Odaily Planet Daily reports that OKX founder Star responded today on the X platform to his debt dispute with Li Feng, co-founder of Moore Threads. He stated that people should not dwell on negative past events but should look to the future and make positive contributions. The debt issue will be resolved through legal channels, and he expressed his best wishes to every entrepreneur. Previous reports indicated that Li Feng, co-founder of Moore Threads, was involved in an ICO project and a dispute over 1500 Bitcoins.

Odaily Planet Daily reports that prediction market platform Kalshi has launched a new SDK covering core API functions such as trading, market data querying, and portfolio management. The kit uses an RSA-PSS signature mechanism for authentication and supports automatic signature and timestamp processing to simplify the developer integration process and enhance security. Recommended reading: Why prediction markets are really not gambling platforms.

According to Foresight News, Moore Threads, touted as China's Nvidia, debuted on the STAR Market on December 5th as the "first domestically produced GPU stock," opening at 650 yuan per share, a 468.78% surge from its issue price of 114.28 yuan, pushing its total market capitalization above 300 billion yuan. This ignited enthusiasm in the A-share market, with a single winning bid (500 shares) yielding a net profit of over 267,000 yuan. E Fund Management saw a paper profit of nearly 1.9 billion yuan, early investors like Tencent and ByteDance achieved returns exceeding 35 times, and Peixian Qianyao achieved a return of up to 6200 times. However, Li Feng, co-founder of Moore Threads and dean of Moore Academy, has previously been embroiled in controversy surrounding his cryptocurrency project, "Mallego Coin" (MGD). In 2017, Li Feng, along with cryptocurrency heavyweights like Li Xiaolai and Xue Manzi, launched the project, using the gimmick of "the first modern performance art based on blockchain in human history," raising 5000 ETH through crowdfunding. The token distribution plan reserved 10% until 2100; the team's background was packaged as "composed of a CEO, CTO, CFO, PhD, returnee, and investment banker," but this was mostly fabricated. Despite this, MGD completed its fundraising within a week of its launch. However, the project was quickly summoned by relevant departments due to its sensitive name and forced to change its name to "Alpaca Coin MGD." A dispute arose with OKX founder Star over a 1500 Bitcoin debt: In June 2018, Star publicly accused Li Feng on his WeChat Moments of borrowing 1500 Bitcoins (worth approximately 80 million yuan at the time) and refusing to repay, even claiming he had "disappeared." He posted the loan agreement and video evidence and announced lawsuits in courts in both China and the US, applying for asset preservation. In mid-2018, 1500 BTC were worth approximately $10 million; currently, they are worth as much as $135 million. Li Feng responded via group chat, claiming the loan was actually Star's investment in the MGD project, and that Star regretted it and wanted his funds back because the project had not yet launched. Both sides maintained their own versions of events. The agreement posted by Star shows that, with Hu Zhibin's guarantee, Star and Li Feng renewed the Bitcoin lending agreement. The "Bitcoin Lending Agreement" was first signed on December 17, 2014, and expired on December 16, 2016. However, due to personal reasons of Party B, the loan period needed to be extended, so the agreement was renewed on March 30, 2017, extending the loan period to December 31, 2017.

According to Odaily Planet Daily, the South Korean government is pushing forward legislation to introduce a "no-fault compensation" rule similar to that in the banking industry for major cryptocurrency exchanges. It is understood that the South Korean Financial Services Commission (FSC) is evaluating requiring virtual asset service providers to bear liability for user losses in the event of hacking attacks or system failures, even if they are not at fault. Currently, such mandatory compensation only applies to traditional financial institutions and electronic payment companies. This policy move stems from the security incident on the Upbit platform on November 27, in which approximately 44.5 billion won (about US$30.1 million) in assets were transferred to external wallets within 54 minutes, and regulators cannot force the platform to compensate under current regulations. The South Korean financial regulator also pointed out that the cryptocurrency trading industry has experienced frequent system failures in recent years. Data shows that from 2023 to September of this year, the five major exchanges experienced a total of 20 system failures, affecting more than 900 users and resulting in a total loss of approximately 5 billion won. Upbit accounted for 6 of these failures, with losses amounting to approximately 3 billion won. The draft also proposes to raise technical security requirements and increase the maximum fine for hacking incidents to 3% of annual revenue, the same as traditional financial institutions, higher than the current fixed cap of 5 billion won. Furthermore, the Upbit incident has sparked controversy over a "delayed reporting." The platform detected the anomaly at 5:00 AM but only reported it to regulators at 10:58 AM, leading some lawmakers to question whether it intentionally waited until the merger process between its parent company Dunamu and Naver Financial was completed before disclosing the information. Regulators are investigating the matter, but under the current framework, it is expected that severe penalties will be difficult to enforce. (Korea JoongAng Daily)

Huoxun Finance News, December 7th - According to an official announcement, Gate will launch KyoFinance (KYO) spot trading on December 10th at 17:00 (UTC+8). The 325th KyoFinance (KYO) HODLerAirdrop event is now underway and will end on December 10th at 15:00 (UTC+8). Users holding 1 GT can participate in the airdrop for free and share 60,000 KYO. HODLerAirdrop VIP user benefits have been fully upgraded, with no upper limit on participation amount.