Morning News | Do Kwon is sentenced to 15 years in prison due to the $40 billion Terra-Luna collapse

U.S. President Trump praised the performance of the stock market.

Market updates

Market trends yesterday

● Jupiter Exchange has acquired RainFi.

According to information from SolanaFloor, Jupiter Exchange has acquired RainFi, with the aim of promoting the development of the credit market on the Solana blockchain. It is reported that Droplets users will receive $JUP tokens as rewards at the beginning of 2026.

● The number of people filing for unemployment benefits in the United States increased to 236,000, higher than the expected 220,000.

As of December 6th, the number of people filing for unemployment benefits in the United States was 236,000, exceeding the expected 220,000. The previous figure was revised from 191,000 to 192,000.

● Cryptocurrency startup LI.FI completed a financing of $29 million.

Cryptocurrency startup LI.FI received $29 million in funding, with Multicoin and CoinFund serving as investors. This brings the total funding amount to approximately $52 million. LI.FI plans to expand into various trading areas, including perpetual futures, yield opportunities, prediction markets, and lending markets. They also plan to use this new funding to hire more employees.

● UAE telecommunications giant e& has launched a stablecoin payment system in dirhams.

According to Cointelegraph, UAE telecommunications giant e& has signed a memorandum of understanding with Al Maryah Community Bank to test the use of the AED stablecoin (AE Coin) in its payment infrastructure. This pilot project will allow users to use this stablecoin to pay for phone bills, household services, and prepaid subscriptions. e& Group CEO Hatem Dowidar stated that this stablecoin enables “immediate settlement, full transparency, and frictionless access”.

● JPMorgan issues short-term bonds for Galaxy on the Solana network

JPMorgan arranged for short-term bonds to be issued, distributed, and settled on the Solana blockchain for Galaxy Digital Holdings LP. This is part of JPMorgan’s efforts to improve financial market efficiency through the use of cryptocurrency technologies. The $50 million commercial paper was purchased by Coinbase and asset management company Franklin Templeton, with payments made in USDC, a stablecoin issued by Circle Internet Group Inc. The companies stated in a statement on Thursday that the redemption amount at maturity would also be paid in USDC.

● Do Kwon sentenced to 15 years in prison in New York for Terra-Luna collapse

According to Theblock, Do Kwon, founder of Terraform Labs, was sentenced to 15 years in prison in New York on Thursday for fraud related to the collapse of the Terra-Luna ecosystem, which resulted in losses of up to $40 billion.

U.S. District Court Judge Paul Engelmayer stated that Kwon “choosed to lie” and made a “mistake.” Kwon was charged with criminal offenses in March 2023, including conspiracy to commit fraud, commodity fraud, telecommunications fraud, securities fraud, conspiracy to commit fraud, as well as conspiracy to engage in market manipulation and money laundering. In August 2024, he pleaded guilty to two of these charges: telecommunications fraud and conspiracy to commit fraud. If no plea agreement is reached, Kwon could face up to 135 years in prison for all nine charges. After agreeing to plead guilty to the two charges, his maximum sentence was reduced to 25 years. The prosecution also sought a fine of $19 million.

Coinbase has introduced an upgraded AI-based stablecoin payment protocol, x402 V2. This protocol allows for more flexible autonomous payment systems using AI agents. The new version supports wallet identity verification, automatic API discovery, dynamic payment recipients, and is compatible with various blockchains and fiat currencies. It also includes a modular development kit, enabling developers to expand functionality and enhance the scalability and adaptability of the payment protocol.

The Federal Reserve’s dovish stance is beneficial for risk assets. The attractiveness of short-term bonds and gold may decrease.

After Federal Reserve Chairman Powell expressed concerns about the labor market, investors on Wall Street are betting that the Fed will cut interest rates twice or more in 2026. Scott Helfstein, an analyst at Global X, said that the dovish stance of the Fed should be beneficial for risk assets, especially growth stocks and cyclical stocks. Industries related to corporate investment cycles may also benefit from this situation. Helfstein added that the attractiveness of short-term bonds and gold might decrease slightly. If short-term interest rates fall, long-term bonds could receive more attention.

● Coinbase announced that it will support trading of all Solana chain tokens through DEX functionality

According to Bitcoin News, Coinbase announced today (December 11th) that it will support trading of all Solana chain tokens through DEX functionality, without the need for traditional listing processes. Users can now trade millions of tokens in the Solana ecosystem using the familiar Coinbase interface, thereby accessing early investment opportunities. For project developers, as long as the tokens have sufficient liquidity, they can open up trading opportunities to millions of Coinbase users. Coinbase stated that this move aims to make access to massive amounts of assets on the blockchain easier, while also serving as a bridge between users and developers.

