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ZKsync announced on Sunday that it will phase out ZKsync Lite, the original zero-knowledge rollup launched on Ethereum in 2020, at some point next year.
The team said this is a planned and orderly shutdown for a system that has fulfilled its purpose, and clarified that the deprecation will not affect any other ZKsync products. Detailed timelines and migration guidance will be released in the coming year.
Launched in June 2020 as ZKsync 1.0, ZKsync Lite was designed as a payments-focused Layer 2, supporting token transfers, atomic swaps, and NFT minting, but lacking smart contract capabilities—limiting its usefulness compared to later rollup designs.
Despite that limitation, the protocol played a key role as an early proving ground for zero-knowledge technology on Ethereum. The team said ZKsync Lite demonstrated foundational ideas for building production-ready ZK systems and helped pave the way for the next generation.
According to L2BEAT, about $50 million in user funds remain bridged to ZKsync Lite, although the network now processes fewer than 200 daily operations. ZKsync emphasized that funds remain safe and withdrawals to Layer 1 will continue to function throughout the shutdown process.
Matter Labs—developer of ZKsync—halted development of Lite in March 2023 when it launched ZKsync Era, a full-featured zkEVM capable of running arbitrary smart contracts. At the time, The Block described Era as Ethereum’s “Holy Grail of scaling,” enabling developers to port existing applications without compromising security.
ZKsync stressed that the deprecation of Lite does not impact its broader ecosystem: “The next steps belong to systems built with the ZK Stack, Prividiums, and the wider ZKsync network.”
The announcement comes during a challenging period for ZKsync, following the sunset of its Ignite liquidity rewards program due to bearish market conditions, while the Aave DAO is considering deprecating its deployment on ZKsync Era because of low revenue.
The team said this is a planned and orderly shutdown for a system that has fulfilled its purpose, and clarified that the deprecation will not affect any other ZKsync products. Detailed timelines and migration guidance will be released in the coming year.
Launched in June 2020 as ZKsync 1.0, ZKsync Lite was designed as a payments-focused Layer 2, supporting token transfers, atomic swaps, and NFT minting, but lacking smart contract capabilities—limiting its usefulness compared to later rollup designs.
Despite that limitation, the protocol played a key role as an early proving ground for zero-knowledge technology on Ethereum. The team said ZKsync Lite demonstrated foundational ideas for building production-ready ZK systems and helped pave the way for the next generation.
According to L2BEAT, about $50 million in user funds remain bridged to ZKsync Lite, although the network now processes fewer than 200 daily operations. ZKsync emphasized that funds remain safe and withdrawals to Layer 1 will continue to function throughout the shutdown process.
Matter Labs—developer of ZKsync—halted development of Lite in March 2023 when it launched ZKsync Era, a full-featured zkEVM capable of running arbitrary smart contracts. At the time, The Block described Era as Ethereum’s “Holy Grail of scaling,” enabling developers to port existing applications without compromising security.
ZKsync stressed that the deprecation of Lite does not impact its broader ecosystem: “The next steps belong to systems built with the ZK Stack, Prividiums, and the wider ZKsync network.”
The announcement comes during a challenging period for ZKsync, following the sunset of its Ignite liquidity rewards program due to bearish market conditions, while the Aave DAO is considering deprecating its deployment on ZKsync Era because of low revenue.
The decentralized, AI-focused network Bittensor is preparing for its first halving event on December 14, marking the end of its initial four-year cycle. This key milestone will reduce the daily issuance of the TAO token from 7,200 to 3,600.
Bittensor operates as an open network at the intersection of AI and crypto, allowing users to contribute “intelligence” that enhances AI systems. The network is structured into subnets, each dedicated to a specific AI task, and distributes TAO based on the utility of user contributions. There are currently 129 active subnets offering AI-driven services such as computation, data storage, AI agents, and deepfake detection.
The upcoming halving is expected to increase TAO’s scarcity as token emissions to network participants decline.
“Bitcoin’s history shows that reducing supply can increase network value even with lower rewards, as its security and market valuation have strengthened through four halving cycles,” said Will Ogden Moore, Research Analyst at Grayscale. “Similarly, Bittensor’s first halving represents a significant milestone in the network’s maturation as it moves toward its 21 million token supply cap.”
Moore noted that Bittensor is currently experiencing strong adoption and rising institutional interest. He highlighted the February launch of dynamic TAO (dTAO) as a major breakthrough, enabling subnets to become directly investable assets and driving a sharp surge in total market capitalization across leading subnets.
Since the debut of dTAO, institutional players including Yuma Asset Management and Stillcore Capital have launched funds investing in Bittensor’s top subnets. Additionally, three publicly listed companies have established TAO treasuries, with TAO Synergies taking the lead, holding roughly $12 million worth of tokens.
“In our view, the early success of subnet-based applications, increasing institutional capital, and the upcoming TAO halving could act as a positive catalyst for price,” Moore wrote.
Bittensor operates as an open network at the intersection of AI and crypto, allowing users to contribute “intelligence” that enhances AI systems. The network is structured into subnets, each dedicated to a specific AI task, and distributes TAO based on the utility of user contributions. There are currently 129 active subnets offering AI-driven services such as computation, data storage, AI agents, and deepfake detection.
The upcoming halving is expected to increase TAO’s scarcity as token emissions to network participants decline.
“Bitcoin’s history shows that reducing supply can increase network value even with lower rewards, as its security and market valuation have strengthened through four halving cycles,” said Will Ogden Moore, Research Analyst at Grayscale. “Similarly, Bittensor’s first halving represents a significant milestone in the network’s maturation as it moves toward its 21 million token supply cap.”
Moore noted that Bittensor is currently experiencing strong adoption and rising institutional interest. He highlighted the February launch of dynamic TAO (dTAO) as a major breakthrough, enabling subnets to become directly investable assets and driving a sharp surge in total market capitalization across leading subnets.
Since the debut of dTAO, institutional players including Yuma Asset Management and Stillcore Capital have launched funds investing in Bittensor’s top subnets. Additionally, three publicly listed companies have established TAO treasuries, with TAO Synergies taking the lead, holding roughly $12 million worth of tokens.
“In our view, the early success of subnet-based applications, increasing institutional capital, and the upcoming TAO halving could act as a positive catalyst for price,” Moore wrote.
China has issued its most sweeping crypto crackdown since 2021, as seven major financial industry associations released a joint risk warning declaring all crypto-related activities— including stablecoins, airdrops, mining, and real-world asset (RWA) tokenization—illegal in the mainland.
