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On July 7th, Daiwa Securities released a research report stating that the latest channel inspections show that the retail sales value (RSV) of the sporting goods industry slowed quarter-on-quarter in the second quarter of this year, and the monthly volatility of RSV increased, further reducing the short-term predictability of Xtep (01368.HK). Meanwhile, the transformation of Xteps core brand will disrupt its wholesale business and require upfront investment, potentially diluting Xteps short-term revenue and profit margins. Although the Saucony brand can continue to maintain high growth, the core Xtep brand may face challenges from slower growth and increased competition. The bank lowered its earnings per share forecast for Xtep this year by approximately 12%, and reduced its target price from HK$5.2 to HK$3.9, downgrading its rating from "Outperform" to "Hold".Indian government officials said India will supply Indonesia with BrahMos cruise missile systems and Astra air-to-air missiles.Japans May coincident economic index rose 0.4% month-on-month, down from 1.3% in the previous month.Bernstein: Launches coverage research on SpaceX (SPCX.O) with an "Outperform" rating and a target price of $239.On July 7th, Citigroup issued a report stating that Kingboard Laminates (01888.HK) announced a price increase. Given the larger-than-expected increase, Citigroup raised its earnings forecast and target price from HK$120 to HK$130, maintaining a "Buy" rating. Citigroup believes the recent share price pullback was mainly due to fund rotation from higher-valuation AI hardware stocks to non-technology sectors, Metas sale of excess computing power, and the reduction of shares by its largest shareholder, Hallgain. However, Citigroup views this pullback as a buying opportunity. The bank indicated that subsequent catalysts include a higher-than-expected average selling price of electronic fiberglass cloth, a potential for a better-than-expected first-half profit warning, and the markets expectation of upward revisions to financial forecasts after the first-half results are released. Citigroup raised its 2026-2028 earnings forecasts by 11-12%, to RMB 9.607 billion, RMB 14.275 billion, and RMB 19.523 billion, respectively. Furthermore, the stock had previously been added to Citigroups upside catalyst watch list, expiring on August 2nd.

DEX dYdX Blocks Tornado Cash Affiliated Accounts Citing US Sanctions

Jimmy Khan

Aug 12, 2022 14:47

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This week, the Office of Foreign Asset Control (OFAC) and the US Treasury imposed an outright ban on Ethereum, putting the decentralized non-custodial privacy solution therein in serious jeopardy.


The government not only forbade its residents from utilizing the services, but it also established similar guidelines for cryptocurrency firms, telling them not to collaborate with the platform. Since that time, dYdX has been the first decentralized exchange to take action in its direction.

After a tornado, dYdX

The DEX gave its clients an explanation of the cause of the Tornado Outage on the platform in a blog post published yesterday.


As the $625 million Axie Infinity Ronin Bridge assault, where Tornado was utilized as a way to transport the stolen cash around, is one of the most well-known hacks in the history of cryptocurrency, the OFAC banned Tornado Cash.


Beyond this, however, Tornado's privacy regulations made it a go-to for thieves. Thus, the OFAC declared it obligatory to avoid Tornado Crash in order to eliminate the likelihood that the same would be sponsored from inside the nation.


As a result, a sizable number of customers saw that dYdX had disabled their accounts because of their connection to Tornado Cash, according to what the DEX had to say.


"This sudden influx of flags affected many account holders who have never directly interacted with Tornado Cash, and frequently such users do not realize the origin of the funds transferred to them during various transactions prior to interfacing with our platform, but we must nonetheless maintain certain restrictions," said Tornado Cash.

A terrifying storm with a tornado

Things started to fall apart as the crypto facilitator platform dealt with OFAC prohibitions, and in only three days, the network's native token, TORN, reached new lows.


Trading for TORN was spotted at $16.3, down from $30 less than a week ago, a drop of more than 45%.


Investor losses as a result of this abrupt blacklisting are unprecedented since the platform has been permanently blacklisted, making it unable to recoup from the price collapse of 45%.


And now that both DeFi and non-DeFi crypto exchanges are acting in this way, things are only going to grow worse for TORN moving ahead.

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