common stock on the New York Stock Exchange (NYSE) instead. As per the announcement, the ADR program is scheduled to come to an end after the business closes on November 14, 2025. At that moment, holders of 1 ADS will receive 2 shares of Class A common stock. The Class A common stock is anticipated to start trading on the NYSE on November 17, with the trading symbol remaining as "CANG". Cango stated in the announcement that this structural adjustment is intended to enable U.S. investors to directly exercise shareholder rights, eliminate the custody fees shouldered by ADS holders, enhance the company's allure to institutional investors, and further fortify its standing in the U.S. market.
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Former 360 Executive Launches Midnight Attack on Zhou Hongyi: Accuses Him of Financial Fraud, Threatens to Make Evidence Public

On December 16, Yu Hong—former 360 executive and founder of XMAX—launched a scathing attack on 360 Group founder Zhou Hongyi late at night via WeChat Moments and community groups. He claimed to have helped Zhou falsify accounts totaling at least tens of billions (in yuan) and still holds the relevant data, vowing to release it publicly across all platforms. Yu also alleged that all of Zhou’s game-related finances are fabricated, adding that knowing Zhou was a "major mistake" and that he has been defrauded of a large sum of money by him. Yu is a well-known figure in the internet and blockchain sectors. Earlier in his career, he founded a game company that he later sold to 360, joining the firm as a senior vice president. During the 2018 Spring Festival, he launched the "3 O'Clock Blockchain Group"—a community with hundreds of members including Sequoia Capital’s Shen Nanpeng, 360 Chairman Zhou Hongyi, Xue Manzi, and Shen Bo (partner at Distributed Capital).

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Grayscale: Quantum Computing Unlikely to Impact Bitcoin and Cryptocurrency Prices in 2026

**December 16 (Decrypt) — Grayscale said in its latest “2026 Digital Asset Outlook” report that while quantum computing poses a long-term security challenge, it will have minimal impact on cryptocurrency market prices in 2026, labeling the threat a “false alarm” for the coming year. The asset manager noted the quantum risk is a legitimate concern but unlikely to affect crypto markets or valuations in the short term.** **The report cited estimates suggesting a quantum system capable of breaking Bitcoin’s cryptography could emerge as early as before 2030. Grayscale analysts added that research and preparation for post-quantum cryptography will continue, but the issue is not expected to impact valuations over the next year.**

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A certain whale increased its short position on SOL with 20x leverage, currently holding a unrealized profit of approximately $15.9 million.

As of December 16, Onchain Lens monitoring shows that amid a market downturn, the whale address "0x35d" has expanded its 20x leveraged SOL short position, currently holding an unrealized profit of approximately $15.9 million.

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「Buddy」 Leveraged Long Liquidated for the Tenth Time, Account Balance Now at $53,178

On December 16, LookOnChain data shows the trader nicknamed "Buddy" has been liquidated 10 more times on long positions. Since the October 11 market crash, he’s been liquidated 200 times total, sustaining losses exceeding $22.88 million. His account now holds just $53,178.

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A whale has closed its ETH long position, with a loss of approximately $5.86 million

**Update (Dec 16):** Onchain Lens data shows a crypto whale closed out its ETH long position amid market declines, incurring a loss of roughly $5.86 million. All told, the whale has erased its prior profits and now faces a total loss of ~$2.4 million.

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a16z transferred 276,000 COMP to Coinbase Prime 2 hours ago

On December 16, on-chain analytics firm Yingyanjian reported that 2 hours ago, a16z transferred 276,000 COMP tokens (valued at $7.6 million) to Coinbase Prime. a16z is the lead investor in Compound, having invested in March 2020 and received 1 million COMP tokens—equivalent to 10% of the total COMP supply. As of now, a16z’s on-chain addresses primarily hold 64 million UNI tokens (valued at $325 million) and 19.51 million OP tokens (valued at $5.71 million), with no COMP left.

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