The notice, published on December 5, marks China’s first explicit ban on RWA tokenization. Regulators are concerned that RWA could be used as a sophisticated channel for capital flight, allowing individuals to convert domestic assets into tokens and transfer them offshore outside traditional banking and FX controls.
This coordinated move mirrors the 2021 campaign that forced all exchanges and mining operations out of China, causing the country’s share of global Bitcoin hashrate to collapse from 75%.
The statement reiterates that virtual currencies, including stablecoins and tokens like Pi coin, have no legal status and cannot circulate domestically. Individuals and organizations are barred from issuing, trading, or fundraising with RWAs or crypto—even if operations are conducted through offshore entities but employ staff inside China.
Regulators emphasized stricter enforcement following a PBoC meeting on November 28 that classified stablecoins as virtual currencies subject to prosecution. A recent report also showed a 37% year-on-year rise in money laundering involving digital assets.
Analysts describe the crackdown as a “four-layer blockade”: shutting down mining infrastructure, blocking stablecoin payment channels, closing RWA routes, and targeting schemes such as Pi Network.
The warning also draws a firm line between mainland China and Hong Kong, which continues to embrace regulated digital assets. Hong Kong’s stablecoin licensing regime launched in August 2024 and has attracted 80 applicants, with first approvals expected in 2026. RWA pilots are allowed there but limited to offshore assets and non-mainland users.
The notice, published on December 5, marks China’s first explicit ban on RWA tokenization. Regulators are concerned that RWA could be used as a sophisticated channel for capital flight, allowing individuals to convert domestic assets into tokens and transfer them offshore outside traditional banking and FX controls.
This coordinated move mirrors the 2021 campaign that forced all exchanges and mining operations out of China, causing the country’s share of global Bitcoin hashrate to collapse from 75%.
The statement reiterates that virtual currencies, including stablecoins and tokens like Pi coin, have no legal status and cannot circulate domestically. Individuals and organizations are barred from issuing, trading, or fundraising with RWAs or crypto—even if operations are conducted through offshore entities but employ staff inside China.
Regulators emphasized stricter enforcement following a PBoC meeting on November 28 that classified stablecoins as virtual currencies subject to prosecution. A recent report also showed a 37% year-on-year rise in money laundering involving digital assets.
Analysts describe the crackdown as a “four-layer blockade”: shutting down mining infrastructure, blocking stablecoin payment channels, closing RWA routes, and targeting schemes such as Pi Network.
The warning also draws a firm line between mainland China and Hong Kong, which continues to embrace regulated digital assets. Hong Kong’s stablecoin licensing regime launched in August 2024 and has attracted 80 applicants, with first approvals expected in 2026. RWA pilots are allowed there but limited to offshore assets and non-mainland users.
Trump’s new national security strategy leaves out crypto
The administration of President Donald Trump did not mention crypto or blockchain in its newly released national security strategy, despite the industry’s deepening integration with the financial system and Trump’s recent emphasis on global competition in the sector.
The document, published on Friday, states that the United States’ “core and vital national interests” revolve around artificial intelligence and quantum computing. “We want US technology and US standards — particularly in AI, biotech, and quantum computing — to lead the world,” it said.
The absence of any reference to crypto is notable, especially after Trump said on 60 Minutes last month that he did not want “China to be number one in the world in crypto” and has previously stated he wants all Bitcoin mining to take place in the US.
CIA Deputy Director Michael Ellis also said in May that crypto represents “another area of technological competition where the United States must strengthen its position against China and other adversaries.”
Still, the strategy contains a section emphasizing the goal of preserving and expanding “America’s financial sector dominance” through the country’s leadership in “digital finance and innovation,” which hints indirectly at crypto.
The Trump administration has advanced crypto policies
This year, the Trump administration has taken a notably pro-crypto stance, accelerating a series of promised policy initiatives that have encouraged broader institutional adoption.
Trump signed the stablecoin-focused GENIUS Act into law, issued executive orders to create a crypto task force and ban a central bank digital currency, and oversaw federal agencies scaling back various crypto-related enforcement actions.
The administration has also established a Bitcoin reserve and crypto stockpile sourced from seized digital assets, while exploring “budget-neutral” methods to increase these holdings.
As markets digested the national security strategy over the weekend, Bitcoin traded below $90,000. The document called on US allies to contribute more to defense, including raising NATO spending targets to 5% of GDP — a level that could increase government borrowing, fuel inflation, and complicate central banks’ efforts to cut rates.
This week, crypto markets remain focused on the Federal Reserve’s interest-rate decision. Investors are hoping for a rate cut, which historically encourages moves into riskier assets. CME’s FedWatch tool shows nearly 88.5% expecting a 25-basis-point cut at the Fed’s meeting on Tuesday and Wednesday.
The document, published on Friday, states that the United States’ “core and vital national interests” revolve around artificial intelligence and quantum computing. “We want US technology and US standards — particularly in AI, biotech, and quantum computing — to lead the world,” it said.
The absence of any reference to crypto is notable, especially after Trump said on 60 Minutes last month that he did not want “China to be number one in the world in crypto” and has previously stated he wants all Bitcoin mining to take place in the US.
CIA Deputy Director Michael Ellis also said in May that crypto represents “another area of technological competition where the United States must strengthen its position against China and other adversaries.”
Still, the strategy contains a section emphasizing the goal of preserving and expanding “America’s financial sector dominance” through the country’s leadership in “digital finance and innovation,” which hints indirectly at crypto.
The Trump administration has advanced crypto policies
This year, the Trump administration has taken a notably pro-crypto stance, accelerating a series of promised policy initiatives that have encouraged broader institutional adoption.
Trump signed the stablecoin-focused GENIUS Act into law, issued executive orders to create a crypto task force and ban a central bank digital currency, and oversaw federal agencies scaling back various crypto-related enforcement actions.
The administration has also established a Bitcoin reserve and crypto stockpile sourced from seized digital assets, while exploring “budget-neutral” methods to increase these holdings.
As markets digested the national security strategy over the weekend, Bitcoin traded below $90,000. The document called on US allies to contribute more to defense, including raising NATO spending targets to 5% of GDP — a level that could increase government borrowing, fuel inflation, and complicate central banks’ efforts to cut rates.
This week, crypto markets remain focused on the Federal Reserve’s interest-rate decision. Investors are hoping for a rate cut, which historically encourages moves into riskier assets. CME’s FedWatch tool shows nearly 88.5% expecting a 25-basis-point cut at the Fed’s meeting on Tuesday and Wednesday.
Kiyosaki warns of hyperinflation, urges Americans to say “goodbye to the U.S. dollar”
Robert Kiyosaki, author of Rich Dad Poor Dad, has issued a new warning about the weakening U.S. dollar, saying inflation will increasingly pressure Americans and erode the value of traditional savings.
