Hong Kong Web3 Daily Must-Read: HashKey passes the Hong Kong Stock Exchange hearing, Yearn's yETH suffers an attack with losses of approximately 9 million USD.
Fear and Greed Index: 16 (Extreme Fear)
Bitcoin Price: $86,843
BTC/ETH Spot ETF Fund Flow (12.1)
BTC Net Inflow: $7.38 M
ETH Net Outflow: $70.06 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (12.1)
BTC Net Subscription: 20.61 BTC
ETH Net Subscription: 0 ETH
[HashKey Holdings Limited announced the completion of its listing hearing on the Hong Kong Stock Exchange, with JPMorgan, Cathay Securities, and Guotai Junan International as its joint sponsors.]( Through the Hong Kong Stock Exchange hearing
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]( Selected Events in Hong Kong for December
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[Regulation/Macro]( Selected Events in Hong Kong for December
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[]( Negotiating a 20% Unified Tax Rate
The Japanese government and the ruling party have begun preparations to impose a unified tax rate of 20% on cryptocurrency trading income, regardless of the transaction amount. This move places cryptocurrencies on par with other financial products (such as stocks and investment trusts).
Trump stated in an interview that he has finalized his choice for the Federal Reserve Chair. "I know who I'm going to pick, but I won't tell you. We will announce it." Previously, White House National Economic Council Director Hassett stated that if President Trump nominates him for the Federal Reserve Chair, he "would be very willing to serve."
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Trump stated in an interview that he has finalized his choice for the Federal Reserve Chair. "I know who I'm going to pick, but I won't tell you. We will announce it." Previously, White House National Economic Council Director Hassett stated that if President Trump nominates him for the Federal Reserve Chair, he "would be very willing to serve."
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Trump stated in an interview that he has finalized his choice for the Federal Reserve Chair. "I know who I'm going to pick, but I won't tell you. We will announce it." Previously, White House National Economic Council Director Hassett stated that if President Trump nominates him for the Federal Reserve Chair, he "would be very willing to serve."
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Trump stated in an interview that he has finalized his choice for the Federal Reserve Chair. "I know who I'm going to pick, but I won't tell you. We will announce it." Previously, White House National Economic Council Director Hassett stated that if President Trump nominates him for the Federal Reserve Chair, he "would be very willing to serve."
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Trump stated in an interview that he has finalized his choice for the Federal Reserve Chair. "I know who I'm going to pick, but I won't tell you. We will announce it." Previously, White House National Economic Council Director Hassett stated that if President Trump nominates him for the Federal Reserve Chair, he "would be very willing to serve."
Over 270 former users of Tokenize Xchange have filed a lawsuit against the platform's founder Hong Qi Yu and his wife Erin Koo, seeking $60.5 million in damages for alleged fraudulent misappropriation of client assets.
Australian asset management company Monochrome disclosed that as of November 28, its Bitcoin Spot ETF Monochrome Bitcoin ETF (stock code IBTC) has increased its holdings to 1,161 coins.
According to PeckShield monitoring, approximately 15 major crypto attacks occurred in November 2025, resulting in total losses of about $194.27 million, a 969% increase from October's $18.18 million. The top 5 attack incidents include: Balancer v2 and its branches losing $137.4 million (with $39 million recovered), Upbit losing $36 million, Yearn Finance losing $9 million, HLP bad debt of $4.95 million, and GANA PayFi losing $3.1 million.
Animoca Brands announced the signing of a memorandum of understanding (MOU) with Rayls to establish a strategic partnership focusing on the tokenization of real-world assets (RWAs).
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[Yearn issued a statement indicating that at 5:11 AM Hong Kong time on December 1, the yETH stable pool was attacked, with the attacker using a custom contract to mint a large amount of yETH, resulting in approximately $8 million in pool asset damage, with another approximately $900,000 loss coming from the yETH-WETH pool on Curve (total losses of about $9 million). Yearn stated that the affected code is unrelated to other products, V2/V3 Vaults were not affected, and the complexity of the incident is similar to the previous Balancer attack. The team has initiated a joint investigation with SEAL911 and auditing firm ChainSecurity.]( Attack Incident Resulted in Approximately $9 Million Loss, Complexity Similar to Previous Balancer Attack<div class=)
[]( Singapore Subsidiary's Major Payment Institution License Business Scope Approved for Expansion
Ripple announced that its Singapore subsidiary Ripple Markets APAC Pte. Ltd. (RMA) has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its Major Payment Institution (MPI) license payment business. This approval allows Ripple to broaden its regulated payment service offerings, providing higher value services to customers in Singapore.
Sony Bank plans to issue a dollar-pegged stablecoin in the U.S. as early as FY 2026, which will be used for payments of gaming and anime fees within its ecosystem.
<div class=)[In-Depth & Outlook
]( Facing Collective Lawsuit, Accused of Illegally Operating Sports Betting Business and Misleading Customers on Market Making Activities
The prediction market platform Kalshi is facing a collective lawsuit, accused of illegally operating a sports betting business without any state gambling licenses and misleading customers regarding its market-making activities.
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[]( Facing Collective Lawsuit, Accused of Illegally Operating Sports Betting Business and Misleading Customers on Market Making Activities
The prediction market platform Kalshi is facing a collective lawsuit, accused of illegally operating a sports betting business without any state gambling licenses and misleading customers regarding its market-making activities.
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[]( Facing Collective Lawsuit, Accused of Illegally Operating Sports Betting Business and Misleading Customers on Market Making Activities
The prediction market platform Kalshi is facing a collective lawsuit, accused of illegally operating a sports betting business without any state gambling licenses and misleading customers regarding its market-making activities.
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[]( Facing Collective Lawsuit, Accused of Illegally Operating Sports Betting Business and Misleading Customers on Market Making Activities
The prediction market platform Kalshi is facing a collective lawsuit, accused of illegally operating a sports betting business without any state gambling licenses and misleading customers regarding its market-making activities.
This once-lauded "Bitcoin Central Bank" has experienced a bloodbath in its stock price. As Bitcoin rapidly retraced from its historical high of $120,000, MSTR's stock price and market value plummeted significantly, dropping over 60%, with the possibility of being removed from the MSCI stock index.
The year 2025 for stablecoins is one of excitement and division, from the U.S. "Genius Act" defining stablecoins to Hong Kong passing the "Stablecoin Regulation," leading to heated discussions on offshore RMB stablecoins and the game theory of digital RMB, culminating in the final chapter of stablecoins in mainland China in 2025.
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[]( Q3 2025 Crypto Leverage and DeFi Report: What Impacts and Insights Have KlarnaUSD and Aave App Had on the Market?
Cryptocurrency collateral leverage reached a new high in Q3 2025, exceeding the peak at the end of 2021 in dollar terms, but the market structure has fundamentally changed. On-chain lending now dominates, with significantly improved transparency and collateral quality compared to the opaque boom period of 2021.
