Today's News Highlights:
The Prime Minister of Montenegro claims the extradition process for Do Kwon to the U.S. has been completed.
The IRS has issued temporary relief measures for cryptocurrency taxes, allowing CeFi exchange users to bypass tax regulations in 2025.
Sonic SVM: 57% of the total SONIC token supply will be allocated to the community, with the TGE scheduled for January 7, 2025.
SPACE ID reveals its 2025 roadmap: plans to expand its business beyond Web3.
FLock.io announces the launch of its mainnet and token generation event on Base.
Musk tweets twice containing frog elements.
Dragonfly's managing partner releases six major predictions for 2025: the distinction between L1 and L2 is fading, and EVM market share will continue to grow.
Messari releases six predictions for 2025: Hyperliquid's stellar performance may have ended, and ETH will outperform SOL.
NFT sales reached $8.83 billion in 2024, a year-on-year increase of 1.1%.
Regulatory News
According to Bloomberg, the Prime Minister of Montenegro, Milojko Spajic, stated on Tuesday that Montenegro has completed the procedures for extraditing Terraform Labs co-founder Do Kwon to the United States. Spajic posted on the X platform, saying, "This extradition demonstrates our unwavering commitment to international justice and the rule of law."
Do Kwon faces charges in New York and Seoul due to the collapse of the $40 billion TerraUSD stablecoin in 2022. He was arrested in Montenegro last year for traveling with a forged passport. In April of this year, after a civil trial regarding charges from the SEC, Terraform and its founder Do Kwon were found guilty of fraud. Terraform has agreed to pay $4.5 billion to settle with the SEC.
The Swiss Federal Government has officially begun reviewing a nationwide referendum proposal titled "Building a Financially Robust, Sovereign, Independent, and Responsible Switzerland (Bitcoin Initiative)." The proposal has been published in the Federal Gazette and has entered the signature collection phase, aiming to incorporate Bitcoin into the Swiss national financial system through a constitutional amendment.
According to Bitcoin.com, the IRS has issued a temporary relief measure that will allow cryptocurrency holders at centralized exchanges to bypass strict tax regulations in 2025, thus retaining the flexibility to report and track digital asset sales. The IRS's temporary relief allows taxpayers to continue using their own records or tax software to identify the specific units sold. Chandrasekera stated, "This means that if you sell assets within a CeFi broker, you can still use your books and records/crypto tax software to document the specific units you are selling." The relief period only applies to CeFi transactions from January 1, 2025, to December 31, 2025. After this date, taxpayers will need to formally choose an accounting method with their brokers.
Ten regions in Russia will fully ban cryptocurrency mining starting January 1, with three other regions implementing partial bans. The government decree was passed on December 23, stipulating a complete ban on mining from January 2025 to March 2031, while in the other three regions, mining will be partially restricted during each heating season (from November 15 to March 15 of the following year, excluding the first year of the ban starting January 1, 2025). Russian Deputy Prime Minister Alexander Novak stated at the end of December that the number of regions banning cryptocurrency mining could increase if requests are received from governors. Authorities in the Republic of Khakassia have already requested the Energy Ministry to limit mining activities in the region.
Syria proposes to legalize Bitcoin to promote economic recovery
The Syrian Center for Economic Studies has proposed a plan urging the transitional government to adopt Bitcoin and other digital assets to combat inflation, stabilize the economy, and attract global investment. This proposal comes as the country faces significant reconstruction challenges after decades of war and financial disaster. The proposal emphasizes Bitcoin as a lifeline for Syrian citizens and their struggling financial system. It suggests establishing a regulatory framework to legalize the use of Bitcoin in transactions, mining, and financial dealings.
Project Updates
Alex Odagiu, the investment director of Binance Labs, stated that regardless of market cycles, the company will continue to support startups in the fields of Web3, artificial intelligence, and biotechnology. Binance Labs expects cryptocurrency venture capital to maintain strong momentum in 2025, but it will still "focus on infrastructure" rather than price trends or market speculation. Odagiu emphasized that projects with practical application scenarios, high product-market fit, strong teams, and sustainable revenue models are most likely to succeed.
Tangem wallet accidentally collected users' mnemonic phrases due to email-related issues
Cryptocurrency wallet service provider Tangem recently fixed a significant security vulnerability in its mobile application that had led to the accidental collection of some users' private keys via email. Previously, Reddit users raised concerns, pointing out that Tangem exposed users' private keys to email accounts and its employees, threatening the safety of investors' funds. User u/areklanga specifically noted that Tangem did not respond appropriately to the issue, and users' private keys might have been retained in multiple email histories and ticket tracking systems, posing a security threat to all Tangem users.
