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Wealth in the currency world always comes and goes quickly. After months of rapid growth, virtual currencies have collapsed across the board in recent days, and the price of Bitcoin has also been on a roller coaster. It once fell to around US$30,000, then returned to US$40,000, and plunged again on the evening of May 21.

At the same time, a number of virtual currency exchanges were once again revealed to be unable to conduct trading operations. 590,000 investors were forced to liquidate their positions, and 44.2 billion yuan was wiped out in one day. In this darkest moment of "massacre", the risks brought about by leveraged funds participating in currency speculation are fully exposed. Under the huge market fluctuations, long positions suffered heavy losses, and short positions also suffered liquidation.

The dream of wealth of novice speculators has been shattered, and there are many people crying, defending their rights, and claiming compensation. Various rights protection groups that "huddle together for warmth" are extremely active. After all, in the currency circle, traders have a hundred ways to harvest "leeks". Bankers manipulate currency prices, server downtime restricts trading… Investors will fall into this pit or that pit.

Senior speculators are more calm in comparison. They have become accustomed to sudden rises and falls. They have brushed against the "god of death" time and time again, playing with heartbeats and competing with speed. They enjoy escaping from the trader's hundreds of "deaths", enjoying dancing on the tightrope, and enjoying dodging the bullet in Russian roulette. In the end, they did not forget to sigh, "This is more addictive than drugs."

If you are still shocked by the liquidation, it only means that you have not seen the essence of virtual currency clearly.

"I have lingering fears." The big V of virtual currency Weibo said while reviewing the trading. On the night of the 19th, many virtual currency exchanges collectively "unplugged the network cable", and 44.2 billion yuan evaporated in 24 hours.

Unplugging the network cable is the currency circle’s nickname for the “ghost-like” operation of virtual currency exchanges that prevents buying and selling. In the eyes of traders in the currency circle, a “dog village” is always a “dog village”, and leeks cannot beat the dealer.

"I actually lost 1 million US dollars. Binance only made a little profit by copying the bottom, otherwise I would have recovered my capital by now." Big V said with fear but a trace of regret. He had done a good job in risk control and expected the liquidation market, but he didn't expect it to come so fast. It came on the night of the 19th, and the momentum was beyond imagination.

"Fortunately, I didn't increase my position when it fell, otherwise I would have been knocked down by the contract at 28,000~30,000. Huobi lost 12 million yuan and was left with only 5.5 million yuan. If we stop losing money, we might lose nothing." In his view, saving 5.5 million yuan is already a great blessing in misfortune.

On the 19th, the virtual currency market plummeted, and bulls liquidated their positions, causing a further selling stampede, and the futures contract market was bleeding. According to Coin data, about 590,000 people liquidated their positions within 24 hours, with the liquidation amount reaching 44.2 billion yuan. The largest liquidation order occurred in Huobi-BTC worth 430 million yuan.

Liquidations often happen in the secondary market of the currency circle. This kind of thing has become commonplace. If you are still shocked by this kind of thing, it only means that you have not seen the nature of virtual currency exchanges or bookmakers clearly. Those videos circulating on the Internet of people crying because of liquidation may have existed a long time ago.

Investor Xiao Li said this. Although liquidations happen from time to time, Xiao Li has also tasted the benefits of being in the currency circle. On the first day he entered the currency circle, he successfully raised US$100 to US$978 through short selling. His one-night return was close to the sum of his returns in the stock market in the six years from 2015 to 2020.

"No wonder the currency circle is so attractive to young people. The trading volume in one day is more than that of a stock account in several years. At the same time, you can experience 10 to 100 times leverage and liquidate your position in one minute." Xiao Li said that under the premise of ten times leverage, if the market is unfavorable, it will liquidate as long as it rises or falls by 10%. For retail investors chasing Bitcoin with 50 to 100 times capital leverage, as long as Bitcoin adjusts slightly by 1% to 2% during the rise, the liquidation will be triggered.

The reporter learned that leverage trading is actually a gambling behavior that magnifies the principal several times and makes large investments with small funds. If investors are bullish on a certain currency, they can borrow money from a virtual currency exchange (referring to currencies such as USDT that are considered stable currencies) by the amount of funds in hand * leverage multiple, and buy the bullish currency. Regardless of whether the currency rises or falls later, the borrowed money must be returned to the exchange. Before borrowing money, investors need to pay a certain margin on the exchange to prevent investors from losing money and having no money to repay the debt.

If an investor is bearish on a certain currency, he or she can borrow the currency from a virtual currency exchange based on the amount of capital*leverage and then sell it. Regardless of whether the borrowed currency will rise or fall in the future, investors must inject a margin before borrowing the currency to avoid running out of money to repay the debt.

It is understood that different exchanges and different currencies have different leverage ratios that investors can achieve, and the "interest" stipulated in lending is also different. In addition, investors can choose cross-margin or isolated-margin trading. Cross-margin trading means that investors can conduct leveraged trading in multiple currencies in one account. If one currency is liquidated, other currencies will also be liquidated. Isolated-margin trading means that investors divide their funds into several parts for leverage trading, and liquidation does not affect each other. At the same time, different virtual currency exchanges also have different margin requirements.

Taking Huobi Exchange as an example, cross-margin traders can operate BTC/USDT with 3x leverage, and ETH/USDT can also operate with 3x leverage; isolated traders can operate with 5x leverage.

"Although most of the people who liquidated their positions were bullish, some people bought 10 times small leverage short contracts on Binance and their positions were liquidated." Xiao Li lamented that in the sharp rise and fall of the market, no matter whether you are long or short, there is a risk of liquidation.

"Yesterday (19th), when many currencies fell by more than 20%, low leverage still could not escape the fate of being affected." As a senior Leek, Xiao Li has a deep understanding of this. He told the reporter of "Daily Economic News" that judging from the exchanges, many speculators around him suffered heavy losses. In terms of contracts, during this round of market collapse, many coins' positions with 2x leverage were also liquidated. Some speculators’ DeFi loans have also been liquidated, but these cannot be fully counted.

DeFi is a decentralized application automatically executed by smart contracts. Maker, Compound, and Aave rank among the top DeFi lending platforms, and their main businesses are mortgage loans. In order to prevent risks, DeFi lending platforms will set mortgage rates and liquidation thresholds.

For example: on Compound and Aave, the maximum mortgage rate of ETH is 75%. That is, if you mortgage ETH worth $100 on Compound or Aave, you can lend up to $75 worth of other virtual currency assets; once the liquidation threshold is reached, the system will sell the mortgaged assets to repay the debt.

This is similar to going to a bank for a loan in real life. Xiao Li told reporters that if you cannot repay the bank loan, the bank will auction your collateral, such as houses and cars, and use the auction money to repay your debt. The same goes for DeFi lending platforms. If you cannot repay, the platform will sell your mortgaged virtual currency assets to repay the debt.

The above-mentioned market participants pointed out that the price of virtual currency assets fluctuates violently, and many people simply do not have time to increase asset mortgages to continue "gaming", and the only result they face is to be liquidated.

The futures market is bleak, but what about the spot market? During this round of virtual currency slump, investor Zhang Ning (pseudonym), who claimed that he did not play with contracts, said that he lost hundreds of thousands of dollars in spot money. Although he was eliminated from the game, compared to investors who often lost millions of dollars, he can really be regarded as a survivor in this round of "massacre".

The sharp drop did not make Zhang Ning feel anxious about fighting in the currency circle. On the contrary, in his opinion, Bitcoin is currently in a bull market. He laughed and said that it is not surprising for "leeks" to chase the rise and fall and be harvested by institutions. Looking at the market rationally, this wave of short-selling and profit-making does indeed exist.

But compared to the stock market, Zhang Ning still advises "newbies" to avoid entering the currency circle. There are hundreds of "ways to die" in it, which are more addictive than drugs.

As we all know, drugs are addictive because of dopamine. The excitement that the currency circle enjoys from skyrocketing rises and falls is not due to this substance. In fact, for speculators who are wandering between "instant wealth" and "instant loss" in the currency circle, currency speculation is more like a kind of gambling, and dopamine, a neurotransmitter, is the key to making people "obsessed" and addicted.

When gambling and gambling-like investment activities, the human brain will secrete a large amount of dopamine. It is these neural substances that make gamblers such as speculators very fascinated by the process of winning and losing, and also make the excitement and pleasure at that time soar.

According to big data surveys, ordinary jokes can cause dopamine secretion by 30%, delicious food can reach 70%, and smoking methamphetamine can instantly increase dopamine secretion by more than 500%, up to 1000%. Gambling and gambling-like investment activities can easily exceed 500% and 1000%. It can be seen that gambling is no less addictive and exciting than taking drugs.

After this round of slump, many people in the industry reminded ordinary consumers to pay attention to risk avoidance and avoid eventual financial losses due to luck.

Han Haiting, a researcher at the Electronic Market Center of the University of Copenhagen, publicly stated that as a type of immature asset, it is normal for virtual currencies to fluctuate in price; in particular, virtual currencies are not anchored by actual value, and their price fluctuations are entirely determined by the speculation of market speculators and investor confidence. It is easy to understand the malicious operations of large Vs in the current market, the heightened risks of regulatory policies, and the sudden rise and fall in prices.

