• The $206 million IPO was heavily oversubscribed by both retail and international investors.
• Early trading was volatile, with shares dipping below the IPO price after an initial rise.
• The listing adds to a growing pipeline of crypto companies planning public market debuts in 2025.

Hong Kong’s push to position itself as a global hub for regulated digital assets took a visible step forward this week as HashKey, the city’s largest cryptocurrency exchange, began trading on the Stock Exchange of Hong Kong.

The debut followed a $206 million initial public offering that drew strong demand across retail and institutional channels.

While early trading was volatile, the listing placed HashKey at the centre of a growing wave of crypto firms seeking public market exposure in Asia and beyond.

The move also underlined Hong Kong’s ambition to blend capital markets depth with tighter digital asset oversight, at a time when global regulators are taking a more cautious stance on crypto activity.

Shares of HashKey Holdings listed on the HKEX main board on Wednesday, opening at 6.70 Hong Kong dollars, or about $0.86, according to exchange data.

The company confirmed in a blog post that the listing made it the first digital asset company in Asia to go public via an IPO in Hong Kong, setting a regional precedent for crypto firms pursuing traditional capital market routes.

Hong Kong listing milestone

HashKey’s IPO was launched on Dec. 9 and involved the sale of 240 million shares, raising a total of $206 million, based on its HKEX filings.

The structure reflected a split between local and international tranches, aligning with Hong Kong’s standard IPO framework while attracting a broad investor base.

The Hong Kong public offering component saw demand surge well beyond expectations. The retail tranche was oversubscribed by nearly 394 times, with 24 million shares allocated.

The international offering also drew solid interest, reaching 5.5 times subscription and accounting for 216.5 million shares sold.

The response highlighted continued appetite for crypto-linked equities despite recent market volatility in the sector.

Investor demand and structure

Nine cornerstone investors participated in the IPO, adding a layer of institutional credibility to the transaction.

These included Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity, and CDH.

Among them, Cithara and UBS emerged as the largest backers, receiving allocations of roughly 17.5 million shares and 11.7 million shares, respectively.

The presence of established asset managers suggested confidence in HashKey’s business model and regulatory positioning.

It also reflected investor interest in companies operating within Hong Kong’s licensing regime, which has been promoted as a framework for compliant digital asset trading and custody.

Volatile first trading session

Despite the strong fundraising outcome, HashKey’s first day of trading was marked by price swings.

During the morning session, shares briefly climbed about 5% above the opening price, reaching roughly $0.91, before reversing course and dropping to a low near $0.78.

By the afternoon, the stock was trading slightly below its IPO price, at around $0.84.

The movement underscored the cautious tone among investors toward newly listed crypto firms, even as demand for IPO allocations remained robust.

Market participants appeared to weigh long-term growth prospects against near-term uncertainties in the global digital asset market.

The post HashKey IPO marks milestone for Hong Kong’s regulated crypto market appeared first on CoinJournal.

• The strategy focuses on a major protocol upgrade, real-world asset lending, and mobile adoption.
• Aave V4 aims to unify cross-chain liquidity and simplify development.
• Horizon targets faster growth in tokenised real-world asset markets through institutional partners.

Aave is setting out its next phase of expansion as regulatory uncertainty in the US eases for the decentralised finance protocol.

Founder and chief executive Stani Kulechov on Dec. 17 detailed what he described as a “2026 Master Plan”, one day after the US Securities and Exchange Commission formally dropped its long-running investigation into the platform.

The update comes after what Aave described as its strongest year so far, with 2025 marked by record net deposits and billions of dollars in activity processed across the protocol.

With the regulatory probe no longer hanging over the project, Aave’s leadership is now focusing on scaling its technology, widening its institutional footprint, and pushing further into consumer-facing products.

According to Kulechov’s post on X, Aave’s strategy for 2026 rests on three core priorities: a major protocol upgrade, the expansion of tokenised real-world asset markets, and broader user adoption through a mobile app.

Aave V4 upgrade

The first pillar of the roadmap is Aave V4, the next major iteration of the lending protocol.

The upgrade is designed to introduce cross-chain liquidity, a modular architecture, and deeper customisation for developers and partners.

Aave Labs, the core development team, had already published a V4 launch roadmap in September, outlining final testing and review phases.

A central feature is the Cross-Chain Liquidity Layer, which builds on earlier versions of the protocol to address fragmented liquidity across different blockchains.

Under the new design, liquidity pools are reorganised into capital hubs on each network, with specialised spokes layered on top to support tailored lending markets for specific asset types.

The structure is intended to support significantly larger volumes of capital while simplifying how new products are launched on Aave.

The upgrade also includes new cross-chain interfaces and a revamped developer experience, which Aave expects will make integrations easier for fintech firms, enterprises, and other large-scale users.

Horizon and institutional markets

The second focus area is Horizon, Aave’s decentralised lending market for tokenised real-world assets.

Horizon is positioned as a gateway for traditional financial institutions to access DeFi infrastructure while bringing off-chain assets on-chain.

Horizon launched on Aug. 27 and surpassed $50 million in deposits by September 1, with most of the early liquidity arriving in RLUSD and USDC. Since then, net deposits have grown to around $550 million.

Aave plans to accelerate Horizon’s growth in 2026, with a stated aim of pushing deposits beyond $1 billion.

The strategy involves expanding collaborations with established financial players including Circle, Ripple, Franklin Templeton, and VanEck.

Through these partnerships, Aave intends to onboard major global asset classes and expand its reach into a real-world asset market estimated at more than $500 trillion.

Aave App and user growth

The third pillar of the roadmap targets consumer adoption through the Aave App. Launched in mid-November, the app offers a banking-style savings experience designed to make decentralised lending more accessible to non-crypto-native users.

The app is currently available on the Apple App Store and is expected to see a broader rollout next year.

Aave is targeting a user base of one million as it seeks a foothold in the global mobile fintech market, which it estimates at about $2 trillion.

The push reflects Aave’s view that long-term scaling depends on product-level adoption, not just protocol-level liquidity.

The post Aave charts post-SEC expansion as DeFi lender sharpens growth strategy appeared first on CoinJournal.

• Charles Edwards warns Bitcoin could face sharp price pressure if upgrades are delayed.
• Banks are already moving toward post-quantum encryption, increasing Bitcoin’s relative exposure.
• Crypto leaders remain divided on urgency, mitigation strategies, and timelines.

Quantum computing has long hovered on the fringes of crypto risk discussions, often dismissed as a distant or hypothetical challenge. That framing is now being questioned.

New warnings from within the Bitcoin ecosystem suggest the technology may become a practical threat sooner than expected, with implications not just for network security but also for market confidence.

As timelines tighten and views diverge, the debate is shifting from abstract theory to concrete preparedness, raising questions about whether Bitcoin’s current cryptographic foundations are ready for what comes next.

Quantum threat timelines tighten

The core concern around quantum computing lies in its potential ability to break widely used cryptographic systems.

For Bitcoin, this could mean exposing private keys linked to public addresses, allowing attackers to access funds or compromise sensitive data.

Until recently, most discussions placed this risk decades into the future.

That assumption was challenged this week by Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole.

In an X post on Wednesday, Edwards suggested that quantum risk could become critical by 2028.

He argued that if Bitcoin does not become quantum-resistant within that window, the consequences could be severe for both security and price stability.

His comments pointed to a narrower timeline than many in the industry have assumed.

Price risk linked to inaction

Edwards tied the technical challenge directly to market behaviour.