On December 30, Tangem acknowledged the issue and explained that it was a bug in the mobile application log processing, which has now been resolved. When creating a wallet via mnemonic phrases, the private keys were incorrectly logged in the application logs, which could be accessed during interactions with the support team. On the same day, Tangem released an application update, but the official website did not mention specific details. Tangem also confirmed that all logs and attachments sent to the support team have been permanently deleted to ensure no data remnants remain.
Although Tangem stated that the vulnerability only affected a small number of users, some members of the crypto community expressed dissatisfaction with its low-key handling. As of December 31, Tangem had not issued any related announcements on social media. To prevent potential private key leakage risks, all Tangem users are advised to update their mobile applications immediately.
CryptoQuant contributor Darkfost reported that Binance's stablecoin reserves reached $31 billion on December 11, setting a new historical high. Notably, Binance's stablecoin reserves were only $7 billion in June 2023, having grown nearly fivefold since then. An increase in stablecoin reserves typically indicates rising buying pressure. The current reserve level remains around $30 billion, suggesting that investors are still actively engaged in the market, potentially maintaining strong buying pressure.
SPACE ID reveals its 2025 roadmap: plans to expand its business beyond Web3
The decentralized domain protocol SPACE ID disclosed its 2025 roadmap in an official blog: 1. It will continue to expand identity verification functions to more blockchains and ecosystems; 2. It plans to expand its business beyond Web3, providing integration between Web2 and Web3 domains; 3. It is designing a new way to simplify on-chain transaction processes, creating a customized solution to unify wallet addresses; 4. It will explore new collaborations in 2025.
Five Pudgy Penguins sold for a total of $175, possibly due to seller's price misinterpretation
According to Cointelegraph, today, someone sold five Pudgy Penguins NFTs for a total of $175, with speculation that the seller mistakenly thought the price of 35 USDT was for 35 ETH ($117,000), resulting in a loss of over $500,000.
Coinbase CEO calls for X platform to integrate USDC for payment
Coinbase CEO Brian Armstrong has expressed his intention to integrate Circle's USDC into the payment system of the X platform. In a post on December 29, Armstrong suggested that USDC payments would be a valuable addition to the platform and urged the X team to explore implementing this feature.
Prior to this public call, Coinbase's chief engineer Travis Bloom had also made a similar suggestion, wondering when X's owner Musk would enable users to send and receive USDC on the Base network. Market observers noted that implementing such a feature aligns with X's broader vision of introducing a payment system, transforming the social media platform into a "super app."
In January of this year, X announced plans to launch a peer-to-peer payment service similar to PayPal. While details regarding whether the currency used for this service will be fiat or cryptocurrency remain unclear, the platform has not yet initiated the plan. However, X has made significant progress in obtaining money transmission licenses across the United States. Its subsidiary, X Payments, has currently obtained licenses in 33 states, including California, Illinois, and Virginia.
FLock.io announces the launch of its mainnet and token generation event on Base
The decentralized AI training platform FLock.io has officially launched its mainnet on Base. This release coincides with the token generation event (TGE) for its native token FLOCK, which will serve as a utility token for the FLock ecosystem by incentivizing and rewarding community participation.
FLOCK tokens will be airdropped to users participating in the incentive testnet during today’s token generation event (TGE). Users can access the platform to participate in decentralized AI training and earn FLOCK tokens. These tokens will play a crucial role in the FLock.io ecosystem, facilitating collaboration among data providers, training nodes, and computing providers.
Previously, FLock announced its tokenomics and airdrop plan: 66.7% allocated to the community and ecosystem.
Sonic SVM, a blockchain on Solana, has announced its native token SONIC's tokenomics, with SONIC serving as the native token for the Sonic SVM and Multi-SVM ecosystems, driving long-term growth and development.
The total supply of SONIC is 2.4 billion tokens, with 57% allocated to the community, including community and ecosystem development (30%), initial claims (7%), and HyperGrid rewards (20%). The TGE is scheduled for January 7, 2025, with an initial circulating supply of 15% of the total. SONIC will be fully distributed over six years, at which point all SONIC will be in circulation, with the majority allocated to the community. No team or investor tokens will be unlocked in the first 12-18 months post-launch, and locked tokens cannot be staked.
The initial claim snapshot for SONIC was completed on December 31, 2024. 7% of the total supply of SONIC has been allocated to initial claims. The eligibility verification tool for the initial claim program will go live on January 3, allowing users to check if their wallets meet the claim criteria. Additionally, the SonicX TikTok airdrop event will remain open until January 6, providing more users with the opportunity to acquire SONIC.
UXLINK announces a 10% allocation of airdrop tokens for the second quarter
Web3 social platform and infrastructure UXLINK announced in its official blog the allocation of airdrop tokens for the second quarter, with UXLINK distributing 10% of its total supply to Q2 users and ecosystem partners, the same as in Q1. Anti-witch technology will also be used to ensure that genuine community contributors receive airdrop rewards.
