December 5th, Today, the China Internet Finance Association and seven other associations jointly released the "Risk Reminder on Preventing Illegal Activities Related to Virtual Currency." According to the reminder, virtual currency cannot be used as currency for circulation within China, and China's financial regulatory authorities have not approved any real-world asset tokenization activities. Relevant institutions are not allowed to engage in businesses related to virtual currency or real-world asset tokenization.Previously, on April 13, 2022, the China Internet Finance Association jointly issued the "Initiative to Prevent NFT-Related Financial Risks," resolutely restraining the trend of financializing and securitizing NFTs, strictly preventing the risk of illegal financial activities, and voluntarily complying with behavioral norms. The joint appeal to member units: do not directly or indirectly invest in NFTs, do not provide financing support for investing in NFTs, do not weaken the non-fungible characteristics of NFTs through methods such as ownership splitting or batch creation, and do not engage in token issuance financing (ICO) in a disguised manner. Do not include securities, insurance, credit, precious metals, or other financial assets in the underlying commodities of NFTs, and do not issue transactional financial products in a disguised manner.After the NFT market gradually cooled off since March of that year, it entered a bear market, and the FTX crash event in November of that year further drained funds and market confidence from the bear market. The NFT market's heat has waned year after year, and its development has gradually become lukewarm until it has been relatively ignored.

December 5th. Recently, the concept related to cryptocurrency has been heating up rapidly. Some criminals have taken the opportunity to promote speculative trading activities, engaging in illegal fundraising, pyramid schemes, and other illegal activities under the guise of stablecoins, memecoins (such as π coin), real-world asset (RWA) tokens, and "mining," and have used cryptocurrency to transfer illegally obtained proceeds, seriously infringing on the public's property security and disrupting the normal order of the economy and finance.To further implement the requirements of the announcements on preventing the risks of token issuance financing and preventing and disposing of the risks of cryptocurrency trading speculation issued by the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and other departments, and to implement the spirit of the coordination meeting on cracking down on cryptocurrency trading speculation, the China Internet Finance Association, China Banking Association, China Securities Association, China Securities Investment Fund Association, China Futures Association, China Association of Listed Companies, and China Payment and Clearing Association jointly issue the following risk reminders:1. Correctly understand the nature and attributes of cryptocurrency, real-world asset tokens, and related activitiesRegulatory authorities emphasize that cryptocurrency does not have legal tender status and cannot circulate for use domestically. "Air coins" such as π coin have insufficient technology and value support, leading to frequent scams; stablecoins pose a high risk of being used for money laundering, fraud, and illicit cross-border fund transfers. Real-world asset tokenization (RWA Token) also carries risks such as false assets and speculative trading, and no such projects have been approved domestically. Domestic organizations or individuals engaging in related activities may be suspected of illegal token ticket sales, illegal fundraising, or unauthorized public issuance of securities.2. Relevant institutions must not engage in businesses related to cryptocurrency and real-world asset tokensMember units must not participate in or provide any form of support for cryptocurrency or RWA issuance and trading. Banks and payment institutions must not provide accounts, payment, credit, or other services for related activities; securities, fund, and futures institutions must not provide services for related products; internet platforms must not provide promotion or technical support for related projects. Institutions must strengthen due diligence, and any discovered risk clues must be reported promptly.3. The public must remain highly vigilant of all forms of cryptocurrency and real-world asset token business activitiesGiven the high volatility and frequent scams in the cryptocurrency market, the public must enhance their risk awareness, avoid participating in any form of cryptocurrency or RWA trading, promotion, or "mining" projects, and beware of false advertising or investment group inducement. Any clues of suspected illegal activities should be actively reported to regulatory authorities or reported to public security agencies.

December 2nd, Anthropic's latest research shows that AI Agents possess significant on-chain attack capabilities: in a simulation test on truly exploited smart contracts from 2020 to 2025, Claude Opus 4.5, Sonnet 4.5, and GPT-5 together reproduced vulnerabilities worth approximately $4.6 million; while scanning 2849 contracts with no known vulnerabilities, the two models also discovered 2 entirely new zero-day vulnerabilities and successfully simulated profit.The research points out that the on-chain attack returns of AI have doubled approximately every 1.3 months over the past year, and it has already fully developed the autonomous, profitable vulnerability exploitation capability.

December 2nd, "Fed Whisperer" Nick Timiraos published a column discussing Trump's nomination of the new Fed Chair. The article states that the final candidate for the new Fed Chair has met with Powell. Sources revealed that they will begin meeting with Mnuchin and other White House staff this week before meeting with Trump. Powell has indicated that Trump may announce the nominee before Christmas.While Trump has said he has made a decision and all indications point to Hassett as his top choice, those following the process note that he could change his mind. According to sources, last week Trump was also discussing with allies who should serve as the next Fed Chair. The source said Trump urged allies to articulate reasons for supporting Hassett or Warsh.Someone told Trump that Warsh does not have as close a professional relationship with the President as Hassett does and also pointed out that if Trump chooses Hassett, he will lose Hassett's seat on the National Economic Council, a source said.

December 2nd, according to Miner Weekly, Bitcoin miners are currently facing the most challenging profit environment in history. The significant price drop of Bitcoin in November has led to a decline in mining revenue per unit of hash power from around $55/PH/s in the third quarter to around $35/PH/s, below the average all-in cost of major publicly traded mining rigs at $44/PH/s.With the network hash rate approaching 1.1 ZH/s, the cost per hash reflects the actual earnings under the current mining difficulty. Even with the latest mining rigs, the payback period exceeds 1000 days, much longer than the approximately 850 days before the next halving.

December 2nd: According to the latest data from F2Pool, with the network difficulty remaining high and electricity cost estimated at $0.06 per kWh, several older models of Bitcoin miners have fallen below their shutdown price and entered a state of unprofitability. Models such as Antminer S19, S19j, S19 Pro, S17 series, Avalon A12/A13 series, and Whatsminer M20/M30 series have their shutdown price mostly around $90,000 to $100,000 or even higher. Their current daily net income is negative, nearing the shutdown threshold.In contrast, the new generation of high-efficiency liquid-cooled models has shown more resilience. Data shows that the shutdown price for Antminer S23 Hyd. is about $32,200 and is still in a profitable state. Models like S21 XP Hyd. have a shutdown price ranging from $40,000 to $50,000, indicating significantly better risk resistance compared to air-cooled models. Industry insiders point out that as the difficulty rises and the efficiency gap widens, this cycle is accelerating the stratification of miners into "new and old," with outdated models having increasingly limited profitability in the current market environment.

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

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

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

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