Haseeb Qureshi: Crypto VC may welcome the last batch of funds, with active institutions dropping by 87% compared to peak

The Securities and Exchange Commission (SEC) of Thailand has filed a criminal complaint against the cryptocurrency exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, accusing them of submitting false financial reports in 2021. The SEC stated that Bitkub suffered losses exceeding $50 million from a cyber attack in May 2021, and this loss was not reflected in its daily net capital report. The case has been transferred to the Economic Crime Suppression Bureau (ECD) of Thailand for investigation. Bitkub stated that the existing client positions are secure, and the co-founder has purchased alternative assets to bear the losses. They also reported the incident to law enforcement on May 10, 2021.

According to BIT market data, SK Hynix's operating profit in the second quarter was KRW 60.5 trillion (approximately USD 41620 million), down from KRW 9.2 trillion in the same period last year, which was lower than the market expectation of KRW 64 trillion; The second quarter revenue was KRW 79 trillion, lower than the market expectation of KRW 84 trillion. Affected by the financial report, SK Hynix fell another 9% after closing down 9% in the US stock market on Tuesday, and is now down 2.74% to $126.55 in after hours trading.

Iran launched an attack on a US military base in Jordan, resulting in a 5% increase in oil prices. （Watcher.Guru）

Haseeb Qureshi, Managing Partner of Dragonfly, stated that cryptocurrency venture capital may enter the "last batch of funds" stage as mature networks are more difficult for startups to challenge. According to Cryptorank data, only 150 independent venture capital firms participated in cryptocurrency financing in July, lower than the peak of 1177 active investment firms in May 2022. Qureshi is cautious about startups built around platforms such as Hyperliquid, believing that if Hyperliquid masters the distribution channels, related companies will be closer to distributors.

According to CCTV News, the US Central Command stated that the Iranian Islamic Revolutionary Guard Corps launched multiple ballistic missiles from Iranian territory at 5:45 pm Eastern Time on the 28th, attempting to launch an attack on US troops stationed in the Middle East. The US Central Command stated that all missiles have been successfully intercepted, and the US military is currently on high alert and combat readiness. Iran has not responded yet.