FTX creditors' representative details debt resolution progress and concerns over the "restricted jurisdiction" motion.
Will, a major creditor in the FTX China region, recently accepted an interview and detailed the latest developments in the FTX bankruptcy case, as well as the new challenges faced by creditors.
Will indicates that the "restricted jurisdiction" motion recently proposed by FTX may prevent creditors from 49 countries, including China, from receiving compensation. The motion requires hiring local lawyers in these countries to provide legal opinions, and if they determine that the cryptocurrency is unrecoverable, the corresponding funds will be redistributed to other creditors.
Will believes that this practice has serious issues:
1. The lawyers hired by FTX are difficult to ensure impartiality.
2. The motion deviates from the fundamental principles of the U.S. Bankruptcy Code, and similar claims should receive equal treatment.
3. The cited legal basis in China is tenuous and overlooks that compensation can be made through methods such as dollar wire transfers.

Overview of Web3 Development in Various Fields in the First Half of 2024
Ethereum
Zero Knowledge
ZKVM & ZKEVM
In the first half of 2024, more and more ZKEVM projects are shifting to the ZKVM architecture, represented by the Ethereum Foundation's PSE team. Taiko is collaborating with Risc0 on ZKVM, and Scroll is also preparing. Plonky3 has become a catalyst, outperforming Halo2 in performance but with slightly lower stability, enhancing user experience.
The currently available virtual machines include ZKWASM, Succinct's SP1, a16z's JOLT, and Risc0. Polyhedra's ZK Prover performs excellently and plans to develop a virtual machine. Aztec and Mina are also in development, and performance benchmarks have not yet been released.
Key factors for broader adoption include proof costs, efficiency, and development time. Z

Ethena: In-Depth Analysis of the Next Generation Crypto Assets Stablecoin Project
1. Ethena Team Background
The Ethena team members have extensive experience in the fields of Crypto Assets, finance, and technology. Founder Guy Young worked at a large hedge fund and established Ethena after the Luna collapse. COO Elliot Parker was previously a product manager at a well-known investment firm and also worked at a derivatives trading platform. APAC Institutional Growth Director Jane Liu has served as the head of investment research and head of institutional partnerships.
According to public information, Ethena has completed three rounds of financing, totaling $119.5 million. Major investors include several well-known venture capital firms. Ethena's investors cover multiple fields, including exchanges, market makers, and traditional financial institutions, supporting its business development.

The combination of DeSci and MeMe coin has sparked widespread discussion in the encryption circle, showcasing the game between innovation and speculation. Memecoins bring attention and vitality to DeSci, but they may also become traps for unwise investments. Finding a balance between ideals and reality has become a key issue in the development of DeSci.

Kakarot zkEVM is an Ethereum Virtual Machine based on the Cairo language, capable of implementing provable transactions. The project has set three development phases and plans to provide composable features for areas such as Decentralized Finance and GameFi through deep integration with Starknet. Despite having a small team and a limited budget, Kakarot has gained support from Vitalik Buterin and StarkWare, making it worth following in the future.

Recently, the blockchain gaming industry has seen a surge in financing, with over 20 projects raising more than 100 million USD. Insta-Pok3r, as a decentralized online poker game, enhances game fairness through verifiable random shuffling technology and achieves security using longer computation and simple verifiable multi-identity encryption. Despite facing challenges in performance and efficiency, blockchain technology brings revolutionary changes to the gaming industry.

This article outlines 10 key steps to protect asset security, including setting up a multisignature wallet, using risk wallets, transaction preview tools, regularly auditing Token permissions, conducting in-depth project research, monitoring asset status, staying updated on industry trends, enhancing personal information security, developing emergency strategies, and actively reporting suspicious activities. These measures aim to enhance users' ability to resist cyber attacks and fraud, improving digital asset security.

Recently, financial technology companies and cryptocurrency exchanges have launched stock tokenization services, attracting market attention. These tokenized stocks are traded in a new way, with the underlying assets held in compliance custody, ensuring transparency and security. This innovative product provides investors with more options, but it is important to understand the related mechanisms and risks before participating. As the market develops, more opportunities may emerge in the future.

Encryption payment channels: the superconductor of future financial innovation
In 2025, blockchain has built a financial payment ecosystem parallel to the traditional financial system. The encryption payment channels carry a volume of 200 billion stablecoins, as well as a transaction amount of 5.62 trillion dollars in stablecoins for 2024, which is close to Mastercard's annual transaction amount. According to statistics, the annualized transaction amount of stablecoins in 2024 reaches 15.6 trillion dollars, about 119% and 200% of Visa and Mastercard, respectively.
The widespread adoption of encryption payments has become an undeniable fact, especially represented by Stripe's acquisition of the stablecoin service provider Bridge for 1.1 billion dollars. Encryption payment channels constitute the foundation of a parallel financial system, offering faster settlement times, lower fees, and the ability to operate seamlessly across borders. This idea has gradually matured after ten years of development, and today there are hundreds of companies.

Du Jun returns to the University of Hong Kong to pursue a doctorate, planning to systematize 20 years of entrepreneurial experience to promote knowledge framework construction. His new institution focuses on AI applications, supporting long-term projects, while maintaining an optimistic view of Hong Kong as an encryption financial center, emphasizing policy advantages and market insights.

The Solidity development course on Polkadot has successfully concluded, attracting a total of 219 developers, with 78 graduating successfully. The course included seven sessions and 15 events, emphasizing foundational knowledge and practical skills, igniting innovative potential. The projects awarded at the hackathon showcased the technical prowess of the participants. In the future, the Polkadot ecosystem will continue to promote Web3 development, with the next course starting in August.

Sahara AI aims to build an open and fair artificial intelligence economy through blockchain technology, providing full-stack services from data collection to AI agent creation, reducing technical barriers, and ensuring that contributors receive fair compensation. The team comes from renowned academic and technological institutions, dedicated to achieving a more transparent AI ecosystem.

Blockchain technology drives the tokenization of real-world assets (RWA), bringing liquidity and transparency to traditional markets. Tokenization enhances the accessibility, transparency, and efficiency of assets, with the market expected to reach $10 trillion by 2030. The Polkadot ecosystem plays a significant role in RWA projects, with successful examples from projects like Centrifuge and Energy Web, promoting the tokenization of different asset classes.

The development of the Bitcoin ecosystem supports the theoretical foundation of Stacks, and the Satoshi upgrade is expected to be completed before the Bitcoin Halving in April next year. This upgrade will enhance the transaction efficiency of Stacks, support sBTC, and expand the NFT market and Decentralized Finance applications. Although Stacks faces the challenge of reduced market attention, it still has the potential to release growth opportunities at multiple key milestones.

In 2025, the United States, through the GENIUS Act, promotes intensified competition in the stablecoin industry, forming four major forces: the Compliance Honor Roll alliance's USDC, the offshore empire's USDT, the political elite group's USD1, and the traditional banks' counterattack. Different forces showcase their strategies, the future market will diversify, and the digital dollar era has become a foregone conclusion.

The smart inscription MRC20$MOVE in the Move ecosystem has rapidly risen, attracting a large number of users due to its low cost, high efficiency, resource security, and diverse gameplay. Its unique mechanism ensures fairness and increases fun, heralding the arrival of the inscription 2.0 era, although investors need to be cautious in facing risks.