accounting

Tether announced that KPMG U.S. has completed an independent audit of the financial statements of TG Commodities, the issuer of Tether Gold (XAU₮), as of December 31, 2025, and issued an unqualified opinion. The audit shows that XAU₮ is fully backed by physical gold. This is the second stablecoin under Tether to complete an audit by one of the Big Four accounting firms, following Tether International, the issuer of USDT, in August of this year.During the audit, KPMG conducted a physical count and verification of each gold bar backing XAU₮, rather than relying solely on confirmations from custodians. As of December 31, 2025, TG Commodities holds 520,089.350 ounces of pure gold, valued at $2.246 billion, corresponding to the issued 520,089.300 XAU₮.The gold is stored in Swiss vaults and meets the London Good Delivery standards, with ownership belonging to the token holders, where each token corresponds to an indivisible ownership of specific gold bars. The company also hires an independent third party to conduct quarterly sampling tests of the gold bars.CEO Paolo Ardoino stated that XAU₮ is expected to become the first true competitor in the gold ETF market, as gold can be settled instantly, with lower custody costs and higher transparency. CFO Simon McWilliams mentioned that auditing the largest and most complex USDT and XAU₮ is paving the way for a comprehensive audit of the entire company.

According to Jinshi reports, in the third quarter of this year, the concentration of South Korean exports further deepened. Influenced by the prosperity of the semiconductor industry, the gap between large enterprises and small and medium-sized enterprises widened, with the top ten export companies in South Korea accounting for more than 60% of the total export value, marking the first time since records began in 2010.Data released by relevant departments on Tuesday showed that South Korea's total exports in the third quarter surged by 72.3% year-on-year, reaching 318.6 billion USD, setting a record high for a quarter since records began in 2015. The export value of large enterprises grew by 103.5%, with semiconductor manufacturers like Samsung Electronics and SK Hynix being the main drivers, while the export value of small and medium-sized enterprises only increased by 12.8% and 10.7%, respectively. During the same period, semiconductor exports skyrocketed by 219% year-on-year, reaching 148 billion USD, accounting for 46.5% of the total exports, up from 25.1% in the same period last year.

The decentralized trading platform Arcus disclosed that on November 10, Beijing time, an accounting vulnerability was discovered, allowing users to withdraw funds they were not entitled to. Arcus detected and fixed the vulnerability within an hour and has covered the entire gap. User balances were not affected, and trading and withdrawals continued normally.The report indicated that at 11:07 on November 10, Beijing time, a newly created account exploited a vulnerability in the exchange's processing of transfers between user sub-accounts, recording a balance far exceeding the actual holdings and requesting withdrawals. Before withdrawals were halted, approximately $2.234 million USDG had been withdrawn on-chain, and another $3 million withdrawal requests were intercepted by the cross-chain bridge's rate limit, which were not paid and subsequently canceled. Arcus Labs has fully compensated the gap from the company treasury, is working with blockchain investigators to trace the funds, and has disclosed the attacker's initial address, requesting exchanges and service providers to flag the related funds.

According to Coinglass data, in the past 4 hours, the total liquidation across the network was 803 million dollars, with long positions liquidated at 744 million dollars and short positions liquidated at 59.77 million dollars.In addition, in the past 4 hours, ETH liquidations amounted to 358 million dollars, while BTC liquidations totaled 233 million dollars.

The U.S. stock market is experiencing a sell-off, and the artificial intelligence industry is influencing the direction of financial markets and the macroeconomy. As of November 3, the market capitalization of the S&P 500 index has increased by nearly $32 trillion, with half of the gains coming from 10 AI-related companies. Approximately 44%, or $610 billion, of U.S. pension holdings are linked to the technology sector.

