PA Daily Report | Backpack Exchange's BP token will be available for trading at 20:00 today; Resolv burns 9 million illegally minted USR tokens.

Today's top news highlights:

US lawmakers from both parties have proposed banning prediction markets from offering sports betting.

The National Computer Network Emergency Response Technical Team/Coordination Center of China (CNCERT/CC) and other organizations released a practical guide for the secure use of OpenClaw.

Fidelity calls on the U.S. SEC to improve the regulatory framework for broker-dealers' crypto activities on alternative trading systems.

ZachXBT: A network of more than 10 coordinated accounts promoted a crypto scam by creating fake news and panic.

Backpack exchange token BP will be available for trading today at 20:00.

Resolv Labs: 9 million illegally minted USR tokens have been destroyed. Do not trade related tokens during the restoration period.

Boyaa Interactive plans to spend no more than $70 million to acquire cryptocurrency.

Hyperliquid's weekly trading volume surpasses $15 billion, with commodities market dominating on-chain derivatives trading.

Regulation & Macro

US lawmakers from both parties have proposed banning prediction markets from offering sports betting.

According to The Wall Street Journal, U.S. Senator Adam Schiff and Representative John Curtis will introduce a bipartisan bill to ban all entities regulated by the Commodity Futures Trading Commission (CFTC), including Kalshi and Polymarket's U.S. platforms, from listing sports betting prediction contracts. Schiff stated that the CFTC is "giving the green light and pushing for the expansion" of such markets, and the bill aims to close a federal "backdoor" to prevent circumventing state consumer protection laws for gambling, infringing on tribal government sovereignty, and failing to contribute tax revenue to the public sector.

Fidelity calls on the U.S. SEC to improve the regulatory framework for broker-dealers' crypto activities on alternative trading systems.

According to Cointelegraph, Fidelity Investments sent a letter to the U.S. Securities and Exchange Commission (SEC) on March 22, urging the agency to continue improving the regulatory framework for broker-dealers offering, custodiing, and trading crypto assets on alternative trading systems (ATS). The third-largest U.S. asset manager stated that comprehensive rules for tokenized securities trading are crucial, including rules for trading tokenized securities issued by third parties. In the letter, Fidelity pointed out that tokenized instruments differ in their issuance structure, legal attributes, and valuation models; for example, tokenized real-world assets encompass different asset classes such as stocks, real estate, and bonds.

The National Computer Network Emergency Response Technical Team/Coordination Center of China (CNCERT/CC) and other organizations released a practical guide for the secure use of OpenClaw.

According to Jinshi News, to help users use OpenClaw securely, the National Computer Network Emergency Response Technical Team/Coordination Center of China (CNCERT/CC) and the China Cybersecurity Association jointly released a practical guide for the secure use of OpenClaw on March 22. The guide offers security protection suggestions for ordinary users, enterprise users, cloud service providers, and technology developers. Recommendations for ordinary users include: installing OpenClaw using dedicated devices, virtual machines, or containers, ensuring proper environment isolation, and avoiding installation on everyday office computers; not running OpenClaw with administrator or superuser privileges; not storing or processing private data in the OpenClaw environment; and promptly updating to the latest version of OpenClaw.

Project Updates

OpenAI is in advanced talks to purchase electricity from Helion Energy, a nuclear fusion startup backed by Sam Altman.

ZachXBT: A network of more than 10 coordinated accounts promoted a crypto scam by creating fake news and panic.

Crypto detective ZachXBT revealed on the X platform that he discovered a coordinated network of more than 10 accounts that attracted traffic by creating panic about war and politics, and then promoted cryptocurrency scams. The strategy included buying accounts with existing followers, posting negative content multiple times a day, boosting popularity through reposts from secondary accounts, promoting fake airdrops or scams, and then changing usernames.

