Odaily reports that PaperTrade posted on X stating that trading volume in the first 6 hours after launch exceeded stock market trading volume; one day after launch, PaperTrade has become a trading platform supporting 1000x leverage, with liquidity pool (LP) size reaching $5 million and $25 million in rewards distributed to staking users.

In response to community concerns about the fair launch mechanism and BTC/ETH market manipulation, PaperTrade stated that due to the need to prevent frontend congestion and spam request attacks, small orders cannot enjoy exactly the same priority as large orders, and the team has maximized fairness within these constraints. Some users exploiting the Hyperliquid BBO mechanism to manipulate BTC/ETH was not an oversight in mechanism design, but rather resulted from opening a higher OI cap during the initial launch period to alleviate queuing pressure. As traffic has declined, the team has begun tightening position limits at both the on-chain and relay levels to reduce the profit space for manipulation.

PaperTrade added that no system can completely eliminate manipulation, and the goal is to make attacks nearly unprofitable through parameter adjustments, noting that in the relevant incidents, some users ultimately returned most of their profits to the platform due to persistent manipulation attempts.

Odaily reports: Crypto analyst Darkfost stated on X that when Bitcoin's price reached $83,000, approximately 53% of capital costs were positioned above that price, meaning current buyers' holding costs are higher than those of more than half of market participants. Currently, the $84,000 to $85,000 range represents Bitcoin's largest supply distribution zone, where many investors will react at this critical price level. This area is a key resistance level that Bitcoin needs to break through for its subsequent trend; if the price pulls back, the $79,000 to $77,000 range may become a potential support zone.

Odaily News: Microsoft CEO Satya Nadella published a long article stating that as Super Intelligence systems develop, the industry needs to re-examine AI trust architecture, and cannot simply rely on commitments from model providers, nor outsource the responsibility for AI behavior.

Nadella said that over the past few decades, when traditional software systems were deployed across industries, developers could usually trace behavior to specific code paths. But today's frontier AI models have capabilities beyond traditional software systems, yet cannot clearly attribute model outputs to specific training data or model weight configurations. Enterprises are connecting AI systems with autonomous action capabilities to sensitive data and granting them permissions to perform critical tasks, so they need to build systems with observability, testability, and controllability, separating "intelligence supply" from "permission control."

Nadella proposed that superintelligence should be governed through an engineering approach, constraining non-deterministic models through deterministic system design, human control, and operational processes, and managing AI systems as potential "insider risks," including limiting permissions, recording behavior, and establishing isolation boundaries. He also proposed that superintelligence systems should follow principles such as multi-model collaboration, end-to-end observability, continuous verification, independent control, independent auditing, risk isolation, and incident disclosure. Among them, he emphasized that model chain-of-thought (CoT) transparency is a baseline requirement, but CoT transparency alone is not enough, because model outputs themselves may still lack reliable interpretability.

Nadella concluded by saying that the most trustworthy superintelligence system in the future is not the "most trustworthy model," but a "system that can still operate safely even if the model is not fully trusted."

Odaily News: U.S. Treasury Secretary Bessent sent a letter to Senator Elizabeth Warren in response to her questions regarding the Treasury Department's related policies, stating that Warren's understanding of financial markets "lacks foundation," criticizing her previous support for the Biden administration's spending policies, and attributing the economic consequences to the Federal Reserve rather than fiscal policy.

In response to Warren's claim that recent U.S. "intervention measures are unprecedented," Bessent said in the letter that the relevant Treasury buyback program has been in place since May 2024 and has been welcomed by market participants. The program aims to enhance liquidity in the U.S. Treasury market, reduce market volatility, improve the convenience yield of Treasuries, and secure better value for taxpayers. The tax policies promoted by the Trump administration are benefiting families and workers, including measures such as tax exemptions on overtime income, tax exemptions on tip income, additional deductions for seniors, and the child tax credit.

Odaily News: Bitcoin fell to $80,350 on Thursday before rebounding, climbing back above $83,000 at the Friday U.S. stock market open and subsequently fluctuating around $82,500. The rolling 24-hour cryptocurrency liquidation amount had previously exceeded $1 billion. Despite news circulating that Ledger hardware wallet users' funds were stolen, the crypto market has not yet shown significant selling pressure.

Analysts suggest that before the U.S. CPI data is released on October 14, Bitcoin may remain range-bound, with the main trading range between $81,300 and $86,500, and could repeatedly test $84,000. The market is also watching whether Bitcoin can hold the key level of $82,500 before the weekly close. (Cointelegraph)

Odaily News: According to a notice published on the White House website on Friday, U.S. President Trump announced the establishment of a dedicated committee to investigate allegations against Federal Reserve Governor Lisa Cook. According to the notice dated October 7, Trump stated: "To assist me in fulfilling this responsibility, the committee will investigate the allegations against Governor Cook and report to me whether there exists 'good cause' to remove Governor Cook." This investigation will focus on assessing whether Cook meets the conditions for removal under the law, and does not currently mean that she has been removed.

Odaily News: Dragonfly Managing Partner Haseeb Qureshi stated that the "bunker mode" proposed by Ethereum researcher Justin Drake to address the risk of AI cracking cryptographic signatures amounts to "cryptographic doomerism," and argued that migrating tokens to new addresses is not a real solution.

Qureshi said that "bunker mode" can only protect assets that users have not yet transferred out of new addresses. If tokens in other addresses are attacked and heavily sold off, those assets could still lose value. He suggested that blockchain networks adopt a "Cryptographic Recovery Mode," using hash-based backup signature schemes that allow users to bind recovery mechanisms in advance, so that validators can assist in recovering assets after cryptographic signatures are cracked.

Previously, Ethereum researcher Justin Drake warned that with the rapid improvement of AI mathematical capabilities, the ECDSA signature algorithm protecting crypto wallets could face the risk of being cracked within "months rather than years," and advised users to gradually migrate funds to new wallets that have not exposed public keys. Glassnode data shows that approximately 6.26 million BTC are currently held in addresses with potential risk. (Cointelegraph)