Bithumb Mistakenly Airdrops 620,000 "Phantom Balance" Bitcoins Sparking Community Debate, Actual Platform Reserve May Only Be 42,000 Coins
**February 7: Bithumb, South Korea’s second-largest crypto exchange, mistakenly airdropped 620,000 Bitcoins (BTC) to 695 customers yesterday due to an employee error—equivalent to 2.95% of Bitcoin’s total circulating supply. While the platform has since recovered nearly all the mistakenly sent funds (only 0.3% remains unretrieved), the massive unintended airdrop has spurred debate in the crypto community about “ghost balances” on centralized exchanges (CEXs).**
**Bithumb has not directly disclosed detailed BTC reserve holdings or complete Proof of Reserve (PoR) on-chain evidence. However, a prior report from South Korean outlet MK.co.kr stated that as of Q3 2023, Bithumb held just 42,619 BTC in storage. Even if reserves have grown since then, they are still far short of the 620,000 BTC mistakenly credited.**
**This incident is an internal ledger error, not a real on-chain airdrop from the exchange’s hot wallet. The extra BTC in users’ accounts constitutes a “ghost balance”—meanin
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Elon Musk and the "BTC OG Insider Whale" Share Same Binance Deposit Address
**February 7th**
LookOnChain monitoring found that the 0xcA0-prefixed address tied to the "BTC OG Insider Whale" (agent Garrett Jin) shared the same Binance deposit address as Trend Research, which operates under Eary Huah.
On-chain data details the following moves:
- One day prior, the Trend Research address transferred 7.989 million USDT to the 0xcdF-prefixed address, then sent the funds to Binance’s 0x28C-prefixed hot wallet.
- Two hours earlier, the "BTC OG Insider Whale" sent 10,000 ETH to the identical 0xcdF-prefixed address, before shifting the assets to the same 0x28C-prefixed Binance hot wallet.
LookOnChain did not offer further interpretation. However, Binance deposit addresses are typically user-specific—especially hot deposit addresses used for large sums. While "coincidence" or "address reuse" (via a common funding source or OTC channel) is possible, the odds of two independent whales/institutions using the exact same deposit address are extremely low under nor
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a16z crypto: Still Betting Long on Crypto, Believing Other Category Apps Will Emerge Post-Blockchain Financial Inclusion
On February 7, Chris Dixon—partner at a16z and head of a16z Crypto—posted a social media article titled *The Long Game of Cryptocurrency*.
He pushed back against two prevalent claims: that crypto’s non-financial use cases are dead, and that the “read-write-own” model has failed. Both, he argued, misinterpret crypto’s core thesis and misjudge its developmental stage.
Dixon noted blockchain’s core innovation is a new primitive: the ability to coordinate labor and capital at internet scale, embed ownership directly into systems, and increasingly orchestrate AI agents.
“We’re in blockchain’s financial era,” he said—but this was never meant to be the only phase, nor was finance a side note. Finance is the natural proving ground for the primitive’s value, serving as the foundation for all other applications.
At a16z, the firm takes a long-term view: its fund structure is built for a 10+ year horizon, as building new industries requires time and careful sequencing.
Infrastructu
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Trader Eugene: Bitcoin Strong Rebound Signals $60,000 as a Strong Bottom
On February 7th, trader Eugene Ng Ah Sio shared on his personal channel that current price action suggests things are unfolding smoothly. The long position he entered yesterday looks perfectly timed in hindsight, matching the strong rebound he was looking for—signaling $60,000 has formed solid bottom support. He’ll keep an eye on developments but sees upside potential ahead.
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China Securities Regulatory Commission Releases "Onshore Assets Offshore Issuance RWA Guidelines": Adopts a Strict Regulatory Attitude to Prevent Risks, Strict Filing Required Before Business Conduct
**CSRC Issues 2026 No. 1 Guidance on Overseas Tokenized ABS Backed by Domestic Assets**
On February 7, the China Securities Regulatory Commission (CSRC) released Document No. 1 [2026] — *Regulatory Guidance on Overseas Issuance of Asset-Backed Securities Tokenization Backed by Domestic Assets* (hereafter the “Guidance”) — which took effect immediately upon release.
The Guidance imposes strict oversight on overseas-issued Real World Asset (RWA) tokenized products backed by domestic assets, particularly those resembling asset-backed securities (ABS). This falls under CSRC’s “strict overseas regulation” framework, aimed at curbing speculative trading, cross-border risks, and illegal financial activities.
### Key Details:
1. **Definition**: The guidance defines such activities as issuing tokenized equity certificates overseas via encryption, distributed ledger, or similar technologies, with repayment supported by cash flows from domestic assets or related asset rights.
2. **C
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