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2026-10-12 · 1 high-impact headlines

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  1. Moonshot AI (Kimi) in settlement talks ahead of IPO, old case claims may exceed $700 millionAI News Flash: Reuters exclusively reports that Moonshot AI executives are in settlement talks with former company Recurrent.ai and its investors, hoping to resolve a nearly two-year arbitration dispute before a Hong Kong IPO. It remains unclear whether the two sides can reach an agreement. The dispute involves Moonshot AI founder Yang Zhilin and CTO Zhang Yutao. They co-founded Recurrent.ai in 2016. According to a lawyer's letter seen by Reuters, Recurrent.ai and some investors allege that the two founded Moonshot AI without board authorization and provided false information to the original company's investors. The lawyer's letter also alleges that servers containing key large-model data were transferred without authorization, and some data was deleted. The shareholding arrangement of Moonshot AI President Zhang Yutong has also been questioned. Reuters was unable to independently verify these allegations. Yang Zhilin previously said the startup had obtained the necessary approvals, and his attorney also said the case lacks factual and legal basis. When Moonshot AI was founded, Recurrent.ai was allocated 9.5% initial equity. Now, Recurrent.ai and some investors are demanding compensation equivalent to 10.5% of Moonshot AI's initial share capital. Based on Moonshot AI's $30 billion valuation during its June financing this year, people familiar with the matter estimate the potential value could exceed $700 million. Moonshot AI has confidentially filed for a Hong Kong IPO. People familiar with the matter believe the dispute will not directly block the listing for now, but if it remains unresolved for a long time, equity ownership and information disclosure could still become obstacles.
  2. Sui Foundation Invests $30 Million in DATA Network, AI Training Data Protocol to Migrate to SuiBlockBeats news, October 12: The Sui Foundation announced a $30 million investment in DATA Network. As part of the strategic partnership, the AI training data protocol will join the Sui tech stack and integrate with the on-chain data storage platform Walrus. Under the arrangement, the Sui Foundation will become the largest institutional holder of DATA Network, alongside existing stakeholders PIP Labs and DATA Foundation. DATA Network will be upgraded to a protocol running natively on Sui, its independent chain will be retired, and existing DATA tokens will migrate to Sui at a 1:1 ratio. The original network will continue operating until the transition is complete, and the foundation will release a detailed timeline before the upgrade. Walrus will become the default storage layer for applications operated by DATA Foundation. DATA Foundation shifted from general intellectual property infrastructure to AI training data in June this year. Its Trace, launched in June, tracks the provenance and usage rights of AI training data and settles payments to data contributors. Since its launch, the Trace registry has recorded over 250 million contributions and currently processes more than 3 million receipts per day.
  3. South Korea's Financial Services Commission advances token securities expansion, with bonds and funds to be included in the first batch of underlying assets.BlockBeats news, October 12 - South Korea's Financial Services Commission is pushing to expand the tokenized securities market from fractional investments in real estate and artworks to bonds and funds. The amendments to the subordinate laws of the Electronic Securities Act and the Capital Markets Act have been pre-announced for legislation from the 2nd of this month to the 11th of next month, with supporting measures set to officially take effect on February 4 next year, refining rules for issuance and circulation. The amendments explicitly include traditional securities such as stocks, bonds, and funds within the scope of tokenization. Initially, priority will be given to institutional investors with the launch of private money market funds, private bonds, and trust-based tokenization of unlisted stocks, while piloting public fractional investment securities; public bonds and funds for ordinary investors will be expanded only after the market stabilizes. At the same time, regulators plan to set an annual net purchase limit of KRW 100 million per exchange for ordinary investors on over-the-counter trading platforms, and allow non-financial institutions to directly manage investor accounts after meeting conditions such as KRW 4 billion in own capital.
  4. A certain whale sold 410.14 bitcoins to switch to Ethereum, with the ETH valued at $36.14 million.BlockBeats news, October 12th, according to Lookonchain monitoring, a mysterious whale is selling Bitcoin and swapping into Ethereum. It sold 410.14 Bitcoins, worth $34.16 million, and then bought 14,341 Ethereum on DEX, worth $36.14 million.