He wrote on X last week: “Goodbye U.S. dollar,” predicting that those holding USD will suffer significant losses if hyperinflation hits. Kiyosaki reiterated his long-standing advice: hold gold, silver, bitcoin, and ether as protection.
He also referenced unconfirmed reports claiming that BRICS nations are developing a new gold-backed currency called “UNIT.” According to Kiyosaki, regardless of whether a new global currency emerges, the decline of fiat currencies—especially the U.S. dollar—has become increasingly evident.
Kiyosaki cited UBS data showing the number of global billionaires rising to 2,900, collectively holding $15.8 trillion. He noted that he is not among them and continues to store his wealth in physical gold and silver, emphasizing that durable financial principles—not new or old technologies—are what truly preserve wealth.
He stressed that Americans must prepare as inflation continues to erode the purchasing power of the U.S. dollar.
Robert Kiyosaki, author of Rich Dad Poor Dad, has issued a new warning about the weakening U.S. dollar, saying inflation will increasingly pressure Americans and erode the value of traditional savings.
He wrote on X last week: “Goodbye U.S. dollar,” predicting that those holding USD will suffer significant losses if hyperinflation hits. Kiyosaki reiterated his long-standing advice: hold gold, silver, bitcoin, and ether as protection.
He also referenced unconfirmed reports claiming that BRICS nations are developing a new gold-backed currency called “UNIT.” According to Kiyosaki, regardless of whether a new global currency emerges, the decline of fiat currencies—especially the U.S. dollar—has become increasingly evident.
Kiyosaki cited UBS data showing the number of global billionaires rising to 2,900, collectively holding $15.8 trillion. He noted that he is not among them and continues to store his wealth in physical gold and silver, emphasizing that durable financial principles—not new or old technologies—are what truly preserve wealth.
He stressed that Americans must prepare as inflation continues to erode the purchasing power of the U.S. dollar.
Over 237 Million USD in Major Token Unlocks Scheduled for Next Week
According to data from Tokenomist, the market is set to face a series of large token unlocks in the next seven days, with the total value exceeding 237 million USD — a development that may add short-term supply pressure to several assets.
One-time unlocks valued above 5 million USD include CONX, APT, STRK, CHEEL, LINEA, and BB. These tokens have notable liquidity, and the influx of newly unlocked supply could affect short-term price volatility.
In addition, several major assets are entering their linear unlock phase, with daily unlocks surpassing 1 million USD. The list includes SOL, TRUMP, WLD, DOGE, ASTER, AVAX, and TAO. These continuous unlocks typically create sustained selling pressure, especially during periods of lower market liquidity.
With more than 237 million USD in tokens set to be released next week, this marks one of the most significant unlock periods of the month. Investors are advised to closely monitor unlock events for mid- and small-cap projects, where price impact tends to be more pronounced.
According to data from Tokenomist, the market is set to face a series of large token unlocks in the next seven days, with the total value exceeding 237 million USD — a development that may add short-term supply pressure to several assets.
One-time unlocks valued above 5 million USD include CONX, APT, STRK, CHEEL, LINEA, and BB. These tokens have notable liquidity, and the influx of newly unlocked supply could affect short-term price volatility.
In addition, several major assets are entering their linear unlock phase, with daily unlocks surpassing 1 million USD. The list includes SOL, TRUMP, WLD, DOGE, ASTER, AVAX, and TAO. These continuous unlocks typically create sustained selling pressure, especially during periods of lower market liquidity.
With more than 237 million USD in tokens set to be released next week, this marks one of the most significant unlock periods of the month. Investors are advised to closely monitor unlock events for mid- and small-cap projects, where price impact tends to be more pronounced.
Macron warns U.S. crypto deregulation could trigger financial instability
French President Emmanuel Macron has warned that the United States’ growing deregulation of crypto and stablecoins could introduce risks capable of spilling over into global markets. He emphasized that if Washington allows crypto to expand too freely—especially stablecoins backed by U.S. dollar assets—it could amplify systemic vulnerabilities worldwide.
Macron noted that stablecoins are deeply tied to fiat reserves, settlement systems, and cross-border payment flows, meaning weak oversight could lead to contagion. He urged Europe to maintain its “monetary sovereignty” and avoid following the U.S. toward a looser regulatory path.
This stance aligns with the EU’s MiCA framework, which is considerably stricter than current U.S. oversight. Macron also called on the European Central Bank (ECB) to adapt its monetary policy to address the rising risks associated with digital assets.
With the global stablecoin market surging nearly 50% and surpassing $300 billion, European officials fear that these assets could become “systemically relevant.” Because most stablecoins are backed by U.S.-denominated reserves, Europe could become increasingly exposed to American monetary conditions—even when the ECB aims for a different policy path.
French President Emmanuel Macron has warned that the United States’ growing deregulation of crypto and stablecoins could introduce risks capable of spilling over into global markets. He emphasized that if Washington allows crypto to expand too freely—especially stablecoins backed by U.S. dollar assets—it could amplify systemic vulnerabilities worldwide.
Macron noted that stablecoins are deeply tied to fiat reserves, settlement systems, and cross-border payment flows, meaning weak oversight could lead to contagion. He urged Europe to maintain its “monetary sovereignty” and avoid following the U.S. toward a looser regulatory path.
This stance aligns with the EU’s MiCA framework, which is considerably stricter than current U.S. oversight. Macron also called on the European Central Bank (ECB) to adapt its monetary policy to address the rising risks associated with digital assets.
With the global stablecoin market surging nearly 50% and surpassing $300 billion, European officials fear that these assets could become “systemically relevant.” Because most stablecoins are backed by U.S.-denominated reserves, Europe could become increasingly exposed to American monetary conditions—even when the ECB aims for a different policy path.
Peter Brandt has released a new Bitcoin (BTC) model with a blunt message that bulls may not like. On the weekly chart, he identifies a completed five-wave advance, a broken upward curve, and two potential landing zones far below the current price. The first sits around $81,852, while the deeper correction target lies near $59,403 per BTC.
With more than 50 years of market experience, Brandt does not view these levels as panic signals, but rather a natural “clean-up” after an extended rally fueled by unrealistic expectations of endless policy easing. In the bigger picture, late 2025 resembles late 2021 — but in reverse. Prices are falling, yet major equity indexes like the S&P 500 remain relatively stable. Four years ago, markets were bracing for quantitative tightening; today, the dominant narrative revolves around monetary easing.
