December 2, the Procuratorate of Wanbolin District, Taiyuan City, Shanxi Province, China recently announced the first-instance verdict of the case of Chen and Li, who were charged with concealing and disguising criminal proceeds. The court adopted the sentencing recommendations of the procuratorial organ and sentenced the two individuals to two years and six months, and one year and six months of imprisonment, respectively, along with fines.In May this year, Ms. Zhang met "Lin Hao" (at large) on a short video platform. "Lin Hao" falsely claimed to be a comrade-in-arms working for a well-known company, holding insider information on the company's stock price movements. He claimed that he could register an account on the company's internal website to "buy high" and profit (alleging a 5% return each period), but the transaction had to be conducted in US dollars. Moreover, it required exchanging cash for dollars with a designated merchant, then transferring it to his comrade-in-arms' dollar account, from where it would be transferred to the company's account.On May 21, following "Lin Hao's" instructions, Ms. Zhang carried 1.47 million RMB in cash to a hotel in Wanbolin District to exchange for US dollars. Acting on orders from their superior, Chen and Li went to meet Ms. Zhang. Ms. Zhang forwarded the US dollar account provided by "Lin Hao" (actually a scammer's Tether account) to the superior through Chen, who then transferred 202,328 USDT (equivalent to about 1.47 million RMB) to that account in three installments. Chen and Li then received the 1.47 million RMB in cash from Ms. Zhang and handed it over to their superior. However, "Lin Hao" did not transfer the money to Ms. Zhang's account as agreed, prompting her to report the scam to the police.The prosecuting attorney immediately reviewed the case files and consulted with the investigators, proposing a core investigative direction regarding the behavior of the suspects Chen and Li: obtain chat records to establish evidence that the two were "well aware of the abnormality of the funds"; clarify the fund flow route, trace the ultimate flow of USDT through the virtual currency trading platform data, and verify their objective participation in transferring the criminal proceeds. After investigation, the public security organ transferred the case to the Procuratorate of Wanbolin District on August 17.After examination, the Procuratorate found that both Chen and Li confessed that they "knew the fund operations were too secretive, and it involved a large amount of cash transactions, which certainly raised suspicions." The two individuals received a bribe of 30,000 RMB afterward, which was sufficient to establish that they were well aware that the funds were proceeds of crime; their assistance in completing the "cash to USD to USDT" cross-border conversion constituted an act of "concealing and disguising criminal proceeds."After the verdict, the Procuratorate issued a risk alert letter to relevant units, outlined the typical characteristics of "investment scams + virtual currency money laundering," and conducted anti-fraud education campaigns in collaboration with the Anti-Fraud Center and other relevant units. Sun Yinpeng, the Chief Prosecutor of Wanbolin District Procuratorate, stated that regarding new types of telecommunications network-related crimes, the Procuratorate will continue to deepen the "investigation-prosecution coordination + precise prosecution + social governance" mechanism, cracking down on both fraudulent crimes and severely punishing criminal "accomplices" to fully safeguard public property security. (Net of Justice)

December 2nd, both South Korean cryptocurrency exchanges Bithumb and Upbit announced on the same day that they would list Grostlcoin (GRS) as a "Trade Caution" project and simultaneously suspend deposits.DAXA (Korean Exchange's Self-Regulatory Organization) pointed out during its review that the GRS project team lacked sufficient disclosure of important matters affecting the token's value. The actual progress of the project showed multiple substandard situations, posing a potential risk of investor harm.

December 2nd, Dark Pool AMM Protocol HumidiFi unveils WET tokenomics. The total supply of WET tokens is 1 billion, with 10% allocated to the ICO event (fully unlocked at TGE), 40% allocated to the foundation (8% unlocked at TGE, the remaining linearly unlocked over 24 months), 25% allocated to the ecosystem (5% unlocked at TGE, the remaining linearly unlocked over 24 months), and 25% allocated to the lab (fully locked at TGE, the remaining linearly unlocked over 24 months).Furthermore, the presale eligible participants on the Jupiter DTF platform are divided into the following categories: Wetlist (6%) which includes HumidiFi users, actively contributing HumidiFi community members, and HumidiFi Discord community participants; Jupiter Stakers (2%); Public Presale (2%).

