Market Signal Briefing

TL;DR:

Apertum Layer-1 completed the comprehensive security audit by CertiK with an unprecedented result of “zero findings.”
CertiK confirmed full Layer-1 infrastructure verification and Apertum’s sovereignty, an extremely rare validation.
The blockchain fully inherits Avalanche’s security, with no modifications to its consensus logic (Snowman++).

It was announced that Apertum Layer-1 passed an exhaustive security audit conducted by CertiK, one of the leading Web3 security firms globally. The CertiK report not only confirmed the chain’s operation without modifications to the core consensus but also culminated in “Zero Findings,” a rare result for the verification of a complete blockchain system, including the consensus engine (Snowman++) and the Virtual Machine (VM) architecture.

CertiK validated Apertum’s fully decentralized architecture and its adherence to Avalanche protocols, confirming that Apertum Layer-1 ensures the complete inheritance of the main network’s security guarantees.

Furthermore, the CertiK report confirmed several exceptional points. They highlight that Apertum is a true sovereign Layer-1 (Elastic Subnet) that uses the unmodified Avalanche Subnet-EVM.

The technical verification of the entire Layer-1 infrastructure is a process that CertiK does not frequently perform, which underscores the uniqueness of the asset. The total absence of critical, major, medium, minor, or informational issues positions the audit result among the top 0.1% of blockchain projects globally in terms of technical legitimacy and audit quality.

Moreover, the project, launched organically in 2025, has already achieved full integration with key ecosystem registries like MetaMask and Ledger, demonstrating unusual operational maturity for such a young project.

Apertum Consolidates as Proof of Decentralized L1 Security
Founded without venture capital (VC) backing and prioritizing organic growth and genuine decentralization, Apertum uses this high-level security validation as a crucial achievement for its expansion.

The next step for the platform, which already supports over 300,000 unique addresses and has processed more than 6.5 million transactions, will be to continue scaling its utility globally.

In summary, market participants should monitor how Apertum Layer-1 influences the adoption of its native coin ($APTM), listed on exchanges like MEXC and BingX. CertiK’s confirmation of its architecture without deviations from the Avalanche protocol is key, as it guarantees that security and stability will be ensured during the inevitable next phase of massive growth.

Binance is deepening its integration of USD1, the stablecoin tied to the Trump-linked WLFI crypto project, as part of a broader overhaul of its stablecoin infrastructure. The exchange announced that it will introduce new trading pairs — BNB/USD1, ETH/USD1 and SOL/USD1 — beginning Thursday, giving users more flexibility and expanding real-world utility for USD1 across major digital assets. Binance will also offer zero-fee conversions between USD1 and leading stablecoins USDC and USDT, aiming to boost liquidity and streamline stablecoin movement for traders.

As part of the upgrade, Binance revealed plans to convert all reserves supporting its BUSD-pegged B-Token into USD1. This transition is expected to be finalized within a week, after which USD1 will serve as part of the collateral framework across multiple Binance services, including margin trading and internal liquidity mechanisms.

USD1 is backed 1:1 by U.S. Treasury bills, cash, and equivalents, and can be redeemed directly for U.S. dollars. With a market capitalization of $2.7 billion, it currently ranks as the sixth-largest stablecoin, based on data from RWA.xyz. Interest in the token surged after Abu Dhabi’s MGX used USD1 to settle a $2 billion investment in Binance, highlighting growing institutional use.

The shift comes amid heightened attention to Binance following Donald Trump’s October pardon of exchange founder Changpeng “CZ” Zhao. The decision drew scrutiny due to Trump’s increasing alignment with crypto interests. Zhao previously served a four-month prison sentence after pleading guilty in late 2023 to violating the Bank Secrecy Act.

By expanding USD1’s role and enhancing trading access, Binance is positioning the token as a central component of its evolving stablecoin ecosystem, signaling a strategic push toward stronger liquidity, user choice, and regulatory-aligned stablecoin models.

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Anthony Scaramucci is once again singing Solana’s praises, telling attendees at the Breakpoint conference that he expects the public blockchain platform to eventually overtake Ethereum in market value.

Summary

Scaramucci joked that he’s “not chain monogamous” and still supports multiple networks.
His remarks came as ETH held key support near $3,121 despite heavy outflows, while Solana struggled near $137 amid bearish technical signals pointing toward a possible drop to $100.
Despite the price pressure, Solana’s ecosystem has surged with new bridges, tokenized funds and major corporate integrations.

“I think it will flip Ethereum,” the SkyBridge Capital founder said, before quickly clarifying that he still loves ETH and Avalanche too, insisting he is “not chain monogamous.” See below.

In other words, it’s not you, Ethereum — it’s Solana’s blazing throughput, expanding developer base, and, presumably, its ability to make very loud entrances at conferences.

Why it matters
Scaramucci’s comments revived the long-running Layer-1 rivalry, which has intensified as Solana’s ecosystem continues expanding with new infrastructure, developer tooling, and institutional pipelines. But price charts painted a less romantic picture for both networks.

Ethereum traded around $3,200, hovering just above its 20-day EMA at $3,121 — a support zone that could launch bullish targets at $3,309, $3,382, and $3,453 if buyers show up. Despite $116 million in net outflows reported today by Coinglass, ETH has refused to set new lows, building a pattern of higher lows that suggests sellers are running out of steam. The Supertrend indicator remains red, however, warning the love story isn’t fully bullish just yet.

Solana, meanwhile, was last seen near $137 — down nearly 50% from its September highs and sulking near the bottom of its chart. Technical indicators point to possible further downside toward $100, with a bearish flag pattern and a death cross both flashing red. A break below $122 could cement the slide, while reclaiming $147 would invalidate the bearish setup.

Source: CoinGecko
Fundamentally, Solana has had plenty to brag about:

A new bridge connecting Solana and Base via Chainlink
Ondo Finance and State Street launching SWEEP, a tokenized liquidity fund
Animoca Brands preparing to list its equity on Solana
Bhutan rolling out the first sovereign-backed gold token on the network
Coinbase unveiling trading access to the full suite of Solana tokens

Even ETFs appear smitten — Solana exchange-traded products have taken in more than $22 million this week alone, pushing cumulative inflows to $661 million and total assets to $950 million.

Despite the price slump, Scaramucci’s bullishness underscores a broader view shared by some crypto investors: both Solana and Ethereum can grow, coexist, and maybe even thrive together — even if one day, Solana ends up with “flip” bragging rights.

As the world's second-largest cryptocurrency, and the most extensive network for decentralized finance (DeFi) applications, Ethereum (ETH 3.35%) plays an essential role in facilitating the technological innovation investors expect to see in the crypto sector.

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With numerous catalysts and headwinds affecting this sector as a whole, we've seen some choppy price action materialize today. Unfortunately for Ethereum investors, today's high-volatility session has been tilted to the downside. Over the past 24 hours, Ethereum has declined 3.1% as of 5:00 p.m. ET. Notably, this downside move includes a 3% rally from this token's intraday low.

In other words, this loss was a lot larger just a few hours ago. Let's dive into what's driving this outsize bearish sentiment around Ethereum, specifically, and why this token is the worst-performing today out of the nine largest crypto projects, as ranked by market capitalization.

Why so bearish?

Source: Getty Images.

Ethereum investors have plenty to pay attention to, from a macro environment that seems to constantly be changing (with yesterday's key FOMC interest rate cut being the latest catalyst to price in), to several token-specific drivers that are currently impacting sentiment.

In terms of the most relevant drivers of today's bearish sentiment, I believe that concerns about Ethereum's finality, specifically the time it takes for blocks to be processed, are the most pressing concern for most Ethereum investors.

Several hours-long delays, which limit finality on the Ethereum blockchain, have some in the Ethereum community concerned. If enough developers and users decide to flip to faster and more inexpensive layer-1 networks for their applications, this network's massive moat could come under pressure. That's really the bottom line. Indeed, no matter what Ethereum founder Vitalik Buterin says about these effective outages posing no serious threat to Ethereum's overall security, they will create concern, or even panic, among many who view Ethereum as the most stable network in the market.