The challenge is that many assets are already trading as if rapid rate cuts are guaranteed. Crypto has followed the same logic, overlooking the possibility that upcoming cuts may already be priced in. Is there Fed risk ahead for Bitcoin? If the next Fed meeting turns out to be more cautious than expected, Brandt’s lower targets could simply represent a correction from excessive optimism — nothing unusual, just the market releasing excess pressure.
This pattern is familiar in risk assets. The S&P 500 dropped over 20% earlier this year before bouncing back quickly. Bitcoin showed a mirrored version of that behavior on the upside, climbing along a curve that no longer holds. A pullback toward Brandt’s targets fits naturally within this structure.
Beyond price charts, there’s another factor to watch: large corporate holders — such as Strategy — may shift their playbook if liquidity begins to thin. Any such move could accelerate a decline that has already been mapped out.
Until the market stabilizes, Bitcoin’s path of least resistance may be a return to levels that bulls had hoped were gone for good.
With more than 50 years of market experience, Brandt does not view these levels as panic signals, but rather a natural “clean-up” after an extended rally fueled by unrealistic expectations of endless policy easing. In the bigger picture, late 2025 resembles late 2021 — but in reverse. Prices are falling, yet major equity indexes like the S&P 500 remain relatively stable. Four years ago, markets were bracing for quantitative tightening; today, the dominant narrative revolves around monetary easing.
The challenge is that many assets are already trading as if rapid rate cuts are guaranteed. Crypto has followed the same logic, overlooking the possibility that upcoming cuts may already be priced in. Is there Fed risk ahead for Bitcoin? If the next Fed meeting turns out to be more cautious than expected, Brandt’s lower targets could simply represent a correction from excessive optimism — nothing unusual, just the market releasing excess pressure.
This pattern is familiar in risk assets. The S&P 500 dropped over 20% earlier this year before bouncing back quickly. Bitcoin showed a mirrored version of that behavior on the upside, climbing along a curve that no longer holds. A pullback toward Brandt’s targets fits naturally within this structure.
Beyond price charts, there’s another factor to watch: large corporate holders — such as Strategy — may shift their playbook if liquidity begins to thin. Any such move could accelerate a decline that has already been mapped out.
Until the market stabilizes, Bitcoin’s path of least resistance may be a return to levels that bulls had hoped were gone for good.
The SEC will host a four-hour roundtable on December 15 to discuss financial surveillance and privacy, bringing together zero-knowledge proof developers, civil liberties advocates, and industry leaders. The event comes amid growing federal pressure on privacy tools following the Samourai Wallet prison sentences and the Tornado Cash verdict, both centered on unlicensed money-transmitting theories.
FinCEN’s unfinished Section 311 proposal, which targets international crypto mixing as a primary money-laundering concern, forms the regulatory backdrop. A final rule is expected in 2025 but remains pending.
The panel represents a technical vision in which zero-knowledge proofs and programmable privacy can satisfy compliance requirements without full blockchain transparency. However, recent prosecutions illustrate the opposing view: that privacy-by-default systems hinder enforcement and effectively operate as unlicensed money-transmission services.
For the SEC, the roundtable serves as a public record to evaluate whether privacy-preserving technologies can meet securities law obligations, such as broker-dealer reporting or ATS transparency rules in tokenized securities.
The outcome will influence whether the SEC integrates privacy-preserving computation into future digital asset regulations or defaults to existing surveillance-heavy frameworks. The Samourai and Tornado Cash cases already define the criminal boundaries; the December 15 roundtable will help determine whether privacy-preserving technology can still fit within them.
FinCEN’s unfinished Section 311 proposal, which targets international crypto mixing as a primary money-laundering concern, forms the regulatory backdrop. A final rule is expected in 2025 but remains pending.
The panel represents a technical vision in which zero-knowledge proofs and programmable privacy can satisfy compliance requirements without full blockchain transparency. However, recent prosecutions illustrate the opposing view: that privacy-by-default systems hinder enforcement and effectively operate as unlicensed money-transmission services.
For the SEC, the roundtable serves as a public record to evaluate whether privacy-preserving technologies can meet securities law obligations, such as broker-dealer reporting or ATS transparency rules in tokenized securities.
The outcome will influence whether the SEC integrates privacy-preserving computation into future digital asset regulations or defaults to existing surveillance-heavy frameworks. The Samourai and Tornado Cash cases already define the criminal boundaries; the December 15 roundtable will help determine whether privacy-preserving technology can still fit within them.
JPMorgan forecasts that Bitcoin could rise toward $170,000 within the next 6–12 months, based on a volatility-adjusted model comparing BTC to gold. The bank says recent market pressure comes from risk-off sentiment, shifting expectations for 2026 interest rates, and concerns that Strategy might reduce its Bitcoin holdings.
However, JPMorgan notes that Strategy is unlikely to sell BTC soon thanks to its recent $1.4 billion cash buildup. The upcoming January 15 MSCI review may create volatility for companies heavily exposed to digital assets. Despite these risks, JPMorgan says Bitcoin continues to behave like gold during periods of macro uncertainty and could retest previous highs.
However, JPMorgan notes that Strategy is unlikely to sell BTC soon thanks to its recent $1.4 billion cash buildup. The upcoming January 15 MSCI review may create volatility for companies heavily exposed to digital assets. Despite these risks, JPMorgan says Bitcoin continues to behave like gold during periods of macro uncertainty and could retest previous highs.
Bitcoin mining costs for publicly listed miners surged in Q2 2025
The average production cost for publicly listed Bitcoin miners rose sharply in Q2 2025, reaching $74,600 per BTC in cash costs and $137,800 per BTC in all-in costs.
Data from CoinShares shows a wide spread among mining companies:
IREN and CleanSpark remain the lowest-cost producers, at approximately $46,497 and $58,472 per Bitcoin.
Marathon, Cipher, Terrawulf, and Hive report costs in the $74,000–$81,000 range.
Bitfarms, Bitdeer, and Compute North fall between $89,000 and $95,000.
Core Scientific and Hut 8 are the most expensive operators, with costs exceeding $105,000 and even $120,000 per Bitcoin.
The sharp rise in production costs comes as mining competition intensifies after the halving, leaving many miners under pressure as Bitcoin’s market price remains well below all-in cost levels.
The average production cost for publicly listed Bitcoin miners rose sharply in Q2 2025, reaching $74,600 per BTC in cash costs and $137,800 per BTC in all-in costs.
Data from CoinShares shows a wide spread among mining companies:
IREN and CleanSpark remain the lowest-cost producers, at approximately $46,497 and $58,472 per Bitcoin.
