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According to 1M AI News monitoring, developer @fynnso discovered during debugging Cursor API requests that the actual model ID for Composer 2 is `kimi-k2p5-rl-0317-s515-fast`, literally meaning "Kimi K2.5 + RL". Du Yurun (@Yulun_Du), Head of Pre-training at Moonshot AI, immediately tweeted that the team's testing of Composer 2's tokenizer found it to be "completely identical to our Kimi tokenizer," and that it is "almost certain this is the result of our model being further fine-tuned." He directly @-mentioned Cursor co-founder Michael Truell, questioning, "Why don't you respect our license, nor have you paid any fees?" When Cursor released Composer 2, they stated that the performance improvements came from "continuing pre-training on a base model for the first time, combined with reinforcement learning," but did not mention Kimi K2.5 at all. The two points are not contradictory: continuing pre-training and RL are applied to a base model, and Cursor simply failed to disclose the source of the base model. Kimi K2.5 uses a modified MIT license, which explicitly states that commercial products with over 100 million monthly active users or over $20 million in monthly revenue must prominently display "Kimi K2.5" in their user interface. Given Cursor's valuation of $2.93 billion and its paid user base, the monthly revenue threshold is almost certainly met. As of press time, Cursor has not publicly responded. This is the second time a self-developed model under Cursor has been suspected of being a shell for a Chinese open-source model. In November 2025, when Composer 1 was released, the community discovered that its tokenizer was consistent with DeepSeek, and the model produced Chinese output during inference. At that time, Cursor also did not disclose the source of the base model.

[Cursor's "Self-Developed" Composer 2 Found to Embed Kimi K2.5; Moonshot AI Accuses of License Violation and Non-Payment]According to 1M AI News monitoring, developer @fynnso discovered during debugging Cursor API requests that the actual model ID for Composer 2 is `kimi-k2p5-rl-0317-s515-fast`, literally meaning "Kimi K2.5 + RL". Du Yurun (@Yulun_Du), Head of Pre-training at Moonshot AI, immediately tweeted that the team's testing of Composer 2's tokenizer found it to be "completely identical to our Kimi tokenizer," and that it is "almost certain this is the result of our model being further fine-tuned." He directly @-mentioned Cursor co-founder Michael Truell, questioning, "Why don't you respect our license, nor have you paid any fees?" When Cursor released Composer 2, they stated that the performance improvements came from "continuing pre-training on a base model for the first time, combined with reinforcement learning," but did not mention Kimi K2.5 at all. The two points are not contradictory: continuing pre-training and RL are applied to a base model, and Cursor simply failed to disclose the source of the base model. Kimi K2.5 uses a modified MIT license, which explicitly states that commercial products with over 100 million monthly active users or over $20 million in monthly revenue must prominently display "Kimi K2.5" in their user interface. Given Cursor's valuation of $2.93 billion and its paid user base, the monthly revenue threshold is almost certainly met. As of press time, Cursor has not publicly responded. This is the second time a self-developed model under Cursor has been suspected of being a shell for a Chinese open-source model. In November 2025, when Composer 1 was released, the community discovered that its tokenizer was consistent with DeepSeek, and the model produced Chinese output during inference. At that time, Cursor also did not disclose the source of the base model.

Cursor's "Self-Developed" Composer 2 Found to Embed Kimi K2.5; Moonshot AI Accuses of License Violation and Non-Payment

Ondo Finance's global market platform has added over 60 tokenized US stocks and ETFs, officially bringing the total number of tokenized assets on its platform to over 250. Concurrently, the total on-chain value of the global tokenized securities (RWA) market has reached $27.3 billion, indicating the industry is entering a period of rapid expansion.

[Ondo Finance Tokenized Assets Exceed 250, RWA Market Surpasses $27 Billion]Ondo Finance's global market platform has added over 60 tokenized US stocks and ETFs, officially bringing the total number of tokenized assets on its platform to over 250. Concurrently, the total on-chain value of the global tokenized securities (RWA) market has reached $27.3 billion, indicating the industry is entering a period of rapid expansion.

Ondo Finance Tokenized Assets Exceed 250, RWA Market Surpasses $27 Billion

On March 20, S&P 500 index futures fell by 0.5%, Nasdaq 100 index futures dropped by 0.72%, and Dow Jones index futures decreased by 0.49%.

[S&P 500, Nasdaq 100, and Dow Jones Index Futures Decline]On March 20, S&P 500 index futures fell by 0.5%, Nasdaq 100 index futures dropped by 0.72%, and Dow Jones index futures decreased by 0.49%.

S&P 500, Nasdaq 100, and Dow Jones Index Futures Decline

On March 20th, the yield on UK 10-year government bonds rose to its highest level since 2008.

[UK 10-Year Gilt Yield Hits Highest Since 2008]On March 20th, the yield on UK 10-year government bonds rose to its highest level since 2008.