He warned that failure to deploy a solution by 2028 could see Bitcoin trade well below $50,000 and remain under pressure until the issue is resolved.

In his view, the lack of urgency stems from complacency, with meaningful action likely only after a significant market downturn forces the issue.

He has also indicated that any effective quantum patch would need to be rolled out by 2026 to avoid destabilising the network.

Delays beyond that point, he suggested, could trigger a prolonged and deep bear market driven by eroding confidence rather than a single external shock.

Why Bitcoin may be exposed

Sceptics of the quantum threat argue that the technology remains too immature to pose a near-term risk.

They point out that banks, governments, and large institutions would be targeted first, giving Bitcoin ample warning time to adapt.

Edwards disputes this view. He has repeatedly argued that Bitcoin could be an early target precisely because of its design.

Many banks and institutions are already migrating toward post-quantum encryption standards, while Bitcoin continues to rely on existing cryptographic assumptions.

In addition, fraudulent transactions in traditional finance can often be reversed or blocked, whereas Bitcoin transactions are irreversible once confirmed, increasing the potential impact of any breach.

A divided crypto response

Views across the crypto ecosystem remain sharply split on how seriously Bitcoin should treat the quantum threat.

Some participants argue that interim measures already exist to reduce exposure over the next several years, buying time for more comprehensive upgrades to be designed and implemented at the protocol level.

Others dismiss the issue as overstated, maintaining that quantum computing remains too underdeveloped to pose a meaningful risk to Bitcoin’s cryptography.

From this perspective, heightened concern is seen as premature and potentially driven by broader narratives rather than immediate technical realities.

These contrasting positions underline an unresolved tension within the Bitcoin community.

As quantum capabilities progress, the discussion is shifting from whether the threat is real to how quickly Bitcoin needs to adapt to safeguard its long-term security.

The post Why quantum computing is becoming a real concern for Bitcoin appeared first on CoinJournal.

Bhutan is preparing to deploy part of its national Bitcoin reserves to finance the development of the Gelephu Mindfulness City, a flagship urban project designed to reshape the country’s economic future, as per a Cointelegraph report.

The Himalayan kingdom has confirmed that it will tap up to 10,000 Bitcoin from its holdings to support the special administrative region, which was launched in 2024.

The move places Bhutan among a small group of governments actively integrating digital assets into long-term development planning, while also highlighting how Bitcoin mining and treasury management have become embedded in the country’s broader economic strategy.

Gelephu Mindfulness City vision

Gelephu Mindfulness City is located in southern Bhutan near the Indian border and has been positioned as a new economic hub aimed at reversing youth migration.

The project seeks to create high-value domestic jobs and expand opportunities beyond the country’s traditional sectors.

According to official plans, the city is designed to attract companies across finance, tourism, green energy, technology, healthcare, and agriculture.

The special administrative region covers around 1,544 square miles, equivalent to roughly 10% of Bhutan’s total land area.

Its regulatory structure allows greater flexibility, particularly for crypto and fintech firms, while also supporting the expansion of Bhutan’s Bitcoin mining activities.

Officials have described the city as a testing ground for new economic models that balance innovation with sustainability.

Bitcoin funding strategy

According to Cointelegraph, the government said on Wednesday that a range of approaches is being considered to manage the Bitcoin allocation, valued at about $875 million.

These include risk-managed yield strategies, treasury-style management, and long-term holding plans intended to protect and preserve the value of the assets.

Authorities have emphasised that development funding will proceed in a stable and sustainable manner, with governance frameworks focused on capital preservation, oversight, and transparency.

Bhutan ranks as the fifth-largest national holder of Bitcoin, with most of its reserves accumulated through mining operations.

Data from Bitbo estimates that the country holds about 11,286 Bitcoin, with a market value exceeding $986 million.

The Gelephu plan represents the most concrete use yet of this digital asset stockpile for public development.

National Bitcoin policy

The decision to use Bitcoin for Gelephu Mindfulness City forms part of Bhutan’s broader Bitcoin Development Pledge, a national policy aimed at supporting long-term economic growth through mining and asset management.

King Jigme Khesar Namgyel Wangchuck has stated that the objective is to ensure that the entire population of more than 796,682 people benefits from the project.

As part of this approach, Bhutan is developing a new land policy intended to protect landowners, prevent widening inequality, and ensure shared national prosperity.

The city has been framed as a collective national enterprise, with landowners treated as stakeholders.

Because most land is state-owned, citizens from all Dzongkhags are expected to share in the project’s success.

Governance and rollout

A masterplan and legal framework for Gelephu Mindfulness City have already been unveiled, alongside the appointment of a governor and a board of directors.

Construction work has begun to clear and prepare the site.

The region has also introduced crypto-based payments for merchants and tourism services and launched TER, a sovereign-backed digital token linked to physical gold.

The city has been envisioned as an economic corridor connecting South Asia and Southeast Asia, with executive autonomy and legal independence.

Development is planned in phases over the next 20 years, reflecting Bhutan’s long-term strategy to integrate digital assets, infrastructure, and governance reform.

The post Bhutan plans to fund Gelephu Mindfulness City using national Bitcoin reserves appeared first on CoinJournal.

• The integration will support automated payments and onchain SGD-USD exchange.
• XSGD and XUSD have processed more than $18 billion in onchain transactions.
• StraitsX operates under MAS regulation and is exploring payments with Grab.

Singapore-based stablecoin issuer StraitsX plans to extend its Singapore dollar-backed XSGD and US dollar-backed XUSD to the Solana blockchain by early 2026.

The move reflects a broader push to place regulated stablecoins at the centre of high-speed blockchain settlement, particularly for payments, digital commerce, and emerging AI-driven use cases.

By tapping into Solana’s low-cost and high-throughput infrastructure, StraitsX aims to make SGD- and USD-denominated transactions more efficient across decentralised finance, institutional flows, and everyday payments.

The expansion also positions the company to meet rising demand for programmable money within interoperable, software-native environments.

Solana integration plans

The rollout was announced in collaboration with the Solana Foundation and detailed in a Tuesday blog post.

Once live, users will be able to settle transactions using XSGD and XUSD directly on Solana, taking advantage of faster settlement times and lower transaction fees.

StraitsX said the integration brings multiple financial functions together on a single blockchain, spanning centralised exchange support, decentralised liquidity pools, lending markets, and consumer payments.

The company views Solana as a suitable base layer to support complex payment flows that require speed and scalability without sacrificing reliability.

Demand from AI and commerce

StraitsX said the expansion is designed to support increasing usage from digital commerce platforms and AI-native applications.

Solana has seen growing adoption for x402-based payments, an interoperability standard that enables automated transactions between software agents.

Both XSGD and XUSD already support the x402 standard natively, and this capability will extend to Solana.

As a result, developers and institutions will be able to deploy automated payment use cases, including onchain foreign exchange between SGD and USD, automated market maker liquidity provisioning, lending protocols, and institutional-grade settlement processes.

Onchain volume and token data

XSGD is already live across multiple blockchains, including Ether, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera, and the XRP Ledger.

XUSD is currently available on Ethereum and BNB Smart Chain.

XSGD has a market capitalisation of $13 million with a circulating supply of 16.7 million tokens, while XUSD has a market capitalisation of $52 million.

Combined, the two stablecoins have processed more than $18 billion in onchain transaction volume, highlighting their growing role in cross-chain payments and settlement activity.

