<h2>End of an Era for RTFKT</h2>Nike’s groundbreaking virtual sneaker and collectibles company, RTFKT, has announced its&nbsp;<a href="https://twitter.com/RTFKT/status/1863621178532773928">impending closure</a>, marking a significant moment in the evolving landscape of&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a>. The company revealed its plans on X, stating it will cease all Web3 operations by January 2025. Before shutting down, RTFKT intends to honor its legacy with a dedicated website showcasing its innovative projects that redefined digital fashion and collectibles. Its final product drop, MNLTH X featuring the Blade Drop, is set to launch this month, marking the conclusion of an extraordinary journey.Founded in 2020, RTFKT quickly emerged as a pioneer in digital fashion, fusing the worlds of virtual collectibles and real-world fashion. The company gained notoriety for creating the first digital sneakers that transitioned into physical products, capturing the imagination of collectors and redefining how fashion and technology intersect. In December 2021, RTFKT entered the spotlight when Nike acquired the startup as part of its ambitious metaverse strategy. The acquisition signaled Nike’s commitment to virtual goods and&nbsp;<a href="https://coin360.com/glossary/non-fungible-tokens">NFTs</a> during a period when the digital asset market was booming.The announcement of RTFKT’s shutdown has stirred mixed reactions across the crypto and Web3 communities. While some hail the move as a transparent conclusion to an impactful chapter, others are questioning the decision's timing amidst a so-called "bull market." Michael “TFG” Padilla, CEO and Founder of Swamp Gaming, labeled the move&nbsp;<a href="https://x.com/TFGmykL/status/1863624079598666030">“wild,”</a> reflecting widespread disbelief. Rahim Mahtab, a prominent Web3 angel investor,&nbsp;<a href="https://x.com/Rahim_mahtab/status/1863623887830893033">called</a> the decision the “saddest story to come from the&nbsp;<a href="https://coin360.com/nft">NFT</a> space,” echoing sentiments of disappointment among digital asset enthusiasts.Italian NFT artist Federico Clapis, however, offered a contrasting perspective, applauding RTFKT for its transparency and courage. “You could have simply said nothing and let the project fade away,” Clapis&nbsp;<a href="https://x.com/FedericoClapis/status/1863734330834505783">wrote</a>, “but with this post, you’re bringing closure to a great project that will become history and archaeology.” This sentiment underscores the cultural significance of RTFKT’s contribution to the NFT and digital fashion spaces, despite the market’s broader challenges.RTFKT’s closure highlights the shifting dynamics of the digital asset market, raising questions about the sustainability of once-thriving NFT ventures. As January 2025 approaches, the legacy of RTFKT serves as a reminder of the innovation and unpredictability that define the ever-evolving Web3 landscape.This article has been refined and enhanced by ChatGPT.

Robot mid-air with swirling sneaker silhouettes

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Nike’s RTFKT to Shut Down Amid NFT Market Challenges

