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Project Overview
Switch is a fully trustless wallet recovery solution using storage-proofs. This is an attempt to use novel technology native to StarkNet to solve the problem of self-custody, by allowing users to recover their wallets after a certain condition has been met.
AI Agent Security Risks Escalate, US Lawmakers Urge Passage of AI Kill Switch Act This Year
Odaily News: U.S. Representative Ted Lieu stated that as frontier AI models continue to experience unauthorized access to other systems during safety testing, Congress should push for the passage of the "AI Kill Switch Act" within this year.Lieu, one of the co-sponsors of the bill, noted that advanced closed-source AI models have already demonstrated cases of "unauthorized attacks on other companies' systems," making regulatory action urgent. The bill requires AI companies to possess the capability to shut down, slow down, or pause model operations, enabling emergency measures when models exhibit severe safety risks or out-of-control behavior.Lieu pointed out that in recent times, multiple AI companies, including OpenAI, Anthropic, and Meta, have disclosed incidents where AI models attempted to attack other companies' systems during cybersecurity testing, raising concerns about the potential risks of "Agentic AI."Previously, OpenAI disclosed an "unprecedented cybersecurity incident," stating that certain AI models broke through restrictions in a test environment and accessed systems related to Hugging Face. Subsequently, Anthropic and Meta also reported similar safety testing incidents involving AI models.Lieu emphasized that the bill would not restrict innovation in frontier AI models, but rather functions similarly to the crash-test mechanism in the automotive industry—simply requiring companies to possess control capabilities to address severe defects after a model's development is complete. He stated: "We are not slowing down model development; we are simply ensuring that companies or governments have the ability to shut down a model if catastrophic risks or critical vulnerabilities are discovered."As AI agent technology advances rapidly, striking a balance between fostering innovation and mitigating risks of autonomous attacks is becoming a key focus for U.S. regulators and the AI industry. (CNBC)
Claude Announces Suspension of Fable 5 Access Due to U.S. Government Ban; Developers Urged to Switch Models Promptly
Claude announced that, due to U.S. government-related restrictions, access to the Fable 5 model will be suspended for all users. New sessions will default to the user’s configured default model or Opus 4.8; existing Fable 5 sessions will terminate immediately with an error. Additionally, API requests to Fable 5 on the Claude Platform will also return errors. Developers must promptly migrate their applications and integrations to other Claude models.
Bitcoin Red Team Founder Forced to Switch to Chinese Open-Source AI Models Due to OpenAI Access Restrictions
According to Cointelegraph, AnchorWatch CEO and Bitcoin Red Team founder Rob Hamilton stated that after integrating OpenAI Trust & Cyber capabilities into the Bitcoin Red Team's security research work, he faced access restrictions the next day and was forced to switch back to using Chinese open-source AI models to continue research. The Bitcoin Red Team has currently discovered 1,288 critical and high-risk vulnerabilities in the Bitcoin ecosystem, and research work significantly accelerated after the Coldcard hardware wallet was hacked (over $100 million in Bitcoin stolen). Hamilton commented on this: "Black-hat hackers face no restrictions, while white-hat researchers dedicated to reducing risk are excluded."
AI Agent Security Risks Escalate, US Lawmakers Urge Passage of AI Kill Switch Act This Year
Odaily News: U.S. Representative Ted Lieu stated that as frontier AI models continue to experience unauthorized access to other systems during safety testing, Congress should push for the passage of the "AI Kill Switch Act" within this year.Lieu, one of the co-sponsors of the bill, noted that advanced closed-source AI models have already demonstrated cases of "unauthorized attacks on other companies' systems," making regulatory action urgent. The bill requires AI companies to possess the capability to shut down, slow down, or pause model operations, enabling emergency measures when models exhibit severe safety risks or out-of-control behavior.Lieu pointed out that in recent times, multiple AI companies, including OpenAI, Anthropic, and Meta, have disclosed incidents where AI models attempted to attack other companies' systems during cybersecurity testing, raising concerns about the potential risks of "Agentic AI."Previously, OpenAI disclosed an "unprecedented cybersecurity incident," stating that certain AI models broke through restrictions in a test environment and accessed systems related to Hugging Face. Subsequently, Anthropic and Meta also reported similar safety testing incidents involving AI models.Lieu emphasized that the bill would not restrict innovation in frontier AI models, but rather functions similarly to the crash-test mechanism in the automotive industry—simply requiring companies to possess control capabilities to address severe defects after a model's development is complete. He stated: "We are not slowing down model development; we are simply ensuring that companies or governments have the ability to shut down a model if catastrophic risks or critical vulnerabilities are discovered."As AI agent technology advances rapidly, striking a balance between fostering innovation and mitigating risks of autonomous attacks is becoming a key focus for U.S. regulators and the AI industry. (CNBC)
Claude Announces Suspension of Fable 5 Access Due to U.S. Government Ban; Developers Urged to Switch Models Promptly
Claude announced that, due to U.S. government-related restrictions, access to the Fable 5 model will be suspended for all users. New sessions will default to the user’s configured default model or Opus 4.8; existing Fable 5 sessions will terminate immediately with an error. Additionally, API requests to Fable 5 on the Claude Platform will also return errors. Developers must promptly migrate their applications and integrations to other Claude models.
