PA Daily | Crypto Venture Capital Shima Capital Quietly Ceases Operations; Binance Releases Listing Process and Warns Against Scams

Today’s Top News Highlights:

Crypto Venture Capital Firm Shima Capital Reportedly Ceasing Operations Quietly

Binance Releases Listing Process Overview and Community Alert on Impersonation Scams

U.S. SEC Has Concluded Nearly Four Years of Investigation into Aave Protocol

Michael Saylor: Quantum Computing Won’t Crack Bitcoin; Instead, It Will Make It Stronger

Rainbow Token Economics: 15% Airdrop at TGE, Total Supply of 1 Billion Tokens

Bitcoin Spot ETF Net Outflow of $277 Million Yesterday, Only Fidelity FBTC Achieved Net Inflow

Macroeconomics

Binance Releases Listing Process Overview and Community Alert on Impersonation Scams

According to official announcement, Binance has issued an overview of its listing process and a community alert about impersonation scams. Binance follows a three-phase structured listing process: Binance Alpha, Binance Contracts, and Binance Spot. At each stage, Binance carefully evaluates the performance and potential of projects. However, in rare cases, projects meeting necessary standards may be directly listed on the spot market, unlocking full market access and liquidity without first passing through Alpha or Contracts. Binance Alpha, as the initial phase, showcases promising projects to the community. Projects with strong performance and meeting key criteria may be listed on Binance Contracts, expanding trading opportunities via perpetual contracts. Projects meeting upgrade standards will be listed on Binance Spot. For projects with tokens already in circulation, evaluation also considers token performance, trading volume, valuation, liquidity, and distribution. In all cases, Binance assesses tokens based on its regulatory obligations. Sometimes, projects may be granted contract listing upon Alpha launch, depending on fundamentals, secondary market indicators, compliance with market rules, and other factors. Contract listing is only implemented with the project team’s cooperation, but the final decision rests with Binance’s independent assessment. Additionally, Binance has noted a significant increase in scams, with malicious actors impersonating Binance staff ( including business development personnel ), official “listing agents,” or authorized intermediaries. They often promise listing results in exchange for fees. These claims are entirely fraudulent. Binance does not charge any fees for project evaluation or listing applications. It has received reports of individuals and entities claiming to be “Binance listing agents” or offering paid assistance to list tokens on Binance, and has published a blacklist of such entities after internal audits.

Bank of Canada Announces Approval Only for High-Quality Stablecoins Pegged to Central Bank Currency

According to Cointelegraph, the Bank of Canada has stated that, under upcoming stablecoin regulations expected to be enacted in 2026, only high-quality stablecoins pegged to the central bank’s currency will be approved, ensuring stablecoins become “premium currency.” BoC Governor Tiff Macklem said in a speech at the Montreal Chamber of Commerce on Tuesday: “We want stablecoins to function like banknotes or bank deposits, as a form of high-quality currency.” Macklem hopes stablecoins will be backed 1:1 by central bank currency and supported by “high-quality liquid assets” easily convertible to cash, typically including government bonds and treasury securities. Macklem’s remarks follow a lengthy 2025 budget report released in early November, which states that stablecoin issuers will be required to hold sufficient reserves, establish redemption policies, and implement risk management frameworks, including measures to protect personal and financial data.

Marshall Islands Launches World’s First Blockchain-Based Universal Basic Income on Stellar Chain

According to CoinDesk, the Republic of the Marshall Islands (RMI) has issued the world’s first on-chain Universal Basic Income (UBI) using Stellar blockchain, via digital sovereign bonds USDM1. The Ministry of Finance confirmed that this multi-million-dollar initiative, developed in partnership with Stellar Development Foundation (SDF) and infrastructure provider Crossmint, is part of the local UBI program ENRA. It replaces quarterly physical cash disbursements with digital transfers benefiting eligible citizens dispersed across islands. USDM1 is a USD-denominated sovereign bond fully backed by short-term US Treasuries, issued on Stellar’s platform and distributed to a custom digital wallet app Lomalo. A spokesperson from the Ministry stated that USDM1 is issued under New York law, based on established legal frameworks, not regulatory discretion or policy preferences. US Treasuries serve as collateral, held by an independent trustee, with fixed, unconditional redemption rights enforceable by law. ENRA is a fiscal distribution plan, with each unit issued as a trust short-term US debt, fully backed and legally segregated. The government emphasizes that USDM1 does not undermine the country’s monetary or technological sovereignty. A white paper accompanying the plan outlines broader policy and financial frameworks.

