The 'main explosive short order' has sold out 11.06 million US dollars across the entire network in the past 1 hour, with short orders selling out 10.42 million US dollars

[Deribit Executive: Altcoin Season Has Not Arrived, Market Lacks Trading Volume and Growth Momentum] Deribit Chief Commercial Officer Jean-David Péquignot stated that despite positive signals from macroeconomic factors such as China's economic stimulus policies and the potential for Federal Reserve rate cuts, the altcoin market has not yet entered a full growth phase. He noted that accommodative central bank policies could increase market liquidity and attract speculative funds, but the current market still lacks sufficient trading volume and broad growth momentum. Additionally, according to CoinMarketCap's Altcoin Season Index data, the index currently stands at 44, far below the critical level of 75, indicating that the overall performance of altcoins remains weak. Bitcoin's market dominance remains at 58%, continuing to hold the central position in the crypto market. Although Ethereum's recent price has risen relative to Bitcoin, it is still insufficient to trigger the start of an altcoin season.

[Silicon Valley Law Firm Fenwick & West Denies Involvement in FTX Collapse] According to Jinse Finance, the well-known Silicon Valley law firm Fenwick & West has officially refuted allegations that it played a key role in the collapse of cryptocurrency exchange FTX. In a court filing, the firm argued that its involvement was limited to providing routine legal services, and the accusations (claiming it promoted FTX tokens and designed questionable founder loan schemes) are both unfounded and misleading. The document also criticized the amended class-action lawsuit for rehashing claims that had previously been dismissed and compared these allegations to similar accusations made against the law firm Sullivan & Cromwell.

[Privacy Payment Protocol Privacy Cash Integrates with Solana, Supporting Decentralized Private Transfers] The privacy payment protocol Privacy Cash has officially launched on the Solana blockchain, offering private transfer functionality similar to Tornado Cash. The protocol adopts a decentralized and open-source design while ensuring compliance with the relevant regulations of the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). As of now, Privacy Cash has completed over 10,000 SOL in private transactions, further advancing privacy protection applications within the Solana ecosystem.

[Shanghai Prosecutors Announce Virtual Currency Fraud Case Involving Over 35 Million Yuan] The Shanghai Prosecutor's Office has disclosed a virtual currency fraud case involving over 35 million yuan. Wu and others, under the guise of promoting facial recognition payment devices, deceived victims into purchasing worthless virtual currency GDFC and carried out fraud through false appreciation claims. Subsequently, they launched a new token, ME Coin, to continue defrauding funds. Audits confirmed that GDFC is a 'air coin,' and Wu has been approved for arrest and formally prosecuted. Prosecutors remind the public that activities related to virtual currencies constitute illegal financial behavior, and investors should be cautious of high-return promotions.

[Publicly Listed Company LQWD Has Deployed 19.75 BTC from Its Bitcoin Treasury to the Lightning Network] According to a report by Golden Finance, Canadian publicly listed company LQWD has deployed 19.75 BTC from its Bitcoin treasury to the Lightning Network. By collecting routing fees, these bitcoins have generated an effective annualized yield of up to 24%.