PA Daily | Jupiter and Kamino, lending platforms, are embroiled in internal strife over risk disclosure; Li Feng, co-founder of Moore Threads, touted as the "first domestic GPU stock," is accused of i
Today's top news highlights: 1. Macroeconomic Outlook for Next Week: A highly controversial rate cut by the Federal Reserve is imminent, triggering significant volatility in gold prices. 2. South Korea plans to legislate to require virtual asset operators to bear "no-fault liability" for hacker attacks. 3. Li Feng, co-founder of Moore Threads, touted as the "first domestically produced GPU stock," has been exposed for issuing cryptocurrency to raise funds and defaulting on a loan of 1,500 BTC. 4. Analyst: Bitcoin on-chain activity is rising, demand remains positive, and this cycle may not be over yet. 5. Jupiter's Chief Operating Officer admitted that its lending product Jupiter Lend's claim of "zero risk of infection" was false. 6. Binance responded to questions about the timing of its official Twitter post being close to the launch of its token, stating that it has launched an internal review. Macro Macroeconomic Outlook for Next Week: A highly controversial rate cut by the Federal Reserve is imminent, triggering significant volatility in gold prices. With US economic data such as the ADP Nonfarm Payrolls and PCE largely supporting expectations of a Federal Reserve rate cut next week, Wall Street's panic was short-lived, and investors returned to betting on low volatility and high certainty in risk assets. The Fed's interest rate decision will be the focus next week, and following recent weak US employment data, the market widely expects the Fed to lower rates. Here are the key points the market will be watching in the new week: At 0:00 on Tuesday, the US November New York Fed 1-year inflation forecast will be released. At 23:00 on Tuesday, the US October JOLTs job openings will be released. At 3:00 AM on Wednesday, the Federal Reserve FOMC will release its interest rate decision and summary of economic projections; at 3:30 AM, Federal Reserve Chairman Powell will hold a press conference on monetary policy. At 21:30 on Thursday, the US initial jobless claims for the week ending December 6 and the US trade balance for September will be released. At 1:00 AM on Friday, the Federal Reserve will release data on the financial health of U.S. households in its Q3 2025 Flow of Funds report. At 21:00 on Friday, Paulson, a 2026 FOMC voting member and president of the Philadelphia Federal Reserve, will speak on the economic outlook; at 21:30, Hamak, a 2026 FOMC voting member and president of the Cleveland Federal Reserve, will speak. At 11:35 p.m. on Friday, Chicago Federal Reserve President Goolsby participated in a moderator's dialogue before the 39th annual economic outlook symposium of the Chicago Federal Reserve. The Federal Reserve's September dot plot hinted at two rate cuts in 2026. In contrast, the market currently expects 63 basis points of easing in 2026, meaning a greater likelihood of three rate cuts next year. Caixin: Last year, 3,032 people were prosecuted for money laundering related to cryptocurrencies; establishing a firewall against virtual currencies is necessary to protect normal economic and trade activities. Caixin.com published an article titled "Building a Firewall Against Virtual Currency to Protect Public's 'Wallets'," which points out that recent speculation in virtual currencies has resurfaced. Establishing a firewall against virtual currencies requires not only the full cooperation of various departments but also the improvement of relevant regulations, enhanced supervision, strengthened technical monitoring capabilities in key areas, and protection of normal economic and trade activities. Data shows that in 2024, relevant departments prosecuted 3,032 people for money laundering crimes, including using virtual currencies to transfer criminal proceeds. Many were drawn into these crimes due to a lack of legal awareness. A scholar's analysis of 283 judgments in cases of money laundering using virtual currencies revealed that criminal groups heavily exploit marginalized youth as tools for their crimes, exhibiting significant geographical clustering and a predominantly high school or junior high school education. South Korea plans to legislate to require virtual asset operators to bear "no-fault liability" for hacker attacks. South Korea's Financial Services Commission is reviewing a plan to add a clause to the draft "Second Phase of Virtual Asset Legislation," which would hold virtual asset operators liable for