With Tom Lee's Bitmine buying another $112 million worth of Ethereum yesterday, there are clearly still bulls looking to take the other side of this bet. But for now at least, sentiment around the Ethereum network is declining, and there are certainly reasons for this concern.

Terraform Labs co-founder Do Kwon will wait longer than expected to learn his prison sentence for the massive Terra/LUNA crypto collapse, which erased roughly $50 billion from the market in May 2022. His highly anticipated sentencing hearing stalled after U.S. District Judge Paul Engelmeyer sharply criticized federal prosecutors for submitting 315 victim impact statements just 24 hours before proceedings began.

During the lengthy hearing in the Southern District of New York, Engelmeyer expressed visible frustration, calling the government’s last-minute filing “a big deal” and “simply unacceptable.” He emphasized that such delays disrespect not only the defense but also the victims whose stories were included. Despite being offered a delay of up to six weeks, Kwon and his legal team declined, noting that many individuals had traveled internationally to attend. They also waived the right to appeal based on the late disclosure.

Victim testimonies became a central part of the prosecution’s narrative. Several individuals described how the Terra ecosystem’s implosion devastated their finances and personal lives. Chauncey St. John, who took the stand in person, recounted how the collapse crippled his charity, Angel Protocol, and wiped out the life savings of his in-laws. Though he expressed personal forgiveness toward Kwon, he detailed the emotional burden of the losses suffered by those he loved.

Others were far less conciliatory. One caller described losing a close friend to suicide following catastrophic financial losses. Another victim, Stanislav Trofinchuk, shared how the crash led to divorce, forced him to move back with his parents, and derailed his children’s education plans. A 58-year-old Russian woman described becoming homeless in Tbilisi after her $81,000 investment shrank to just $13, highlighting the profound human cost of the collapse.

Kwon, appearing noticeably thin, remained expressionless throughout the emotional testimony as victims detailed the devastating aftermath of what prosecutors describe as one of crypto’s most damaging frauds.

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Journalist

Hassan Shittu

Journalist

Hassan Shittu

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Jun 2023

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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December 11, 2025

The U.S. Commodity Futures Trading Commission has formally scrapped its 2020 “actual delivery” guidance for Bitcoin and other virtual currencies and set the stage for a broader shift in how the agency oversees crypto markets.

Acting Chair Caroline Pham announced the withdrawal on December 11, calling the old framework outdated and inconsistent with the market’s level of maturity.

Source: CTFC

She said the move reflects the administration’s push this year to remove rules that had become overly complex and deterred crypto firms from operating within the U.S., adding that eliminating such barriers shows “real progress can be made to protect Americans by promoting access to safe U.S. markets.”

CFTC Withdraws 28-Day Crypto Delivery Standard, Easing Path for New ProductsThe guidance that has now been withdrawn defined the conditions under which a leveraged or margined crypto purchase could be considered “actual delivery,” a standard built around a 28-day window that required the buyer to have full possession and control of the asset.

It was introduced at a time when regulators were still unsure how virtual currency markets would develop, and it placed crypto in a category separate from other commodities.

Pham said the agency’s experience with virtual currency derivatives listings, along with years of market growth and the development of stronger custody practices, made the old rules incompatible with how the industry now operates.

The withdrawal allows digital assets to be regulated under the CFTC’s general, technology-neutral framework, a shift that reduces compliance burdens for exchanges seeking to list new products.

It also marks a step toward normalizing Bitcoin and Ethereum alongside traditional commodities.

The update lands at a time when U.S. regulators are moving quickly on crypto policy. Only days before scrapping the old guidance, the CFTC cleared the way for spot crypto trading to occur directly on federally regulated futures exchanges, a first for the industry.

Acting Chair Caroline Pham called the move a major shift, saying it brings spot trading onto platforms that have operated under federal rules for decades.

It also forces leveraged retail crypto trades, previously stuck in a gray zone, onto exchanges that already follow strict market protections.

The move comes after months of coordination with other agencies, including the SEC. Earlier this year, both regulators confirmed that registered exchanges under either agency could support certain spot crypto products.

CFTC Advances Crypto Sprint With New Tokenized Collateral PilotThese moves are part of a wider effort tied to the CFTC’s “Crypto Sprint,” a program examining tokenized collateral, stablecoin use in derivatives markets, and ways to modernize clearing and settlement rules through blockchain systems.

The agency has already begun testing some of these ideas in practice. On December 8, it launched a pilot program that allows Bitcoin, Ether, and USDC to be used as collateral in derivatives markets, giving the agency real-time insight into how tokenized assets behave under regulated conditions.

For the first three months of the pilot, futures commission merchants can only accept those three digital assets and must submit weekly reports on their holdings, a structure the agency says will help it monitor risk while still expanding access to new tools.

The CFTC’s divisions have also issued guidance confirming that tokenized real-world assets, such as U.S. Treasuries and money market funds, can be evaluated within the existing regulatory framework.

To ease the transition, the agency granted no-action relief to firms that want to accept certain non-securities digital assets as customer margin.

Pham has emphasized that the goal is to give U.S. traders safer alternatives to offshore platforms after years of high-profile failures and losses.

The shift is unfolding as the agency undergoes its own leadership transition. Pham has been serving as acting chair since January and is expected to step down once the Senate confirms President Donald Trump’s nominee, Michael Selig.

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Bitcoin (BTC) climbed back to the $93,000 level on Thursday after briefly sliding to $89,000 following the Federal Reserve’s rate cut and a volatile start in U.S. equities. The largest cryptocurrency recovered modestly over the past 24 hours, showing resilience even as most altcoins failed to rebound.

While bitcoin stabilized, altcoins continued to struggle. Cardano (ADA) and Avalanche (AVAX) led the downturn with 6%–7% losses, and Ether (ETH) slipped 3% but held above $3,200. The uneven market performance highlighted a growing divergence between bitcoin and the broader altcoin sector.

Bitcoin’s rebound coincided with a late-session recovery in U.S. stocks. The Nasdaq pared a sharp intraday decline to close down just 0.25%, while the S&P 500 edged into positive territory and the Dow Jones Industrial Average gained 1.3%. Traditional safe-haven assets outperformed, with silver hitting a record $64 per ounce after a 5% surge, and gold approaching $4,300 as the U.S. dollar index fell to its weakest level since mid-October.

Among crypto-related equities, Gemini drew attention with a more than 30% rally after securing regulatory approval to launch prediction markets in the U.S., signaling growing institutional interest despite broader market uncertainty.

Market analysts noted that crypto’s response to macroeconomic events is increasingly diverging from equities. Wintermute strategist Jasper De Maere pointed out that only 18% of macro-driven sessions in the past year saw bitcoin outperform the Nasdaq. He said Wednesday’s action reflected the market fully pricing in the rate cut as investors shift focus toward upcoming U.S. crypto regulatory developments and rising stagflation concerns heading into early 2026.

Despite recent volatility, selling pressure on bitcoin appears to be easing. According to Swissblock, the latest wave of selling is weaker than the previous one, suggesting early signs of stabilization even though a clear confirmation has yet to emerge.

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Terraform Labs co-founder Do Kwon was sentenced to 15 years in prison in New York for the multibillion-dollar fraud that fueled the 2022 collapse of his crypto empire and contributed to broader turmoil across digital-asset markets.

Summary

Kwon received a 15-year prison term in New York for the multibillion-dollar fraud that led to the 2022 collapse of TerraUSD.
Kwon still faces prosecution in South Korea after completing his U.S. sentence.
Prosecutors highlighted Kwon’s role in the 2022 “crypto winter” and the collapse of FTX, Celsius, and OneCoin.

U.S. District Judge Paul Engelmayer called Kwon’s actions “a fraud of epic generational scale,” imposing a longer sentence than the 12 years prosecutors sought and emphasizing the unprecedented financial harm inflicted on investors.

Kwon, 34, had been a fugitive for months before being arrested in Montenegro in 2023 for using a fake passport. The U.S. fought a lengthy battle to extradite him to face charges, while he simultaneously faced prosecution in South Korea, where he is still expected to stand trial after completing his US sentence.