However, in Han Haiting’s view, in the face of strong supervision, the short-term popularity may decline, but when a new speculative tool is not produced, the virtual currency market will create new false prosperity again and again.

Claiming to be guaranteed to make money without losing money, ICO projects took advantage of the plummeting to attract people

While the secondary market is experiencing liquidation and countless investors have lost all their money, project developers in the primary market are having a carnival.

"Participating in the primary market to purchase new coins is the best way out now." Xiao Wang, a virtual currency project manager, enthusiastically described his envisioned project blueprint to a reporter who was an investor. According to his explanation, the project in his hands has great potential for development. The offline market is blooming across the country, and major teams are grabbing stalls.

"The entire market is falling, and there are fewer people buying the bottom. Are you feeling panicked? Just come to me. The most stable way is to participate in new currency subscriptions in the primary market." If it weren't for the screen, Xiao Wang was so sincere that he would even want to shake hands with investors.

It was also an accident for Xiao Wang to enter the virtual currency market. When he was a stock speculator, his path "went astray" under the leadership of a stock recommendation teacher, and the stock trading group turned into a currency speculating group. After Xiao Wang, who was just starting out, was defrauded of hundreds of thousands, he decided to study the virtual currency industry in depth after "learning from the painful experience".

"I was playing leveraged contracts at that time, and my teacher taught me very seriously. Spot trading, leveraged contracts, and hedging transactions were all leftover from my playing. People who have experienced them tell you not to touch them. Only by coming to the primary market can you make money."

"Teacher" Xiao Wang gave reporters six major investment strategies: don't play with contracts; hold the leading currency in the sector for the long term; dare to buy early high-quality projects; do not operate frequently; do not invest money that affects your life; keep the principal and let profits run.

According to Xiao Wang, if you want to subscribe for new coins for his project, you need to obtain membership first, and he introduced the reporter to the method of becoming a member.

The reporter noticed that the ultimate goal of this method is for the project party to exchange the virtual currency with no consensus in the hands of investors for the virtual currency with consensus in the hands of investors.

Take Xiao Wang’s project as an example:

Investors need to transfer a certain amount of USDT (a currency called "stable currency" in virtual currencies) at one time to become a member and obtain new coins. After the transfer, if the total subscription amount exceeds 12 million USDT, new coins will be given as a unit of "total USDT/16 million"; if the total subscription amount is less than 12 million USDT, new coins will be given as a unit of "0.75 USDT". That is to say, it is based on a certain amount. If the amount is lower than the amount, new coins will be given in units of "0.75USDT". If the amount is higher than the amount, the more you subscribe, the more you will get.

Xiao Wang told reporters that there are currently close to 900 people participating in this project, and the total subscription volume exceeds 4 million USDT.

So, is the primary market really as beautiful as Xiao Wang described? The reporter’s investigation revealed that virtual currency ICO projects have long been banned in China. Many projects ran away after making a lot of money, and their existence was very short. The project team achieved the purpose of promoting and attracting traffic by designing high-end white papers and finding celebrity platforms that did not exist.

When investors exchange their consensus-based virtual coins for these non-consensus virtual coins, the price trend of new coins will first rise slightly, then decline sharply and plummet. At this time, the new coins in the hands of investors will become "zero coins."

How does virtual currency trading bypass foreign exchange regulations? Replace USD with USDT

A senior person from a virtual currency exchange told reporters that among virtual currencies, the main players in the virtual currency industry are those born in the 1990s or even the post-2000s generation. They are young, and some are already worth over 100 million yuan, but most of them are still unwilling to be abused and cheated. They are still unwilling to become cannon fodder and continue to fight.

Generally speaking, people who enter the currency circle are attracted by the wealth-making myths that flood the Internet. Brother Zheng is one of them. He came into contact with Bitcoin in 2014. He had always wanted to find a part-time job. He heard that mining can make money, so he came into contact with Bitcoin through mining.

After 2017, Bitcoin’s rise by dozens of times has inspired more people’s imagination, and many highly educated people are also ready to take action. In the eyes of "April Facebook", Bitcoin was just a legend before. What really stimulated me was when I learned that Fa Xiao, a top student who graduated from the computer department of 985 School, had a monthly salary of tens of thousands, and all the money he left for takeout was bought in Bitcoin and Ethereum. Under the influence of the "inspirational brother" around him, he "was not willing to lag behind" and also ran to join the game.

Even the “big guys” in people’s eyes simply jumped onto the ship of the currency circle. A Hong Kong person who is engaged in global shipping has been involved in the currency circle for several years when the reporter contacted him again. He no longer misses the past because he came into contact with the blockchain.

After entering the currency circle, most people think that this is a world completely different from daily society. A senior person from the above-mentioned virtual currency exchange told the reporter of "Daily Economic News": In the past ten years, the currency circle has blinked in the blink of an eye.

Many people's lives changed from the moment they downloaded the virtual currency exchange APP. Apps such as Huobi, Binance, OKEx, etc., after downloading, fill in the information step by step according to the requirements, real name but not necessarily directly tied to the bank card. Similar to shopping platforms, you can choose Alipay or QQ Music.

The problem is that virtual currencies are all denominated in US dollars. Can they be traded in US dollars? Contrary to common belief, to enter a virtual currency exchange for trading, you do not exchange for US dollars, but for a token called USDT, which means that it can replace the US dollar as the international currency in the exchange. You can use USDT to buy various virtual currencies, or you can sell virtual currencies to get USDT, which can then be converted into any kind of legal currency.

Why go to all the trouble? The core is that this way, traders can avoid regulatory controls for exchanging U.S. dollars.

Industry insiders told reporters that the currency circle has completely established an independent ecosystem.

In this ecosystem, USDT plays an important role. So what is USDT? USDT, also called Tether, is in principle exchangeable with the U.S. dollar on a 1:1 basis. Tether has gained wide recognition in the virtual currency market and is therefore able to circulate. In the eyes of virtual currency traders, it is a stable currency against the US dollar.

Domestic lawyers have analyzed that exchanging legal tender for U.S. dollars will be subject to foreign exchange supervision, but exchanging USDT will not constitute the crime of illegal foreign exchange trading.

When doing virtual currency transactions, the first key step after entering the exchange is to exchange USDT. At this point, it is not considered a virtual currency investment, it is just an exchange for general currency for investment.

Only when you use USDT to buy virtual currencies such as Bitcoin and Dogecoin can you officially enter the investment transaction stage. The subsequent transactions are somewhat similar in mechanism to stock transactions.

For Bitcoins, you don’t just have to buy them one by one. The starting quantity can be 0.001, and some exchanges even split them into smaller pieces.

According to the above logic, after selling virtual currencies such as Bitcoin, you will also get USDT, which can be exchanged for legal currency to withdraw cash.

Virtual currency trading, in terms of methods, can be either spot trading or futures contract trading. The latter is leveraged trading, but there is a risk of forced liquidation, that is, the margin is forced to be withdrawn by the system, so the risk of capital loss is greater. This is where many traders have learned a bloody lesson.

It is difficult to monetize virtual currency transactions under the high pressure of the card-breaking operation

A senior person in the currency circle told reporters that the current "coin withdrawal" (that is, the sale of virtual currency into legal currency) of major exchanges is mainly realized through the C2C method, that is, the currency buyer directly transfers money to the currency seller's receiving bank account. Once there is a problem with the buyer's source of funds, such as suspected fraud, money laundering, etc., the seller's receiving bank account will be frozen. Once this happens, the exchange will not bear any responsibility, and all risks need to be borne by the participants.

According to the above-mentioned senior people in the currency circle, this has truly become a "faith recharge" game. Once you spend money to buy virtual currency and participate in currency speculation, it is actually difficult to convert it into legal currency unless you lose all your money.

Many people in the currency circle interviewed believe that the high pressure of the "Card Disconnection Operation" combined with the risk warnings of the three major associations may become the "last straw" that crushes this Bitcoin bull market.

"Whether it is a small exchange or a large exchange, there is a risk of running away." Some investors told reporters that when buying and selling in the secondary market, they have heard of accounts being restricted, accounts frozen, and assets missing.

In December 2020, the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, the Ministry of Industry and Information Technology, and the People's Bank of China jointly issued the "Notice on Strictly Cracking Down, Punishing, and Controlling the Illegal Trading of Phone Cards and Bank Cards in accordance with the Law" to "zero tolerance" "Strictly crack down on illegal and criminal activities of illegal buying and selling of "two cards", further strengthen industry supervision, punish criminals involved in "two cards" nationwide, further promote the "cut off cards" operation, and make every effort to cut off the black and gray industrial chain of illegal buying and selling of "two cards".

On May 18, in order to further implement the "Notice on Preventing Bitcoin Risks" and "Announcement on Preventing Financing Risks of Token Issuance" issued by the central bank and other departments, and prevent the risk of speculation in virtual currency transactions, the China Internet Finance Association, China Banking Association, and China Payment and Clearing Association jointly He issued an announcement on relevant matters: Financial institutions, payment institutions and other member units shall not use virtual currency to price products and services, shall not underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and shall not directly or indirectly provide customers with other services related to virtual currency.

