US lawmakers form House and Senate working groups to draft cryptocurrency and stablecoin bills

[U.S. May Seize an Additional $2.4 Billion Worth of Bitcoin from Chen Zhi] According to Arkham's monitoring, on October 16, $2.4 billion worth of Bitcoin from a wallet associated with Chen Zhi was transferred, potentially indicating that the U.S. government has seized additional assets. Previously, the seizure of $14.1 billion worth of Bitcoin had been disclosed. On October 14, the U.S. Federal District Court for the Eastern District announced its intention to confiscate 127,271 Bitcoins related to a transnational fraud operation run by Chen Zhi. These Bitcoins are currently stored in undisclosed addresses, and the related seizure actions have not yet been officially announced.

[Survey Reveals Trump Family's Crypto Business Earns Over $1 Billion Annually] An investigation by the Financial Times shows that the Trump family has profited over $1 billion from cryptocurrency businesses in the past year. Their projects include digital trading cards, meme coins, stablecoins, and decentralized finance platforms. Among them, TRUMP and MELANIA meme coins generated approximately $427 million in revenue, the governance token sales of the World Liberty Financial platform earned $550 million, and USD1 stablecoin sales reached $2.71 billion.

[Marblex Partners with Microsoft to Advance Web3 Gaming Business] South Korean mobile game developer Netmarble's blockchain subsidiary Marblex has partnered with Microsoft to leverage technologies such as Azure cloud services, Copilot Studio, and Azure OpenAI to drive the development of Web3 gaming. The two parties also plan to formulate a global market entry strategy to expand brand influence.

[The Bank of England to Ease Stablecoin Holding Limits] The Bank of England stated that once digital assets no longer pose a threat to the economy, it will lift the current restrictions on stablecoin holdings, emphasizing that these restrictions are temporary. (Cointelegraph)

[Community Members Analyze the Cause of Liquidity Vacuum on October 11] Community member @agintender stated that the market's 'liquidity vacuum' on October 11 might have been triggered by a chain reaction caused by high-leverage liquidations, rather than platform anomalies or liquidity withdrawal. The analysis suggests that under extreme leverage, the collateral value of large players and market makers declined simultaneously, creating liquidation pressure on both spot and contract positions. Liquidation bots executing continuous market orders exacerbated the price slump. After major market maker accounts were force-liquidated, the order book lost support, resulting in a liquidity vacuum. Reportedly, the contract insurance fund for the ATOM trading pair alone incurred a loss of approximately $150 million on that day.