Terraform Labs Sues Jump Trading for $4B

️ On today's Top Picks:

Crypto News

• ⭐️ Terraform Labs liquidation admin sues Jump Trading for $4B; alleges Jump profited billions of dollars through a secret deal with Terraform Labs before the collapse of TerraUSD.

• Ethereum $ETH developers name post-Glamsterdam upgrade “Hegota”; to launch Glamsterdam upgrade in H1 2026 & Hegota in H2 2026.

• ⭐️ Tether CEO Paolo Ardoino teases "USAT loading..." on X; $USAT is an upcoming US-regulated dollar-backed stablecoin by Tether.

• DTCC partners with Digital Asset Holdings & Canton Network $CC to tokenize DTC-custodied securities onchain; DTC received a No-Action Letter from the US SEC last week.

• David Sacks, the White House AI & crypto czar, says the Clarity Act will enter the markup stage in January; the Clarity Act establishes jurisdictions between the SEC and the CFTC in regulating crypto.

• Coinbase $COIN sues Michigan, Illinois, & Connecticut over prediction market oversight; argues prediction markets fall under the jurisdiction of the CFTC, not any individual state regulator.

• India Competition Commission approves Coinbase's $COIN investment to acquire a minority stake in CoinDCX; the size of the investment was not disclosed.

• Intercontinental Exchange (ICE) reportedly in talks to invest in MoonPay as part of a funding round; the funding round is reportedly targeting a ~$5B valuation.

Alpha

• Fogo completes first round of snapshots for Flames Season 1.5; snapshot includes Fogo Fishing, Valiant LPing, & USDC transfers; Season 1.5 continues.

• MegaETH $MEGA launches Frontier mainnet beta for app builders; to launch public mainnet in Q1 2026, potentially in January.

• Soneium launches Soneium Score Season 5; users with at least 80 points will be eligible for a badge; to launch claim for the Season 4 badge soon.

• ⭐️ Variational launches Omni points program; retroactively awards 3M points to existing traders; to distribute points every Friday until the end of Q3 2026.

• Cascade launches first wave of early-access invites; to launch more invites soon; to also distribute invite codes to existing users to share.

• Rainbow $RNBW launches Polymarket integration on the TestFlight version of the app; opens a limited number of TestFlight invites.

• ⭐️ Nansen announces Joint Venture Protocols (JVPs), protocols Nansen co-founds with partners; JVPs will be bootstrapped with Nansen Points holders, meaning "ownership in new protocols"; to launch first JVP in 2026.

Airdrops

• VOOI $VOOI launches airdrop claim; VOOI Trading Points holders, VOOI V1 Traders, & more are eligible.

• zkPass $ZKP launches airdrop claim; early protocol testers, community contributors, & more are eligible; to close claim in ~30 days.

• RateX $RTX launches airdrop claim; RateX points holders are eligible.

• Espresso $ESP announces more paths to airdrop eligibility; Polygon $POL top users, ApeChain $APE top users, & BAYC NFT holders will be eligible; to launch airdrop registration on December 22nd.

• ICYMI Coinbase adds Lighter $LIGHTER to the listing roadmap; Lighter to potentially launch TGE & airdrop before the end of December; Polymarket forecasts a ~72% chance.

• ICYMI Fogo $FOGO to launch airdrop on January 13th; Fogo Flames (points) holders will be eligible; also allocates more tokens for the airdrop after cancelling its public token sale.

• ICYMI Rainbow $RNBW to launch airdrop on February 5th; Rainbow Points holders will be eligible; snapshot has yet to be taken.

Finance News

• US President Trump to interview BlackRock executive Rick Rieder for Federal Reserve Chair; Polymarket forecasts Rieder a ~5% chance to be nominated.

• ⭐️ US Senate confirms Michael Selig as CFTC Chairman; also confirms Travis Hill as FDIC Chairman; CFTC Acting Chair Caroline Pham to join MoonPay.

• US November CPI Inflation falls to 2.7%, below expectations of 3.1%; Core CPI Inflation falls to 2.6% (lowest level since March 2021), below expectations of 3.0%.

• Circle $CRCL & Intuit $INTU partner to "accelerate next-generation financial services powered by stablecoin technology"; Intuit to leverage Circle’s stablecoin infrastructure & USDC across the Intuit platform.

• Forward Industries $FWDI launches tokenized shares on Solana $SOL via Superstate Opening Bell; FWDI currently holds ~6.8M SOL (~$852M).

• Trump Media & Technology Group $DJT to merge with TAE Technologies in a $6B all-stock deal; merger expected to be completed in mid-2026.

Security and Exploits

• US FBI disrupts E-Note for allegedly laundering over $70M in illicit crypto; indicts its alleged operator Mykhalio Petrovich Chudnovets.

• Brooklyn District Attorney’s Office indicts Ronald Spektor for allegedly defrauding ~100 Coinbase customers for ~$16M.

• Tor security audit by 7aSecurity uncovers six vulnerabilities; the Tor Project has reviewed the findings and has begun remediation work.

• ICYMI Binance $BNB warns against fraudulent third-party “listing agents”; offers up to $5M to whistleblowers for evidence of fraudulent activities.

• ICYMI Chainalysis launches free version of Hexagate Security for blockchain foundations & developers; protocols developing on Base, Avalanche, MegaETH, & Plasma may qualify.

• ICYMI Tether launches PearPass password manager; credentials are stored locally & synchronized between devices via encrypted peer-to-peer connections; available on Windows, maxOS, Linux, iOS, & Android.

Token Unlocks

• LayerZero $ZRO / ~$35M / DEC 20th
• Humanity $H / ~$11M / DEC 25th
• Plasma $XPL / ~$12M / DEC 25th
Sourced from Tokenomist

Funding

• Fuse raises $70M in Series B funding led by Lowercarbon Capital & Balderton Capital.

• DAWN raises $13M in Series B funding led by Polychain Capital.

The Degen Farmer