In addition to difficulty in cashing out, currency speculators often face exchange "downtime". That is to say, once the price of virtual currency rises and falls sharply, due to the surge in the number of people participating in transactions, the servers of major exchanges cannot operate normally, and currency speculators will not be able to log in to their accounts to operate transactions. Among the people speculating on virtual currencies, there are many who use leveraged trading contracts. Once they encounter a big market situation and the exchange goes down, they often have no time to close their positions and replenish their margins, and many people lose all their money.

The reporter noticed that on May 19, a number of virtual currency exchanges went down, causing investors to liquidate their positions. This phenomenon has actually happened frequently in the past. Although virtual currency exchanges often explain it with "surge in user and visit volume", "technical failure", "system delay", etc., the market is still full of voices of malicious liquidation of virtual currency exchanges and bookmakers taking all.

On the day of the big market on the 19th that just passed, Coinbase, the largest digital virtual currency exchange in the United States, experienced an outage. In response, Coinbase said in a statement: "We have discovered some issues with Coinbase and Coinbase Pro, and some features may not be fully functional. We are currently investigating these issues and will provide an update as soon as possible."

Some users expressed their frustration on social networks regarding the downtime of the Coinbase website and APP, because they wanted to take the opportunity to buy when the price of digital virtual currencies was plummeting. Affected by this, Coinbase's stock price fell by about 11% in early trading on the 19th, and still recorded a drop of 5.94% as of the close.

In addition to Coinbase, another virtual currency trading platform, Binance, also announced on the morning of the 19th that it would suspend the withdrawal of some virtual currencies. Its announcement stated that it has suspended the trading of all leveraged tokens except BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP, and BNBDOWN, and suspended the subscription and redemption functions of all leveraged tokens.

Su Xiaorui, a senior commentator on financial technology, said in an interview with reporters that in the current virtual currency trading model, virtual currency exchanges established overseas bypass supervision through the C2C model. Banks and payment institutions inadvertently provide payment channels, making it difficult to identify the true source and flow of funds in personal accounts. After the supervision further subdivided the prohibited items, the platform was put forward with higher control requirements. Various illegal activities that have emerged based on the hot market of virtual currencies will also have no way to hide.

"In the currency circle, I have a hundred ways to harvest you."

"A day in the currency world is a year in the world" is a very popular saying, which describes that the funds in the currency world can be doubled several times in one day, and all the funds can be reduced to nothing in one day, and you can experience "the world and the earth" back and forth in a short period of time.

As for the extent of the risk, this can be seen from the "Three members of a family jumping off the Xinghai Bay Bridge" incident that shocked the country in June 2020. The parties involved had lost more than 20 million yuan by the beginning of June that year precisely because they used leveraged funds to participate in the hype. The wealth they had accumulated over many years of hard work quickly disappeared into thin air.

A trader wrote a record of Bitcoin’s pitfalls, which mentioned: “I just want to remind all my friends that Bitcoin is a thing where a few people make money and the majority of people run with it. Your illusion of wealth is blinded by the beautiful rising curve.”

The more naked reality is that in this area that is not protected by supervision, chaos abounds, and phenomena such as "cutting leeks" by dealers appear from time to time, and new entrants are targets waiting to be harvested in the eyes of traders.

As people in the industry say, "In the currency circle, I have a hundred ways to harvest you." Pulling the market and smashing the market are common trading techniques.

"Puyin Coin" once harvested a large number of ambitious "leeks" alive. The "Puyin Coin" was actually operated by Puyin Company using investors' investment funds, which once raised the price of the Puyin Coin from 0.5 yuan to 10 yuan that year. In order to attract more investors, the company promised at the press conference to split the common silver coins held by investors twice (one into ten), expanding the common silver coins held by investors 100 times, and claimed to add 10 billion yuan of Tibetan tea as support. In fact, only more than 50 million yuan of investment funds were used to replenish Tibetan tea.

When a large number of investors entered the market, the company maliciously manipulated the price trend of common silver coins and continuously cashed out, resulting in the common silver coins in the hands of investors becoming worthless and causing heavy losses.

Harvesting techniques do not end at the trading level. There are also many scammers who directly start pyramid schemes under the banners of "blockchain" and "virtual currency". In June 2019, the Plustoken wallet, known as the “No. 1 Fund Market in the Currency Circle”, was unable to withdraw coins, and the official website in China was closed. Initially, users could exchange and trade virtual currencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin through exchanges.

In April 2021, CCTV Financial Channel reported under the title "Exposed: 40 Billion 'Coin Circle Scam'", saying that Plus Token, a virtual currency wallet, has swept more than 100 countries and regions around the world in just over a year, with more than 2 million participants and more than 3,000 levels of pyramid schemes.

Using USDT to bypass foreign exchange regulation, competition in the primary and secondary markets to attract customers, and bankers in the industry "knowingly"… Industry insiders told reporters that the currency circle follows the law of the jungle, because this system is outside the scope of national supervision.

Fortunately, regulators are aware of such risks and have taken relevant actions. On May 21, the Financial Stability and Development Committee of the State Council (hereinafter referred to as the "Financial Committee") held its 51st meeting to study and deploy key tasks in the financial field for the next stage. The meeting called for resolute prevention and control of financial risks. Adhere to bottom-line thinking, strengthen all-round scanning and early warning of financial risks, promote the reform of small and medium-sized financial institutions and reduce risks, focus on reducing credit risks, strengthen the supervision of financial activities of platform companies, crack down on Bitcoin mining and trading activities, and resolutely prevent the transmission of individual risks to the social sector.

In addition, today, the Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region Government also released the "Legislative Proposal on Strengthening Regulation of Combating Money Laundering and Counter-Terrorist Financing in Hong Kong", which proposes to refer to similar empowering provisions in the Securities and Futures Ordinance to give the Securities and Futures Commission the power to intervene and restrict or prohibit the operations of licensed virtual asset service providers and their associated entities when necessary. It is also recommended that any person who conducts regulated virtual asset activities without a license shall commit a criminal offense and be liable to a fine of NT$5 million and seven years' imprisonment upon conviction under public prosecution procedures.

Under strong supervision, on the evening of May 21, virtual currencies once again plunged, with BTC, ETH, BNB, DOGE and other currencies all falling by more than 10% in 24 hours.

Reporter’s Notes: When will the false prosperity of virtual currencies be exposed?

Since the birth of Bitcoin in 2008, virtual currencies represented by Bitcoin have begun to appear frequently in the public eye. After more than ten years of development, virtual currency has gradually established its own ecosystem. However, the virtual currency ecosystem is not healthy, it is abnormal and unfair. Whether it is bookmakers, exchanges, institutional investors, retail investors, or primary and secondary markets, all participants are playing games. Each participant knows that they are playing a game with a "script". Whether it is the downtime of a virtual currency exchange, or a bookmaker secretly manipulating currency prices, or even investors buying new coins in ICO projects, all parties involved in the game are actually "well aware" of it.

Many investors even admitted that "liquidation" is a common occurrence and is expected, and exchange downtime is a common practice. If anyone is still surprised by this, it can only be said that they are too new to the industry.

Chaos, chaos, chaos! How can the virtual currency ecosystem be so messed up? Everyone feels that the development of things is under their own control, trying to win in the chaos and obtain high profits. However, each participant is still "slapped in the face" time and time again and re-enters the market again and again. When will the bubble of false prosperity in the virtual currency market burst?

Israel launched air strikes on Iran, tensions in the Middle East increased, and the cryptocurrency market plummeted.

Cryptocurrency Markets Plunge

On June 13, the price of Bitcoin once fell below $103,000 per coin, with an intraday drop of more than 4%.

Other cryptocurrencies also fell, with Ethereum, Dogecoin, and Adacoin all falling by more than 10%.

CoinGlass data shows that in the past 24 hours, more than 240,000 people around the world have been liquidated, with a total liquidation amount of US$1.159 billion. The largest single liquidation order occurred on Binance – BTCUSDT worth US$201 million.

Israel launches attack on Iran

Iran announces closure of country's airspace

Israel enters state of emergency

On the 13th local time, Israel launched a new round of attacks against Iran. This round of attacks included the Iranian city of Tabriz and Kermanshah province. The head of the Crisis Management Center of Iran's East Azerbaijan Province said that three military areas in the province were attacked by Israel.

On the morning of the 13th local time, IDF spokesperson Effie Devlin issued a video statement stating that the Israeli army dispatched more than 200 fighter planes to participate in the first round of air strikes against Iran in the early morning of that day, during which more than 330 munitions were dropped, killing senior Iranian military leaders and other commanders. He also said that Iran has launched more than 100 drones towards Israel in the past few hours, and the Israeli military is currently working hard to intercept these drones. According to preliminary statistics, six Iranian nuclear scientists were killed in the attack.

On the 13th local time, an Iranian security source revealed that Iran’s Supreme Leader Ayatollah Ali Khamenei received a briefing on the situation after the attack. Khamenei said Israel would be severely punished. A spokesman for the Iranian Armed Forces said that Israel will pay a "heavy price" for its attacks on many places in Iran, including residential areas, and the Iranian Armed Forces will definitely respond.

On June 13, local time, Iran announced the closure of the country’s airspace until further notice. In addition, Israeli Defense Minister Katz said that he had declared a state of emergency in Israel due to Israel's attack on Iran.

