The Beijing Municipal Public Security Bureau Legal Affairs Corps held several joint meetings and theme salons on regulating the management of virtual currencies involved in the case.

According to the digital asset disposal research, the Beijing Municipal Public Security Bureau Legal Affairs Corps has made the management of virtual currencies involved in cases a focus of annual law enforcement standardization since the beginning of 2024, actively studied relevant policies and regulations, and formulated guiding norms. In February, the Legal Affairs Corps organized a number of joint meetings and theme salons, inviting leaders of relevant departments to conduct in-depth discussions on the investigation, litigation, management and disposal of virtual currency cases, aiming to improve the effectiveness of combating crimes involving virtual currencies, explore innovative management paths, and promote the standardization and efficiency of law enforcement practices.

In an April report, Faqingyuan, the official WeChat account of the Beijing Municipal Public Security Bureau's Legal Affairs Corps, stated that my country's current legislative bodies and administrative departments all adopt the policy of "illegal transactions, legal holding" towards virtual currencies, mainly based on principled regulations, and have not formed a complete legal system for the management of virtual currencies, resulting in insufficient law enforcement basis in case handling practices.

Tether is developing a decentralized artificial intelligence model

According to Beincrypto, stablecoin issuer Tether is developing decentralized artificial intelligence (AI) models. Paolo Ardoino, the company's CEO, said that these models better protect user privacy, ensure the resilience and independence of the system, and could have been used to prevent the hacking attack suffered by OpenAI last year. He pointed out that the new generation of smartphones and laptops are powerful enough to fine-tune the general large language model (LLM) based on user data, so that the enhanced functions can be saved locally on the device.

UniSat: Fractal Swap, an expansion solution, is expected to be launched in September and introduce an incentive mechanism

UniSat released a product update, saying that after extensive testing over the past year and a half, the team has initially verified that the product can run normally on the Bitcoin mainnet. Most of the engineering work for the Swap module has been completed, and it is assisting other indexers and ensuring accurate hash verification, and actively coordinating and communicating with L1F to finalize the time for the Bitcoin mainnet launch. In addition to advancing the standardization of swap, the team has also made progress in systematically scaling Bitcoin through a method called Fractal Bitcoin.

Given the current progress, UniSat is very confident that Fractal Bitcoin will be delivered in September. On Fractal Bitcoin, a swap product, Fractal Swap, will be provided with the same functions as the swap module on the main network, ensuring that projects on Fractal Bitcoin have good liquidity from the beginning. In subsequent iterations, BTC and other main network assets can also exist on Fractal Bitcoin as brc-20 wrapped assets, providing greater flexibility. Fractal Swap will implement a competitive rollup mechanism, allowing users to submit packaged Rollup results to earn transaction fees. More details about this incentive model will be released soon.

BTC falls below $55,000, ETH falls below $2,900

OKX market data shows that BTC fell below $55,000 and is now trading at $54,925 per coin, down 3.36% on the day. ETH fell below $2,900 and is now trading at $2,887 per coin, down 2.9% on the day. In addition, SOL fell below $130 and is now trading at $128 per coin, down more than 6% on the day.

In the past hour, the BTC contract liquidation of the entire network exceeded 21 million US dollars, and the contract liquidation of the entire network was 64 million US dollars.

Coinglass data shows that in the past hour, the cryptocurrency market has a total of $64.3541 million in contracts liquidated, including $1.5557 million in short positions and $63.3287 million in long positions. BTC liquidated $21.0299 million and ETH liquidated $13.0355 million.

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