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BTC successfully recovered in the Qian Zhimin case, with clues coming from his computer login password and several mnemonic phrases.
BlockBeats News, on December 3, Caijing Magazine revealed that the main culprit in the 60,000 BTC money laundering case, Qian Zhimin, carried a laptop with a built-in cryptocurrency wallet when fleeing. After several searches by the UK police, multiple mobile phones, computers, and USB drives were seized. One of the USB drives stored photos of pages from Qian Zhimin's notebook, and it is suspected that the relevant pages had been torn out before the police confiscated the notebook. The page photos recorded the boot password for this black laptop and several mnemonic phrases, such as "number + love," along with some hint information about the numbers, which made the previous seizure of bitcoin possible.
BlockBeats News, on December 3, Caijing Magazine revealed that the main culprit in the 60,000 BTC money laundering case, Qian Zhimin, carried a laptop with a built-in cryptocurrency wallet when fleeing. After several searches by the UK police, multiple mobile phones, computers, and USB drives were seized. One of the USB drives stored photos of pages from Qian Zhimin's notebook, and it is suspected that the relevant pages had been torn out before the police confiscated the notebook. The page photos recorded the boot password for this black laptop and several mnemonic phrases, such as "number + love," along with some hint information about the numbers, which made the previous seizure of bitcoin possible.
Polymarket is recruiting new employees for its internal market-making team
Foresight News reported, citing Bloomberg, that Polymarket has been recruiting new employees for its internal market-making team, which may compete with clients on the company’s exchange, even though similar features have already drawn criticism for its main competitors. According to sources familiar with the matter, Polymarket has recently been in talks with traders, including sports bettors, about joining its new division. As the plans are internal, these sources requested anonymity.
Kalshi already operates a similar division to what Polymarket is building, called Kalshi Trading, which bids on the exchange and essentially takes the opposite side of some client trades. Kalshi executives say the division was created to provide liquidity and improve the customer experience. However, critics argue that the company’s market-making activities create conflicts of interest with clients and make Kalshi appear more like a traditional sports bookmaker.
Foresight News reported, citing Bloomberg, that Polymarket has been recruiting new employees for its internal market-making team, which may compete with clients on the company’s exchange, even though similar features have already drawn criticism for its main competitors. According to sources familiar with the matter, Polymarket has recently been in talks with traders, including sports bettors, about joining its new division. As the plans are internal, these sources requested anonymity.
Kalshi already operates a similar division to what Polymarket is building, called Kalshi Trading, which bids on the exchange and essentially takes the opposite side of some client trades. Kalshi executives say the division was created to provide liquidity and improve the customer experience. However, critics argue that the company’s market-making activities create conflicts of interest with clients and make Kalshi appear more like a traditional sports bookmaker.
Overview of Key Overnight Developments on December 5
21:00-7:00 Keywords: AERO, Base, Polymarket, CFTC 1. A certain exchange has listed AERO; 2. Polymarket is recruiting new staff to form an internal market-making team; 3. The Ethereum L2 Base, incubated by a certain exchange, has launched a Solana asset bridge; 4. The US Treasury debt has surpassed $30 trillion, doubling since 2018; 5. The Federal Reserve expects to lower the federal funds rate to the 3.25%-3.5% range by 2026; 6. Hassett: The Federal Reserve may cut rates at the next meeting, with an expected cut of about 25 basis points; 7. Acting Chairman of the US CFTC: Spot cryptocurrencies can now be traded on CFTC-registered exchanges.
21:00-7:00 Keywords: AERO, Base, Polymarket, CFTC 1. A certain exchange has listed AERO; 2. Polymarket is recruiting new staff to form an internal market-making team; 3. The Ethereum L2 Base, incubated by a certain exchange, has launched a Solana asset bridge; 4. The US Treasury debt has surpassed $30 trillion, doubling since 2018; 5. The Federal Reserve expects to lower the federal funds rate to the 3.25%-3.5% range by 2026; 6. Hassett: The Federal Reserve may cut rates at the next meeting, with an expected cut of about 25 basis points; 7. Acting Chairman of the US CFTC: Spot cryptocurrencies can now be traded on CFTC-registered exchanges.