Regulation and Grab partnership

StraitsX operates as a licensed Major Payment Institution under the Monetary Authority of Singapore stablecoin framework.

Both XSGD and XUSD have been acknowledged by the MAS as compliant with the upcoming stablecoin regulatory framework, according to their white papers.

Separately, the company has moved to explore consumer-facing applications.

Last month, Grab signed an exploratory memorandum of understanding with StraitsX to develop a Web3-enabled settlement layer for Southeast Asia.

Subject to regulatory approval, the initiative would allow Grab users to hold and spend XSGD and XUSD directly within the app, integrating digital wallets, programmable payments, and stablecoin clearing into daily transactions.

The post Singapore’s StraitsX to expand XSGD and XUSD stablecoins onto Solana appeared first on CoinJournal.

• The pilot includes Optimism, Base, Ink, and Unichain as part of a multichain expansion strategy.
• Further chain launches are planned next year, subject to regulatory approval in the US.
• RLUSD has a $1.3 billion market cap and is seeing growing retail adoption since its launch.

Ripple Labs is moving to broaden the reach of its US dollar-backed stablecoin, RLUSD, by testing it across several Ethereum layer 2 blockchains as part of a new pilot programme.

The expansion comes as the company waits for regulatory clearance to move toward a wider rollout planned for next year.

By extending RLUSD beyond its initial launch environments, Ripple is positioning the stablecoin for deeper integration into decentralised finance and institutional blockchain use cases.

The pilot also reflects a broader industry shift toward multichain infrastructure, where stablecoins are expected to operate seamlessly across multiple networks rather than remain confined to a single ecosystem.

Pilot targets Ethereum layer 2 ecosystems

The pilot is being carried out in partnership with Wormhole, a crosschain interoperability protocol that enables assets to move between blockchains.

Under the arrangement, RLUSD will be tested on Optimism, Base, Ink, which is an Ethereum layer 2 developed by Kraken, and Unichain.

RLUSD was initially issued on the XRP Ledger and Ethereum. Ripple has indicated that expanding to layer 2 networks is a necessary step to support scalability, efficiency, and interoperability as blockchain activity increasingly shifts to lower-cost environments built on Ethereum.

The pilot phase is intended to evaluate how RLUSD functions across these networks before a broader launch, which remains dependent on regulatory approval.

Wormhole technology avoids wrapped assets

A key technical aspect of the expansion is the use of Wormhole’s Native Token Transfers standard.

According to Wormhole, this approach allows RLUSD to move between blockchains as the same native asset rather than relying on wrapped or synthetic versions.

In many multichain models, tokens are locked on one chain while a wrapped version is created on another, which can fragment liquidity.

Wormhole’s system is designed to maintain a single canonical version of RLUSD on each supported blockchain, with Ripple retaining control over the token contracts.

This structure is intended to preserve liquidity and simplify crosschain usage, which is particularly relevant for stablecoins expected to support payments, decentralised finance, and institutional settlement.

RLUSD growth and market position

RLUSD was launched in December 2024 and currently has a market capitalisation of $1.3 billion, according to CoinGecko data.

While it remains much smaller than established stablecoins, it has begun gaining traction among retail users.

By comparison, Tether’s USDT has a market cap of $186 billion, Circle’s USDC stands at $78 billion, and Sky Protocol’s USDS holds $9.8 billion.

RLUSD adoption has been supported by integrations with platforms such as Transak and increasing use across self-custodial wallets, including Xaman.

Ripple views stablecoins as a key bridge between decentralised finance and institutional adoption, with RLUSD positioned as a compliance-focused option within a growing multichain landscape.

The post Ripple expands RLUSD stablecoin to Ethereum layer 2 networks appeared first on CoinJournal.

• The fund is seeded with $100 million and requires a minimum investment of $1 million.
• Tokenized money-market funds offer faster settlement, continuous trading, and onchain ownership visibility.
• The tokenized money-market sector has grown to $9 billion in assets over the past year.

JPMorgan Chase is preparing to deepen its push into blockchain-based finance through a tokenized money-market fund on Ethereum, according to a Wall Street Journal report published on Monday.

The bank has not formally announced the product, but the report suggests JPMorgan is moving closer to offering onchain versions of traditional cash-management tools as institutional interest in tokenization grows.

The reported initiative comes as large investors look for ways to deploy idle cash more efficiently while maintaining regulatory compliance.

With about $4 trillion in assets under management, JPMorgan’s reported plans highlight how tokenization is evolving from experimental pilots into investment products associated with major global balance sheets.

The proposed fund would enter a fast-growing segment of digital finance where money-market products are increasingly viewed as a bridge between traditional markets and blockchain infrastructure.

Tokenized money-market fund rollout

The fund, known as My OnChain Net Yield Fund, or MONY, has been seeded with $100 million from JPMorgan’s asset management division, the Wall Street Journal stated.

The product is expected to open to external, qualified investors this week, although no official confirmation has been issued by the bank.

The minimum investment is set at $1 million, keeping the fund focused on institutional participation rather than retail investors.

MONY is designed to operate in line with conventional money-market funds, holding short-term debt instruments and paying interest on a daily basis.

Investors would be able to redeem their shares either in cash or through Circle’s USDC stablecoin, reflecting the growing use of regulated stablecoins in institutional settlement and liquidity management.

Why Ethereum and tokenization matter

JPMorgan has built the reported fund on Kinexys Digital Assets, its in-house tokenization platform, with Ethereum selected as the underlying blockchain, according to the Wall Street Journal.

Tokenized funds record ownership onchain, allowing faster settlement, real-time visibility, and continuous trading beyond standard market hours.

These features are attracting attention from asset managers, trading firms, and treasury desks seeking operational efficiency while continuing to rely on low-risk instruments.

Tokenized money-market funds are also increasingly used within decentralised finance ecosystems as reserve assets and as collateral for trading and asset management.

Competition among financial giants

JPMorgan’s reported plans place it alongside other large financial institutions that have already launched tokenized money-market products.

Franklin Templeton introduced its BENJI fund in 2021, becoming one of the earliest traditional asset managers to adopt blockchain-based fund infrastructure.

BlackRock followed in 2024 with its BUIDL fund, developed with tokenization specialist Securitize, which has since attracted about $2 billion in assets, according to data from RWA.xyz.

The post JPMorgan expands blockchain push with tokenized money-market fund on Ethereum appeared first on CoinJournal.

• Nasdaq plans to place tokenized and traditional securities on the same order book.
• Settlement would still run through DTCC systems despite blockchain integration.
• Industry responses are split as regulators assess legal and operational risks.

The US Securities and Exchange Commission has begun a formal review that could determine whether tokenized shares are allowed to trade on Nasdaq, placing blockchain-based securities under close regulatory examination.

By seeking public feedback on Nasdaq’s proposed rule change, the SEC is assessing how digital representations of stocks might fit within existing market structures.

The move reflects growing interest in tokenization across financial markets, while underscoring regulators’ focus on legal certainty, settlement integrity, and investor protection.

Any decision is likely to influence how quickly blockchain technology is adopted within mainstream equity trading.

According to the SEC filing, Nasdaq has asked for approval to list and trade securities in tokenized form.

This step has triggered a broader consultation process covering regulatory, technical, and policy considerations.

The review will determine whether tokenized shares can operate alongside traditional equities without altering core market safeguards.

Regulatory review begins

Under Nasdaq’s proposal, tokenized stocks and exchange-traded products would trade in parallel with conventional shares.

