Morning Report | Trump Media Technology Group reports a Q3 loss of $54.8 million; Re7 Labs releases xUSD de-pegging incident report; Michael Saylor releases Bitcoin Tracker information again
Overview of Important Market Events on November 9整理：ChainCatcher
Important News:
- Trump Media Technology Group reports Q3 loss of $54.8 million, currently holds over 11,500 bitcoins
- Zhao Changpeng: Senior officials from two countries referred to cryptocurrency as "hard currency" last week
- Re7 Labs releases xUSD de-pegging incident report: in communication with external partners and legal advisors to formulate response strategies
- Michael Saylor releases Bitcoin Tracker information again, may disclose increased holdings next week
- US CFTC may allow the use of stablecoins as tokenized collateral in the derivatives market
- Zhao Changpeng responds to meme coin destruction: just cleaning up the wallet, donation address only retains BNB
- Yi Lihua: ETH starts to rebound, remains optimistic about future trends and buying on dips strategy
What important events happened in the past 24 hours?
Trump Media Technology Group reports Q3 loss of $54.8 million, currently holds over 11,500 bitcoins
According to ChainCatcher, Trump Media and Technology Group (TMTG) reported that its revenue for Q3 2025 fell below $1 million, with a net loss of up to $54.8 million, nearly three times that of the same period last year.
The company currently holds over 11,500 bitcoins, valued at over $1.3 billion; it also holds approximately 756 million Cronos (CRO) tokens, valued at about $110 million.
It is reported that TMTG (stock code: DJT) has seen its stock price drop over 62% this year, and it fell again after the earnings report, currently trading at $13.10, with a total market capitalization of about $3.63 billion.
Zhao Changpeng: Senior officials from two countries referred to cryptocurrency as "hard currency" last week
According to ChainCatcher, Zhao Changpeng posted on X platform stating that last week, during his time as a government advisor, he heard two senior officials from different countries refer to cryptocurrency as "hard currency."
According to ChainCatcher, Re7 Labs posted on X platform stating that it has taken measures to address and mitigate issues in multiple markets including xUSD, deUSD, sdeUSD, sUSDX, and USDX. They released an incident review:
Stream (xUSD): In early October, Re7 Labs discovered that Stream was using its token xUSD as collateral to borrow USDT0. Although the CEO of Stream assured that the position was stable, its outstanding positions subsequently began to incur high borrowing rates. On October 29, Re7 Labs contacted Stream again, and Stream subsequently repaid part of the loan. To prevent risk escalation, Re7 Labs has withdrawn all funds from the xUSD market and halted new deposits in that market.
Elixir (deUSD and sdeUSD): On October 21, Elixir requested a distribution limit of $6 million to $7 million from Re7 Labs' Euler Earn USDT0 vault, which was subsequently lent out, causing all sdeUSD and deUSD markets to reach 100% utilization. On October 27, Re7 Labs discovered that the borrower was associated with Stream and began to reduce exposure to Stream and Elixir. By November 6, all borrowing positions using sdeUSD as collateral on Plume had been repaid. The total impact caused by Elixir was approximately $13.974 million.
Stable Labs (USDx and SUSDx): On November 4, Re7 Labs monitored accounts related to the largest holders of sUSDX and USDX transferring funds to Binance, while borrowing rates soared. After failing to communicate with Stable Labs CEO Flex, Re7 Labs took protective measures such as reducing supply limits and adjusting risk parameters. On November 6, Lista liquidated malicious positions through a DAO proposal, avoiding approximately $3 million to $4 million in bad debts. The total impact caused by Stable Labs was approximately $13.114 million.
Re7 Labs stated that it is currently in communication with external partners and legal advisors and is seeking detailed legal advice to formulate response strategies.
Michael Saylor releases Bitcoin Tracker information again, may disclose increased holdings next week
According to ChainCatcher, Strategy founder and executive chairman Michael Saylor posted Bitcoin Tracker information again on X platform, stating, "₿est Continue."
Based on previous situations, Strategy typically discloses Bitcoin holding increase data the day after he releases Bitcoin Tracker information.
US CFTC may allow the use of stablecoins as tokenized collateral in the derivatives market
According to ChainCatcher, as reported by CoinDesk, sources indicate that the US Commodity Futures Trading Commission (CFTC) is developing a tokenized collateral policy expected to be released early next year.
This policy may allow the use of stablecoins as acceptable tokenized collateral in the derivatives market, potentially piloted first in US clearinghouses, with stricter regulations requiring more disclosures, such as position sizes, large traders, and trading volumes, as well as more detailed reporting of operational events.
According to ChainCatcher, Zhao Changpeng posted on X platform responding to the destruction of meme coins: just cleaning up the wallet, the donation address only retains BNB, and next time he may choose to sell them on the market. If donors do not wish for the tokens to be sold on the market, they should not send tokens to that address.