Marathon, Cipher, Terrawulf, and Hive report costs in the $74,000–$81,000 range.
Bitfarms, Bitdeer, and Compute North fall between $89,000 and $95,000.
Core Scientific and Hut 8 are the most expensive operators, with costs exceeding $105,000 and even $120,000 per Bitcoin.
The sharp rise in production costs comes as mining competition intensifies after the halving, leaving many miners under pressure as Bitcoin’s market price remains well below all-in cost levels.
Vitalik Buterin tweeted that Ethereum needs a trustless on-chain gas futures market to better reflect expectations of future transaction fees. He noted that many users worry: “Fees are low today, but what about in two years?”, even though upgrades such as higher gas limits, BAL, ePBS, and eventually ZK-EVM are expected to keep costs stable.
Buterin said such a market would provide a clear signal of future gas-price expectations, allow users to hedge against volatility, and even “prepay” for a specific amount of gas over a chosen time period. He added that projects like Oiler Network are already exploring this model and hopes the space continues to mature.
Buterin said such a market would provide a clear signal of future gas-price expectations, allow users to hedge against volatility, and even “prepay” for a specific amount of gas over a chosen time period. He added that projects like Oiler Network are already exploring this model and hopes the space continues to mature.
Terra tokens surge as DOJ seeks 12-year sentence for Do Kwon
The U.S. Department of Justice (DOJ) is asking a federal judge to sentence Do Kwon to 12 years in prison — the maximum term prosecutors agreed to pursue under the plea deal the Terra founder signed earlier this summer.
Although Kwon could theoretically face up to 25 years in prison, the DOJ committed in August to seek no more than 12 years in exchange for his decision to waive a jury trial and plead guilty to two charges: conspiracy to defraud and wire fraud. Kwon had previously asked the court for a sentence capped at five years.
In a filing submitted late Thursday, prosecutors argued that a harsh sentence is necessary to avoid “unwarranted sentencing disparities” with similar high-profile cases — most notably that of FTX founder Sam Bankman-Fried.
Bankman-Fried was convicted by a jury in 2023 on seven counts of fraud and conspiracy and later sentenced to 25 years in prison. “Judge Kaplan imposed a 25-year sentence on Bankman-Fried — who, like Kwon, committed a fraud of staggering proportions in his twenties and attributed his brazen conduct in part to youth and inexperience,” the DOJ wrote.
Kwon, 34, became the center of a global financial crisis in 2022 when two cryptocurrencies he created — UST and LUNA — collapsed to zero, wiping out over $40 billion and triggering a cascading meltdown across the crypto market that contributed to the downfall of FTX and several major firms.
Following the news of the DOJ’s sentencing request, Terra (LUNA) and Terra Luna Classic (LUNC) surged 35% and 80% respectively on the day.
In their filing, prosecutors also noted that Kwon’s legal team “avoided” mentioning Bankman-Fried’s case when requesting a five-year sentence. “True, Bankman-Fried exercised his right to a trial,” the DOJ wrote. “But that scarcely justifies a 20-year delta from the sentence requested for Kwon.”
The DOJ further rejected arguments that Kwon should receive a lighter sentence than Celsius founder Alex Mashinsky, who was handed a 12-year sentence earlier this year for misappropriating customer assets and manipulating the price of his company’s token. According to prosecutors, “the magnitude of Mashinsky’s crime pales in comparison to Kwon’s: $5 billion versus $40 billion in investor losses.”
Kwon was arrested in Montenegro in 2023 and convicted for traveling with forged passports, just months after arrest warrants were issued for him in both the U.S. and South Korea. After a lengthy jurisdictional battle, he was extradited to New York earlier this year.
Kwon is scheduled to be sentenced in Manhattan on December 11 by U.S. District Judge Paul Engelmayer.
Although Kwon could theoretically face up to 25 years in prison, the DOJ committed in August to seek no more than 12 years in exchange for his decision to waive a jury trial and plead guilty to two charges: conspiracy to defraud and wire fraud. Kwon had previously asked the court for a sentence capped at five years.
In a filing submitted late Thursday, prosecutors argued that a harsh sentence is necessary to avoid “unwarranted sentencing disparities” with similar high-profile cases — most notably that of FTX founder Sam Bankman-Fried.
Bankman-Fried was convicted by a jury in 2023 on seven counts of fraud and conspiracy and later sentenced to 25 years in prison. “Judge Kaplan imposed a 25-year sentence on Bankman-Fried — who, like Kwon, committed a fraud of staggering proportions in his twenties and attributed his brazen conduct in part to youth and inexperience,” the DOJ wrote.
Kwon, 34, became the center of a global financial crisis in 2022 when two cryptocurrencies he created — UST and LUNA — collapsed to zero, wiping out over $40 billion and triggering a cascading meltdown across the crypto market that contributed to the downfall of FTX and several major firms.
Following the news of the DOJ’s sentencing request, Terra (LUNA) and Terra Luna Classic (LUNC) surged 35% and 80% respectively on the day.
In their filing, prosecutors also noted that Kwon’s legal team “avoided” mentioning Bankman-Fried’s case when requesting a five-year sentence. “True, Bankman-Fried exercised his right to a trial,” the DOJ wrote. “But that scarcely justifies a 20-year delta from the sentence requested for Kwon.”
The DOJ further rejected arguments that Kwon should receive a lighter sentence than Celsius founder Alex Mashinsky, who was handed a 12-year sentence earlier this year for misappropriating customer assets and manipulating the price of his company’s token. According to prosecutors, “the magnitude of Mashinsky’s crime pales in comparison to Kwon’s: $5 billion versus $40 billion in investor losses.”
Kwon was arrested in Montenegro in 2023 and convicted for traveling with forged passports, just months after arrest warrants were issued for him in both the U.S. and South Korea. After a lengthy jurisdictional battle, he was extradited to New York earlier this year.
Kwon is scheduled to be sentenced in Manhattan on December 11 by U.S. District Judge Paul Engelmayer.
Indiana pushes bill to expand digital asset access
A lawmaker in Indiana has introduced a bill aimed at expanding access to digital assets for residents while preventing local governments from imposing rules that restrict the use of crypto.
According to the description of “House Bill 2014,” the initiative—proposed by Rep. Kyle Pierce (R)—would require retirement and savings programs used by public servants to offer ETFs with crypto exposure as investment options.
The bill also limits the ability of local governments to introduce regulations that “unreasonably” hinder the use of digital assets for payments, crypto mining, or individuals’ ability to self-custody their assets.
House Bill 2014 has been submitted to the House Financial Institutions Committee. This year, the 2026 Indiana Legislative Session began earlier than usual due to redistricting discussions.
