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HashKey begins one of Hong Kong’s biggest crypto IPOs, targeting $215M to expand infrastructure and regulated digital asset services.
Malaysia intensifies enforcement against illegal Bitcoin mining after $1.1B in electricity losses, deploying drones and multi-agency teams.
Cardano, Zcash, and euro stablecoins show renewed network momentum as new tokens, fee reforms, and MiCA regulations boost activity.
The global crypto industry saw major developments across exchanges, regulatory enforcement, blockchain ecosystems, ETF flows, and stablecoin markets. From HashKey’s long-awaited Hong Kong IPO to Malaysia’s anti-mining campaign, here are the top stories in today’s digital asset space.
HashKey Group has opened subscriptions for its upcoming IPO, marking one of the most significant public listings in the region’s digital asset sector.
The firm aims to raise HK$1.67 billion (US$214.7 million) through the sale of 240.6 million shares priced between $0.76 and $0.89.
At the upper range, HashKey’s valuation would reach approximately $2.46 billion. Public subscriptions remain open through the Hong Kong eIPO system and the HKEX’s FINI platform until Friday, ahead of a planned listing on December 17.
Beyond exchange operations, HashKey offers OTC services, staking, tokenization support, and operates HashKey Chain, an Ethereum Layer-2 solution for real-world assets and decentralized applications.
Malaysia has initiated a crackdown on illegal Bitcoin mining networks, and the electricity theft for the operation has cost around $1.1 billion in losses since 2020.
Authorities say rogue miners operating from roughly 14,000 underground sites bypass electrical meters and divert industrial-scale electricity to power mining rigs. The country’s main utility provider, Tenaga Nasional Berhad (TNB), has absorbed most of the economic damage.
Enforcement groups used drones, systems for detecting heat signatures, and handheld energy scanners to locate the hidden mining places.
A collaborative group consisting of law enforcement, government anti-corruption agencies, and the state-owned power company TNB has been set up to eliminate electricity theft.
Bitcoin Spot ETFs recorded a net outflow of $60.48 million on December 8, signaling cooling demand after weeks of strong inflows.
Only BlackRock’s IBIT fund saw inflows, recording $28.76 million. Grayscale’s GBTC remained the biggest loser, reporting $44.03 million in outflows
Across all issuers, Bitcoin Spot ETFs now hold $118.50 billion in assets, representing 6.54% of Bitcoin’s total market cap.
Also Read: Bitcoin Price Slides to $89,676 Low, Then Recovers Toward $90,000 Mark
The on-chain activity of Cardano seems to go into another expansion cycle as analysts point out the increasing trading volumes on major decentralized exchanges (DEXs).
According to TapTools’ analysis, ADA's volume profile is similar to the first stages of the previous surges that occurred in early 2023, mid-2023, early 2024, and late 2024.
The upcoming launch of the NIGHT token is expected to catalyze fresh liquidity and ecosystem participation.
Historically, new token releases on Cardano stimulate interaction across platforms like Minswap, GeniusYield, and Saturn Swap.
Developers at Shielded Labs released a blueprint for a dynamic, stateless fee market designed to replace Zcash’s static fee model. The initiative comes as ZEC users report rising transaction costs and congestion under the existing fixed-fee system.
The new model introduces:
A median fee per action derived from the previous 50 blocks
Fee “buckets’’ based on powers of ten to preserve privacy
A temporary priority lane with 10x higher fees during peak demand
A phased rollout beginning with off-chain testing
Unlike Ethereum’s EIP-1559, the mechanism avoids complex redesigns, maintaining Zcash’s privacy-first architecture.
Also Read: Vitalik Buterin Warns Token Voting Could Weaken Zcash Privacy and Long-Term Governance
A recent Decta report reveals that the market cap of euro-denominated stablecoins has reached $680 million, a 100% in a year following the implementation of regulations in the EU under MiCA.
The main highlights are:
EURS - rose by 644% to $283.9 million
EURC & EURCV - steady growth due to cross-border payments and fiat on-ramps
Monthly transaction volumes exploded to $3.83 billion, indicating the faster adoption.
However, despite the rapid rise, euro stablecoins account for only a small part of the total market of $300 billion for USD-stablecoins. At the same time, 10 banks in Europe are working on a fully regulated euro stablecoin for potential release in late 2026.
1. What is HashKey raising in its IPO?
HashKey is seeking about $214.7 million, valuing the company at $2.5 billion for its Hong Kong listing.
2. Why is Malaysia cracking down on Bitcoin mining?
Illegal mining has caused $1.1B in electricity losses, prompting aggressive raids and surveillance-led enforcement.
3. What caused Bitcoin ETF outflows?
ETFs saw $60.48 million in net outflows as market sentiment cooled; only BlackRock’s IBIT recorded inflows.
4. Why is Cardano’s trading volume rising?
The upcoming NIGHT token launch is fueling renewed DEX activity, echoing previous ADA volume expansion cycles.
5. What fee changes is Zcash proposing?
Zcash plans a dynamic fee model using median block fees, privacy-preserving buckets, and a priority lane to manage congestion.
