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Beijing investigates the first case of pyramid selling using blockchain and virtual currency, a technology company was fined and confiscated over 930,000 yuan

According to a report from the Beijing Daily client, the Market Supervision Administration of Haidian District, Beijing, investigated and handled the city's first illegal case of assisting pyramid schemes using blockchain and virtual currency technology, resulting in a technology company being fined and confiscated a total of over 930,000 yuan.The technology company involved is an outsourcing service provider for a certain public blockchain, offering support such as operations, market services, publicity and promotion, exchange docking, and maintenance. This public blockchain launched the "Atomic Plan" and "Hathaway Plan," which are centered around recruiting people for rebates, using the number of recruited individuals as the basis for rebates, and requiring participants to invest funds to obtain membership qualifications. Despite being aware of the pyramid scheme applications associated with this public blockchain, the involved company continued to provide technical operations, external publicity, and maintenance of virtual currency trading channels, facilitating the flow of funds and the spread of activities related to the pyramid scheme.Ultimately, the pyramid scheme activities of this public blockchain were investigated by public security authorities, the organizers were criminally detained, and the involved technology company was administratively punished with a total fine and confiscation of over 930,000 yuan for providing facilitative conditions.

first_img Marc Andreessen: Companies should create habitats for intelligent agents, not confine them in cages

a16z co-founder Marc Andreessen commented on the online programming platform Replit and its CEO Amjad Masad's proposed concept of Agent Habitat, believing that more companies will become autonomous driving companies as a result. He stated that the keyword pointed out by Masad is chaos, and quoted his viewpoint that most agents today operate in chat windows, personal accounts, and one-off scripts, holding credentials and data given to them by others, but no one decides what they can access, nor can anyone see what they have done.Andreessen noted that disruptive technologies like personal computers, spreadsheets, and email entered the workplace in a bottom-up chaotic manner, and only later did they require habitats to moderately constrain that chaos. He cited examples such as early employees bringing personal computers into the office, spreadsheets enabling non-programmers to create business models and forecasts, but also introducing hard-to-audit formula errors; email bypassed the information flow controlled by the mailroom in the past. He believes this kind of chaos indicates that employees are claiming tools that can bring alignment and significant productivity improvements.Andreessen also stated that code is the ultimate product of alignment, and expanding the range of code contributors will bring chaos, thus requiring a free-range style of agent habitat rather than cages, but it cannot be completely laissez-faire. He mentioned that an employee from Sumitomo Mitsui Finance and Leasing completed a development process originally planned to take 6 people 6 months in just one week. He indicated that for companies to become autonomous driving companies, they must achieve alignment, and in the future, the degree of alignment may be measured by the richness of the agent habitat; Replit and its clients have already understood this, while most companies have not yet grasped it.

first_img Immunefi CEO: PHP vulnerability confirms the arrival of the AI vulnerability apocalypse as scheduled, urging vigilance against wallet risks

The vulnerability bounty platform Immunefi's CEO Mitchell Amador warned that internet users still face the risk of cyberattacks triggered by PHP vulnerabilities, especially small websites that are slow to adopt emergency upgrades, which may take weeks to patch. He stated, "The vulnerability apocalypse" is coming as planned, where the cost of discovering vulnerabilities becomes cheap while the cost of fixing them remains high. He advised users to treat any websites they log into in the coming weeks as potentially compromised, avoid reusing passwords, exercise caution when connecting to encrypted wallets, and revoke token authorizations that are unrecognizable.Previously, the PHP Foundation admitted that it delayed fixing a critical security vulnerability first discovered in 2024 due to resource shortages. PHP developers released emergency patches for two critical vulnerabilities on the same day, but each website still needs to complete the upgrade on its own. Cloudflare CEO Matthew Prince stated that within 24 hours of the PHP vulnerability being publicly disclosed, the web recorded millions of exploitation attempts, with thousands of attempts even before the disclosure. According to W3Techs, PHP supports about 69% of websites with known server-side programming languages, and these vulnerabilities could allow attackers to spread malware or inject malicious scripts into websites.The FBI's Cyber Division also warned that these vulnerabilities could allow malicious actors to "remotely execute code in the PHP core, potentially compromising sensitive data and networks." Amador warned in an interview with Cointelegraph in June that the proliferation of cutting-edge AI models has changed the cybersecurity landscape, giving attackers an advantage, leading to the emergence of the "vulnerability apocalypse," and triggering a resurgence of DeFi hacking attacks. Immunefi is the world's largest vulnerability bounty platform, having paid out $140 million in bounties to 650 protocols to date.