UK 10-Year Gilt Yield Hits Highest Since 2008

March 20th, according to AXIOS, four sources revealed that the Trump administration is considering actions to seize or blockade Iran's Kharg Island to compel Iran to reopen the Strait of Hormuz. For Trump to end this war on his terms, he must at least break Iran's control over shipping through the strait. However, seizing the island could put U.S. forces directly in the line of fire. Therefore, such actions would only be initiated after U.S. forces further weaken Iran's military strength around the Strait of Hormuz. "We need about a month to further weaken Iran's power through a series of strikes, seize the island, then completely subdue them and use this opportunity to negotiate," said one source. If such actions are approved, more troops will be needed. Three different Marine Corps units are en route to the region. A U.S. official stated that the White House and the Pentagon are considering sending more troops soon. A senior administration official said, "He (Trump) wants the Strait of Hormuz to remain open. If he has to seize Kharg Island to achieve that, he will. If he decides to conduct a coastal invasion, he will do that too. But this decision has not yet been made."

[Trump Considers Seizing Kharg Island to Force Iran Open Strait of Hormuz]March 20th, according to AXIOS, four sources revealed that the Trump administration is considering actions to seize or blockade Iran's Kharg Island to compel Iran to reopen the Strait of Hormuz. For Trump to end this war on his terms, he must at least break Iran's control over shipping through the strait. However, seizing the island could put U.S. forces directly in the line of fire. Therefore, such actions would only be initiated after U.S. forces further weaken Iran's military strength around the Strait of Hormuz. "We need about a month to further weaken Iran's power through a series of strikes, seize the island, then completely subdue them and use this opportunity to negotiate," said one source. If such actions are approved, more troops will be needed. Three different Marine Corps units are en route to the region. A U.S. official stated that the White House and the Pentagon are considering sending more troops soon. A senior administration official said, "He (Trump) wants the Strait of Hormuz to remain open. If he has to seize Kharg Island to achieve that, he will. If he decides to conduct a coastal invasion, he will do that too. But this decision has not yet been made."

Trump Considers Seizing Kharg Island to Force Iran Open Strait of Hormuz

On March 20th, the FBI, in conjunction with Thai police, seized approximately 8,000 mobile phones and froze around $580 million in cryptocurrency assets during an operation targeting scam compounds that defrauded Americans.

[FBI and Thai Police Freeze $580 Million in Crypto Assets in Scam Bust]On March 20th, the FBI, in conjunction with Thai police, seized approximately 8,000 mobile phones and froze around $580 million in cryptocurrency assets during an operation targeting scam compounds that defrauded Americans.

FBI and Thai Police Freeze $580 Million in Crypto Assets in Scam Bust

A poll released on March 20th revealed that 55% of American adults stated that rising gasoline prices have negatively affected their household finances.

[55% of Americans Report Gas Price Hikes Impacting Household Finances]A poll released on March 20th revealed that 55% of American adults stated that rising gasoline prices have negatively affected their household finances.

55% of Americans Report Gas Price Hikes Impacting Household Finances

On March 20, local time, the Iranian Revolutionary Guard announced that its spokesman, Nayini, was killed in military actions by the U.S. and Israel early that morning. The announcement stated that Nayini had served as the spokesman for the Iranian Revolutionary Guard for the past two years and had been deeply involved in and commanded the public relations efforts for military operations 'Real Commitment' No. 2, 3, and 4. (CCTV)

[Iranian Revolutionary Guard Spokesman Killed in Attack]On March 20, local time, the Iranian Revolutionary Guard announced that its spokesman, Nayini, was killed in military actions by the U.S. and Israel early that morning. The announcement stated that Nayini had served as the spokesman for the Iranian Revolutionary Guard for the past two years and had been deeply involved in and commanded the public relations efforts for military operations 'Real Commitment' No. 2, 3, and 4. (CCTV)

Iranian Revolutionary Guard Spokesman Killed in Attack

On March 20, according to Goldman Sachs data, while artificial intelligence may put 300 million jobs at risk, the rapid growth of infrastructure is expected to drive new employment opportunities.

[Goldman Sachs: AI Threatens 300 Million Jobs, But Infrastructure Boom Will Ignite New Employment]On March 20, according to Goldman Sachs data, while artificial intelligence may put 300 million jobs at risk, the rapid growth of infrastructure is expected to drive new employment opportunities.

Goldman Sachs: AI Threatens 300 Million Jobs, But Infrastructure Boom Will Ignite New Employment

According to official sources, Mori Finance, a stable asset protocol based on ETH, announced on Twitter that it has launched its alpha mainnet. Mori is a native stable asset protocol based on ETH and LSD, which can divide collateral into low volatility stable assets ETHS (ETH Stable) and high volatility derivative assets ETHC (ETH Coin).

[Mori Finance Has Launched the Alpha Mainnet]According to official sources, Mori Finance, a stable asset protocol based on ETH, announced on Twitter that it has launched its alpha mainnet. Mori is a native stable asset protocol based on ETH and LSD, which can divide collateral into low volatility stable assets ETHS (ETH Stable) and high volatility derivative assets ETHC (ETH Coin).

Mori Finance Has Launched the Alpha Mainnet

Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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