Yi Lihua: ETH starts to rebound, remains optimistic about future trends and buying on dips strategy
According to ChainCatcher, Liquid Capital founder Yi Lihua posted on X platform stating, "ETH is starting to rebound. Although the US government’s reopening is uncertain, as the most crypto-friendly government, various industry policies continue to be favorable, such as the CFTC's proposal to allow stablecoins as tokenized collateral. I remain optimistic about future trends and buying on dips strategy."
Data: Multiple tokens experience sharp rise and fall, FET drops over 18%
According to ChainCatcher, Binance spot data shows that multiple tokens are experiencing a sharp rise and fall. FET has dropped 18.15% in 24 hours, AUDIO has dropped 11.31%, and DOT has dropped 9.22%.
Among other tokens, ADX has dropped 8.67%, ICP has dropped 8.1%, NEAR has dropped 9.96%, and PHA has dropped 11.6%.
According to ChainCatcher, citing The New York Times, the US Treasury has provided tax relief to private equity firms, cryptocurrency companies, foreign real estate investors, and other large companies through proposed regulations.
For example, in October this year, the IRS released new proposed regulations that will provide benefits to foreign investors investing in US real estate. In August this year, the IRS proposed to relax regulations preventing multinational companies from avoiding taxes by declaring duplicate losses in multiple countries. These announcements have not yet made headlines but have drawn attention from accounting and consulting firms.
Kyle Pomerleau, a senior fellow at the American Enterprise Institute, stated, "The US Treasury has clearly been implementing tax cuts without legislation. Congress decides tax laws. The Treasury is asserting greater power over the structure of tax laws than what Congress has granted, undermining this constitutional principle."
Bessent: Inflation issue is making substantial progress, prices expected to decline
According to ChainCatcher, US Treasury Secretary Bessent stated that substantial progress is being made on the inflation issue, and prices are expected to decline in the coming months.
Trump: Those who oppose tariffs are fools, will soon start repaying huge US debts
According to ChainCatcher, Trump posted on Truth Social stating, "Those who oppose tariffs are fools! We are now the richest and most respected country in the world, with inflation rates nearly zero, and the stock market has reached an all-time high. The balance of 401k retirement accounts has also reached a historic high.
We earn trillions of dollars every year and will soon be able to start repaying up to $37 trillion in huge debts. US investments have reached an all-time high, and factories and businesses are springing up like mushrooms after rain. Everyone will receive at least $2,000 in dividends (except for high-income groups!)"
Meme Popularity Ranking
According to meme token tracking and analysis platform GMGN, as of November 10, 09:00,
The top five popular tokens in ETH over the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular tokens in Solana over the past 24 hours are: TRUMP, PENGU, Fartcoin, DOOD, CHILLGUY
The top five popular tokens in Base over the past 24 hours are: ZORA, B3, VIRTUAL, USI, DEGEN
What are some interesting articles worth reading in the past 24 hours?
Macroeconomic Interpretation: Powell's "Driving in the Fog" and Financial "Hunger Games"
Significant corrections coincide with the quantitative easing (QE) cycle---when the Federal Reserve intentionally extends the maturity of its held assets to suppress long-term yields (this operation is known as "Operation Twist" and QE2/QE3).
Powell's metaphor of "driving in the fog" is no longer limited to the Federal Reserve itself but has become a reflection of today's global economy. Whether policymakers, businesses, or investors, all are groping forward in an environment lacking clear vision, relying only on liquidity reflections and short-term incentive mechanisms.
The new policy system presents three characteristics: limited visibility, fragile confidence, and liquidity-driven distortions.
Why has the sentiment in the crypto market suddenly turned so pessimistic?
Editor's note: Just four days after Bitcoin hit an all-time high, the crypto market faced an unprecedented "10/10 flash crash," with not only mainstream coins plummeting but also several altcoins going to zero, and exchanges falling into a liquidation crisis. Meanwhile, high-leverage yield funds like Stream Finance faced consecutive explosions, revealing the fragile nature of the "trust me" bubble. Optimistic sentiment on social platforms quickly turned to panic, severely damaging market confidence.
This article reviews the series of events and attempts to answer a key question: why has the sentiment in the crypto market suddenly turned so pessimistic? In the intertwining of bubble bursts and trust crises, we may be standing at a new cyclical turning point.
On December 29, 2020, the LuBian mining pool experienced a major hacking incident, with a total of 127,272.06953176 bitcoins (valued at approximately $3.5 billion at the time, now valued at $15 billion) being stolen by the attackers. The holder of this massive amount of bitcoin is Chen Zhi, chairman of the Cambodian Prince Group.
This report analyzes the key technical details of the incident from a technical perspective through traceability, focusing on the background of the stolen bitcoins, restoring the complete attack timeline, and assessing the security mechanisms of bitcoin, hoping to provide valuable security insights for the cryptocurrency industry and users.
Risk warning
