Wu's Daily Selected Encryption News + This Week's Macroeconomic Indicators

2025-12-01 14:05:08

Yearn yETH pool was attacked with abnormal minting, resulting in a loss of about 9 million USD.

The yETH product of Yearn Finance was attacked, and the attacker seems to have exploited a vulnerability to mint nearly unlimited amounts of yETH, draining the pool in a single transaction and profiting around 1,000 ETH, part of which has been transferred to Tornado Cash; on-chain data shows that the attack involved multiple newly deployed contracts that self-destructed afterwards. Yearn's official statement indicated that this abnormal minting event resulted in a loss of approximately 9 million dollars. Yu Xian, the founder of Slow Mist, tweeted that the “white hat negotiation” messages appearing on-chain after the Yearn attack were counterfeit, and were actually phishing attempts, consistent with the methods used in the previous Balancer incident.

HashKey intends to initiate a Hong Kong listing plan through the Hong Kong Stock Exchange hearing.

HashKey has passed the hearing of the Hong Kong Stock Exchange, with revenues of HashKey being HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024, respectively. As of August 31, 2025, HashKey has HKD 1.657 billion in cash and cash equivalents and digital assets worth HKD 592 million. JPMorgan, Cathay Securities, and Guotai Junan International are the joint sponsors for this IPO. HashKey has released a post-hearing information package and is in the preparation stage for listing. In addition, HSK's operating costs have risen for many years but a buyback has not yet been initiated.

Strategy announces the establishment of a $1.44 billion reserve for dividend payments.

Strategy announced the establishment of a $1.44 billion reserve to cover at least 12 months of preferred stock dividends and debt interest, with plans to expand it to 24 months. The company stated that the reserve was built from funds raised through ATM equity issuance. Currently, it holds 650,000 BTC, accounting for approximately 3.1% of the total. Previously, Strategy stated that it would only consider selling Bitcoin as a “last resort” if the mNAV (net asset value per share of Bitcoin) falls below 1 and financing cannot continue. CEO Phong Le emphasized that the company has no plans to sell coins and maintains a long-term holding position, but if premiums disappear and fundraising is hindered, it does not rule out technical reductions to protect shareholder profits.

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Sony Bank plans to issue a stablecoin pegged to the US dollar in the fiscal year 2026 at the earliest.

Sony Bank plans to issue a stablecoin pegged to the US dollar in Fiscal Year 2026 at the earliest, intended for payments for content such as games and anime within the Sony ecosystem. The bank has applied for a US banking license in October and will establish a subsidiary responsible for stablecoin operations. Sony Bank has partnered with US stablecoin issuer Bastion and plans to utilize its underlying infrastructure.

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Paolo Ardoino responded to reserve concerns, stating that S&P overlooked Tether Group's equity and U.S. Treasury yields.

Tether CEO Paolo Ardoino responded to concerns regarding Tether's reserves and stability, stating that according to Tether's latest audit announcement for Q3 2025, the company maintains billions of dollars in excess reserves, with group equity nearing $30 billion; as of the end of the quarter, Tether had approximately $7 billion in excess equity, about $184.5 billion in stablecoin reserves, and around $23 billion in group retained earnings, with total group assets of about $215 billion and stablecoin liabilities of approximately $184.5 billion. He pointed out that the outside world (including S&P) overlooks these group equities, as well as the fact that Tether alone can generate about $500 million in base profit each month from U.S. Treasury yields, leading to misunderstandings about its financial condition.

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Wu's macro indicators and analysis for this week: U.S. September PCE, November ADP

Abstract

Last week, the Federal Reserve's Beige Book showed little change in the economy, with weakened labor demand, and the consensus from the ECB's October meeting minutes was to “not rush to cut interest rates”; this week, focus will be on the “Fed's favorite inflation indicator” September PCE and the U.S. November ADP, among others.

Last Week Review

US September PPI year-on-year 2.7%, expected 2.7%, previous value 2.60%.

The number of initial jobless claims in the U.S. for the week ending November 22 was 216,000, expected to be 225,000, and the previous value was revised from 220,000 to 222,000.

The Federal Reserve released the Beige Book on economic conditions: During the survey period, there was little change in the U.S. economy, labor demand weakened, price pressures rose moderately, and consumer spending faced challenges.

ECB October meeting minutes: “No rush to cut rates” has become a consensus, and the current wait-and-see approach is the best strategy.

Key Events & Indicators This Week

December 01

US November ISM Manufacturing PMI (23:00)

The interest rate meeting is approaching, and the Federal Reserve has entered a quiet period.

US-Russia talks

December 02

Federal Reserve Chairman Powell delivered a speech at a commemorative event (09:00)

December 03

The number of ADP employment in the US for November is ( million ) (21:15)

December 04

The number of initial unemployment claims in the United States for the week ending November 29 was ( million ) (21:30)

December 05

U.S. Core PCE Price Index Year-on-Year for September (23:00)

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