Dogecoin Slumps 9% Amid Bitcoin Weakness. Is a Larger Dump Coming?

[Key Regulations on Illegal Stablecoin Exchange Activities from the People's Bank of China 1128 Meeting] On December 1, the People's Bank of China, in collaboration with multiple departments, held the 1128 meeting to reaffirm the provisions of the 2021 'Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation.' The meeting reiterated the prohibition of virtual currency-related business activities and emphasized cracking down on money laundering and illegal capital outflows using virtual currencies. Lawyer Xiao Sa interpreted the meeting as focusing on regulating illegal exchange activities involving stablecoins, as such practices severely disrupt financial order. In recent years, judicial authorities have intensified their regulation of cryptocurrency traders, involving charges such as illegal business operations and money laundering. Furthermore, Xiao Sa believes the meeting will not impact Hong Kong's open policy on virtual assets, as Hong Kong and mainland China have established a basic regulatory framework of openness versus restriction.

[Cosine: 'White Hat Negotiation' Message After Yearn Attack is a Phishing Scheme] SlowMist founder Cosine tweeted that the 'white hat negotiation' message appearing on-chain after the Yearn attack was fabricated and is actually a phishing scheme, similar to the attack method used in the previous Balancer incident. The attacker concealed their identity through the Railgun protocol, prepared a low-Gas address 28 days in advance, and executed the exploit, ultimately transferring 1,000 ETH using Tornado Cash. Currently, the attacker's address still holds approximately $6 million in crypto assets.

Monitoring shows that when the ZEC price was below $370, a whale deposited $1.5 million USDC into Hyperliquid to avoid liquidating its long position in ZEC with 10 times leverage. At present, the whale has a floating loss of 4.28 million US dollars, with a total loss of 6.6 million US dollars. （Onchain Lens）

[Grvt GLP Strategy Reopens, Funding Cap Raised to $7.5 Million] On December 1, decentralized perpetual contract trading platform Grvt announced the reopening of its liquidity provider (GLP) strategy. The strategy previously reached its initial $5 million cap within less than a week of launch, and this round sees the funding cap increased by $2.5 million, bringing the total to $7.5 million. Grvt's official statement noted that this addition introduces investment quota restrictions based on users' historical cumulative trading volume.

**[Galaxy: Cryptocurrency Lending Market Reaches $25 Billion, Transparency Significantly Improved]** Data from Galaxy Research shows that the total outstanding loans in the cryptocurrency lending market reached nearly $25 billion in the third quarter of this year, marking a growth of over 200% since the beginning of 2024. However, the current market size has yet to recover to the peak of $37 billion seen in the first quarter of 2022. Alex Thorn, Head of Research at Galaxy, pointed out that compared to 2022, the number of centralized finance lending platforms has increased, and overall transparency has significantly improved. He expressed pride in the latest data charts and the transparency of data providers, stating that the current market transparency has undergone a dramatic shift compared to previous cycles. Leading institutions in this market include Tether, Nexo, and Galaxy.