SHEIN’s contract on Hyperliquid plunged nearly 15% in a short period, breaking below its IPO price range.

Trader YokaiCapital released a post publicly exposing multiple projects, KOLs, and trading platforms in Solana’s meme ecosystem, alleging issues including wash trading, fake wallets, and market manipulation, and naming accounts such as Frank DeGods, Shadow, theunipcs, and blknoiz06. YokaiCapital claimed that tokens like TROLL, ANSEM, and CATE have large volumes of bundled wallets or “no real holders”, and accused some KOLs of generating trading hype through these tokens and fake accounts. It also stated that the FOMO leaderboard contains numerous fake identities and fake PnL (profit and loss), with some wallets potentially linked to bundled tokens. Regarding Axiom and Pump.fun, YokaiCapital alleged problems with some wallet tracking and Bubble Maps data presented to users, advising users to further verify on-chain wallet associations via tools like Solscan. It additionally leveled accusations against Axiom over data privacy and project listing fees. YokaiCapital noted that it has previously participated in some of these projects and admitted to incurring losses from related operations. Finally, it advised users not to blindly follow wallets or KOLs recommended by platforms, but instead build their own on-chain data analysis tools to identify real traders and fund behaviors. All content above constitutes YokaiCapital’s unilateral accusations and opinions; the original post does not provide sufficient evidence to independently verify all allegations. Whether the named projects, platforms, and accounts engaged in the aforementioned acts remains to be further confirmed.

Apple and Google have recently posted job openings related to stablecoins, tokenized deposits, and blockchain technology respectively. Apple has opened a U.S.-based role for Head of Apple Pay Financial Product Strategy, responsible for the medium- and long-term strategy of financial services including Apple Card and Apple Cash, as well as exploring new business opportunities. The role lists knowledge of stablecoins, tokenized deposits, and blockchain technology as a preferred qualification. Google, meanwhile, is hiring a Chief Architect for Web3 in Hong Kong, to lead Google Cloud’s Web3 and digital asset operations in the Asia-Pacific region. The role requires candidates to have relevant knowledge or experience in areas such as real-world asset (RWA) tokenization, stablecoin payment networks, tokenized deposits, and digital asset custody, with target clients including blockchain protocols, institutional trading platforms, digital asset custodians, and financial institutions. Apple’s focus is on exploring the application of stablecoins in consumer financial services like Apple Pay, Apple Card, and Apple Cash, while Google is more focused on cloud services and infrastructure for financial institutions and digital asset firms. However, these job postings do not indicate that Apple or Google is preparing to issue their own stablecoins or launch specific services. For now, both companies are primarily building out relevant talent during the hiring phase to evaluate future use cases for stablecoins and tokenized deposits in payments and financial operations.

Insight Beating AI News Flash: Zhipu AI has open-sourced ZCode under the Apache 2.0 license, but developers quickly found that the "open-source version" on GitHub is not fully consistent with the version downloadable from its official website. Source code comments note that the open-source version is ineligible for quota-based activity benefits. The upgrade entry remains, but no discount labels or rules are displayed. The repository’s NOTICE.md also explicitly states that the public source code and its build products do not guarantee all features and activity policies of the official product. The official site still offers a separate ZCode client download. While it is common for open-source versions to lack certain commercial features, ZCode’s open source was originally meant to address prior data security controversies and enable external code audits. Given the discrepancies between the official and open-source versions, developers have questioned which ZCode is actually being audited, dubbing the move more of a "PR-style open source".

Insight Beating AI Flash News: China is tightening IPOs for humanoid robot companies. Reuters, citing multiple sources familiar with the matter, reports that regulators have used informal "window guidance" to slow the listing process of some firms and raise review thresholds. Some sources say relevant IPOs have effectively been suspended, while others stress this is not an official ban, only a tightening of oversight for the sector. The China Securities Regulatory Commission (CSRC) did not respond to a request for comment. Regulators are zeroing in on the revenue quality of robot companies. Some firms have secured large orders via data collection centers and joint ventures backed by local governments, with local authorities even covering 80% to 90% of initial investment in some projects. Regulators are probing whether these revenues come from genuine independent customer demand or rely mainly on continuous funding from local projects. A person close to robot industry investors estimates that excluding revenue from data collection centers, the valuations of some robot companies could fall by 60% to 70%. Regulators now prioritize whether robots are actually deployed in factories, whether there are sustainable orders, and whether revenue is recurring. The sector has faced warnings earlier: Unitree Robotics saw its stock surge over 5 times on its debut, before dropping 55% from its peak. Mech-Mind CEO Shao Tianlan publicly questioned this month that some embodied intelligence firms are generating unsustainable revenue through data collection centers and related-party transactions, naming Galaxy General; Galaxy General later denied the allegations.

BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Contest. The 7-day event runs from September 21 to September 28, where users can share their trading stories to win HYPE rewards. Eligible topics include: Who missed out on the Robinhood $PONS wealth train? Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? Last year at this time, $ZEC was only 40 U… Did you catch the privacy narrative? $HYPE and $Lit hit new highs—are you still holding $Aster? The event offers three tiers of rewards, with the top prize being 9.99 HYPE. During the event, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, with support from partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.

Recently, Kalshi’s crypto perpetual contract trading data has faced widespread skepticism from the community. The controversy began with crypto perpetual contracts: a trader noted that ETH perpetual open interest is only around millions of U.S. dollars, yet daily trading volume reaches hundreds of millions of dollars, with unusually high turnover. Kalshi’s head of crypto business, IcoBeast, responded by addressing the perpetual contracts and its crypto prediction markets separately, stating that prediction markets have no equivalent market maker rebates and their statistical methodology is comparable to industry peers. However, community discussions did not stop at perpetual contracts; suspicions of fraud spread to Kalshi’s core prediction market business. Prominent prediction market trader @retardmode posted that roughly 61% of Kalshi’s disclosed trading volume comes from "multi-event parlay bets" (called "串关" in Chinese), which bundle the outcomes of multiple events into a single ticket that requires all selections to be correct to win. The platform does not calculate volume based on users’ actual wagers, but instead uses a $1 par value per contract. For example, a user spending $1 on a parlay ticket that pays out $14.10 if all selections are correct will be recorded as $14.10 in trading volume. Nearly half of these parlay bets involve 11 or more events, resulting in extremely low win probabilities. Using this methodology, Kalshi’s actual trading volume yesterday was around $136 million, while its publicly disclosed figure was $1.91 billion. Top Polymarket trader @CarOnPolymarket further estimated that the actual trading volume of Kalshi’s parlay bets may only be roughly 7.1% of its disclosed parlay bet amount. Extrapolated monthly, this could create an extreme gap of approximately $4 billion in actual volume versus $57 billion in reported figures.