The story of the 500 million USD market rescue: A transnational asset recovery battle
In January 2024, the stablecoin TUSD plummeted due to the "disappearance" of $456 million in reserves, facing a systemic collapse. A decisive injection of $500 million in emergency liquidity stabilized the crisis.
The article reveals that the custodian FDT violated instructions by transferring funds to the private trading company Aria DMCC. After a legal battle spanning Hong Kong, Singapore, and Dubai, the Dubai court issued the first global asset freeze order in the history of cryptocurrency in October 2025,

When the Internet is Revalued: Interpretation of x402
[Plain Language Guide] Why have small payments in the internet age collectively failed? Because the friction is too great, the costs are too high, and users are too frustrated. Now, the x402 protocol has emerged: it resurrects the HTTP 402 status code that has been dormant for 27 years, combines it with stablecoins, and creates a machine payment track with zero account opening, instant settlement, and minimal costs.
In the future, SaaS will abandon crude subscriptions and switch to a "low base price + pay-per-piece/per-session x402 sudden p

Altcoin ETF has exploded, completing in six months the ten-year journey of Bitcoin: a structural transformation is happening in the crypto market.
[Plain Language Guide] By the end of 2025, altcoin ETFs will land on the US stock market at an unprecedented speed. Solana, XRP, Dogecoin, and others will automatically take effect through the SEC-approved "Universal Listing Standards" and cleverly leverage the 8(a) clause for expedited processing.
This "strategic abandonment" by regulators has granted these assets a de facto recognition as non-securities. The Solana ETF even attempted risk allocati

Nearly 500 million USD of TUSD reserves has been misappropriated, and the Dubai Digital Economy Court has issued the world's first encryption asset freeze order, freezing all misappropriated assets. Although the vast majority of assets have already been transferred to illiquid assets...
The entire case spans Hong Kong, Singapore, and Dubai. This global asset recovery case is quite challenging, especially when it involves encryption assets, which is a good thing for the entire industry. #TUSD #Crypto

How much longer can HODL companies last?
[Plain Language Guide] In November 2025, the crypto market crashed, wiping out $1.4 trillion. The hardest hit were Digital Asset Treasury (DAT) companies, once seen as “institutional pioneers.”
A reversal in macro forecasts and geopolitical turmoil broke the reflexivity flywheel of DAT companies. Once share prices trade at a discount (mNAV<1.0), the flywheel turns into a death spiral.
MicroStrategy faces a risk of a $11.6 billion sell-off triggered by MSCI’s explicit removal, while Bitmine is on the brink due to aggressive Ethereum bets and “toxic finan

2025 Crypto Trends Report
[Plain Language Guide] This report frames the growth of the crypto industry through three overlapping S-curves: asset creation, asset accumulation, and asset utilization.
The creation phase (such as Bitcoin, NFTs, and millions of tokens) has already gone from zero to breakthrough. The accumulation phase is currently in its steepest climb, with centralized exchange trading volumes surging, traditional financial debt (like Robinhood), and institutional investors beginning to hold and custody assets in large amounts.
The greatest future opportunity lies in asset utilizat

The Digital Empire's Map: Analysis of Tether's Investment Logic and Global Expansion Strategy
[Plain Language Guide] USDT, issued by Tether, leads the market by a wide margin, and its reports symbolize the rise of a massive digital financial empire. This research paper analyzes Tether's recent investments in 20 global companies, revealing its strategic blueprint.
The foundation of Tether's empire lies in: establishing strong trust through Bitcoin and gold; expanding globally by investing in Europe and emerging digital markets; and enhancing accessibility for both retail and institutional users

Is Bitcoin in a Correction or Entering a New Bear Market?
[Plain Language Guide] After Bitcoin dropped below sixty thousand ($100,000), the market outlook has turned defensive. The author points out that the probability of retesting the all-time high has fallen below 50%, and the market is entering a transitional phase.
Current analysis indicates a lack of typical panic selling and negative funding rates, suggesting the market has not fully flushed out yet. The key potential bottom area is near the realized price and the 200-week moving average ($50,000s).
It is recommended to adopt a precise