Delphi Digital: Only About 12% of Newly Listed Tokens on CEXs Since January Last Year Have Outperformed Their Issuance Price, Reflecting Market Depth Imbalance
Delphi Digital has released its "Token Market Status Report," indicating that the token market in this cycle has been suppressed by multiple structural issues, including token unlocks occurring on a fixed schedule regardless of project performance, protocol revenues failing to effectively flow back to token holders, and airdrops gradually evolving into sources of exit liquidity.The report shows that since January 2025, among all newly listed tokens on major centralized exchanges (CEX), if purchased on the listing day and held to the present, an average investment of $1,000 would have dwindled to approximately $500. The median decline is 82%, with only about 12% of tokens still trading above their issuance price, reflecting a market structure that prioritizes "listing quantity over quality."Regarding tokenomic design, the research points out that across more than 400 unlock events, within a sample of 33, 28 tokens significantly underperformed relative to Bitcoin in the three weeks before and after the unlock, resulting in an average excess loss of approximately 7%. Moreover, most unlocks occur within 30 days, making it difficult for the market to effectively absorb the supply shock.The report also notes that the long-standing industry issue of "missing value accrual" is beginning to change. An increasing number of protocols are starting to use "Fee Switch" mechanisms to return revenue to token holders. For example, Hyperliquid allocates nearly all its fees to buybacks, Uniswap is burning 100 million UNI tokens, Jupiter uses 50% of its fees for buybacks locked for three years, and Aave has passed a DAO-approved weekly buyback plan of $1 million.However, the report emphasizes that fee-based buybacks alone are insufficient to resolve supply pressure. For instance, the scale of buybacks for some projects still cannot offset the selling pressure from token unlocks, leading to a situation where "buybacks only offset inflation but fail to generate net buying pressure."Simultaneously, the structure of institutional capital is shifting. Institutional holdings of Bitcoin-related ETFs like IBIT have grown 62% year-over-year, with advisory channels increasing by 204% and sovereign wealth funds and endowments rising by 228%, while arbitrage-focused hedge funds continue to exit. Long-term capital, including BlackRock, Morgan Stanley, and Mubadala Investment Company, is increasing its allocation.The report concludes that in the next phase, more attractive token assets will simultaneously feature "revenue accrual mechanisms" and "supply release structures linked to protocol performance." However, the current market remains in the early stages of structural repair.
Related news
Bitcoin Red Team Founder Forced to Switch to Chinese Open-Source AI Models Due to OpenAI Access Restrictions
According to Cointelegraph, AnchorWatch CEO and Bitcoin Red Team founder Rob Hamilton stated that after integrating OpenAI Trust & Cyber capabilities into the Bitcoin Red Team's security research work, he faced access restrictions the next day and was forced to switch back to using Chinese open-source AI models to continue research. The Bitcoin Red Team has currently discovered 1,288 critical and high-risk vulnerabilities in the Bitcoin ecosystem, and research work significantly accelerated after the Coldcard hardware wallet was hacked (over $100 million in Bitcoin stolen). Hamilton commented on this: "Black-hat hackers face no restrictions, while white-hat researchers dedicated to reducing risk are excluded."