JD’s Digital Collectibles Platform “Lingxi” Announces Transfer and Gifting Functionality Opening

According to Xin Consumption Daily, JD’s digital collectibles platform “Lingxi” has announced the opening of its transfer and gifting feature, effective December 15, allowing new digital assets to be transferred, with the timeline for existing assets to be announced later. This move came just one day after Lingxi’s public beta launch, sparking lively discussion in the digital collectibles community. As early as December 2021, JD’s digital art collectibles platform “Lingxi” launched as a mini-program within JD app, but due to tightening policies, it temporarily ceased secondary trading. Industry expert Zhu Youping, Chair of the Blockchain Committee of China Communications Industry Association, views JD’s relaunch of Lingxi as a strategic upgrade following industry adjustments, not just a simple return. The real turning point depends on policy standards. By December 2025, two national standards—“Implementation Guidelines for Digital Asset Trading in Asset Management” and “Guidelines for Cultural Digital Asset Valuation”—will take effect, marking a shift from “exploratory” to “regulated” development. The “Trading Guidelines” specify qualification and risk control standards for participants, while the “Valuation Guidelines” establish a unified valuation system. Zhu Youping said JD Lingxi’s restart confirms a core logic: digital collectibles are essentially digital rights certificates, commodities rather than financial assets.

U.S. SEC Concludes Nearly Four Years of Investigation into Aave Protocol

Aave founder Stani.eth announced on X that, after four years, the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the Aave protocol. The Aave team has invested significant effort and resources to protect the protocol and its ecosystem. Recently, DeFi has faced unfair regulatory pressure, but now it can shed these constraints and enter a new era where developers can truly build the financial future.

FDIC Proposes Rules for Stablecoin Application Framework to Advance Implementation of the “GENIUS Act”

According to The Block, the U.S. Federal Deposit Insurance Corporation (FDIC) is advancing the implementation of the stablecoin legislation passed into law this summer. On Tuesday, the FDIC Board approved a proposed rulemaking notice establishing application procedures for institutions issuing payment stablecoins via subsidiaries. The FDIC is seeking public comments on this proposal. During the meeting, legal counsel Nicholas Simons stated that applications must specify the scope of activities, provide a description of “subsidiary ownership and control structure,” and include “engagement letters with registered public accounting firms.” Simons said: “In summary, the proposed rule will enable the FDIC to assess the safety and soundness of proposed payment stablecoin activities while minimizing regulatory burdens on applicants.” The legislation, signed by President Trump earlier this summer, creates a federal regulatory framework for stablecoins. Earlier this month, FDIC Acting Chair Travis Hill told lawmakers that the agency plans to release an implementation framework for the “GENIUS Act” in the coming weeks. He also said the agency plans to issue a proposed rule within the next few months to set capital, liquidity, and risk management requirements for approved subsidiary stablecoin issuers.

Opinions

Russian State Duma Financial Market Committee Chair: Cryptocurrencies Will Never Become Currency in Russia, Only Investment Tools

According to DL News, Anatoly Aksakov, Chair of the Russian State Duma Financial Market Committee, stated that lawmakers support the central bank’s opposition to using cryptocurrencies for payments between individuals and companies. Aksakov said: “We must understand that cryptocurrencies will never become currency in Russia; they can only be used as investment tools. When payments are needed, only rubles should be used.” At the time of these remarks, despite the central bank’s resistance, the government is preparing to regulate the industry amid rising domestic crypto adoption. The central bank has repeatedly called for a complete ban on cryptocurrencies, while the Ministry of Finance favors regulating exchanges and taxing traders’ profits. Both sides have refused to compromise, proposing competing bills to ban or legalize crypto-related industries. These bills have ultimately stalled in the State Duma committee after a four-year deadlock.

CryptoQuant: Bitcoin Nears Investor Average Cost of $81,500; Break Below Could Trigger Selling Pressure and Further Decline

CryptoQuant analyst MorenoDV_ noted that Bitcoin’s current price is close to the average purchase cost of investors (~$81,500), a key psychological level. When prices are above this level, investors tend to hold; a drop below could turn this level into a selling zone. Meanwhile, market sentiment indicator AVIV ratio shows Bitcoin is in a sideways consolidation phase with low volatility, as investors adjust positions. If the price remains above $81,500 and the AVIV ratio stays stable, market confidence persists, and the trend may continue; but if it falls below, confidence could weaken, and prices may decline further.

