Crypto market falls across the board, with $860 million in long position liquidations over the past 24 hours.

According to Bitget market data, South Korea’s KOSPI index plunged 8.00% intraday to 5527.29 points. SK Hynix fell over 11% while Samsung Electronics dropped more than 9%. Meanwhile, South Korea’s exchange activated the circuit breaker for the KOSDAQ (South Korea’s secondary growth index), suspending trading for 20 minutes.

Beating AI News Flash: AI infrastructure firm Modal announced it has closed a $750 million Series D funding round led by Accel, with a post-money valuation of $15.75 billion. In May this year, Modal raised $355 million at a $4.65 billion valuation, when its annual recurring revenue (ARR) had just crossed $300 million. In less than five months, its ARR has surged past $1 billion, usage has tripled, and the company reports its business has grown more than 15x year-over-year. Modal helps developers run AI models, training tasks, and agents without needing to purchase GPUs or build their own servers. It integrates computing power from over 20 cloud platforms and has developed its own file system, container runtime, and scheduling system from scratch. Its Sandboxes business is a key growth driver: AI-generated code requires a secure environment for execution and testing, and Modal has turned this isolated setup into an on-demand cloud service, with the segment now generating $300 million in annual recurring revenue alone. The platform has launched nearly 3 billion sandboxes in total, and achieved 1 million concurrent runs in internal testing. Its customers span multiple industries: Cognition and Ramp use it to run programming agents, Runway leverages it for video generation, and Physical Intelligence uses it for robot training. Modal also highlighted TypeSafe AI’s Jev model, which processed over 1 trillion tokens via its compute platform just three days after launch.

According to Bitget market data, South Korean stocks SK Hynix fell more than 11% and Samsung Electronics dropped over 9%. The Southern 2x Long SK Hynix ETF declined 22.04%, while the 2x Long Samsung Electronics ETF fell 19.72%.

Attention! $ETH could drop further to $2,300.86, then $2,289.78. The market may liquidate this whale's 79,259 $ETH ($187.21M) long position, just like it did 6 days ago.

Solana team members shared photos on social media yesterday to announce the blockchain project has opened an office in Shanghai, China. Core team member Vibhu and Solana Foundation Chair Lily Liu made a high-profile announcement that the office is located in the "world's highest" commercial office space. In response, Binance CEO CZ retweeted the post, commenting: "It's amazing to see Solana securing advertising and even setting up an office in China. BNB Chain hasn't been able to do this so far."

According to an investigative report by The Wall Street Journal, during the period when former White House crypto advisor Bo Hines was pushing the GENIUS Act, Nxum, a consulting firm he co-founded and held shares in, established business ties with Tether. Citing internal documents, communications, and payment receipts, the report states that Tether paid over $6 million to Nxum, which was distributed among three partners. Although Hines stepped away from daily operations, he still discussed the bill with partners via Signal during his tenure. After the bill was signed into law in July 2025, he left his position in August and was appointed CEO of Tether’s U.S. stablecoin business in September, with the relevant connections raising questions about potential conflicts of interest.