December 2nd, according to HyperInsight monitoring, the recent market has seen significant volatility, with many popular whales on Hyperliquid experiencing varying degrees of losses, as detailed below:「Sidekick」 Calvin: In the past 9 hours, Calvin deposited $250,000 into Hyperliquid and continued to add to his ETH long position. His current position size is $7.7 million, with an unrealized loss of $120,000. His long positions were liquidated multiple times yesterday, resulting in a total loss of $1.25 million, causing his account balance to briefly drop to $110,000.「CZ Whale Counterparty」: Overall unrealized losses have increased, with an ETH long position unrealized loss of $21.22 million (-217%), with an average price of $3,201 and a position size of approximately $146 million. Additionally, this whale holds an XRP long position with a position size of around $78.46 million, an average price of $2.29, and an unrealized loss of $10.49 million (-134%). Currently, this whale is the largest long in ETH and XRP on Hyperliquid.「Hyperliquid's Largest ZEC Short」: This whale has been steadily closing profitable ZEC short positions since yesterday morning, reducing the position size from $23.21 million to $9.88 million. The current unrealized profit is $2.20 million (113%), with a weekly profit of $15.33 million.「Suspected HYPE Listing Insider Whale」: The HYPE long position's unrealized loss has expanded to $11.20 million (-142%), with an average price of $39 and a position size of around $39.18 million.「Basket Long on Shitcoins」 Whale: Apart from FARTCOIN, significant losses were incurred on the remaining 20 shitcoins, with an account unrealized loss of $4.90 million. The current total position size is approximately $22.54 million.

December 2nd, the 30-year Japanese government bond yield hit a historic high, driven by persistently high inflation and increasing market expectations of a rate hike by the Bank of Japan later this month. It is currently up 1.5 basis points, at 3.405%. Bank of Japan Governor Haruhiko Kuroda stated on Monday that the central bank will thoroughly discuss the possibility of a rate hike at the upcoming meeting, further raising expectations of a rate hike in the near term. The 10-year government bond yield held steady at 1.875%. (Kinshi)

December 2nd: The probability of "Bitcoin dropping below $80,000 in December" on Polymarket has increased to 55%, while the probability of dropping below $70,000 is currently at 15%. Furthermore, the probability of surpassing $100,000 is currently at 28%.

December 2nd, according to Whale Alert monitoring, an address holding 50 BTC (approximately $4.32 million) was just activated after being dormant for 15.7 years. It then transferred the 50 BTC to 5 newly created wallets.

December 2nd, several Coinbase shareholders have filed a lawsuit against the company's executives, accusing them of engaging in insider trading worth billions of dollars over the years. The lawsuit, filed in Delaware, alleges that Coinbase's top management and investors have concealed the company's failures in implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, vulnerabilities to data breaches, and the extent of regulatory scrutiny into these issues.During the period when this information was allegedly concealed, internal personnel at Coinbase, including CEO Brian Armstrong and board member Marc Andreessen, sold $4.2 billion worth of company stock. The plaintiffs claim that these profits constituted "large-scale insider trading," taking advantage of the artificially inflated stock price of Coinbase.

December 2nd, according to Onchain Lens monitoring, a wallet address associated with Paradigm transferred 6300 ETH to Coinbase (worth $17.6 million).

December 2, According to LookIntoChain's monitoring, there were a total of 10 new wallets created in the past week that received a combined total of 2,612 BTC (US$231 million) from BitGo.

