• Citi forecasts Bitcoin at $143K and Ethereum at $4,304 in 12 months.
• Regulatory clarity and adoption drive institutional interest in crypto.
• Short-term risks, including bearish patterns, options expiry, and ETF outflows, still linger.

Citigroup has delivered one of the most upbeat outlooks from a major Wall Street institution on digital assets, forecasting strong upside for both Bitcoin and Ethereum over the next year.

The bank’s projections come at a time when crypto markets are navigating sharp short-term volatility while longer-term adoption trends continue to strengthen.

A bullish baseline with room to run

In a recent research note, Citigroup set a 12-month price target of $143,000 for Bitcoin, representing an upside of roughly 62% from levels near $88,000 at the time of the forecast.

The bank also gave Ethereum a favourable outlook, with a target price of $4,304, implying potential gains of about 46% from around $2,950.

The bank said its forecasts reflect improving market conditions after recent drawdowns, arguing that crypto prices are now closer to measures of value tied to actual user activity.

Citi framed its base case as a recovery scenario rather than an aggressive speculative call, noting that valuations have adjusted following the pullback from October highs.

Beyond its baseline projections, Citi also outlined a wide range of possible outcomes.

In a bullish scenario, the bank sees Bitcoin climbing as high as $189,000 and Ethereum reaching $5,132.

Under a bearish case, however, Bitcoin could slide to $78,000, while Ethereum may fall toward $1,270, underscoring the asset class’s persistent volatility.

Regulation shifts from risk to catalyst

Citi identified regulatory developments as the central driver behind its constructive stance.

The bank pointed to a noticeable shift by US authorities toward clearer, more tailored frameworks for digital assets, replacing years of regulatory uncertainty with defined rules.

Several enforcement actions and lawsuits against major crypto platforms have been dismissed, a change Citi believes could encourage institutional investors to re-engage with the sector.

The bank also highlighted President Donald Trump’s pro-digital-asset rhetoric, which has coincided with broader acceptance of cryptocurrencies within traditional finance.

According to Citi, these policy shifts have the potential to unlock renewed capital inflows, particularly from institutions that previously stayed on the sidelines.

The firm expects regulatory clarity to support adoption across spot markets, ETFs, and tokenised financial products over the coming year.

Volatility clouds the near-term forecasts

Despite the optimistic outlook, Citi acknowledged that recent market turbulence remains a significant headwind.

Bitcoin fell to multi-month lows in November as investors reduced exposure to risk assets amid concerns over elevated technology stock valuations.

Market sentiment has weakened further in December after Strategy, formerly known as MicroStrategy and the largest corporate holder of Bitcoin, cut its 2025 earnings forecast.

Strategy cited Bitcoin’s prolonged weakness, drawing heightened attention given its outsized exposure to the cryptocurrency.

Short-term technical signals also suggest caution, seeing that Bitcoin has formed a bearish flag pattern on the daily chart and remains below key moving averages and the Supertrend indicator.

Analysts warn that the price could dip toward $87,341, or even $85,188.

The post BTC at $143K, ETH above $4000: Citi issues bullish price forecasts as crypto market continues to struggle appeared first on CoinJournal.

• The Hegota update will follow Glamsterdam in the Ethereum upgrade cycle.
• Hegota will merge execution and consensus upgrades to boost efficiency and scalability.
• Verkle Trees and state improvements aim to make Ethereum lighter for node operators.

Ethereum developers have unveiled the name of the network’s next major upgrade, offering the community an early look at what lies ahead for the blockchain in 2026.

Just weeks after the Fusaka update, developers confirmed that the post-Glamsterdam upgrade will be known as Hegota, continuing Ethereum’s steady path of technical refinement and long-term scalability planning.

The announcement, shared through developer discussions and highlighted by Wu Blockchain, places Hegota as the flagship upgrade slated for later in 2026.

It follows the network’s well-established twice-yearly upgrade cadence and signals Ethereum’s intent to keep improving core infrastructure rather than chasing short-term changes.

A name that reflects Ethereum’s core layers

The name Hegota is not symbolic by chance. It merges two internal upgrade concepts: Bogota and Heze.

Bogota represents the execution layer, where transactions are processed and smart contracts run.

Heze, on the other hand, refers to the consensus layer, which secures the network and ensures agreement across nodes.

By combining these two layers into a single upgrade identity, developers are emphasising coordination across Ethereum’s most critical components.

This approach reflects a growing focus on holistic improvements, rather than isolated changes that affect only one part of the system.

Hegota will come after the Glamsterdam upgrade, which is expected to roll out earlier in 2026.

Together, these updates form part of Ethereum’s long-term roadmap to support increased usage, more complex applications, and a broader base of node operators.

What developers are aiming to improve

While final specifications for Hegota are still under development, early discussions point to several clear priorities.

One major focus is state management, which governs how Ethereum tracks balances, smart contracts, and historical data over time.

As more users and applications interact with Ethereum, the amount of data that nodes must handle increases.

Another key area is execution-layer optimisation. Developers aim to make transactions and smart contracts faster and more efficient, which could translate into smoother user experiences and better performance for decentralised applications.

Verkle Trees are also expected to play a role in Hegota.

This technology is designed to reduce how much data nodes need to store, making it easier for individuals and smaller operators to run full nodes.

A lighter network strengthens decentralisation by lowering technical and hardware barriers.

Building on recent upgrades

Hegota builds on ideas introduced in earlier upgrades, including the Fusaka upgrade.

Ahead of Fusaka’s release, Ethereum founder Vitalik Buterin explained that the upgrade would leverage peer-to-peer Data Availability Sampling, known as PeerDAS, to manage growing data demands.

Some of the technologies introduced through Fusaka are still considered novel.

Developers have acknowledged that future upgrades, including Hegota, may refine or extend these ideas as real-world usage reveals areas for improvement.

This iterative approach has become a defining feature of Ethereum’s development philosophy.

Rather than attempting sweeping changes all at once, the network evolves through measured upgrades that prioritise stability and long-term health.

Market reaction

The announcement of Hegota comes as Ethereum continues to navigate a volatile market environment.

At the time of reporting, ETH was trading around $2,959, reflecting a modest daily decline.

Market analysts note that Ethereum needs to remain above $2,894 for any hopes of regaining $3,000.

While price movements remain uncertain, the reveal of Hegota reinforces Ethereum’s focus beyond short-term market fluctuations.

For developers and long-term holders alike, the upgrade signals continued investment in scalability, efficiency, and ease of operation.

The post Ethereum developers reveal the next upgrade, Hegota appeared first on CoinJournal.

• Bubblemaps flagged coordinated early Ava AI purchases as suspicious activity.
• 23 wallets, allegedly tied to the Ava AI deployer, bought 40% of tokens at launch.
• AVA price has fallen 96% from its January 2025 all-time high.

The Solana-based AI token Ava AI (AVA) has come under scrutiny after blockchain analytics firm Bubblemaps revealed that nearly half of the token’s initial supply may have been acquired by a small cluster of wallets tied to the project’s deployer.

The findings suggest potential insider coordination during the token’s launch, raising questions about the fairness and decentralisation of its initial distribution.

Coordinated buying at launch

According to Bubblemaps, 23 wallets, including the deployer, were freshly funded just before AVA’s debut on the memecoin launch platform Pump.fun.

These wallets, funded through Bitget and Binance in tight time windows, received similar amounts of Solana (SOL) and showed no prior blockchain activity before acquiring AVA.

Bubblemaps described this as a classic example of “sniping,” where crypto trading bots purchase tokens immediately upon public release to gain a price advantage over ordinary investors.

Further analysis revealed that these wallets were connected to other accounts that also bought AVA early.

The similarity in funding sources, timing, and purchase amounts strongly suggests coordination across multiple wallet clusters.

