News

On July 6, Chinese crypto KOL @zhetengji shared his views on the issue of “a certain exchange’s creditors claiming that Chinese users’ compensation funds may be confiscated,” stating: “The claims against this exchange are denominated and settled in US dollars, and the compensation distribution phase has already begun. This has nothing to do with cryptocurrency regulation. There is no legal risk for Chinese citizens to receive compensation in US dollars. The Recovery Trust’s motion from this exchange has lacked legitimate legal grounds from the very beginning. In addition, in the bankruptcy case of this exchange, which is also a US-based crypto company, compensation was paid to creditors via bank wire transfer, and Chinese creditors received their payments smoothly.” @zhetengji believes that the exchange can compensate Chinese creditors in the same way. Previously, it was reported that Sunil, a creditor representative of the exchange, posted on social media that 82% of the claim funds in restricted countries belonged to Chinese users, but currently, crypto trading is not allowed in China and there are no authorized distributors. According to documents provided by Sunil, the exchange will seek legal advice; if it is possible to distribute to potential restricted foreign jurisdictions, it will do so. If it is determined that residents belong to restricted foreign jurisdictions and claims become disputed, the distribution may be subject to confiscation.

According to a report by Jinse Finance, in terms of capital flows, U.S. equity funds have seen their largest weekly net inflow in eight months. Data provided to Yicai by the London Stock Exchange Group (LSEG) shows that U.S. stock funds recorded a net inflow of $31.6 billion over the past week. Despite the so-called "reciprocal tariffs" 90-day deadline approaching and relatively limited progress in trade negotiations, U.S. stocks have reached record highs, driven by optimism around artificial intelligence and expectations of a more accommodative Federal Reserve. Amid this heated market environment, Bank of America is seeking to cool investor enthusiasm. The bank’s star strategist, Michael Hartnett, stated that if the S&P 500 surpasses 6,300 points in July, it could trigger a "sell signal." "An already overbought market can remain overbought, as greed is harder to conquer than fear," Hartnett wrote in his report. He described the market outlook as "bubble or bust," and believes that with the House passing the $3.4 trillion "Big and Beautiful" bill, the risk of a bubble in U.S. stocks will rise this summer.