Both formats would appear on the same order book and carry the same shareholder rights.

Clearing and settlement would continue through the Depository Trust and Clearing Corporation, while blockchain technology would be used to improve operational efficiency.

The SEC’s request for feedback signals that no approval is guaranteed.

Instead, regulators are evaluating whether tokenized securities can deliver faster and cheaper settlement without creating new risks.

The consultation marks the start of a deeper assessment rather than a final decision.

How tokenized shares would trade

If approved, Nasdaq’s framework would allow blockchain-based shares to trade just like regular stocks.

Investors would not need separate systems or accounts, as tokenized and traditional securities would coexist within the same trading environment.

Settlement would still rely on DTCC systems, ensuring continuity with current market processes.

Experts argue that this structure preserves investor protections while allowing blockchain to reduce settlement times and operational costs.

The SEC’s review will assess whether these efficiency gains outweigh potential complexities introduced by tokenized record-keeping.

Industry views divided

Market reactions to the proposal have been mixed. Industry groups have voiced support, pointing to the potential for tokenization to enhance market efficiency and modernise post-trade processes.

Regulatory developments elsewhere also suggest increasing openness.

The US Commodity Futures Trading Commission has approved a pilot programme allowing tokenized assets to be used as collateral, indicating broader acceptance of blockchain-based financial instruments.

However, opposition has emerged from firms including Ondo Finance and Cboe Global Markets.

These companies argue that the SEC should delay approval until the DTCC provides clearer guidance on how tokenized trades would be settled.

Their concern centres on the fact that all such transactions would still depend on DTCC infrastructure, making settlement clarity critical.

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• The scam relies on Telegram impersonation and pre recorded video calls to build trust.
• Malware is delivered as a fake audio or SDK patch during the meeting.
• Security Alliance says it is tracking multiple such attempts every day.

North Korean cybercriminals are escalating social engineering attacks by exploiting fake Zoom and Teams meetings to deploy malware that drains sensitive data and cryptocurrency wallets.

Cybersecurity firm Security Alliance, also known as SEAL, has warned that it is tracking multiple daily attempts linked to these campaigns.

The activity highlights a shift toward more convincing, real-time deception rather than crude phishing.

The warning follows disclosures by MetaMask security researcher Taylor Monahan, who has been monitoring the pattern closely and flagging the scale of losses already linked to the tactic.

The method relies on familiarity, trust, and workplace habits, making it particularly effective against professionals in crypto and tech who regularly use video conferencing tools.

How the fake Zoom scam works

The attack typically begins on Telegram, where victims receive a message from an account that appears to belong to someone they already know. The attackers specifically target contacts with existing chat history, increasing credibility and lowering suspicion.

Once engagement starts, the victim is guided toward scheduling a meeting through a Calendly link, which leads to what looks like a legitimate Zoom call.

When the meeting opens, the victim sees what appears to be a live video feed of their contact and other team members.

In reality, the footage is pre-recorded, not AI-generated deepfakes.

During the call, the attacker claims there are audio issues and suggests installing a quick fix.

A file is shared in the chat and presented as a patch or software development kit update to restore sound clarity.

That file contains the malware payload. Once installed, it gives the attacker remote access to the victim’s device.

Malware impact on crypto wallets

The malicious software is often a Remote Access Trojan. After installation, it silently extracts sensitive information, including passwords, internal security documentation, and private keys.

In crypto-focused environments, this can result in complete wallet drainage with little immediate indication of compromise.

Monahan has warned on X that more than $300m has already been stolen using variations of this approach, and that the same threat actors continue to exploit fake Zoom and Teams meetings to compromise users.

SEAL has echoed the concern, noting the frequency and consistency of these attempts across the crypto sector.

North Korea’s evolving cyber playbook

North Korean hacking groups have long been linked to financially motivated cybercrime, with proceeds believed to support the regime.

Groups such as Lazarus have previously targeted exchanges and blockchain firms through direct exploits and supply chain attacks.

More recently, these actors have leaned heavily into social engineering.

In recent months, they have infiltrated crypto companies using fake job applications and staged interview processes designed to deliver malware.

Last month, Lazarus was linked to a breach at South Korea’s largest exchange, Upbit, which resulted in losses of roughly $30.6 million.

The fake Zoom tactic reflects a broader strategic pivot toward human-centric attack vectors that bypass technical safeguards.

What experts say users should do

Security experts warn that once a malicious file is executed, speed matters.

In cases of suspected infection during a call, users are advised to immediately disconnect from WiFi and power off the device to interrupt data exfiltration.

The broader warning is to treat unexpected meeting links, software patches, and urgent technical requests with extreme caution, even when they appear to come from known contacts.

The post Fake Zoom malware scam tied to North Korean hackers targets crypto users appeared first on CoinJournal.

• The new Phantom Prediction Markets feature supports tokenised event trading across multiple categories.
• Crypto exchanges such as Gemini and Coinbase are also moving into US prediction markets.
• Regulatory challenges persist, with recent legal action involving the state of Connecticut and Kalshi.

Crypto wallets are increasingly becoming gateways to real-world financial activity, and Phantom’s latest move highlights that shift.

The crypto wallet application has partnered with regulated prediction market Kalshi to embed event-based trading directly into its wallet interface.

The integration allows users to engage with outcome-driven markets without moving funds to external platforms.

It also reflects a broader push by crypto firms to blend onchain infrastructure with regulated financial products tied to real-world events, from elections to economic data and cultural moments.

The partnership, announced on Friday, introduces a new product inside the wallet called Phantom Prediction Markets.

The feature allows users to explore live events, monitor price movements, and trade tokenised positions linked to Kalshi’s markets, all within Phantom’s existing interface.

The move positions wallets not just as storage tools, but as active trading hubs.

How the Phantom Kalshi integration works

Phantom users will be able to discover trending event markets and track live odds directly inside the wallet.

The integration enables trading of tokenised positions that reference Kalshi’s regulated event contracts, covering categories such as politics, economics, sports, and culture.

Instead of navigating separate trading platforms, users can place and manage positions from the same wallet they already use for onchain activity.

The structure relies on tokenised representations tied to Kalshi’s markets, linking decentralised wallet infrastructure with regulated event trading.

Phantom described the product as a way to let users engage with topics they care about in real time, using crypto-native tools to interact with real-world outcomes.

The rollout adds to Phantom’s expanding feature set as competition intensifies among wallet providers.

Prediction markets draw crypto exchanges

Phantom’s announcement comes as crypto exchanges and affiliated entities move quickly to establish a presence in US prediction markets.

On Thursday, Gemini Titan, an affiliate of the crypto exchange Gemini, received a designated contract market licence from the US Commodity Futures Trading Commission.

Gemini said the licence would allow it to offer event contract trading through its web platform.

Following the announcement, Gemini shares rose by nearly 14% in after-hours trading, reflecting investor interest in the segment.

Prediction markets have gained traction as traders look for alternative ways to express views on macroeconomic indicators, elections, and other headline-driven events, often outside traditional derivatives markets.

Regulatory pressure shapes the landscape

Despite rising adoption, prediction markets continue to face regulatory scrutiny in the US.

On Dec. 4, the Connecticut Department of Consumer Protection sent cease and desist orders to Robinhood, Kalshi, and Crypto.com, alleging they were offering unlicensed online gambling services.

Kalshi responded the following day by filing a lawsuit against the state agency, arguing that its event contracts are permitted under federal law.

