On July 4, Malaysian police conducted a raid on an illegal cryptocurrency mining operation located in a warehouse at the Port Klang Free Trade Zone, Pulau Indah, and shut it down. During the operation, two foreign men, aged 20 and 31, were detained, and mining equipment was confiscated. Under Malaysian law, this action violates the Penal Code and the Electricity Supply Act, and if convicted, the two could face up to ten years in prison and a fine of 100,000 ringgit (approximately 24,500 USD).

On July 4, Malaysian police conducted a raid on an illegal cryptocurrency mining operation located in a warehouse at the Port Klang Free Trade Zone, Pulau Indah, and shut it down. During the operation, two foreign men, aged 20 and 31, were detained, and mining equipment was confiscated. Under Malaysian law, this action violates the Penal Code and the Electricity Supply Act, and if convicted, the two could face up to ten years in prison and a fine of 100,000 ringgit (approximately 24,500 USD).

According to Dongcha Beating monitoring, Huawei's semiconductor head He Tingbo released the paper 'Time Shrinking Theory for Multi-Level Electronic Systems' (Tao's Law) V2 version on July 3 on the Chinese Academy of Sciences' pre-publication platform ChinaXiv. Compared to the V1 version released on May 25, the new version supplements a wealth of engineering implementation details and measured quantitative data based on the theoretical framework, forming a complete discussion system of 8 chapters. It also introduces principle and schematic diagrams covering core technologies such as the τ layered spatiotemporal model, LogicFolding architecture, bonding interface cross-section, Unified Bus interconnection architecture, and Hi-ONE optical engine. In terms of engineering implementation, the V2 version deeply explains the 'gear ratio' concept of LogicFolding: when the mixed bonding spacing approaches the size of the top-level metal wiring, the 3D design space shifts from traditional 'macro-block level discrete optimization' to 'cell level continuous optimization', achieving globally optimal vertical logic partitioning and breaking through the limitations of traditional 3D stacking that could only layer by functional blocks. The V2 version also presents for the first time a mass production measured data table, clearly listing the voltage, frequency, normalized power consumption, area, and power density parameters of Kirin 2026 compared to the benchmark Kirin 9030 Pro, further validating the post-Moore era scaling theory centered on the time constant τ through measured data.

According to Dongcha Beating monitoring, Huawei's semiconductor head He Tingbo released the paper 'Time Shrinking Theory for Multi-Level Electronic Systems' (Tao's Law) V2 version on July 3 on the Chinese Academy of Sciences' pre-publication platform ChinaXiv. Compared to the V1 version released on May 25, the new version supplements a wealth of engineering implementation details and measured quantitative data based on the theoretical framework, forming a complete discussion system of 8 chapters. It also introduces principle and schematic diagrams covering core technologies such as the τ layered spatiotemporal model, LogicFolding architecture, bonding interface cross-section, Unified Bus interconnection architecture, and Hi-ONE optical engine. In terms of engineering implementation, the V2 version deeply explains the 'gear ratio' concept of LogicFolding: when the mixed bonding spacing approaches the size of the top-level metal wiring, the 3D design space shifts from traditional 'macro-block level discrete optimization' to 'cell level continuous optimization', achieving globally optimal vertical logic partitioning and breaking through the limitations of traditional 3D stacking that could only layer by functional blocks. The V2 version also presents for the first time a mass production measured data table, clearly listing the voltage, frequency, normalized power consumption, area, and power density parameters of Kirin 2026 compared to the benchmark Kirin 9030 Pro, further validating the post-Moore era scaling theory centered on the time constant τ through measured data.

On July 4, the Jupiter Strategic Reserve Trust, known as the Jupiter Litterbox Trust, increased its holdings by 186,546 JUP, valued at approximately $45,000. This month, it has accumulated a total purchase of 1,226,119 JUP, valued at around $300,000. To date, its total purchases amount to 145,028,229 JUP, valued at approximately $34.8 million. The Jupiter Strategic Reserve Trust is the official on-chain treasury fund of Jupiter, automatically allocating 50% of the revenue from the Jupiter protocol into purchasing and holding JUP tokens on the open market through smart contracts, often humorously referred to by the community as the 'litterbox trust'.

