Fear and Greed Index: 29 (Fear)
Bitcoin Price: $89,016
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Outflow: $497.05 M
ETH Net Outflow: $643.97 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Redemption: 8.98 BTC
ETH Net Subscription: 0 ETH
[The Hong Kong-listed SOL treasury company MemeStrateg announced that a total of 49,049,824 shares have been issued to subscribers, raising a total of HKD 84.07 million (approximately USD 10.82 million), with a net amount of HKD 83.72 million. The funds will be used to explore blockchain solutions and real-world asset-related businesses. The company disclosed this week that it has increased its holdings by 2,440 SOL, bringing its total SOL token holdings to 12,290.]( Approximately HKD 84 million raised through share issuance, currently holding about 12,000 SOL
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[]( Approximately HKD 84 million raised through share issuance, currently holding about 12,000 SOL
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[]( 36 applications for stablecoin licenses received by the end of September, first batch of licenses to be issued early next year
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]( HKD 2 million currency exchange fraud, two youths convicted of fraud and sentenced to a rehabilitation center
A man brought HKD 2 million to a currency exchange shop in Tsim Sha Tsui to exchange for USDT and, as required by the shop, handed the cash to two youths in the store and placed it in a safe. Later, the shop owner discovered the cash was missing, and during a confrontation with the two youths, it was revealed that there was a passage in the safe leading to the neighboring shop. The two youths attempted to escape through the passage but were ultimately caught. They later confessed to the fraud charge and were sentenced to a rehabilitation center yesterday. The judge pointed out that the two defendants were not the masterminds but were indispensable "pawns" in the scheme.
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[
DAT
]( Selected Events in Hong Kong for December
We have specially compiled noteworthy events 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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[]( Selected Events in Hong Kong for December
We have specially compiled noteworthy events 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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[Regulatory/Macro]( Mangoceuticals advances the construction of a $100 million SOL Digital Asset Treasury<p class=)
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U.S. Congressman Max Miller and Steven Horsford are drafting a discussion draft of the Digital Asset PARITY Act, which aims to exempt capital gains tax on certain stablecoin transactions under $200 and allow taxpayers to defer taxes on staking and mining rewards for 5 years. The draft proposes to extend the wash sale rule to digital assets and allow traders to use the mark-to-market method for accounting treatment.
A South Korean lawmaker has called for the government to collaborate with traditional financial institutions to accelerate the legalization and promotion of stablecoins, warning that if delays continue, South Korea may fall behind in the evolution of global payment standards. He stated, "The question is no longer whether stablecoins should be launched; the only question is how quickly and effectively we should launch stablecoins," and noted that stablecoins will become important tools for cross-border payments, trade settlements, and remittances.
The Shenyang Public Security Bureau in Liaoning Province has cracked down on the "illegal operation case involving Tong and others." The clue originated from a report by the U.S. side in April 2024 regarding suspected money laundering for drug dealers, prompting the Ministry of Public Security to deploy the Liaoning Provincial Public Security Department for verification and to file a case for suspected illegal operation (foreign exchange); on May 20, 2024, Shenyang police arrested Tong and Chen, who were attempting to flee the country in Wuhan, Hubei. The two were sentenced to fixed-term imprisonment and fined in September this year.
The U.S. Securities and Exchange Commission (SEC) issued a litigation notice stating that three former executives of FTX and its affiliates have accepted the SEC's final penalties and reached a settlement agreement with the SEC (still subject to court approval). The enforcement case revolves around the collapse of FTX. In addition to former CEO Sam Bankman-Fried, who is still serving time for fraud, former Alameda Research CEO Caroline Ellison, former FTX Trading CTO Zixiao Wang, and former FTX co-engineer Nishad Singh have all signed the settlement.
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[]( Ellison and 3 former FTX executives reach settlement with regulators, temporarily banned from serving as executives or directors
The U.S. Securities and Exchange Commission (SEC) issued a litigation notice stating that three former executives of FTX and its affiliates have accepted the SEC's final penalties and reached a settlement agreement with the SEC (still subject to court approval). The enforcement case revolves around the collapse of FTX. In addition to former CEO Sam Bankman-Fried, who is still serving time for fraud, former Alameda Research CEO Caroline Ellison, former FTX Trading CTO Zixiao Wang, and former FTX co-engineer Nishad Singh have all signed the settlement.
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[
]( Ellison and 3 former FTX executives reach settlement with regulators, temporarily banned from serving as executives or directors
The U.S. Securities and Exchange Commission (SEC) issued a litigation notice stating that three former executives of FTX and its affiliates have accepted the SEC's final penalties and reached a settlement agreement with the SEC (still subject to court approval). The enforcement case revolves around the collapse of FTX. In addition to former CEO Sam Bankman-Fried, who is still serving time for fraud, former Alameda Research CEO Caroline Ellison, former FTX Trading CTO Zixiao Wang, and former FTX co-engineer Nishad Singh have all signed the settlement.
<h3 dir=)
[]( Ellison and 3 former FTX executives reach settlement with regulators, temporarily banned from serving as executives or directors
The U.S. Securities and Exchange Commission (SEC) issued a litigation notice stating that three former executives of FTX and its affiliates have accepted the SEC's final penalties and reached a settlement agreement with the SEC (still subject to court approval). The enforcement case revolves around the collapse of FTX. In addition to former CEO Sam Bankman-Fried, who is still serving time for fraud, former Alameda Research CEO Caroline Ellison, former FTX Trading CTO Zixiao Wang, and former FTX co-engineer Nishad Singh have all signed the settlement.