A Connecticut federal court judge later ordered the department to pause enforcement actions against Kalshi, temporarily blocking the cease and desist order.

The ruling provides short-term relief for Kalshi as legal questions around prediction markets remain unresolved.

The post Phantom integrates Kalshi prediction markets as crypto wallets expand into event trading appeared first on CoinJournal.

• Mike Selig is positioned to replace Acting Chair Caroline Pham at the CFTC if confirmed.
• The CFTC has already expanded crypto oversight through collateral approvals and spot trading permissions.
• Travis Hill’s confirmation would formalise his interim role at the FDIC and continue crypto-friendly banking policies.

Crypto regulation in the United States is entering a more defined phase as Senate procedures bring key financial watchdog appointments closer to completion.

Two agencies with direct influence over digital assets, the Commodity Futures Trading Commission and the Federal Deposit Insurance Corp., are on the verge of formal leadership changes, as per a CoinDesk report.

President Donald Trump’s nominees to chair both regulators have advanced through the Senate confirmation process, signalling a potential shift in how crypto markets and crypto-linked banking are supervised.

While the final votes have not yet taken place, recent developments suggest that decisions are approaching, narrowing uncertainty around regulatory direction.

Senate clears path for final votes

The Senate moved the process forward on Thursday by approving a resolution that clears the way for final confirmation votes.

The measure passed by a 52–47 margin and applies to a large group of nominees being considered together, reports CoinDesk.

Mike Selig, nominated to lead the CFTC, and Travis Hill, nominated to become chairman of the FDIC, are among the names included.

A spokeswoman for Senate Majority Whip John Barrasso said on X that the final vote is likely early next week, though the chamber remains days away from formally confirming the candidates.

Republicans in the Senate have adopted a strategy of voting on dozens of nominations in batches rather than individually. In this round, lawmakers are deciding on 97 confirmation questions at the same time.

Selig and Hill represent only two of those positions, but both roles carry outsized importance for the crypto sector.

The approach has helped accelerate confirmations but has also compressed scrutiny of individual nominees.

CFTC positions itself as crypto regulator

Selig currently serves as a senior official at the Securities and Exchange Commission, where he has been working on crypto-related issues.

If confirmed, he would replace Acting Chair Caroline Pham, who has guided the CFTC through a series of initiatives seen as supportive of digital asset markets.

Under Pham’s leadership, the CFTC has positioned itself as an active player in crypto supervision, even as Congress continues to debate broader market structure legislation.

The agency is widely expected to take a leading role in crypto oversight if lawmakers eventually pass a bill that formally assigns authority.

Even without new legislation, the CFTC has already expanded its reach.

It has created a CEO council to advise on policy matters, approved the use of Bitcoin BTC $92,157.53, Ether ETH $3,237.28, and USDC, along with other payment stablecoins as collateral, and allowed registered firms to offer spot crypto trading services.

These steps have embedded crypto more deeply into regulated financial activity.

FDIC banking stance comes into focus

At the FDIC, Hill has already been serving as interim chief, meaning his confirmation would formalise an existing role rather than introduce new leadership, notes CoinDesk.

During his interim tenure, Hill has pursued policies that indicate a more accommodating stance toward crypto banking.

This includes engagement with banks that provide services to digital asset firms, an area that has previously faced uncertainty due to regulatory caution.

Oversight framework begins to align

Together, the pending confirmations point toward a more coordinated regulatory environment for crypto in the US.

With leadership at both the CFTC and FDIC close to being finalised, oversight of crypto markets and crypto-related banking may soon operate under clearer and more consistent supervision.

The post Crypto oversight in US tightens as CFTC and FDIC leadership near confirmation appeared first on CoinJournal.

• South Korean police asked Binance to freeze Solana tokens linked to the Upbit breach on Nov. 27.
• Binance reportedly froze about $55,000 after a delay of roughly 15 hours.
• The Upbit breach involved unauthorised Solana-based withdrawals worth about $36 million.

South Korean authorities are examining how overseas crypto platforms respond to urgent law enforcement requests after new details emerged about Binance’s handling of a police freeze request linked to a security breach at Upbit.

The case has become a reference point for how quickly stolen digital assets can be contained once they leave domestic exchanges and move across borders.

While cooperation between exchanges and regulators is often described as routine, the Upbit incident shows how verification processes and response times can shape the outcome of active investigations.

The situation has also renewed attention on whether existing cross-border coordination mechanisms are sufficient when hacks involve large sums and fast-moving assets.

Freeze request and delayed action

According to South Korean broadcaster KBS, police investigating the Upbit breach asked Binance to freeze Solana tokens worth about 470 million Korean won, or roughly $370,000, on Nov. 27.

Investigators believed the funds were linked to wallets connected to the incident at Upbit, one of the country’s largest cryptocurrency exchanges.

KBS reported that Binance ultimately froze around $55,000, equivalent to about 17% of the amount requested.

The freeze came after a delay of approximately 15 hours.

Binance reportedly told authorities that additional verification was required before it could act on the full request.

The gap between the amount requested and the amount frozen has become central to questions about enforcement speed.

Impact of the Upbit breach

The police request followed unauthorised withdrawals of Solana-based assets from Upbit valued at roughly $36 million.

The scale of the breach prompted a formal police probe and a broader effort by the exchange to trace and recover funds across multiple platforms.

As part of the response, Upbit has been tracking wallet movements and alerting major global exchanges to assets suspected of being linked to the breach.

The case illustrates how quickly stolen crypto can be distributed, making early intervention critical once an incident is detected.

Broader enforcement challenges

The incident has drawn attention to structural issues in global crypto enforcement.

KBS cited commentary highlighting that rapid initial freezes can limit losses in hacking cases, while delays can allow assets to be moved or laundered further.

Concerns have also been raised about exchanges citing legal or litigation risks when responding cautiously to foreign law enforcement requests.

The discussion has included proposals for tighter coordination, such as direct emergency communication channels between major exchanges with the authority to enact temporary freezes while verification is completed.

These ideas reflect ongoing debates about balancing due process with the need for swift containment.

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• Coinbase now lets users trade any Solana token instantly through its app via on-chain liquidity.
• New tokens become accessible immediately, boosting visibility and reducing barriers for Solana builders.
• Deeper Solana integration and shifting exchange models signal a move toward open, blockchain-driven access.

Coinbase is reshaping how people interact with Solana’s fast-moving token market by allowing anyone to trade any Solana asset directly inside its app.

The change removes the wait for formal listings and gives users immediate on-chain liquidity through the same interface they already rely on.

It marks a shift toward a more open, blockchain-driven model of exchange activity.

The company is positioning this as a way for users to keep pace with Solana’s rapid token creation cycle while staying inside a familiar environment that does not require jumping between new platforms.

Trading through a trusted app

The new workflow lets people swap for any Solana token the moment it appears on chain.

They can pay with USDC, a bank account, cash, or a debit card.

This makes access to Solana’s expanding ecosystem far simpler for users who want to participate in early market activity without navigating outside tools.

The update turns the Coinbase app into a bridge that pulls liquidity straight from Solana decentralised exchanges.

People keep the same basic experience they are used to, but the range of assets becomes dramatically wider because the app now connects directly to on-chain markets.

Support for builders

The change also affects developers launching new tokens.

Any asset with enough liquidity on Solana becomes immediately available to the millions of people who use Coinbase.

This removes the long-standing barrier of visibility for early-stage projects.

Instead of waiting for a centralised listing or marketing push, a token becomes discoverable as soon as it is tradable on chain.