On July 4, the Jupiter Strategic Reserve Trust, known as the Jupiter Litterbox Trust, increased its holdings by 186,546 JUP, valued at approximately $45,000. This month, it has accumulated a total purchase of 1,226,119 JUP, valued at around $300,000. To date, its total purchases amount to 145,028,229 JUP, valued at approximately $34.8 million. The Jupiter Strategic Reserve Trust is the official on-chain treasury fund of Jupiter, automatically allocating 50% of the revenue from the Jupiter protocol into purchasing and holding JUP tokens on the open market through smart contracts, often humorously referred to by the community as the 'litterbox trust'.

On July 4, the Jupiter Strategic Reserve Trust, also known as Jupiter Litterbox Trust, increased its holdings by 186,546 JUP, valued at approximately $45,000. This month, it has accumulated a total purchase of 1,226,119 JUP, worth about $300,000. To date, its total purchases amount to 145,028,229 JUP, with a total value of around $34.8 million. The Jupiter Strategic Reserve Trust is the official on-chain treasury fund of Jupiter, which automatically transfers 50% of the revenue from the Jupiter protocol into the fund, continuously buying and holding JUP tokens on the open market through smart contracts, and is often humorously referred to by the community as the 'Litterbox Trust.'

On July 4, the Jupiter Strategic Reserve Trust, also known as Jupiter Litterbox Trust, increased its holdings by 186,546 JUP, valued at approximately $45,000. This month, it has accumulated a total purchase of 1,226,119 JUP, worth about $300,000. To date, its total purchases amount to 145,028,229 JUP, with a total value of around $34.8 million. The Jupiter Strategic Reserve Trust is the official on-chain treasury fund of Jupiter, which automatically transfers 50% of the revenue from the Jupiter protocol into the fund, continuously buying and holding JUP tokens on the open market through smart contracts, and is often humorously referred to by the community as the 'Litterbox Trust.'

On July 4, according to Glassnode data, the total amount of Bitcoin in a loss state has surpassed the total amount in a profit state. The data shows that approximately 10.83 million BTC are currently in a floating loss, while about 9.22 million BTC remain in a floating profit. This is the first time this crossover phenomenon has occurred in the current market cycle. Historically, similar situations were observed in 2018 and 2022, after which the market entered a prolonged consolidation phase before prices gradually began to recover.

On July 4, according to Glassnode data, the total amount of Bitcoin in a loss state has surpassed the total amount in a profit state. The data shows that approximately 10.83 million BTC are currently in a floating loss, while about 9.22 million BTC remain in a floating profit. This is the first time this crossover phenomenon has occurred in the current market cycle. Historically, similar situations were observed in 2018 and 2022, after which the market entered a prolonged consolidation phase before prices gradually began to recover.

According to monitoring by Dongcha Beating, Critini Research analyst Jukan stated that China's AI 'open source' players are also raising prices or gradually shifting towards a more closed-source model. He believes that the token price war in China has reached its bottom. Zhiyu, the company behind GLM-5.2, has already raised prices multiple times this year. Chinese large model developers cannot ignore return on investment forever; open source does not equate to cheap API pricing. --------------------------------- Click the link below for the original article and join the Dongcha Beating · Feishu AI news channel for 24/7 monitoring of global AI hotspots and news.

According to monitoring by Dongcha Beating, Critini Research analyst Jukan stated that China's AI 'open source' players are also raising prices or gradually shifting towards a more closed-source model. He believes that the token price war in China has reached its bottom. Zhiyu, the company behind GLM-5.2, has already raised prices multiple times this year. Chinese large model developers cannot ignore return on investment forever; open source does not equate to cheap API pricing. --------------------------------- Click the link below for the original article and join the Dongcha Beating · Feishu AI news channel for 24/7 monitoring of global AI hotspots and news.