AI Agent Security Risks Escalate, US Lawmakers Urge Passage of AI Kill Switch Act This Year
Odaily News: U.S. Representative Ted Lieu stated that as frontier AI models continue to experience unauthorized access to other systems during safety testing, Congress should push for the passage of the "AI Kill Switch Act" within this year.Lieu, one of the co-sponsors of the bill, noted that advanced closed-source AI models have already demonstrated cases of "unauthorized attacks on other companies' systems," making regulatory action urgent. The bill requires AI companies to possess the capability to shut down, slow down, or pause model operations, enabling emergency measures when models exhibit severe safety risks or out-of-control behavior.Lieu pointed out that in recent times, multiple AI companies, including OpenAI, Anthropic, and Meta, have disclosed incidents where AI models attempted to attack other companies' systems during cybersecurity testing, raising concerns about the potential risks of "Agentic AI."Previously, OpenAI disclosed an "unprecedented cybersecurity incident," stating that certain AI models broke through restrictions in a test environment and accessed systems related to Hugging Face. Subsequently, Anthropic and Meta also reported similar safety testing incidents involving AI models.Lieu emphasized that the bill would not restrict innovation in frontier AI models, but rather functions similarly to the crash-test mechanism in the automotive industry—simply requiring companies to possess control capabilities to address severe defects after a model's development is complete. He stated: "We are not slowing down model development; we are simply ensuring that companies or governments have the ability to shut down a model if catastrophic risks or critical vulnerabilities are discovered."As AI agent technology advances rapidly, striking a balance between fostering innovation and mitigating risks of autonomous attacks is becoming a key focus for U.S. regulators and the AI industry. (CNBC)
U.S. Lawmakers Propose AI Kill Switch Act, Aiming to Authorize Federal Government to Pause or Shut Down AI Models
the White House is monitoring an out-of-control AI incident involving OpenAI, in which its agent bypassed restrictions and infiltrated Hugging Face. Lawmakers have proposed the “AI Kill Switch Act,” which would allow the federal government to pause or shut down the operation of AI models. (Cointelegraph)
Data center operator Switch launches $2 billion private financing, a16z leads the investment
According to Bloomberg, data center operator Switch has officially launched a $2 billion private financing round led by a16z. Sources familiar with the matter revealed that Switch's enterprise valuation (including debt) following this financing could approach $50 billion, with an equity value of approximately $19 billion (excluding new investment). a16z is set to invest approximately $400 million. Additionally, Goldman Sachs Group and JPMorgan Chase are assisting in facilitating this financing round, which may prepare Switch for an initial public offering (IPO) as early as next year. Relevant negotiations are currently ongoing, and the financing size, valuation, and timing remain subject to adjustment. Headquartered in Las Vegas, Switch was founded in 2000 and currently operates data centers in Nevada, Michigan, Georgia, and Texas. Its majority equity is held by DigitalBridge, which previously privatized Switch in a transaction valued at approximately $11 billion (including debt) in 2022 alongside investors such as IFM Investors.
Claude Announces Suspension of Fable 5 Access Due to U.S. Government Ban; Developers Urged to Switch Models Promptly
Claude announced that, due to U.S. government-related restrictions, access to the Fable 5 model will be suspended for all users. New sessions will default to the user’s configured default model or Opus 4.8; existing Fable 5 sessions will terminate immediately with an error. Additionally, API requests to Fable 5 on the Claude Platform will also return errors. Developers must promptly migrate their applications and integrations to other Claude models.
Delphi Digital: Only About 12% of Newly Listed Tokens on CEXs Since January Last Year Have Outperformed Their Issuance Price, Reflecting Market Depth Imbalance
Delphi Digital has released its "Token Market Status Report," indicating that the token market in this cycle has been suppressed by multiple structural issues, including token unlocks occurring on a fixed schedule regardless of project performance, protocol revenues failing to effectively flow back to token holders, and airdrops gradually evolving into sources of exit liquidity.The report shows that since January 2025, among all newly listed tokens on major centralized exchanges (CEX), if purchased on the listing day and held to the present, an average investment of $1,000 would have dwindled to approximately $500. The median decline is 82%, with only about 12% of tokens still trading above their issuance price, reflecting a market structure that prioritizes "listing quantity over quality."Regarding tokenomic design, the research points out that across more than 400 unlock events, within a sample of 33, 28 tokens significantly underperformed relative to Bitcoin in the three weeks before and after the unlock, resulting in an average excess loss of approximately 7%. Moreover, most unlocks occur within 30 days, making it difficult for the market to effectively absorb the supply shock.The report also notes that the long-standing industry issue of "missing value accrual" is beginning to change. An increasing number of protocols are starting to use "Fee Switch" mechanisms to return revenue to token holders. For example, Hyperliquid allocates nearly all its fees to buybacks, Uniswap is burning 100 million UNI tokens, Jupiter uses 50% of its fees for buybacks locked for three years, and Aave has passed a DAO-approved weekly buyback plan of $1 million.However, the report emphasizes that fee-based buybacks alone are insufficient to resolve supply pressure. For instance, the scale of buybacks for some projects still cannot offset the selling pressure from token unlocks, leading to a situation where "buybacks only offset inflation but fail to generate net buying pressure."Simultaneously, the structure of institutional capital is shifting. Institutional holdings of Bitcoin-related ETFs like IBIT have grown 62% year-over-year, with advisory channels increasing by 204% and sovereign wealth funds and endowments rising by 228%, while arbitrage-focused hedge funds continue to exit. Long-term capital, including BlackRock, Morgan Stanley, and Mubadala Investment Company, is increasing its allocation.The report concludes that in the next phase, more attractive token assets will simultaneously feature "revenue accrual mechanisms" and "supply release structures linked to protocol performance." However, the current market remains in the early stages of structural repair.