The sentencing comes at a moment when the Trump administration has dialed back certain crypto-market enforcement efforts, including President Trump’s October pardon of Binance founder Changpeng Zhao. Prosecutors argued that Kwon’s deception accelerated the 2022 “crypto winter” and contributed to the collapse of Sam Bankman-Fried’s FTX, as well as losses tied to Celsius CEO Alex Mashinsky and OneCoin promoter Karl Sebastian Greenwood. Combined, prosecutors said, their losses were still smaller than those attributed to Kwon alone.

At the hearing, Kwon apologized to victims and admitted he should be held responsible. His lawyers sought a sentence of no more than five years, claiming his intent was to stabilize TerraUSD rather than deceive investors.

The judge rejected this as “wildly unreasonable,” according to Bloomberg News.

Kwon previously pleaded guilty to conspiracy and wire fraud, agreeing to forfeit $19.3 million and several properties. Prosecutors told the court they would support allowing Kwon to serve the second half of his sentence in South Korea if he complies with the plea deal. They declined to pursue restitution for the estimated $40 billion in investor losses, citing the near-impossible complexity of calculating claims.

Terraform Labs, founded by Kwon and Daniel Shin in 2017, collapsed after TerraUSD lost its dollar peg in May 2022, triggering a chain reaction of market failures. Kwon was later detained in Montenegro for nearly two years before extradition proceedings concluded.

In 2024, a U.S. civil jury also found both Kwon and Terraform liable for securities fraud related to misrepresentations about TerraUSD’s stability and its alleged use by the Korean payments app Chai.

Kwon still faces additional legal jeopardy in South Korea once his U.S. sentence is complete.

Do Kwon, co-founder of Terraform Labs, has been sentenced to 15 years in a U.S. federal prison for his role in the 2022 collapse of terrausd (UST) and luna (LUNA now LUNC), with the possibility of serving the second half of his term in South Korea.

Ethereum’s price continues to draw attention as it trades within a clearly defined Wyckoff accumulation structure, signaling a potential major move ahead. The asset has remained confined inside a range where strong support clusters overlap with increasing institutional activity, making the current zone a decisive battleground for buyers and sellers.

ETH’s previous decline established the upper boundary of this range near $3100, the first major reaction point where selling pressure intensified. Its selling climax formed close to $2680, marking the deepest discount level in the cycle and triggering aggressive buying. Price later surged roughly 15% toward $3097, confirming an automatic rally. A secondary test around $2700 reinforced demand in the lower region, tightening the structure and centering market control around the $3000–$3100 zone.

A brief fakeout near $3471 collected liquidity before ETH slipped back into the range. As of now, Ethereum trades around $3179, resting just above key support. Historically, this type of price behavior precedes strong expansions as traps help larger players regain dominance. From here, ETH could rebound off the $3000–$3100 region and push toward $4000, or it may dip toward $2600 to complete a Wyckoff spring before marking up. Both paths still point to a medium-term recovery toward $4000, with timing being the only variable.

Institutional confidence supports this outlook. Spot Ethereum ETFs recorded $57.6M in net inflows on Wednesday, with BlackRock alone adding $56.5M during a corrective phase—an indication of strong conviction at current prices. Such inflows reduce available supply and reinforce support zones.

On-chain data from Glassnode identifies two major whale clusters: 2.8M ETH near $3150 and 3.6M ETH near $2800, showing deliberate accumulation from large holders who often defend these levels. With ETH trading between these clusters, the $3000–$3100 band remains the most critical decision zone.

Overall, strong institutional inflows, whale accumulation, and Wyckoff structure alignment increase the probability of ETH sustaining support and eventually reclaiming higher levels.

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Journalist

Posted: December 12, 2025

The altcoin market is still hunting for a bottom.

With the Altcoin Season Index dropping back to mid-July territory, investor appetite for “high-risk, high-reward” plays is clearly fading.

In this kind of tape, holding major support levels becomes crucial for high-beta names.

XRP is feeling that pressure too. Since the October washout, it has lost the $2 floor twice, failing to reclaim the key levels needed for a clean V-shaped recovery. In short, the chart shows a bearish market structure.

Source: TradingView (XRP/USDT)

That said, this kind of structure has historically preceded accumulation.

Case in point: Earlier this year, XRP spent Q1 and Q2 chopping sideways before a late-June breakout triggered a parabolic move to its multi-year high at $3.60, showing how prolonged consolidation can fuel strong upside.

A similar pattern seems to be forming now. 

Over the past month, $1.3 billion in XRP has left exchanges, with reserves dropping from $7.03 billion to $5.70 billion.

Against this backdrop, could Ripple’s ongoing sideways chop be setting the stage for the next big move?

Strong XRP demand meets weak fundamentals
Q4 kicked off with Ripple ETF buzz, and the momentum is starting to show.

So far, ETF clients have snapped up $8.73 million worth of XRP, bringing total ETF-held net assets to $945.49 million.

Structurally, this adds another layer of support to XRP as it navigates its current consolidation phase.

That said, on-chain activity tells a different story. The Total Fees Paid per Day on XRP have fallen from 5.9k/day in early February to just 650 XRP/day, marking an 89% drop to levels not seen since December 2020.

Source: Glassnode

Put simply, the gap between fundamentals and market activity is widening.

While institutional flows are providing support, declining on-chain activity implies muted organic demand.

Backing this, XRPL’s TVL has dropped to $70 million, showing that on-chain liquidity on the network is tightening.

Taken together, these factors suggest that XRP’s recent accumulation is more speculative than fundamentally driven.

As a result, weak on-chain activity on XRPL could keep it range-bound until network usage rebounds.

Final Thoughts

XRP has lost the $2 floor twice and shows a bearish chart structure, yet historical sideways consolidation often precedes accumulation.
However, on-chain fees and TVL are sharply declining, suggesting weak organic demand and keeping XRP range-bound.

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network.
She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations.
At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

Bitcoin, gold, and silver are extending their bullish momentum this week as markets digest the Federal Reserve’s recent quarter-point rate cut. With borrowing costs now lower, liquidity is flowing back into risk assets, and the U.S. stock market has responded by hitting a fresh all-time high. Improved risk appetite, stronger consumer spending, and rising corporate profitability expectations are helping ease market fear—conditions that typically support both equities and hard assets.

Bitcoin is beginning to stabilize after its sharp early-October correction, trading within an ascending channel that reflects early recovery strength. Although BTC remains beneath its key 50-day and 100-day EMAs at $96,583 and $101,943, higher lows and increasing bullish momentum hint at a potential reversal. Strong volume around the 78.6% Fibonacci retracement near $90,358 shows that buyers are defending this level aggressively. A confirmed breakout above this zone could allow BTC to retest the liquidity cluster between $98,000 and $103,000. Indicators such as the RSI and Awesome Oscillator also show room for upward expansion, though losing the channel support could drive a decline toward the $86,000–$80,600 region.

Gold is building on its breakout from a long-forming symmetrical triangle, a continuation pattern that often precedes renewed bullish trend extensions. After recovering from an 11% quarterly retracement, XAU is hovering around $4,273, with technical projections pointing toward a potential move toward $4,720. Rising RSI levels and a bullish MACD crossover support this outlook, provided gold holds above key support levels at $4,180, $4,140, and $3,998.

Silver is generating one of the strongest long-term bullish signals across commodities, having finally broken above its multi-decade cup-and-handle formation centered around the $36 resistance that has held for over 40 years. The explosive breakout suggests structural market strength, with long-term targets extending toward $50 and potentially $70. Despite an overbought RSI, historical patterns indicate that silver often sustains momentum during major cycle breakouts.

As macro conditions shift and liquidity returns, Bitcoin, gold, and silver each show signs of renewed upside potential, supported by strong technical structures and improving market sentiment.

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Sei Labs, the core development group behind the Sei blockchain, has reached a distribution deal with Xiaomi to pre-install a new crypto wallet and discovery app on all Xiaomi smartphones sold outside mainland China and the United States.

According to Thursday’s announcement, the app will let users sign in with their existing Google or Xiaomi IDs and will feature a multiparty computation wallet for security, access to popular crypto applications, and support for both peer-to-peer and merchant payments.