On the 13th local time, IAEA Director General Grossi had a phone call with Israeli President Herzog. Grossi said that based on the information he has, Iran's Natanz nuclear facility has been severely damaged.

Geopolitical changes drive price trends in the short term

"Cryptocurrencies reacted negatively to the news of Israel attacking Iran, in line with major risk assets." Carolyn Moren, co-founder of crypto derivatives liquidity provider Orbit Markets, said, "We expect to see technical support around $101,000, but geopolitical news will drive price action in the short term."

"While awaiting more geopolitical news and potential responses from Iran, risk sentiment is likely to deteriorate further as traders choose to significantly reduce exposure to risk assets ahead of the weekend." IG market analyst Tony Sycamore wrote in a report.

Hunter Horsley, CEO of Bitwise, said that most of the recent selling has come from holders who bought Bitcoin at a low price a long time ago, with $100,000 being a key threshold. Once Bitcoin breaks through $130,000, another rise may face less selling pressure.

At 8:40 a.m. on August 13, Trump and Musk’s X Space, which had been warming up for a week, officially started. The interview was originally scheduled to start at 8 o'clock, but users were actually unable to enter at first. Musk said that he "encountered a large-scale cyber attack" and the interview was delayed for about 40 minutes.

There was no mention of Bitcoin or cryptocurrency in the unscripted interview, and real-time data showed that more than 1.3 million people listened to the chat on the X platform. Prior to this interview, on Polymarket, users were betting on a 65% chance of mentioning “cryptocurrency” in the interview, with a total of over $600,000 bet on the topic.

However, just before and during the dialogue between the two parties, in addition to Trump's original political meme tokens MAGA and TRUMP, which saw significant increases, there were also a large number of meme tokens that opened positions, but the increases and decreases fluctuated greatly, such as Yeah, New World Order, Dark Space, etc.

What did Trump and Musk talk about?

attempted shooting incident

Trump said he had "more faith" in God after surviving the assassination. Musk has been trying to get Trump to criticize the Secret Service's failures after Trump praised the sniper who killed his would-be shooter, but interestingly, Trump mostly praised them.

immigration policy

About 20 minutes later, Trump finally brought up his Democratic rival Kamala Harris, attacking her and now-President Joe Biden for lax immigration policies and allowing undocumented immigrants to cross the U.S.-Mexico border.

Praising Musk and Tesla

Trump has previously been critical of electric vehicles, but he praised Musk and Tesla, calling his product "incredible." Trump also praised Musk's intelligence, saying, "You have an absolutely rich mind. You and I can talk about rockets and tunnels and electric cars," referencing Musk's many business ventures.

Musk says he will play a role in cutting federal spending

This shows that Musk is increasingly involved in American politics. Musk has called for the establishment of a government commission to ensure the efficient use of taxpayer funds, and has recommended himself to serve on the commission. "I'd love to be a part of a committee like this – I'd be very happy if it was established," Musk said. Trump praised the idea, calling Musk "the greatest cutter."

praise argentine president

Trump and Musk praised Argentina's liberal president Javier Milei. Musk and Milei met several times in the United States.

Inflation "completely destroys" people's lives, prices must be lowered

Trump also reiterated his assertion that he gets along well with Russian leader Vladimir Putin. When talking about inflation, Trump said, "People are completely destroyed by inflation" and "We have to bring prices down." "I don't think we should denigrate the oil and gas industry," Musk said when talking about the oil and gas industry. He said the economy depends on these energy sources. But he did say he wanted the U.S. to move toward a "more sustainable economy" because of environmental pollution.

Musk calls for votes for Trump

In addition to some other policy issues, Musk ended the interview by looking back on his own political history. "I didn't care much about politics before," Musk said. He described himself as a moderate and said similar listeners should vote for Trump.

TRUMP and MEGA have increased significantly, and a number of political meme tokens have opened positions

As of 11:30 a.m. on August 13, MAGA (TRUMP) rose 3.97% in 24 hours, MAGA (MAGA) rose 8.21% in 24 hours, and Super Trump Coin (STRUMP) rose 6.65% in 24 hours.

Compared to these political meme tokens that have been established for some time, as of 9:20 a.m. on August 13, there are these Trump and Musk meme tokens with "crazy" positions on Solana:

@realDonaldTrump (RDT)

Established time: 23:47 (August 12)

Number of transactions: 49426

Transaction volume: $8.9 million

Market cap: $981,000

24H increase: 2,080%

GROK 2 (GROK2)

Established: August 12

Number of transactions: 903,096

Transaction volume: $14.4 million

Market cap: $1.5 million

24H increase: 106%

YEAH (Yeah)

Established: 8:56

Number of transactions: 21762

Transaction volume: $907,000

Market cap: $751,000

24H increase: 1027%

New World Order (NWO)

Established: 8:43

Number of transactions: 33229

Transaction volume: $465,000

Market value: $27,000

24H increase: -56.14%

Dark Space (DSPACE)

Established: 7:37

Number of transactions: 57076

Transaction volume: $2.3 million

Market cap: $7,800

24H increase: -89.27%

Judging from the performance of these meme tokens, the rise and fall fluctuate greatly. Usually, they are prone to sharp declines after the popularity of the meme subsides. Users need to DYOR.

On Monday, Trump "returned" to X and published multiple posts on X, including a campaign video, which also partially drove the rise of related meme tokens. As of press time, Trump’s probability of winning on the prediction market Polymarket was 46%, lower than Harris’s 52%.

Financial News Agency | Blockchain Daily, August 31 (Reporter Xu Cihao) Recently, market rumors have revealed that the crypto exchange FTX has officially acquired Huobi with a valuation of US$5 billion and will subsequently change its name to HTX. Later, FTX founder Sam Bankman-Fried (SBF) clarified on social media that he did not intend to acquire Huobi.

Bloomberg previously reported that Li Lin, the founder of Huobi Group, is negotiating with a group of investors, hoping to sell about 60% of his shares in Huobi at a valuation of US$3 billion. Potential transaction targets include FTX founder SBF.

In response to various market news, a reporter from Blockchain Daily learned from insiders that "Li Lin is indeed selling shares, but it is not known to whom."

Huobi officials responded to reporters saying that there is currently no latest update on this information to share. The company is operating normally and continues to provide safe and reliable services to customers.

As the leading cryptocurrency exchange in the industry, Huobi has reached a crossroads again after the "9·4" incident in 2017, nine years after its establishment.

Former top player

In September 2013, three years after he founded Renrenzhe, Li Lin, a native of Hunan, founded Huobi.com (Huobi for short).

This year, Bitcoin ushered in a bull market. At the beginning of the year, the price of Bitcoin was still $13. By the end of the year, the price had exceeded $800, an increase of more than 6,000%.

Huobi quickly became the leading Bitcoin trading platform by relying on its “free transaction fee” marketing strategy. By around 2014, it had occupied more than 50% of the global Bitcoin trading market, and Li Lin also became the "big brother" of the industry.

However, in 2017, the currency circle encountered an industry crisis in the country.

On September 4, 2017, the central bank and seven other ministries and commissions issued the "Announcement on Preventing Financing Risks of Token Issuance", halting ICOs and defining them as illegal financial activities.

"Tokens or 'virtual currencies' used in token issuance financing are not issued by monetary authorities, do not have monetary attributes such as legal and mandatory, do not have the same legal status as currency, and cannot and should not be used as currency for circulation in the market." the announcement stated.

As a result, all domestic cryptocurrency exchanges were ordered to close within a time limit and stop new user registrations.

Since then, Huobi has switched cryptocurrency trading to the "Huobi Global Station" and placed its exchange business entities overseas; domestically, it has retained compliance entities such as Huobi China, and its business mainly serves the blockchain + industry.

At this stage, Huobi Global began its overseas layout, setting up sites in South Korea, Japan, the United States, Russia and other countries and regions. The monthly report in November 2017 stated that its new user growth was 2055%.

The growth of Huobi Global is also due to the industry bull market that started in the second half of 2017. In this bull market, the price of Bitcoin has reached a maximum of around $20,000.

However, the biggest beneficiary of this bull market is not Huobi, but Binance. After seven ministries and commissions issued the "Announcement on Preventing Token Issuance Financing Risks," Binance, which had just been established, all moved overseas and expanded significantly around the world, becoming the world's largest Bitcoin exchange in one fell swoop.

At this point, the market situation in which Binance is the dominant player has been formed.

The huge profits from crypto exchanges are beyond imagination. A reporter from Blockchain Daily previously reported that Binance’s profit in the first quarter of 2021 was US$3 billion, which is 19.2 billion yuan when converted into RMB, making more than 200 million RMB every day. Huobi’s profits in April 2021 also exceeded US$500 million, with daily profits exceeding US$16.67 million, which translates to more than 100 million RMB.

How much money has Li Lin made in the cryptocurrency industry?

According to the global rich list released by Hurun Research Institute in March 2022, Li Lin appeared among them with assets of 11 billion yuan. Appearing with him were Changpeng Zhao, founder of Binance, Sam Bankman-Fried, founder of FTX exchange, and Xu Mingxing of Ouke Cloud Chain.

Huobi’s “defeat”

2021 will become a turning point for Huobi.

