Hong Kong Web3 Daily Must-Read: Ribbon Finance Attacked Possibly Due to Controlled Management Address, Approximately $191 Million Liquidated Across the Network in 12 Hours
Fear and Greed Index: 21 (Extreme Fear)
Bitcoin Price: $86,101
BTC/ETH Spot ETF Fund Flow (12.15)
BTC Net Outflow: $27.51 M
ETH Net Outflow: $55.28 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (12.15)
BTC Net Redemption: 8.98 BTC
ETH Net Subscription: 0 ETH
[Eight defendants in the virtual asset trading platform JPEX fraud case have been charged with multiple offenses, and the case has been postponed to March 16, 2026, for retrial. The charges include conspiracy to commit fraud, fraud, fraudulently or recklessly inducing others to invest in virtual assets, and handling property known or believed to represent proceeds from indictable offenses. Except for former TVB artist Zheng Junxi, who did not apply for bail, the other seven defendants were allowed to continue bail under the original conditions, during which they must not leave Hong Kong and must surrender all travel documents.
](JPEX case: Eight defendants charged with fraud and other offenses, case postponed to March next year for retrial
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[](JPEX case: Eight defendants charged with fraud and other offenses, case postponed to March next year for retrial
<p class=)[HashKey Holdings Ltd. sold 240.6 million shares at a price of HKD 6.68 per share in its initial public offering (IPO) in Hong Kong, raising HKD 1.6 billion (approximately USD 206 million). Previously, HashKey set the pricing range for the shares at HKD 5.95 to 6.95 per share. Additionally, HashKey did not exercise the option to increase the trading scale. The top 20 institutional entities in the transaction received about 80% of the shares allocated in the institutional placement, excluding shares allocated to cornerstone investors.
](IPO priced at HKD 6.68, raising approximately USD 206 million
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](Selected activities in Hong Kong for December
We have specially compiled noteworthy activities in the crypto 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 activities in Hong Kong for December
We have specially compiled noteworthy activities in the crypto field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[](G7 Model
The Reserve Bank of India (RBI) stated that it will not replicate the U.S. "GENIUS Act" or G7 model for stablecoin regulation. RBI Deputy Governor T. Rabi Sankar said that stablecoins, especially those pegged to the U.S. dollar, pose a potential threat to India's monetary sovereignty and financial stability. Although the Indian Finance Minister has indicated that the government may consider a stablecoin framework in the upcoming economic survey report, the RBI still insists that any framework must be guided by domestic priorities and prioritize the government-backed digital rupee (CBDC) over private tokens.
The Brazilian Federal Police recently launched "Operation Cryptolaundry" in the Federal District to combat criminal networks involved in illegal fundraising and money laundering through crypto assets. The operation executed 24 search warrants and 9 preventive arrests, involving 45 individuals and companies. Investigations revealed that the gang transferred over 2.7 billion reais, of which 404 million reais were identified as illegal funds. The court has ordered the freezing of assets up to 685 million reais and the seizure of related properties. Investigated individuals may face charges of financial crimes, money laundering, and organized crime.
The onshore and offshore RMB to USD exchange rates reached a 14-month high. According to data from the China Monetary Network, the RMB to USD spot exchange rate peaked at 7.0500 during trading, marking the first time it has reached the 7.05 level since October 9, 2024. In the offshore market, according to Sina's quotes, the offshore RMB to USD exchange rate peaked at 7.046 on December 15, reaching a new high since early October 2024. Regarding the midpoint rate, on December 15, the RMB to USD midpoint rate was reported at 7.0656, depreciating by 18 basis points. Citic Securities Chief Economist Mingming pointed out that the Central Economic Work Conference mentioned the need to "maintain basic stability of the RMB exchange rate at a reasonable and balanced level." The external environment facing the RMB exchange rate in 2026 is relatively friendly, and the central bank's stable exchange rate policy will remain flexible, adjusting to ease expectations of unilateral exchange rate trends, with the RMB exchange rate center likely to gently rise to around 6.9-7.0.
The ruling party in South Korea called on various ministries and the Financial Services Commission (FSC) to submit a regulatory bill for the Korean won stablecoin by December 10, but the FSC failed to submit the bill on time. An FSC spokesperson stated that the FSC needs more time to coordinate positions with relevant agencies, and rather than rushing to complete the proposal before the deadline, it is better to announce the proposal when submitting the bill to the National Assembly. The FSC stated that this move is to protect the public's right to know about the matter.
The UK Treasury is formulating new regulations to include cryptocurrencies in the Financial Conduct Authority (FCA) regulatory framework starting in 2027, subjecting them to the same regulations as other financial products. Chancellor of the Exchequer Rachel Reeves stated that this move aims to enhance transparency, boost consumer confidence, and combat illegal activities. Additionally, to address concerns about the unclear sources of crypto funds, the UK government plans to ban the use of cryptocurrencies for political donations.
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The UK Treasury is formulating new regulations to include cryptocurrencies in the Financial Conduct Authority (FCA) regulatory framework starting in 2027, subjecting them to the same regulations as other financial products. Chancellor of the Exchequer Rachel Reeves stated that this move aims to enhance transparency, boost consumer confidence, and combat illegal activities. Additionally, to address concerns about the unclear sources of crypto funds, the UK government plans to ban the use of cryptocurrencies for political donations.
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The UK Treasury is formulating new regulations to include cryptocurrencies in the Financial Conduct Authority (FCA) regulatory framework starting in 2027, subjecting them to the same regulations as other financial products. Chancellor of the Exchequer Rachel Reeves stated that this move aims to enhance transparency, boost consumer confidence, and combat illegal activities. Additionally, to address concerns about the unclear sources of crypto funds, the UK government plans to ban the use of cryptocurrencies for political donations.