Bubblemaps highlighted that much of this activity went unnoticed at the time, emphasising the need for ongoing monitoring of early token distribution to detect suspicious behaviour.

Implications for investors

The news of early wallet coordination has sparked discussions among investors and analysts.

Some, like the Twitter user ScoutOnchain, argue that speculative buying and FOMO are intrinsic to new crypto trends, while others emphasise the need for more accessible analytics tools to help investors detect suspicious activity.

The concentration of nearly 40% of AVA’s supply in a small number of wallets has significant implications for retail investors.

A large supply held by few entities can increase the risk of price manipulation or a rug pull, where insiders dump their holdings and cause the token’s value to collapse.

AVA’s price trajectory appears to reflect these risks.

After reaching an all-time high of $0.3318 on January 15, 2025, the token has fallen by approximately 96% from that peak, currently trading around $0.01062 with a market capitalisation of $10.6 million.

Its 24-hour trading range currently sits between $0.01043 and $0.01143, while the seven-day range has swung between $0.008029 and $0.01371.

And despite the decline from its peak, the token’s circulating supply remains nearly identical to its total supply of approximately 999 million AVA, with a maximum supply capped at 1 billion.

Bubblemaps has pledged to continue monitoring early token movements and provide insights to the community, signalling an ongoing effort to bring transparency to new launches.

The post Solana AI token Ava AI (AVA) allegedly bundled 40% at launch appeared first on CoinJournal.

• Terraform Lab’s liquidator alleges Jump secretly propped up UST while misleading markets.
• Court filings claim Jump gained billions through discounted Luna deals and early exits.
• Jump denies wrongdoing as US courts revisit accountability beyond Do Kwon.

Terraform Labs’ bankruptcy estate has filed a sweeping lawsuit against market-making giant Jump Trading, accusing it and its executives of secretly manipulating the Terra ecosystem and profiting while the project unravelled.

The administrator overseeing Terraform’s liquidation is seeking $4 billion in damages, arguing that responsibility for one of crypto’s most destructive failures extends well beyond founder Do Kwon.

A collapse that reshaped crypto

The lawsuit revisits the dramatic implosion of TerraUSD and its sister token, LUNA, in 2022.

Terraform Labs built TerraUSD as an algorithmic stablecoin designed to maintain a one-dollar peg through trading incentives, rather than relying on reserves.

When that mechanism failed, confidence evaporated almost overnight.

Within days, LUNA entered a death spiral and more than $40 billion in market value was erased, sending shockwaves through the digital asset industry.

The fallout contributed to subsequent failures at major cryptocurrency lenders and hedge funds, ultimately deepening a crisis of trust across the sector.

Terraform Labs filed for bankruptcy in early 2024 and later agreed to pay roughly $4.5 billion to settle civil charges brought by the US Securities and Exchange Commission (SEC).

Do Kwon, the company’s co-founder, who pleaded guilty to criminal charges, was recently sentenced to 15 years in prison.

Secret deals behind the scenes

According to the bankruptcy estate, the story did not end with Kwon.

Todd Snyder, the court-appointed administrator managing Terraform’s liquidation, alleges that Jump Trading played a hidden and central role in propping up Terra long before its final collapse.

Court filings claim that Jump and Terraform entered undisclosed agreements as early as 2019.

Under those deals, Jump allegedly gained access to millions of Luna tokens at steep discounts.

One agreement cited in the complaint allowed the firm to buy LUNA for about $0.40 per token when the market price later exceeded $110.

The administrator claims these arrangements laid the groundwork for massive profits once Luna surged.

The lawsuit also points to an informal “gentlemen’s agreement” between Jump and Terraform.

According to Snyder, Jump secretly committed to supporting TerraUSD’s peg during periods of stress while Terraform publicly attributed any recovery to the strength of its algorithm.

The arrangement was allegedly concealed to avoid regulatory and market scrutiny.

The May 2021 warning signs

The lawsuit places particular emphasis on events in May 2021, when TerraUSD briefly lost its dollar peg.

At the time, Terraform said the stablecoin’s recovery proved the resilience of its design. The lawsuit now alleges a different reality.

Snyder claims that Jump intervened by purchasing large amounts of TerraUSD, masking fundamental weaknesses in the system.

Investors, he argues, were misled into believing the mechanism had worked as intended.

After that episode exposed flaws in Terra’s design, Jump allegedly negotiated to remove vesting and lockup provisions from its contracts.

Those changes allowed the firm to receive monthly Luna allocations and sell them immediately.

The administrator says this intensified selling pressure and positioned Jump to exit profitably as risks mounted.

Jump pushes back

Jump Trading has categorically rejected the allegations, and it intends to defend itself vigorously.

A company spokesperson has described the lawsuit as an attempt to shift blame away from Terraform Labs and Do Kwon.

Earlier in 2024, the SEC accused Jump’s crypto unit, Tai Mo Shan, of intervening during the May 2021 depeg and later profiting from unlocked LUNA sales.

Tai Mo Shan settled those claims for about $123 million without admitting wrongdoing.

During SEC questioning, both DiSomma and former Jump crypto president Kanav Kariya repeatedly invoked their Fifth Amendment rights.

For Snyder, the current lawsuit is about accountability. Even with Kwon behind bars, he argues that courts must still determine who knew what, who intervened, and who ultimately profited from Terra’s rise and fall.

The post Terraform Labs liquidator sues Jump Trading for $4B in damages appeared first on CoinJournal.

• BitMine buys $140M in ETH, boosting its treasury to nearly 4M ETH.
• US Bitcoin and Ethereum ETFs saw $582M in combined outflows.
• Ethereum trades near $2,950, capped by EMAs, with support at $2,900.

Ethereum price forecast remains cautiously optimistic as the cryptocurrency struggles to maintain momentum, trading near $2,950 after slipping roughly 12% over the past week.

While Ether has avoided a decisive breakdown, the broader market, including Bitcoin (BTC), shows signs of fatigue amid waning participation and cautious trading behaviour.

BitMine adds $140M ETH in the dip

As the price of Ethereum (ETH) fell below $3,000, Tom Lee’s Ethereum treasury firm, BitMine, reportedly acquired an additional $140 million worth of ETH on Monday, bringing its total holdings to nearly 3.97 million ETH, valued at approximately $11.6 billion.

This acquisition aligns with BitMine’s long-term goal of securing 5% of the circulating Ethereum supply, signalling strong confidence in the asset despite current market weakness.

The firm’s aggressive accumulation strategy has continued throughout the year, with notable purchases of over 240,000 ETH in early December alone.

Following the ETH purchase, BitMine stock closed higher on Tuesday, reflecting investor optimism around its treasury strategy.

ETF outflows signal macro-driven caution

While BitMine strengthens its Ethereum holdings, institutional investors appear to be trimming risk elsewhere.

US-listed Bitcoin ETFs and Ethereum ETFs experienced combined outflows of roughly $582 million on Monday, marking the largest daily redemptions in two weeks.

Bitcoin ETFs alone saw $357.6 million in net outflows, while Ethereum ETFs reported nearly $225 million.

Analysts suggest these withdrawals reflect macro-level de-risking tied to volatility in US equities and uncertainty over Federal Reserve policy rather than crypto-specific stress.

But despite these ETF flows, the structural foundation for Ethereum and Bitcoin remains robust, with long-term holders continuing to support the market, although short-term volatility has heightened as traders adjust exposure based on risk assets outside the crypto space.

Ethereum price prediction

BitMine’s purchases demonstrate corporate conviction in Ethereum’s long-term prospects, even as Ethereum ETFs show temporary withdrawals.

The juxtaposition of aggressive treasury accumulation and institutional caution underscores the mixed signals that traders must navigate.

From a technical standpoint, Ethereum (ETH) is currently trading in a late-stage corrective phase, with resistance defined by declining exponential moving averages (EMAs).