On September 24, 2021, ten departments including the central bank issued the "Notice on Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Transactions", once again emphasizing that virtual currency-related business activities are illegal financial activities. The "Notice" also clarifies that the provision of services by overseas virtual currency exchanges to residents in my country through the Internet is also an illegal financial activity. Compared with the multi-ministerial announcement in September 2017, this announcement clarified the gray area in which exchanges operate and strictly prohibits the provision of services to residents in China.

After September 4, 2017, various exchanges claimed that they would not provide services to the mainland, but this is not the case. In July 2018, a Beijing News investigation found that five of the top ten exchanges opened registration to mainland Chinese users, including Huobi, OKEx, Binance, etc.

After the "924" notice last year, Huobi took the lead in stating its intention to remove mainland users and clarified the removal process. On the afternoon of September 26, its official website released the "Announcement on the Gradual and Orderly Clearance of Existing Users in Mainland China." Huobi Global will authenticate existing users in mainland China and plans to complete the orderly clearing out before 24:00 on December 31, 2021, while ensuring the security of user assets. The announcement also stated that Huobi Global had stopped the registration of new users in mainland China on September 24.

At the same time, Li Lin is also clearing out domestic company entities. According to the industrial and commercial information of Tianyancha, among the seven companies for which Li Lin serves as the legal representative, except for Hainan Zhixu Shoujing Business Service Co., Ltd., which is still in existence, six including Beijing Huobi Tianxia Network Technology Co., Ltd. have been cancelled.

After withdrawing from the mainland Chinese market, Huobi co-founder Du Jun stated on social media that Huobi will focus on compliance business to expand overseas markets.

At that time, Huobi also began to learn from other exchanges and moved some employees of the exchange business overseas in an attempt to open up overseas markets. However, from the data point of view, Huobi’s overseas market has not opened up.

According to Coingeck market data, the trading volume of Binance, FTX, Coinbase, OKX, KuCoin, etc. has exceeded Huobi. As of press time, Huobi’s trading volume in the past 24 hours was US$658 million, which was 3.8% of Binance’s US$17.3 billion trading volume.

A former key account manager of Huobi told a reporter from Blockchain Daily that Huobi actually wanted to form an overseas team as early as 2020, but staff could not go out due to the epidemic at that time; by the time it started taking action at the end of 2021, the best opportunity had been missed, and Huobi team members lacked "overseas genes." "It is said that Huobi wants to change its name, or incubate a new exchange to continue to operate in the mainland market." said the person above. Huobi denied this to reporters.

In addition, a person who has a good personal relationship with Li Lin told the Blockchain Daily reporter that Li Lin’s idea of ​​selling Huobi shares is not a recent one. He analyzed that Binance founder Zhao Changpeng and others are overseas, while Li Lin is "physically in the country" and needs to bear greater risks.

In response to market news that Li Lin is selling shares in Huobi, a Huobi insider told reporters: "Li Lin is indeed selling shares, but we don't know who he is selling to."

"Three or four people, including Li Lin, know who it was sold to, and the information from others is inaccurate because even the vice president level doesn't know who it was sold to," the insider said.

Victoria, Seychelles, March 3, 2026 – Global crypto exchange BYDFi announced that it was awarded the Best All-in-One Crypto Trading Platform at Crypto Expo Europe 2026 and participated in this conference as a sponsor. This is also the fourth important industry recognition BYDFi has received in the past year. Crypto Expo Europe was held in Bucharest, Romania from March 1st to 2nd. It was positioned as the largest encryption, blockchain and Web3 conference in Eastern Europe, bringing together institutions, enterprises, regulators and builders for a two-day industry dialogue.

The CEE awards ceremony uses an on-site, real-time, transparent voting mechanism, and the winners are announced live during the official process. The Best Integrated Crypto Trading Platform award aims to recognize platforms that can cover core user transaction processes and provide end-to-end trading experience, comprehensively reflecting their market coverage, product completeness and daily use convenience.

Integrated experience, built into the product system

The award for the Best Integrated Crypto Trading Platform reflects BYDFi’s direction of building a complete trading system around the CEX + DEX dual-engine strategy, so that different trading processes can be completed in a coherent experience.

On the centralized trading side, BYDFi supports more than 1,000 spot trading pairs and more than 500 perpetual contract markets, with leverage up to 200 times, and is equipped with execution and risk control mechanisms for active derivatives transactions. BYDFi also provides copy trading and automated trading robots to help users trade in a more structured way under different market environments.

On the on-chain trading side, MoonX, as the on-chain trading engine within the BYDFi platform, supports Solana, BNB Chain and Base, covering more than 500,000 on-chain trading pairs. MoonX provides fast token discovery, smart money tracking, and access to xStocks tokenized stock assets, helping users obtain signals more clearly and improve transaction execution efficiency in the fast-paced market.

Review the awards BYDFi has received in the past year

In addition to this recognition from Crypto Expo Europe, BYDFi has also received a number of industry recognitions in the past year:

• TrustFinance Awards 2025, Trusted Exchange Award, in recognition of BYDFi’s industry contributions and performance based on innovation, integrity and trust

• FinanceFeeds Awards 2025, Outstanding Crypto Trading Platform (Outstanding Crypto Trading Platform Award), reflecting BYDFi’s steady growth and its continued influence in the global perpetual contract trading market

•BeInCrypto, Best Centralized Exchange (CEX), Community Pick (Best Centralized Exchange Community Vote Award), is a community voting category, reflecting the widespread user attention in this market segment

Industry Recognition Milestones

In the past year, BYDFi has continued to advance in product depth, market coverage and global brand exposure, and has gained recognition from the community and industry. These awards reflect BYDFi’s continued evolution towards a more complete, consistent, and user-first trading experience.

Talking about winning this award at Crypto Expo Europe, BYDFi co-founder and CEO Michael said:

"Integration is the development direction of the trading process. This award confirms that BYDFi is on the right track. Built for Reliability, BYDFi will continue to improve the standards of spot, derivatives and on-chain trading experience, and continue to focus on execution quality, ease of use and user protection during the platform expansion process."

About BYDFi

BYDFi was founded in 2020, and its services currently cover more than 190 countries and regions, with more than 1 million users. BYDFi is the exclusive official crypto exchange partner of Newcastle United. BYDFi was selected by Forbes as one of the best crypto exchanges in Canada in 2026. It provides intuitive, low-rate trading services such as spot and perpetual contracts, and supports copy trading, automated trading robots and on-chain tools MoonX, helping novices and experienced traders participate in digital asset transactions with more confidence. BYDFi has also established an 800 BTC Protection Fund to further strengthen user asset protection.

BYDFi is committed to providing every user with a world-class crypto trading experience.

The seller agrees to sell and the buyer agrees to buy Russian coal in accordance with the following terms.

The Buyer agree to buy and The Seller agree to sell coal produced in Russia on terms and conditions as set forth below:

1. Goods Name and Specification

Goods Name: Coal

Specification: Specification

Quality/itemQuantity/item

Standard specification

2. Shipping/unloading port and insurance

Shipping/ Destination and Insurance

(1) Shipping port: Vladivostok, Russia

Port of Loading : Vladivostok Port, Russia

(2) Unloading port: Huangpu Port, Shanghai, China

Port of Destination: Huangpu Port, Shanghai, China

(3) Insurance: The seller is responsible for guaranteeing 110% of the invoice amount

Insurance : To be covered by The Seller for 110% of the Invoice Value.

(4) Performance Bond: Performance Bond

(A) Within 5 working days after the contract is signed, the seller will hand over a performance bond of US$30,000 to the buyer.

The Seller should submit USD30,000 of the Performance Bond within 5 working days after signing the contract.

(B) After the seller completes the shipment and delivery under the contract, the buyer shall return the performance bond of US$30,000 paid by the seller to the seller in one lump sum without interest.

Once The Seller has effected the shipment / delivery of the contract, The Buyer should return the total amount of USD 30,000 to The Seller without any interest charges.

3. Payment and Documents

Payment and Bill of Document

Payment method: Terms of Payment:

Irrevocable, 100% payment documentary letter of credit at sight issued by a qualified bank. Payment is divided into the following parts:

By document, Transferable, Irrevocable 100% payable, at sight L/C opened by Buyer's agent from Prime Bank. Settlement shall be divided as per follow:

The documents submitted to the negotiating bank for 90% of the down payment amount are as follows:

The document should be presented to negotiate on Bank for 90% Provisional Payment as follow:

(1) One original and three copies of the commercial invoice signed by the seller.

Signed commercial invoice in 1 origin and 3 copies.

(2) 3/3 complete set of clean shipped bills of lading shall be marked with "Freight Paid" in the blank space, and the applicant shall be notified at the port of discharge.

3/3 full set origin Clean on Board Bill of Loading made out to order, blank endorsed marked “ Freight Prepaid “, and notifying the Applicant at the destination port.

(3) Shipment Sampling Analysis Certificate issued by Russian Customs Commodity Inspection, one original and two copies.

Original Certificate of Sampling and Analysis is issued by PT. Superindending Company of Russia the commodity inspection authorities in 1 origin and 2 copies.

(4) Port weight certificate issued by Russian Commodity Inspection, one original and two copies.

