22-year-old mastermind Malone Lam pleads guilty in $245 million crypto fraud case

According to official news, Layer 1 blockchain Linera announced in a statement that the LNRA community round subscription period has concluded, falling short of its minimum target of 1.5 million USDC. A total of 617 participants from 69 different countries subscribed 848,000 USDC. Linera will process refunds, with funds returned to participants’ original wallets. The official will release a follow-up progress announcement after the refund period ends.

The Ethereum Layer 2 (L2) Scroll team shared an update in its governance forum, announcing plans to gradually transition Scroll from a general-purpose public blockchain to a private, application-specific network centered on Compass and its AI product ecosystem, with the full transition expected to take roughly 9 months. Scroll noted that its team has been applying AI to network operations and product development over the past several months, and is currently building a product ecosystem comprising Compass, Compass API, CENO, USX, and SCR. Specifically, Compass offers AI models, VPN, eSIM, and other features; Compass API provides routing services for over 30 large language model (LLM) models; and CENO leverages zero-knowledge (ZK) technology to deliver a trust layer for AI agents, covering credentials, context, and privacy computing. The team stated that CENO currently has more than 30 potential clients, 12 of which are conducting proof-of-concept (POC) tests; Compass remains in the early consumer validation phase. As part of the network transition plan, SCR will migrate to the Ethereum mainnet to maintain broad accessibility and liquidity. Scroll confirmed that SCR’s total supply and overall token economics will remain unchanged, and it will continue to serve as Scroll’s network governance token. Scroll emphasized that this post is merely an update on progress, not a formal proposal or vote. The team will separately submit the network transition plan for DAO deliberation once relevant details are finalized.

According to official announcements, Cardano wallet service provider SecondFi has rolled out a new wallet migration tool. The tool supports wallets that have delegated ADA to staking pools but lack sufficient balance to cover network fees for migration, with SecondFi covering the associated on-chain fees on their behalf. Staked ADA balances are now included in the app’s asset overview. If your balance previously showed zero in the app, you should now see your staked balance after this update. Users holding delegated ADA still need to complete the migration, but no additional wallet top-up is required. The migration is only accessible within the official SecondFi app or browser extension that has been updated to the latest version; there is no separate migration website or new application.

According to official announcements, the Polkadot community has submitted OpenGov Proposal No. 1944, which aims to create a native decentralized stablecoin dotUSD and establish it as the primary stable value asset of the Polkadot ecosystem. The proposal is currently undergoing a governance vote. Per the proposal, dotUSD will adopt an overcollateralization mechanism, allowing users to mint dotUSD by locking DOT in the future. The system will also feature a stability pool, liquidation mechanism, and redemption mechanism to maintain dotUSD’s peg to the U.S. dollar. The proposal plans to use funds from the Polkadot Treasury to provide initial liquidity for the DOT/dotUSD liquidity pool: $2.5 million in USDT will be used to mint dotUSD, while $2.5 million worth of DOT will also be allocated to the liquidity pool, bringing total initial funds to $5 million. dotUSD is set to launch in phases: the first phase will use USDT as reserve support for minting dotUSD, while the second phase will introduce a full suite of DOT-collateralized treasury, oracle, stability pool, liquidation, and redemption mechanisms.

According to monitoring by on-chain analytics platform Lookonchain, a newly created wallet deposited 11.9 million USDC into Hyperliquid, then went long on 500 BTC with 20x leverage, leading to a notional position value of approximately $39.44 million. The estimated liquidation price of this position is $55,570.76.

Beating AI News Flash: DeepSeek is currently in a new round of financing with a pre-money valuation of approximately $71 billion. Just one month ago, the company completed its first round of financing at a valuation of around $52 billion, raising $7 billion. In just one month, its valuation has surged by about 37%. Even though the new round requires a 5-year lock-up period and no voting rights, investors are scrambling for allocations. Those unable to secure direct stakes are entering indirectly through institutions that have obtained quotas. These institutions are establishing Special Purpose Vehicles (SPVs) – fund structures created specifically for a single investment – to raise capital from external investors. Some first-tier channels charge a 6% entry fee, while second-tier channels charge 8%; lower-tier channels levy fees exceeding 15%, plus an additional 40% of investment profits. Similar SPVs typically only charge around a 2% upfront fee and a 20% profit share. These off-market arrangements were not initiated by DeepSeek. According to the Financial Times (FT), Liang Wenfeng has begun personally reviewing the final investor list and verifying underlying contributors to ensure shares do not end up in the hands of unidentified entities, and to mitigate governance risks that a complex shareholder structure could pose for a future IPO.