Today's top news highlights:
Spot silver broke through $57/ounce, setting a new all-time high.
Crypto trading volume fell to approximately $1.6 trillion in November, the lowest level since June.
Binance adds monitoring tags for five tokens: CHESS, DENT, DF, GHST, and SXP.
Macro
The People's Bank of China recently convened a joint meeting with multiple departments to coordinate efforts to combat speculation in virtual currencies (the "1128 Meeting"), reiterating the policy of the September 24, 2021 notice prohibiting virtual currency business activities. The Xiao Sa legal team pointed out that, as is well known, my country has a relatively strict foreign exchange control system, generally limiting each person to a maximum annual foreign exchange quota of US$50,000. With the gradual expansion of the stablecoin market, its increasing application scenarios, and the surge in the number of cryptocurrency traders, many outbound capital needs have been met by stablecoins such as USDT and USDC. Furthermore, stablecoins have been used to facilitate money laundering or conceal the proceeds of crime for upstream offenses. In judicial practice, there have even been instances of audacious foreign trade merchants using USDT and USDC to circumvent UN sanctions resolutions and assist sanctioned countries in their foreign trade. The focus of this meeting was twofold: first, to guide judicial decisions back to a more lenient approach, curbing the trend of lenient treatment of currency-related contracts by courts; and second, to severely crack down on serious violations such as illegal foreign exchange, money laundering, and assisting sanctioned countries in their trade using stablecoins like USDT and USDC. Furthermore, lawyer Xiao Sa believes that this meeting does not represent a policy shift, nor will it affect Hong Kong's open policy towards virtual assets. Currently, a pattern of "mainland restrictions, Hong Kong openness" has emerged, with a clear regulatory intent: financial innovation is permissible, but must be carried out compliantly within designated areas and frameworks. For mainland practitioners, it is crucial to remain vigilant against legal red lines, conduct business in compliance with regulations, and avoid any侥幸心理 (a sense of侥幸, or a belief that one can get away with something).
According to Zhongke LianAn's analysis, on November 28th, the People's Bank of China, together with thirteen other departments including the Ministry of Public Security and the Cyberspace Administration of China, convened a coordination meeting on combating virtual currency trading and speculation. The lineup at this meeting was noteworthy; compared to the ten ministries in the "924 Notice" of 2021, the addition of the Central Financial Affairs Commission, the State Financial Regulatory Commission, and the Ministry of Justice signifies that China's regulation of virtual currencies is upgrading from sectoral collaboration to systemic governance. Analysis indicates that this change will reshape the regulatory landscape on three levels: Upgraded Coordination: The involvement of the Central Financial Affairs Commission will promote regulation from inter-departmental collaboration to a higher level of cross-sectoral coordination, forming a synergy of policies and resources. Deepened Regulatory Framework: The addition of the State Financial Regulatory Commission means that regulation will shift from basic monitoring of fund flows to the precise identification and professional investigation of illegal financial activities. Improved Legal Framework: The inclusion of the Ministry of Justice will promote regulation from being primarily driven by administrative documents to having stronger legal support for the application of law and the connection between administrative and criminal law, consolidating law enforcement authority. Furthermore, the meeting explicitly identified "stablecoins" as the core target of this round of crackdowns, emphasizing a focus on "information flow and capital flow" to build a technology-driven, full-chain monitoring system. This demonstrates the regulators' determination and increasingly sophisticated methods to combat cryptocurrency-related crimes. Previously, the People's Bank of China convened a meeting of its coordination mechanism for combating cryptocurrency trading and speculation.
According to Hong Kong Stock Exchange filings, HashKey Holdings Limited has successfully passed its listing hearing, with JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International acting as joint sponsors. The company plans to build a licensed digital asset ecosystem platform, encompassing three main businesses: transaction facilitation, on-chain services, and asset management. As of September 30, 2025, it will support 80 tokens, with platform assets exceeding HK$19.9 billion. Major shareholders include Lu Weiding, GDZ International, HashKey Fintech III, and Puxing Energy (00090), while institutional shareholders include Gaorong Capital, Fidelity, and Meitu.
Spot silver broke through $57/ounce, setting a new all-time high.
Spot silver broke through $57/oz for the first time in history, currently trading at $57.3/oz, up 1.34% on the day.
Opinion
SlowMist founder Yu Xian tweeted that the "white hat negotiation" messages that appeared on the chain after the Yearn attack were fake and actually a phishing attack, consistent with the previous Balancer incident. The attackers used the Railgun protocol to conceal their identities, prepared a low-gas address 28 days in advance, and then exploited it, ultimately transferring 1000 ETH via Tornado Cash. The attackers' address currently holds approximately $6 million in crypto assets.
Project Updates
Binance Futures will delist several perpetual contracts on December 5th.
Binance Futures announced that it will delist the following USDT-margined perpetual contracts on December 5, 2025: SXPUSDT and MILKUSDT: Automatic liquidation will begin at 17:00 (Beijing time) on December 5, and new positions will be suspended from 16:30; OBOLUSDT and TOKENUSDT: Automatic liquidation will begin at 17:30 (Beijing time) on December 5, and new positions will be suspended from 17:00.
Binance adds monitoring tags for five tokens: CHESS, DENT, DF, GHST, and SXP.
According to Binance's announcement, the platform will add monitoring tags for five tokens: CHESS, DENT, DF, GHST, and SXP.