Michael Saylor: Quantum Computing Won’t Crack Bitcoin; Instead, It Will Make It Stronger

Strategy founder Michael Saylor wrote: “Quantum Leap for Bitcoin: Quantum computing won’t crack Bitcoin; it will make it stronger. As the network upgrades, active Bitcoin addresses will migrate to more secure addresses, and lost coins will be permanently frozen. Security improves, supply decreases, and Bitcoin becomes more robust.”

Bitwise Forecast: Bitcoin to Hit New All-Time High in 2026; Correlation with Stocks Will Decline

According to a memo from Bitwise Chief Investment Officer Matt Hougan, three of the company’s ten predictions for 2026 are particularly relevant for crypto investors. The first predicts Bitcoin will break the four-year cycle pattern and reach a new all-time high in 2026, driven by diminishing halving effects, declining interest rates, reduced leverage risk, and accelerated institutional capital inflows due to spot ETFs and clearer regulation. The second forecasts that Bitcoin’s volatility in 2025 has fallen below Nvidia’s stock, with a long-term decreasing trend, indicating a lower risk profile as an investment asset. The third predicts that Bitcoin’s correlation with stocks will further decline in 2026, as endogenous drivers like regulatory progress and institutional adoption become more prominent than stock market fluctuations.

K33 Analyst: Bitcoin’s Q4 Performance Significantly Underperformed Stocks, Possibly Indicating a Bullish January

CoinDesk reports that Vetle Lunde, head of research at K33, said that as the year-end approaches, Bitcoin’s underperformance relative to other asset classes this quarter may benefit asset managers adjusting portfolios to maintain target allocations. Earlier this year, Bitcoin lagged the S&P 500 in Q1, then started rising in Q2. Conversely, when Bitcoin outperformed stocks in Q2, it declined early in Q3. So far, Bitcoin’s Q4 performance has lagged the S&P 500 by up to 26%, indicating a large rebalancing is imminent. Lunde noted that funds with fixed Bitcoin allocations might rebalance before year-end, causing significant inflows in late December and early January. He also pointed out that despite price stabilization, market participants remain risk-averse. CME derivatives trading activity is near annual lows, with Bitcoin futures open interest around 124,000 BTC; perpetual contract funding rates are near neutral, with little change in open interest, indicating short-term directional uncertainty. Spot trading volume dropped 12% last week, further confirming low trader participation as the year closes.

Project Updates

Coinbase to Launch Merlin Chain (MERL) Perpetual Contracts

Coinbase Markets announced on X that it will launch perpetual contracts for Merlin Chain (MERL). If liquidity conditions are met, the MERL-PERP market will begin trading in supported regions at 17:30 Beijing time on December 18, 2025. Retail traders in some regions can trade perpetual futures via Coinbase Advanced, while institutional investors can trade directly through Coinbase International Exchange.

Coinbase Launches Spot Trading for Theoriq(THQ) and Beam(BEAM)

Official sources confirm that Coinbase has launched spot trading for Theoriq(THQ) and Beam(BEAM) early this morning.

Binance Alpha to Launch zkPass (ZKP) on December 19

Binance Alpha will debut zkPass (ZKP) on December 19. Eligible users can claim airdrops using Binance Alpha Points via the Alpha Events page after trading begins.

BitsLab: Multiple Leading Plugin Wallets Have Vulnerability That Could Be Used to Steal Private Keys

BitsLab co-founder Luis_0xyi posted on X warning: “Caution for large funds on Windows computers using Chrome plugin wallets. BitsLab recently discovered a vulnerability present in several top plugin wallets, including Coinbase Wallet, Binance Wallet, and others, which can be exploited to directly steal private keys. The vulnerability has certain requirements for exploitation, and details will be disclosed after fixes are implemented.”

Theta Former Executives Accuse CEO of Fraud and Retaliation

Decrypt reports that two former executives of Theta Labs filed a whistleblower lawsuit in California, accusing the company and CEO Mitch Liu of years of fraud, market manipulation, and retaliation. Former executives Jerry Kowal and Andrea Berry filed suits in Los Angeles Superior Court, alleging Liu used Theta Labs and its parent company Sliver VR Technologies for personal trading, engaged in misleading partnerships, undisclosed insider token sales to inflate prices, and retaliated against employees raising concerns. Lawyer representing Jerry Kowal stated Liu used Theta Labs as a personal trading tool, engaging in fraud, self-serving transactions, and market manipulation. Liu’s planned pump-and-dump schemes repeatedly wiped out investor and employee value. The allegations also include “faking NFT quotes,” some linked to high-profile collaborations with celebrities like Katy Perry. Berry’s complaint also targets Theta’s previous statements about Google, accusing the company of misrepresenting a routine cloud service agreement as a strategic partnership. The lawsuit highlights two other self-interested transactions, claiming “Theta’s so-called ‘partners’ are actually other companies created and wholly owned by Liu.”