damages even if they are not at fault in the event of a hacking attack or computer accident. The plan aims to impose the same "no-fault liability" on operators of virtual asset exchanges as financial companies in response to hacking attacks or computer accidents. From 2023 to September 2025, the five major South Korean won exchanges (Upbit, Bithumb, Coinone, Korbit, and GOPAX) experienced a total of 20 computer system incidents. Furthermore, a plan is currently under discussion to increase penalties for hacking incidents to the level stipulated in the Electronic Financial Transactions Act. The South Korean National Assembly is currently reviewing an amendment to the Electronic Financial Transactions Act, which proposes fines of up to 3% of a financial institution's sales revenue for hacking attacks. If this bill is passed, virtual asset operators could also face similar fines. Currently, the maximum fine for virtual asset operators is 5 billion won. Market news: French bank BPCE has allowed customers to buy and sell cryptocurrencies. According to market sources, French bank BPCE has allowed its customers to buy and sell cryptocurrencies. Opinion Vitalik: A trustless on-chain gas futures market needs to be established. Vitalik Buterin stated in an article on the X platform that the industry urgently needs a "trustless on-chain gas futures market," similar to a "base fee prediction market," to address users' uncertain expectations regarding future fee trends. An on-chain gas futures market can clearly understand people's expectations of future gas fees and can even hedge against future gas prices, effectively prepaying a specific amount of gas for a specific period. Analysis: Bitcoin's profitability indicator has fallen to a two-year low, potentially indicating that a local bottom is forming. CryptoQuant, an on-chain analytics platform, reported that the Bitcoin SOPR ratio (LTH-SOPR / STH-SOPR) has fallen to 1.35, its lowest level since early 2024. This drop coincides with Bitcoin's price correction to around $89,700. A higher ratio typically indicates that long-term holders (LTH) are actively profiting compared to short-term holders (STH). The plunge to 1.35 suggests that the large-scale distribution phase of older cryptocurrencies has significantly subsided. The gap in actual returns between experienced and new entrants is narrowing. This decline indicates that the market is undergoing a large-scale "reset," and the speculative bubble that previously drove the ratio up has been deflated. Historically, when the SOPR ratio falls to these lower limits during an overall bull market cycle, it typically indicates that the selling pressure is nearing its end. If the ratio stabilizes or rebounds from the 1.35 level, it may suggest that a local bottom is forming, laying a more solid foundation for the next round of gains. Bloomberg ETF analyst: Even if Bitcoin performs poorly in 2025, occasional cooling of the asset is normal. Bloomberg ETF analyst Eric Balchunas wrote that, looking back at Bitcoin's performance over the past year, it has actually (at least so far) only retraced last year's extreme gains. It has risen 122%, five times the price of all other assets. Therefore, even if 2025 ends up being a flat or slightly declining year, as long as it still maintains an average annual gain of around 50%, Bitcoin will still be able to retain its value. Assets occasionally cool down, and stocks are no exception. US SEC Chairman: The entire financial system will shift to Bitcoin and cryptocurrencies within a few years. According to market sources, the chairman of the U.S. Securities and Exchange Commission stated in an interview that the entire financial system will shift towards Bitcoin and cryptocurrencies within a few years. "This is the future of the world." Analysts: ETH holdings on CEX platforms have fallen to a record low of 8.8%, and tight supply may drive prices up. Analyst Milk Road wrote that the amount of ETH stored on centralized cryptocurrency exchanges has fallen to unprecedented lows, potentially leading to supply shortages. According to Glassnode data, ETH holdings on exchanges are at a low of 8.8%, essentially the lowest level since the network launched in mid-2015. The amount of ETH on exchanges has decreased by 43% since the beginning of July, which coincided with a period of accelerated growth in Digital Asset Treasury (DAT) purchases. In contrast, Bitcoin holdings on exchanges are higher at 14.7%. Milk Road believes that ETH is being pulled into areas where it's difficult to sell, such as staking, restaking, Layer 2 network