● Ant International: AI and blockchain technologies will drive changes in the global payment industry

According to Forbes, Ant International is applying AI and blockchain technology to the global payment sector.

The company has introduced several technological innovations: Antom Copilot AI agent supports comprehensive management of the entire payment process for merchants; collaboration with Google, Mastercard, and Visa has led to the development of AI-based payment protocols; Falcon’s predictive models have processed transactions worth $1.5 trillion, with an accuracy rate of 90%, thereby reducing foreign exchange costs by 60%; SHIELD’s risk management system enhances transaction security.

Peng Yang, CEO of Antom International, stated at the Singapore Fintech Festival 2025 that the company is actively participating in global regulatory initiatives, including the Guardian project by the Monetary Authority of Singapore and the Ensemble project by the Hong Kong Monetary Authority. Peng believes that we are living in a post-Internet technology revolution, presenting unprecedented opportunities and challenges for emerging markets and small businesses. The company is committed to promoting the widespread adoption of technological innovations, ensuring that AI and blockchain can facilitate seamless cross-border payments and create a more fair business environment.

● The US SEC has approved DTCC’s plan to tokenize stocks, bonds, and government bonds

The US Securities and Exchange Commission has approved DTCC’s plan to tokenize stocks, bonds, and government bonds.

● Trump: “Gold Card” now available for purchase. Individuals paying $1 million can obtain legal residency status

According to data from Golden Ten, U.S. President Trump announced on Wednesday that his long-awaited “Gold Card” is now available for purchase. Individuals paying $1 million, as well as foreign employees paid $2 million by companies, can obtain legal residency status and pave the way towards becoming American citizens.

在白宫罗斯福厅，特朗普在一众商界领袖的簇拥下揭晓了这项计划的开始，同时一个接受申请的官方网站也同步上线。此举旨在替换EB-5投资移民签证。

EB-5是国会1990年设立的，目的在于吸引外国投资，原本要求投资人投入约100万美元到一家至少能创造10个就业岗位的公司。

特朗普认为，新版“金卡”是美国吸引和留住全球顶尖人才的有效手段，同时也是联邦国库重要的创收来源。他推广“金卡”已有多月，虽然最初曾放话每张卡要价500万美元，但最近将价格体系敲定为个人100万美元、企业200万美元的方案。

特朗普承诺，该计划收到的所有款项“将全数上缴美国政府”。他预计，数百亿美元将涌入财政部管理的专设账户，“这些资金可以用来做对国家有益的事情。”

● 美国国会敦促SEC允许401(k)账户持有比特币

美国国会致信SEC主席Atkins，敦促其立即允许401(k)账户持有比特币和加密货币，目前美国人退休账户资产规模达9万亿美元。

● 巨鲸质押2.5万枚ETH，链上数据引关注

链上数据显示，某巨鲸钱包地址质押了2.5万枚ETH。

● 估值150亿美元巨头Klarna集成比特币至产品

The fintech giant Klarna, valued at $15 billion, has announced that it will integrate Bitcoin and other cryptocurrencies directly into its products. Klarna currently has 100 million global users.

● The Chairman of the US SEC says that the crypto working group will hold a roundtable meeting to discuss policies related to financial monitoring and privacy

Paul Atkins, Chairman of the US SEC, stated that the crypto working group will hold a roundtable meeting on Monday, December 15th, to discuss policies related to financial monitoring and privacy. This event will take place offline and will be broadcast live on the SEC’s official website.

● Binance has launched perpetual contracts for spot gold XAU

Binance has added perpetual contracts for traditional assets like XAU (spot gold) to its trading options. Binance today introduced perpetual contracts for traditional assets, named “TradFi Perps”. The main difference between TradFi Perps and U-token perpetual contracts is the trading hours of the underlying assets. Traditional assets typically operate 24/7, with one hour per day set aside for maintenance purposes, and their trading is affected by market holidays.

● The US Financial Stability Oversight Board no longer lists digital assets as potential risks

The US Financial Stability Oversight Board has removed digital assets from its list of potential risks. Under the crypto-friendly regulatory framework established by President Trump, this annual report, which previously identified digital assets as a risk to financial stability, no longer includes warnings regarding vulnerabilities.