JPMorgan: For bitcoin's recent price movements, strategy resilience is more important than miner activity
Jinse Finance reported that JPMorgan analysts believe that, for bitcoin's recent price movements, the resilience of Strategy (stock code MSTR) is more important than miner activity. Although the world's largest bitcoin holder has not yet started selling, bitcoin miners appear to be facing increasing selling pressure. Nikolaos Panigirtzoglou, Managing Director at JPMorgan, and his team pointed out in a report on Wednesday that the recent sustained pressure on bitcoin prices mainly stems from two factors: first, the recent decline in bitcoin network hashrate and mining difficulty, and second, the latest developments surrounding Strategy. The analysts stated that the decline in hashrate and mining difficulty reflects the influence of two forces: China reiterating its ban on bitcoin mining after a surge in private mining activity, and the combination of falling bitcoin prices and high energy costs squeezing profits, leading high-cost miners outside China to exit the market. The analysts noted that although a drop in hashrate usually increases miners' revenue, "bitcoin prices are currently still hovering below their production costs," which brings selling pressure to the bitcoin market. JPMorgan analysts have now revised their estimate of bitcoin's production cost down to $90,000, lower than last month's $94,000. According to the analysts, this update is based on an electricity price assumption of $0.05/kWh; for high-cost producers, every $0.01/kWh increase in electricity price will raise their production cost by $18,000. JPMorgan's report stated: "Against the backdrop of high electricity prices and falling bitcoin prices squeezing profits, some high-cost miners have been forced to sell bitcoin in recent weeks."
Jinse Finance reported that JPMorgan analysts believe that, for bitcoin's recent price movements, the resilience of Strategy (stock code MSTR) is more important than miner activity. Although the world's largest bitcoin holder has not yet started selling, bitcoin miners appear to be facing increasing selling pressure. Nikolaos Panigirtzoglou, Managing Director at JPMorgan, and his team pointed out in a report on Wednesday that the recent sustained pressure on bitcoin prices mainly stems from two factors: first, the recent decline in bitcoin network hashrate and mining difficulty, and second, the latest developments surrounding Strategy. The analysts stated that the decline in hashrate and mining difficulty reflects the influence of two forces: China reiterating its ban on bitcoin mining after a surge in private mining activity, and the combination of falling bitcoin prices and high energy costs squeezing profits, leading high-cost miners outside China to exit the market. The analysts noted that although a drop in hashrate usually increases miners' revenue, "bitcoin prices are currently still hovering below their production costs," which brings selling pressure to the bitcoin market. JPMorgan analysts have now revised their estimate of bitcoin's production cost down to $90,000, lower than last month's $94,000. According to the analysts, this update is based on an electricity price assumption of $0.05/kWh; for high-cost producers, every $0.01/kWh increase in electricity price will raise their production cost by $18,000. JPMorgan's report stated: "Against the backdrop of high electricity prices and falling bitcoin prices squeezing profits, some high-cost miners have been forced to sell bitcoin in recent weeks."
Tom Lee: The Four-Year Cycle Is About to Be Broken, Says the Historical Rhythm May Be Rewritten in the Coming Weeks
Jinse Finance reported, citing CCN, that Tom Lee, Chairman of Ethereum treasury company BitMine, stated at a blockchain week event hosted by an exchange that bitcoin adoption could surge by 200 times. He pointed out that globally, only 4.4 million wallets hold more than $10,000 worth of bitcoin, while over 900 million people have retirement accounts exceeding this amount. If these funds are allocated to bitcoin, it would create enormous growth potential. Tom predicted that bitcoin's traditional four-year cycle is about to be broken, saying that the historical rhythm may be rewritten in the coming weeks. He believes that the recent decline since October is mainly due to deleveraging rather than the halving cycle, and noted that despite the weakness in the crypto market, gold has risen 61% this year and the S&P 500 has increased by nearly 20%. Tom emphasized that tokenization will become the dominant trend, with Wall Street planning to put nearly tens of trillions of dollars of financial products on-chain. He stated that Ethereum is the future of finance and the core of tokenization, and pointed out that the BlackRock bitcoin ETF has become one of its top five fee-generating products.
