Crypto Morning Brief: China Demands Cancellation of Manus Acquisition; Aave DAO Proposes Pausing AAVE Buybacks
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Crypto Morning Brief: China Demands Cancellation of Manus Acquisition; Aave DAO Proposes Pausing AAVE Buybacks
Bitmine restakes 113,800 ETH, bringing its total staked value to $8.76 billion.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Updates
Iranian Foreign Minister: U.S. Has Proposed Talks with Iran
According to JINSHI Data, Iranian Foreign Minister Hossein Amir-Abdollahian stated that the United States has proposed holding talks with Iran, and Tehran is currently considering this possibility.
CFTC Sues New York State to Assert Regulatory Authority over Prediction Markets
According to The Wall Street Journal, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against New York State in the U.S. District Court for the Southern District of New York on April 27, seeking a court ruling affirming the CFTC’s exclusive regulatory authority over prediction markets to halt New York State’s enforcement actions. Previously, New York State had sued cryptocurrency exchanges Coinbase and Gemini over their prediction market operations. Earlier this month, the CFTC also filed similar lawsuits against Arizona, Illinois, and Connecticut, intensifying jurisdictional disputes between federal and state regulators.
National Development and Reform Commission (NDRC): Prohibits Foreign Acquisition of Manus Project, Orders Transaction Reversal
The National Development and Reform Commission (NDRC) has lawfully prohibited foreign investment in the Manus project and ordered the parties involved to reverse the acquisition transaction.
Earlier reports indicated that Meta acquired Manus’ developer Butterfly Effect for several billion dollars, with founder Xiao Hong appointed as Meta’s Vice President.
Aave DAO Proposal Suspends AAVE Buybacks Pending Clarity on rsETH Incident
According to the Aave Governance Forum, service provider TokenLogic published an Aave Request for Comments (ARFC) proposal on April 27, 2026, formally disclosing and confirming the suspension of AAVE buybacks effective April 19.
The suspension follows a vulnerability exploit on Kelp’s LayerZero rsETH bridge on April 18, which allowed under-collateralized rsETH to enter Aave V3’s multi-chain market. In response, Aave Protocol Guardians and risk management teams froze all rsETH and wrsETH reserves and adjusted WETH interest rates across relevant deployments.
Given significant uncertainties surrounding loss allocation, asset recovery, and DAO-level response plans, the DAO decided to suspend buyback operations to preserve financial flexibility and avoid depleting treasury reserves during this sensitive period. The proposal clarifies that the buyback schedule will be reassessed once the situation becomes clearer, and any resumption plan will be communicated to the community via standard treasury update announcements.
Compound Proposes Participation in rsETH Recovery Effort, Offering Up to 3,000 ETH
According to official announcements, Compound has launched a new proposal supporting the rsETH recovery initiative coordinated by DeFi United, pledging up to 3,000 ETH. The proposal notes that although Compound’s direct risk exposure is expected to be limited, this action reflects its broader commitment to safeguarding DeFi market integrity and participating in recovery efforts that enhance DeFi ecosystem resilience and long-term sustainability.
Polymarket to Upgrade on April 28, Migrating Collateral Token from USDC.e to pUSD
Prediction market platform Polymarket announced it will conduct an upgrade at 11:00 UTC on April 28, 2026, with trading expected to pause for one hour. This upgrade includes launching the new smart contract CTF Exchange V2, rebuilding the order book system, and migrating collateral assets from USDC.e to the new collateral token Polymarket USD (pUSD).
Polymarket reminds users that all existing order books will be cleared during the upgrade; users must re-place orders after the upgrade completes. Most users require no additional action—only a one-time approval is needed for their first trade post-upgrade. All protocol transactions continue to settle in native USDC. Additionally, the CTFv2 contract has undergone audits by Cantina and Quantstamp, and Cantina’s bug bounty program is now live.
Western Union to Launch Stablecoin USDPT Next Month and Roll Out Stable Card
According to The Block, Western Union announced it will launch its stablecoin USDPT next month. It will also deploy a network connecting digital wallets with its existing retail infrastructure and plans to roll out the Stable Card—a stablecoin payment card—for global consumers.
ZetaChain: GatewayEVM Contract Attacked; Cross-Chain Transactions Temporarily Suspended
According to an official announcement, ZetaChain reported that its GatewayEVM contract was attacked today, with impact limited exclusively to internal ZetaChain team wallets. Officials confirmed the attack vector has been blocked, and no further funds are currently at risk. As a precautionary measure, ZetaChain has temporarily suspended cross-chain transactions. The investigation remains ongoing; officials confirmed no user funds were affected, and a detailed post-mortem report will be released upon completion of the investigation.