Pierce, who was elected in 2022, said Indiana “should be ready to engage in a smart and responsible way,” noting that the bill “gives Hoosiers more investment choices while establishing guardrails.”
The draft also requires the state to evaluate how government agencies could leverage crypto, including possible pilot programs.
Additionally, the bill protects digital asset mining in private residences located in residential zones, while preventing local governments from pushing miners out of industrial areas.
The initiative differs from legislation in some states that allow governments to allocate digital assets on their own behalf—such as a recently passed bill in New Hampshire. Other crypto-related bills have proposed taxing crypto transactions to fund public health initiatives.
This year, numerous state lawmakers across the U.S. have introduced bills echoing elements of the “strategic Bitcoin reserve” framework established by President Donald Trump in March. Beyond New Hampshire, Texas and Arizona are among the few states that have adopted such measures.
A lawmaker in Indiana has introduced a bill aimed at expanding access to digital assets for residents while preventing local governments from imposing rules that restrict the use of crypto.
According to the description of “House Bill 2014,” the initiative—proposed by Rep. Kyle Pierce (R)—would require retirement and savings programs used by public servants to offer ETFs with crypto exposure as investment options.
The bill also limits the ability of local governments to introduce regulations that “unreasonably” hinder the use of digital assets for payments, crypto mining, or individuals’ ability to self-custody their assets.
House Bill 2014 has been submitted to the House Financial Institutions Committee. This year, the 2026 Indiana Legislative Session began earlier than usual due to redistricting discussions.
Pierce, who was elected in 2022, said Indiana “should be ready to engage in a smart and responsible way,” noting that the bill “gives Hoosiers more investment choices while establishing guardrails.”
The draft also requires the state to evaluate how government agencies could leverage crypto, including possible pilot programs.
Additionally, the bill protects digital asset mining in private residences located in residential zones, while preventing local governments from pushing miners out of industrial areas.
The initiative differs from legislation in some states that allow governments to allocate digital assets on their own behalf—such as a recently passed bill in New Hampshire. Other crypto-related bills have proposed taxing crypto transactions to fund public health initiatives.
This year, numerous state lawmakers across the U.S. have introduced bills echoing elements of the “strategic Bitcoin reserve” framework established by President Donald Trump in March. Beyond New Hampshire, Texas and Arizona are among the few states that have adopted such measures.
Maryland man sentenced to 15 months for helping North Korea place IT workers in U.S. companies
A Maryland man, Minh Phuong Ngoc Vong, has been sentenced to 15 months in prison and three years of supervised release for helping North Korea covertly plant IT developers inside U.S. tech companies.
From 2021 to 2024, Vong used falsified credentials to obtain jobs at 13 U.S. companies, receiving more than $970,000 for work actually performed by overseas co-conspirators—believed to be North Korean nationals. This scheme allowed the group to gain unauthorized access to sensitive systems, including a national defense application used by the Federal Aviation Administration (FAA).
The case comes amid North Korea’s broader effort to infiltrate U.S. firms, including crypto companies. In recent years, U.S. authorities have charged multiple North Korean operatives, dismantled “laptop farms,” and prosecuted Americans who facilitated these schemes.
In related incidents, four North Koreans stole nearly $1 million from an Atlanta blockchain startup, while TikTok influencer Christina Chapman received an 8.5-year sentence for helping IT workers linked to North Korea obtain jobs at more than 300 companies, generating $17 million.
According to blockchain analytics firm Elliptic, North Korean hacking groups have stolen over $2 billion in 2025 alone, bringing the total amount of digital assets stolen in recent years to more than $6 billion—funding Pyongyang’s missile and nuclear programs.
A Maryland man, Minh Phuong Ngoc Vong, has been sentenced to 15 months in prison and three years of supervised release for helping North Korea covertly plant IT developers inside U.S. tech companies.
From 2021 to 2024, Vong used falsified credentials to obtain jobs at 13 U.S. companies, receiving more than $970,000 for work actually performed by overseas co-conspirators—believed to be North Korean nationals. This scheme allowed the group to gain unauthorized access to sensitive systems, including a national defense application used by the Federal Aviation Administration (FAA).
The case comes amid North Korea’s broader effort to infiltrate U.S. firms, including crypto companies. In recent years, U.S. authorities have charged multiple North Korean operatives, dismantled “laptop farms,” and prosecuted Americans who facilitated these schemes.
In related incidents, four North Koreans stole nearly $1 million from an Atlanta blockchain startup, while TikTok influencer Christina Chapman received an 8.5-year sentence for helping IT workers linked to North Korea obtain jobs at more than 300 companies, generating $17 million.
According to blockchain analytics firm Elliptic, North Korean hacking groups have stolen over $2 billion in 2025 alone, bringing the total amount of digital assets stolen in recent years to more than $6 billion—funding Pyongyang’s missile and nuclear programs.
Vitalik Buterin Urges Blockchain Industry to Adopt 128-Bit Cryptographic Security
Vitalik Buterin, the co-founder of Ethereum, recently published an in-depth analysis on X urging the blockchain and cryptography community to adopt stronger security standards — specifically 128-bit security. According to him, the current security levels of many systems are becoming outdated as global computational power accelerates faster than ever.
Bitcoin reaches 2^96 hashes: What does this mean?
Buterin estimates that Bitcoin’s cumulative proof-of-work (PoW) — the total computational effort expended to mine the entire blockchain — has now reached roughly 2^96 hashes.
🔍 What is cumulative proof-of-work?
It measures the total mining work performed since Bitcoin’s genesis block.
It represents the “thickness” or total security weight of the Bitcoin chain.
To execute a 51% attack, an adversary would need to recreate this entire amount of work (or more), which is practically impossible.
Reaching 96-bit worth of cumulative PoW means that to brute-force or overwrite Bitcoin’s entire history, an attacker would have to surpass computational effort equivalent to 2^96 SHA-256 hashes — an astronomically large number far beyond the capabilities of any real-world computing system.
Why does Buterin want to move to 128-bit security?
Vitalik refers to Ethereum researcher Justin Drake, who has long pushed for cryptographic systems to target at least 128-bit security. Examples include:
BLS12-381 cryptographic curves
The Lean Ethereum roadmap
Modern signature schemes designed to resist quantum attacks
Why the 128-bit milestone matters:
• 96-bit security may soon be reachable
Global computational capacity is rising rapidly, especially with advancements in AI, GPUs, ASIC miners, and quantum computing.
• 128-bit security is considered safe for decades
128-bit security corresponds to 3.4 × 10^38 possibilities, an amount that no foreseeable computing technology can brute-force.