On July 3, Goldman Sachs maintained its 'Buy' rating on MiniMax Group (0100.HK) with a target price of HKD 860. The report indicates that the MiniMax M3 model is priced the same as the M2.7, and through upgrades in training and inference architecture, inference efficiency has improved by over 2 times, sufficiently offsetting the cost increase from the doubling of model parameters. This week, DeepSeek announced that the official version of V4 is scheduled to launch in mid-July, along with the introduction of a time-based pricing mechanism, where peak period usage will cost twice the regular price. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-performance ratio of MiniMax M3. The upcoming release of larger versions of the M3 series and the H3 video model is also seen as a catalyst for the next phase. (Financial Associated Press)

On July 3, Goldman Sachs maintained its 'Buy' rating on MiniMax Group (0100.HK) with a target price of HKD 860. The report indicates that the MiniMax M3 model is priced the same as the M2.7, and through upgrades in training and inference architecture, inference efficiency has improved by over 2 times, sufficiently offsetting the cost increase from the doubling of model parameters. This week, DeepSeek announced that the official version of V4 is scheduled to launch in mid-July, along with the introduction of a time-based pricing mechanism, where peak period usage will cost twice the regular price. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-performance ratio of MiniMax M3. The upcoming release of larger versions of the M3 series and the H3 video model is also seen as a catalyst for the next phase. (Financial Associated Press)

On July 4, crypto analyst Murphy pointed out that the average cost of Bitcoin's short-term holdings (less than 1 month and less than 3 months) is concentrated in the range of $64,000 to $68,000. The price needs to repeatedly attempt to break through this range to gradually align with the cost trend line. However, each attempt to break through triggers some weak holders to cash out when their losses turn into profits. This cycle of 'breakthrough - encounter resistance - pullback - re-breakthrough' is a necessary process for forming a bottom consensus. Based on this, the analyst divides the expectations for this rebound into three levels: $64,000 and $68,000 correspond to the aforementioned cost logic, while $70,000 is where short-term holders realize their profits (STH-RP), which is often seen as the ceiling for bear market rebounds. In the on-chain data analysis framework, STH-RP serves as the emotional bull-bear dividing line, with each trend reversal beginning at the last breakthrough of this line. The analyst personally leans towards this being a 'weak rebound', expecting a rise to the $64,000 to $68,000 range. If there is an unexpected breakthrough of $70,000, it would be defined as a strong rebound, at which point partial profit-taking on existing positions would be considered to leave room for subsequent adjustments. Options market data also shows that market makers are in a positive Gamma state around $62,000, and hedging behavior as the price approaches this level will suppress volatility; the next positive Gamma position after a breakthrough falls between $66,000 and $68,000, which also constitutes a resistance zone.

On July 4, crypto analyst Murphy pointed out that the average cost of Bitcoin's short-term holdings (less than 1 month and less than 3 months) is concentrated in the range of $64,000 to $68,000. The price needs to repeatedly attempt to break through this range to gradually align with the cost trend line. However, each attempt to break through triggers some weak holders to cash out when their losses turn into profits. This cycle of 'breakthrough - encounter resistance - pullback - re-breakthrough' is a necessary process for forming a bottom consensus. Based on this, the analyst divides the expectations for this rebound into three levels: $64,000 and $68,000 correspond to the aforementioned cost logic, while $70,000 is where short-term holders realize their profits (STH-RP), which is often seen as the ceiling for bear market rebounds. In the on-chain data analysis framework, STH-RP serves as the emotional bull-bear dividing line, with each trend reversal beginning at the last breakthrough of this line. The analyst personally leans towards this being a 'weak rebound', expecting a rise to the $64,000 to $68,000 range. If there is an unexpected breakthrough of $70,000, it would be defined as a strong rebound, at which point partial profit-taking on existing positions would be considered to leave room for subsequent adjustments. Options market data also shows that market makers are in a positive Gamma state around $62,000, and hedging behavior as the price approaches this level will suppress volatility; the next positive Gamma position after a breakthrough falls between $66,000 and $68,000, which also constitutes a resistance zone.