Hyper Foundation Proposes to Consider Aid Fund HYPE as Burned, Permanently Removed from Circulation and Total Supply

Hyper Foundation posted on X proposing that validators vote to officially confirm that the aid fund HYPE tokens have been burned and to permanently remove these tokens from circulation and total supply. The aid fund automatically converts transaction fees into HYPE during L1 execution. Similar to the zero address, the system address of the aid fund has never had control of its private keys. Unless a hard fork occurs, the funds are mathematically unrecoverable. A “Yes” vote indicates validators agree to burn the HYPE tokens held by the aid fund. Since these tokens are in a system address without a private key, no on-chain action is needed. This vote constitutes a binding social consensus that no protocol upgrade will ever be authorized to access this address. Additionally, on-chain data shows Hyperliquid’s aid fund holds 37.114 million HYPE, worth approximately $1.02 billion, about 13.7% of the current circulating supply.

Reddit Officially Ends NFT Service; In-App Wallet “Vault” Closes and Viewing Others’ Digital Collectibles Discontinued

Unfungible co-founder Sharbel revealed that Reddit has officially shut down its NFT service. The in-app wallet “Vault” is closing, and the feature allowing users to view others’ digital collectibles has been discontinued.

Kled Founder Accuses Believe Founder of Continuous Token Dumping

Solana ecosystem AI project Kled founder Avi Patel posted on X accusing Believe founder Ben Pasternak of ongoing token dumping. Patel said: “For the past 7 days, Pasternak has been continuously selling millions of KLED tokens using a DCA strategy, coinciding with our largest app update and a bear market low in trading volume. Initially, Pasternak held over 6% of the KLED supply, which had been accumulating since our July exit from Believe.”

Rainbow Token Economics: 15% Airdrop at TGE, Total Supply of 1 Billion Tokens

CoinList announced Rainbow’s RNBW tokenomics: total supply of 1 billion tokens, 15% airdropped at TGE, about 3% sold via community presale on CoinList, 47% held in treasury, 12.2% allocated to team, 7.8% to investors, and 15% to community. Circulating supply at TGE is approximately 20% (including airdrops and presales). Previously, Rainbow scheduled its RNBW TGE for February 5.

AAVE Token Holders Propose DAO Adopt “Poison Pill” Plan to Acquire Aave Labs; Revenue Sharing Dispute Escalates

According to The Block, an Aave DAO participant questioned whether the relationship between the protocol, DAO, and Aave Labs needs reevaluation. User tulipking proposed that the DAO initiate a “poison pill” lawsuit to seize Aave Labs’ intellectual property (including code and trademarks) and equity, aiming to replace control of the lending protocol and consolidate ownership among AAVE holders. This “sovereignty declaration” intensifies ongoing discussions about how to allocate protocol revenue and which organization should control Aave. Tulipking wrote: “This is a defensive ‘poison pill’ to protect the DAO from centralization and ensure all value flows back to AAVE holders. Aave Labs has privatized assets that should belong to the community by monetizing the brand, frontend, and user base without DAO approval. If Labs refuses to share revenue and control voluntarily, the DAO must reclaim everything.” Besides full control of Aave’s IP, tulipking also proposes reclaiming “all past income generated from Aave brand products,” and taking over the company’s equity, effectively turning Aave Labs into a DAO wholly owned subsidiary. Related: Governance controversy over $10 million annual revenue, Aave Labs accused of “backstabbing” DAO.

Key Data

New Address Withdraws $17.8 Million in LINK, AAVE, and Other Tokens; ETH Holdings Account for 95%

According to user Ai Aunt, a new address (0xDE2…E4613) withdrew a basket of tokens worth $17.8 million from Binance, including ETH, LINK, AAVE, UNI, POL, and COMP. ETH holdings account for 95%, worth about $16.93 million, with ETH priced at $2,935.55 at withdrawal.