Price remains below the 20-day EMA near $3,075 and the 50-day EMA around $3,250, limiting the potential for a sustained rebound.

Spot outflows persist, totalling roughly $18.7 million, while open interest has declined to approximately $37 billion as leverage unwinds.

However, technical indicators, including the daily RSI, suggest weakening downside momentum but have yet to signal a bullish reversal.

The immediate support is found around $2,900 to $2,880 and a decisive break below this range could open the path to $2,700–$2,750, where deeper buying may emerge.

On the upside, reclaiming and holding above $3,075 would indicate diminishing selling pressure, while a move toward $3,250 would require a meaningful shift in volume and spot flows.

The post Ethereum price prediction as BitMine buys the dip even as ETFs shed $582M appeared first on CoinJournal.

• US senators propose a joint task force to disrupt crypto scams nationwide.
• The proposal looks to boost coordination across agencies, law enforcement, and industry.
• The proposal targets rising fraud with better tools, data sharing, and reports.

A new bipartisan effort in the US Senate aims to confront the rising tide of cryptocurrency scams by tightening federal coordination and sharpening enforcement tools.

As digital assets gain wider use, US lawmakers say gaps in oversight have left consumers exposed to increasingly sophisticated fraud.

A coordinated response to a growing threat

US Senators Elissa Slotkin of Michigan and Jerry Moran of Kansas have introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act.

The proposal is designed to bring order and urgency to the federal response against crypto-related scams, which have surged alongside mainstream adoption of digital assets.

At the centre of the bill is the creation of a federal task force that would unite the Treasury Department, law enforcement agencies, financial regulators, and private-sector experts.

Supporters say this structure reflects the reality of modern crypto crime, which often crosses jurisdictions and moves faster than traditional enforcement mechanisms.

Senator Slotkin has framed the legislation as a consumer protection measure rooted in practicality.

Slotkin argues that cryptocurrency fraud deserves special attention because of its complexity and speed, noting that local law enforcement agencies often lack the tools or expertise to investigate such crimes effectively.

By pooling federal resources and industry knowledge, the task force would aim to close that gap.

Inside the SAFE Crypto Act

The SAFE Crypto Act directs the task force to study emerging trends in digital asset scams and identify methods that have proven effective in stopping them.

This includes tracking patterns in phishing schemes, hacks, and small-scale Ponzi operations that may fall outside the primary focus of existing regulators.

A key element of the bill is its emphasis on supporting state and local authorities.

The task force would help equip local law enforcement with investigative tools and technical guidance, recognising that many victims first turn to local agencies for help.

Lawmakers say this support could significantly improve response times and case outcomes.

Public education is another core component. The task force would work to raise awareness about common cryptocurrency scams so consumers can better protect their money.

As fraud tactics evolve, sponsors of the bill argue that prevention through education is as important as enforcement after losses occur.

The legislation also includes accountability measures. The task force would be required to deliver an initial report to congressional committees within one year of its formation, followed by annual updates.

These reports would outline emerging threats, enforcement progress, and areas where further action may be needed.

The proposal has drawn attention from within the crypto and legal communities, where concerns about fragmented enforcement have been growing.

A January report from Chainalysis estimated that illicit cryptocurrency volume reached $51.3 billion in 2024, reflecting both the scale and diversity of on-chain criminal behaviour.

Crypto lawyer Gabriel Shapiro described the bill as a potential way to fill an enforcement gap, pointing out that agencies like the SEC and CFTC are not always focused on scams such as hacks or phishing operations.

U.S. Senator Moran proposes the SAFE Crypto Act establishing a task force for dealing with crypto scams!!!

would have AG, Director FinCEN, Director Secret Service, other agency heads, scam victims, representatives of stablecoin issuers, custodians, etc.

devoted to detecting… pic.twitter.com/i94tn2sHdm

— _gabrielShapir0 (@lex_node) December 16, 2025

If enacted, the SAFE Crypto Act would mark a significant step toward a more organised and proactive US strategy against cryptocurrency fraud.

The post Bipartisan US Senate proposal seeks to tackle cryptocurrency fraud appeared first on CoinJournal.

• Bhutan launches TER, a gold-backed crypto on the Solana blockchain.
• TER links physical gold to digital assets, boosting investor access globally.
• DK Bank is responsible for distributing TER, with Matrixdock handling token infrastructure.

Bhutan has made a striking move in the world of digital finance by launching TER, a gold-backed cryptocurrency built on the Solana blockchain.

The token, introduced through the Gelephu Mindfulness City (GMC), a special administrative region designed to attract global investment, represents a novel approach to bridging traditional asset security with blockchain technology.

Each TER token corresponds to a fixed amount of physical gold held in institutional custody, giving investors a regulated and transparent way to own gold digitally.

Gold meets blockchain in Bhutan

The TER token is distributed and custodied exclusively by DK Bank, Bhutan’s first licensed digital financial institution regulated by the Royal Monetary Authority.

The tokenisation infrastructure is provided by Matrixdock, a digital asset platform licensed under the GMC authority.

During the initial phase, investors can acquire TER directly through DK Bank, with all assets securely held in institutional custody.

Bhutan’s authorities have emphasised that TER combines the familiarity of traditional gold investment with the advantages of blockchain, including instant settlement, on-chain verification, and global transferability.

Gelephu Mindfulness City’s design allows for regulatory flexibility, enabling the launch of such digital assets under a sovereign-backed framework while remaining aligned with the nation’s core principles of transparency, sustainability, and long-term stewardship.

The initiative also underscores Bhutan’s goal of creating a digitally focused financial ecosystem, attracting international investors, and providing a city-level pilot for responsibly integrating crypto into the national economy.

Bhutan’s planned embrace of blockchain technology

TER is part of Bhutan’s broader and carefully planned embrace of blockchain technology.

The kingdom began Bitcoin mining operations in 2019, powered by its abundant hydroelectric resources, and has accumulated 5,984 BTC valued at more than $536 million, ranking it as the seventh-largest sovereign Bitcoin holder worldwide.

In addition to Bitcoin, GMC has announced plans to hold Ethereum and Binance Coin as part of its strategic reserves.

Bhutan has also partnered with Ripple to pilot a Central Bank Digital Currency, aiming to test a digital version of the national currency, the Ngultrum.

Beyond its crypto reserves, Bhutan has integrated blockchain into practical applications, such as its national digital identity system, which has been migrated to the Ethereum blockchain.

This makes Bhutan the first country to anchor a population-scale ID system on a public blockchain, providing more than 800,000 citizens with cryptographically verifiable credentials by early 2026.

Additionally, partnerships with Binance Pay have enabled the use of cryptocurrencies in the tourism sector, supporting over 100 digital currencies across more than 100 local merchants.

Setting a regional precedent

Bhutan’s TER token not only represents a leap in integrating blockchain with traditional finance but also reflects a strategic vision for sustainable economic innovation.

By connecting physical gold to digital assets within a regulated framework, the kingdom demonstrates how small nations can experiment with technology-driven financial models while preserving sovereignty and cultural values.

This development positions Bhutan as a pioneer in the use of blockchain for real-world asset tokenisation, potentially serving as a model for other countries seeking to modernise their financial ecosystems.

Notably, the launch of TER comes shortly after Kyrgyzstan unveiled USDKG, a gold-backed stablecoin pegged to the US dollar with an initial issuance of $50 million.

These initiatives highlight a growing regional trend where smaller nations are experimenting with state-backed digital assets tied to tangible reserves.

The post The Kingdom of Bhutan launches a gold-backed crypto on Solana appeared first on CoinJournal.

• Recent research shows Polymarket trades are double-counted on most public dashboards.
• The issue stems from redundant maker-taker events in smart contracts.
• According to the allegations, the actual volumes are roughly half of what dashboards report.