According to the information released by the SEC, Robinhood (HOOD) GC Daniel Martin Jr sold 10,000 shares of the company's stock at an average price of $85.05 per share on November 3, with a total value of approximately $850,500. After the transaction, his direct holdings decreased to 489,943 shares. Additionally, Robinhood's Chief Accounting Officer Dara Bazzano sold 4,473 shares of the company's stock at an average price of $85.32 per share on November 2, with a total value of approximately $381,160. After the transaction, her direct holdings decreased to 0 shares.

The co-founder and CEO of the prediction market platform Kalshi, Tarek Mansour, tweeted that in yesterday's U.S. elections, the popular candidates in the prediction market won 479 out of the first 487 elections, accounting for 98%.He stated that the elite in Washington, D.C. have often underestimated the market, believing that "these people" do not understand politics, while the general public accurately expressed their judgments through the prediction market. The prediction market allows local knowledge scattered across different places to be aggregated, enabling voices to be heard without titles or large fan bases, changing the structure of information power.

According to TNW, the Barcelona startup Kabilio has completed a €10 million financing round, led by Picus Capital and Visionaries, with participation from the Spanish public agency for technology and innovation CDTI.The two leading investors also participated in the company's €4 million pre-seed financing round a year ago. Kabilio aims to replace processes such as debt collection in accounting firms with AI agents.

According to Artemis data, the total market trading volume in October is projected to reach 123.3 billion dollars, marking the first time it has surpassed 100 billion dollars, an increase of approximately 53.9% compared to the record in September, with the number of trades reaching 642.9 million.Among them, Kalshi's trading volume is 98.2 billion dollars, accounting for about 80%, with 465.5 million trades; Polymarket's trading volume is 20.2 billion dollars, with 14.8 million trades. The parlay products driven by the football season are the main driving force, accounting for 67.6% of Kalshi's monthly trading volume, with most contracts priced at less than 1 cent. Kalshi counts the trading volume based on a full payout value of 1 dollar per contract, and this data does not equal the actual funds invested by traders.In addition, the trading volume in the U.S. midterm election market exceeded 1.4 billion dollars, and the trading volume of cryptocurrency contracts on Kalshi and Polymarket has surpassed 3 billion dollars for two consecutive weeks for the first time. Polymarket's U.S. platform trading volume in October approached 10 billion dollars, an increase of approximately 15% compared to the previous record.

According to RootData statistics, there were a total of 54 financing events disclosed in the crypto primary market in October, with a total disclosed financing amount of approximately 1.954 billion USD, an increase of 83.5% compared to 1.065 billion USD in September, and a decrease of 45.3% compared to 3.573 billion USD in October last year; the number of financing events increased by 12.8% compared to 47 in September, and decreased by 32.1% compared to 78 in the same period last year.From the perspective of sector distribution, both DeFi and infrastructure completed 17 financing events, with disclosed amounts of approximately 1.157 billion USD and 348 million USD, respectively; CeFi completed 9 financing events with a disclosed amount of approximately 343 million USD. Prediction markets, AI infrastructure, payment, and institutional financial services were the main directions for large financing this month.The top three projects by financing amount were Kalshi (1 billion USD), Whop (200 million USD), and Pearl (130 million USD), while Nous Research and Spiko disclosed financing of 90 million USD each. The top five projects accounted for approximately 1.510 billion USD, which is 77.3% of the total disclosed financing amount this month, with Kalshi alone accounting for about 51.2%.In terms of RWA, according to project tags, there were 6 RWA-related projects that disclosed financing this month, totaling approximately 12.2 million USD, accounting for 11.3% of the monthly financing events and 6.3% of the disclosed amount. Among them, Spiko completed a 90 million USD Series B financing, while Fission and Multiliquid disclosed financing of 10 million USD and 8 million USD, respectively.In terms of mergers and acquisitions, there were 11 recorded M&A events this month, the same as in September, with transaction amounts undisclosed, including projects like BTCBOX, Zodia Custody, Zeal, and Z.com EX.Regarding investment institutions, Tether participated in 4 financing events, Sequoia Capital, Pantera Capital, and North Island Ventures each participated in 3, while Blockchain Capital, Coinbase Ventures, and others also made multiple investments.

