HKMA warns of fraudulent digital Hong Kong dollar project scam, has reported to police

Odaily reports: AI compute startup General Compute has completed a $100 million Series A funding round, led by Blackbird Ventures and Abstract Ventures, with a post-money valuation of $800 million, a significant increase from the $60 million valuation after its seed round in May this year. The funding was driven by an order from a large customer with $100 million in annual recurring revenue.General Compute focuses on AI inference compute, using specialized chips from NVIDIA competitors, and has reached a $400 million chip procurement agreement with SambaNova, with suppliers also including Positron and Cerebras. Unlike the traditional approach of building large data centers, the company deploys AI compute by leasing data center space, utilizing smaller-scale power resources, and retrofitting Bitcoin mining farms, with plans to deploy 75 megawatts of compute capacity by 2027. Amid CoreWeave's stock falling to near a 12-month low and Elon Musk's prediction that more than 200 new cloud service providers will undergo elimination and consolidation, General Compute co-founder and CEO Finn Puklowski believes that market fears of a chip-induced industry collapse are severely exaggerated, and customer demand for various chips and compute remains strong.PANews, October 27: According to reports, AI compute startup General Compute has completed a $100 million Series A funding round, led by Blackbird Ventures and Abstract Ventures, with a post-money valuation of $800 million, a significant increase from the $60 million valuation after its seed round in May this year. Currently, General Compute focuses on AI inference compute, using specialized chips from NVIDIA competitors, and has reached a $400 million chip procurement agreement with SambaNova, with suppliers also including Positron and Cerebras. (TechCrunch)

Odaily: Luxor Technology, a full-stack hashrate services provider, has completed a $16 million strategic funding round led by CMT Digital, with participation from Canaan, MicroBT, Halo, Steelhead, and several angel investors. Luxor plans to use the funds to expand its agent cloud platform, AI hardware business, and hashrate derivatives trading capabilities, as well as to grow its team. The company originally served Bitcoin mining companies and is now expanding into GPU and AI server procurement, targeting opportunities arising from the convergence of the Bitcoin mining and AI compute markets. (Cointelegraph)

Odaily reports: Bonk Guy posted stating that the view that onchain trading and the Meme coin market have fallen into the worst period in history reflects a misperception within the crypto community (CT) regarding the current state of the market. Over the past 4 months, about 6 new tokens reached market caps of $100 million to $300 million or more, among which PONS started from zero and its fully diluted valuation (FDV) once reached $960 million, while the FDVs of tokens such as ANSEM, CASHCAT, AI, and STONK also all broke through $300 million at one point. In addition, dozens of new tokens surpassed $10 million in market cap, and despite the deterioration in market structure, tokens with sharp gains still occasionally emerge onchain.Bonk Guy compared the current market with previous downturn periods, noting that before the emergence of Robinhood Chain, the market went through a long stretch with almost no notable rallies; and after the launch of the TRUMP token last year and before the initial rise of BonkFun, there was also a period of about half a year during which almost no token could break through a market cap of $2 million to $5 million.He believes that although the current market is no longer in the broad rally phase seen a few months ago, this does not mean trading opportunities have disappeared. He expects the market may recover soon, even faster than most people anticipate, and suggests paying attention to tokens that have already demonstrated the ability to deliver outsized performance in the previous cycle, seeking opportunities during market pullbacks. The market is currently filled with pessimism and negative narratives, and investors should not be swayed by the noise. Historical experience shows that some previously strong tokens may not only return to their prior highs but even break through further once the next market cycle begins. The biggest opportunities often appear before market sentiment reverses and while mainstream investors have yet to change their views.

Odaily News: eToro founder Yoni Assia stated in an interview that Bitcoin may encounter one more "bump in the road" before starting its next rally, and he expects Bitcoin's next upward trend to begin next year. (Cointelegraph)

Odaily reports: As U.S. midterm elections approach, House Democrats are pushing into increasingly red-leaning districts. Historical experience shows that even under favorable cycles, these late-stage expansion efforts are typically ineffective.According to a POLITICO analysis, since 2018, Democrats have failed to flip a single Republican-held seat that was added to the Democratic Congressional Campaign Committee (DCCC) "Red to Blue" program list in September or October just before Election Day.Of the 28 candidates added to the list in the final two months of the campaign between 2018 and 2024, only 3 Democrats won—and all of those victories were for open seats already held by Democrats. This win rate is far below the average for the "Red to Blue" program. Of the 203 candidates included in the program over the past four election cycles, 73 successfully captured opponent-held seats.

Odaily reports that according to Arkham monitoring, based on its identified official wallet associated with Justin Sun, Justin Sun currently holds nearly 3% of the PEPE token supply, worth approximately $51.25 million, and appears to have become the largest individual holder of PEPE. The relevant PEPE tokens were transferred into his wallet over the past 10 days, withdrawn in two transactions from Poloniex on October 17 and 26, totaling 11.85 trillion tokens, valued at $48.76 million at the time of withdrawal, with current unrealized gains exceeding $2 million. This may have made him the largest individual holder of PEPE.