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A mid-level people’s court in Guangzhou, China, ruled that when a lent cryptocurrency is not returned, damages can be awarded based on the lender’s acquisition cost, according to Guangzhou Daily. The court said cryptocurrency cannot circulate as currency in China, but it qualifies as civil property with some characteristics of online property. In the case, the plaintiff lent one unit of cryptocurrency in 2023 and, after failing to get it back, sought either the return of the asset or payment of its yuan-equivalent value. The court found invalid a repayment agreement requiring repayment in yuan with gains from the cryptocurrency’s price increase reflected, saying that effectively amounted to a cryptocurrency exchange. It also said returning the cryptocurrency itself was not realistically possible. Instead, the court ordered damages of 199,600 yuan ($55,700), the amount the plaintiff actually spent to acquire the one token.

Crypto analyst Murphy said Bitcoin is unlikely to fall back to the $63,000-$65,000 range, arguing the zone was a key accumulation area for large holders. In a post on X, Murphy said newly formed cost bases for short-term BTC holders were heavily concentrated in the $63,000-$65,000 range from Aug. 4 to Aug. 18, after which the price rose quickly. Murphy added that this pattern did not appear when BTC stayed in that range during June and July, suggesting large investors rapidly accumulated BTC there before the recent rally. Murphy also said a similar pattern appeared in January 2022, when concentrated accumulation at a specific price range was followed by a sharp price surge. Murphy added that the average acquisition cost for wallets holding 100 to 1,000 BTC is about $67,087, while wallets holding 1,000 to 10,000 BTC have an average cost basis of about $61,107, overlapping with the earlier accumulation zone. Murphy said the price range marks a major whale buying zone, making it difficult for other investors to get another chance to buy at similar levels. Murphy added that, barring exceptional circumstances such as a financial system crisis, it may be better to respond at current price levels.

Adam Aron, CEO of AMC Entertainment, the movie theater chain listed on the New York Stock Exchange, said Robinhood’s AMC stock token has no connection to the company and was never authorized, calling the move contemptible and absurd. According to CoinDesk, Aron said on X that Robinhood appears to be moving ahead with tokenized real-world asset trading, including a stock token tied to AMC, and that AMC has no involvement and does not support it in any way. Aron added that outside securities counsel will be asked to review the matter.

AI social engine infrastructure provider X-Agent said on its official blog that one-person companies using artificial intelligence should now focus on creating real demand, rather than simply improving productivity. X-Agent said advances in AI models such as Claude Code, Codex and Cursor now allow developers to effectively hire AI agents like employees, enabling a single developer to build a service. Still, identifying what people actually need, making products easy for others to use, and turning those products into business opportunities remain separate challenges, X-Agent said. The company added that its ongoing 'X-Agent AI MCP Hackathon' is centered on generating real demand and supports developers through the full process of building MCP-based real-world products, going beyond API creation to include clearly defined roles and stable interfaces.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $272.08 million liquidated (92.11% shorts) - ETH: $105.78 million liquidated (76.75% shorts) - ZEC: $22.33 million liquidated (93.64% shorts)

An address estimated to be linked to the Ethena project deposited its entire 14 million ENA holdings to Bybit about six hours ago after holding them for roughly two years, on-chain analyst @ai_9684xtpa said on X. Exchange deposits are typically interpreted as a sign of intent to sell. The address had received ENA worth $6.89 million at the time from an Ethena multisig address in July 2024. The holdings are now worth about $2.41 million, down $4.48 million, or around 65%, from the value at receipt.

Monad (MON), an EVM-compatible blockchain, activated the MonadTen upgrade on its mainnet at 2:30 p.m. UTC on Sept. 2, CryptoSlate reported. The upgrade includes Monad Improvement Proposal MIP-8, which lowers the gas cost for smart contracts reading data stored on the blockchain, potentially reducing total gas fees for transactions that rely heavily on that operation. Previously, each storage slot read for the first time cost 8,100 gas. Under the new system, 128 slots are processed as a single group, with only the first slot in the same group charged 8,100 gas and subsequent slots charged 100 gas. As a result, the savings could be greater for smart contracts that repeatedly read nearby stored data, such as contiguous state variables or arrays.