According to Onchain Lens monitoring, Hyperliquid has permanently destroyed 49.87 million HYPE, valued at approximately 3.89 billion dollars based on current statistics, accounting for 4.99% of the maximum supply of 1 billion HYPE.In the past 24 hours, Hyperliquid destroyed 19,700 HYPE, valued at approximately 1.59 million dollars; during the same period, estimated fee revenue was about 1.69 million dollars, with total revenue reaching approximately 1.38 billion dollars.

The Science and Technology Innovation Board Daily cited Wind data stating that by 2026, 76 IPOs had terminated their review, with 13 from the Science and Technology Innovation Board, accounting for 17.1%. In 2025, a total of 50 IPOs were terminated, with only 3 from the Science and Technology Innovation Board, accounting for 6%. The total fundraising scale of terminated IPOs on the Science and Technology Innovation Board in 2026 was 18.248 billion yuan, nearly 5 times the 3.181 billion yuan in the same period of 2025. After entering the fourth quarter, Saikexis and Zhongke Innovation successively terminated their reviews.Among the 13 terminated projects on the Science and Technology Innovation Board, 5 were related to semiconductor and integrated circuit companies, including Wuhan Xinxin, Shanghai Xinyi, Beijing Tongmei, Taosheng Electronics, and Yadian Technology, accounting for approximately 38.5%. Beijing Tongmei was the only project that terminated during the registration phase, accepted on January 10, 2022, submitted for registration on August 1 of the same year, and terminated registration on July 2, 2026, lasting over 4 years. Wuhan Xinxin was accepted at the end of September 2024 and terminated in May 2026, queuing for nearly 600 days, intending to raise 4.8 billion yuan, accounting for about 26.3% of the total intended fundraising of the 13 terminated projects.The duration from acceptance to termination varied significantly. Huihe Medical was accepted on June 30, 2026, and terminated on September 24, taking 86 days, making it the first IPO to withdraw after being selected for on-site inspection this year. Saikexis voluntarily withdrew six months after acceptance, marking the third IPO failure in six years. Huandong Technology was accepted on November 25, 2024, and terminated on September 21, 2026, lasting about 22 months, being the first robot company to terminate an IPO this year, mainly engaged in robotic joint reducers, sponsored by GF Securities. According to the criteria of semiconductors, software equipment, hardware services, etc., there have been 37 IPO listing applications that have become invalid in the Hong Kong stock market this year, compared to 11 in the same period last year.

OSMO plans to destroy 100 million $OSMO from the community pool, accounting for approximately 12.6% of the circulating supply.

The blockchain game project ArchLoot announced that it will permanently destroy 44,583,346 locked AL tokens, which come from the ECO Pool (30 million), Treasure Pool (approximately 10.417 million), and Reserve Pool (approximately 4.167 million). After the destruction, the related tokens will no longer be unlocked, distributed, or circulated.The official statement indicated that after the destruction is completed, the on-chain transaction hash will be published for community verification.

According to CoinDesk, a snapshot from Galaxy Research in October shows that out of approximately 21 million mined Bitcoins, about 11.1 million (approximately 55%) are held in addresses that cannot be linked to exchanges, funds, governments, or other known entities. Alex Thorn, the head of research at Galaxy, stated that this indicates that despite the increasing institutionalization, a significant amount of Bitcoin may still be self-custodied by individuals. Xapo Bank believes this reflects the fact that retail investors have been in the market for over a decade.However, this portion of unallocated Bitcoin does not all belong to individuals who have been self-custodying for the long term; it may also include coins that are inaccessible due to lost private keys or the death of the holder, holdings from institutions or over-the-counter traders that Galaxy has not yet identified, as well as custodial assets spread across multiple addresses. The remaining 45% has been allocated, including ETFs from issuers like exchanges and BlackRock, as well as the U.S. government; among them, the single largest holder is "Satoshi Nakamoto (Patoshi model)," holding 1,123,658 BTC.