Jinse Finance reported, citing CCN, that Tom Lee, Chairman of Ethereum treasury company BitMine, stated at a blockchain week event hosted by an exchange that bitcoin adoption could surge by 200 times. He pointed out that globally, only 4.4 million wallets hold more than $10,000 worth of bitcoin, while over 900 million people have retirement accounts exceeding this amount. If these funds are allocated to bitcoin, it would create enormous growth potential. Tom predicted that bitcoin's traditional four-year cycle is about to be broken, saying that the historical rhythm may be rewritten in the coming weeks. He believes that the recent decline since October is mainly due to deleveraging rather than the halving cycle, and noted that despite the weakness in the crypto market, gold has risen 61% this year and the S&P 500 has increased by nearly 20%. Tom emphasized that tokenization will become the dominant trend, with Wall Street planning to put nearly tens of trillions of dollars of financial products on-chain. He stated that Ethereum is the future of finance and the core of tokenization, and pointed out that the BlackRock bitcoin ETF has become one of its top five fee-generating products.
Eric Trump: American Bitcoin continues to increase BTC holdings, soon to surpass GameStop
ChainCatcher News, Eric Trump, the second son of Trump, posted on social media stating, "The cryptocurrency mining company American Bitcoin Corp. continues to increase its bitcoin holdings, and the next company it will surpass is GameStop."
According to data shared by Eric Trump, American Bitcoin currently holds 4,367 BTC, while GameStop currently holds 4,710 BTC.
Previous reports indicated that American Bitcoin was co-founded by Eric Trump, and its stock price plummeted by 35% this Monday due to the unlocking of restricted shares.
ChainCatcher News, Eric Trump, the second son of Trump, posted on social media stating, "The cryptocurrency mining company American Bitcoin Corp. continues to increase its bitcoin holdings, and the next company it will surpass is GameStop."
According to data shared by Eric Trump, American Bitcoin currently holds 4,367 BTC, while GameStop currently holds 4,710 BTC.
Previous reports indicated that American Bitcoin was co-founded by Eric Trump, and its stock price plummeted by 35% this Monday due to the unlocking of restricted shares.
Security Agency: Pepe Official Website Suffers Malicious Attack
ChainCatcher reported that the official Pepe website has suffered a frontend attack. Cybersecurity company Blockaid discovered that the website was injected with Inferno Drainer malicious toolkit code. This toolkit is specifically used for phishing and wallet asset theft, which may result in users' wallet credentials being stolen, unauthorized transactions, and asset losses.
ChainCatcher reported that the official Pepe website has suffered a frontend attack. Cybersecurity company Blockaid discovered that the website was injected with Inferno Drainer malicious toolkit code. This toolkit is specifically used for phishing and wallet asset theft, which may result in users' wallet credentials being stolen, unauthorized transactions, and asset losses.
Data: The entire crypto market pulls back, PayFi sector drops nearly 4%
ChainCatcher News, according to SoSoValue data, after consecutive increases, most sectors in the crypto market have generally experienced a pullback. Among them, the PayFi sector fell by 3.78% in the past 24 hours. Within the sector, XRP (XRP) dropped by 4.37%, but Dash (DASH) and Ultima (ULTIMA) bucked the trend and rose by 3.32% and 5.06% respectively. In addition, Bitcoin (BTC) fell by 1.06%, dropping below $93,000; Ethereum (ETH) fell by 1.73%, dropping below $3,200.
In other sectors, the CeFi sector fell by 1.96% in the past 24 hours, with a certain exchange remaining relatively strong, rising by 1.91%. The Layer1 sector dropped by 2.24%, but TRON (TRX) and Zcash (ZEC) rose by 2.43% and 10.02% respectively. The Layer2 sector fell by 3.01%, with Merlin Chain (MERL) surging 9.93% intraday. The Meme sector dropped by 3.09%, but Fartcoin (FARTCOIN) bucked the trend and rose by 5.93%. The DeFi sector fell by 3.41%, but MYX Finance (MYX) climbed 7.08% intraday.
The crypto sector indices reflecting historical sector performance show that the ssiCeFi, ssiLayer1, and ssiDeFi indices fell by 2.03%, 2.01%, and 4.40% respectively.
ChainCatcher News, according to SoSoValue data, after consecutive increases, most sectors in the crypto market have generally experienced a pullback. Among them, the PayFi sector fell by 3.78% in the past 24 hours. Within the sector, XRP (XRP) dropped by 4.37%, but Dash (DASH) and Ultima (ULTIMA) bucked the trend and rose by 3.32% and 5.06% respectively. In addition, Bitcoin (BTC) fell by 1.06%, dropping below $93,000; Ethereum (ETH) fell by 1.73%, dropping below $3,200.