December 2nd: Bitcoin briefly dropped below $84,000, experiencing a more than 8% decrease within 24 hours. The total crypto market capitalization fell below $3 trillion, with a total of $974 million liquidated across the entire network in the past 24 hours. Of this amount, long positions liquidated amounted to $851 million, leading to over 260,000 forced liquidations. In response to this crypto market crash, Arthur Hayes posted, citing the reason as the Bank of Japan hinting at a possible interest rate hike in December. The USD to JPY exchange rate fluctuated in the 155-160 range, indicating a hawkish stance by the Bank of Japan. Maclane Wilkison, the co-founder of Threshold Network, stated, "The Bank of Japan's signal of an impending rate hike has tightened global liquidity expectations and shaken risk assets."Additionally, Strategy's CEO, Phong Le, mentioned that they would only consider selling Bitcoin when the company's stock price falls below net asset value and they are unable to obtain new funds. Market concerns arose due to Bitcoin's price weakening, potentially leading Strategy to be forced to sell due to a lack of cash to pay dividends. In response, Strategy issued an announcement last night declaring the establishment of a $1.44 billion USD reserve fund specifically designated for paying preferred stock dividends and existing debt interest. The funds were derived from the proceeds of selling Class A common stock based on the market issuance plan. The current plan aims to maintain a reserve size covering at least 12 months of dividend payment requirements, with the ultimate goal of having a buffer fund pool covering 24 months or more of dividend payments.Previously, S&P Global Ratings downgraded Tether's USDT stability rating from "Restricted" to "Weak" and warned that a Bitcoin price decline could lead to undercollateralization risks for the stablecoin. Arthur Hayes posted, mentioning that a roughly 30% drop in the "gold + BTC position" would wipe out their equity capital, potentially rendering USDT theoretically insolvent. In response to this, Tether CEO Paolo Ardoino countered the "Tether FUD" by stating that the group's equity is close to $30 billion USD. S&P's analysis did not consider additional group equity nor did it account for the approximately $500 million monthly basic income that only U.S. Treasury yield could bring.Boris Revsin, General Partner and Managing Director at Tribe Capital, described this as a "leverage cleanse" that triggered a chain reaction throughout the market. Additionally, the macro environment has become less favorable: short-term rate cut expectations have diminished, inflation has remained stubborn, the job market has weakened, geopolitical risks have increased, and consumer pressures are rising. These factors have collectively contributed to the weak performance of most risk assets over the past two months. William Stern, the founder of Cardiff, stated, "With just over a week until the Fed meeting and unclear inflation data, institutional investors are actively reducing risk. They are reluctant to hold assets with high volatility, such as Bitcoin, to avoid any hawkish remarks from Powell."

December 2nd, according to Coinbob Popular Address Monitor, in the past 7 hours, the "Calm Whale" newly opened long positions for BTC, ETH, and SOL around $84,900, with a total position size of $13.61 million. In addition, at 10 PM yesterday, this address closed a short position for BTC at a slight profit of $50,000, and previously closed short positions for MON, ZEC, and SOL.According to monitoring, since the 27th, this address has repeatedly deposited around $200,000 into Hyperliquid and opened multiple positions, increasing the account balance to $780,000. The current major positions are: 40x BTC long position at $6.51 million, with a floating profit of $100,000 (62%); 20x SOL long position at $3.52 million, with a floating profit of $60,000 (35%); 25x ETH long position at $3.50 million, with a floating profit of $58,000 (41%).Previously, the "Calm Whale" account had a floating profit of nearly $10 million but did not close the position, and subsequently experienced five rounds of significant liquidation, resulting in an actual loss of over $18 million. This trader started with a $3 million principal in September, once making a profit of over $30 million within two months due to accurate predictions, attracting significant attention. In November, multiple mistakes led to a loss of almost all profits.

December 2nd, according to an official announcement from the perpetual contract trading platform Pacifica, in order to help users who were liquidated during the recent market volatility regain confidence in trading, users who were liquidated between October 1st and December 1st (UTC 04:00) will enjoy a 20% bonus points reward for trading throughout December.This activity is mainly aimed at active users who were liquidated due to market fluctuations but have not given up trading, aiming to help users rebuild their trading momentum through actual rewards.Pacifica was co-founded in January 2025 by three founders, including former FTX COO Constance Wang. The platform has developed rapidly, launching its testnet in just two months and officially launching its mainnet on June 10th this year.