Strategy, Strive, and other Bitcoin treasury companies support the purchase of 135,979 Bitcoins through preferred stock financing, accounting for over 0.5% of the maximum Bitcoin supply; the related preferred stock market size is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract income-oriented investors who are unwilling to hold Bitcoin directly; however, an increase in issuance size will also raise dividend expenses.Continuous financing for Bitcoin purchases relies on preferred stock trading at or near par value. If the price falls below par, the attractiveness of new issuances may decline, and the company may also turn to buybacks. CoinShares Research Director James Butterfill stated that Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, while simultaneously buying 267 Bitcoins and increasing the preferred stock buyback authorization limit to $3 billion. Buybacks can reduce future dividend costs but may also compete for funds with Bitcoin purchases.Bitwise Research Director Ryan Rasmussen expects that ETFs will remain a larger source of Bitcoin demand in the long term, while perpetual preferred stock covers different groups of income-oriented investors, providing another source of demand support for the market. Butterfill believes that preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases, but when market sentiment weakens, this support may diminish.

Coinglass data shows that in the past 7 days, the net inflow to CEX platforms was 46,928.46 BTC, with Binance platform inflowing 37,394.58 BTC, Coinbase Pro platform inflowing 1,447.9 BTC, and Kraken platform inflowing 3,019.97 BTC.

Cryptocurrency analyst Axel Adler Jr. stated that as of October 21, the proportion of new investors' funds in the Bitcoin network has risen from a year-to-date low of 6.6% on July 5 to 11.2%, indicating that new funds are gradually returning, but the inflow remains below the levels of over 20% seen in 2024 and 2025.Currently, the price of Bitcoin is approximately $82,300, with the average holding cost for short-term holders at $75,100, resulting in an overall unrealized profit of about 9.5%. This group has been in a profitable state for 63 consecutive days since August 20, with the unrealized profit ratio reaching 16% on October 5. If the proportion of new investors' funds exceeds 11.5%, it will indicate a further increase in buyer demand; if it falls back below 10%, it suggests that the inflow of new funds may stagnate. If Bitcoin drops below $75,100, the overall short-term holders will turn to a loss, and related selling pressure may increase accordingly.

ARK Invest's Q3 2026 DeFi report shows that stock tokenization has become the main driving force behind the rebound in on-chain trading activity for the quarter. The trading volume of tokenized stock spot DEX reached approximately $50 billion, about 9 times that of the previous quarter, with its share of total spot DEX trading volume rising from about 1% to around 9%. Overall, DEX spot trading volume increased by approximately 13% quarter-over-quarter to $571 billion, marking the first growth in nearly four quarters.Robinhood Chain achieved approximately $65 billion in DEX trading volume and $51 million in network revenue in its first quarter, with network revenue nearing the level of BNB Chain during the same period. However, ARK expects that recent adjustments to the Gas mechanism will cause the chain's revenue to decline from current levels. The total supply of stablecoins decreased by about 3% quarter-over-quarter to $309 billion, but adjusted trading volume increased by approximately 16% quarter-over-quarter to $781 billion, with the number of monthly active addresses growing by about 39% to 73 million.In the perpetual contract DEX, there is a divergence between open positions and trading volume: the value of open contracts increased by about 76% quarter-over-quarter to $24 billion, while quarterly trading volume decreased by about 16% to $1.4 trillion. Among them, Hyperliquid's open contract value is about $13 billion, accounting for approximately 53%. ARK believes this indicates fewer but larger positions held for longer durations.

According to Token Terminal data, on the Base chain, the total scale of tokenized stocks issued by Coinbase deposited in various DeFi platforms is approximately 18.9 million USD, of which Aave V4 accounts for about 10.1 million USD, representing about 53%, making it the largest DeFi platform for such assets by locked value.