Justin Sun: Li Lin Once Concealed Due Diligence Materials, I Lent the Company $30 Million to Fill the Gap

On February 8th, U.S. state Illinois introduced a state-level "Bitcoin Reserve Community Act" earlier this week. The legislation will establish a state-run Bitcoin multi-signature cold storage program, launching with the Altgeld Bitcoin Reserve. Under the bill, future BTC transactions or sales will require new legislative authorization.

February 8th, Ryan Navi—Chief Information Officer (CIO) of Forward Industries (FWDI), the largest Solana treasury firm—stated that market mispricing is creating opportunities. FWDI has no debt, and in the event of industry liquidity stress, it will pursue an offensive strategy to consolidate other SOL treasury companies. Currently, Forward holds nearly 7 million SOL, more than the combined holdings of the next three closest competitors. Navi emphasized: “A leveraged balance sheet is the true advantage in the crypto treasury market. While others operate defensively, Forward will take the initiative. It will remain unleveraged and debt-free, viewing Solana as a long-term strategic infrastructure investment rather than short-term speculation.”

On February 8th, Cloverpool data shows Bitcoin’s mining difficulty adjusted downward at block height 935,424 yesterday evening—falling 11.16% to 125.86 T. The network’s seven-day average hash rate currently sits at 990.08 EH/s. This marks the largest single downward adjustment since summer 2021 and the 10th biggest in Bitcoin’s history. Bitcoin’s total network hash rate has dropped roughly 20% over the past month, with an 11% decline just last week to around 863 EH/s—well below the October 2023 historical high of 1100 EH/s. Two factors are driving the hash rate drop. First, Bitcoin’s price has fallen more than 45% from its all-time high of $126,000, with ongoing ETF fund outflows and broad market risk-off sentiment weighing on hash rate. Second, a late-January winter storm forced U.S.-based Bitcoin miners to cut operations to support strained residential power grids, temporarily removing roughly 200 EH/s of hash rate from the network.

On February 8, Bitwise advisor Jeff Park shared a retrospective on the recent market crash. First, Park clarified that a circulating claim—**“Nasdaq has removed IBIT options position limits, granting Wall Street unlimited leverage”**—is false. Both BlackRock’s IBIT and BITB have long maintained a standard position limit of 250,000 shares. The SEC’s corresponding filings only increased position limits for spot ETFs like FBTC and ARKB to 250,000 shares—matching IBIT and BITB’s limits—to ensure fair market competition. Last November, BlackRock’s IBIT sought to raise its limit from 250,000 to 1 million shares, but the application was rejected. On the crash’s cause, Park noted it was more likely spurred by risk unwinding in the traditional financial system and derivatives mechanics—**not** a fundamental shift in crypto or a single “black swan” event. That day, Bitcoin ETFs (especially IBIT) hit record trading volumes and options activity, with bearish trades clearly dominating options

February 8: Coinbase CEO Brian Armstrong said the cryptocurrency market has seen major volatility in recent days—but that’s nothing new. Crypto has weathered many market cycles, he noted. For him, this doesn’t change his stance: he can’t think of a single reason to not be bullish on crypto long-term. It’s rapidly disrupting the financial services industry, he added, and our financial system needs an upgrade.

On Feb. 8, per Onchain Lens monitoring, a new wallet linked to BitMine—the first Ethereum holding institution—has withdrawn 20,000 ETH from Kraken, totaling $41.67 million.