The rollout will start in Europe, Latin America, Southeast Asia and Africa. Sei Labs is also creating a $5 million program aimed at funding mobile projects that bring blockchain features to consumer devices.

The companies plan to add stablecoin payments across Xiaomi’s retail and online channels, allowing customers to purchase devices, including phones and electric vehicles, using assets like USDC (USDC), which is supported by Sei. Early launches are targeted for Hong Kong and the EU by mid-2026, with broader expansion to follow.

Xiaomi’s “Lens to Legend” smartphone. Source: XiaomiSei, launched in 2023, is a high-speed layer-1 blockchain built for low-cost transactions. Xiaomi is a global electronics company that makes smartphones, smart-home devices, IoT hardware and electric vehicles. It was founded in 2010 and is based in Beijing.

Solana’s push into smartphones Sei Labs isn’t the first Web3 project to target smartphones as a gateway for mainstream crypto adoption.

The Solana Mobile, a subsidiary of Solana Labs, announced its first smartphone, the Saga, in June 2022 before beginning shipments the following year. In late 2023, sales surged when a BONK airdrop tied to each device briefly made the phone worth more in tokens than its retail price.

In August 2024, Solana began shipping its second-generation Seeker phone to users in over 50 countries after receiving more than 150,000 preorders. The device includes broad hardware upgrades, a built-in crypto wallet, a decentralized app store and an updated seed-vault system.

Source: Solana MobileOn Dec. 3, Solana Mobile announced its plans to launch a native token, SKR, tied to its Seeker phone and broader mobile ecosystem in early 2026. The 10 billion-token supply will include large allocations for airdrops, growth incentives, liquidity and a community treasury, with portions also set aside for Solana Mobile and Solana Labs.

Samsung has also been expanding crypto features on its phones through a recent partnership with Coinbase. In October, the companies began allowing roughly 75 million US Galaxy users to buy crypto directly in Samsung Wallet, with plans to extend the integration to other markets.

Magazine: Meet the onchain crypto detectives fighting crime better than the cops

Bitcoin is closing out the year 2025 with its value hovering around $90,000, reflecting a steady position after weathering a volatile November correction. This significant milestone marks a period of relative stability in the cryptocurrency market as it braces for the year-end and the upcoming macroeconomic shifts in 2026.

As December unfolds, Bitcoin traders and investors are paying close attention to the market’s liquidity conditions, which have been notably affected by recent geopolitical events, including post-election uncertainties. Analysts are actively dissecting what these factors mean for Bitcoin’s trajectory as the calendar turns to another year.

The past year has seen Bitcoin navigating through a series of ups and downs, influenced by a variety of global economic indicators. In early 2025, Bitcoin had a bullish run, primarily driven by growing institutional interest and a surge in retail participation. This was bolstered by positive regulatory developments in several major economies, including the approval of Bitcoin exchange-traded funds (ETFs) in the United States and a favorable tax regime for cryptocurrencies in the European Union.

However, the landscape shifted as the year progressed. The market saw a corrective phase in November, influenced by a mix of profit-taking and macroeconomic factors, including rising inflation rates and central banks’ monetary policy decisions. These elements contributed to a cautious sentiment among investors, leading to a dip from the year’s peak.

Looking ahead, experts have outlined various scenarios for Bitcoin’s performance as 2026 approaches. Some strategists suggest that Bitcoin could experience renewed momentum if inflationary pressures ease and macroeconomic conditions stabilize. A more favorable economic environment could entice institutional investors to increase their allocations to Bitcoin, potentially driving its price higher.

Conversely, there are also risks on the horizon. Global economic uncertainties, such as geopolitical tensions and fluctuating energy prices, could create headwinds for Bitcoin. Additionally, regulatory changes remain a concern. While some countries are embracing digital currencies, others are tightening their regulatory frameworks, which could impact market dynamics and investor sentiment.

Despite these challenges, Bitcoin’s underlying technology and its decentralized nature continue to attract a broad spectrum of investors. Blockchain, the technology that powers Bitcoin, has proven to be resilient and adaptable, gaining traction across various industries beyond finance.

As the world’s largest cryptocurrency by market capitalization, Bitcoin often sets the tone for the broader crypto market. Its price movements are closely watched as they influence the performance of other digital assets. The correlation between Bitcoin and altcoins tends to be strong, meaning that Bitcoin’s trajectory can have a ripple effect across the entire crypto landscape.

The upcoming months will be crucial in determining Bitcoin’s direction. Analysts are keenly observing key economic indicators, such as interest rates and inflation data, which will play a significant role in shaping market sentiment. Moreover, developments in blockchain technology and the adoption of cryptocurrencies in mainstream finance are expected to drive long-term growth.

A counterpoint to the optimistic outlook is the potential impact of technological advancements on Bitcoin’s network. With the rise of new blockchain technologies, some of which offer faster transaction speeds and lower fees, Bitcoin faces competition that could affect its dominant position in the market. However, its first-mover advantage and widespread recognition continue to provide a strong foundation.

Furthermore, Bitcoin’s role as a hedge against economic turmoil remains a subject of debate. While some view it as a digital gold, capable of preserving value in uncertain times, others argue that its high volatility undermines this function. The coming year may shed more light on Bitcoin’s place in the global financial ecosystem as it grapples with these dual identities.

In summary, Bitcoin’s journey into 2026 is poised at a critical juncture. With its price maintaining a substantial level around $90,000, the cryptocurrency market is preparing for potential shifts influenced by both economic conditions and technological advancements. As always, investors are advised to stay informed and consider both opportunities and risks as they navigate this ever-evolving landscape.

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JPMorgan has accelerated its tokenization bid for real-world assets (RWA) through the Solana (SOL) blockchain. The behemoth bank announced on Thursday that it successfully facilitated a debt issuance for Galaxy Digital Holdings on Solana.

According to the announcement, JPMorgan arranged the first U.S. Commercial Paper (USCP) issuance for Galaxy Digital. The debt issuance was settled through Circle’s USDC by Coinbase Global Inc. and Franklin Templeton.

“Today’s transaction is an important step toward understanding the role blockchain will play in the future of financial markets. This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana,” Scott Lucas, Head of Markets Digital Assets, JPMorgan, said.

JPMorgan Accelerates Crypto Adoption Via Solana and CoinbaseIn the past year, JPMorgan has accelerated its adoption of digital assets and blockchain technology, fueled by the clear crypto regulations under President Donald Trump. The bank launched a token dubbed JPM Coin (JPMD) on the Coinbase-backed Base chain last month.

The bank’s issuance of a USCP on the Solana network will heavily influence its institutional confidence. Furthermore, Solana needs more institutional investors seeking to explore tokenization of real-world assets (RWA) to build their products on its infrastructure.

“This issuance marks a major step in bringing the security and efficiency of public blockchains to institutional finance. Solana’s architecture makes it possible for firms like JPMorgan to arrange financial transactions with the trust and performance the market has always needed,” Nick Ducoff, Head of Institutional Growth, Solana Foundation, noted.
Ultimately, the rising adoption of Solana by traditional financial markets will catalyze its midterm growth, especially amid the ongoing macro crypto bull market.

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As 2025 draws to a close, Bitcoin prices are teetering around the $89,500 to $90,100 range, causing investors and analysts to speculate on whether the year will end with explosive gains or muted movements. The cryptocurrency’s performance in recent months has been nothing short of intriguing, raising questions about what the future might hold in the volatile world of digital currencies.

Bitcoin’s rise this year underscores its role as a significant player in the financial markets, having been created in 2009 as an alternative to traditional currencies and a response to the global financial crisis. Its decentralized nature and potential as a store of value have fueled its ascension over the past decade. However, the path to its current status was neither smooth nor guaranteed, marked by periods of rapid appreciation and severe corrections.

In 2025, Bitcoin’s price dynamics were influenced by a variety of factors. Institutional interest remained a driving force, with major financial players increasingly integrating Bitcoin into their investment portfolios. The adoption by such entities lends a degree of legitimacy to the cryptocurrency, which was once dismissed as a speculative asset. Additionally, technological developments in blockchain technology have continued to bolster Bitcoin’s utility and appeal.

