Crypto Morning News: US court rules sanctions against Tornado Cash unlawful; Movement Foundation unveils MoveDrop initiative
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Crypto Morning News: US court rules sanctions against Tornado Cash unlawful; Movement Foundation unveils MoveDrop initiative
SOL, XRP and other altcoin ETFs may not be approved until the end of 2025.
Navigating Web3 tides with focused insightsAuthor: TechFlow
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U.S. Court Rules Sanctions Against Tornado Cash Smart Contracts Unlawful
The U.S. Fifth Circuit Court of Appeals overturned a lower court ruling, determining that the Office of Foreign Assets Control (OFAC) exceeded its authority when sanctioning Tornado Cash’s immutable smart contracts—a major victory for the protocol and its users. A three-judge panel stated in its opinion that while the Treasury Department has power to act against "property," Tornado Cash’s smart contracts—being immutable and uncontrollable—do not qualify as property under the International Emergency Economic Powers Act (IEEPA).
Coinbase Chief Legal Officer Paul Grewal said these smart contracts must now be removed from sanctions lists, allowing U.S. users to once again access this privacy-preserving protocol. The appeals court has instructed the Texas district court to grant partial summary judgment to plaintiffs-appellants including Joseph Van Loon.
CZ: Not Trying to End Meme Frenzy, Just Encouraging More Builders
CZ posted on X today stating, “I’m not against meme coins, but they’re getting ‘a bit’ strange now. Let’s use blockchain technology to build real applications.”
In response to community members noting even Musk supports meme coins and ending such enthusiasm is difficult, CZ replied: “Not trying to end anything—everyone has the right to choose what they invest in or hold. I'm just encouraging more builders.”
WalletConnect Launches Airdrop Claim Portal; Users Can Now Claim and Stake WCT
According to official news, WalletConnect has launched its airdrop query page, allowing eligible users to claim and stake their WCT tokens.
Movement Network Foundation Announces MoveDrop Plan, Allocating 10% of Tokens to Community via Airdrop
The Movement Network Foundation has unveiled the MoveDrop airdrop program aimed at rewarding early users and contributors of the Movement ecosystem. MoveDrop will distribute 1,000,000,000 $MOVE tokens (10% of total supply) to qualified participants, including those who took part in Road to Parthenon, Battle of Olympus winners, Gmovers, designated communities, and builders on the Movement testnet.
Users can visit the MoveDrop website to register before the deadline of December 2, 2024, at 2:00 PM UTC. Eligibility checks and airdrop claims will be available after TGE (Token Generation Event). Failure to register by the deadline will result in loss of eligibility.
Users may choose to receive $MOVE on the Ethereum mainnet or wait until the Movement Network mainnet launches (coming soon), which offers a 1.25x rewards multiplier. The Movement Network Foundation also stated it plans to distribute additional $MOVE tokens through future initiatives.
Binance to Delist GFT, IRIS, KEY, OAX, REN
Per an official announcement, Binance will delist the following trading pairs on December 10, 2024: GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, REN/USDT.
In addition, Binance Futures will close all positions and automatically settle the KEYUSDT and RENUSDT USDⓈ-M perpetual contracts at 09:00 UTC on December 3, 2024. After settlement, these contracts will be delisted.
Binance HODLer Airdrop Launches Phase 2 Project: Thena (THE)
According to an official announcement, Binance HODLer Airdrop has launched its second project: Thena (THE). Users who subscribed to BNB-based fixed-term and/or flexible savings products on Binance Earn between November 6, 2024, 08:00 and November 14, 2024, 07:59 (UTC+8), will be eligible for airdrop allocations. The THE HODLer Airdrop page is expected to go live within twelve hours, with new tokens distributed to users’ spot wallets one hour prior to trading commencement.
Binance will list Thena (THE) on November 27, 2024, at 18:00 (UTC+8), opening trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY. Seed tag trading rules will apply.
Bubblemaps: JUSTICE Token by Peanut the Squirrel’s Owner Shows Extreme Supply Centralization, 80% Likely Controlled Internally
According to Bubblemaps monitoring, JUSTICE, the newly launched token by Mark Longo—the owner of internet-famous squirrel Peanut—exhibits extreme supply concentration, with approximately 80% of tokens suspected to be controlled by internal teams. Data shows coordinated accumulation activities occurred across multiple addresses prior to Mark’s formal announcement of the token launch.
All funds held by the top 45 JUSTICE token holders originated from protocol or centralized exchange hot wallets and were received during the same three-hour window on November 24, 2024 (from 16:40:20 to 19:39:47 UTC). This unusual funding pattern suggests these wallets may be controlled by a single entity or small group.
