PENGUIN Market Cap Halved from All-Time High, Briefly Dipping Below $70 Million in the Early Morning

On January 26, blockchain outlet The Block reported that Entropy—a decentralized custody startup backed by a16z—has announced it will wind down operations and return remaining funds to investors. Entropy founder and CEO Tux Pacific noted that after four years in operation, multiple business pivots, and two rounds of layoffs, the firm failed to identify a business model that could scale to meet venture capital expectations. The decision to cease operations came after initial market feedback signaled its model wouldn’t work for VC-scale growth. Entropy reportedly raised roughly $27 million total, including a $25 million seed round led by a16z Crypto in June 2022. The firm initially positioned itself as a decentralized alternative to centralized custody providers like Fireblocks and Coinbase, later pivoting to building a crypto automation platform.

January 26 — According to the Seoul Economic Daily, Cha Myung-hoon, major shareholder and chairman of South Korean crypto exchange Coinone, is weighing a partial stake sale. He holds a combined 53.44% of Coinone’s shares via his personal firm The One Group (3.430% ownership) and direct personal holdings (19.14%). Coinone-affiliated sources noted the exchange is in talks with overseas exchanges and domestic financial institutions about equity investment and other partnership opportunities, though specific details remain unconfirmed.

Jan. 26: LookOnChain monitoring indicates the "BTC OG Insider Whale" is not only deep underwater on a $7.79 billion BTC/ETH/SOL long position but is now running a circular leverage trade on ETH. Earlier today, the whale set up a new wallet, withdrew 61,000 ETH (≈$174.3 million) from Binance to deposit into Aave, then borrowed 60 million USDC from Aave and transferred it back to Binance.

January 26th — Per LookOnChain monitoring, a whale address notorious for "buying high, selling low" has panic-sold 5,500 ETH over the past three days at $2,912 each, totaling roughly $16.02 million. Five days prior, the same address purchased 2,000 ETH at $2,984 per token (around $5.97 million). Today, it repeated the classic "buy high, sell low" maneuver.

As of January 26th, per HTX market data: - Bitcoin has rebounded above $87,000, currently trading at $87,284; - Ethereum has rebounded above $2,850, now priced at $2,866; - SOL has risen above $120, currently at $121.

On January 26, Onchain Lens data shows that "Brother Whale" Huang Licheng’s 25x-leveraged ETH long position on Hyperliquid was fully liquidated again during this morning’s price drop, resulting in a $696,000 loss. He subsequently opened a new 25x-leveraged ETH long position. That new position, however, was partially liquidated amid further downside. To date, "Brother Whale" has racked up cumulative losses exceeding $25 million.