Polymarket, the prominent prediction market platform, is facing scrutiny after research by Storm Slivkoff suggested that the platform’s reported trading volumes may be systematically inflated across most public analytics dashboards.

The controversy has drawn attention from industry experts, data analysts, and market participants, raising questions about how trading activity is measured and reported in decentralised prediction markets.

Polymarket gives separate OrderFilled events for makers and takers

The research by Storm Slivkoff, a partner at Paradigm, which was later highlighted by Paradigm co-founder Matt Huang, has identified a technical discrepancy in Polymarket’s on-chain smart contract data.

According to Slivkoff, the platform emits separate OrderFilled events for both the maker and taker sides of each trade.

While each event is individually accurate, most public dashboards aggregate all events indiscriminately, effectively counting the same trade twice.

found a pretty major data bug

it turns out almost every major dashboard has been double-counting Polymarket volume (not related to wash trading)

this is because Polymarket's onchain data contains redundant representations of each trade. receipts ⬇️⬇️ pic.twitter.com/rQJEzs2Rfl

— storm (@notnotstorm) December 8, 2025

A simple transaction demonstrates the problem. One trade of YES tokens for $4.13 generated two identical events for the same amount, which dashboards then summed to report $8.26 in trading volume.

Slivkoff noted that this bug affects both notional volume (the number of contracts traded) and cashflow volume (the dollar value exchanged), thereby inflating every trade’s representation.

Notably, the error is unrelated to wash trading and results purely from the way Polymarket’s contracts emit data.

Polymarket refutes the volume double-counting claims

Polymarket’s internal team quickly pushed back against the allegations, asserting that the official site reports taker-side volume without double-counting, in line with standard industry practices.

The platform has emphasised that the issue primarily impacts third-party dashboards, which rely on raw event data from smart contracts without implementing corrections for redundant entries.

Notably, several major data providers, including DefiLlama, Allium Labs, and Blockworks, have confirmed they are updating their dashboards to account for the discrepancy.

Some data providers have, however, defended current methodologies, noting that more sophisticated dashboards had accounted for the distinction since 2024 but had not formally documented their approach.

Other data providers have criticised Paradigm for potential bias, as the firm holds investments in Kalshi, a competing US-based prediction market.

The broader market implications

Beyond the immediate question of reported volume, the controversy underscores broader challenges in accurately measuring activity on prediction market platforms.

Low-priced contracts can create disproportionately large notional volumes relative to actual capital at risk, making traditional volume metrics potentially misleading.

Experts have suggested that metrics such as open interest and fee revenue may offer a clearer picture of platform activity.

The timing of the revelation is also notable, coinciding with Polymarket’s plans for a full US relaunch following CFTC regulatory approval and an anticipated valuation of $12 billion to $15 billion.

The platform is also exploring an internal market-making operation that could trade against customers, raising further scrutiny and comparison to competitors like Kalshi.

The post Polymarket accused of alleged double-counted volume in most public data appeared first on CoinJournal.

• BONK may integrate with dYdX, sharing 50% of protocol fees.
• The integration aims to boost retail trader volume from Solana.
• The recent dYdX fee distribution update increased staking and buyback incentives.

dYdX, the decentralised crypto trading platform, is currently evaluating a proposal to formally integrate BONK as an official partner under its Partner Revenue Share Program.

dYdX governance is considering a new proposal to approve @bonk_inu as an official dYdX integration partner under the Partner Revenue Share Program.

The proposal outlines a dedicated BONK-powered frontend routing orders to the dYdX Chain, with 50% of the protocol’s fee revenue… pic.twitter.com/hPTAVPrQoS

— dYdX Foundation (@dydxfoundation) December 8, 2025

The proposal aims to bring one of Solana’s largest retail ecosystems onto the dYdX Chain, potentially increasing order flow, expanding the protocol’s reach, and providing significant incentives to both the community and stakers.

BONK integration could boost dYdX growth

The proposal outlines that BONK would launch a dedicated, BONK-branded frontend for routing trades to the dYdX Chain.

Through this setup, BONK would receive 50% of the protocol fees generated by users attributed to its frontend or order router.

dYdX governance emphasised that this approach aligns incentives for both the protocol and its partner, ensuring that revenue is shared proportionally to the flow generated.

BONK’s retail ecosystem is known for its active user base, making it a valuable distribution channel for dYdX.

According to the proposal, the integration would provide Solana traders with a trusted, non-custodial trading platform while also expanding the protocol’s exposure throughout the Solana ecosystem.

dYdX believes that the partnership could significantly increase the number of new retail takers and stimulate engagement among existing users.

The motivation for this partnership aligns with the broader strategy outlined in dYdX’s Q4 roadmap, which seeks to deepen liquidity, enhance collaboration, and foster community-driven growth.

By granting governance-approved partners a share of protocol fees, dYdX aims to incentivise meaningful contributions from integrations that bring tangible trading activity to the platform.

The revised dYdX fee distribution

In October, dYdX revised its fee distribution to maximise buy pressure and staking rewards.

Previously, fees were allocated across stakers, the Buyback Program, Megavault, and Treasury SubDAO.

The updated model now allocates 50% each to stakers and buybacks, removing allocations to Megavault and Treasury SubDAO.

dYdX cited that the Treasury SubDAO already holds over 60 million DYDX tokens, making the former allocations less critical.

The integration with BONK complements this strategy by funnelling more activity into the protocol, which in turn increases buy pressure and staking incentives.

dYdX claims this could create a positive feedback loop, enhancing both token value and community participation.

And notably, this BONK proposal follows similar initiatives from other partners.

dYdX governance recently approved integration proposals from CCXT, Foxify, and CoinRoutes, all structured to capture 50% of the protocol fees from attributed order flow.

These partnerships demonstrate the platform’s commitment to broadening its ecosystem while ensuring that partner incentives are closely tied to the value they bring.

CCXT, for instance, allows users to route orders to dYdX with minimal friction, while Foxify integrates dYdX Chain directly into its prop trading platform for funded and unfunded accounts.

CoinRoutes, on the other hand, provides professional and institutional traders with access to deep liquidity.

Like BONK, these partners aim to expand user adoption while generating revenue aligned with protocol growth.

If no major objections arise, BONK intends to submit the on-chain governance proposal for a vote on December 11, 2025.

The post dYdX reviewing a proposal to integrate BONK appeared first on CoinJournal.

• The ADGM license allows Circle to offer fully regulated USDC stablecoin services in the UAE.
• Circle is expanding its reach with institutional payment and settlement rails.
• UAE has strengthened its position as a hub for compliant digital-asset activity.

Circle has secured a major foothold in the Middle East after receiving full regulatory approval from Abu Dhabi Global Market (ADGM) to operate USDC services under comprehensive oversight.

Circle expands its regulatory footprint in the UAE

Announced at Abu Dhabi Finance Week:
→ Secured an @ADGlobalMarket FSRA Financial Services Permission to operate as a Money Services Provider

This milestone builds on USDC and EURC being the first stablecoins recognized by… pic.twitter.com/BCSDOpo3mb

— Circle (@circle) December 9, 2025

The approval marks one of the company’s most significant international expansions and reinforces the UAE’s fast-growing role as a hub for regulated digital assets.

A strategic license with wide reach

Circle’s new Financial Services Permission, granted by the Financial Services Regulatory Authority, authorises the company to operate as a fully regulated Money Services Provider within Abu Dhabi’s financial free zone.

The approval provides Circle with a formal operating base in one of the world’s most active jurisdictions for digital asset regulation.

The license allows Circle to offer payment, settlement, and digital-asset services tied to USDC directly to businesses and financial institutions.

By operating under a clear regulatory framework, Circle can now support wholesale payments, cross-border settlement rails, and custody-linked services with institutional-grade compliance standards.