<h3 dir=)
[]( Ellison and 3 former FTX executives reach settlement with regulators, temporarily banned from serving as executives or directors
The U.S. Securities and Exchange Commission (SEC) issued a litigation notice stating that three former executives of FTX and its affiliates have accepted the SEC's final penalties and reached a settlement agreement with the SEC (still subject to court approval). The enforcement case revolves around the collapse of FTX. In addition to former CEO Sam Bankman-Fried, who is still serving time for fraud, former Alameda Research CEO Caroline Ellison, former FTX Trading CTO Zixiao Wang, and former FTX co-engineer Nishad Singh have all signed the settlement.
Citi Group has updated its research outlook on digital asset-related stocks following a significant decline in the cryptocurrency market. The analyst team stated that despite increased volatility in crypto asset prices, they remain optimistic about the industry's medium to long-term prospects and maintain a target price of $243 for Circle. Data shows that Circle's closing price this Friday was $86.13, indicating a significant gap from Citi's target price.
The Ethereum Foundation recently informed developers that it will shift its ecological development focus from speed to security, planning to push zkEVM to meet a minimum 128-bit security strength standard by 2026. The foundation warned that without formally verified reliability, attackers could rewrite on-chain states, making "high-performance proofs" a risk point. The foundation also stated that it will provide security review and assessment tools in the future while prioritizing formal verification and attack resistance capabilities alongside scaling efforts.
According to Tether CEO Paolo Ardoino's tweet, Tether is developing a mobile cryptocurrency wallet integrated with AI features, which will initially support only Bitcoin (including the Lightning Network), USDT, USAT, and XAUT. He also mentioned that the wallet will integrate local private AI features through QVAC.
According to SlowMist Technology's Chief Information Security Officer 23pds, a developer of a Polymarket copy trading bot has been accused of hiding malicious code in the GitHub repository. When the program runs, it automatically reads the wallet private keys from the user's local .env file and sends them to the attacker's server, leading to fund theft. 23pds stated that the author has hidden the malicious package through repeated modifications and submissions, "this is not the first time, nor will it be the last time."
The ETHGas Foundation has officially announced its establishment. The foundation stated that it will be dedicated to promoting sustainable value creation, funding ecosystem-level innovations, and aims to "eliminate gas fee friction for all users" as its core goal, lowering the barriers to blockchain usage.
<div class=)[In-Depth & Outlook
]( DAO Adopts SEAL Whitehat Safe Harbor Agreement, Real-Time Rescue Can Earn 10% Reward on Recovered Funds
Lido DAO has adopted the SEAL Whitehat Safe Harbor Agreement through a proposal, allowing whitehats to intervene in real-time attacks according to established rules to rescue funds and return the recovered assets to the designated address of the protocol. The proposal sets the whitehat reward at 10% of the recovered funds, with a single event reward cap of $2 million, and this arrangement is independent of the existing bug bounty program. The proposal received 100% approval in the Snapshot vote and will proceed to the on-chain governance process.
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[]( DAO Adopts SEAL Whitehat Safe Harbor Agreement, Real-Time Rescue Can Earn 10% Reward on Recovered Funds
Lido DAO has adopted the SEAL Whitehat Safe Harbor Agreement through a proposal, allowing whitehats to intervene in real-time attacks according to established rules to rescue funds and return the recovered assets to the designated address of the protocol. The proposal sets the whitehat reward at 10% of the recovered funds, with a single event reward cap of $2 million, and this arrangement is independent of the existing bug bounty program. The proposal received 100% approval in the Snapshot vote and will proceed to the on-chain governance process.
The darkest moment is also a moment of rebirth. This brutal process of defoaming is forcing the crypto market to establish a healthier and more sustainable valuation logic, pushing the industry back to rational construction and maturity.
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Perspective
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We believe that this tension will not be resolved smoothly. On the contrary, we expect higher volatility, asset repricing, and ultimately monetary adjustments (i.e., depreciation of the dollar and shrinkage of the actual value of U.S. Treasury bonds). The core point is that China is artificially lowering the renminbi exchange rate (giving its export products an artificial price advantage), while the dollar is artificially overvalued due to foreign capital investment (leading to relatively low prices for imported products).
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[](
We believe that this tension will not be resolved smoothly. On the contrary, we expect higher volatility, asset repricing, and ultimately monetary adjustments (i.e., depreciation of the dollar and shrinkage of the actual value of U.S. Treasury bonds). The core point is that China is artificially lowering the renminbi exchange rate (giving its export products an artificial price advantage), while the dollar is artificially overvalued due to foreign capital investment (leading to relatively low prices for imported products).
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[](
We believe that this tension will not be resolved smoothly. On the contrary, we expect higher volatility, asset repricing, and ultimately monetary adjustments (i.e., depreciation of the dollar and shrinkage of the actual value of U.S. Treasury bonds). The core point is that China is artificially lowering the renminbi exchange rate (giving its export products an artificial price advantage), while the dollar is artificially overvalued due to foreign capital investment (leading to relatively low prices for imported products).
As global investors' appetites are thoroughly whetted by "5×23 hours," the existing TradFi flawed structure will face its final cut, and only 7×24 native tokenized assets can fill that last hour's gap. This is why players like Coinbase, Ondo, Robinhood, and MSX, in addition to Nasdaq, are racing madly—those who run slowly are destined to be swallowed by the on-chain tide.
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Universal standards make the "launch" of cryptocurrency ETFs easier, but do not make "survival" easier.
]( The ETF growth "landmines" spawned by new policies: Who monopolizes custody? Who will be the first to be liquidated by the market?<div class=)
