It's 9 am in Shanghai, Shenzhen, and here in Hong Kong, you're watching the China show. I'm Annabelle Droulers with David Ingles. Good morning.We are counting down to the open of markets in greater China. Our top stories today, Asian stocks rising, treasuries sliding as traders trimming bets for a Fed rate cuts following a stronger than expected US jobs report. So the so-called scare trade spreads to this region with real estate services, biotech stocks, tracking declines among peers on Wall Street.Meanwhil ...

SCOOP: Crypto exchange Kraken fires chief financial officer ahead of long-awaited IPO@IanAllison123 writeshttps://t.co/QrNoIB2N8P ...

Core Insights - South Korean financial regulators are investigating suspicious trading activities on Upbit following a dramatic 970% price surge of the ZKsync token within three hours on February 1 [1][2] - The price of ZKsync rose from approximately $0.023 to $0.24 just before scheduled maintenance on Upbit, before dropping back to around $0.023 after the maintenance ended [1] - Trading volumes for ZKsync on Upbit increased by over 4,000% on February 1, contrasting with a 150% increase on Coinbase, where the price rose by nearly 40% [3] Regulatory Actions - The Financial Security Service's Virtual Asset Investigation Bureau is assessing the situation and may initiate a formal investigation based on the severity of the case [2] - Legal experts suggest that the rapid price increase may indicate a coordinated effort to manipulate the market, potentially violating the 2023 Act on the Protection of Virtual Asset Users [5][6] - The act allows for imprisonment of over a year for offenders and fines up to five times the profits gained from illicit activities [5] Market Dynamics - Almost 40% of ZKsync trades are now conducted on Upbit, despite the coin typically having low trading volumes in South Korea, accounting for less than 2% of Upbit's 24-hour trading volume as of February 4 [4] - ZKsync operates as a layer-2 network for Ethereum, utilizing zero-knowledge proofs to reduce transaction costs [4] - The concentration of buy orders in a short timeframe, followed by a significant release of volume, raises concerns about price manipulation and collusive trading practices [6]

Crypto exchange Coinbase is set to launch its own prediction market as they surge in both popularity and scrutiny. https://t.co/hwnboYj2a8 ...

Account Security & Process Changes - Crypto exchange MEXC is changing processes following an influencer's efforts to unlock his $3 million account [1] Influencer Impact - An influencer's campaign prompted MEXC to review and modify its procedures [1]

Platform Updates - Coinbase has integrated new functionalities for Cardano and Litecoin on its Base layer-2 network [1] Cryptocurrency Adoption - The integration allows crypto holders to utilize Cardano and Litecoin within the Coinbase ecosystem [1]