Wu said daily selected encryption news - SBF: FTX was never actually insolvent, customer assets could always be fully repaid.

1.SBF: FTX was never actually insolvent, customer assets could always be fully repaid.

Former FTX CEO Sam Bankman-Fried (SBF) forwarded a report titled “FTX: Where Did The Money Go?” The report claims that FTX was never actually insolvent, and customer assets were always sufficient for full repayment. The document states that approximately 98% of creditors have received 120% compensation, and after paying around $8 billion in claims and $1 billion in legal fees, there remains $8 billion in the bankruptcy estate. The report blames the bankruptcy management team for the loss of company value, a three-year delay in payments, and states that FTX was merely experiencing a “liquidity crisis” rather than a true bankruptcy.

2. Singapore freezes over 800 million yuan in assets of Chen Zhiyu, the leader of a Cambodian telecom fraud group.

After the Cambodian Prince Group was accused of operating a multinational telecommunications fraud network, its leader Chen Zhi's assets in Singapore were frozen. On October 30, the Singapore police launched an operation against Chen Zhi and his accomplices, seizing assets worth over 150 million Singapore dollars (approximately 800 million yuan), including six properties, bank and securities accounts, cash, one yacht, and eleven cars. Previously, the U.S. Department of Justice had confiscated about 15 billion dollars worth of Bitcoin held by Chen Zhi and had jointly prosecuted him with the UK, identifying him as a core figure in the global fraud group.

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3. Global regulators are discussing adjustments to the new regulations on bank holdings of crypto assets that are set to take effect next year.

Due to the rapid development of stablecoins raising concerns in the United States, global regulators are discussing adjustments to the new regulations on bank holdings of crypto assets, which are set to take effect next year. The Basel Committee on Banking Supervision is considering reassessing the relevant capital requirements. This rule was initially proposed at the end of 2022 and was widely interpreted by the banking industry as a signal to “avoid holding crypto assets,” as it sets a very high capital requirement for crypto assets. This review could impact the way banks participate in the stablecoin and crypto markets in the future.

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4.6 million BTC money laundering case latest progress: Blue Sky Ge Rui capital participants must verify confirmation within the year

The Finance Bureau of Hedong District, Tianjin City, announced on October 30, 2025, the “Lantian Ge Rui Case Refund Working Group” to remind participants in the Lantian Ge Rui case who have not registered to verify their participation. The verification period is from October 31, 2025, to December 29, 2025. The results of this verification will serve as the basis for refunding the funds. The Tianjin Lantian Ge Rui Electronics Technology Co., Ltd. case of illegal public deposit collection involves more than 43 billion yuan (the cumulatively illegal fundraising amount officially recorded), with nearly 130,000 victims across 31 provinces, municipalities, and autonomous regions in the country. After the main perpetrator Qian Zhimin absconded to the UK with the funds, it led to the largest money laundering case involving 60,000 bitcoins in the UK.

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5. Strategy Inc (formerly MicroStrategy) returned to profitability in the third quarter, with a net profit of $2.8 billion.

Strategy Inc (formerly MicroStrategy) returned to profitability in the third quarter, with a net profit of $2.8 billion (earnings per share of $8.42), reversing from a loss year-on-year, mainly driven by unrealized gains from the fair value changes of its approximately $69 billion Bitcoin position. During the same period, the company's traditional enterprise software business revenue grew by 11% to $128.7 million. Despite this, Strategy's stock price has dropped about 45% from its peak last November, as the market questions its financing structure and the pace of Bitcoin purchases, leading to weak demand for the issuance of preferred shares and a slowdown in buying pace; Strategy stated that it is advancing plans to issue credit-type securities overseas.

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