One example account created an Asian version of the famous blogger Mario Nawfal by purchasing existing accounts and using AI. These accounts garnered millions of views and numerous interactions daily by mutually reposting exaggerated or fake news, attracting many large accounts to unknowingly amplify the hype. Behind the scenes, these accounts orchestrated fake airdrops and promoted cryptocurrency pump-and-dump schemes. On February 22, 10 X platform accounts in the network jointly promoted the scam project $ORAMAMA, with on-chain evidence showing the scheme generated six-figure profits. ZachXBT suspects these accounts are accumulating engagement for the next scam. He points out that if such operations are carried out by state-sponsored entities rather than pump-and-dump schemes, the consequences would be far more severe. He calls on platforms to ban and hold legally accountable those responsible for such manipulation. He advises users to check recent posts and account details before engaging with content and lists the X user IDs of these accounts in a table in case they change their names or delete their accounts.

Israeli media reports that the US is considering a ground operation to seize Iran's Kharg Island.

According to a Xinhua News Agency report citing the Israeli newspaper *The Jerusalem Post* on the 23rd, senior US officials recently informed Israel and other countries that the US "may have no choice" but to launch a ground military operation against Iran's Kharg Island. The report, citing two sources familiar with the matter, stated that the US military is accelerating the deployment of thousands of Marines and Navy personnel to the Middle East. This deployment includes the amphibious assault ship USS Boxer, the amphibious transport dock USS Portland, and the dock landing ship USS Comstock, carrying approximately 4,500 Marines and other combat personnel.

Backpack has launched a page for querying token allocation and staking.

According to official sources, Backpack has launched a token allocation query and staking page. Tokens can be unstaking at any time within the first 7 days; after that, there will be a 7-day waiting period before unstaking can be completed. Previously, Backpack announced that it would conduct a TGE on March 23 (today).

Backpack exchange token BP will be available for trading today at 20:00.

Backpack exchange announced that its platform native token $BP will be available for trading at 20:00 (UTC+8) today, and user withdrawals will be enabled subsequently.

BlockSec: PancakeSwap BCE-USDT pool attacked, losing nearly $680,000.

According to BlockSec Phalcon monitoring, the PancakeSwap BCE-USDT pool on the BSC chain was attacked several hours ago, resulting in a loss of approximately $679,000. The root cause was a flaw in the BCE token burning mechanism. The attackers deployed two malicious contracts to bypass buy/sell restrictions and trigger the burning of tokens within the pool, manipulating the pool's reserves to extract approximately $679,000 in profit from the BCE-USDT pool.

Resolv Labs: 9 million illegally minted USR tokens have been destroyed. Do not trade related tokens during the restoration period.

Resolv Labs issued an update regarding the security incident, stating that yesterday a malicious attacker illegally accessed Resolv infrastructure using a stolen private key, minting approximately $80 million worth of uncollateralized USR. The relevant smart contracts were quickly suspended, and approximately 9 million USR held by the attacker were destroyed to mitigate potential impact. Currently, the protocol holds approximately $141 million in assets, and the confirmed actual impact is only about $500,000 in redemptions processed before the suspension. The current USR supply consists of 102 million USR before the incident and approximately 71 million newly minted, illegally obtained tokens. As a first step in recovery, Resolv plans to allow redemptions of pre-incident USR, starting with whitelisted users, from March 23, 2026. Affected users should coordinate directly with RDAL through official channels.

Boyaa Interactive plans to spend no more than $70 million to acquire cryptocurrency.

Boyaa Interactive (00434) announced that its board of directors recommends seeking shareholder approval for a purchase authorization to use idle cash reserves from the company's business operations for potential cryptocurrency purchases within the next 12 months, with a total amount not exceeding US$70 million. This move aims to capitalize on the current downturn in the cryptocurrency market, appropriately expand the company's cryptocurrency holdings, and further support the development of its Web3 business. As of the date of the announcement, the company held a total of 4,092 Bitcoins at an average price of approximately US$68,200; 302 Ethereums at an average price of approximately US$1,661; and approximately 7,000,700 Tethers. The board plans to conduct these cryptocurrency purchases on regulated trading platforms to ensure market liquidity and security.

