Report: Rug Pull Incidents in the Crypto Space Have Decreased, but Their Impact Has Grown

Jefferies released a report noting that Zhipu AI’s 2026 annual recurring revenue (ARR) guidance of $2.4 billion exceeds expectations, though its sustainability is in doubt due to a high August base, uneven growth in computing power supply, high customer concentration, and low switching costs. The report adds that while Zhipu Cloud’s gross margin improved in the first half of 2026, it may decline in the second half amid the launch of new domestic GPU clusters and the resumption of its Coding Plan. Jefferies cut Zhipu’s target price to HK$1,183.79 from HK$1,299.8, maintaining a “Hold” rating. The bank revised Zhipu’s 2026–2029 revenue forecasts upward by 37% to 119%, reflecting accelerated growth in its cloud segment, and lowered net loss projections by 14% to 21%. In its sum-of-the-parts valuation, the cloud segment’s multiple was reduced from 50x its 2026 forecasted ARR to 30x to better align with overseas peers. Jefferies still views China’s large language model (LLM) sector as overcrowded, and favors full-stack cloud service platforms with advantages in computing power, data, and monetization over independent AI labs, such as Alibaba (09988.HK) and ByteDance.

According to official announcements, OKX Wallet has officially launched its DeFi cycle yield product, integrating operations including deposits, swaps, and borrowings into a single transaction, enabling users to build leveraged yield positions with one click on X Layer. The feature is now available on the "DeFi" page of the OKX App. The product integrates Aave lending, Pendle yield markets, and X Layer liquidity, supports custom cycle counts, and allows users to view estimated returns, borrowing costs, and liquidation prices before placing an order. Separately, OKX Wallet’s USDG interest rate hike campaign has been extended: eligible PT-USDG holdings will automatically retain their rewards, and when combined with the cycle yield strategy, the maximum APY reaches 34.6%.

Dongcha Beating AI Flash News: OpenAI recently rolled out GPT-6 Astra in batches, issuing Codex quota reset cards to Plus, Pro, and Business users who received access later. Some users have found their quota depletes significantly faster after using the reset card. A user compared records of 14% of weekly quota consumed before and after the reset: pre-reset, they used around 114 million input tokens and 738 model responses; post-reset, only 63.6 million tokens and 489 responses. Based on this, the user estimated the reset card only provides half of the normal weekly quota. However, the data is not strictly comparable: Astra was used in both periods, but the inference tier and agent usage patterns differed. Codex lead Tibo subsequently denied the claim, stating there is no difference in available quota before and after the reset.

According to market data, Changxin Technology surged 6.55% to 58.39 yuan, with its total market capitalization returning to 3.96 trillion yuan.

According to TradingBeats' monitoring, the whale address starting with 0x9a80 that went long on CXMT on July 15 has received approximately $2.645 million in total funding fees, with its current CXMT long position still showing an unrealized profit of around $3.094 million, while also holding a long position in io:ANTH worth roughly $4.575 million. The address currently holds about 1.4956 million CXMT long contracts, with an average entry price of approximately $6.62, and the position is valued at around $12.988 million. The combined total of its cumulative funding fee income and current unrealized profit alone reaches roughly $5.738 million, with the unrealized profit still unrealized. Its ANTH position was initiated on September 1, with the first purchase totaling about $95,700; the current long position stands at 2,298.60 contracts, using 4x isolated margin leverage, with an average entry price of $1,963.57, an unrealized profit of approximately $61,900, and an estimated liquidation price of $1,321.35. Additionally, the address still holds 30 regular limit buy orders for ANTH at $1,910, planning to add around $57,300 to its position. ANTH is a pre-IPO perpetual contract for Anthropic deployed by EntropyIO. ANTH is trading at approximately $1,990.5, corresponding to an on-chain implied market cap of roughly $1.99 trillion for Anthropic; the whale's average entry price translates to an implied valuation of about $1.964 trillion.

Raydium, a decentralized exchange (DEX) in the Solana ecosystem, announced that its LaunchLab now supports trading for any token pair on the platform. This upgrade brings a flexible trading pair mechanism directly to the Solana ecosystem, delivering deeper liquidity, lower transaction fees, and a more favorable market environment for meme coin trading.