South Korea's two storage giants saw their stock prices plunge, leading to a $137 billion loss for South Korea's pension funds.

According to Lookonchain monitoring, Bitcoin mining firm MARA Holdings is suspected of offloading BTC. Over the past five days, wallets associated with MARA have transferred a total of 1,000 BTC to Binance and Gate, worth approximately $82.8 million.

According to Arkham monitoring, a Bitcoin whale received BTC worth $54,000 in 2013, when Bitcoin’s price was only around $130. The whale has held these BTC for 13 years, and their current value exceeds $30 million. Seven hours ago, the whale transferred this batch of BTC to a new wallet for the first time.

Crypto trader Ansem stated in a post that Papertrade could emerge as an innovative project with long-term growth potential. High-leverage perpetual contracts have long been among the crypto industry’s most profitable products, and demand for speculative trading will continue to persist. Papertrade enables users to open and close synthetic 1000x leverage positions without causing actual market impact. Its business model funnels traders’ losses to support on-chain liquidity pools (LPs), with losses exceeding a set LP cap allocated to PAPER token stakers. In its first week of launch, the platform distributed over $50 million to PAPER stakers. Traditional perpetual contract DEXs primarily earn revenue from trading fees, while Papertrade aims to directly convert traders’ losses into a revenue source. Given the high difficulty of winning high-leverage trades, theoretically, traders’ losses should cover the profits of winning traders over the long term. Once the LP hits a certain cap, even if the ratio of winning to losing traders on the platform nears 50:50, this model retains unique advantages: traders can share platform revenue by staking the platform’s token, rather than only paying fees to the platform. Additionally, Papertrade’s model could expand beyond perpetual contracts to other speculative games, including online entertainment sectors. If Hyperliquid is likened to financial infrastructure, Papertrade has the potential to become infrastructure for the internet’s high-leverage speculation and gaming markets. However, whether this model can sustain user engagement, maintain liquidity, and deliver long-term growth remains to be validated by future market performance.

Bitcoin mining company MARA Holdings (@MARA) appears to be selling $BTC. Wallets linked to #MARA deposited 1,000 $BTC ($82.8M) into #Binance and #Gate over the past 5 days.

Beating AI News Flash: OpenAI’s Head of Products and Platforms Thibault Sottiaux stated that the team has collaborated with OpenCode to help affected OpenAI API customers restore services and refund API credits consumed during the attack. Earlier, OpenCode disclosed that an old system scheduled for decommissioning was breached, potentially exposing third-party model API keys hosted by its users, affecting 1.4% of its Console users. Attackers who obtained the keys could impersonate users to call paid models, with multiple community users reporting abnormal charges totaling hundreds of dollars. In addition to addressing user losses, OpenAI granted OpenCode access to Daybreak Blue, a defense authorization. Previously, OpenCode co-founder Dax Raad complained that when the team used cutting-edge models to investigate the attack, some requests were blocked by security restrictions. Daybreak Blue allows vetted security teams to reduce response denials during legitimate defense tasks. Dax later thanked OpenAI, noting that Daybreak played a critical role in the defense and is still operational. Tibo also reminded other security teams that they can apply for Daybreak Blue in advance, rather than waiting until an attack occurs to request authorization.

Beating AI News: Liu Xing, head of public relations at Doubao, publicly questioned the claim that "over half of China’s AI computing power is used to produce short dramas", bluntly calling the relevant data "somewhat unreliable". He revealed that only around 10% of ByteDance’s total computing power is allocated to the training and inference of video generation models; this proportion also covers model R&D, not all of which is used for making short dramas. The controversy originated from an investor exchange record disclosed by Chinese online content provider China Digital Online in June this year. The company stated that 55% of domestic AI Token consumption comes from short dramas and video generation, 24% is used for e-commerce marketing, and software development accounts for only 15%. This data was recently resurfaced, and after media dissemination, it evolved into the narrative that "half of China’s computing power is used to produce short dramas", even sparking discussions such as "America builds the future, China builds short dramas". However, China Digital Online did not disclose the original statistical body, sample scope, and calculation method for this nationwide data. More importantly, AI Token consumption is not equivalent to actual computing power consumption, and not all video generation is for short dramas.