Gate.io Launches INIT Perpetual Contract Pre-trading

CertiK reported on January 20th that it detected 193 suspicious transactions tied to an unaudited SynapLogic contract. The attacker leveraged a flash loan to borrow 1 ETH, minted 16,000 SYP tokens through repeated contract function calls, and then repaid the ETH. The activity stemmed from multiple newly created addresses.

Hong Kong SAR Government will announce its 2026/2027 budget on February 25, with a focus on virtual assets and investor protection. The Securities and Futures Professionals Association of Hong Kong noted the city has built out initial regulatory infrastructure for virtual assets, and its next priority is to shift to commercial application implementation. This will be achieved through steps including: boosting secondary market liquidity for Real World Assets (RWA), speeding up product approvals, attracting international liquidity, and strengthening practitioner training. The goal is to turn Hong Kong from a well-regulated market into a globally recognized virtual asset hub with ample liquidity and widespread adoption. This transformation aligns with the country’s 15th Five-Year Plan for financial openness and digital economy strategy.

Jan. 20 — Dark Side of the Moon (Kimi) is wrapping up a new funding round with a pre-money valuation of $4.8 billion, up from $4.3 billion just weeks ago, according to *STAR Market Daily*. The round is nearing completion, and the company has not yet commented on the deal. Previously, on Dec. 31, 2025, Kimi disclosed it had closed a $500 million Series C financing. IDG led the round with $150 million, while existing backers including Alibaba, Tencent and Wang Huiwen increased their stakes. The post-money valuation reached $4.3 billion. In an internal memo, founder and CEO Yang Zhilin noted the company holds over 10 billion yuan in cash — a sum on par with post-IPO peers Zhipu and MiniMax. As of June 2025, Zhipu held $2.55 billion in cash and targets an IPO raise of roughly $3.8 billion. MiniMax had $7.35 billion in cash as of September 2025, with an expected IPO raise of $3.4 billion to $3.8 billion. Insiders say this means Kimi “can afford to bide its time on an IPO.”

Jan 20 — Per monitoring from HyperInsight (via Telegram: https://t.me/HyperInsight), the address “20 Million Band Hunter” (0x880a) has been ramping up its XMR short position over the past hour, emerging as the largest on-chain XMR bear. Currently, it holds a 5x-leveraged short of 8,383 XMR (≈$5.1 million) with an average entry price of $594.01. The address has also cut its short positions in BTC, SOL, XPL, and kPEPE, posting a floating profit of $7.78 million. Notably, this address employs an aggressive trading strategy, specializing in high-leverage short-term trades, and has amassed total profits of $101 million across its trading history.

January 20th — Per GMGN monitoring, a new crypto address made two high-point purchases totaling 1.54 million tokens of meme coin “1” after the token hit a $9 million market cap yesterday. The buys cost ~$137,000, temporarily placing the address third on the token’s holder list. Today, as “1”’s market cap topped $16 million, the address partially sold its holdings, locking in ~$97,000 in profits (a 71% return). It still holds ~1.27 million tokens, worth ~$190,000 — now ranking fourth on the holder list and the largest buying address for the token in the past 24 hours. Note: Multiple coins share the “1” name. The contract address with the highest liquidity currently is: 0xff5d99a5c16cf2ffb4e7da1d7c42a791e70e4444 BlockBeats Note: Meme coins carry extreme trading volatility, rely heavily on market sentiment and hype, and have no real-world value or use case. Investors should exercise caution.

As of January 20th, Polymarket odds show Bitcoin’s chance of hitting $100k in January has fallen to 21%. Additionally, the odds are 7% for reaching $105k, 18% for dropping to $85k, and 6% for falling to $80k.