Cryptocurrency project identity verification provider Assure DeFi said it is shutting down, explaining on X that the Web3 market has not recovered to its previous level for an extended period and the verification business has contracted alongside it. The company said previously issued KYC certifications and audit results will remain valid after the shutdown, while past verification and audit records will stay public and searchable.

On-chain analyst EmberCN said on X that PONS’ fully diluted valuation briefly topped $700 million today, pushing returns for its two joint-largest holders above 100x. One of them, cryptogle, bought in with 5,000 USDC when PONS had a $470,000 fully diluted valuation and now holds about $7.6 million worth of the token, for an unrealized gain of $7.59 million, or roughly 1,500x. Cryptocurrency influencer Unipcs also invested 67,000 USDC and now holds about $7.6 million worth, with an unrealized gain of $7.53 million, or roughly 112x, according to EmberCN. PONS was recently trading at $0.6721, up 35.69%, according to CoinMarketCap.

Nasdaq-listed Bitcoin miner Argo Blockchain (ARBK) said CEO Justin Nolan has stepped down as CEO and director under a separation agreement with Argo Operating US LLC, the company’s U.S. operating entity, according to a document filed with the U.S. SEC yesterday. Existing management will continue to run the company under board oversight until a successor is appointed, and Argo is prioritizing candidates with experience in AI and data centers as it expands beyond digital asset mining into AI and high-performance computing infrastructure.

A newly created wallet withdrew 676,874 UNI worth $4.27 million from Binance about two hours ago, according to on-chain analyst ai_9684xtpa. The average purchase price was $6.32. UNI has rebounded 98% from its low this month. Exchange withdrawals are typically interpreted as a sign of holding intent. UNI was recently trading at $6.32, up 10.57%, according to CoinMarketCap.

Fidelity Digital Assets said in a fourth-quarter crypto market outlook report that it remains unclear whether the BTC bear market has ended. The firm said some investors are watching whether a bear-market bottom will form in November based on the four-year cycle theory, but past patterns do not necessarily repeat. Fidelity added that Bitcoin may already have bottomed in July, or it could set a new low in November or later. Still, the firm said BTC’s more than 25% jump in the span of a week at the end of August, along with expanding on-chain activity, supports the view that the market is nearing a bottom.

Crypto investment firm Multicoin Capital made an estimated $64.08 million in profit from recent large-scale sales of Hyperliquid’s HYPE, according to an analysis by on-chain analyst ai_9684xtpa. The analyst said Multicoin Capital sold a total of $112 million worth of HYPE starting July 28, generating an estimated return on investment of 134%. Multicoin Capital is estimated to have accumulated 4.95 million HYPE at an average purchase price of $32.32 from January through July this year through Galaxy Digital, then began taking profits by depositing its holdings to exchanges, mainly Coinbase, in split transactions as HYPE rose in price. According to CoinMarketCap, HYPE was trading at $86.92, up 6.62%, at the time of writing.

The IMF said on Sept. 3 that Bitcoin accumulated by El Salvador since the first program review was funded through private donations, with no public funds used. It added that no further state-level BTC accumulation by El Salvador is expected beyond documented donations. The IMF also said it had agreed with the El Salvadoran government to strengthen legal, regulatory and supervisory frameworks for digital assets, along with governance and risk management for public-sector virtual asset holdings. El Salvador is currently under an Extended Fund Facility program with the IMF worth about $1.4 billion, and the latest agreement is expected to unlock about $140 million in additional funding. As of Sept. 4, El Salvador holds about 7,764 BTC.

Circle CEO Jeremy Allaire said on X that more than 1% of Circle (CRCL) shares are being held in tokenized form, with the total value exceeding $280 million. Allaire added that this is the largest such amount among publicly listed companies worldwide.

An anonymous whale tracked across nine addresses on blockchain analytics platform Arkham sold all 167,855 ETH held over the past five days, according to Lookonchain. The amount was worth $408 million.

