The MOVE index, an indicator of bond market volatility, has surged, signaling potential liquidity tightening.

[Fujian Hanjiang Court Rules on Virtual Currency Money Laundering Case, Involving Over 13.3 Billion Yuan in Transactions] The People's Court of Hanjiang District, Putian City, Fujian Province, recently concluded a criminal case related to virtual currency, with the funds involved totaling a staggering 13.3 billion yuan. Yan XX, Zheng XX, Lin XX, and others used Tether (USDT) to establish an underground foreign exchange trading network. They solicited clients through overseas messaging apps, using virtual currency as a medium to illegally exchange Chinese yuan and foreign currencies. Investigations revealed that the group conducted illegal foreign exchange transactions amounting to 25.62 million yuan and withdrew over 478 million yuan in cash from banks across various locations in Fujian. These funds were used to purchase virtual currencies, which were then transferred to upstream criminal wallets to "launder" cross-border crime proceeds, generating profits in the process. Ultimately, the court sentenced 15 defendants to prison terms ranging from 8 months to 3 years for the crimes of illegal business operations and aiding cybercrime activities, along with corresponding fines.

[Upbit to Suspend BABY and BCH Deposit and Withdrawal Services] Upbit announced that due to a wallet system upgrade, it will suspend deposit and withdrawal services for Babylon (BABY) and Bitcoin Cash (BCH) starting from 23:00 on September 11, 2025 (Hong Kong Time). The resumption time is yet to be determined. Users are advised to avoid related operations during the suspension period to prevent issues with asset processing.

[Decentralized AI Project Awe Launches on Coinbase] On September 5, the decentralized AI project Awe (AWE) officially launched on Coinbase. Users can purchase it through the Coinbase iOS and Android apps.

[BitMEX to Launch New Quarterly Futures for BTC and Others] BitMEX announced that it will launch new quarterly futures contracts for BTC, ETH, XRP, and others on September 9 at 12:00 (UTC+8).