first_img The Chinese prosecution seeks to confiscate over 61,800 bitcoins in the case of Qian Zhimin

According to CoinDesk citing The Paper, Chinese prosecutors are seeking to confiscate over 61,800 bitcoins and other assets related to a fraud case involving more than 40 billion yuan. The case revolves around Qian Zhimin, the actual controller of Tianjin Lantian Ge Rui Electronic Technology. Prosecutors stated that from 2014 to 2017, the company sold unlicensed financial products in China, raising over 40.378 billion yuan from more than 102,000 investors, resulting in nearly 20 billion yuan in losses for investors.The related funds were reportedly used to repay early investors, operate fraudulent investment projects, and purchase bitcoins, real estate, cars, and jewelry, rather than being invested in legitimate businesses. Qian Zhimin fled China in 2017 and settled in the UK. UK authorities have seized his assets, including over 61,800 bitcoins, as well as Bitcoin Cash, Bitcoin Gold, Bitcoin SV, Ripple, Dogecoin, cash, jewelry, and investment holdings.On October 13, the Tianjin Second Intermediate People's Court stated that it has accepted the prosecutors' application to confiscate the aforementioned assets as illegal gains and has initiated a six-month announcement period for victims and stakeholders to participate in the litigation; those who do not participate can still apply for compensation regarding the recovery of assets. Previously, the UK High Court ruled that for the over 61,000 bitcoins seized in the UK, victims claimed that Chinese law should apply rather than UK law. This ruling requires determining whether victims have property rights under Chinese law, and a hearing will be held subsequently, with some victim lawyers seeking to appeal.

first_img Solana's largest network upgrade Alpenglow is online, with the final confirmation time reduced to about 150 milliseconds

Solana's largest network upgrade since 2020, Alpenglow, officially launched on Wednesday. This upgrade moves validator voting from on-chain to off-chain, packaging votes into certificates that can lock transactions within one to two rounds, aiming to reduce the final confirmation time for transactions from about 6 seconds to approximately 150 milliseconds, speeding it up by about 40 times. If this goal is achieved on the mainnet, Solana's transaction settlement speed will be faster than the blink of an eye, bringing it closer to the trading and payment experience of centralized exchanges.Currently, a 6-second confirmation time means that prices may change before the transaction is locked, causing exchanges and payment applications to wait before considering deposits as complete. In comparison, Ethereum takes about 13 minutes to achieve full final confirmation. At the same time, validator costs are expected to decrease by about 60%: currently, validators spend about 2 SOL daily on voting fees, which doubled after Solana recently reduced block time to about 200 milliseconds; Alpenglow eliminates voting fees, replacing them with a fixed validator entry fee of 0.8 SOL per epoch (approximately 24 hours).The upgrade launch process was not smooth. The testnet has been cleared and restarted from scratch six times since its launch in early May, with one migration failing across the entire network and having to be rolled back. According to an article published by Galaxy Digital, one of about 100 validator operators on the testnet, a subsequent migration was successfully completed, clearing the way for Wednesday's launch. Since these events occurred on a network built specifically for testing, there was no risk to real funds. The upgrade was scheduled to switch at the start of epoch 1064 on Wednesday, with actual changes occurring at slot 459,653,000 after a transition of 5,000 slots.

first_img Zama: Merkl confidential incentive rewards are now available for collection

On October 19, the team from the fully homomorphic encryption company Zama announced that users participating in the incentive distribution platform Merkl on the Zama confidential vault can now directly receive cZAMA rewards in the Zama app. The rewards are settled through confidential transfers, and both the positions and the reward amounts remain confidential from deposit to distribution.In September 2026, Zama launched confidential access to 16 selected vaults on the lending protocol Morpho and initiated the first batch of confidential incentives with Merkl, where rewards are calculated based on encrypted balances. When depositing into eligible vaults, users can activate additional incentive options, granting viewing permissions for Merkl to read encrypted balances to calculate rewards without disclosing personal positions. This permission is enabled by default on the deposit interface, and deposits not shared with Merkl do not qualify for incentives.Confidential vaults accumulate based on the user's confidential vault shares and can be claimed during the ongoing activity; existing public vaults with confidential access have rewards collectively obtained by the vault packaging contracts, which are distributed after the activity ends. Zama recommends claiming confidential activities at the end to reduce multiple on-chain fees. Taking the Flowdesk Confidential High Yield USDT vault on Morpho as an example, the related activity ended on October 12, and eligible depositors can now claim their rewards. Users need to check their earnings in Merkl using their wallet and complete the claim in the Zama app by connecting the same wallet; the amount received will not be publicly disclosed on-chain.
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