Public Acquires Alto's Cryptocurrency Business for $65 Million

December 5: Social media giant X was fined €120 million by the European Union (EU) for content rule violations. The European Commission noted X breached three provisions of the Digital Services Act (DSA), giving the company 60 days to submit a remedy plan and 90 days to carry out corrective actions. The ruling targets X’s blue checkmark verification program, lack of ad transparency, and barriers to researcher data access. EU tech regulators clarified the bloc did not intend to levy the maximum possible fine on X, noting the amount is appropriate given the violations’ nature and impact on EU users. (Source: Jinse)

On December 5, per EmberCN monitoring, a whale address borrowed and shorted 5,000 ETH (valued at $15.66 million) over the past two hours. Two hours prior, the address borrowed 5,000 ETH (=$15.66M) from Aave, then transferred 4,000 ETH (=$12.49M) to Binance and 1,044 ETH (=$3.26M) to Bybit. Forty minutes after the ETH hit centralized exchanges (CEXs), 12.45 million USDT was withdrawn from Binance—an amount matching the value of the 4,000 ETH sent to the platform—indicating a highly likely sell-off, per analysis.

On December 5, the China Internet Finance Association (CIFA) jointly issued a new risk warning with multiple government departments to curb illegal activities involving virtual currencies. This marks the first cryptocurrency-related risk alert since 2022—ending a three-year gap. Over the past five years, CIFA has released four high-profile announcements at key moments of market speculation. ### April 13, 2022 CIFA published the *Initiative to Prevent Financial Risks Associated with NFTs*, targeting the financialization and securitization of non-fungible tokens (NFTs). It explicitly banned using virtual currencies like Bitcoin as pricing or settlement tools for NFT issuance/transactions, and prohibited financing NFT trades. The document quickly cooled the domestic "digital collectible" market. Leading platforms (Tencent’s Fantech, Alibaba’s Whale Hunt) tightened gifting rules, while dozens of small/medium collectible platforms shut down due to liquidity crunches—bursting the dome

**On December 5, the China Internet Finance Association and seven other industry associations jointly issued a risk warning targeting illegal activities tied to virtual currencies.** Key details from the warning: - Virtual currencies cannot circulate as legal tender within China. - No real-world asset tokenization activities have been approved by China’s financial regulators. - Relevant institutions are banned from operating any business related to virtual currencies or real-world asset tokenization. **2022 Background: NFT Risk Initiative** Back on April 13, 2022, the same association (alongside other groups) released an initiative to curb NFT-related financial risks. It aimed to: - Stop the trend of NFTs being financialized or securitized; - Strictly prevent illegal financial risks; - Encourage voluntary compliance with behavioral norms. Member units were jointly urged to: - Avoid direct or indirect NFT investments; - Refrain from providing financing for NF

On December 5, the Aave community passed a temperature check vote with a 99.96% approval rating. The proposal calls for disabling Aave V3 deployments on zkSync, Metis, and Soneium, and setting a $2 million revenue threshold for new chain deployments. The Aave community will subsequently release a formal ARFC proposal.

On December 5th, per DefiLlama data, Lighter’s 24-hour trading volume in Perp DEXs has dropped by ~15% but remains the top-ranked platform over the past 24 hours. Some capital has flowed to smaller market-cap platforms, with Pacifica seeing its trading volume rebound. Below are key metrics for select Perp DEXs: - Lighter: ~$8.88B 24h vol | ~$1.27B TVL | ~$1.83B open interest - Aster: ~$7.37B 24h vol | ~$1.42B TVL | ~$2.58B open interest - Hyperliquid: ~$6.32B 24h vol | ~$4.34B TVL | ~$6.30B open interest - EdgeX: ~$4.09B 24h vol | ~$0.412B TVL | ~$0.811B open interest - ApeX: ~$2.82B 24h vol | ~$47.19M TVL | ~$88.51M open interest - Variational: ~$1.75B 24h vol | ~$72.86M TVL | ~$0.373B open interest - Backpack: ~$1.15B 24h vol | TVL undisclosed | ~$2.01B open interest - Pacifica: ~$0.591B 24h vol | ~$41.78M TVL | ~$61.71M open interest (Referral links retained as original: Aster → [https://www.asterdex.com/en-US/referral/aboter](https://www.asterdex.com/en-US/re