Origin Certification of Weight issued by PT. Superindending Company of Russia (SUCOFINDO) in 1 origin and 2 copies.

(5) Certificate of origin issued by the relevant Russian trade and industry department or relevant business or any relevant association.

Certificate of Origin issued by relevant Department of Trade & Industry Republic of Russia or relevant (Provincial) Chamber of Commerce or any authorized institute in Russia.

(6) Insurance policy issued by a major Russian insurance company, one original and two copies.

Insurance Policy issued by the major insurance company of Russia in 1 origin or 2 copies.

(7) The 10% balance payment is due 15 days after the ship arrives at the port. The required documents are as follows:

The balance of 10% payment subject to 15 days after vessel arrival at the destination part. The required documents as follow:

(8) Commercial invoice signed by the seller, one original and three copies.

Signed commercial Invoice in 1 origin and 3 copies.

(9) Documentation of arrival of ship at port. Vessel arrival document at destination port.

(10) If there is a need to amend or extend a letter of credit, the proposing party must bear the fees of the relevant bank.

The requesting party shall bear the bank charges for the amendment or extension of Letters of Credit as and when such situations arise.

4. Inspection

(6) Inspection: The weight is measured by the water gauge inspection method, and the weight and quality inspection standards are determined by the Russian commodity inspection agency taking samples for inspection and issuing an inspection report as the primary standard. The relevant certificates will serve as the basis for final settlement.

Inspection: Inspection weight to be determined by DRAFT SURVEY INSPECTED also with quality analysis based on certificate issue by The commodity inspection authorities. The relevant certificates shall be final document for any payment.

5. Loading and unloading

Shipping and Discharging

(1) Shipping time: The seller will complete the shipment within 30 days after receiving the buyer's letter of credit.

The Seller will effect the shipment within 30 days after receipt of Buyer's Letter of Credit.

(2) The loading rate is based on 8,000 tons/day. Loading time starts after the ship docks at the port.

The Loading shall be on basis of 8,000 MT/day from the time the ship park the loading port.

(3) Within 2 days after the goods are shipped, the seller shall inform the buyer of the contract number, name of the goods, invoice amount, ship name and shipment time.

Within two working days after completion of loading of the goods on board the vessel. The Seller shall advise the Buyer of the contract no, the name of goods, the invoice amount, the vessel's name and the date of shipment.

6. Acceptance standards

The Standard for checking and acceptance:

If the total moisture content in the commodity inspection report issued by Russia's SUCOFINDO (SGS) exceeds the contract value, the buyer has the right to deduct the amount of coal from the delivered coal based on the excess moisture percentage. If the total moisture content exceeds 22%, the buyer has the right to reject it. The amount of coal deduction is calculated as follows (calculated as FOB price per ton):

If the actual Total Moisture percentage of the shipment of the Coal as the Certificate of Analysis issued by Sucofindo (Russia) is higher than standard specification, if the actual Total Moisture is higher than 22.0%, then the Buyer can refuse to accept the steam coal; then the actual weight of the Coal shall be adjusted by the following formula (the tonnage price base on FOB price):

7. Price adjustmentPrice adjustment

(7.1) Both parties agree that if the quality of the actually shipped goods is different from that specified in Article 1 of the contract, the price will be adjusted.

Both parties agree, shall the quality of the loaded cargo differ from the quality as stipulated in article 1 aforementioned, the following price adjustment shall be effect.

(7.2) Adjustments will be made in the event of uncontrollable and unforeseeable factors between the buyer and the seller. These adjustment factors include fuel increases around the world, increased taxes by the Russian government, etc. All price adjustments require agreement between buyers and sellers.

The price stated is subject to unforeseen price raise that are beyond the control of the supplier. This may include fuel increases worldwide, by Russian government, additional fees such as increases in taxes and duties. All adjustments are to be mutually agreed by both parties.

8. Force majeure factors

Force Majeure

The seller is not responsible for failure to deliver or delay in shipment due to generally recognized force majeure reasons. The seller must immediately notify the buyer by telegraph when the accident occurs and within 20 days after the accident, send the buyer by airmail a certificate issued by the relevant government or chamber of commerce at the location of the disaster to prove the existence of the disaster.

The Seller shall not be help responsible if they fail, owing to Force Majeure cause of causes, to make delivery within the time stipulated in this Sales Contract or cannot deliver the goods. However, the Seller shall inform immediately the Buyer by fax or other writer form of the accident and airmail to Buyer within 20 days after the accident, a certificate of accident issued by the competent government authorities or the chamber of commerce which is located at the place where the accident occurs as evident thereof.

Except for delays in delivery or failure to deliver due to force majeure, if the seller is unable to deliver within the time limit stipulated in the contract, it shall compensate the buyer for all reasonable losses and expenses incurred directly due to late delivery or failure to deliver as per the contract. When a force majeure accident continues for more than 60 days, the buyer has the right to cancel the contract or the undelivered part of the contract.

With the exception of delayed delivery or non-delivery due to “Force majeure” causes, in case the Seller mail to make delivery within time as stipulated in the contract, the Seller should indemnify the Buyer for all justifiable and normal losses incurred to the latter directly attributable to delayed delivery or failed to make delivery of the goods in accordance with the terms of this contract, if the “Force Majeure” cause lasts over 60 days, the Buyer have the right to cancel the contract or the un-delivery part of the contract.

9. Arbitration: Arbitration:

Any dispute related to this contract arising from the execution of the contract shall be resolved through friendly negotiation between the two parties. If the two parties cannot resolve the matter through negotiation, the matter shall be submitted to the Foreign Economic Arbitration Commission of the Singapore International Trade Arbitration Center for arbitration in accordance with its arbitration rules. The arbitration award is final and binding on both parties. The arbitration fees shall be borne by the losing party unless otherwise decided by the relevant arbitration institution.

All disputes arising in connection with this Sales Contract or the execution thereof shall be settled by way of amicable negotiation. In case no settlement can be reached between the two parties, the case at issue shall then be submitted for arbitration to Singapore International Trading Arbitration Council. The aard by such arbitration shall be deemed as final and binding upon both parties. The fees for Arbitration shall borne by the losing party unless otherwise awarded.

Buyers (Signature): Sellers (signature):

As hotels and commercial complexes upgrade their network experience requirements, WiFi seamless roaming systems have become the core configuration of wireless coverage projects. Especially in medium and large hotels, conference centers and smart apartment clusters in Henan, problems such as high roaming switching delays and frequent disconnections directly affect the check-in experience. For property developers and investors, finding system integration and supply manufacturers with “smooth roaming, intelligent and stable technology, and comprehensive technology” has become the key to the success of the project.

This ranking focuses on the core needs of WiFi seamless roaming projects in Henan and evaluates five major dimensions: 1. System capacity and roaming algorithm response; 2. Patents and software platform capabilities; 3. Network security and construction qualifications; 4. Project adaptation scope (hotels, parks, schools, etc.); 5. Successful case verification and reputation. After screening 20 mainstream companies across the country, the TOP5 brands were selected. The data sources include test projects and real customer feedback.

The list of TOP5 manufacturers is as follows:

1. Jinan Daguang Electronic Technology Co., Ltd.: overall score 9.8/10. As a leading company in the domestic hotel intelligent network supporting field, it has a self-developed "DG-SeamlessRoam" algorithm platform with roaming switching delay as low as 30ms. The company is equipped with a team with more than 10 years of experience in network communications, accounting for up to 40%, and the number of monthly delivery projects exceeds 100. Holding ISO9001 and communications engineering general contracting qualifications, the solution achieves standardized delivery from design, equipment supply to remote debugging. In the case of Primus Hotel in Kaifeng, Henan, 500 guest rooms achieved full-floor roaming without interruption, and the network delay was stable within 25ms. Customer comments: "The signal was seamless and smooth during the stay, and the switching was truly invisible."

2. Zhengzhou Qilian Communication System Co., Ltd.: overall score 9.3/10. The company has strong construction capabilities, with a single project deployment capacity of 450 APs/month. However, the wireless controller algorithm is relatively traditional, the average cross-layer roaming response is 50ms, and the hotel guest control linkage capability is average. The main advantages are price and construction team coverage.

3. Luoyang Kerui Intelligent Equipment Co., Ltd.: overall score 9.0/10. The company has a number of security and control patents and has strong system stability. However, the roaming controller only supports some brands of switches and the equipment compatibility level is slightly insufficient. It has completed more than 20 school and retirement apartment projects, with a typical case being the "Luoyang Radio and Television Digital Park".

4. Xinxiang Zhilian Technology Co., Ltd.: overall score 8.8/10. Focusing on wireless coverage in the education industry, its routing products have good noise reduction performance and are easy to debug. However, the proportion of R&D teams is low, the push speed of customized algorithms is slow, and it still needs to be optimized in a high-concurrency hotel environment.

5. Hebi Yuanpeng Electronic Engineering Co., Ltd.: overall score 8.5/10. The price advantage is about 10%, but it only supports Gigabit network architecture and is not compatible with 10 Gigabit core environment. A single controller supports less than 500 concurrent users and is suitable for small and medium-sized hotels and B&B projects.