It streamlines access for builders and reduces friction around early user acquisition.

The update also demonstrates how exchanges are adapting their mechanisms so that discovery and access are tied directly to the blockchain rather than traditional gatekeeping processes.

More Solana features coming

Coinbase confirmed that deeper Solana integration is underway.

Soon, Solana assets will appear natively within the app interface, positioned beside Bitcoin and Ethereum instead of being placed in a separate category.

This signals a stronger commitment to supporting the network’s ecosystem.

Breakpoint added further activity around Solana with Ellipsis Labs introducing Phoenix Perpetuals, a Solana native perpetuals exchange that allows gasless trading and instant onboarding.

These developments highlight how infrastructure around the network is expanding at a pace and how established platforms are adjusting to meet user demand for faster access.

Changing exchange models

The update reflects a wider shift in how exchanges operate.

Instead of deciding which new assets qualify for listing, platforms are now giving users direct access to whatever appears on the chain.

This hands more control to traders while reducing bottlenecks associated with centralised processes.

With activity on Solana continuing to accelerate, Coinbase’s timing aligns with broader market interest.

The company is adapting its product to match the speed of blockchain-based innovation and responding to the growing preference for open access to newly launched tokens.

The result is a model where the blockchain itself determines what becomes tradable.

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• Do Kwon faces sentencing in New York, reviving focus on the TerraUSD collapse.
• Prosecutors seek 12 years; defense asks for five in the Terra fraud case.
• Kwon, Terraform settled with SEC, paying major fines over TerraUSD failures.

Do Kwon’s sentencing in New York on Thursday is set to become one of the most-watched moments in the global crypto sector, bringing the TerraUSD collapse back into public attention more than two years after the dramatic fall of the token.

The hearing, scheduled for 11 a.m. local time in Manhattan, as reported by Reuters, will determine how the courts respond to one of the most damaging events in digital asset history.

Kwon, the 34-year-old co-founder of Terraform Labs in Singapore, admitted to misleading investors about the behaviour of TerraUSD, which was marketed as a stablecoin designed to keep its value steady during periods of market volatility.

The token’s sharp breakdown, along with the linked Luna cryptocurrency, erased an estimated $40 billion and contributed to a wave of failures across the industry.

Market turmoil

The crash of TerraUSD in 2022 unfolded during a broader downturn that exposed vulnerabilities in multiple digital asset companies.

Kwon became one of several industry leaders charged after the sell-off triggered investigations into business practices linked to failed projects.

Prosecutors said, notes Reuters, the collapse of Terra caused billions in losses and intensified instability at a time when crypto markets were already under pressure.

TerraUSD had been positioned in 2021 as a stablecoin intended to stay at $1 regardless of market swings.

When the token slipped below the peg in May 2021, investors were told that its recovery came from an automated system called Terra Protocol.

Prosecutors said charging documents showed that the recovery was instead supported by a high-frequency trading firm that secretly purchased large amounts of TerraUSD to push its value back up.

Criminal case

Kwon was charged in January with nine counts, covering securities fraud, wire fraud, commodities fraud and money laundering conspiracy.

He later pleaded guilty to conspiracy to defraud and wire fraud, admitting to misleading investors about the factors behind TerraUSD’s return to its intended price.

As per Reuters, prosecutors have asked the court to impose a sentence of at least 12 years, arguing that the consequences of the Terra collapse contributed to widespread market disruption.

Kwon’s legal team has requested that the sentence be limited to five years so that he can serve time in the United States and then return to South Korea, where he faces additional criminal charges.

His case forms part of a broader series of actions by authorities seeking to clarify how companies communicate the risks of complex crypto assets.

Civil settlement

The sentencing follows a major civil settlement agreed in 2024 between Kwon, Terraform Labs and the US Securities and Exchange Commission.

Under that arrangement, Kwon must pay an $80 million civil fine and is barred from engaging in crypto transactions, while the companies involved accepted a wider penalty totalling $4.55 billion.

The settlement formed a central part of regulators’ efforts to address the issues raised by Terra’s collapse and the communication practices surrounding it.

Kwon’s situation also includes a cross-border dimension, as South Korea continues its separate legal proceedings.

Prosecutors in the United States said they would not oppose a request for transfer after Kwon completes half of his US sentence, a measure built into the plea agreement, according to Reuters.

With the hearing set for 1600 GMT, policymakers, investors and market analysts are paying close attention to how the sentence may influence future enforcement in digital finance and other investigations linked to failed crypto products.

The post Do Kwon faces sentencing in New York as TerraUSD collapse returns to spotlight appeared first on CoinJournal.

• Norway pauses CBDC plans, saying its current payment system remains secure and efficient.
• Central bank will keep studying retail and wholesale CBDCs as payment habits evolve.
• Norges Bank shifts focus to tokenisation tests while monitoring global digital-currency moves.

Norway has decided that its payment system works well enough without introducing a central bank digital currency right now, even after several years of research into the idea.

The decision reflects how stable and efficient the country’s existing infrastructure has remained, despite Norway being one of the world’s most cash-light economies.

It also shows that the priority for the central bank is making sure payments keep functioning securely rather than rushing to release a digital krone before it is needed.

Norges Bank announced on Wednesday that a CBDC is not necessary at this stage, following a broad assessment of how a digital version of the krone might support payment security and efficiency.

Cash use in Norway has continued to fall to some of the lowest levels globally, which had intensified discussions about whether the country required a digital option to keep the national currency attractive for consumers, banks and merchants.

The central bank said the current system offers stable operations, fast settlement, low economic costs, and strong contingency arrangements.

It also noted that several projects are already in place to strengthen these backup systems further.

Decision timing

The central bank made clear that its decision is not permanent and that the question could return as payment habits evolve.

Norges Bank said it wants to be ready to introduce a digital krone if it becomes necessary to maintain a secure and efficient system.

The bank continues to distinguish between two main CBDC models.

A retail CBDC would act as a widely accessible means of payment, similar to physical cash or bank deposits.

A wholesale CBDC would be designed only for financial institutions and would allow interbank transactions through tokenised units recorded in a digital ledger based on blockchain technology.

CBDC types

This distinction has shaped much of Norway’s work so far.

A retail model would give everyday users direct access to central bank money in digital form, while a wholesale model would mirror existing deposits at the central bank using tokenised units.

Both versions remain under study as part of Norway’s broader assessment of future payment needs.

The country’s low reliance on cash had previously added urgency to these evaluations.

Yet Norges Bank concluded that keeping the existing system strong and reliable is the immediate priority, with a CBDC being considered only if payment risks or gaps emerge down the road.

Tokenisation tests

Although Norway is pausing on a digital krone, it is increasing its focus on tokenisation.

The bank said token-based systems can improve efficiency, enable innovation and reduce settlement risk.

It also warned that uncertainty remains about how widely tokenisation will be used and what kinds of risks may appear as the technology grows.

Norges Bank plans to continue practical experiments in collaboration with industry players to understand how tokenised solutions function in real transactions.

These tests are part of a broader strategy to prepare for future developments in digital finance, even without committing to a CBDC at this stage.

The central bank will publish a detailed report on its CBDC research in the first quarter of next year.

This will outline the work completed so far, its next steps, and how it plans to monitor progress in other regions.

Norway is watching international projects closely, including the Eurosystem’s work on a possible digital euro and emerging global standards that may support shared CBDC systems in the future.

