[Ethereum Developers Warn of Potential Risks from Paradigm's Influence on the Ecosystem] Ethereum core developer Federico Carrone recently stated that the growing influence of venture capital firm Paradigm on the Ethereum network could pose potential risks to the ecosystem. Carrone pointed out that although Paradigm has created value within the community, as a profit- and influence-driven venture fund, its goals may conflict with Ethereum's philosophy of decentralization and political ideals. Paradigm has gradually expanded its influence by hiring key Ethereum researchers and funding significant open-source projects. Additionally, the company recently partnered with Stripe to incubate a Layer-1 blockchain project called Tempo, which focuses on stablecoins and payments and is effectively controlled by Stripe, contrasting sharply with Ethereum's decentralized and open-source nature. This development has raised concerns about Paradigm's long-term impact.

[Wintermute Founder: 10.11 Crash Caused by Excessive Market Leverage and Multiple Factors] On October 20, Wintermute founder Evgeny Gaevoy stated in a podcast that the '10.11' crash was the result of multiple overlapping factors, including excessive market leverage, an increase in token types and perpetual contract products, as well as more large platforms participating in trading. He pointed out that although the market is more mature compared to three or four years ago, it also brings potential risks. The specific parties affected by liquidation remain unclear, but many institutions may have suffered significant losses due to the impact of the ADL mechanism on their long-short hedging strategies.

[Hyperliquid Founder Responds to ADL Mechanism Controversy, Claims to Have Generated Hundreds of Millions in Profits for Users] Hyperliquid founder Jeff Yan responded to external criticism regarding the platform prioritizing protocol revenue, emphasizing that the platform focuses more on traders' interests. Yan stated that during the market's sharp fluctuations on October 10, Hyperliquid's Auto-Deleveraging (ADL) mechanism closed profitable short positions at favorable prices, generating hundreds of millions of dollars in profits for users. Although more positions could have been liquidated through backstop liquidation, potentially bringing additional profits to the protocol, this would have resulted in high-risk exposure. Yan stressed that the ADL mechanism achieves a "win-win" by transferring potential profits and losses to users while reducing the platform's risk exposure. Additionally, Hyperliquid is exploring ways to optimize the ADL mechanism to enhance user experience and system robustness.

[AI Agents May Violate Core Transparency Principles of the Crypto Industry] According to Forbes, autonomous AI agents are expected to become a major trend in the crypto industry by 2025, with a market size potentially reaching $13.5 billion. However, these agents rely on closed-source models like OpenAI, posing significant centralization issues that contradict the transparency principles of the crypto industry. Security researchers warn that many AI agents use unaudited smart contracts and delegate decision-making to centralized systems that cannot be scrutinized, potentially leading to security risks.

**[Today's Cryptocurrency News Summary]** 1. Analysis suggests ETH may rebound to $4,500 by the end of October. 2. BTC's pullback is due to high speculation and its inability to fully replace gold. 3. Jay Chou's friend went missing after investing in Bitcoin on his behalf; he posted online seeking help to find the person. 4. Hong Kong Financial Secretary Paul Chan: Stablecoins and other digital assets require international collaboration to manage risks. 5. Shanghai releases blockchain innovation applications, covering finance and social governance. 6. UK tax authorities sent 65,000 tax collection notices to crypto tax evaders, doubling the previous number. 7. The UK plans to establish stablecoin regulations by the end of 2026, aligning with the US. 8. Huobi founder Li Lin plans to establish a $1 billion Ethereum asset management company. 9. Binance has banned over 600 accounts for violations, with whistleblowers eligible for up to 50% of recovered funds as rewards. 10. Analyst Ansem states BTC needs to return to $112,000 to signal a bull market turnaround. 11. Galaxy Research: US Treasury's Bitcoin reserves have reached 3.5% of its gold reserves. 12. A mysterious whale has increased BTC and ETH long positions to $250 million. 13. Vitalik suggests optimizing crypto technology performance while ensuring hardware independence.