Odaily Planet Daily reports that the UK High Court held a hearing this week in Manchester regarding the civil recovery case involving Qian Zhimin's Bitcoin assets. However, this was a typical procedural hearing, without making any rulings on asset ownership, compensation plans, or substantive legal issues. The core issue of the hearing was who should represent the vast number of Chinese victims. Judge Turner, who presided over the case, repeatedly expressed concern about the current situation. With more and more law firms representing different groups of Chinese victims and raising claims under Section 281 (s.281) of the Public Interest Litigation Act (POCA), the UK High Court is facing the real risk of "proliferation of representation." Furthermore, Judge Turner also explicitly mentioned another parallel judicial process being pursued by the UK High Court: the UK bankruptcy liquidation proceedings against Blue Sky Green Technology Co., Ltd. It is understood that subsequent hearings are scheduled for February 16-17, at which time further arrangements or guidance may be made regarding the specific impact of the bankruptcy liquidation proceedings on the civil recovery case. (Caixin.com)

In the past hour, total liquidations across the network reached $10.22 million, with $9.28 million from long positions, with $937,916.77 from short positions. BTC liquidation $743,792.61, ETH liquidation $56,931.

Huoxun Finance News, January 25th - According to Cryptopolitan, Strive board member Pierre Rochard pointed out this week that despite continuous improvements in scaling technology (i.e., tools to speed up transactions and reduce costs), the fundamental reason why Bitcoin cannot function in everyday transactions like ordinary currency is its taxation methods. Pierre Rochard stated that Bitcoin payments are growing faster in low-tax jurisdictions. Under current US tax law, Bitcoin is considered property, not currency. This means that every time someone uses Bitcoin for a purchase, whether it's coffee, services, or goods, it triggers a tax reporting obligation, and if the Bitcoin's value has increased since the purchaser acquired it, capital gains tax may also be payable.

Odaily Planet Daily reports that stablecoins were a hot topic at the Davos Forum. Industry insiders generally believe that stablecoins have the potential to reshape the global payment system, but their potential risks should not be ignored. Jeremy Allaire, co-founder and CEO of Circle, stated that under the regulatory frameworks of the United States and the European Union, payment-type stablecoins are clearly defined as "cash instruments" used for payments and settlements; therefore, issuers are not allowed to pay interest to holders, a design he personally supports. Regarding the practice of some stablecoin projects subsidizing users in the form of "rewards," Jeremy Allaire believes that the banking industry's concerns about "drained deposits and credit drying up" are exaggerated, and points out that the rise of money market funds historically did not cause substantial damage to the banking credit system. Furthermore, Jeremy Allaire proposed the concept of "new monetary physics," arguing that stablecoins significantly improve the efficiency of capital flow and money turnover. He believes that in the future, society may only need a smaller monetary base to support large-scale economic activities, and he also predicts that billions of AI agents will participate in the operation of the economic system within the next 3 to 5 years. (Caixin.com)

Odaily Planet Daily reports that Scroll announced on the X platform that its co-founder's X account, @shenhaichen, has been hacked. They are actively working to recover the account and urge users not to interact with any suspicious links or private messages.