This also deepens ADGM’s growing reputation as a safe and predictable regulatory environment for digital-asset firms.

A boost for the UAE’s digital-asset ambitions

The UAE has been pushing to attract companies building fiat-referenced tokens, tokenised financial services, and enterprise-grade payment infrastructure, and Abu Dhabi, in particular, has positioned itself as a leading centre for compliant crypto activity, and Circle’s arrival reinforces that strategy.

The UAE has carved out a reputation for offering clear rules for stablecoins and digital-finance companies, which has become a major draw for global platforms seeking regulatory certainty.

Circle’s expansion also arrives as stablecoins gain more formal regulatory footing worldwide since the passage of the GENIUS Act in the United States, which created a federal framework for the issuance and supervision of fiat-backed tokens.

The GENIUS Act triggered a wave of stablecoin initiatives from major US financial institutions, creating renewed demand for licensed, enterprise-ready providers such as Circle.

The UAE’s dual financial zones are also aligning around stablecoin oversight.

Earlier this year, Dubai recognised USDC and EURC under the Dubai Financial Services Authority’s crypto token regime, giving Circle regulatory support across the country’s two main jurisdictions.

Tether’s USDT has also been recognised as an approved fiat-referenced token across multiple blockchains, while Binance recently obtained full authorisation to operate its flagship platform under ADGM oversight.

These approvals reflect a deliberate shift toward a more organised and transparent digital-asset market in the UAE.

 Circle strengthens regional strategy with senior leadership appointment

Circle sees immediate opportunities in enabling faster corporate payments, treasury operations, and trade settlements since it can now provide these services to regional businesses under a recognised regulatory structure.

For companies in the Middle East, this means the ability to settle transactions in seconds instead of days and do so through a trusted, licensed issuer.

And as part of its regional push, Circle has appointed Dr Saeeda Jaffar as Managing Director for the Middle East and Africa.

Dr Jaffar, currently serving as a senior executive at Visa, will guide Circle’s strategy, develop institutional partnerships, and work to expand the use of USDC in business payments and financial infrastructure.

The post Circle gains full ADGM approval to offer regulated USDC payment services appeared first on CoinJournal.

• PEPE memecoin price rises 4.46% despite its website being hacked.
• Technical indicators signal a bullish momentum for PEPE amid strong trading volume.
• Retail and institutional interest support the memecoin’s bullish momentum amid broader market trends.

Pepe memecoin price has risen significantly today despite facing a serious security incident following a hack on its official website.

The token is currently priced at approximately $0.000004898, after a 4.46% increase over the past 24 hours.

While the website exploit has not immediately affected the memecoin trading, and it continues to attract attention from retail investors driven partly by technical momentum and ongoing interest in high-beta memecoins, analysts caution that the gains could easily be wiped out if the exploit is left unattended.

Technical momentum lifts Pepe memecoin price

From a technical standpoint, PEPE recently broke above its 7-day simple moving average (SMA) of $0.0000045579 and its 30-day exponential moving average of $0.0000051095.

These technical movements are reinforced by a positive MACD histogram reading and the main MACD line crossing above the signal line, suggesting bullish momentum.

In addition, the Relative Strength Index (RSI) is at 47.08, implying that the token still has room to move higher without being overextended.

As the bullish case builds, short-term traders have interpreted these signals as an opportunity to enter positions, which have contributed to increased trading volume.

Over the past 24 hours, PEPE has recorded approximately $381.5 million in volume, up 26% from the previous day.

However, traders should closely watch the resistance noted at the 23.6% Fibonacci level of $0.0000057928, which could define the next potential target if the momentum persists.

Memecoin enthusiasm and market sentiment

PEPE’s rally also aligns with the broader memecoin trends, as assets like Fartcoin have also recorded double-digit gains.

The Altcoin Season Index stuck at 21 also underscores an increased appetite for risk among crypto participants.

Institutional sentiment has also played a role, with statements from major financial players, including BlackRock’s acknowledgment of stablecoins as a major influence in the market and Bank of America’s recommendation for a modest crypto allocation, buoying the broader market confidence.

Security breach casts shadow over PEPE

The hack on the Pepe memecoin website, identified by cybersecurity firm Blockaid, involved a front-end attack redirecting users to malicious links.

🚨Blockaid's system has identified a front-end attack on @pepecoineth.

The sites contain a code of inferno drainer. pic.twitter.com/ugor0Um1jU

— Blockaid (@blockaid_) December 4, 2025

The attack employed a suite of tools known as Inferno Drainer, commonly used for phishing, wallet draining, and social engineering.

Users are strongly advised to avoid the compromised website until the security issues are resolved.

While the breach has not depressed PEPE’s price surge, it underscores the persistent risks in the crypto space.

Analysts note that sustaining the current level above $0.00000500 will be critical to maintaining the bullish setup.

The post Pepe memecoin price rise under pressure after website is hacked appeared first on CoinJournal.

• MoneyGram adopts Fireblocks for instant, low-cost stablecoin payments.
• The partnership enhances liquidity, treasury, and multi-chain stablecoin settlements.
• Programmable infrastructure supports real-time global money transfers.

MoneyGram has partnered with Fireblocks to enhance its global payments network using stablecoins, marking a significant step toward faster, more efficient, and real-time cross-border financial flows.

The collaboration reflects the growing role of digital currencies in mainstream finance and highlights MoneyGram’s push to modernize traditional payment systems while maintaining compliance and reliability.

Strengthening global payments with stablecoins

Through the partnership, Fireblocks will provide MoneyGram with a secure stablecoin infrastructure and a programmable settlement layer, enabling near-instant transactions across multiple blockchains.

This technology is designed to streamline the movement of funds, improve liquidity management, and optimize treasury operations, allowing MoneyGram to offer faster, lower-cost services to its customers around the world.

MoneyGram serves over 50 million people annually, connecting more than 200 countries and territories, with nearly half a million retail locations and billions of digital endpoints.

The integration of Fireblocks’ infrastructure will allow MoneyGram to move value across its vast network with enhanced efficiency while continuing to navigate complex regulatory landscapes in each market.

By leveraging Fireblocks’ capabilities, the company can consolidate its early investments in digital currency on/off-ramps, stablecoin-backed consumer features, and crypto compliance infrastructure into a scalable solution.

Anthony Soohoo, MoneyGram’s Chairman and CEO, emphasized that the partnership enables a new era of money movement, where funds can flow instantly across both fiat and stablecoin rails.

Notably, MoneyGram’s move reflects a broader trend of traditional financial institutions integrating blockchain-based solutions to modernize cross-border payments.

Soohoo noted that Fireblocks’ secure and programmable infrastructure is critical to transforming global payments at scale and meeting the growing expectations of consumers for speed, transparency, and cost efficiency.

Boosting speed and efficiency in payments

The collaboration also strengthens MoneyGram’s treasury operations, enabling real-time monitoring of liquidity, pre-funding mechanisms with partners, and streamlined reconciliation processes.

Fireblocks’ programmable settlement layer supports conditional transactions and more resilient liquidity pathways, providing MoneyGram with the flexibility to introduce new features over time without disrupting user experience or compliance protocols.

Luke Tuttle, MoneyGram’s Chief Product and Technology Officer, highlighted that the partnership is built to support both sides of the payment equation.

Senders increasingly expect faster and cheaper transfers, while receivers are holding funds longer in digital wallets and demanding instant availability of money.

Fireblocks’ infrastructure ensures that MoneyGram can meet these needs globally, providing a reliable backbone for stablecoin operations at scale.

Michael Shaulov, CEO of Fireblocks, described the collaboration as a rebuild of cross-border settlement rails in real time.