On July 4, the day before Independence Day, U.S. President Trump signed a pardon order on July 3, granting clemency to 11 individuals, including several who were sentenced for violating the Clean Air Act. Trump referred to these individuals as 'victims persecuted by the Biden administration,' stating that they were imprisoned or faced imprisonment for fixing their own cars, saying, 'I am now freeing them all.' Notably, the highly anticipated potential pardon recipient from the cryptocurrency sector, FTX founder SBF, was not included in the announced list of pardons. Today (July 4) coincides with the 250th anniversary celebration of the United States, during which Trump will participate in various events. The White House had previously discussed the possibility of a large-scale pardon of 250 individuals as part of the 250th anniversary celebrations, but these discussions are still in the consideration phase and have not been officially announced. Market attention is focused on Trump's statements today. Analysts have pointed out that the Independence Day pardons target three categories of individuals and could serve as a new tool for Trump to garner public support. The 250th anniversary pardon list is expected to emphasize symbolic and public interest dimensions, highlighting the image of a 'merciful America' and potentially correcting cases viewed as 'weaponized justice.' However, lobbying, political loyalty, public attention to high-profile cases, and potential economic, diplomatic benefits, as well as the president's potential gains, will all be important considerations in the decision-making process. Therefore, white-collar/financial criminals, rehabilitated non-violent offenders, and high-profile/symbolic cases or 'political/policy-related' offenders are the three groups most likely to become targets for pardons. The competition for pardons under the Trump administration has significantly escalated, with the president himself exerting unprecedented personal control over the pardon process, frequently using his pardon power to support allies and advance his political agenda. The pardon affairs are managed by a small team consisting of White House Special Counsel David Warrington, Chief of Staff Susie Wiles, and U.S. Pardon Attorney Ed Martin. Most cases are initially reviewed by Warrington and Martin in coordination with the Department of Justice, with selected candidates submitted to Wiles for review, and the final candidates presented to Trump for decision by Warrington and Wiles.

On July 4, the day before Independence Day, U.S. President Trump signed a pardon order on July 3, granting clemency to 11 individuals, including several who were sentenced for violating the Clean Air Act. Trump referred to these individuals as 'victims persecuted by the Biden administration,' stating that they were imprisoned or faced imprisonment for fixing their own cars, saying, 'I am now freeing them all.' Notably, the highly anticipated potential pardon recipient from the cryptocurrency sector, FTX founder SBF, was not included in the announced list of pardons. Today (July 4) coincides with the 250th anniversary celebration of the United States, during which Trump will participate in various events. The White House had previously discussed the possibility of a large-scale pardon of 250 individuals as part of the 250th anniversary celebrations, but these discussions are still in the consideration phase and have not been officially announced. Market attention is focused on Trump's statements today. Analysts have pointed out that the Independence Day pardons target three categories of individuals and could serve as a new tool for Trump to garner public support. The 250th anniversary pardon list is expected to emphasize symbolic and public interest dimensions, highlighting the image of a 'merciful America' and potentially correcting cases viewed as 'weaponized justice.' However, lobbying, political loyalty, public attention to high-profile cases, and potential economic, diplomatic benefits, as well as the president's potential gains, will all be important considerations in the decision-making process. Therefore, white-collar/financial criminals, rehabilitated non-violent offenders, and high-profile/symbolic cases or 'political/policy-related' offenders are the three groups most likely to become targets for pardons. The competition for pardons under the Trump administration has significantly escalated, with the president himself exerting unprecedented personal control over the pardon process, frequently using his pardon power to support allies and advance his political agenda. The pardon affairs are managed by a small team consisting of White House Special Counsel David Warrington, Chief of Staff Susie Wiles, and U.S. Pardon Attorney Ed Martin. Most cases are initially reviewed by Warrington and Martin in coordination with the Department of Justice, with selected candidates submitted to Wiles for review, and the final candidates presented to Trump for decision by Warrington and Wiles.