Tether Launches Open-Source Bitcoin Mining Development Framework MDK to Break Vendor Lock-in
According to Tether’s official announcement, Tether officially launched the Mining Development Kit (MDK) on April 27—a full-stack open-source development framework designed for Bitcoin miners and developers. MDK aims to provide a unified infrastructure control layer for miners ranging from home-based operators to gigawatt-scale mining farms, eliminating vendor lock-in caused by existing closed, proprietary systems.
MDK adopts a modular architecture comprising two layers: MDK Core (an open-source SDK offering real-time device control and customization capabilities) and the UI Development Kit (a standardized dashboard component library). It supports multi-platform deployment on Windows, macOS, and Linux, and is compatible with any hardware or vendor. The framework enables advanced use cases such as automated workflows, pool management, and AI-driven optimization.
Bitmine Restakes 113,800 ETH, Bringing Total Staked Value to $8.76 Billion
According to on-chain analyst Onchain Lens (@OnchainLens), Bitmine staked 113,808 ETH approximately six hours ago, valued at roughly $259 million. Bitmine’s cumulative staked ETH now totals 3,815,397, valued at approximately $8.76 billion.
He Yi: YZi Labs Has Invested in a Chinese AI Large Language Model Company
According to Tencent News’ “Qianwang” column, during the 2026 Hong Kong Web3 Festival, He Yi disclosed at a small private gathering with KOLs that she and Zhao Changpeng’s family office, YZi Labs, have invested in a Chinese AI large language model company—though the specific company name was not revealed.
Market Data
Recommended Reading
Fu Peng’s Mute Button Was Pressed in the Wrong Place
https://www.techflowpost.com/zh-CN/article/31333
This article discusses economist Fu Peng’s transition from traditional finance into the cryptocurrency industry, analyzing differences in trust frameworks between traditional finance and crypto, and friction he encountered adapting to crypto-native norms.
Ethereum Foundation Sells Another 10,000 ETH—BitMine Takes OTC Delivery. What Happened to “No More Token Sales”?
https://www.techflowpost.com/zh-CN/article/31337
This article details a recent over-the-counter (OTC) transaction in which the Ethereum Foundation sold 10,000 ETH—the largest such sale of the year—valued at approximately $23.87 million. BitMine acted as the buyer, aiming to hold 5% of ETH’s circulating supply. The Foundation’s token sale drew criticism from the community, especially amid a major DeFi vulnerability crisis. This marks the Foundation’s third large-scale ETH sale this year, totaling approximately $45.18 million, with growing scrutiny over the correlation between its sales timing and ETH price history.
OpenAI Enters Mobile Hardware: A Lifeline for a Loss-Making Company—or Another AI Hardware Graveyard?
https://www.techflowpost.com/zh-CN/article/31339
This article explores OpenAI’s motivations and challenges in entering the mobile hardware space. Facing limitations of its subscription model and soaring compute costs, OpenAI seeks new revenue streams through AI-powered smartphones. Yet hardware competition is fierce, successful transitions from software to hardware are rare historically, and market acceptance of AI smartphones remains uncertain.
Vitalik’s Hong Kong Dialogue: “Let’s Build Something Radically Different from Past Ethereum”
https://www.techflowpost.com/zh-CN/article/31340
This article summarizes Ethereum co-founder Vitalik Buterin’s keynote speech at the ETH Hong Kong Community Hub opening event, covering topics including Ethereum L1 scalability, L2 positioning and value, quantum resistance, AI-related threats, and generational technological shifts within the Chinese-speaking community. Vitalik outlined Ethereum’s future technical roadmap—including dual-track advancement of L1 and L2 scaling, quantum-safe security pathways, and potential AI-related threats to blockchain along with mitigation strategies—while reflecting on his engagement with the Chinese-speaking community and expressing optimism about future technological progress.
Rhenium Fraud: Even Gold Has Its Own “Shitcoin”
https://www.techflowpost.com/zh-CN/article/31342
This article examines a novel gold fraud method—adulterating gold with rhenium powder—and analyzes the resulting industry issues and market impacts. It details rhenium powder properties, the adulteration process, detection difficulties, related cases, and market developments.
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