<h2>Martial Law News in South Korea Ignites 30% Bitcoin Drop on Local Exchanges&nbsp;</h2>South Korean President Yoon Suk Yeol declared martial law citing threats from North Korea and opposition actions, leading to&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>'s&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>/KRW pair dropping over 30% on&nbsp;<a href="https://coin360.com/exchange/upbit">Upbit</a>. The declaration caused disruptions in crypto exchanges and political tension, with opposition lawmakers accusing Yoon of attempting to suppress parliament. CryptoQuant CEO Ki Young Ju sought international attention, including from Elon Musk, due to censorship concerns. The National Assembly unanimously&nbsp;<a href="https://coincu.com/295091-south-korean-martial-law-is-now-lifted/">voted to lift</a> martial law the same day, stabilizing political tensions but leaving crypto markets volatile. Exchanges like Upbit faced heavy traffic and operational delays during the crisis.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>France Proposes Tax on Unrealized Crypto Gains</h2>France advanced a plan to tax unrealized Bitcoin and crypto gains under its "Tax on Unproductive Wealth." Current policies impose a 30% flat tax on crypto gains over €305, while this new measure faces backlash for potentially stifling innovation and destabilizing markets. Critics, including Michael Saylor, warn it could force asset sales, harming French investors. Penalties for non-compliance are severe, and the global crypto community debates its fairness, given crypto’s volatility. This policy could inspire similar moves in Europe, intensifying scrutiny of enforcement and prompting wealth relocation to tax-friendly jurisdictions.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Coinbase Exits Turkey's Crypto Market, Cuts Ties with Law Firm Over Anti-Crypto Hiring</h2><a href="https://coin360.com/review/coinbase">Coinbase</a> announced its withdrawal from Turkey’s crypto market, citing regulatory hurdles after filing for&nbsp;<a href="https://coin360.com/glossary/understanding-liquidation-crypto-trading-guide">liquidation</a> three months post its initial application. Concurrently, Coinbase CEO Brian Armstrong revealed the company severed ties with law firm Milbank following its hiring of former SEC enforcement director Gurbir Grewal, criticizing Grewal's anti-crypto enforcement actions. Armstrong emphasized the broader crypto community should avoid engaging firms employing individuals with such records. These moves highlight Coinbase's strategic pivot to navigate complex international and domestic regulatory landscapes amidst evolving crypto policies, including advocacy for pro-crypto leadership in the U.S. regulatory framework.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Cambodia Bans Binance, Coinbase, and 14 Other Crypto Exchanges Amid Concerns</h2>Cambodia has&nbsp;<a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Cambodia-blocks-access-to-16-crypto-exchange-websites?ref=blockhead.co">blocked</a> 16 cryptocurrency exchange websites, including&nbsp;<a href="https://coin360.com/review/binance">Binance</a> and Coinbase, due to unlicensed operations under the Securities and Exchange Regulator of Cambodia (SERC). Despite these restrictions, mobile apps remain functional, indicating a complex regulatory stance. The crackdown targets illicit activities tied to cybercrime and money laundering, with Chainalysis revealing that Huione Guarantee processed over $49 billion in crypto transactions since 2021. Cambodia ranks in the top 20 globally for retail crypto usage, with 70% of transactions via centralized exchanges. The government’s Bakong payments system processed 200 million transactions in 2023, reflecting a dual approach to digital finance innovation.This article has been refined and enhanced by ChatGPT.

Bitcoin chaos robot balancing under martial law crisis

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Global Crypto Tensions Rise: South Korea, France, Cambodia, and Coinbase

<h2>Genesis Block Sets the Stage for Sonic Labs' Public Network</h2>Sonic Labs, a&nbsp;<a href="https://coin360.com/glossary/layer-1">Layer 1</a> blockchain project that emerged from the&nbsp;<a href="https://coin360.com/coin/fantom-ftm">Fantom</a> network, is&nbsp;<a href="https://twitter.com/0xSonicLabs/status/1863648524128121026">inching closer</a> to its highly anticipated mainnet launch. The creation of its genesis block marks a critical milestone, signifying the network’s readiness to transition from testnet to a full-fledged public blockchain. The team behind Sonic Labs announced on Sunday via X that they had completed a significant portion of the snapshot required for their token airdrop allocation, underscoring their progress toward launching a decentralized ecosystem.As part of its rollout, Sonic Labs plans to distribute an impressive 190.5 million $S tokens, equivalent to Fantom’s&nbsp;<a href="https://coin360.com/coin/fantom-ftm">FTM</a> tokens at a 1:1 ratio. The allocation, valued at approximately $226 million, aims to incentivize early adoption and community engagement. The announcement had an immediate impact on Fantom’s FTM token price, which surged over 20%, climbing from $1 to $1.20 shortly after the news broke. This reaction highlights market enthusiasm surrounding the spin-off project and its ambitious plans.<figure class="image"><img alt="chart (4).png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_4_ec63d977d6.png"></figure>The project has also unveiled an upgraded version of its testnet, Blaze, which boasts a series of performance enhancements. Blaze has processed over 655,000 blocks with an average block time of just 0.33 seconds, eight transactions per second, and a finality time of 0.8 seconds. These metrics demonstrate Sonic Labs’ capacity to deliver a high-performance blockchain, positioning it as a serious contender in the increasingly competitive Layer 1 space.In addition to its technical milestones, Sonic Labs revealed plans for a feature-rich mainnet. The upcoming network will include Sonic Gateway, a bridge to&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>, enabling seamless access to Ethereum’s expansive liquidity and user base. This cross-chain capability will offer high throughput and low transaction costs, catering to users seeking efficiency without sacrificing connectivity. With these developments, Sonic Labs is positioning itself as a scalable and interconnected solution in the blockchain ecosystem.This article has been refined and enhanced by ChatGPT.