Market sentiment, as always, plays a crucial role in Bitcoin’s valuation. The current price movement reflects both optimism and caution among traders. While some investors anticipate an eventual surge past the $100,000 mark, others remain wary of potential headwinds. The persistence of regulatory uncertainties around the globe continues to be a significant concern. Regulatory frameworks vary significantly from country to country, with some embracing digital assets and others imposing strict regulations that dampen enthusiasm.

Despite these uncertainties, Bitcoin’s resilience has often surprised skeptics. Historical trends show that Bitcoin has the capacity to recover from downturns, often propelled by new waves of adoption and technological advancements. For instance, the 2017 bull run, which saw Bitcoin’s price rise dramatically, was partially attributed to increased adoption and the launch of Bitcoin futures.

In 2025, the backdrop of global economic instability also played a part in Bitcoin’s bullish trends. With traditional markets facing turbulent times due to geopolitical tensions and economic slowdowns, investors have sought refuge in alternative assets like Bitcoin. This year, countries facing inflationary pressures saw a rise in Bitcoin adoption as a hedge against currency devaluation.

However, Bitcoin’s future is not without risks. Volatility remains a hallmark of the cryptocurrency market, making it a risky investment despite its potential for high returns. Critics often point to the wild price swings as a deterrent for mainstream adoption. Moreover, concerns about environmental impact due to Bitcoin mining, which consumes substantial energy resources, continue to surface in discussions about its sustainability.

The upcoming year could be pivotal for Bitcoin. Analysts predict that ongoing technological enhancements, such as improvements in scalability and transaction speeds, could make Bitcoin more appealing for everyday transactions. Furthermore, the potential introduction of a Bitcoin spot exchange-traded fund (ETF) in the United States could open the doors to a broader range of investors, potentially driving prices higher.

Yet, one must not overlook the importance of macroeconomic factors. Interest rate changes by central banks, for instance, could alter the investment landscape. Rising interest rates often lead to asset reallocation, which could impact Bitcoin’s attraction as an investment. Similarly, any major regulatory crackdown in key markets could send waves through the crypto community, impacting prices and investor sentiment.

Comparatively, other cryptocurrencies have also gained attention this year. Ethereum, with its smart contract capabilities, has continued to be a formidable competitor. The broader acceptance of blockchain technology in various sectors, from finance to supply chain management, highlights the growing relevance of digital assets beyond Bitcoin.

As we look ahead to 2026, the big question remains whether Bitcoin will sustain its momentum or face new challenges. The potential for a breakout above $100,000 is on the minds of many, but it is contingent on a confluence of favorable factors. The crypto community, ever optimistic, hopes for a year that solidifies Bitcoin’s standing as digital gold.

In summary, Bitcoin’s journey through 2025 has been characterized by both promise and pitfalls. As the year concludes, the cryptocurrency stands on the cusp of further evolution, driven by factors ranging from institutional interest to technological innovation. However, the inherent risks and uncertainties in the crypto market should not be underestimated. The coming year holds the potential for significant developments that could redefine Bitcoin’s trajectory, making it a watchful time for investors and enthusiasts alike.

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On December 10, Bitcoin and Ether exchange-traded funds (ETFs) recorded a substantial inflow of $282 million, underscoring the growing investor interest in digital assets. The rally was led by Bitcoin, with a remarkable $224 million in inflows, while Ether ETFs contributed significantly to the positive trend. Major cryptocurrencies like Solana and XRP also experienced gains, supporting a generally upward trajectory in the crypto ETF sector.

This surge in inflows reflects a broader trend of increasing investor confidence in cryptocurrencies as viable assets, particularly in the wake of recent regulatory clarifications and institutional endorsements. The role of ETFs in the cryptocurrency market is pivotal, providing a bridge for traditional investors to gain exposure to digital currencies without directly purchasing them. This accessibility is crucial, especially as cryptocurrencies continue to gain traction in mainstream financial markets.

Bitcoin’s dominance in this latest ETF rally is indicative of its status as a leading asset in the crypto space. The digital currency’s acceptance has grown not just among individual investors but also among corporate treasuries and financial institutions, which see it as a hedge against inflation and a store of value. Ether, known for its smart contract capabilities that underpin decentralized applications (dApps), remains a favorite among those interested in the technological potential of blockchain networks beyond a mere currency.

The entry of Solana and XRP into this positive market movement highlights the diversity within the cryptocurrency ecosystem. Solana, known for its high throughput and low transaction costs, is increasingly seen as a competitor to Ethereum, especially for decentralized finance (DeFi) applications. Meanwhile, XRP, often involved in cross-border payment systems, continues to recover from past regulatory issues, showcasing resilience and adaptability.

The enthusiasm around these inflows also comes amid a backdrop of favorable economic conditions. A decrease in interest rates globally has prompted investors to search for alternative assets with higher returns, with cryptocurrencies presenting a lucrative option. Additionally, advancements in blockchain technology have improved the efficiency and security of transactions, fostering further trust among skeptical investors.

Historically, the adoption of ETFs in traditional markets has served as a catalyst for the acceptance and integration of new asset classes. For instance, gold ETFs played a similar role in the early 2000s, providing market participants with a convenient means to invest in the precious metal. This historical precedent bodes well for the continued growth of crypto ETFs as they pave the way for broader acceptance and stability of digital currencies.

However, the volatility inherent in cryptocurrency markets remains a significant concern. Prices can be unpredictable, influenced by factors such as regulatory changes, technological developments, and macroeconomic shifts. The recent market rally could face challenges if regulatory bodies implement stricter controls or if technological issues arise, potentially impacting investor sentiment and asset prices negatively.

Another risk involves the security of digital assets. Despite advancements, the crypto space has not been immune to hacks and security breaches, which can undermine confidence in digital asset storage and transactions. Investors need to remain vigilant, ensuring that robust security measures are in place when engaging with these markets.

Moreover, the rapid growth of the crypto sector has drawn scrutiny from global regulatory bodies. As governments and financial authorities seek to impose regulations to protect investors and maintain market integrity, there’s a possibility that overly stringent rules could stifle innovation and slow the growth of crypto assets. Balancing regulation with innovation remains a crucial challenge for policymakers worldwide.

In addition to regulatory concerns, the environmental impact of cryptocurrency mining, particularly Bitcoin, has been a topic of significant debate. The energy-intensive nature of mining raises questions about sustainability, prompting the industry to explore greener alternatives. Some companies have made strides in this area, investing in renewable energy sources to reduce their carbon footprint. As environmental awareness grows, the pressure on the crypto industry to adopt sustainable practices is likely to increase.

Looking ahead, the trajectory of crypto ETFs will depend heavily on how these risks are managed alongside regulatory developments and technological advancements. As the ecosystem matures, greater clarity and investor protection can drive further inflows, solidifying the position of cryptocurrencies in the global financial landscape.

In conclusion, the strong midweek performance of Bitcoin, Ether, and other crypto ETFs highlights the increasing embracement of digital assets by investors. While challenges persist, the potential for innovation and growth in the crypto space remains promising. As the market evolves, the role of ETFs will be central in facilitating continued access and acceptance of cryptocurrencies within the broader financial system. For investors, staying informed and prepared for the dynamic nature of this market is essential for navigating the opportunities and risks that lie ahead.

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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under PressureDownward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.Updated Dec 11, 2025, 9:31 p.m. Published Dec 11, 2025, 9:24 p.m.

Bitcoin BTC$92,939.20 clawed back to $93,000 on Thursday as traders digested the Fed decision, but altcoins mostly didn't join in the bounce.

Slipping to $89,000 after the Federal Reserve’s Wednesday rate cut and a sharply lower open for U.S. stocks, bitcoin recently was trading at $93,000, up marginally over the past 24 hours.

STORY CONTINUES BELOW

Altcoins mostly held onto their early losses, with Cardano's ADA ADA$0.4268 and Avalanche's AVAX (AVAX) leading declines, down 6%-7%. Ether ETH$3,255.25 was 3% lower on the day, holding above $3,200.

