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

According to market data from BIT (bit.com), US stocks opened lower, with the Dow Jones Industrial Average down 0.13%, the S&P 500 index falling 0.88%, and the Nasdaq down 1.5%. Leading tech stocks saw broad declines, with SpaceX dropping 4%, Tesla down 2.87%, Meta Platforms down 4%, IBM down 2.5%, Nvidia down 2.1%, SK Hynix down 4.5%, SanDisk down 4.8%, and Micron down 3.8%.

According to market data from BIT (bit.com), all sectors including semiconductors and storage, crypto-related stocks, and optical communications declined at the opening of U.S. stock trading. Semiconductors and storage: Seagate (STX) down 4.69%; Western Digital (WDC) down 5.77%; SanDisk (SNDK) down 4.79%; Micron (MU) down 3.05%; NVIDIA (NVDA) down 2.08%; Intel (INTC) down 5.83%; AMD (AMD) down 5.82%. Crypto-related stocks: Strategy (MSTR) down 5.00%; Coinbase (COIN) down 3.83%; Circle (CRCL) down 5.08%; BitMine (BMNR) down 4.20%; SharpLink (SBET) down 4.85%. Optical communications sector: FOTO (FOTO) down 6.30%; Marvell Technology (MRVL) down 6.04%; Applied Optoelectronics (AAOI) down 7.73%; Lumentum (LITE) down 6.95%; Coherent (COHR) down 7.33%; Ciena (CIEN) down 6.32%; Fabrinet (FN) down 6.09%; AXT (AXTI) down 8.97%.

According to market data from BIT (bit.com), US-listed space-themed stocks were broadly down at the start of pre-market trading, with SpaceX falling 4.38%, Rocket Lab down 3.64%, Planet Labs dropping 2.92%, AST SpaceMobile declining 4.77%, and Intuitive Machines down 3.85%.

Last week, the number of new US jobless claims fell to its lowest level in nearly 57 years, with layoffs easing and the labor market stabilizing. Data from the US Department of Labor shows that for the week ending October 17, initial state unemployment benefit claims dropped by 6,000 to a seasonally adjusted 194,000. This figure is approaching the 189,000 level hit in mid-July, marking the lowest since 1969. Economists believe that strong US domestic demand has driven rising profits, shielding workers from layoffs. However, as the conflict between the US, Israel and Iran intensifies, tighter financial conditions and rising interest rates may weigh on the labor market’s performance next year.

Meme coin project Zipcoin, built around a narrative from Ethereum co-founder Vitalik Buterin’s novel, has announced its shutdown. The team stated it received a notice from Railway on October 21, alerting that the entire project codebase had been compromised, including all associated credentials and private keys. After attempting to migrate or rotate credentials, the team failed to identify a viable secure operating solution. The team will offer a six-hour selling window for existing holders, and will liquidate remaining holdings and pool funds at 00:00 Beijing Time on October 23 to prevent attackers from siphoning assets. According to GMGN data, ZC (Zipcoin) has dropped over 90% in the past 24 hours, with a current market capitalization of less than $300,000. Zipcoin’s narrative originates from a fictional currency in Vitalik Buterin’s novel *Snowmoon*. Designed as an on-chain currency with features including anonymous payments, burnable for advocacy, and real-time taxation, the project sought to translate concepts from the novel to the real blockchain.

Pre-market major news for US stocks are as follows: 1. SK Hynix is advancing its next-generation iHBM technology toward mass production; the tech will be applied to next-gen products like HBM5, cutting HBM thermal resistance by over 30%. 2. Elon Musk said his self-developed chip factory project under Terafab is progressing rapidly, targeting large-scale mass production of a practical chip in Q3 2028. 3. Micron Technology noted that after over 20 years of evaluation, the 4F2 architecture is "currently not on its roadmap". It plans to continue expanding its 6F2 architecture while developing 3D DRAM as a long-term alternative. Micron added that DRAM bit density depends mainly on capacitor spacing, not just cell architecture. 4. Meta disclosed that as of September 30, it holds conditional cloud computing capacity procurement obligations, with potential total procurement value of up to $147.2 billion over the next five years. Meta’s future spending commitments have surged to $825 billion. 5. The US government is discussing a series of reform plans related to the "Trump account", including allowing adults under 40 to participate. This idea is similar to the previously widely debated universal basic income system. 6. Elon Musk stated that humanoid robots will become the world’s largest industry, with Optimus robots expected to begin external deliveries by the end of next year. 7. Anthropic announced the launch of its AI agent Claude Duet. Built on the Opus 5.5 model, Duet is available as a standalone app on iOS and Android, and can be accessed via the claude.ai website on desktop.