Morpho co-founder clarifies: The Resolv incident only affected a small number of high-risk vaults; approximately 15 vaults had significant exposure.

In response to community rumors that the Resolv Labs stablecoin security incident had a significant impact on Morpho, Morpho co-founder and CEO Paul Frambot clarified in a statement on the X platform that the incident did indeed affect USR and related assets (such as RPL), and impacted the lending market using them as collateral. However, among approximately 500 Morpho Vaults with deposits exceeding $10,000, only about 15 vaults had significant exposure to the relevant markets (exceeding $10,000). The affected vaults were mainly positioned with high-risk strategies and used long-tail collateral assets, while other vaults without such exposure (including low-risk Prime Vaults) were unaffected. Paul Frambot advised users to continue to follow updates from Resolv Labs and relevant Curators for the latest developments regarding specific vault risk exposures.

Opinions & Analysis

Analysis: The Bitcoin options market is shifting towards a defensive stance, with a significant increase in demand for downside protection.

In its analysis today, BIT stated that while the spot price of Bitcoin has not yet fully reflected this change, the options market has already reacted—implicit volatility has risen significantly, and demand for downside protection continues to intensify. Over the past week, put options accounted for 29% of Bitcoin options trading, and an even higher 37% for Ethereum, indicating a clear shift towards defensive positioning. Behind this position adjustment lies traders' deep concerns about geopolitical tensions: inflationary pressures may persist longer and their impact may extend beyond oil prices, spreading to a wider range of growth-sensitive assets.

Therefore, continuously monitoring changes in market positioning remains crucial, especially in the options market. Compared to spot trading, options tend to reflect shifts in risk appetite among quick-money accounts and tactical funds earlier. Although overall trading volume remains relatively low, market participants are not letting their guard down and are actively managing tail risk. It is worth noting, however, that Bitcoin continues to outperform other risk assets.

SkyBridge founder: Bitcoin's four-year cycle is still ongoing, price expected to rise in Q4.

According to Cointelegraph, SkyBridge founder Anthony Scaramucci stated that the current Bitcoin bear market can be explained by the four-year cycle theory and long-term holders selling at the psychological price level of $100,000. He pointed out that while inflows from institutional investors and Bitcoin ETFs have "mildened" the four-year cycle, they haven't completely eliminated this traditional cycle, and the shared beliefs of market participants can create a self-fulfilling prophecy. He predicts that Bitcoin will fluctuate for most of 2026, only starting to rise again in the fourth quarter of the year in a new bull market cycle.

Important data

H, XPL, JUP and other tokens will see large-scale unlocking, with H unlocking value estimated at approximately $10.2 million.

According to Token Unlocks data, tokens such as H, XPL, and JUP will see large-scale unlocks next week. Specifically: Humanity (H) will unlock approximately 105 million tokens at 8:00 AM Beijing time on March 25th, representing approximately 4.19% of the circulating supply, worth approximately $10.2 million; Plasma (XPL) will unlock approximately 88.89 million tokens at 8:00 PM Beijing time on March 25th, representing approximately 3.98% of the circulating supply, worth approximately $8.4 million; Jupiter (JUP) will unlock approximately 53.47 million tokens at 10:00 PM Beijing time on March 28th, representing approximately 1.55% of the circulating supply, worth approximately $8.3 million; and SoSoValue (SOSO) will unlock approximately 13.33 million tokens at 5:00 PM Beijing time on March 24th.

Huang Licheng was liquidated again, leaving only $30,200 in his account.

According to Lookonchain monitoring, Machi (Huang Licheng) has been liquidated again, and his account now only has $30,268 left. He has experienced a total of 335 liquidations, going from a profit of $44.84 million to a loss of $33.35 million.

Hyperliquid's weekly trading volume surpasses $15 billion, with commodities market dominating on-chain derivatives trading.