Bitcoin's late-day bounce came alongside similar action in U.S. stocks, with the Nasdaq managing to close down just 0.25% after being as much as 1.5% lower. The S&P 500 closed modestly in the green and the DJIA gained 1.3%..

The day's standout rally came from precious metals, with silver surging 5% to a fresh all-time high of $64 per ounce and gold climbing over 1% to near $4,300. The advance was helped by the U.S. dollar index (DXY) slipping to its weakest since mid-October.

Crypto exchange Gemini stood out among crypto stocks, gaining over 30% on news of obtaining regulatory approval to offer prediction markets in the U.S.

Crypto diverges from equitiesJasper De Maere, desk strategist at trading firm Wintermute, said Thursday’s action reinforced crypto’s growing decoupling from equities, especially around macro catalysts.

"Only 18% of the past year’s sessions have seen BTC outperform the Nasdaq on macro days," he noted. "Yesterday fit that pattern: equities rallied while crypto sold off, suggesting the rate cut was fully priced and that marginal easing is no longer providing support."

De Maere added that early signs of stagflation concerns are emerging into the first half of 2026, and markets are beginning to shift focus from Fed policy toward U.S. crypto regulation as the next major driver.

Bitcoin sell pressure waningAnalytics firm Swissblock noted the downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods.

"The second selling wave is weaker than the first, and selling pressure is not intensifying," the firm said in an X post. "There are signs of stabilization... but not confirmation."

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In brief
Save the Children launched a Bitcoin fund that holds donations for up to four years.
The organization said Bitcoin, stablecoins, and digital wallets could help reduce delays in moving money during crises.
Other nonprofitss, including the American Red Cross, United Way, and GiveDirectly, also accept cryptocurrency donations.
Long delays in moving humanitarian funds are a major obstacle to swift aid delivery. Now, international nonprofit Save the Children is turning to cryptocurrency to speed up its response, announcing the launch of a new Bitcoin fund designed to hold crypto donations for up to four years.

The fund, developed in partnership with digital-asset firm Fortris, will allow the nonprofit to accept and hold donations in Bitcoin, stablecoins, and other digital assets. The organization stated the initiative aims to circumvent the traditional banking channels that frequently break down or become inaccessible during natural disasters and conflicts, a common cause of aid slowdowns.

"Many nonprofits accept Bitcoin today, but few hold these donations or leverage the asset’s underlying peer-to-peer technology in their operations," Antonia Roupell, Save the Children’s innovation and partnerships lead, said in a statement. "Our Bitcoin donors asked for the flexibility to choose when to convert to maximize the impact of their generosity, and this fund delivers exactly that.”

Save the Children first accepted Bitcoin in 2013 and has used its "Hodl Hope" initiative to raise millions in digital assets for children affected by conflicts in Ukraine, Gaza, and Sudan. The new fund, the organization argues, offers essential financial agility when established aid pathways falter.

“Out-of-the-box solutions are essential to ensure we continue to be there for children when they need us most, especially when traditional foreign aid funding falters,” Janti Soeripto, president and CEO of Save the Children U.S., said in a statement. The innovation, she added, integrates the speed, cost-efficiency, and financial inclusion of blockchain tools to strengthen emergency and long-term programs globally.

While the fund aims to easily deploy Bitcoin in crisis areas, the announcement left key operational questions unanswered, including governance structure, who will ultimately be responsible for deciding when to convert the volatile assets into fiat currency, and the strategies planned to manage extreme price swings.

Save the Children did not immediately respond to requests for comment by Decrypt.

The move comes as cryptocurrency giving continues to expand. The crypto industry has a long history of donating to global causes, including during the Covid-19 pandemic and the massive influx of over $50 million in crypto donations to Ukraine following the 2022 Russian invasion.

According to The Giving Block's 2025 annual report, over $1 billion worth of cryptocurrency was donated in 2024.

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State Street Investment Management, Galaxy Digital, and Ondo Finance have announced a partnership to launch the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund. 

According to the official announcement from Ondo Finance, SWEEP is expected to make its debut on Solana early next year. The leading tokenization firm said that OUSG, its flagship tokenized fund, will serve as the lead anchor investor, utilizing the fund to further diversify its reserves and enhance access to 24/7 liquidity for OUSG investors.

Ondo Finance launches new product
SWEEP is designed as a tokenized money-market instrument that will provide institutions with a way to manage short-duration liquidity on-chain while maintaining exposure to State Street-managed assets. 

OUSG currently holds a diversified basket of institutional tokenized U.S. Treasury funds, and aggregates 24/7 stablecoin liquidity available across many of them, making the liquidity accessible both to OUSG holders and, through Ondo Nexus, to holders of those third-party funds.

“With a planned investment in SWEEP, OUSG’s portfolio would span funds from the world’s most trusted asset managers, including BlackRock’s BUIDL, Fidelity’s FDIT,  Franklin Templeton’s BENJI, WisdomTree’s WTGXX,  Wellington Management and FundBridge Capital’s ULTRA,” Ondo Finance’s post on X read. “We look forward to continuing our collaboration with State Street, Galaxy, and the growing community of institutions building the next generation of global financial infrastructure.” 

Ondo President Ian De Bode called the initiative “a major leap forward” as it facilitates the connection of traditional finance to the on-chain economy. 

State Street executives also shared similar thoughts, with Kim Hochfeld, Global Head of Cash and Digital Assets, describing the partnership as an example of how “TradFi and DeFi players unite to push the next frontier of asset management.”

The U.S. SEC stopped investigating Ondo 
According to reports, the SEC has ended its multi-year investigation into Ondo Finance to determine whether the firm’s tokenized US Treasuries and ONDO token violated securities laws, and it did so without recommending any charges.

Experts have said the decision clears a path for Ondo to expand its operations nationwide. 

The dismissal happened without fanfare last month, but the news did not become public until last week. The probe by the SEC had been running since October 2023, under the leadership of former Chair Gary Gensler, and it was focused on making sure the firm had complied with securities laws.

Gensler has since stepped down to be replaced by Paul Atkins, who runs a much more liberal ship, encouraging innovation and a more mature regulatory landscape. 

The dismissal of the Ondo probe exemplifies its ongoing rollback of several high-profile cases, and it is not the only high-profile case in the crypto industry to get kicked out of court. Others like Coinbase, Ripple, and Kraken have also seen SEC enforcement action against them dropped.

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On December 11, 2025, Enosys unveiled a groundbreaking financial mechanism for the cryptocurrency market by introducing Enosys Loans, the first Collateralized Debt Position (CDP) protocol on the Flare Network. This innovative platform allows holders of XRP, a prominent digital currency, to mint stablecoins that are both trustless and overcollateralized. By introducing this system, Enosys opens new financial avenues for XRP users, expanding the utility of their assets within the crypto ecosystem.

Stablecoins have become a staple in the cryptocurrency world, offering a blend of the stability of traditional currencies with the flexibility of digital assets. Unlike traditional cryptocurrencies that can experience significant volatility, stablecoins are pegged to a stable asset or basket of assets. This provides a critical function in the digital finance space, allowing users to conduct transactions, trade, and hedge without exposure to the extreme fluctuations often seen in other cryptocurrencies.

Enosys Loans stands out by offering a decentralized method for creating stablecoins. By using a CDP protocol, XRP holders can lock their tokens into the system as collateral and, in return, receive stablecoins. These stablecoins are overcollateralized, meaning the value of the collateral exceeds the value of the borrowed stablecoins, reducing the risk of default in volatile market conditions. This mechanism not only ensures the stability of the loan but also supports the integrity of the stablecoin itself.

The introduction of this tool is timely as the cryptocurrency market continues to mature. Investors and everyday users alike are increasingly seeking ways to leverage their digital assets without converting them into fiat currencies. By enabling the minting of stablecoins directly against XRP holdings, Enosys Loans provides a seamless solution for liquidity and financial management within the crypto ecosystem. This move not only boosts the utility of XRP but also enhances the range of financial products available on the Flare Network.

Flare Network is a cutting-edge blockchain platform that has been gaining traction for its ability to integrate with other blockchain systems, thereby extending the functionality and interoperability of cryptocurrencies. With the addition of Enosys Loans, Flare further cements its reputation as a hub for innovative financial solutions, attracting users who seek robust and scalable blockchain applications.