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[](
The UK Treasury is formulating new regulations to include cryptocurrencies in the Financial Conduct Authority (FCA) regulatory framework starting in 2027, subjecting them to the same regulations as other financial products. Chancellor of the Exchequer Rachel Reeves stated that this move aims to enhance transparency, boost consumer confidence, and combat illegal activities. Additionally, to address concerns about the unclear sources of crypto funds, the UK government plans to ban the use of cryptocurrencies for political donations.
Delin Holdings released the latest progress regarding its Bitcoin mining business. In addition to nearly completing the acquisition of 2,995 Bitcoin mining machines from Bitmain with a total hash rate of approximately 1.060 EH/s and the ongoing acquisition of 2,200 Bitcoin mining machines from Evergreen Wealth Investment Limited with a total hash rate of approximately 1.040 EH/s, the group also acquired an additional 4,000 Antminer S21 XP Hyd Bitcoin mining machines from three independent third-party suppliers, with each machine having a rated hash power of approximately 473 TH/s, currently deployed at a Bitcoin mining facility in Oklahoma, USA. The total cost of the additional Bitcoin mining machines is approximately $39.2 million, funded by the net proceeds from the group's completed placement and subscription matters in November 2025.
GoPlus published an analysis of the attack on the decentralized options protocol Ribbon Finance. The attack address (0x657CDE) upgraded the price proxy contract (0xa4ac_Proxy) to a malicious implementation contract (0xE1f09d), then set the expiration time and price for four tokens: stETH, Aave, PAXG, and LINK. After expiration, the attacker launched the attack, profiting from the incorrect prices at that time. Notably, the project party's contract had its _transferOwnership status set to true at creation, allowing it to pass contract security checks. Analysis indicates that the attack address may have originally been one of the project party's management addresses, which was later controlled by hackers through social engineering attacks and used to carry out this attack.
Malaysian licensed digital asset fund management company Halogen Capital completed financing of 13.3 million ringgit (approximately $3.2 million), led by Kenanga Investment Bank, with participation from 500 Global, Digital Currency Group, The Hive Southeast Asia, Jelawang Capital, and Mythos Venture Partners. The funds raised will be used to advance the tokenization of real-world assets, covering areas such as unit trust funds, bonds, Islamic bonds, private credit, and real estate.
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Qatar's Doha Bank completes $150 million digital bond issuance through the European Clearing Bank's distributed ledger infrastructure. The bond is currently listed on the London Stock Exchange's International Securities Market and settled on the same day through a licensed DLT platform.
](DLT infrastructure completes $150 million digital bond issuance<div class=)
[In-depth & Outlook
](Zoom meeting scams result in over $300 million in user losses
The cybersecurity nonprofit organization Security Alliance (SEAL) warns that North Korean hackers are currently using fake Zoom meetings to carry out scams multiple times a day. This scam tricks victims into downloading malware by spoofing Zoom calls, thereby stealing sensitive data such as passwords and private keys. Security researcher Taylor Monaha warns that such attack methods have led to user losses exceeding $300 million.
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[](Zoom meeting scams result in over $300 million in user losses
The cybersecurity nonprofit organization Security Alliance (SEAL) warns that North Korean hackers are currently using fake Zoom meetings to carry out scams multiple times a day. This scam tricks victims into downloading malware by spoofing Zoom calls, thereby stealing sensitive data such as passwords and private keys. Security researcher Taylor Monaha warns that such attack methods have led to user losses exceeding $300 million.
Overall, Aave V4 is not a complete overthrow of the existing model, but rather a relatively restrained yet systematic evolutionary path: reorganizing liquidity through a Hub and Spoke architecture, localizing risks through modular Spokes, and complemented by a more refined liquidation engine. Aave is evolving from a lending protocol that expands based on "markets" into a modular lending infrastructure capable of supporting more complex financial structures.
<div class=)[Taking highly de-emphasized crypto-aware applications aimed at ordinary users, such as Blackbird and Farcaster, as examples, some design choices that were considered "unacceptable" three years ago, such as centralized node deployment, single sequencers, and even fully customized data systems, have now become reasonable solutions to enhance user experience.
Perspective
](2026 Investment Perspective: Focus on Changes in These Tracks<p class=)
[](2026 Investment Perspective: Focus on Changes in These Tracks<p class=)
[](2026 Investment Perspective: Focus on Changes in These Tracks<p class=)[The Solana annual developer conference Breakpoint is typically seen as a "certification" window for new projects. This year, the liquid staking protocol Toby received a pass. The team announced the issuance of the governance token TOBY, with the core selling point being: directly allocating the extra profits obtained by validators from MEV into tobySOL holding rewards, allowing stakers to not only receive on-chain inflation rewards but also share in the arbitrage, liquidation, and tip income generated by block ordering.
](Breakpoint conference announces upcoming token launch: Can giving SOL to Toby really make MEV work for me?<p class=)
[](Breakpoint conference announces upcoming token launch: Can giving SOL to Toby really make MEV work for me?<p class=)[
](Robinhood's latest fundamentals and sources of income
In this market cycle, the standout performers are not traditional tokens but crypto stocks. Among them, Robinhood has shown the strongest performance. The stock has increased 17 times in less than two years, turning one of our most contrarian investments (HOOD's stock price fell 80% from its IPO price in 2022) into a significant victory for the portfolio.