• Many legacy crypto systems barely reach 128-bit
Older signature schemes and hashing constructions may begin showing weaknesses as new technologies emerge.
• Standardizing stronger security keeps the entire ecosystem safe
A blockchain using outdated cryptographic primitives can become the weakest link and expose the broader ecosystem to risks.
Bitcoin is still secure — but this is a warning signal
Bitcoin’s SHA-256 and PoW remain extremely strong. However, hitting a cumulative security level equivalent to 96 bits signals that we are approaching thresholds where cryptographic systems must scale up.
Especially as:
Hash rates keep reaching new highs
ASIC hardware grows increasingly powerful
Quantum computing progresses rapidly
Newer blockchains use more complex cryptographic mechanisms
→ Without timely upgrades, older cryptographic systems could become critical points of vulnerability.
Conclusion: 128-bit security is essential for future-proofing blockchain
Buterin’s message is clear:
Bitcoin reaching 2^96 hashes is a major security milestone
But it also highlights how quickly global compute power is growing
The crypto industry must adopt 128-bit security or higher to remain safe over the long term
Vitalik warns that if the ecosystem does not strengthen its cryptographic foundations now, future risks will become far more severe.
Bitcoin reaches 2^96 hashes: What does this mean?
Buterin estimates that Bitcoin’s cumulative proof-of-work (PoW) — the total computational effort expended to mine the entire blockchain — has now reached roughly 2^96 hashes.
🔍 What is cumulative proof-of-work?
It measures the total mining work performed since Bitcoin’s genesis block.
It represents the “thickness” or total security weight of the Bitcoin chain.
To execute a 51% attack, an adversary would need to recreate this entire amount of work (or more), which is practically impossible.
Reaching 96-bit worth of cumulative PoW means that to brute-force or overwrite Bitcoin’s entire history, an attacker would have to surpass computational effort equivalent to 2^96 SHA-256 hashes — an astronomically large number far beyond the capabilities of any real-world computing system.
Why does Buterin want to move to 128-bit security?
Vitalik refers to Ethereum researcher Justin Drake, who has long pushed for cryptographic systems to target at least 128-bit security. Examples include:
BLS12-381 cryptographic curves
The Lean Ethereum roadmap
Modern signature schemes designed to resist quantum attacks
Why the 128-bit milestone matters:
• 96-bit security may soon be reachable
Global computational capacity is rising rapidly, especially with advancements in AI, GPUs, ASIC miners, and quantum computing.
• 128-bit security is considered safe for decades
128-bit security corresponds to 3.4 × 10^38 possibilities, an amount that no foreseeable computing technology can brute-force.
• Many legacy crypto systems barely reach 128-bit
Older signature schemes and hashing constructions may begin showing weaknesses as new technologies emerge.
• Standardizing stronger security keeps the entire ecosystem safe
A blockchain using outdated cryptographic primitives can become the weakest link and expose the broader ecosystem to risks.
Bitcoin is still secure — but this is a warning signal
Bitcoin’s SHA-256 and PoW remain extremely strong. However, hitting a cumulative security level equivalent to 96 bits signals that we are approaching thresholds where cryptographic systems must scale up.
Especially as:
Hash rates keep reaching new highs
ASIC hardware grows increasingly powerful
Quantum computing progresses rapidly
Newer blockchains use more complex cryptographic mechanisms
→ Without timely upgrades, older cryptographic systems could become critical points of vulnerability.
Conclusion: 128-bit security is essential for future-proofing blockchain
Buterin’s message is clear:
Bitcoin reaching 2^96 hashes is a major security milestone
But it also highlights how quickly global compute power is growing
The crypto industry must adopt 128-bit security or higher to remain safe over the long term
Vitalik warns that if the ecosystem does not strengthen its cryptographic foundations now, future risks will become far more severe.
ETH rose 6.10% as Ethereum’s Fusaka upgrade went live on mainnet at the start of epoch 411392, around 04:50 AM Thursday Vietnam time. Beyond UX and scaling improvements, Fusaka marks the beginning of a faster development cycle, with the Ethereum Foundation now targeting two major upgrades per year.
Fusaka is Ethereum’s 17th major upgrade, arriving seven months after Pectra. It includes nine core EIPs and four supporting EIPs, making it one of the largest updates yet.
PeerDAS — the highlight of Fusaka
The signature feature of Fusaka is PeerDAS (Peer Data Availability Sampling), introduced via EIP-7594. PeerDAS lets validators sample pieces of data instead of downloading full blobs, significantly increasing blob throughput for L2 rollups without increasing bandwidth requirements. This helps reduce L2 fees while maintaining L1 data-availability guarantees.
To support PeerDAS, the Ethereum Foundation will implement Blob Parameter Only updates to raise blob targets and maximums by January 7, potentially boosting capacity by up to 8x. Fusaka also adds a minimum blob base fee and proportional pricing to stabilize rollup costs and ETH fee burns.
Calvin Leyon of Kraken commented that Fusaka offers “more blob space, lower L2 costs, and smarter data availability,” enabling faster product development without UX trade-offs.
Infrastructure upgrades
Fusaka also increases the gas-limit cap, adds native secp256r1 support for device-level signing, and introduces EIP-7939, which enhances zero-knowledge efficiency and contributes to Ethereum’s long-term resilience against quantum threats.
According to Consensys, Fusaka focuses on backend improvements that unlock major scaling gains — the largest since The Merge in 2022.
The Ethereum Foundation is already preparing the next major upgrade, Glamsterdam, expected in 2026.
Fusaka is Ethereum’s 17th major upgrade, arriving seven months after Pectra. It includes nine core EIPs and four supporting EIPs, making it one of the largest updates yet.
PeerDAS — the highlight of Fusaka
The signature feature of Fusaka is PeerDAS (Peer Data Availability Sampling), introduced via EIP-7594. PeerDAS lets validators sample pieces of data instead of downloading full blobs, significantly increasing blob throughput for L2 rollups without increasing bandwidth requirements. This helps reduce L2 fees while maintaining L1 data-availability guarantees.
To support PeerDAS, the Ethereum Foundation will implement Blob Parameter Only updates to raise blob targets and maximums by January 7, potentially boosting capacity by up to 8x. Fusaka also adds a minimum blob base fee and proportional pricing to stabilize rollup costs and ETH fee burns.
Calvin Leyon of Kraken commented that Fusaka offers “more blob space, lower L2 costs, and smarter data availability,” enabling faster product development without UX trade-offs.
Infrastructure upgrades
Fusaka also increases the gas-limit cap, adds native secp256r1 support for device-level signing, and introduces EIP-7939, which enhances zero-knowledge efficiency and contributes to Ethereum’s long-term resilience against quantum threats.