Historically, the concept of collateralized loans has been a cornerstone of traditional finance, allowing individuals and businesses to leverage their assets to access capital. By translating this model into the digital space, Enosys is not only providing a familiar financial service but also adapting it to the unique dynamics of the cryptocurrency market. This adaptation reflects a broader trend where digital finance is increasingly mirroring and innovating upon conventional financial structures.

However, the introduction of Enosys Loans is not without its challenges and risks. One significant concern lies in the potential volatility of cryptocurrency markets. Although the CDP protocol requires overcollateralization, extreme market fluctuations could still pose risks to loan stability. Instances of rapid price declines, as seen in past events like the 2018 cryptocurrency crash, highlight the need for robust risk management strategies. If the value of XRP were to plummet sharply, borrowers could face margin calls, forcing them to deposit additional collateral or face liquidation of their positions.

Furthermore, regulatory landscapes around cryptocurrencies remain in flux across the globe. While some jurisdictions have embraced digital currencies and associated financial products, others remain wary, imposing stringent regulations or outright bans. The uncertainty surrounding regulatory frameworks poses a risk to the long-term viability and adoption of services like Enosys Loans. Companies operating in this space must remain vigilant and adaptable to navigate these evolving legal environments.

Despite these challenges, the launch of Enosys Loans represents a significant step forward in the evolution of digital financial services. By enabling the creation and use of stablecoins through a decentralized and trustless process, Enosys is contributing to the broader goal of making cryptocurrencies a more integral part of everyday financial transactions. This aligns with a growing global trend towards digital finance, where traditional banking services are increasingly being complemented or replaced by blockchain-based technologies.

Internationally, the demand for stablecoins has surged as they facilitate cross-border transactions and protect against local currency devaluation in economically unstable regions. In countries experiencing hyperinflation or stringent capital controls, stablecoins offer a viable alternative for preserving wealth and conducting business. As such, innovations like Enosys Loans could play a crucial role in democratizing access to financial services, offering individuals and businesses in these regions a stable financial instrument anchored in the decentralized world of blockchain.

Looking ahead, the success of Enosys Loans could inspire similar models across other blockchain platforms. As the technology matures, we can expect to see further integration of decentralized financial products, bridging the gap between traditional finance and the emerging digital economy. The ability to leverage digital assets in a secure and stable manner will likely be a key driver of growth and adoption in the cryptocurrency sector.

In conclusion, the launch of Enosys Loans on the Flare Network marks a pivotal moment for XRP holders and the broader crypto community. By offering a reliable and decentralized method to mint stablecoins, Enosys is enhancing the financial flexibility of digital asset holders. While challenges remain, particularly in terms of volatility and regulation, the potential benefits of such innovations underscore the transformative impact of blockchain technology on the financial landscape. As the crypto sector continues to evolve, tools like Enosys Loans are poised to play a vital role in shaping the future of digital finance.

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Do Kwon, the co-founder of Terraform Labs, has been sentenced to 15 years in prison after pleading guilty to wire fraud and conspiracy to defraud.

In a Thursday hearing in the US District Court for the Southern District of New York, Judge Paul Engelmayer ordered that Kwon serve 15 years in prison for his role in the collapse of Terraform, which wiped out about $40 billion from the crypto market in 2022. He will receive credit for time served in the US and 17 months of pre-extradition custody.

Prior to making his decision on sentencing, Engelmayer heard from some of Terraform’s victims and questioned what kind of justice Kwon might face in his native South Korea, where authorities are also building a case against him.

“I would like everyone to know that I have spent all my time thinking what I could have done, and what I can do,” said Kwon prior to his sentencing, according to Inner City Press. “It’s been four years since the crash, three years since I’ve seen my family. I’d like to [do] my penance in my home country.”

Engelmayer reportedly said the 12-year recommendation US prosecutors had requested the court impose on Kwon was “unreasonable,” while the five years requested by the co-founder’s lawyers “would be so implausible it would require appellate reversal.”

“To the next Do Kwon, if you commit fraud, you will lose your liberty for a long time as you will here,” said Engelmayer, according to Inner City Press. “You have been bitten by the crypto bug, and I don’t think that’s changed. You must be incapacitated. If not for your guilty plea, my sentence would have been higher.”

The judge added, addressing Kwon:

“Your fraud was unusually serious. For four years you publicly lied to the market […] The investors were taking a risk, caveat emptor. But they were not taking the risk of being a fraud victim... What makes what you did so despicable is that you traded on trust.”Kwon could be extradited to South Korea after serving seven and a half years, where he may complete the second half of his US sentence. He could face up to an additional 40 years in prison in his native country.

Several victims have their say during the sentencing hearingProsecutors said at the sentencing hearing that there were about 16,500 victims from the collapse of Terraform, according to claims in the company’s ongoing bankruptcy case. Six of them were allowed to address the court via phone before Engelmayer’s decision, describing their financial losses due to Terra. 

“I sold my apartment in Moscow to invest with Do Kwon,” said Tatiana Dontsova, one of the victims, according to Inner City Press. “I moved to Tbilisi. $81,000 turned into $13 in the palm of my hand. Kwon came up with Luna 2, calling it LUNC. He is not showing any responsibility for those who invested. I am now officially homeless.”

Kwon, alleged to have had a role in the 2022 collapse of the Terra ecosystem, was handed over to US authorities in December 2024 after his extradition from Montenegro. His legal team delayed proceedings for months by presenting various challenges in the Montenegrin courts.

With Kwon expected to be in prison for years, the Terraform co-founder became the latest former high-profile cryptocurrency executive to enter a plea deal or be found guilty in US courts.

Former FTX CEO Sam Bankman-Fried is serving a 25-year sentence, former Binance CEO Changpeng Zhao served four months — though was later pardoned by US President Donald Trump — and former Celsius CEO Alex Mashinsky was sentenced to 12 years.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

Terraform Labs founder Do Kwon was sentenced to 15 years for his role in the collapse of the Terra and Luna tokens — an implosion that wiped out $40 billion in 2022. 

Kwon received the sentencing on Thursday in the Southern District of New York, according to reporting from Inner City Press. That surpassed the sentencing amount prosecutors has asked for earlier. 

U.S. District Judge Paul Engelmayer said Kwon "chose to lie" and "chose poorly," according to reporting from Inner City Press in the courtroom. 

Kwon was criminally charged in March 2023 with conspiracy to commit fraud, commodities fraud, wire fraud, securities fraud, conspiracy to commit fraud, and engaging in a conspiracy to commit market manipulation and money laundering. Kwon later pleaded guilty in August to wire fraud and conspiracy to defraud. 

The charges stem from the unraveling of Terra USD — an algorithmic stablecoin that uses market incentives via algorithms to maintain a stable price. Terra was linked to Luna, a governance token, using a faulty stabilization mechanism. Terra USD's disintegration provoked a contagion event that brought down several crypto entities in 2022. Prosecutors say Kwon lied about the risks and stability associated with the tokens. 

Prosecutors argued that Kwon should get 12 years in prison, citing his previous misconduct and the sheer size of the fraud. They also said that Kwon should forfeit a little over $19 million. Meanwhile, Kwon's lawyers countered that a prison term of up to five years was sufficient, citing that the crash was partly due to coordinated trades by third-party firms exploiting vulnerabilities, citing academic papers and reports from Chainalysis. 

Kwon's legal saga has played out internationally. In March 2024, he was arrested in Montenegro for traveling with forged travel documents. At the time, both the U.S. and South Korea had issued warrants for his arrest, which led to a back-and-forth over where he would eventually be extradited. Eventually, he was extradited to the U.S. in December 2024. He may face additional legal challenges in South Korea.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Belarus expanded platform blocking in December, tightening access to exchanges and reinforcing a High-Tech Park perimeter for residents.

The move fits a wider access playbook across EMEA and APAC that now uses telecom blocklists, app-store removals, and KYC gates to shape who reaches the same BTC and USDT order books.