In other sectors, the CeFi sector fell by 1.96% in the past 24 hours, with a certain exchange remaining relatively strong, rising by 1.91%. The Layer1 sector dropped by 2.24%, but TRON (TRX) and Zcash (ZEC) rose by 2.43% and 10.02% respectively. The Layer2 sector fell by 3.01%, with Merlin Chain (MERL) surging 9.93% intraday. The Meme sector dropped by 3.09%, but Fartcoin (FARTCOIN) bucked the trend and rose by 5.93%. The DeFi sector fell by 3.41%, but MYX Finance (MYX) climbed 7.08% intraday.
The crypto sector indices reflecting historical sector performance show that the ssiCeFi, ssiLayer1, and ssiDeFi indices fell by 2.03%, 2.01%, and 4.40% respectively.
User data from Argentine crypto platform Lemon Cash leaked due to a hack on a third-party service provider
ChainCatcher reported that Argentine cryptocurrency platform Lemon Cash confirmed on December 4 that due to its external analytics service provider Mixpanel being hacked on November 9, some users' names and email addresses were leaked. Lemon Cash emphasized that the platform's own systems were not attacked, and sensitive information such as users' private keys, mnemonic phrases, funds, and account balances were not affected.
The company has sent emails to affected users, warning them to be cautious of potential phishing attacks. Notably, OpenAI is also a Mixpanel client and has terminated its partnership with the service provider following this incident.
ChainCatcher reported that Argentine cryptocurrency platform Lemon Cash confirmed on December 4 that due to its external analytics service provider Mixpanel being hacked on November 9, some users' names and email addresses were leaked. Lemon Cash emphasized that the platform's own systems were not attacked, and sensitive information such as users' private keys, mnemonic phrases, funds, and account balances were not affected.
The company has sent emails to affected users, warning them to be cautious of potential phishing attacks. Notably, OpenAI is also a Mixpanel client and has terminated its partnership with the service provider following this incident.
Delphi Digital: The Federal Reserve's liquidity buffer has been depleted, and a key resistance in the crypto market may be fading.
ChainCatcher News, Delphi Digital posted on X that the Federal Reserve's reverse repurchase agreement (RRP) balance has dropped from a peak of over $2 trillion to almost zero, meaning its liquidity buffer has been depleted.
In 2023, the scale of RRP was sufficient to buffer the Treasury General Account (TGA) replenishment by absorbing Treasury issuance, thus avoiding the depletion of bank reserves. As the RRP balance bottoms out, this buffer no longer exists. Any future Treasury issuance or TGA rebuilding will have to directly consume bank reserves.
The Federal Reserve faces two choices: allow reserves to decline and risk another spike in repo rates, or directly expand its balance sheet to provide liquidity. Given the situation in 2019, the second option is more likely. This means the Fed will shift from withdrawing liquidity to injecting liquidity back into the market, marking a significant change from the past two years.
With the end of quantitative tightening (QT) and the imminent reduction of the TGA, marginal liquidity has turned net positive for the first time since early 2022. A key resistance in the cryptocurrency market may be fading.
ChainCatcher News, Delphi Digital posted on X that the Federal Reserve's reverse repurchase agreement (RRP) balance has dropped from a peak of over $2 trillion to almost zero, meaning its liquidity buffer has been depleted.
In 2023, the scale of RRP was sufficient to buffer the Treasury General Account (TGA) replenishment by absorbing Treasury issuance, thus avoiding the depletion of bank reserves. As the RRP balance bottoms out, this buffer no longer exists. Any future Treasury issuance or TGA rebuilding will have to directly consume bank reserves.
The Federal Reserve faces two choices: allow reserves to decline and risk another spike in repo rates, or directly expand its balance sheet to provide liquidity. Given the situation in 2019, the second option is more likely. This means the Fed will shift from withdrawing liquidity to injecting liquidity back into the market, marking a significant change from the past two years.
With the end of quantitative tightening (QT) and the imminent reduction of the TGA, marginal liquidity has turned net positive for the first time since early 2022. A key resistance in the cryptocurrency market may be fading.