Kelp DAO Launches High Growth Vault to Help Users Achieve Enhanced Yields Safely
Multichain liquid staking platform Kelp DAO has announced the launch of its High Growth Vault, powered by Gain. Users depositing ETH, rsETH, ETHx, or stETH will receive hgETH tokens in return.
On security, the High Growth Vault is supported by leading partners UltraYield and Upshift, offering professional risk management designed to maximize returns while ensuring capital safety.
On yield strategy, the vault targets a 20% annualized return. It currently collaborates with protocols including Aave, Compound, Morpho, Usual, and Elixir, with upcoming integrations planned for Pendle and Balancer. Through intelligent yield strategies, hgETH enables efficient deployment across DeFi platforms, helping users earn higher returns with ease.
Bloomberg Analyst: SOL, XRP Altcoin ETFs May Not Be Approved Until Late 2025
According to Coingape, Bloomberg ETF analyst James Seyffart’s latest report indicates approval decisions for altcoin ETFs like SOL, XRP, LTC, and HBAR could extend into late 2025. Unlike already-approved Bitcoin and Ethereum ETFs, these altcoins lack support from regulated CME futures markets.
Although WisdomTree and 21Shares have submitted XRP ETF applications, current regulations prohibit listing until issues around market manipulation and custody are resolved. Seyffart added that a new SEC leadership team in 2025 might be more crypto-friendly, potentially allowing ETFs with staking functionality.
Phantom Announces Support for Base Network
Crypto wallet Phantom has officially added support for Base, Coinbase’s Ethereum Layer 2 network. The integration has completed beta testing and is now available to all users. Users can now purchase ETH and USDC on Base via Phantom and swap tokens across Base, Ethereum, Solana, and Polygon networks.
DeFi Technologies Subsidiary Valour Launches First Dogecoin ETP in Nordic Region
Valour, a subsidiary of DeFi Technologies, has launched the Valour Dogecoin (DOGE) ETP on Sweden’s Spotlight Stock Market—marking the first Dogecoin ETP in the Nordic region.
Market Overview
Suggested Reading
aixbt Nears $100M Market Cap, Bugs Go Viral… Why Is AI Agent Mania Heating Up on Base?
This article explores the growing trend of AI Agent-themed tokens on the Base chain, analyzing several AI-related projects such as aixbt, bug, and ANON, highlighting their features, market responses, and development trajectories. It also examines why the AI wave has shifted from Solana to Base and why the Base ecosystem has become a focal point.
The Solana Foundation is driving comprehensive ecosystem growth, aiming to build an internet-native capital market. Key focus areas include:
Supporting determined founders with infrastructure assistance to accelerate startup growth.
Prioritizing application development as the core of the ecosystem, with rapid increases in app-generated revenue.
Aggressively promoting asset tokenization to speed up issuance of both physical and digital assets on Solana.
MicroStrategy’s business model significantly amplifies Bitcoin price volatility, acting as a volatility magnifier. Its high-premium strategy relies on continuous Bitcoin price appreciation. Once BTC enters a consolidation or downtrend phase, the company risks falling into a "Davis Double Kill" scenario, causing rapid contraction in stock value. Moreover, hedge funds behind convertible bonds may exacerbate MSTR’s stock decline through dynamic hedging. Overall, while MicroStrategy’s model appears highly profitable in the short term, it introduces substantial risk to the broader cryptocurrency market.
This article covers trending developments and future directions in the intersection of cryptocurrency and AI agents. Key topics include:
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A deep discussion among founders of leading projects like ai16z, Virtuals, and MyShell, covering their respective progress and visions—ranging from agent technology advancements and token economics to human-machine collaboration.
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An analysis of current trends and innovative cases in crypto agents, such as viral agent trends on TikTok and inter-agent cooperation, along with discussions on cutting-edge topics like agent autonomy and emergent consciousness.
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Exploration of agent platform and infrastructure evolution, including decentralized inference, modular architectures, and agent incentive mechanisms. The piece also compares advantages and disadvantages between centralized models and decentralized training approaches.
clanker, Base’s “Hit Meme Factory”
clanker is an AI agent created by Farcaster developers that autonomously deploys tokens on the Base network, becoming a hit meme generator within the Base ecosystem. Tokens developed by clanker, such as LUM and ANON, quickly gained popularity with market caps exceeding tens of millions of dollars, attracting widespread attention—including from Ethereum co-founder Vitalik Buterin.
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