Odaily Planet Daily reports that Hong Kong police have received a report from a victim who claimed to have invested approximately HK$21.4 million in cryptocurrencies through a trading platform between August and December last year. However, the victim was subsequently unable to withdraw funds, suspecting fraud. It is understood that the Hong Kong police have launched an investigation through the Fifth Team of the Tseung Kwan O District Criminal Investigation Team and classified the case as "obtaining property by deception." No arrests have been made so far. The police also remind the public to be wary of any investment projects claiming high returns and not to easily believe insider information disseminated on social media platforms. Before investing in virtual products, investors should fully understand the characteristics of the relevant products and the information security risks involved. (Hong Kong Wen Wei Po)

According to Odaily Planet Daily, as monitored by on-chain analyst Yu Jin, due to the decline in ETH, a whale who had borrowed USDT by pledging ETH on Spark has reduced its position in the past two days to ensure the safety of its lending position. It sold 11,190 ETH (worth 32.83 million USDT) through OKX and then withdrew 26.55 million USDT from OKX to repay the loan. After the reduction, the liquidation price of its ETH position has now dropped to $2,268, a drop from the current price of $667. The whale had 37,400 ETH (worth 110 million USDT) pledged on Spark, along with $62.57 million worth of USDT in borrowed funds.

According to Odaily Planet Daily, the hearing for Qian Zhimin's Bitcoin civil recovery case was held this week. Judge Turner, presiding over the case, clearly pointed out that if multiple legal teams, lacking a fundamental conflict of interest, pursue litigation based on the same factual basis and similar legal issues, using different strategies and processes, the proceedings will be severely delayed, legal costs will accumulate rapidly, and ultimately, the assets the victim hopes to recover may be eroded. The court's rational concern is not the tragic differences between individual victims, but rather the controllability of the judicial process. Meanwhile, the UK Prosecutor's Office (DPP) maintains that its recommendation to the court on October 15, 2025—to reserve a certain amount of assets in the civil recovery proceedings for a comprehensive compensation arrangement for the large number of Chinese victims—is the most effective and realistic solution. This means that once such assets (funds) are reserved, they can be transferred to the Chinese government in the future through cooperation between Chinese and British law enforcement agencies to implement specific victim compensation plans and provide compensation after verifying the victims' identities and losses. Under this approach, it is unrealistic for Chinese victims to expect substantial compensation based on Bitcoin's years-long price surge. The implied compensation limit of this proposal is, at most, the actual losses already registered and confirmed by the Chinese police. (Caixin)

According to CryptoOnchain data, total internal Bitcoin exchange flow has fallen to its lowest level since 2022, at approximately 14,000 BTC. This metric tracks BTC flow within exchanges, reflecting operational activity and short-term distribution readiness. Its continued decline indicates a significant reduction in BTC flowing within exchanges, pointing to weakened market-making activity and tightening liquidity. Lower internal flow is typically associated with increased holding behavior, reduced arbitrage activity, thinner order books, and increased sensitivity to shocks. Currently, the Bitcoin market appears to be in a "liquidity pause" phase, historically a precursor to sharp directional changes after market activity resumes.

Odaily Planet Daily reports that the UK High Court held a hearing this week in Manchester regarding the civil recovery case involving Qian Zhimin's Bitcoin assets. However, this was a typical procedural hearing, without making any rulings on asset ownership, compensation plans, or substantive legal issues. The core issue of the hearing was who should represent the vast number of Chinese victims. Judge Turner, who presided over the case, repeatedly expressed concern about the current situation. With more and more law firms representing different groups of Chinese victims and raising claims under Section 281 (s.281) of the Public Interest Litigation Act (POCA), the UK High Court is facing the real risk of "proliferation of representation." Furthermore, Judge Turner also explicitly mentioned another parallel judicial process being pursued by the UK High Court: the UK bankruptcy liquidation proceedings against Blue Sky Green Technology Co., Ltd. It is understood that subsequent hearings are scheduled for February 16-17, at which time further arrangements or guidance may be made regarding the specific impact of the bankruptcy liquidation proceedings on the civil recovery case. (Caixin.com)