The practical result is a de facto return of capital controls in a digital wrapper, where passports, IP ranges, and local licenses set the trading venue and the price to exit.

Belarus’s telecom registry, BelGIE, continues to add domains to its restricted resources list used for ISP-level blocking.

Local reports in December flagged fresh blocks on foreign exchange front-ends, on top of a legal arc that confines dealing with persons in Belarus to High-Tech Park operators and restricts P2P activity.

Authorities have targeted unregistered exchangers, while the EU’s latest sanctions bar Belarusians from holding wallets at EU providers as of February 24, 2025.

According to Onlíner’s coverage of those measures, the wallet prohibition removed a common custody escape valve, leaving residents to route through approved HTP operators or migrate to gray rails.

The enforcement tools are straightforward and fast.

DNS and IP blocks route traffic away at the carrier level, app stores remove mobile access, and exchanges raise KYC walls that hard-stop new and existing users by residency.

Russia’s December actions, which added new blocks such as Snapchat and restricted FaceTime, showed how quickly content filters extend across consumer applications, according to Reuters.

The same levers, applied to exchange domains, API gateways, and wallet UIs, produce immediate disconnections for retail and small institutions and force flow into either licensed local venues or unregulated bridges.

The pattern is not confined to Belarus and RussiaIndia escalated its second wave against offshore platforms on October 1, 2025, when FIU-IND issued notices to 25 VASPs and ordered URL and app blocks for non-registration under AML rules, according to The Economic Times.

The pathway back, register, then pay penalties, then operate under supervision, is already visible.

Binance registered with FIU earlier in 2024 and later paid a ₹188.2 crore penalty, about $2.25 million, according to Reuters.

Thailand made its own perimeter formal on June 28, 2025, coordinating with law enforcement and the Digital Economy ministry to block Bybit, OKX, CoinEx, XT, and 1000X for operating without a local license, according to the Thai SEC.

Indonesia moved supervision from Bappebti to the Financial Services Authority and Bank Indonesia on January 10, 2025, according to OJK’s joint press note, which lays the administrative groundwork for license-gated access and tighter on- and off-ramps.

The market structure impact tracks with these toolsLiquidity concentrates on compliant venues when access narrows, and aggregate depth becomes venue dependent rather than asset dependent.

Kaiko’s 2025 lens shows BTC depth held up on well-regulated exchanges while altcoin market depth fell earlier in the year.

When jurisdictions force exits through URL and app removals, markets typically see short-term dislocations, wider spreads and higher slippage, and premiums on local fiat and stablecoin pairs on surviving ramps until flow re-routes.

Philippines actions that cut access to Binance created similar patterns on withdrawal risk and access to fiat rails.

Belarus is small by global volume, so the global BTC book will not notice a measurable dent from local users alone, yet the local perimeter matters.

A simple scenario can frame the stakes for market makers and retail in access-constrained markets.

Let local users account for share s of taker volume on a venue V. A block reduces local taker flow by α over T equal to two to six weeks, until migration completes, and market depth D responds with elasticity ε around 0.4–0.7 for mid caps.

The near-term depth change is ΔDepth ≈ −ε·α·s.

If s is below 0.5% on majors for Belarus, global books barely move. Local books, including BYN rails and HTP venues, can thin in a way that widens fees and bid-ask spreads, since market makers price the added operational and compliance risk.

For altcoins, the elasticity bite is stronger because maker inventories are smaller and hedging routes through fewer, more fragmented books.

Regional flow data reinforces that access controls and usage can coexistChainalysis ranks Europe as the largest crypto region by value received in 2025, with Russia leading EMEA inflows, which lines up with a world where headline blocks and practical usage run in parallel.

APAC shows the fastest adoption trend in the latest index, with India at number one and the United States at number two, according to Chainalysis.

That means Indian URL blocks reach beyond domestic users, because large offshore venues serve global counterparties and liquidity providers that arbitrage across regions.

When those pipes close to a major user base, even temporarily, bridge depth, routing, and hedging costs change for desks outside India.

Three enforcement models are now visible across EMEA and APAC.

There is the full geo-block that routes traffic away at the carrier layer and through app stores, Belarus and Thailand being clear examples.

There is license gating with onshore silos, which Malaysia and Türkiye have used, according to the Securities Commission Malaysia’s digital assets framework, creating market share for domestic regulated exchanges without a total ban.

Then there is the register-to-reenter path used in India, where notices, blocks, registration, and fines strand non-compliant liquidity while pulling volume back to compliant pools over time.

Each model produces a different time profile for spreads and depth, yet they all fragment the global view of the book.

Forward risks in 2026 cluster around updates to the same toolkitsBelarus can add domains to BelGIE and increase pressure on P2P operators, with ministry circulars as triggers.

India can issue more FIU blocks if October notices do not convert to registrations and fines, with MeitY orders pushing enforcement through app stores and ISPs.

Thailand can extend blocks to wallet front-ends and domains that try to route around the existing list, with SEC bulletins marking the cadence.

Pakistan’s policy stance is drifting toward a regulated framework that could introduce licensing with access limits for foreign platforms, while UAE’s VARA has shown a preference for compliance-driven geo-fencing against unlicensed solicitations, according to market coverage, which channels flow rather than switching it off.

Order routing behavior will keep shifting as venues harden KYC perimeters and telecom regulators add blocks.

API and IP geofences push users to VPNs, OTC desks and P2P, and custodial bridges, which reduces transparent price discovery and impairs risk models that depend on consolidated order books.

OTC share rises in places where exchange access narrows, and custody risk migrates to less supervised providers, especially where wallet access through EU-domiciled services is closed to specific nationalities.

The Belarus two-wall system, HTP perimeter plus an EU wallet ban by residency, raises the chance that users adopt gray custodianship that lacks robust client asset protections.

For traders and treasurers, the durable playbook is to map venue access by jurisdiction, segment hedging across licensed pools with stable rails, and expect repeated basis shocks on regional pairs after enforcement steps.

Kaiko’s exchange ranking work can anchor venue selection and depth snapshots, while Chainalysis regional flow data can frame how fast volumes re-route after ISP and app changes.

Altcoin pairs need explicit buffers on slippage and working capital, since those books compress first when local takers vanish.

For teams with regional customers, serve inventories from onshore venues where possible and keep settlement rails redundant to avoid block-order downtime.

The access wall is moving, and the price impact is already visible at the edgesCompliance is turning into a market share strategy in APAC, registration and fines buy supervised resumption in India, and license gates carve liquidity silos in EMEA without switching off crypto activity.

Belarus’s December blocks show how fast a country can redraw the perimeter for who sees which book and at what cost.

JurisdictionToolActionEffective windowPrimary sourceBelarusISP blocklist, HTP perimeterExpanded restricted domains, HTP-only dealing, EU wallet ban for residentsDec 2025, EU wallet rule in force Feb 24, 2025BelGIE, Belsat, OnlínerIndiaFIU notices, URL/app blocks25 offshore VASPs noticed, register-to-reenter path, finesOct 1, 2025 notices, Binance fine June 20, 2024The Economic TimesThailandISP blocks for unlicensed CEXsBlocked Bybit, OKX, CoinEx, XT, 1000XIn force June 28, 2025The BlockIndonesiaSupervisory migrationOversight moved to OJK and Bank IndonesiaJan 10, 2025OJKRussiaBroad platform blocksNew site and app restrictionsDec 4, 2025ReutersEurope’s share of value received holds even as controls tighten in parts of EMEA, while APAC’s adoption profile makes any Indian perimeter step feed back into global liquidity management.

Depth now clusters on a smaller set of compliant venues, a feature that will shape hedging and inventory routing as jurisdictions toggle between geo-blocks, license gates, and supervised return paths.

“The return of capital controls is stealth, API level, and instantaneous,” a framing borne out by the December wave of general platform blocks in Russia and the exchange blocks rolled out across EMEA and APAC this year.

Compliance is becoming a market share strategy in APAC, with India’s register, pay, and resume model already visible in outcomes for major platforms.

Belarus’s dual wall of HTP perimeter and EU wallet access limits means the cost of custody and exit has changed for its residents, and the change shows up in the market where liquidity sits.

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