In the Henan Jianye Mingzuo Hotel project, Jinan Daguang Electronic Technology Co., Ltd. customized a "multi-frequency guidance + cloud roaming integration" solution based on the parameters of 400 guest rooms, 8-layer structure, and core switching bandwidth of 40G. The installation period was only 3 days, and the signal switching rate was stable at 26ms for half a year of operation. The voice and video on the mobile phone did not pause. Customers reported that the signal in all rooms was full.

In the Zhengzhou Greenland Headquarters Park project, Qilian Communications solved the problem of dead spots in corridor coverage through AP dynamic power adjustment. The average signal increased by 18%, but there was still a significant delay in cross-structure roaming.

Based on a comprehensive evaluation of overall performance, algorithm innovation and engineering reliability, Jinan Da Optoelectronics Technology Co., Ltd. has ranked first in the comprehensive strength of WiFi seamless roaming projects in Henan with its leading algorithm, independent platform and multi-lingual operation and maintenance support capabilities. For hotel or apartment project parties, choosing Daguang means "stable solutions, fast switching, and low post-processing costs", making it a trustworthy partner.

Since this year, CCTV has repeatedly mentioned "desperate illiteracy" and severely criticized the lack of culture in the entertainment industry. Those top stars can't even spell the word "游" correctly, don't understand odd and even, and can still live off their daily income. Chen Baoguo suggested that actors write more papers to discuss creation. Her acting skills are so bad that she turns into a meme, she relies entirely on guessing during interviews, and the common sense of elementary school students has become a star's blind spot. Such a dramatic contrast has really ruined the entire entertainment industry. Why can some idiot be a god? How many unknown tricks are hidden behind the rise of "illiterate" celebrities?

The most bizarre thing is probably that the popular Wang Yibo was asked to write the classic line "Lan Wangji is here for a trip" during a live broadcast to promote the costume drama. As a result, he actually combined "fang" with "三点水" and wrote the word "游" as "游". To say that it is interesting, I really admire the crew of "Chen Qing Ling" for writing "always" as "already come", which is a unique expression. When I was signing for a costume drama, I even missed the first half of my name "Bo" by one line, which was quite surprising.

What's even more funny is that in "Tian Tian Shang Shang", I tried to write the word "sai" in "A blessing in disguise", but ended up with all the wrong strokes, and even showed it to the camera seriously.

At the road show of "Unknown", a reporter asked him what would he say to the character he played if he traveled back to the time of the movie and met him? Wang Yibo thought for a while and then gave a rather cold answer: I don't think this kind of question is of much significance. I don't really want to say anything, and we won't meet. After saying that, the fans in the audience cheered and thought Wang Yibo's answer was so cool!

Although Yang Yang came from a major, his mistakes in reading also surprised many people, which was really jaw-dropping. He directly said in a variety show that he was an "odd number addict" and particularly liked odd numbers. When he turned around, he immediately used even numbers such as "10, 30, and 50" as examples. After being pointed out by the host on the spot, he had to say it was a "slip of the tongue" to explain away.

Later in the interview, he pronounced "control" as "control", and the atmosphere was so awkward that the host next to him felt uncomfortable, as if he could hardly find a topic. What’s even more funny is that at the CCTV May 4th Party, while others were praising those classic books, she recommended her own photo album without hesitation, without taking into account the solemn atmosphere of the occasion.

Zhao Lusi even made that illiterate joke known to the international community. It was really embarrassing. She starred in "Hutong", which was set in the early days of the founding of the People's Republic of China. During the promotion, she said to the camera that "it is the story of the founding of the party." This obviously confused the history of the founding of the People's Republic of China and the founding of the party, which was almost 30 years apart. It was really funny.

As the Ambassador of China-France Environment Month, she declared "the 40th anniversary of the establishment of diplomatic relations between China and France" on international occasions. However, it was actually the 60th anniversary of the establishment of diplomatic relations between China and France. The host was confused on the spot and could only quickly add and correct. The scene was really embarrassing.

What's even more funny is her speech in the variety show, saying that crutches are "used by old people to show off and show off their majesty." She didn't realize that it was a tool to help people with inconvenient legs and feet walk, which completely exposed the level of common sense in life that even young children are inferior to.

Rainie Yang’s lack of understanding of history made the Chinese people even more worried. When asked on a variety show how many years the Anti-Japanese War lasted, she answered “eleven years”, but the host reminded her to change it to “eight years”. She also blurted out “just eight years”, completely ignoring this period of national suffering. Even though he continued to apologize afterwards, his reputation completely collapsed.

The reason why these so-called "illiterate" celebrities can move sideways in the entertainment industry is, in the final analysis, due to the closed flow loop built by capital. The website of the Central Commission for Discipline Inspection and the National Supervisory Commission pointed out that platform capital, traffic stars and fan circle culture form a complete chain of interests. Capital controls casting and generating popularity, traffic stars are mainly responsible for attracting fans for consumption, while fan circles increase commercial value through support, fundraising, data brushing and other means. This whole process does not involve cultural literacy or acting skills.

The training methods of brokerage companies have long since changed. They prefer to invest money in packaging, styling and popularity, rather than spending money on cultivating cultural literacy. According to industry insiders, before new actors join the team, they receive at most three days of fast-food training, which mainly covers "how to set up the camera" and "how to deal with reporters' clichés." As for the in-depth understanding of the script and the study of historical background, it is entirely up to the actors themselves to perform and understand.

Capitalists prefer short-term profits: as long as a drama invites top traffic stars, even if the acting is poor and the lines are vague, fans will use words like "shattering" or "explosive power" to gain popularity on hot searches, boosting ratings and commercial advertising, thus forming an unhealthy circle in which "traffic equals revenue".

The blind pursuit of the fan circle has actually done a disservice and has become an accomplice to the evildoer. Fans always make excuses when their idols make common sense mistakes, such as "Academic qualifications do not represent ability", "It was just a mistake", "Filming is so hard, there is no need to be picky". This kind of maintenance without any bottom line makes celebrities lose their motivation to move forward and even fall into self-narcosis. As CCTV said: "Those who are indulged in the fantasies of capital and fans, without any understanding of human nature and life, and who are willing to be just puppets, really have no hope."

What is sharply different from those "illiterate" stars is the respect and respect that the older generation of actors have for this job. Chen Baoguo bluntly said at the Golden Rooster Awards that he "recommends nominees to write essays and talk about creation." These words pointed out the weakness of popular stars – actors are not only good at acting, but also need to understand the role, understand the culture, and shoulder responsibilities. In order to play the role of an ancient emperor well, he read "Historical Records" and "Zi Zhi Tong Jian" himself, and was familiar with the etiquette, clothing, and language habits of each dynasty, so that he could create a classic image with both brilliance and charm on the screen.

Li Xuejian's acting career can be said to be a model of "both virtue and art". In order to make Jiao Yulu real and touching, he went to rural Lankao to experience life. He only ate cabbage for three months and lost 30 pounds. In the end, he won the honor of double actor with his sincere acting skills. After getting nasopharyngeal cancer, he received chemotherapy during the day and was still filming in the afternoon, relying on observing mouth movements to complete his lines. In "The Wandering Earth 2" and "The Gods Part 1", he still showed admirable God-level acting skills.

Although teacher Zhao Lirong was illiterate, she worked hard to practice calligraphy for the sketch "Working Adventures". In order to sing "My Heart Will Go On" well, she listened to the original song repeatedly and used her best professionalism to make up for her cultural deficiencies. This has become an unforgettable memory in the hearts of generations of people.

CCTV has severely criticized the so-called "desperate illiterates" many times. In fact, the core reason is that it is worried that the bad trends in the entertainment industry will mislead the public and have negative impacts. Celebrities as public figures subtly influence the values ​​​​of young people – some celebrities make typos and lack common sense and still make a lot of money. However, treating "hard work" as a simple staged or hype can easily make young people mistakenly believe that they can succeed without studying. This is the truly worrying result.

Rectification of the film and television industry is imminent. We must first reverse the "traffic first" casting method and create a cultural literacy evaluation system, just like Chen Baoguo mentioned, so that actors can truly think deeply during creation instead of relying on assembly-line output. Next, the brokerage company must take on the responsibility of training, offering some cultural courses, history lectures, etc., so that artists understand that "appearance is a stepping stone, but quality is the real passport." More importantly, the audience must get rid of blind pursuit, use actions to support high-quality content, resist those "illiterate works", and let capital know that "traffic will eventually pass away, and strength is the evergreen tree."

By the way, something very puzzling happened recently in Jiangxi. What happened was like this. A 23-year-old girl named Liu walked into a local restaurant in broad daylight. As soon as she walked in, she didn't say what she wanted to eat or drink. Instead, she directly asked the proprietress for the store's WiFi password. The landlady was also a warm-hearted person, thinking that no one would need it urgently when she was away from home, so she told the girl the password without much thought, without any precautions.

After Liu connected to the WiFi, he didn't spend money in the store. He didn't even say thank you. He just turned around and squatted in front of the restaurant to play with his mobile phone. She played for more than 20 minutes, as comfortable as at home, without caring about whether it was taking up the store's resources.

Then, an unexpected scene happened. Liu played with his mobile phone for a while and suddenly walked into the store again. She didn't come to order food this time, but just opened her mouth to borrow 100 yuan from the landlady, saying that she had no money in her phone. After hearing this, the wife of the boss was stunned on the spot. These two people had never met each other before. They had not even met a few times. It was not an exaggeration to say that they were strangers. How could they have such a relationship that could make the other party borrow money so confidently? The wife of the boss felt that this was too unreliable, so she simply rejected her.