activity, DAT, collateralized cycles, and long-term custody, suggesting that tightening supply could drive up prices. "Currently, market sentiment is low, but market sentiment doesn't determine supply. ETH's supply is tightening subtly, and the market is deciding the next move. When this gap disappears, the price will rise." Analysts: Bitcoin on-chain activity is rising, demand remains strong, and this cycle may not be over yet. Analyst @TXMCtrades stated on the X platform that Bitcoin's activity metric is rising, potentially indicating that the current market cycle is not yet over. Activity is the sum of all on-chain lifecycle spending and holding activity. Activity increases when tokens are net traded; it decreases when tokens are held, and adjusts based on the token's issuance date. In a bull market, activity typically increases as supply changes hands at higher prices, indicating new capital inflows. As demand weakens, momentum slows, and the indicator declines. It's a concise indicator, similar to a long-term moving average of on-chain activity. Despite the price decline, activity in this cycle continues to rise, indicating a bottom in spot Bitcoin demand that is not yet reflected in price action. While activity typically lags far behind price movements and is therefore not a market signal, the momentum remains positive from this perspective. Several large entities are active in the market; it's just unknown who they are. Nvidia CEO Jensen Huang: Bitcoin is absorbing excess energy and storing it as a new currency. According to market sources, Jensen Huang, CEO of Nvidia, a company with a market capitalization of $4.5 trillion, said, "Bitcoin is absorbing excess energy and storing it as a new currency that you can carry around and take anywhere you want." The president of the Solana Foundation called for an end to the infighting among lending agreements and a focus on expanding the market. Solana Foundation President Lily Liu posted on the X platform, urging lending protocols Kamino and Jupiter Lend within the ecosystem to stop attacking each other and focus on expanding the market. Liu pointed out that the Solana lending market is currently worth approximately $5 billion, while the Ethereum market is 10 times larger, and the traditional financial collateral market is trillions of times larger. Liu stated, "We can attack each other (one-click lending position switching, taunting and rude remarks, etc.), or we can focus on taking market share from the entire crypto market and the TradFi market." Previously , Jupiter Exchange COO Kash Dhanda responded to community concerns about its lending product, Jupiter Lend, acknowledging that claims in previously deleted social media posts regarding the "zero risk of infection" in Jupiter Lend vaults were inaccurate. Solana lending platform Kamino blocked Jupiter Lend's migration tools due to concerns that Jupiter was misleading users about its risk model. Kamino's co-founder also criticized Jupiter's claims about vault segregation in a post on the X platform. Project Updates Jupiter's Chief Operating Officer admitted that its lending product, Jupiter Lend, falsely claimed to have "zero risk of infection." Jupiter Exchange COO Kash Dhanda recently responded to community concerns about its lending product Jupiter Lend, acknowledging that claims in previously deleted social media posts about the Jupiter Lend vault having "zero contagion risk" were inaccurate. Jupiter had previously promoted Jupiter Lend's vaults as having "isolation risks," with one post claiming that isolated vaults "mean that there is no cross-contamination between trading pairs, thus eliminating any risk of infection." After sparking controversy, the Jupiter team deleted the post containing the latter statement. Dhanda stated in a video posted on the X platform, "These vaults are indeed isolated." However, he also acknowledged that Jupiter Lend used recollateralized assets. Last week, Solana lending platform Kamino blocked Jupiter Lend's migration tool due to concerns that Jupiter was misleading users about its risk model. Kamino's co-founder also criticized Jupiter's claims of vault segregation in a post on the X platform. Aztec's public sale has ended, with a total subscription amount of 19,476 ETH and 16,741 users participating. Aztec announced on the X platform that the public sale of AZTEC tokens has ended. The total subscription amount for this public offering was 19,476 ETH, with 50% of the funds coming from the Aztec community. A total of 16,741 users participated. Li Feng, co-founder of Moore Threads, touted