Gonka’s Total Network Hashrate Surpasses 10,000 H100 Equivalents; Five Major Inference Models Used Nearly 100 Million Tokens Daily

Data from Gonka browser shows that Gonka’s decentralized AI inference network has surged nearly 20-fold, surpassing 10,000 Nvidia H100 equivalents, reaching 10,729 (as of December 17). This scale is comparable to a large national AI compute center or top cloud provider’s core AI cluster, capable of supporting training of billion-parameter models and high-throughput inference of models with hundreds of billions of parameters. Gonka aggregates global GPU resources via decentralization, forming a scalable high-performance AI compute network without centralized data centers. This milestone signifies Gonka’s entry into the top-tier global AI infrastructure network with commercial API capabilities. Gonka currently supports five major AI inference models, with only three months online, and nearly 100 million tokens used daily across models like Qwen3-235B-Instruct, which alone sees about 30 million tokens daily, showing exponential growth potential. Nearly 600 active nodes from over 30 countries participate daily, serving over 2,000 AI inference users. Data indicates that inference usage growth far exceeds network node and compute growth, validating strong market demand and business viability for Gonka’s decentralized inference services. Previously reported, Gonka received a $50 million investment from Bitfury, and is supported by investors like OpenAI’s Coatue and Solana’s Slow Ventures, making it one of the most promising new AI infrastructure projects in AI × DePIN.

Data: 3,000 Bitcoin Transferred to Binance, Valued at About $260 Million

According to Whale Alert, 3,000 BTC (~$260 million) moved from unknown wallets to Binance.

Bitcoin Spot ETF Net Outflow of $277 Million Yesterday; Only Fidelity FBTC Achieved Net Inflow

According to SoSoValue, yesterday (December 16, US Eastern time), Bitcoin spot ETFs had a total net outflow of $277 million. The ETF with the largest net inflow was Fidelity’s FBTC, with $26.72 million, bringing its total net inflow to $11.972 billion. The ETF with the largest net outflow was BlackRock’s IBIT, with $211 million, with total net inflow of $62.521 billion. As of press time, total assets under management for Bitcoin spot ETFs stood at $114.279 billion, with a market share of 6.54% relative to total Bitcoin market cap, and cumulative net inflows reaching $57.269 billion.

Ethereum Spot ETF Net Outflow of $224 Million Yesterday, Continuing Four Days of Outflows

According to SoSoValue, Ethereum spot ETFs experienced a net outflow of $224 million yesterday (December 16, US Eastern time). The ETF with the largest net outflow was BlackRock’s ETHA, with $221 million, with total net inflow of $12.87 billion. The second was Fidelity’s FETH, with $2.945 million outflow, with total net inflow of $2.644 billion. As of press time, total assets under management for Ethereum spot ETFs are $18.172 billion, with a market share of 5.11%, and cumulative net inflows of $12.639 billion.

Suspected Lido Founder Address Sold 14,585 ETH and Transferred 47.2 Million USDC to Wintermute

On-chain analyst Eye posted on X that a suspected Lido founder Konstantin Lomashuk’s address sold a total of 14,585 ETH before the market downturn yesterday through multiple transactions, then transferred 47.2 million USDC to Wintermute Deposit address.

Blocto Wallet Announces Closure After Five Years of Operation Due to Ongoing Losses

According to official announcement, Blocto wallet will cease operations after five years. The project cited that, due to the FLOW token’s price dropping over 99% from its 2021 high, the project has sustained over $5.5 million in losses. Despite attempts since June to engage Flow/Dapper leadership for sustainable solutions, no effective response or meetings have been received, and operational funds are exhausted. Blocto Wallet, BloctoSwap, and Blocto Teleport will close at 7 PM PST on December 18, 2025. Users must withdraw all liquidity pool assets and bridge cross-chain assets back to the original network before then. Custodial users must export private keys and switch to non-custodial mode before the deadline or lose access permanently. Blocto staking services will continue, and users can manage staked assets by importing private keys into other wallets. The team warns users to beware of scams and never share private keys. Previously, in 2023, multi-chain wallet Blocto completed Series A funding at an $80 million valuation, with investors including Mark Cuban.

Wall Street Banks Have Sold Over $530 Million in Notes Linked to BlackRock’s Bitcoin ETF

Bloomberg reports that Bitcoin was once considered too volatile, underregulated, and marginal to be packaged into financial instruments for wealthy clients. Now, the landscape has changed dramatically. In July, Jefferies issued the first structured note in the U.S. linked to BlackRock’s Bitcoin ETF. Since then, at least three other banks—Goldman Sachs, Morgan Stanley, and J.P. Morgan—have followed suit. Data from structured product intelligence firm WSD shows these banks have sold over $530 million worth of notes linked to BlackRock’s iShares Bitcoin Trust (IBIT). Essentially, banks are embedding crypto exposure into new products that offer tailored yields based on risk appetite, with some downside protection.