By adopting multi-chain, programmable infrastructure, the partnership enhances the speed and reliability of global payments, addressing the needs of millions of users who rely on these transfers daily.

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• Ethena (ENA) price rises as 21Shares launches Ethena and Morpho ETPs in Europe.
• Technical analysis shows improving short-term momentum for ENA.
• USDe supply contraction, however, poses risks to Ethena’s ecosystem.

Ethena (ENA) continues to draw market interest as the crypto landscape shifts around new institutional products and changing stablecoin dynamics.

At press time, ENA had surged by about 15.96% in a day to trade near the $0.28 zone, outpacing the broader market’s 6.03% gain.

Notably, the price surge follows the launch of the 21shares Ethena ETP (EENA) and the 21shares Morpho ETP (MORPH), both of which are now listed on major European exchanges such as SIX Swiss Exchange and Euronext.

These listings offer regulated access to Ethena (ENA) and Morpho, expanding the potential investor base at a time when demand for transparent, exchange-traded crypto exposure continues to grow.

ETP listings fuel institutional interest

The introduction of the Ethena ETP and Morpho ETP marks a significant step for the ecosystem.

With support for both USD and EUR trading, the products lower barriers for European investors seeking exposure to ENA through familiar financial structures.

Similar ETP launches for other altcoins in the past have triggered waves of institutional inflows, and early signs point to rising attention toward Ethena as well.

Analysts see the move as a sign that Ethena’s infrastructure is maturing, particularly as 21Shares adds the token to its lineup of regulated crypto products.

Market participants are now watching ETP trading volumes to determine how strongly institutional buying may support ENA’s next leg.

Stablecoin contraction tempers enthusiasm

Despite the strong price action, Ethena faces challenges linked to its synthetic stablecoin, USDe.

The token has seen a sharp 24% supply contraction in November, with market cap dropping from $9.3 billion to $7.1 billion.

Much of the decline followed a brief depeg event in October, which prompted over $2 billion in redemptions even though the incident was attributed to a Binance oracle issue rather than a flaw in the protocol.

Competition from fiat-backed stablecoins intensified during the same period, with USDT, USDC, PYUSD, and RLUSD collectively adding billions in inflows, widening their dominance within the $311 billion stablecoin market.

And since USDe plays a central role in Ethena’s revenue-generating model, reduced supply and activity may weigh on long-term protocol fees, making it an important factor for ENA holders to monitor.

Ethena price forecast

The technical picture has turned more constructive over the past week.

ENA has broken above its 7-day simple moving average around $0.272, where momentum picked up following a bullish MACD crossover.

The RSI has also recovered from recent weakness, suggesting sellers have lost control in the short term.

Traders should, however, watch closely to see if ENA can close convincingly above $0.30, which aligns with a key Fibonacci retracement level.

A break above $0.30 could open the door toward $0.51 in the near term, according to CoinLore, although the token remains far below its all-time high, and the 200-day EMA near $0.47, which stands as a formidable resistance zone.

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• Babylon and Aave partner to enable native BTC as collateral for DeFi lending.
• BTC can now back decentralised insurance pools, earning yield if unused.
• Users retain full control of their Bitcoin while accessing DeFi liquidity.

In a groundbreaking move for the decentralised finance (DeFi) ecosystem, Bitcoin staking platform Babylon has announced a partnership with Aave, one of the largest decentralised lending protocols.

The collaboration aims to allow Bitcoin (BTC) holders to use their native, unwrapped BTC as collateral for lending and to participate in a pioneering DeFi insurance model.

This will reshape how Bitcoin interacts with DeFi, unlocking liquidity while maintaining the security that Bitcoin users expect.

Native Bitcoin collateral comes to DeFi

Traditionally, using Bitcoin in DeFi required wrapping it into a tokenised version such as WBTC, which introduced custodial risk and extra steps.

Babylon’s partnership with Aave eliminates this barrier by enabling users to deposit their native BTC directly as collateral.

Through Babylon’s trustless Bitcoin Vaults, BTC can be locked in a time-locked contract on its own blockchain and recognised by Aave’s hub-and-spoke lending architecture.

This allows users to borrow stablecoins or other crypto assets while keeping full control of their Bitcoin keys.

The move is expected to significantly expand BTC liquidity in DeFi. Currently, even the largest wrapped Bitcoin initiatives account for less than 1% of Bitcoin’s total market cap.

Babylon’s own staking product secures over 56,000 BTC, demonstrating strong demand for productive uses of Bitcoin.

By unlocking native BTC for lending, the partnership could bring a substantial portion of the dormant Bitcoin supply into productive DeFi applications, potentially transforming lending markets.

DeFi insurance backed by Bitcoin

Beyond lending, Babylon is preparing to extend its vaults into the insurance sector, a development that could redefine how DeFi protocols manage risk.

The proposed model allows BTC holders to deposit their Bitcoin into decentralised insurance pools.

These pools would serve as coverage against protocol hacks and other failures.

Depositors earn yield if no claims occur, while the pool provides liquidity for payouts in the event of a validated exploit.

This approach turns Bitcoin into a foundational asset for DeFi risk management, offering a new avenue for yield generation while safeguarding the ecosystem.

Babylon co-founder David Tse told CoinDesk that the insurance initiative is still in development, with an official announcement expected in January 2026.

Testing for the integrated BTC lending and insurance products is scheduled to begin in early 2026, with a broader rollout planned around April of the same year.

The combination of Babylon’s secure vault design and Aave’s extensive liquidity network creates a framework that prioritises both safety and usability, a balance often missing in cross-chain and custodial solutions.

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• Vanguard now allows clients to trade Bitcoin, Ethereum, XRP, and Solana ETFs.
• XRP ETFs have seen $756M inflows in 11 days, with no outflows recorded.
• Goldman and other firms are boosting crypto exposure alongside Vanguard.

In a dramatic shift that signals growing acceptance of digital assets by mainstream finance, Vanguard has opened its brokerage platform to regulated crypto ETFs.

Starting this week, US investors can access exchange-traded funds tied to Bitcoin, Ethereum, XRP, and Solana, marking a major reversal from the firm’s long-held resistance to cryptocurrency.

🚨 Just found this on Vanguard’s official website 👀

Multiple XRP ETFs (Franklin, Canary, REX-Osprey, ProShares…) are now showing under « Non-Vanguard Funds » in the Digital Assets category.

Looks like access is finally opening up for crypto ETFs pic.twitter.com/Y08IgtAybg

— Arthur (@XrpArthur) December 2, 2025

Notably, the move comes amid surging client demand and increasing institutional interest in digital assets, reshaping Vanguard’s traditional investment philosophy.

Vanguard finally embraces crypto

For years, Vanguard maintained a cautious stance toward cryptocurrencies, with former CEO Tim Buckley publicly dismissing BTC and other digital assets as too speculative and unsuitable for long-term portfolios.

The firm consistently refused to offer crypto ETFs, emphasising stability and low-risk investments for retirement-focused clients.

However, leadership changes paved the way for a rethink.

Salim Ramji, formerly the global head of ETFs at BlackRock, assumed the CEO role and gradually steered Vanguard toward regulated crypto offerings.

While the firm still will not create its own crypto ETFs or mutual funds, it now supports third-party products that meet regulatory standards, providing clients with access to digital assets while maintaining compliance.

The platform expansion enables more than 50 million US brokerage clients to trade crypto ETFs alongside other non-core assets like gold.

This could significantly increase market participation, with some predicting near-term price boosts in Bitcoin (BTC) and Ethereum (ETH).

Vanguard’s inclusion of XRP ETFs

Among the new offerings, XRP-based ETFs have generated particular excitement.

In just 11 trading days, spot XRP ETFs have recorded net inflows exceeding $756 million, with total assets under management reaching $723 million.