Blockchain security firm PeckShield said on X, citing Specter, that Notional Finance’s escrow contract was suspected of being exploited, with an estimated $1.7 million worth of DAI and USDC stolen. The attacker then swapped the funds into 689.2 ETH and deposited the assets into crypto mixing protocol Tornado Cash.

South Korea will allow tokenization of money market funds similar to BlackRock’s BUIDL from February next year, Edaily reported. South Korea’s Financial Services Commission announced the policy direction for tokenized securities at the third meeting of a public-private consultative body on tokenized securities held on Sept. 4 in Seoul’s Yeouido district. Under the plan, the authorities will first allow tokenization of private money market funds for institutional investors, privately placed corporate bonds and unlisted shares when the framework takes effect in February next year, and later expand it in stages to public offering securities and stablecoin-based on-chain settlement.

Uniswap Labs, the developer of decentralized exchange Uniswap (UNI), has purchased PONS, the native token of PONS, a non-custodial token launchpad on Arbitrum (ARB)-based layer-two Robinhood Chain. PONS said on X the purchase is intended to strengthen a long-term partnership between the two sides. The size of the purchase was not disclosed.

Blockchain technology company Beatoz is partnering with payment platform company Danal to commercialize stablecoin-based digital asset payment and settlement services, Dong-A Ilbo reported. The two companies plan joint projects in four key areas: cooperation on building an ecosystem for digital asset issuance, distribution, payments, and settlement; a proof-of-concept linking Danal’s PG system with Beatoz’s CPG; joint research on revenue models and standard interfaces; and the development of a cooperation framework and infrastructure involving financial institutions and merchants.

Coinbase said it plans to seek Commodity Futures Trading Commission approval as the next step toward launching stock perpetual futures trading in the United States after submitting related registration filings to the U.S. SEC. Faryar Shirzad, Coinbase’s chief policy officer, said on X the company took its first step with this week’s SEC filing and will next pursue CFTC product approval. Shirzad added Coinbase hopes to offer stock perpetual futures to U.S. investors in a regulated manner, noting demand has already been established in overseas markets. Shirzad also stressed coordination between the SEC and CFTC is needed for the effort.

Jiang Zhuoer, founder of mining pool BTC.top and a blockchain expert with Chinese roots, said on X that Jiang entered a 100% short position in BTC perpetual futures at $82,050. Jiang said weaker ETF flows had produced a first net outflow, yet BTC still rose to $81,500, the top of its range, and added the current consolidation had lasted only 13 days, which Jiang sees as too short to break through the key resistance zone at $83,000-$84,000. Jiang added Jiang would view a drop to $70,000-$72,000 as a final buying opportunity, look for take-profit levels if BTC trades within the $76,000-$82,000 range, and cut losses at $82,300 if the price moves higher. According to the record Jiang shared, the position is a BTC perpetual futures trade collateralized with ETH and does not use leverage.

A wallet tied to the TRUMP meme coin team has transferred most of the 10 million TRUMP tokens, worth about $23.86 million, that it moved out three days ago to centralized exchanges, EmberCN reported. Of that amount, eight million TRUMP was deposited to Binance and two million TRUMP to OKX. Exchange deposits are typically interpreted as intended for selling.

Blockchain data firm Bitquery found 96,231 "fake address" outputs across 965,135 Bitcoin blocks, CryptoSlate reported. The outputs record text disguised as valid addresses and contain about 3.2 BTC. Because they are recognized as if they were actually spendable, they remain in the unspent transaction output, or UTXO, database and increase storage demands for nodes.

CoinMarketCap’s Altcoin Season Index came in at 37, up four points from yesterday. The index compares the price performance of Bitcoin with that of the top 100 cryptocurrencies by market capitalization, excluding stablecoins and wrapped coins. If 75% of the top 100 coins have outperformed Bitcoin over the past 90 days, the market is considered to be in altcoin season; the reverse is viewed as Bitcoin season. A reading closer to 100 indicates stronger altcoin-season conditions.