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first_img The UK sanctions platforms such as Cryptomus and TokenSpot

On October 8, the UK added Xeltox Enterprises, Processing KG, TokenSpot, and Tsunami Payments to the sanctions list, identified as RUS3755, RUS3756, RUS3758, and RUS3763 respectively. This batch includes a total of 38 new designations, including three cryptocurrency exchanges and two payment platforms. The government stated that two of the companies had processed transactions related to the Kremlin-backed A7 network, which claims to have transferred over $90 billion last year; the announcement did not specify the exact companies, and this figure is based on A7's claims as reported by the UK.The measures go beyond asset freezes, and the listed companies also face restrictions on banking, payment processing, and internet services within the UK. The Secretary of State stated there are reasonable grounds to suspect that Xeltox benefits from or supports the Russian government by operating in the Russian financial services sector, and is associated with activities linked to Cryptomus and those continued through Heleket. Cryptomus, Heleket, and Certa Payments Ltd are listed as major name variants of Xeltox. TokenSpot is a closed joint-stock company based in Bishkek, Kyrgyzstan, with reasonable grounds to suspect it supports the Russian government or benefits from it by operating in the Russian financial services sector.Processing KG is an open joint-stock company based in Bishkek, with websites processing-kg.com and vexpay.net, and records indicate that the parent company is the Kyrgyz Ministry of Finance, engaged in business of economic significance to the Russian government;

Polymarket CEO: Chasing hundredfold tokens is a game of "irrational exuberance."

Polymarket's CEO Shayne Coplan stated during a fireside chat at the Token2049 conference in Singapore that cryptocurrency trading is evolving into a game of "irrational exuberance," where traders compete to be the first to find the next hundredfold token. He pointed out that people think they are buying something valuable, but in reality, it is worthless; however, as long as there is a possibility of it rising to 100 times, they want to sell before it goes to zero. Coplan mentioned that some traders can gain considerable wealth through this strategy, but it is essentially a game of "irrational exuberance and hot potato," where rising asset prices will eventually fall back.Coplan indicated that the continuous growth of Polymarket's user base shows that some traders are looking for betting opportunities with more predictable odds, rather than the next skyrocketing cryptocurrency. He explained that trading these markets on Polymarket does not have exponential upside potential, but informed traders will continue to place bets on future events with more predictable odds. According to data from DefiLlama, Polymarket is the second-largest prediction market, with a trading volume of $1.21 billion in the past seven days, while the largest market, Kalshi, had $2.3 billion.The growth of prediction markets has also attracted more attention from U.S. regulators. It was reported that JPMorgan terminated its banking relationship with Polymarket on August 14 due to regulatory concerns but expressed interest in acting as an underwriter if Polymarket seeks to go public.
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