Remarkably, there have been no outflows, and major inflow events include $243 million during Canary Capital’s launch, $164 million tied to Grayscale and Franklin Templeton ETFs, and $89.65 million in the most recent session.

This rapid accumulation is reducing the liquid XRP supply on exchanges, potentially creating a supply shock that could influence pricing.

Mainstream finance accelerates crypto adoption

Vanguard’s pivot reflects a broader trend among traditional financial institutions embracing crypto.

Goldman Sachs, for example, is deepening its exposure through a $2 billion acquisition of Innovator Capital Management, which issues defined-outcome ETFs, including Bitcoin-linked structured funds.

The bank has rapidly increased its holdings in Bitcoin and Ethereum ETFs, totalling billions in assets, while also developing infrastructure for tokenised financial products.

Industry observers view these moves as part of a gradual yet significant integration of digital assets into mainstream portfolios, indicating that regulated, institutionally backed crypto investment is shifting from a niche to a standard.

The implications of Vanguard’s decision extend beyond immediate market activity.

By allowing access to regulated crypto ETFs, the firm is providing a channel for both retail and institutional investors to participate in digital asset markets within a familiar, compliant framework.

This could draw additional inflows, potentially reshaping liquidity dynamics and market sentiment across Bitcoin, Ethereum, XRP, and Solana.

For Vanguard, the shift represents not only a strategic response to client demand but also an acknowledgement that digital assets have become a permanent fixture in the global financial landscape.

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• Cardano founder Charles Hoskinson says Genesis ADA was profit earned from early work.
• He rejects calls to use those funds for new integrations or community needs.
• Treasury, not Genesis ADA, should finance current ecosystem initiatives.

Cardano founder Charles Hoskinson has moved to clarify one of the blockchain’s longest-running disputes, reaffirming that the platform’s early Genesis ADA allocations were private earnings for foundational work and risk and not community-owned funds waiting to be spent.

Hoskinson’s remarks came during a November 30 livestream titled “Genesis ADA,” where he called the matter “closed” and warned against rewriting the project’s original terms.

Calls to redirect Genesis ADA toward integrations

Hoskinson said renewed calls to redirect Genesis ADA toward recent integrations misrepresent how the project was structured from the beginning.

He explained that the allocation given to Input Output (IO) and EMURGO followed a straightforward premise: these were profits tied to early risk, not contributions to a public treasury.

At the time of the Japanese crowd sale that funded Cardano, IO’s portion was worth around $8 million.

Hoskinson emphasised that this funding model was understood by all parties involved, stating that early contributors accepted deep regulatory, technical, and financial risk at a stage when failure was far more likely than success.

He noted that most cryptocurrency ventures collapse, yet Cardano not only survived but grew into a network valued in the tens of billions.

From that perspective, the Cardano founder argued that the founding entities’ profits were earned rather than taken from any community allocation.

He criticised what he called a “Twitter mob” mentality that surfaced whenever Genesis ADA reentered public debate.

He said the claim that early contributors do not deserve their allocation ignores the enormity of the risk they assumed and the substantial ecosystem they helped build.

He pointed to the initial capital provided by Japanese buyers and stressed that those early stakeholders have long been “made whole” under the terms originally agreed upon.

Why the issue reemerged

The latest wave of concern stems from a joint request for 70 million ADA from the on-chain treasury to fund integrations with major providers, including oracle networks and stablecoin issuers.

Some community members argued that Genesis ADA should cover those costs.

But Hoskinson dismissed the idea, noting that many of today’s integration partners did not exist when Genesis ADA was allocated, making the expectation retroactive and unreasonable.

He added that the requested treasury funds would not cover all expenses, and entities such as IO and the Midnight Foundation would contribute additional support because they hold significant positions in ADA and KNIGHT.

For the founder, the real debate is not about Genesis ADA but about how the ecosystem should evolve as Cardano prepares for a major strategic reset in 2026.

Shift toward a new Cardano governance layer

Hoskinson described this upcoming shift as a move from the original tripartite structure, IO, EMURGO, and the Cardano Foundation, to a more coordinated five-member executive layer.

The expanded group would include the Midnight Foundation and Intersect.

According to Hoskinson, this structure is needed to face a competitive landscape dominated by large and aggressive industry players, where a unified strategy is essential for securing key deals.

He also rejected the suggestion that IO or EMURGO should act as public utilities with balance sheets open for community direction.

As private companies, he said, their financial operations are not subject to community oversight.

Their commitment is limited to the work they promise and deliver.

Hoskinson ended the livestream by urging the community to move forward. He said the outcome of Genesis ADA is settled and cannot be revisited.

The task now, he said, is to decide whether the ecosystem should adopt the proposed 2026 framework and invest in the infrastructure needed for Cardano’s next phase of growth.

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• MAS expands Ripple’s payment permissions for XRP and RLUSD services.
• The approval boosts Ripple’s role in fast, regulated APAC cross-border payments.
• Regional digital asset activity rises as Ripple deepens Singapore investment.

The Monetary Authority of Singapore (MAS) has approved an expanded range of payment activities for Ripple Markets APAC, the company’s local subsidiary.

This approval allows Ripple to grow its regulated payment services for banks, fintechs, and corporates in one of the world’s most tightly supervised financial markets.

Ripple can now offer a wider suite of digital payment token services linked to XRP and RLUSD.

It also gives the firm more room to deliver cross-border payment solutions that rely on digital assets to settle transactions faster and at a lower cost.

Ripple’s leaders say this development reflects the value of Singapore’s clear regulatory stance.

President Monica Long described MAS as a global benchmark for transparency and stable rules.

She said the decision strengthens Ripple’s plan to deepen its investment in the market and build infrastructure that supports faster global money movement.

MAS’s frameworks under the Payment Services Act give digital asset firms defined rules covering token issuance, custody, and payments.

Expansion aligned with rising APAC demand

The approval marks a surge in digital asset activity in the Asia-Pacific region, with a year-over-year increase of about 70%.

Ripple says Singapore sits at the centre of this growth thanks to its advanced policies and its early embrace of regulated digital token services.

Fiona Murray, Ripple’s Vice President and Managing Director for the region, said the expanded license equips the company to serve the institutions driving that growth.

She noted that regulated payment rails remain essential as cross-border activity accelerates across regional markets.

Ripple first established its Asia-Pacific headquarters in Singapore in 2017.

The company later secured a full MPI license, placing it among a select group of blockchain-focused firms approved to provide digital token services in the country.

Broader capabilities for institutional clients

With the updated permissions, Ripple can now support end-to-end payment flows through a single integration.

This includes collection, holding, token swaps, and payouts.

The system enables clients to avoid multiple infrastructure partners and reduces their reliance on additional banking relationships.

Ripple Payments, the company’s global solution, merges digital tokens with a payout network that handles conversion, compliance, and settlement operations.

By absorbing the technical and blockchain complexity, Ripple enables institutions to offer digital payment services more efficiently.

The company’s stablecoin, RLUSD, sits at the core of several of these services.

The stablecoin recently received recognition in Abu Dhabi as an Accepted Fiat-Referenced Token, allowing licensed firms in the Abu Dhabi Global Market to use it for regulated financial activities.

This adds momentum to Ripple’s broader expansion across the UAE and Asia.

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• Upbit patched a wallet flaw after a $30M Solana-related hack.
• Withdrawals were halted, and stolen funds were partly frozen following the attack.
• Authorities probe possible Lazarus Group involvement.

South Korea’s largest cryptocurrency exchange, Upbit, has revealed a serious internal wallet vulnerability while conducting an emergency audit in the wake of a $30 million hack.

The discovery comes as the company continues to investigate irregular Solana-based withdrawals that triggered the security review, raising concerns about potential risks to private keys within the platform’s wallet system.