Michael Saylor: BTC yield from MSTR financial operations since early Q4 is 47.8%
MicroStrategy co-founder and executive chairman Michael Saylor posted on the X platform that since the beginning of Q4, the BTC yield from MSTR financial operations has been 47.8%, resulting in a net gain of 120,600 BTC for the company's shareholders. Based on a price of $96,000 per BTC, this quarter's earnings amount to $11.6 billion.
Re-staking protocol ether.fi launches Berachain incentive deposit vault
The Ethereum re-staking protocol ether.fi tweeted about the launch of the Berachain incentive deposit vault, supporting deposits of weETH, WETH, stETH, eBTC, wBTC, cbBTC, and LBTC. After the launch of the Berachain mainnet, deposits will remain locked for 90 days.
Previously reported, Ethena's Berachain incentive deposit vault has gone live.
According to Forbes, as of December 2024, Africa currently accounts for 3% of the global Bitcoin mining hash rate, with Ethiopia alone contributing 2.5%, more than double the entire continent's output in 2023, and entirely through renewable energy. According to the Ethiopian Electric Power (EEP), Ethiopia has earned over $55 million from electricity sales for Bitcoin mining this year, accounting for 18% of its total revenue.
Following Ethiopia's approval of Bitcoin mining earlier this year, local Bitcoin mining operations have significantly increased, with spending on mining infrastructure exceeding $1 billion in 2024 (reportedly). Other countries, such as Kenya, have also joined the ranks of African nations eager to leverage Bitcoin mining to promote economic growth, electrify communities, and manage green energy projects. Africa is a popular location for global Bitcoin miners due to its access to some of the cheapest green energy in the world, such as Ethiopia's price of 3.2 cents per kilowatt-hour.
RWA stablecoin protocol Usual hints at activating the token fee switch
RWA stablecoin protocol Usual tweeted a hint about activating the token fee switch: "The era of fee switches begins. 2025 marks a turning point for DeFi: real value, real distribution. Get ready for your USUAL on January 7."
Musk tweets twice containing frog elements
Musk retweeted a post about frog elements today at 3:57, captioning it "Kek." Additionally, at 5:00 (Beijing time), he tweeted "Brothers in Arms," accompanied by an image of Pepe depicted as a Roman general.
Previously reported, Musk changed his personal avatar and nickname on the X platform to Kekius Maximus. "Kekius Maximus" is a term that combines internet culture with ancient Roman naming traditions. The "Kek" here originates from internet slang commonly found in meme culture, especially in the 4chan community, where "kek" serves as a substitute for "LOL," expressing laughter or humor.
Dragonfly managing partner Haseeb Qureshi released predictions for the cryptocurrency landscape in 2025, divided into six parts: L1s/L2s, token launches, stablecoins, regulation, AI agents, and crypto x AI.
- L1/L2
The distinction between L1 and L2 is fading. Users can no longer perceive the differences between L1 and L2. Despite the strengths of SVM and Move, EVM's market share is expected to grow in 2025. Solana will push more blockchains to optimize for low latency.
- Token Launches
The era of mass airdrops through points programs is over, transitioning to a dual-track world.
The first track: If a project has clear metrics, such as exchanges or lending protocols, they will distribute tokens entirely based on points.
The second track: Projects without clear metrics (like L1 and L2) will turn to crowdfunding. They may conduct small-scale airdrops to reward social contributions, but most tokens will be distributed through crowdfunding.
Memecoins will continue to compete for market share with "AI agent" coins.
- Stablecoins
The use of stablecoins will surge, especially among small and medium-sized enterprises. Not just for trading and speculation, real businesses will begin using on-chain dollars for instant settlements. By the end of 2025, banks are expected to announce the issuance of stablecoins. They do not want to fall behind. However, particularly with Lutnick as the Secretary of Commerce, Tether will maintain its leading position. Ethena Labs is expected to attract more capital, especially as treasury yields continue to decline over the next year.
- Regulation
The U.S. has passed stablecoin legislation, while broader market infrastructure reform (FIT21) has been postponed. The adoption of stablecoins is accelerating, while Wall Street's adoption, asset tokenization, and other TradFi integrations will lag behind. Under Trump's leadership, Fortune 100 companies will be more willing to offer cryptocurrencies to consumers, and tech companies and startups will show a higher risk appetite.
- AI Agents
The AI agent craze may continue until 2025, but it will eventually fade.
- The actual combination of cryptocurrency and AI
AI's influence on cryptocurrency is a major direction, but cryptocurrency will also impact AI; truly autonomous agents will make payments to and from cryptocurrencies. Once there are relaxed stablecoin regulations, you will start to see even large companies running AI agents using stablecoins for agent-to-agent payments, as they are easier to initiate than bank accounts; we will also see more large-scale decentralized training and inference experiments.