Vitalik’s Latest Speech: The Three Major Breaths and Solutions of Ethereum L1 Revealed
[Plain Language Introduction] Ethereum is shifting from being a “world computer” focused on general-purpose computation to a “trust-minimized” stack emphasizing privacy protection and efficient verification. Vitalik Buterin outlined this vision at Devconnect.
Ethereum’s L1 faces limitations in privacy and speed, which can only be addressed by introducing EIP-7732, zkVMs (to achieve full nodes on mobile devices), and account abstraction. The long-term goal is to realize a “Lean Ethereum”—a global collaborativ

Panic index falls to freezing point: is the crypto market's "century bottom" or a "falling knife"?
In November 2025, the Fear and Greed Index fell to 9, hitting a 5-year low, with Bitcoin dropping below 100,000 and reaching 90,900.
Panic stems from the Fed's hawkish stance + record ETF outflows of 2.3 billion + whales selling 810,000 coins, with institutions and the HODL narrative collapsing simultaneously. In reality, it's a major asset transfer: retail investors and mid-sized whales are cutting losses, while super whales and diamond hands are buying aggressively.
History shows th

The breakthrough of Zcash and the resurgence of on-chain privacy
[Plain Language Guide] Zcash is experiencing a significant rise, with the price of ZEC skyrocketing nearly 10 times since October, marking a strong revival of interest in on-chain privacy.
This article delves into the driving forces behind this phenomenon, revealing that the surge in Zcash's shielded supply now accounts for 30% of the total supply. This growth is primarily attributed to the increase in partially shielded liquidity rather than completely private transactions.
The article analyzes the advancements in zero-knowl

20 Rules Followed by Smart Money in a Bull Run
[Plain Language Guide] During a bull run, making money seems easy, but holding onto profits is the real test. When market sentiment is high and everyone is chasing skyrocketing prices, the "smart money" is quietly exiting in batches. How do they do it?
This article reveals 20 core rules for professional investors during a bull run: how they reduce leverage, strategically take profits, monitor on-chain signals, and always center on capital protection. Understanding and applying these rules is key to distinguishing between "get rich quick" and "long

Bear Market or the Biggest Opportunity?
[Plain Language Guide] The cryptocurrency market is at a crossroads in November 2025. The market is bleeding, and the sentiment index seems to be at a new low, with the community divided over debates about the "Bear Market" and "bottom fishing."
This article delves into a key core contradiction: on one hand, historical charts and widespread panic focus on the Bear Market; on the other hand, institutions (such as JPMorgan Chase and the Czech National Bank) are genuinely entering the market.
The author points out that prices are falling, but innovation has

Is Bitcoin going to break up with "Crypto Assets"?
[Plain Language Introduction] This article explores Jack Dorsey's aversion to "Bitcoin is not a Crypto Assets" and points out that it is not a "breakup," but an inevitable "specialized division of labor."
The market recognizes that Bitcoin and Crypto Assets serve different functions: Bitcoin is becoming a currency base akin to "digital gold," focusing on value storage, characterized by security and predictability. Meanwhile, "Crypto Assets" (such as Ethereum) are seen as forming a rapidly iterating technology sector, innovating in applicat

25 Brutal Truths Every Crypto Assets Trader Must Hear
[Plain Guide] This article reveals 25 "harsh truths" about the Crypto Assets trading world. It challenges many pleasant illusions that traders may hold and emphasizes the importance of discipline, data analysis, and realism in the market.
From understanding that most traders incur losses, to realizing the importance of timing, and finally to avoiding the panic of an impossible "bottom", this article aims to help you establish a healthier trading mindset.
It also addresses key points such as overcoming greed, fear, and when to view cash as a

Market reshuffle: old Whale exits, new institutions enter, what should you do?
[Plain Language Guide] Classic rotation has failed! BTC whales have won, but OG whales have taken profits and turned to ETFs, causing wealth to fail to successfully remedy altcoins.
The paper analyzes how the "Great Rotation" segments the market: ETH shifts from retail to institutional investors, with SOL closely following behind.
The author believes that this cycle is stuck at the BTC stage, and the opportunity lies in exploring whether there are agreements that can share real income, rather than pure speculation.