Kalshi has selected Coinbase Custody to provide custody services for its USDC.

On December 5th, cryptocurrency wallet provider Rainbow Foundation will announce its token generation event (TGE) date early next week. Additionally, Rainbow Foundation will become the largest single shareholder of Rainbow Company upon token issuance, holding a 20% equity stake in the firm. Token holders and shareholders will enjoy identical benefits. Should Rainbow Company be acquired in the future, the foundation will wind down gradually and distribute its net assets—including proceeds from its 20% stake—to token holders.

Dec. 5 — The USPD protocol posted on X (formerly Twitter) that it had faced a critical security breach. The attacker exploited the **CPIMP (Contract Pre-Deployment Insecurely Managed Proxy)** method to preemptively seize control of the proxy contract’s administrator permissions during deployment. Disguised as the audited contract version, the attacker lurked for months before launching the attack—minting ~98 million USPD tokens and stealing ~232 stETH. In a statement, the USPD team clarified the incident did not stem from a smart contract logic flaw. They have reported the relevant attacker addresses to major centralized exchanges (CEXs) to freeze the funds. The team also offered a bounty: if the attacker returns 90% of the stolen assets, they may keep 10% as a reward.

Dec. 5 — Per analyst @ali_charts, the Cost Basis Heatmap indicates 300,648 Bitcoins are clustered around the $84,400 mark, solidifying it as a key support level.

On December 5, Huobi HTX released its latest Proof of Reserves (PoR) data, showing that as of December 1, 2025, the platform’s core assets have continued to see net inflows—with reserves expanding significantly while maintaining full 100%+ coverage across all assets, further strengthening its overall reserve structure. The latest reserve ratios are as follows: BTC (100%), ETH (101%), TRX (106%), USDT (102%), HTX (100%), XRP (102%), DOGE (100%), SOL (100%), WLFI (101%), and USDC (100%). Specifically, BTC reserves increased by approximately 453 coins, while ETH reserves rose by over 2,000 coins. For stablecoins, USDT user assets grew by more than $416 million, pushing its reserve ratio to 102%; USDC user assets nearly doubled from the previous period, with reserves fully covering 100% of user holdings. Huobi HTX has publicly disclosed PoR data for 38 consecutive months. Users can access the monthly updated reserve proof reports via the “Assets-Reserve Proof Report” page on the offi

Update: As of December 5, CoinGecko data shows Upbit’s 24-hour trading volume has declined 25.3% to $11.73 billion. In the KRW market, the XRP/KRW trading pair leads with a 17.61% share of total volume. Rounding out the top five are ETH, BTC, USDT, and SOL.

On-chain investigator ZachXBT announced in his personal channel on December 5 that British hacker Danny / Meech (also known as Danish Zulfiqar / Khan) was reportedly arrested by law enforcement, and his crypto assets were seized. Prior to this, ZachXBT had tracked and identified the individual, who is suspected of stealing $243 million in crypto from Genesis creditors in August 2024. Accomplices include Malone, Veer, Chen, and Jeandiel. Danny also participated in the August 2023 Kroll SIM swap attack, which exposed personal data of creditors for BlockFi, Genesis, and FTX. This sparked targeted social engineering scams that have cost victims over $300 million. Hours earlier, multiple addresses linked to Danny—tracked by ZachXBT—merged and transferred $18.58 million in crypto to an address beginning with 0xb37d, matching the pattern of past law enforcement asset seizures.