Yearn: The complexity of the attack on the yETH pool is similar to the previous Balancer attack.
Yearn issued an official statement saying that its yETH stablecoin pool was attacked at 21:11 UTC on November 30th. The attacker used a custom contract to mint a large amount of yETH, resulting in the loss of approximately $8 million in assets within the pool. An additional $900,000 in losses came from the yETH-WETH pool on Curve. Yearn emphasized that the affected code is unrelated to other products, and V2/V3 Vaults were not affected. The complexity of the incident is similar to the previous Balancer attack. The team has launched a joint investigation with SEAL911 and the auditor, ChainSecurity.
Crypto trading volume fell to approximately $1.6 trillion in November, the lowest level since June.
According to The Block, total cryptocurrency spot trading volume fell to $1.59 trillion in November, a 26.7% decrease month-over-month, the lowest since June. Binance's trading volume dropped to $599.3 billion, and DEX volume also fell to $397.8 billion. Uniswap and PancakeSwap recorded $79.8 billion and $70.5 billion, respectively. ETFs saw net outflows of $3.48 billion, indicating that the market as a whole is experiencing low volatility and low liquidity.
According to PeckShieldAlert's disclosure on the X platform, Yearn Finance was attacked, with hackers depleting the liquidity pool by endlessly minting yETH, causing a loss of approximately $9 million. About 1,000 ETH (approximately $3 million) were transferred to Tornado Cash, and the attacker's address still holds approximately $6 million worth of crypto assets.
Telegram founder: Decentralized AI computing network Cocoon officially launched.
Telegram founder Pavel Durov announced on his personal channel that Cocoon, a decentralized confidential computing network based on TON and the Telegram ecosystem, has officially launched. The first batch of AI requests from users have been processed through Cocoon, achieving 100% privacy protection. GPU providers have begun earning TON tokens through the network. Durov pointed out that Cocoon aims to solve the high costs and privacy issues posed by traditional AI computing providers such as Amazon and Microsoft. In the coming weeks, GPU supply will be expanded and more developer demand will be addressed.
Important data
According to Binance data, ZEC has fallen 20% in the past 24 hours, dropping to a low of $351.28, a 53.16% decrease from its year-to-date high of $750, and is currently priced at $366.42.
According to data shared by Crypto Rover, BTC fell 3.69% in October, 17.67% in November, and 4.76% on the first day of December. It's worth noting that the last time Bitcoin experienced a completely red quarter (i.e., negative returns every month) was in 2018.
According to data from SoSoValue, BTC has fallen by 21.41% and ETH by 26.68% in the past month. Of the top 100 cryptocurrencies by market capitalization in the past month, 10 have seen declines exceeding 40%, including: Virtuals Protocol (VIRTUAL): down 55.60%, currently priced at $0.8142; IP Story (IP): down 49.00%, currently priced at $2.29; Pudgy Penguins (PENGU): down 46.59%, currently priced at $0.00971; Bittensor (TAO): down 45.94%, currently priced at $268.8; Aptos (APT): down 45.20%, currently priced at $1.826; Jupiter (JUP): down 44.50%, currently priced at $0.228; Sui (SUI): down 42.51%, currently priced at $1.368; MemeCore (M): down 42.21%, currently priced at $1.3953; Pump.fun (PUMP): Down 42.10%, currently priced at $0.0027; Aerodrome (AERO): Down 40.28%, currently priced at $0.6145.
According to SoSoValue data, US spot Bitcoin ETFs recorded a net outflow of $3.5 billion in November, marking the largest monthly negative outflow since February of this year. Since October 31st, Bitcoin ETFs had experienced net outflows for four consecutive weeks, totaling $4.34 billion. However, in the last three days of November, before Thanksgiving in the US, they turned to net inflows. Among them, BlackRock's IBIT, the largest Bitcoin ETF by net asset value, saw an outflow of $2.34 billion in November, including the largest single-day outflow since its inception on November 18th, reaching $523 million. Nick Ruck, Director of LVRG, stated that this outflow mainly reflects institutional profit-taking after Bitcoin reached its all-time high and year-end portfolio adjustments, rather than a loss of confidence. In addition, US spot Ethereum ETFs saw a net outflow of $1.42 billion in November, the largest monthly outflow in history. Meanwhile, newly launched spot ETFs such as Solana and XRP continued to record net inflows, with the XRP ETF accumulating $666 million in inflows. Grayscale plans to launch the first U.S. spot Chainlink ETF this week, further expanding its crypto product lineup.
Data shows that the total market capitalization of cryptocurrencies has plummeted in the past four hours, with a single-day loss of up to $140 billion.
Machi's highly leveraged ETH position was partially liquidated, but she still holds 3,300 ETH.
According to Onchain Lens, Machi (麻吉大哥) had some of his 25x ETH long positions liquidated during the market downturn, and has closed out some of his positions. He still holds 3,300 ETH (approximately $9.5 million), just $20 away from the next liquidation threshold; his current cumulative loss exceeds $20.89 million. According to Ai Yi (艾姨), in the past 24 hours, he has lost a total of $1.36M, with an account balance of $211K, approximately $9.368M of ETH long positions remaining, a floating loss of $473K, and a liquidation price of $2,831.58, leaving only $15.72 of downside potential.