According to Consensys, Fusaka focuses on backend improvements that unlock major scaling gains — the largest since The Merge in 2022.
The Ethereum Foundation is already preparing the next major upgrade, Glamsterdam, expected in 2026.
SEC warns issuers of high-leveraged ETFs
The SEC has sent warning letters to nine ETF issuers, including ProShares, ordering them to halt the review of any ETF products offering more than 200% leveraged exposure—including proposed crypto ETFs—due to concerns about investor risk.
The regulator noted that leveraged ETFs use debt to amplify returns but can also magnify losses, as more crypto-linked leveraged products continue to enter the U.S. market.
Defiance recently filed to launch 49 triple-leveraged (3x) ETFs tied to tech stocks, crypto-related companies, and funds tracking BTC, ETH, and SOL prices.
The warnings come amid a boom in crypto ETFs, with BlackRock’s IBIT now managing roughly $70 billion, pushing total assets across the 11 U.S. Bitcoin ETFs to about $122 billion.
The SEC has sent warning letters to nine ETF issuers, including ProShares, ordering them to halt the review of any ETF products offering more than 200% leveraged exposure—including proposed crypto ETFs—due to concerns about investor risk.
The regulator noted that leveraged ETFs use debt to amplify returns but can also magnify losses, as more crypto-linked leveraged products continue to enter the U.S. market.
Defiance recently filed to launch 49 triple-leveraged (3x) ETFs tied to tech stocks, crypto-related companies, and funds tracking BTC, ETH, and SOL prices.
The warnings come amid a boom in crypto ETFs, with BlackRock’s IBIT now managing roughly $70 billion, pushing total assets across the 11 U.S. Bitcoin ETFs to about $122 billion.
Firelight launches XRP staking protocol on Flare, introduces stXRP token
Firelight Finance has launched an XRP staking protocol on the Flare network, introducing a liquid token called stXRP designed to support a DeFi insurance model.
This marks Phase 1 of the rollout, meaning staking rewards are not yet active. Users can bridge XRP to Flare via the FAssets system, deposit FXRP into Firelight, and receive stXRP at a 1:1 ratio. The token is already usable across the Flare ecosystem, but rewards will only begin in Phase 2 — expected in early 2026 — if DeFi protocols adopt Firelight’s onchain insurance model and pay for coverage.
Firelight applies the concept of “restaking” differently from earlier frameworks like EigenLayer, focusing instead on assets with a lower structural cost of capital such as XRP, and on a single high-conviction use case: DeFi insurance. stXRP functions as a liquid receipt and can be used on DEXs, lending platforms, and liquidity pools within Flare. Early participants also earn Firelight Points ahead of the Phase 2 rewards launch.
The goal is to give XRP holders a way to earn staking returns while providing DeFi protocols with protection against hacks and failures. Firelight is incubated by Sentora and supported by the Flare network, both backed by Ripple.
Firelight is in discussions with several DeFi protocols about integrating its cover system. If adopted, fees paid for insurance will be distributed to XRP stakers. The model is chain-agnostic, allowing any protocol on any network to purchase cover.
Phase 2 — which will activate full insurance functionality and rewards — is currently under development. Firelight aims to strike a balance between fair returns for stakers and competitive insurance costs for protocols.
Firelight Finance has launched an XRP staking protocol on the Flare network, introducing a liquid token called stXRP designed to support a DeFi insurance model.
This marks Phase 1 of the rollout, meaning staking rewards are not yet active. Users can bridge XRP to Flare via the FAssets system, deposit FXRP into Firelight, and receive stXRP at a 1:1 ratio. The token is already usable across the Flare ecosystem, but rewards will only begin in Phase 2 — expected in early 2026 — if DeFi protocols adopt Firelight’s onchain insurance model and pay for coverage.
Firelight applies the concept of “restaking” differently from earlier frameworks like EigenLayer, focusing instead on assets with a lower structural cost of capital such as XRP, and on a single high-conviction use case: DeFi insurance. stXRP functions as a liquid receipt and can be used on DEXs, lending platforms, and liquidity pools within Flare. Early participants also earn Firelight Points ahead of the Phase 2 rewards launch.
The goal is to give XRP holders a way to earn staking returns while providing DeFi protocols with protection against hacks and failures. Firelight is incubated by Sentora and supported by the Flare network, both backed by Ripple.
Firelight is in discussions with several DeFi protocols about integrating its cover system. If adopted, fees paid for insurance will be distributed to XRP stakers. The model is chain-agnostic, allowing any protocol on any network to purchase cover.
Phase 2 — which will activate full insurance functionality and rewards — is currently under development. Firelight aims to strike a balance between fair returns for stakers and competitive insurance costs for protocols.
Binance, the global blockchain ecosystem behind the world’s largest digital asset exchange by trading volume and users, announced on Wednesday that its Co-founder Yi He has been appointed as Co-Chief Executive Officer (Co-CEO).
Binance said Yi He has been an integral part of the leadership team since the exchange’s early days. According to CEO Richard Teng, her innovative and user-centric approach has played a key role in shaping the company’s vision, culture, and bottom-up growth strategy.
He added that the appointment is a natural progression and that Yi He will continue to guide the organization to greater strength. “We are committed to being the most trusted and well-regulated exchange in the world, always putting our users first. Yi plays a critical role in growing our community and driving product innovation as we work towards the goal of reaching one billion users.”
Teng also emphasized that Binance is focused on building Web3 infrastructure, advancing financial freedom, and empowering people to participate in a more open and fair financial system.
For her part, Yi He said she is honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to oversee crypto regulations in its early days.
“We bring diverse perspectives and are confident in our ability to lead the industry’s future at this pivotal moment, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center,” she said.
Binance said Yi He has been an integral part of the leadership team since the exchange’s early days. According to CEO Richard Teng, her innovative and user-centric approach has played a key role in shaping the company’s vision, culture, and bottom-up growth strategy.
He added that the appointment is a natural progression and that Yi He will continue to guide the organization to greater strength. “We are committed to being the most trusted and well-regulated exchange in the world, always putting our users first. Yi plays a critical role in growing our community and driving product innovation as we work towards the goal of reaching one billion users.”
Teng also emphasized that Binance is focused on building Web3 infrastructure, advancing financial freedom, and empowering people to participate in a more open and fair financial system.
For her part, Yi He said she is honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to oversee crypto regulations in its early days.
“We bring diverse perspectives and are confident in our ability to lead the industry’s future at this pivotal moment, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center,” she said.
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