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Odaily Planet Daily reported that The Kobeissi Letter stated in its latest analysis released on Friday that ETH/USD is poised to reach $4,000 soon. Ethereum is currently brewing a rare short squeeze in crypto history. If the price rises another 10%, short positions worth $1 billion will be liquidated. The liquidation of these short positions could drive ETH’s price to rebound to $4,000. Ethereum is currently priced at $3,553, and its recent price movement has been described as “making history,” with ETH’s surge triggering a record-breaking short squeeze. Kobeissi noted that as the largest altcoin by market capitalization, Ethereum is “punishing” short sellers at an exceptionally rare pace. (Cointelegraph)

According to ChainCatcher, citing a report from Caixin, a mainland virtual currency investment scam has spread to Hong Kong, with at least 118 people falling victim and total losses amounting to approximately HKD 3.2 million. On July 16, Hong Kong police revealed that on July 15, they arrested four local residents on charges of "conspiracy to defraud." These individuals are suspected of organizing promotional dinners for the mainland virtual currency scam, recruiting victims and collecting fraudulent funds totaling HKD 3.89 million. Except for a small amount that was withdrawn, about HKD 3.2 million has yet to be recovered. Yuen Ho-ting, Chief Inspector of the Second Team of the New Territories North Regional Crime Unit, stated that since the end of June 2025, police have received reports from citizens suspecting they had fallen into cryptocurrency investment scams, with victims ranging in age from 33 to 80. Police investigations found that since early 2025, several victims attended investment promotional dinners at a restaurant in Tai Po under the name "DGCX Xinkangjia." The Hong Kong police confirmed that DGCX Xinkangjia was a fraudulent trading platform, and the victims' funds were never actually invested. Some of the money was used to maintain platform operations, while another portion is believed to have been used to pay withdrawals to other victims. Industry lawyers noted that since DGCX Xinkangjia settled transactions in the stablecoin USDT, this has created significant challenges for the investigation, fund recovery, and the protection of victims' rights.