Spot Gold Falls Below $5170/Ounce, Down 1.12% Today

February 24: Hong Kong AI application stocks extended gains today, per Bitget market data. Zhixue (02513.HK) rose more than 21%, MINIMAX-WP (00100.HK) added 9.1%, and SeaZinc Technology Group (02706.HK) climbed 3%. Recently, despite posting losses, Zhixue and MINIMAX briefly saw their market capitalization top 300 billion HKD—nearly matching that of traditional internet giant JD.com, which has a market cap of around 340 billion HKD.

February 24 According to Caixin, the English High Court held a two-day hearing on February 16–17, 2026, regarding the disposal of 60,000 bitcoins tied to the money laundering case of Qiuzimin. More than 11,300 Chinese victims plan to file compensation claims with the court—representing just 8.8% of the 128,409 total victims. The UK compensation registration deadline is May 22. Under Section 281 of the UK Proceeds of Crime Act (POCA), individuals claiming ownership of assets frozen or targeted for government confiscation may file a claim with the English High Court. On October 22, 2024, UK authorities permitted Blue Sky Grid victims to actively pursue compensation: they must submit evidence to the court proving their victim status in the Blue Sky Grid case and their link to the involved assets.

**February 24 Update** Per on-chain analyst Ai Auntie (@ai_9684xtpa), an OG whale that accumulated ETH back in 2017 has sold spot holdings while opening leveraged long positions. In the past 10 hours, wallet address 0xead…E9D55 sold 23,924 ETH at an average price of $1,888.71, totaling $45.18 million in proceeds. Notably, after trimming its spot ETH exposure, the whale deposited 15.998 million USDC as collateral into Hyperliquid and placed limit long orders for BTC, ETH, and HYPE—aiming to open new long positions at lower price levels. Currently, the whale holds a $56.18 million position (mostly long positions) with an unrealized loss of $6.462 million. **Additional Context** - Two years ago: Received 19,000 ETH (accumulated in 2017 at an average cost as low as $357) - Two weeks ago: Received 7,038 ETH (withdrawals from exchanges at an average price of $2,709.43 between Dec 2023 and Apr 2024)

**Chinese Crypto Scam Suspect "Mr. Duan" Arrested in Thailand** On February 24, a Chinese national identified as "Mr. Duan"—linked to the BHE Exchange cryptocurrency fraud—was taken into custody in Nakhon Pathom Province, Thailand. BHE Exchange marketed its DDO token with promises of a 6% annual return and a 20-fold value jump over 10 years, luring roughly 20,000 investors. The platform abruptly shut down, leaving users unable to withdraw funds and causing losses totaling approximately $128 million (around 900 million RMB). The suspect fled China in 2024, settling in Thailand and frequently changing residences to evade detection. Thai authorities have revoked his residency permit and will deport him to China for further investigation and trial.

On February 24th, F2Pool co-founder Wang Chun posted: "Do you remember what you were thinking when ETH last hit $1,386? That was back in April 2025—just four months later, ETH rebounded to $4,956. Don’t let fear get the better of you."

As of February 24, data from the Coinbob Popular Address Tracker (link: https://t.me/Coinbob_track_CN) shows that Loracle—an early Hyperliquid contributor—opened a large 10x leveraged long position on ZEC on February 15 in a bottom-fishing attempt. At the time, the position peaked at $8.5 million, with an average entry price of $312, making it the largest on-chain ZEC long position. Ten days later, ZEC is currently trading at $237, pushing the position’s unrealized loss to 316%. Facing steep unrealized losses, the address began cutting its ZEC long position last night and this morning. As of press time, the position has been sharply reduced to $1.14 million, with selling still ongoing. Loracle (X handle: @loraclexyz)—born Laurent Zeimes—is an active early contributor to the Hyperliquid ecosystem. He’s the founder of Hypurrfun and has recently been active in Hyperliquid’s contract market.