Flaw discovered after emergency audit

The emergency audit, launched following the detection of abnormal activity on Nov. 26, uncovered a flaw in Upbit’s internal wallet software that could allow attackers to mathematically derive private keys by analysing blockchain transactions.

CEO Oh Kyung-seok, in a published announcement after the audit, explained that while blockchain data is normally public but secure, the company’s own wallet implementation produced weak and predictable signature data, creating the theoretical risk.

Upbit emphasised that the flaw was discovered only after the systemwide review and did not appear to be directly linked to the hack itself.

The exchange has since patched the vulnerability and conducted a comprehensive inspection of all related networks and wallet systems to ensure no further weaknesses remain.

Upbit to cover all losses using its own reserves

The Upbit hack, which resulted in losses totalling roughly 44.5 billion KRW, including approximately 38.6 billion KRW in customer assets, prompted immediate action from the exchange.

Withdrawals were suspended, and remaining assets were moved to cold storage to prevent further losses.

About 2.3 billion KRW of the stolen funds, equivalent to around $1.5 million, has already been frozen.

Oh Kyung-seok described the situation as a reminder that no security system can be considered completely infallible.

Kyung-seok has assured customers that Upbit would cover all losses using its own reserves and pledged to strengthen security measures across the platform.

The exchange has committed to resuming deposits and withdrawals only after the final verification of its wallet systems.

South Korean authorities are investigating the hack

South Korean authorities have launched an investigation into the incident, with early intelligence reports pointing to potential involvement by the North Korea-linked hacking group Lazarus.

While Upbit and regulators have not publicly confirmed this, the company continues to collaborate with law enforcement and blockchain projects to recover and freeze stolen assets wherever possible.

The incident has prompted Upbit to conduct a broader security review of its entire infrastructure.

The exchange noted that irregular withdrawals from Solana-related wallets, including tokens such as ORCA, RAY, and JUP, served as a catalyst for the emergency audit and subsequent vulnerability discovery.

By conducting a full overhaul of wallet systems, Upbit aims to prevent similar breaches in the future.

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• Amundi launches first tokenised money market fund on Ethereum.
• The tokenised MMF operates via a hybrid model with blockchain and traditional access.
• Blockchain enables 24/7 trading, instant execution, and transparent records.

European asset management giant Amundi has taken a major step into the digital finance era by launching the first tokenised share of its AMUNDI FUNDS CASH EUR money market fund on the Ethereum blockchain.

The tokenised fund marks a significant innovation in fund distribution and allows investors to hold fund units digitally while maintaining the traditional channels for accessing the fund.

A new digital frontier for money market funds

According to Amundi, the tokenised fund is built in collaboration with CACEIS, one of Europe’s leading asset-servicing providers.

CACEIS supplies the technology infrastructure required for tokenisation, including digital wallets for investors and a blockchain-based order platform that supports subscriptions and redemptions.

Jean-Pierre Michalowski, CEO of CACEIS, highlighted that the hybrid transfer agent service opens a new distribution channel, allowing clients to quickly and efficiently execute fund transactions via blockchain while paving the way for potential future operations in stablecoins or central bank digital currencies.

The first transaction of the tokenised share took place on November 4, 2025, and the fund is now distributed through a hybrid model.

This means that investors can continue to use conventional methods, but the new digital option enables fund units to be recorded as tokens on Ethereum, providing secure, transparent, and traceable transaction records.

Benefits of blockchain integration in MMFs

Blockchain technology provides multiple advantages for both investors and fund managers.

Orders can be executed instantly, operations can continue around the clock, and transactions are recorded with full transparency.

The tokenised model also opens the fund to younger and more digitally oriented investors, reflecting a shift in investor behaviour toward faster, more accessible financial products.

Amundi emphasised that the launch does not replace traditional fund access but instead provides an additional route for investors.

The hybrid approach ensures that the fund remains inclusive, combining the reliability of conventional distribution with the efficiency and innovation offered by blockchain technology.

Jean-Jacques Barbéris, Head of Institutional and Corporate Clients and ESG at Amundi, described asset tokenisation as a global transformation set to accelerate in the coming years, with this initiative serving as a practical demonstration of the firm’s expertise in implementing secure and robust blockchain applications in finance.

A growing trend in digital asset management

The launch comes amid a broader expansion of tokenised real-world assets.

Market data shows that the value of tokenised assets on blockchains rose sharply in 2025, from $15.2 billion at the beginning of the year to $37.1 billion by late November.

Ethereum, where Amundi’s fund is hosted, ranks second globally in the tokenised real-world asset space with a market cap of $12.4 billion.

The trend reflects increasing institutional interest in blockchain-based investment solutions and the mainstreaming of digital finance innovations.

Tokenised money market funds, in particular, have seen rapid adoption in recent years.

Industry data indicates that products from leading firms like BlackRock and Franklin Templeton now manage billions in digital assets, while total value locked in tokenised funds surged from around $770 million at the end of 2023 to nearly $9 billion by October 2025.

Amundi’s launch positions it as a front-runner in Europe, showcasing its commitment to leveraging digital innovation while maintaining robust regulatory and operational standards.

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• KuCoin EU gets MiCA license to operate across 29 EEA countries, excluding Malta.
• Austria was chosen for its stable regulations, timely MiCA implementation, and talent pool.
• License strengthens compliance and global expansion strategy for KuCoin.

Global cryptocurrency exchange KuCoin has taken a significant step toward expanding its presence in Europe with its European arm, KuCoin EU, securing a Markets in Crypto-Assets (MiCA) license from Austria’s Financial Market Authority.

This approval marks a major milestone for the exchange, allowing it to operate regulated crypto services across 29 countries in the European Economic Area (EEA), although Malta remains an exception.

Austria as a strategic hub

KuCoin’s decision to pursue licensing in Austria comes amid a wave of European countries adopting MiCA regulations, designed to standardise crypto oversight and enhance consumer protections.

Vienna, in particular, has emerged as an attractive base for crypto companies due to its timely implementation of MiCA’s accompanying laws, a predictable regulatory environment, and a robust talent pool.

KuCoin EU’s license positions the company among six cryptocurrency service providers authorised by Austria’s FMA, alongside established names such as Bitpanda, Bybit, and Amina Bank.

The MiCA framework, which came into effect in late 2024, enables crypto companies to obtain a license in one member state and “passport” their services across the wider EEA.

For KuCoin, this means the ability to offer regulated digital asset services, including stablecoins and other crypto-asset offerings, throughout much of Europe while adhering to one of the most comprehensive regulatory regimes worldwide.

The license also brings clear obligations for transparency, supervision, and consumer protection, with non-compliant entities facing penalties or license revocations.

Strengthening global compliance

KuCoin’s MiCA approval coincides with its recent registration with Australia’s financial intelligence agency, Austrac, allowing the exchange to offer crypto services legally in the country.

The timing underscores the company’s broader strategy of combining global expansion with regulatory compliance.

KuCoin CEO BC Wong described the MiCA license as a “defining milestone” for KuCoin’s long-term trust and compliance strategy, emphasising that regulatory adherence is not merely a legal requirement but the foundation of the company’s mission to deliver secure, innovative, and accessible digital asset services.

However, while the MiCA license allows operations across the majority of the EEA, Malta remains excluded due to its independent approach toward MiCA supervision.

Malta has issued multiple licenses to other cryptocurrency service providers, including Blockchain.com and Gemini, yet it has often opposed centralised EU oversight, highlighting differing regulatory philosophies within Europe.

KuCoin is setting a benchmark for the region

KuCoin’s entry into the European market under MiCA signals growing confidence in the regulatory framework and demonstrates the increasing alignment of major crypto platforms with formal compliance standards.

With a user base exceeding 40 million across 200 countries, KuCoin’s European arm is now equipped to expand its regulated services while maintaining high standards for transparency, security, and consumer protection.

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