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• Satoshi Nakamoto statue arrives at NYSE, marking crypto’s growing Wall Street acceptance.
• Artwork joins global series as Bitcoin’s history and mainstream adoption gain symbolic recognition.
• Institutional embrace of Bitcoin accelerates as public entities hold over 3.7M BTC.

The New York Stock Exchange has become the latest home for Valentina Picozzi’s “disappearing” Satoshi Nakamoto statue, signalling how far digital assets have travelled since the time when crypto was treated as unwelcome on Wall Street.

The arrival of the piece was announced in an X post on Wednesday, positioning the NYSE as shared ground for traditional finance and emerging decentralised systems.

The installation also aligns with the anniversary of the Bitcoin mailing list, launched on 10 December 2008, adding symbolic weight to a moment that highlights Bitcoin’s shift from niche idea to mainstream fixture.

NYSE installation

The statue was brought to the NYSE by Bitcoin company Twenty One Capital, which began trading this week.

The artwork itself is by Picozzi, who has been developing her “disappearing” Satoshi series under her Satoshigallery handle.

The New York installation is the sixth piece in a global project she plans to expand to 21 locations.

Her post on X described the placement at such a prominent financial centre as a milestone for the ongoing series.

The display at the NYSE contrasts sharply with the period when crypto was considered taboo across Wall Street.

Bitcoin’s long path

The statue’s arrival coincides with a key date in Bitcoin’s history, falling close to the anniversary of the Bitcoin mailing list launched by Satoshi Nakamoto on 10 December 2008.

Nakamoto mined the genesis block on 3 January 2009, creating the first 50 Bitcoins and setting the foundation for the wider industry.

More than a year after that, on 22 May 2010, Laszlo Hanyecz made the first documented Bitcoin purchase, spending 10,000 Bitcoin to buy two Papa John’s pizzas.

In the years that followed, the asset faced significant resistance.

Institutions and banks kept their distance, and governments attempted to restrict crypto activity through actions widely described as part of Operation Chokepoint 2.0.

Even high-profile sceptics in global finance dismissed the technology before eventually revising their positions.

Institutional shift

The landscape began to change when major financial figures, such as BlackRock’s Larry Fink, shifted from doubt to active interest.

Wall Street institutions moved quickly, increasing participation through exchange-traded funds and direct Bitcoin purchases for corporate treasuries.

Public companies, private companies, countries, and ETFs now hold more than 3.7 million Bitcoin collectively, according to Bitbo.

The total value exceeds 336 billion dollars, showing how deeply Bitcoin has entered mainstream portfolios.

Against this backdrop, the installation at the NYSE serves as a visible marker of how crypto has become integrated into financial culture instead of remaining an outsider technology.

Global statue project

Picozzi’s work has taken the Nakamoto figure to five other locations: Switzerland, El Salvador, Japan, Vietnam, and Miami, Florida.

The collection is intended to reach 21 statues worldwide, a nod to Bitcoin’s capped supply of 21 million tokens.

Her design centres on the idea of disappearance, with the figure positioned as if fading into its surroundings.

The artwork depicts Nakamoto as a hacker in a familiar seated pose, laptop open, representing both the anonymity of Bitcoin’s creator and the programmers who built the broader ecosystem.

The NYSE installation marks the latest step in Picozzi’s effort to trace Bitcoin’s cultural footprint through public art, linking major global locations with the technology’s origins and evolution.

The post Satoshi Nakamoto statue arrives at NYSE in major crypto culture shift appeared first on CoinJournal.

• Vietnam and Hong Kong enter the global top 10.
• Six Asia-Pacific markets appear in the top 20.
• Tokenisation rises 63% to more than 25.7 billion dollars.

Singapore’s rise to the top of global crypto adoption signals a broader shift in how digital assets are becoming embedded across the Asia-Pacific.

A new index published on Tuesday by Bybit and DL Research shows the region gaining influence as regulatory clarity, retail participation and new blockchain use cases reshape where innovation is happening.

The findings also reveal that real-world asset tokenisation, local stablecoins and crypto payrolls are now spreading through markets that have traditionally relied on conventional financial systems, placing Asia-Pacific at the centre of the industry’s next phase.

Regional leadership intensifies

The World Crypto Rankings assessed 79 countries using 28 metrics and 92 data points that examined regulation, institutional readiness and levels of user engagement.

Singapore secured the top position, overtaking the US, which has fallen in the latest edition.

Lithuania, Switzerland and the UAE completed the upper tier of the list, marking a shift from the Western-heavy rankings seen in earlier years.

Asia-Pacific delivered one of the strongest performances, with six of its markets ranked within the global top 20.

Vietnam reached ninth place, while Hong Kong secured tenth as its regulatory reset took effect.

Australia followed closely in eleventh, and the Philippines and South Korea came in seventeenth and twentieth, respectively.

The distribution indicates that adoption patterns are broadening as regional economies align regulation with user demand and market development.

New drivers behind adoption

The report outlines how each market is advancing for different reasons.

Singapore’s top ranking reflects a clear regulatory framework, a structured licensing regime and high levels of participation.

Vietnam stands out for a different type of growth. Nearly 20% of its population owns digital assets largely for remittances, savings and inflation protection.

The index shows that Vietnam ranks first globally for transactional use and for the adoption of decentralised physical infrastructure devices.

This suggests that the country’s progress is being powered from the ground up, with retail users driving the majority of activity.

Hong Kong’s tenth-place ranking reflects its attempt to rebuild confidence following regulatory changes and the introduction of a new licensing system. Its user penetration level places it eighth globally.

The report notes that the city is positioning itself as a blend of Western and Asian financial structures, with stablecoins and tokenisation acting as key catalysts for recovery.

Emerging trends gain global traction

Beyond rankings, the findings point to three trends shaping global behaviour.

Real-world asset tokenisation has expanded by 63% to more than 25.7 billion dollars since January.

This indicates rising interest in converting traditional assets into blockchain-based formats for trading and settlement.

Local currency-pegged stablecoins are also gaining ground. These tokens are emerging in markets that want to reduce reliance on the dollar while supporting domestic and cross-border transactions.

Their growth suggests increasing comfort with digital settlement mechanisms across both institutional and retail users.

This reflects a shift toward integrating digital assets into everyday financial activity rather than treating them solely as investment instruments.

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• Silk Road-tagged wallets sent $3.14 million in Bitcoin across 176 transfers this week.
• The transactions are the most significant Silk Road-linked activity in five years.
• The wallets sent funds to a new address beginning with bc1qn.

Silk Road-linked cryptocurrency activity has resurfaced, drawing attention to long-quiet Bitcoin wallets connected to the darknet marketplace.

The movement comes less than a year after US President Donald Trump granted a full pardon to Silk Road founder Ross Ulbricht.

While the pardon focused global attention on Ulbricht’s legal case, blockchain analysts are now tracking renewed activity that marks the highest level of transfers in years.

The latest movement, recorded on Tuesday, is raising fresh questions about dormant coin reserves linked to the marketplace and how much Bitcoin remains undiscovered or untouched across older blockchain addresses.

Silk Road wallets show renewed Bitcoin flows

Silk Road-tagged wallets transferred about $3.14 million worth of Bitcoin BTC $92,626, according to Arkham. The activity involved 176 transactions, making it the most significant movement from these addresses in five years.

Earlier this year, the same wallets carried out only three small test transactions, suggesting that substantial activity had been paused.

The transfers this week were sent to an unknown cryptocurrency wallet with the address prefix bc1qn.

