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Tom Lee, Chairman of Bitmine (BMNR), said on Dec. 4 that Ethereum (ETH) is currently extremely undervalued, describing it as the future of finance and the center of tokenization. Speaking at the Binance Blockchain Week keynote in Dubai, he noted that ETH is the foundation for stablecoins and institutional tokenization. Lee projected that over $1 trillion in assets, including real estate and financial instruments, will move to the blockchain, with ETH positioned to be the gateway for this transition. He also stated that crypto prices have bottomed out, viewing the recent decline as a deleveraging process rather than a fundamental issue. Lee predicted a market rebound similar to the recovery seen in the eight weeks following the collapse of FTX. Furthermore, he suggested Bitcoin's four-year cycle is broken and that it will establish a new all-time high by early 2026, after which it will trade similarly to the S&P 500 index. Lee emphasized that if BTC reaches $250,000 and the ETH/BTC ratio returns to its eight-year average of 0.25, the price of ETH could rise to $62,000.

Europol has uncovered a criminal organization that laundered $800 million in illicit funds, The Block reported. The group allegedly operated fraudulent investment platforms to defraud thousands of victims and then attempted to launder the proceeds through multiple exchanges and blockchains.

Prediction market platform Polymarket is planning to launch an in-house market-making team to trade directly with its customers, CoinDesk reported. The company is reportedly in discussions with traders and sports bettors about the new team and is actively hiring for the unit.

An analysis suggests that Ethereum is exhibiting a price pattern similar to its 2021 bull market, potentially setting the stage for a significant rally. According to Cointelegraph, crypto analyst Mags noted that the ETH/BTC trading pair bottomed out in April at a point identical to the previous bull cycle. The analyst added that the subsequent rebound and retest of support levels have closely followed the historical trend. Mags highlighted that ETH is now near the point that previously preceded a 170% rally over seven weeks. This historical surge involved seven consecutive weekly gains before entering a moderate sell-off phase, a pattern the analyst believes could repeat. A 170% increase from current levels would place the price of ETH at approximately $8,500.

Whale Alert reported that 310,662,076 USDC has been transferred from an unknown wallet to Deribit. The transaction is valued at about $311 million.

Binance announced it will delist four USDT-margined perpetual futures contracts at 9:00 a.m. UTC on Dec. 10. The affected pairs are SKATE/USDT, REI/USDT, FIS/USDT, and VOXEL/USDT.

James, the co-founder and a core developer of MAP Protocol (MAPO), announced via X that the project will initiate a $1 million buyback of its native MAPO token this month. He added that, similar to the previous buyback, the process is expected to be completed before Dec. 14.

The recent decline in Bitcoin's price has pushed holders' realized losses to their highest level since the collapse of FTX in 2022, according to an analysis by Glassnode. The firm noted that these losses are predominantly driven by short-term holders (STH), indicating heightened capitulation pressure among recent buyers. In contrast, losses among long-term holders (LTH) have been relatively limited, suggesting that the current market stress is primarily concentrated on newer investors.

Cryptocurrency services provider Matrixport has withdrawn 5,805 BTC, valued at $470 million, from Binance over the past 24 hours, Onchainlens reported. Withdrawals from exchanges are generally interpreted as an intention to hold the assets.

According to CoinNess market monitoring, BTC has fallen below $91,000. BTC is trading at $90,988.79 on the Binance USDT market.

Hong Kong-based crypto investment firm HashKey Holdings Limited plans to begin taking investor subscriptions for its initial public offering (IPO) as early as next week, Bloomberg reported. The company aims to raise at least $200 million and is targeting a listing before the end of December. However, the offering's size and schedule may change depending on market conditions.

South Korea's National Police Agency has converted its preliminary review of a hacking incident at the Upbit crypto exchange into a formal investigation, the Herald Business reported. The Cyber Terror Investigation Division had been conducting a preliminary probe since last month. A police official stated that they could not disclose whether a suspect has been identified, citing the nature of hacking cases. The official clarified that the transition to a formal investigation occurs when criminal suspicions become objectively concrete and a full probe is deemed necessary, not necessarily upon the identification of a suspect.