Messari has published six major predictions for 2025 on the X platform, as follows:
- Hyperliquid's stellar performance may have ended
- VIRTUAL FDV will surpass TAO FDV within three months
- Pudgy Penguins will surpass CryptoPunks to become the hottest PFP series
- Peaq will surpass all L2s in 2025
- ETH is expected to outperform SOL in 2025
- The AI agent framework will peak in Q1 2025 and will not recover
Financing News
According to Bloomberg, digital asset trading and brokerage firm FalconX is in advanced negotiations to acquire Arbelos Markets, a derivatives startup founded by two veterans of the crypto industry in 2023. According to insiders, the deal will be financed through a combination of cash and FalconX stock, with an announcement expected in the coming days. It is currently unclear what the valuation of Arbelos will be in this transaction.
FalconX co-founder and CEO Raghu Yarlagadda stated in October that he expects a wave of "consolidation" in the industry and added that the company will actively seek acquisition targets.
Crypto derivatives liquidity provider Arbelos announced a $28 million funding round led by Dragonfly Capital in May 2024. FalconX was one of the investors in this round, along with Circle Ventures, Deribit, Paxos, and StarkWare.
Founded in 2018 and headquartered in San Mateo, California, FalconX was valued at $8 billion during a $150 million funding round in 2022. The company is backed by investors such as Tiger Global, GIC, and B Capital.
Key Data
Bitcoin spot ETF saw a net inflow of $5.3181 million yesterday, with an ETF net asset ratio of 5.69%
A trader turned $1,947 into $2.34 million by trading KEKIUS tokens
According to OnchainLens monitoring, a trader turned $1,947 into $2.34 million. Seventeen days ago, the trader purchased 35.57 million KEKIUS tokens for $1,947 using 0.5 ETH. So far, the trader has sold 27.93 million KEKIUS for 397.8 ETH (worth $1.34 million) and still holds 7,647,148 KEKIUS, valued at $1 million.
After Musk changed his social media profile name to "Kekius Maximus," the KEKIUS token on Ethereum surged by approximately 110%.
2024 NFT sales reached $8.83 billion, a year-on-year increase of 1.1%
NFTs ended the year with strong momentum, surpassing the sales record for digital collectibles in 2023 by over $100 million. As of December 31, the NFT data tracking platform CryptoSlam reported that blockchain-based digital collectible sales reached $8.83 billion in 2024. This record is over $100 million higher than the NFT sales in 2023, which were approximately $8.7 billion. This marks a year-on-year growth of 1.1% in NFT sales.
Ethereum remains the highest-selling blockchain in NFT history, with sales reaching $44.9 billion. Solana follows closely with sales of $6.1 billion, while total sales of Bitcoin-based NFTs reached $4.9 billion.
In December, NFT sales amounted to $877 million, making it the fifth-best performing month of 2024. The sales growth in December was driven by increased sales of Ethereum series NFTs, which had a monthly sales volume of $482 million. Bitcoin-based NFT sales were $172 million, while Solana-based NFTs had sales of $100 million in December.
Despite the increase in NFT sales, this year's figures are still far below the sales figures from 2021 to 2022. In 2021, NFTs ended the year with sales of $15.7 billion, which is 43.9% higher than the record for 2024. In 2022, NFT sales were $23.7 billion, which is 62.8% higher than this year's record.
According to on-chain analyst Yu Jin's monitoring, as ETH prices rebounded tonight, a whale trader bought 25,204.6 ETH using 82.34 million USDT at an average price of $3,322 early this morning, and sold all of it at an average price of $3,417 after the price increase, exchanging it for 86.12 million USDT, making a profit of $2.4 million.
The whale has completed 23 rounds of trading in 2024, with a total profit of $7.77 million. Out of the 23 rounds, only 4 resulted in losses, while 19 were profitable.
Investment in blockchain startups reached $13.6 billion in 2024
According to Cointelegraph citing DeFi Report data, investment in blockchain startups reached $13.6 billion in 2024, accounting for approximately 4.9% of the total investment in 2024 ($279 billion). This data reflects a recovery in the cryptocurrency industry since 2023, when crypto companies received $10.1 billion in venture capital funding. However, the industry is still far behind the peak in 2021, when crypto startups received $32.4 billion in funding.
One of the highlights of 2024 is that Monad Labs raised $225 million to build a Layer 1 smart contract network after Berachain secured $100 million to support its modular blockchain development platform. Additionally, the Bitcoin staking protocol Babylon raised $70 million, while the tokenization platform Securitize received $47 million from BlackRock.
Looking ahead, PitchBook's forecasts indicate significant growth in the crypto space in 2025, with expectations of attracting over $18 billion in capital. Analysts at Galaxy Research also anticipate that a surge in venture capital activity will be jointly driven by declining interest rates and clearer regulations in the crypto space, which is expected to increase investor interest in venture capital opportunities.
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