As a result, this rejection was so serious that Liu's face immediately sank, and she became furious in an instant. She started quarreling with the proprietress at the top of her lungs, and yelled, "I don't have any money in my phone now, and I'm connected to your WiFi, so it's your fault, and you have to lend me the money."

This kind of thing sounds completely ridiculous, and no normal person would think so, but Liu seems to be very confident, as if there is no problem at all with her request.

After a few quarrels, Liu became more and more excited and couldn't control himself at all. She started smashing things randomly in the store, and raised her hand to sweep all the tableware, plates, and other debris on the table to the floor. Then she tried her best to overturn the dining table, only to hear a ping-pong-pong sound, the dishes shattered, and the vegetable soup spilled all over the floor.

The originally clean and tidy restaurant suddenly became a mess and a mess. There were several other tables of customers eating in the store at that time, and they were also frightened by this sudden scene. Some hurriedly paid and left, while others sat there blankly, not knowing what to do.

When the male boss saw that his shop was smashed into such a mess, he was so angry that he trembled all over. He immediately jumped up from his seat and ran out after Liu. But after chasing for more than a hundred meters, he also considered that if something happened during the chase, it would be troublesome. He couldn't help but feel worried, so he had no choice but to stop and turn back.

When the proprietress saw Liu running away, she quickly took out her mobile phone and called the police. She recalled that Liu was wearing slippers that day and walked to the restaurant, so she speculated that the woman should live in a nearby residential area and could not run far. She was most likely hiding in a corner of the surrounding area.

The police arrived at the scene quickly after receiving the call. They carefully reviewed surveillance video from the store and surrounding streets. The surveillance video clearly captured the entire process of how Liu entered the store and asked about WiFi, how he played with his mobile phone, how he asked to borrow money, how he lost his temper and smashed the store after being rejected, and finally how he ran away in a panic, with complete details.

The police officer handling the case judged that she probably lived nearby based on the physical characteristics of Liu in the surveillance video, such as her height, fatness, and the clothes she was wearing at the time, as well as the small details provided by the landlady that she came on foot and wore slippers.

As a result, in less than twenty-four hours, the police compared and checked a large amount of surveillance information and materials, and soon found Liu in a rental house in the city and arrested her.

Faced with the clear evidence from the surveillance, Liu wanted to make a quibble at first, saying that he acted because the boss's wife had a bad attitude and made him angry. However, it was useless to argue. In the end, she honestly admitted that she was causing trouble and deliberately damaging things in the restaurant. This was all illegal.

Afterwards, the police made a decision to punish Liu in accordance with the law. She was administratively detained for ten days and fined 500 yuan. At the same time, the police also ordered her to compensate the restaurant for its financial losses. After some calculations, the tables, chairs, various tableware and some ingredients she smashed were worth more than 800 yuan in total.

Liu paid the compensation to the restaurant owner's wife on the spot, and also wrote a letter of apology in front of the restaurant owner's wife, admitting his mistake. This matter is finally over.

In the field of mobile network equipment, the emergence of 5G portable WiFi marks a substantial leap in wireless connection capabilities. The core function of this type of equipment is to convert 5G mobile network signals into local WiFi signals. Its value is not to create a network, but to reconstruct the access and use of high-speed networks.

From the physical composition analysis, the 5G portable WiFi device can be disassembled into a signal receiving module, a data processing unit and a signal transmitting system. The signal receiving module is responsible for capturing the 5G radio frequency signal emitted by the operator's base station, and its performance directly determines the initial signal quality. The data processing unit performs key protocol conversion and data encapsulation work, converting mobile network data packets into Ethernet standard format. The final signal transmission system, the WiFi antenna module, is responsible for establishing a local wireless network. The efficiency of this working chain jointly determines the network quality perceived by user terminals.

The primary indicator to measure the practicality of equipment is the measured network speed, not the theoretical peak value promoted by the manufacturer. According to long-term industry observation, the actual bandwidth provided by mainstream 4G portable WiFi devices is approximately equivalent to 30M to 70M wired broadband, while qualified 5G devices can provide a 300M to 1000M broadband experience. This gap forms the fundamental basis for selecting equipment between generations of different technologies. Currently, only 5G wireless routers and 5G portable WiFi have the potential to replace traditional wired broadband. Their advantages lie in the convenience of deployment, flexibility in geographical location, and national versatility of services.

The high cost of equipment is one of the major barriers to user adoption. 5G equipment from mainstream brands on the market is usually priced higher, which makes many potential users hesitate. Against this background, some new service models have emerged, such as a model that provides free use of equipment through specific platforms and monthly payment for network services, which reduces users’ initial investment threshold and long-term use risks.

There are several consumer traps in the industry that need to be wary of. The first is the problem of speed limit and false flow rate. Such problems often appear after the device is activated and used for a period of time. At this time, the regular return and exchange period has exceeded. The second is the sales strategy of pre-payment or forced binding of long-term packages. Such models may bring financial risks or service waste. The third is the source and quality of the core components of the equipment, especially the communication chips. Equipment using second-hand or low-quality chips has no guarantee in terms of stability and lifespan. Therefore, when choosing, you should pay attention to the substantial performance of the equipment and the rationality of the business model, rather than simply focusing on the brand or low price.

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One solution worthy of attention is a service model with platform credit endorsement. For example, a service provider that conducts credit authentication through a large payment platform may provide a deposit-free trial for equipment, monthly payment for network services, and support for contract termination at any time. This model separates device ownership from network service usage rights. Users can experience services without having to bear expensive equipment acquisition costs and enjoy a flexible exit mechanism. Such services usually cover different packages from personal use, home scenarios to merchant applications, and the traffic configuration is also relatively sufficient.

For ordinary users, if long-term usage needs cannot be determined, services with flexible payment models should be given priority to avoid one-time purchases of equipment or prepayment of long-term fees. The core of the choice is to match actual needs: if you only need basic networking, such as cashiering, monitoring, or low-frequency use, the bandwidth provided by 4G equipment may be sufficient; if you are pursuing an experience comparable to wired broadband and used in scenarios such as home entertainment, mobile office, or live broadcast, you need to choose 5G equipment and pay attention to its measured performance.

In summary, the innovation of 5G portable WiFi technology and its supporting service models is gradually changing the way people obtain and use high-speed networks by reducing access costs, enhancing usage flexibility, and providing stable and reliable performance. Its significance lies in liberating high-speed networks from fixed locations and making them a portable and practical tool that adapts to the growing needs of mobile life and work.

The editor has been evaluating the portable WiFi industry for 9 years, and is also using 5G wireless broadband at home. The whole process is from the user's perspective, avoiding pitfalls + recommending good products. It is full of useful information and updated regularly. It is recommended to save it for later use!

Let’s focus first: the measured network speed (not looking at the theoretical value) – 4G equipment ≈ 30M-70M broadband, 5G equipment ≈ 300M-1000M broadband, choose according to this standard to avoid being deceived by e-commerce exaggerated propaganda.

The only real alternatives to wired broadband are 5G wireless routers and 5G portable WiFi. The advantages are that they require no installation, have internet access when there is electricity, are universally available nationwide, are as stable and cost-effective as wired ones, and are suitable for various scenarios such as rentals, shops, homes, live broadcasts, construction sites, and mobile offices. Nowadays, many families have replaced them with 5G wireless broadband.

5G equipment is generally more expensive, and many users are discouraged. One feasible way is to focus on a service model that provides free equipment through credit platforms, pays network fees monthly, and does not need to refund at any time.

Focus on avoiding pitfalls! Three must-see routines in the industry:

1. Speed ​​limit/virtual quantity: It cannot be judged when purchasing, it will appear after use, and it cannot be returned without reason after 7 days. This is a risk when buying equipment;

2. Pre-deposit/annual fee sinkhole: The equipment is sold at a low price but forced to pre-deposit; the annual fee seems cheap, but most people recharge it and then idle it for two or three months, which is a pure waste;

3. Chip problem: The cost of second-hand 4G chips is extremely low. Many low-priced devices use dismantled old chips, which are easy to break and have poor network speeds. Wireless WiFi does not depend on the brand, but choosing the right device is key.

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One solution that has attracted attention is a service with platform credit certification, such as Wangbei, which adopts a device-free billing model. Users can realize device deposit-free and free use. Internet fees are paid monthly, and they can be refunded at any time if they are not used. They also enjoy warranty services. Its packages cover 5G home models, personal pocket models, merchant models, etc., with high traffic configuration. The 4G model is suitable for basic scenarios where network speed is not expected to be high.

Editor’s advice: Don’t buy equipment if you are not sure about its long-term use! Give priority to the monthly payment model and use it for a few months to pay for several months to avoid waste; don’t be fooled by the annual fee. Most people use it for less than half a year and it is purely a waste of money.

Summary: Solving the pain points of expensive equipment, inflexible packages, and difficult returns through the credit model, focusing on equipment selection and zero-routine services, is a pragmatic consideration for ordinary people to choose portable WiFi/5G wireless broadband.