South Korean crypto exchange Bithumb has announced it will temporarily suspend deposits and withdrawals for NEAR Protocol (NEAR) starting at 9:00 a.m. UTC on Dec. 8 to support a network upgrade.

Binance has announced it will temporarily suspend deposits and withdrawals for the Terra (LUNA) network to support an upcoming network upgrade. The suspension will begin at 12:05 p.m. UTC on Dec. 8.

South Korean cryptocurrency exchange Upbit has announced that access to its PC web and mobile app is currently unstable due to a service disruption at Cloudflare.

An address believed to belong to the hacker behind the Bunni DEX exploit has transferred 2,295 ETH, worth $7.3 million, to the crypto mixing protocol Tornado Cash, according to PeckShield. The decentralized exchange previously announced in October that it would cease operations due to financial difficulties after suffering an $8.4 million hack.

An address believed to be associated with Elon Musk's aerospace company, SpaceX, transferred 1,083 BTC, worth approximately $99.81 million, to a new address a short while ago, according to Lookonchain. The move appears to be a transfer to a Coinbase Prime address for custody purposes.

Major cryptocurrency platforms, including the South Korean exchange Upbit and Coinbase, are experiencing service disruptions. The outages are believed to be linked to an error at the web infrastructure provider Cloudflare. A similar Cloudflare-related issue caused widespread service interruptions across multiple crypto platforms last month.

The Ethereum network experienced a temporary drop in validator participation immediately following its Fusaka upgrade due to a bug in the Prysm consensus layer client, Cointelegraph reported. The bug was found to have occurred while Prysm v7.0.0 was processing old validator attestations. According to the Beaconchain explorer beaconcha.in, at epoch 411448, network synchronization participation fell to 75% and voting participation dropped to 74%. The network has since recovered, with voting participation at 99% and synchronization at 97% by epoch 411712. At the time of the incident, approximately 22.71% of validators were using the Prysm client, a share that has since decreased to 18%.

Turkish cryptocurrency exchange Paribu has announced its acquisition of CoinMENA, the largest crypto exchange in the Middle East and North Africa (MENA) region, for up to $240 million. Paribu plans to expand its operations into the region by acquiring CoinMENA, which holds licenses from Dubai's Virtual Assets Regulatory Authority (VARA) and the Central Bank of Bahrain.

South Korean crypto exchange Bithumb has announced that it will temporarily suspend deposits and withdrawals for ZRC at 8:00 a.m. UTC on Dec. 8 to support a network upgrade.

South Korean crypto exchange Upbit has announced that it will temporarily suspend deposits and withdrawals for Ethereum (ETH) and related digital assets to support an upcoming network hard fork. The suspension is scheduled to begin at 12:00 p.m. UTC on Dec. 9.

Solana-based decentralized exchange (DEX) HumidiFi has announced it is voiding yesterday’s public token sale and will conduct a new one next Monday. The exchange explained that a bot created thousands of wallets to participate in the sale, ultimately purchasing the entire token supply. This activity prevented regular users from being able to participate.

U.S. crypto exchange Kraken has launched a new VIP program for ultra-high-net-worth (UHNW) individuals and institutional investors, according to CoinDesk. Participants will be assigned a dedicated account manager and receive early access to new Kraken products. To qualify, users must maintain an average account balance of $10 million or have an annual trading volume of over $80 million.

Global cryptocurrency exchange MEXC announced it has hired Vugar Usi Zade, the former Chief Operating Officer (COO) of Bitget, as its new COO. Zade previously worked at Meta (formerly Facebook) and Bain & Company before his tenure at Bitget, where he is credited with playing a key role in the exchange's growth to become the fourth-largest globally. In his new role, Zade will oversee strategic market expansion into areas such as Eastern Europe and Latin America, while also strengthening MEXC's global regulatory and compliance framework. Zade stated that MEXC is an exchange with potential for continuous innovation and growth, adding that he aims to set new standards and enhance overall reliability through a regulation-friendly approach.