  5. Analysis: The market downturn coupled with BTC chip distribution may not be as frightening as it seems, as potential selling pressure is released ahead of time during the bear-to-bull transition phase.BlockBeats news, October 12: Analyst Murphy stated that data shows long-term holders (LTHs) transferred approximately 32,000 BTC to trading platforms cumulatively from October 7 to 8. This is the second-largest single-day transfer by LTHs since the major drop on February 5 this year, and it is highly likely a potential sell intention. However, these 32,000 BTC cannot all be regarded as active distribution by LTHs. During the same period, US government-related wallets transferred approximately 17,200 BTC to Coinbase Prime. Considering that Coinbase Prime is the official custodian and trading service provider designated by the US Marshals Service, this transfer does not necessarily mean a sale; it could also be related to asset custody consolidation or case disposal. After excluding this special transfer, the remaining approximately 14,800 BTC is the potential selling pressure that warrants more attention, mainly from long-term holdings with coin ages of 6-12 months and 3-5 years. During the bear-to-bull transition period, LTHs transferring an average of 2,000-3,000 BTC per day to trading platforms is typically within the normal range. Once the transfer volume suddenly significantly exceeds the average, it is often accompanied by special events or bearish market expectations. However, "market decline combined with LTH coin distribution" is not necessarily a bad thing, especially during the bear-to-bull transition stage. From the entity-adjusted CDD (Coin Days Destroyed) data, whenever the market pulls back and CDD rises sharply, it often means that some long-dormant coins are beginning to become active, or even choosing to exit. But in hindsight, although the decline brought short-term selling pressure, it also prompted some less committed coins to complete their turnover. The early release of potential selling pressure actually reduces resistance for subsequent market movements. From another perspective, this is also a manifestation of the bull market process in which long-term accumulated coins are gradually activated and turnover activity continues to increase. So there is no need to be overly worried about every LTH distribution. What truly deserves attention is whether these coins can be effectively absorbed by the market. After all, a bull market cannot consist only of buying without selling. Old coins continuously being released while new capital keeps absorbing them is itself the process of the market completing value rediscovery. Sufficient coin turnover is, in fact, an important foundation for a market cycle to go further.
  6. South Korea's KOSPI index extended its intraday decline to 3%, with SK Hynix falling 4.2%.BlockBeats news, October 12th, according to Bitget market data, South Korea's KOSPI index intraday decline widened to 3%. SK Hynix fell 4.2%, Samsung Electronics fell 2.6%.
  7. Ansem: Altcoin sentiment and positioning at historic lows, potentially the most asymmetric investment opportunity.BlockBeats news, October 12 — Renowned trader Ansem stated that the crypto market has experienced the worst cross-asset performance in history over the past few years, primarily driven by factors including AI talent drain, insufficient innovation following the DeFi explosion, and gold's rare multi-trillion-dollar revaluation, compounded by one of the worst liquidation days in altcoin history. Currently, institutional and retail sentiment and positioning at the bottom of altcoins are at multi-year lows or even historic lows, and in a momentum-driven asset class, the only direction left is up. Ansem further pointed out that for the first time in the crypto industry's history, altcoins have emerged with characteristics including minimal VC unlock pressure, genuine product-market fit, and a regulatory environment turning positive. The industry has moved past the "spray and pray" model, and tokens that truly gain capital favor will rise rapidly, making current crypto assets one of the most asymmetric setups for capital allocators to seize.
  8. Binance will support Micron's dividend distribution through bStocks.BlockBeats news, October 12 - Binance will support Micron Technology (MU) cash dividend distribution through bStocks. Binance will suspend the 1:1 exchange service between MU stocks and MUB bStocks, as well as the deposit, withdrawal, and conversion functions of MUB, at 23:30 (UTC) on October 13, 2026, and will automatically resume after the distribution is completed. Dividends generated by other accounts will be credited to the spot account.