Variational Founder: Public mainnet set to launch soon, transaction API now open to a small group of whitelisted testers.

South Korea’s financial regulator will introduce a cornerstone investor system for initial public offerings (IPOs) to curb sharp post-listing stock price declines. The Financial Services Commission (FSC) stated that under the new regime, which secured government approval on Tuesday, institutional investors committing to lock up shares for a minimum of six months will be granted early IPO share allocations. The relevant rules will take effect on November 13 alongside amendments to the Capital Markets Act.

Beating AI News (Dongcha) reports that Chinese AI startup Moonshot AI has officially open-sourced the full model weights of its Kimi K3.1 Pro. The model was already rolled out for applications and APIs in late October; the released Hugging Face repository includes 96 weight shards with a total size of approximately 1.56 TB. Kimi K3.1 Pro inherits the custom licensing terms of its predecessor K3, permitting free use, modification, distribution, and commercial use, but with two special restrictions: 1. Large API service providers must sign a separate agreement: If an enterprise runs model inference or fine-tuning services, and its own and affiliated entities have combined total revenue exceeding $20 million over 12 consecutive months, it must sign an additional agreement with Moonshot AI prior to commercial use. 2. Ultra-large commercial products must label the model name: If a product using the model has over 100 million monthly active users (MAUs) or monthly revenue exceeding $20 million, it must prominently display "Kimi K3.1-Pro" on its interface. Pure internal use, or calls to the model via Moonshot AI’s official products and certified inference partners, are exempt from the above signing and labeling requirements. To mitigate cyberattack risks stemming from open weights, Moonshot AI removed cyberattack-related content from mid-training data and reinforcement learning tasks, actively restricting the model’s vulnerability exploitation capabilities. Official internal tests show the unmodified model (without these restrictions) achieved a 90.5% pass rate in vulnerability exploitation tasks after up to three attempts; the final released version cut this to 81.0%, which remains significantly higher than predecessor K3’s 33.3%.

Yilihua, founder of Liquid Capital, said in a post that Bitcoin (BTC) has now broken through $80,300 and stabilized above its 20-day moving average. To trigger a second major uptrend wave, BTC must next break through $82,600 decisively, after which it will target the strong resistance level of $86,000. If BTC clears $86,000, its subsequent target levels are $97,000 and $104,000. The recent pullback of BTC near $86,000 is a normal correction within the bull market trend, so even if he anticipates a pullback, he will not go short, as the market could rebound rapidly at any time. He added that he began buying the dip when BTC was near $77,000, but missed part of the rebound due to external factors disrupting trade execution.

Crypto journalist Eleanor Terrett reported that three more issuers have joined the group opposing the tokenized trading of their stocks on OKXICE, including Nebius, Boeing, and ServiceNow. The number of companies submitting objections has risen from 59 as of November 3 to 62. Boeing and ServiceNow were on OKXICE’s initial list, while Nebius was not. So far, 54 of the initially proposed 62 companies have raised objections. OKXICE announced its relevant plan on October 5, which intends to carry out tokenized U.S. stock trading under the U.S. Securities and Exchange Commission (SEC)’s five-year "innovation exemption" framework, match trades via automated market makers and liquidity pools, and allow stock issuers to file objections. The platform’s initial proposed trading list covers 62 companies and 63 stock tickers, with Alphabet including two classes of shares.

Visa announced on November 5 that it will set up six global capability centers at its new solutions hub in Singapore’s Paya Lebar Green, bringing together over 1,500 professionals. The centers will focus on areas including applied AI, agent-based business, digital currencies, stablecoins, programmable payments, digital wallets, cybersecurity, and quantum computing. Visa noted that it will expand research, engineering and innovation-related roles in the future. Institutions including DBS, Nium and StraitsX will participate in the collaboration. The Singapore Economic Development Board said Visa’s investment will create high-value local jobs. Additionally, Visa previously launched USDC settlement services in the U.S., and believes stablecoins have the potential to accelerate cross-border payments and advance the development of programmable currencies.

According to TradingBeats monitoring, Apple (AAPL) saw a sharp rally on Hyperliquid, rebounding to around $350 and erasing all recent losses. During this move, multiple large whale addresses opened significant short positions. One address starting with 0x1367 added a net AAPL short position worth roughly $33.22 million overnight. As of press time, its short position has expanded to approximately 150,000 contracts, valued at around $52.46 million, with an average entry price of $342.83, resulting in an unrealized loss of about $1.026 million. Meanwhile, trader "CBB" net bought roughly $9.753 million worth of AAPL between last night and this morning, currently holding around 28,400 long positions valued at approximately $9.93 million, with an average entry price of $348.17, and an unrealized profit of around $43,000.