as the "first domestically produced GPU stock," has been exposed for issuing cryptocurrency to raise funds and defaulting on a loan of 1,500 BTC. Moore Threads, touted as China's Nvidia, debuted on the STAR Market on December 5th as the "first domestically produced GPU stock," opening at 650 yuan per share, a staggering 468.78% increase from its issue price of 114.28 yuan, pushing its total market capitalization above 300 billion yuan. The A-share market was ignited, with a single winning bid (500 shares) yielding a net profit of over 267,000 yuan, E Fund Management's unrealized gains nearing 1.9 billion yuan, and early investors like Tencent and ByteDance achieving returns exceeding 35 times. Peixian Qianyao achieved a staggering 6200-fold return. However, Li Feng, co-founder of Moore Threads and dean of Moore Academy, had previously been embroiled in controversy surrounding cryptocurrency transactions. The project "Malago Coin" (MGD) was embroiled in controversy in 2017. Li Feng, along with other prominent figures in the cryptocurrency world such as Li Xiaolai and Xue Manzi, launched the project, using the gimmick of "the first modern performance art based on blockchain in human history," and raised 5,000 ETH through crowdfunding. The token distribution plan reserved 10% for the year 2100; the team's background was packaged as "composed of a CEO, CTO, CFO, PhD, returnee, and investment banker," but this was largely fabricated. Despite this, MGD completed its fundraising within a week of its launch. However, the project was quickly summoned by relevant departments due to the sensitive nature of its name and was forced to change its name to "Alpaca Coin MGD." The dispute with OKX founder Star over a 1,500 Bitcoin debt : In June 2018, Star publicly accused Li Feng on his WeChat Moments of refusing to repay a loan of 1,500 Bitcoins (worth approximately 80 million yuan at the time) and even "disappearing." He posted the loan agreement and video evidence, and announced that he had filed lawsuits in courts in both China and the United States, applying for asset preservation. In mid-2018, 1,500 BTC were worth approximately $10 million; currently, their value is as high as $135 million. Li Feng responded via group chat, claiming that the loan was actually Star's investment in the MGD project, and because the project failed to launch, Star regretted it and wanted the funds back. Both sides maintain their own versions of events. The agreement posted by Star shows that, with Hu Zhibin's guarantee, Star renewed the Bitcoin lending agreement with Li Feng. The "Bitcoin Lending Agreement" was first signed on December 17, 2014, and expired on December 16, 2016. However, due to the borrower's personal reasons, the loan period needed to be extended, so the agreement was renewed on March 30, 2017, extending the loan period to December 31, 2017. Star responds to debt dispute with Li Feng of Moore Threads: Debt issues should be left to the law; we cannot remain in a negative shadow forever. OKX founder Star responded on the X platform to the debt dispute with Li Feng of Moore Threads, saying, "People cannot stay in the shadow of a negative history forever. Look to the future and contribute more positive energy. Let the law handle the debt issue. Best wishes to every entrepreneur." Previously, it was reported that Li Feng, co-founder of Moore Threads, the "first domestic GPU stock," was exposed for issuing cryptocurrency to raise funds and borrowing 1,500 BTC without repaying. Binance responded to questions about the timing of its official Twitter post being close to its token launch, stating that it has launched an internal review. Regarding the crypto community's point that "Binance's official Twitter account tweeted at 30 minutes past the hour, but the coin was announced at 29 minutes past the hour, and the correct image was used," Binance responded, "We are aware of the feedback and are conducting an internal investigation. We have zero tolerance for any behavior involving coin listings or other forms of corruption. Once the investigation is confirmed, we will inform the community of the progress as soon as possible. Our reporting channels are open and transparent, and we welcome any leads regarding coin listings or other forms of corruption." Important data The average cash cost for public miners mining Bitcoin has reached $74,600, with a total cost of $137,800. According to CryptoRank, the average cash cost for a public miner to mine one Bitcoin has reached $74,600, while the total cost, including depreciation and SBC, has climbed to $137,800.