December 2nd, according to on-chain analyst Ai Yi (@ai_9684xtpa), two addresses have deposited a total of 13,356 ETH into Kraken in the past 7 hours, with a total value of $36.69 million.Both addresses have exchanged stETH for ETH, and their holdings have been held for over 5 years, with a cost basis as low as $1,000. It is uncertain whether they belong to the same whale or entity.

November 30th, according to GMGN data, some meme and altcoin tokens have surged significantly, including:Rude Penguin with a current market value of $9.3 million, a 24-hour increase of 50.64%;ALCH with a current market value of $140 million, a 24-hour increase of 48.5%;PIPPIN with a current market value of $110 million, a 24-hour increase of 40.5%;PINGPONG with a current market value of $7.4 million, a 24-hour increase of 30.98%;LSK with a current market value of $62 million, a 24-hour increase of 30.5%;DGRAM with a current market value of $15.6 million, a 24-hour increase of 30.26%;FIR with a current market value of $4.4 million, a 24-hour increase of 26.7%.

November 30th, according to Crowdfundinsider, the Wyoming Stablecoin Committee has launched the stablecoin Frontier Stable Token (FRNT) testnet faucet. Anyone with a digital wallet can now connect to their website and request up to 1000 "tFRNT" tokens to their public address every 24 hours.

November 30th, Arthur Hayes engaged in a war of words with Monad co-founder Keone Hon over "Monad as a high FDV low circulating supply VC coin." In response to Keone Hon inviting Arthur Hayes to experience the Monad mainnet, Arthur Hayes once again responded, stating, "Unlock all tokens now, and you'll be very different from all the so-called Ethereum killers before. I bet you will definitely succeed."Previously, Arthur Hayes stated in an interview that Monad (MON) is "another high FDV (Fully Diluted Valuation), low circulating supply VC coin." This token structure itself poses a huge risk to retail investors, potentially facing a 99% crash. Early pumps usually occur, followed by a brutal sell-off after the token unlocks for insiders. It will become another "bear chain." Arthur Hayes believes that most new Layer-1 networks will eventually fail, with only a very few surviving in the long term.

November 30th, Nasdaq's Head of Digital Assets Strategy, Matt Savarese, stated that they consider the SEC approval of their tokenized stock plan a top priority and will "move it forward as quickly as possible." The team now needs to focus on evaluating public feedback. Nasdaq's goal is not to overturn the existing securities system but to enable everyone to participate in this journey and bring tokenization into the mainstream. Nasdaq hopes to advance all of this in a responsible and investor-centric manner within the SEC's regulatory framework.Previously, Nasdaq had formally submitted a rule change proposal to the SEC, seeking to allow regulated trading platforms to support tokenized stocks and ETF trading on its exchange. If approved, this proposal would make the U.S. mainstream securities exchange the first to legitimately offer on-chain securities trading alongside traditional stocks.

November 30th, according to CME's "FedWatch" data, the probability of a 25 basis point Fed rate cut in December is currently at 86.4%, with a 13.6% probability of the rates remaining unchanged. Since the unexpected drop in U.S. initial jobless claims on November 26th, the probability of a rate cut has remained high.The probability of the Fed holding rates steady until January 2026 is 10%, with a 67% probability of a cumulative 25 basis point rate cut, and a 23% probability of a cumulative 50 basis point rate cut.The next two FOMC meeting dates for the Fed are December 10th and January 28th, 2026.

November 30th, the dYdX community proposed a new initiative called the "Liquidation Rebates Pilot Program." Starting on December 1, 2025, a one-month pilot program will be launched to reward traders who have experienced a liquidation event with points and rebates, with rewards of up to $1 million.