Decentralized derivatives platform Hyperliquid saw trading volume reach approximately $15 billion over the past week, with commodity-related contracts being the primary driver. Perpetual contracts for commodities such as crude oil, gold, and silver continued to rank among the most actively traded markets, with crude oil perpetual contracts exceeding $1.2 billion in 24-hour trading volume on some trading days, and silver perpetual contracts reaching approximately $1.25 billion daily. The platform's total daily trading volume once reached $15 billion, with a significant increase in the proportion of trading from non-crypto markets. Hyperliquid's HIP-3 framework allows the creation of perpetual contracts linked to various assets, including commodities, stocks, and indices, driving a rapid diversification of trading activity from traditional crypto pairs such as Bitcoin and Ethereum.

In its analysis today, BIT stated that while the spot price of Bitcoin has not yet fully reflected this change, the options market has already reacted—implicit volatility has risen significantly, and demand for downside protection continues to intensify. Over the past week, put options accounted for 29% of Bitcoin options trading, and an even higher 37% for Ethereum, indicating a clear shift towards defensive positioning. Behind this position adjustment lies traders' deep concerns about geopolitical tensions: inflationary pressures may persist longer and their impact may extend beyond oil prices, spreading to a wider range of growth-sensitive assets.

Therefore, continuously monitoring changes in market positioning remains crucial, especially in the options market. Compared to spot trading, options tend to reflect shifts in risk appetite among quick-money accounts and tactical funds earlier. Although overall trading volume remains relatively low, market participants are not letting their guard down and are actively managing tail risk. It is worth noting, however, that Bitcoin continues to outperform other risk assets.

H100 will increase its Bitcoin holdings to 3,501 coins through the acquisition of two companies.

The largest short sellers of gold and silver on the blockchain are currently profiting $8.45 million.

A whale holding over 130,000 ETH sold 5,000 ETH to repay part of its debt.

According to Lookonchain, a whale holding over 130,000 ETH ($268 million) just sold 5,000 ETH ($10.31 million) for $2,063 and repaid some of its debt. This whale still holds 126,000 ETH ($260 million) on Aave with approximately $122 million in outstanding loans.

Cryptocurrency liquidity in South Korea has plummeted, with stablecoin balances declining by 55% since July 2025.

According to CoinDesk, since July 2025, the stablecoin balances on South Korea's five major cryptocurrency exchanges have decreased by approximately 55%, from $575 million to about $188 million in mid-March. The outflow accelerated significantly after the Korean won fell below 1500 against the US dollar in mid-March. Bradley Park, founder of DNTV Research, stated that the weakening won amplified investors' incentive to exit dollar-denominated assets, with traders converting stablecoins into won and reallocating them to domestic assets.

This trend aligns with the broader shift of South Korean retail funds from cryptocurrencies to the stock market. Incentives such as government-backed "repatriation" accounts allow investors to enjoy up to 100% capital gains tax exemption when selling overseas assets and reinvesting them locally. The Korea Composite Stock Price Index (KOSPI) has already risen 75% by 2025 and is poised for a further 37% increase this year. Analysts believe that the decline in liquidity in the South Korean crypto market reflects domestic capital rotation rather than a regional withdrawal, and whether funds will flow back in the future likely depends more on the sustainability of the stock market rally.

A long-dormant ETH OG whale is suspected of selling 15,000 ETH, yielding a return of 17,680%.

According to on-chain analyst @ai_9684xtpa, the 2016 ETH OG whale, which had been dormant for a year, is suspected of selling 15,000 ETH, yielding a ten-year return of 17,680%.

Address 0xa2F…bF85A deposited $30.97 million worth of ETH into Coinbase three minutes ago. This OG (Original Genius) started accumulating Ethereum as early as 2016, offering prices as low as $11.61. If this portion of ETH is sold, it will yield a profit of $30.79 million.

A retail investor sold 1.27 million SIREN tokens, turning $99,700 into $2.09 million within two months.

According to on-chain analyst @ai_9684xtpa, a retail investor apparently accumulated 1.27 million SIREN tokens two months ago when the price was $0.07827. During the period of the price surge, the price increased by 2095%, but the investor did not sell. The investor finally took profit and exited the market 14 hours ago at $1.64, turning $99,700 into $2.09 million.