The primary Silk Road-associated wallets still hold about $38.4 million in Bitcoin.

The newly created address holds only the transferred $3.14 million.

Pardon puts focus back on historic Silk Road funds

Interest in the wallets has intensified since January, when Trump issued a full pardon to Ulbricht.

Before the pardon, Ulbricht had been serving a double life sentence without parole for creating and operating Silk Road, which allowed anonymous trading of illicit goods using Bitcoin.

The pardon also sparked new activity around the Free Ross campaign.

Supporters have contributed about $270,000 in Bitcoin donations since the announcement, based on on-chain data.

Unseized Bitcoin linked to Ulbricht gains attention

Alongside the renewed transfers, discussions have shifted to older cryptocurrency holdings believed to be connected to Ulbricht but never seized by authorities.

The US government previously confiscated at least $3.36 billion in Bitcoin from Silk Road, marking one of the largest recoveries in the history of digital asset enforcement.

Yet blockchain analysts tracking historical movements have identified additional reserves that remain untouched.

Coinbase exchange director Conor Grogan highlighted that 430 BTC, worth about $47 million, has not moved for more than 13 years.

These tokens are held in wallets thought to be linked to Ulbricht.

Dormant Bitcoin wallets remain a focal point

Another Silk Road-tagged wallet likely controlled by Ulbricht contains about $8.3 million in Bitcoin.

This wallet has seen only three small test transactions over the past 10 months and has otherwise remained inactive for 14 years, according to Arkham.

The transfers observed this week have therefore shifted attention back to dormant Bitcoin reserves that could hold substantial amounts.

Experts monitoring historical blockchain activity note that movements involving older darknet-linked wallets often prompt speculation about ownership, recovery efforts, or changes in operational control.

The recent activity does not clarify why these wallets began moving again or who controls the receiving address.

However, the timing, extended periods of inactivity, and historical significance of the addresses have made the transfers notable within the crypto community.

As blockchain analysis tools improve and more historical data becomes searchable, renewed activity from legacy darknet sources continues to shape conversations about unseized assets and the long-term movement patterns of early Bitcoin holdings.

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• A hacked WeChat account linked to Binance’s Yi He triggered a brief memecoin surge.
• MUBARA spiked 8x before crashing as attackers sold early, profiting about $55,000.
• Incident exposes risks of dormant web 2 accounts still influencing crypto markets.

A dormant WeChat account linked to Binance co-CEO Yi He was hijacked on 9 December, setting off a rapid memecoin spike that caught traders off guard and briefly reshaped activity on BNB Chain.

The compromised account was used to promote a little-known token called MUBARA, drawing in traders who assumed the posts came from a credible source.

Within minutes, the token’s price surged before collapsing, revealing how outdated social accounts can still influence crypto markets when tied to a senior industry figure.

Hacked WeChat posts fuel instant market reaction

The incident began when scammers took control of Yi He’s old WeChat account, which was tied to an inactive phone number.

Late on 9 December, the hijacked account started circulating posts portraying MUBARA, also known as Mubarakah, as a token with strong potential.

Because many of the account’s contacts remain active in China’s crypto circles, the messages spread quickly and triggered sudden trading activity.

Lookonchain later traced on-chain movements linked to the scheme, identifying two wallets that bought about 21.16 million MUBARA for 19,479 USDT roughly seven hours before the posts appeared.

Once the messages started circulating, MUBARA jumped from around $0.001 to $0.008 within minutes.

The token’s temporary value reached about $8 million as traders rushed into decentralised exchanges on BNB Chain.

Early buyers cash out as traders join the frenzy

As liquidity strengthened, the two wallets began selling into the spike.

By the morning of 10 December, the attackers had sold 11.95 million tokens for 43,520 USDT.

They still held about 9.21 million tokens valued near $31,000.

Early estimates place their profit at around $55,000, with unsold holdings leaving room for additional gains.

The token fell more than 60% once the selling started.

Several KOLs on X flagged wallet movements that suggested some traders may have acted moments before the WeChat posts went live, drawing attention to how closely the activity resembled a coordinated pump-and-dump.

Binance leaders warn users after breach

Binance founder Chang Peng Zhao told users to ignore all messages from the compromised account and highlighted persistent weaknesses in web2 platforms that have limited recovery options for older accounts.

Yi He confirmed the breach, noting that the account had been abandoned and cannot be retrieved. She urged users to avoid any token promotions linked to it.

The episode underscores how attackers can exploit legacy communication channels that still hold influence in specific trading communities.

WeChat remains widely used among crypto participants in China, meaning even dormant accounts can act as catalysts for misinformation that moves markets.

Market impact raises broader security concerns

The speed of the price swing revealed how quickly misinformation can affect micro-cap tokens in an environment where traders respond to signals within seconds.

The MUBARA surge and collapse highlighted gaps between user behaviour, platform security, and the decentralised markets that react instantly to new information.

For Binance’s global user base, the event serves as a reminder that reputation-linked accounts, even inactive ones, remain valuable targets for manipulation attempts.

As platforms assess the fallout, discussions are turning to how crypto communities can better handle vulnerabilities created by older communication tools.

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• Seventy-six governments have pledged to share crypto data under CARF.
• Fifty-three countries have signed the agreement enabling automatic exchange.
• Switzerland delayed its timeline while the US continues its internal review.

Hong Kong has launched a public consultation on how it plans to introduce the international Crypto Asset Reporting Framework, known as CARF, as governments worldwide reshape their tax reporting systems for digital assets.

The consultation, announced on Tuesday, aims to gather feedback on both the technical rollout of CARF and related updates to local tax reporting rules.

It forms part of Hong Kong’s broader effort to align its crypto oversight with global transparency standards as authorities continue working to prevent cross border tax evasion.

The move builds on the city’s existing practice of exchanging financial account information with partner jurisdictions every year since 2018, rather than signalling a change in direction.

Hong Kong widens its regulatory review

The consultation examines how CARF would operate alongside the Common Reporting Standard, another Organisation for Economic Co-operation and Development initiative that shapes international tax reporting.

By reviewing the two frameworks together, Hong Kong seeks to integrate crypto data sharing into established financial reporting systems.

The process reflects growing coordination between jurisdictions as they adapt policy tools to match the expansion of digital asset markets.

Global momentum influences the process

CARF has been gaining traction around the world. In early November, 47 governments issued a joint pledge to adopt the framework at pace. Brazil has also been reported to be considering participation in the programme.

Other jurisdictions are moving more slowly. Switzerland postponed its own implementation until 2027 and is still assessing which countries it will exchange data with.

In the same month, the US reviewed an Internal Revenue Service proposal linked to joining CARF. Even with varied timelines, participation continues to rise.

More jurisdictions commit to adoption

According to an OECD list updated on Dec. 4, 48 nations intend to adopt CARF by 2027 and another 27 by 2028, while the US has identified 2029 as its target year. This brings the total number of countries pledging to share crypto data to 76.

A separate OECD list confirms that 53 countries have already signed the Multilateral Competent Authority Agreement, the legal foundation for automatic information exchange. These commitments signal widening global support for unified reporting standards.

Cayman Islands activity draws attention

Recent figures show a 70% annual increase in Cayman Islands foundation company registrations.

Legal professionals at Walkers noted that CARF likely excludes structures that solely hold crypto assets, including protocol treasuries, investment funds, or passive foundations.

This has raised questions about how certain entities may sit outside the data sharing perimeter as reporting rules continue to develop internationally.

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