Robot operates airdrop machine, hinting at Sonic’s $226M airdrop

Robot operates airdrop machine, hinting at Sonic’s $226M airdrop (1).webp

Sonic Labs Moves Closer to Mainnet Debut

<h2>SBI VC Trade to Absorb DMM Bitcoin's Operations by 2025</h2>Japanese cryptocurrency exchange DMM Bitcoin has&nbsp;<a href="https://bitcoin.dmm.com/news/20241202_01">announced</a> plans to cease operations following a devastating hack earlier this year that resulted in losses exceeding $300 million. The exchange will transfer its assets and customer accounts to SBI VC Trade, the crypto subsidiary of financial giant SBI Group, by March 2025, according to a&nbsp;<a href="https://www.sbivc.co.jp/newsview/1zkj8mf5x3y">statement</a> released Monday. However, leveraged trading positions will not be part of the transfer, with DMM Bitcoin requiring all such accounts to settle their positions beforehand.The exchange suffered a significant security breach in May, losing 4,502.9&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>, valued at approximately $306 million at the time. The scale of the theft forced DMM Bitcoin to initiate a substantial funding effort in June, raising approximately 55 billion yen ($365.1 million) to stabilize its operations.&nbsp;This included 5 billion yen ($33.2 million) through borrowing on June 3, a capital infusion of 48 billion yen ($318.6 million) on June 7, and an additional 2 billion yen ($13.3 million) through subordinated borrowing on June 10. Despite these efforts, the exchange determined that transferring its operations to SBI VC Trade was the best course of action.SBI VC Trade, which will take over DMM Bitcoin’s custodial assets, confirmed it plans to incorporate the 14 cryptocurrencies currently offered by the shuttering exchange into its spot trading portfolio. The transition reflects SBI's growing footprint in the Japanese cryptocurrency market, positioning itself as a leading player in the region's digital asset ecosystem. DMM Bitcoin intends to close all operations following the completion of the asset transfer, marking the end of its services after a turbulent chapter in its history.This article has been refined and enhanced by ChatGPT.

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DMM Bitcoin to Shut Down Amid $300 Million Hack Fallout

<h2>MicroStrategy Acquires Additional $1.5 Billion in Bitcoin, Boosting Total Holdings to 400,000 BTC</h2>MicroStrategy announced&nbsp;<a href="https://twitter.com/saylor/status/1863569873713955156">acquiring</a> 15,400&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> for $1.5 billion at an average price of $95,976 per&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>, raising its total holdings to 402,100 BTC, worth approximately $39 billion. Since August 2020, the company has invested $23.4 billion in Bitcoin at an average acquisition price of $58,263 per BTC. This strategy, led by Executive Chairman Michael Saylor, has significantly boosted MicroStrategy's stock, from under $15 to $389 per share, outperforming most S&amp;P 500 firms. Saylor advocates Bitcoin as a superior store of value and has positioned MicroStrategy as a Bitcoin-centric development company.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Brazil Proposes National Bitcoin Reserve</h2>Brazilian Congressman Eros Biondini proposed establishing a national bitcoin reserve, aiming for up to 5% of Brazil’s national reserves, mirroring similar U.S. efforts. Meanwhile, on November 29, 2024, the Brazilian central bank&nbsp;<a href="https://www.gov.br/participamaisbrasil/consulta-publica-n-111">proposed</a> banning stablecoin transfers to self-custodial wallets to tighten foreign exchange oversight as the Brazilian real hit record lows, losing 23% against the U.S. dollar in 2024. This ban targets virtual asset service providers, mandating detailed transaction reporting, and aligns with Brazil’s $90 billion crypto inflows, where&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a> make up 59.8% of crypto transactions, indicating significant reliance on dollar-pegged assets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Metaplanet Launches Bitcoin Shareholder Program, Offering 30 Million Yen in BTC</h2>Metaplanet, in partnership with SBI VC Trade, has&nbsp;<a href="https://x.com/gerovich/status/1863376120374280234">launched</a> a Bitcoin shareholder benefit program offering 30 million yen in Bitcoin to 2,350 shareholders through a lottery system. Fifty shareholders will receive 100,000 yen worth of Bitcoin each. The initiative aims to enhance Bitcoin adoption in Japan by providing the cryptocurrency for free. Throughout 2024, Metaplanet has significantly increased its Bitcoin holdings, amassing a total of 1,142 BTC valued at approximately $110 million, positioning the firm as one of Asia's largest corporate Bitcoin holders.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Sora Ventures Launches $150 Million Fund to Promote Bitcoin Treasury Strategies in Asia</h2>Sora Ventures announced a $150 million fund to replicate MicroStrategy's Bitcoin-centric treasury model in Asia, targeting listed firms in Japan, Hong Kong, and other regions. The fund aims to enhance corporate value via Bitcoin reserves, with success exemplified by Tokyo-listed Metaplanet, whose stock soared over 1,000% in 2024 following adoption. Sora Ventures is expanding to Thailand and Hong Kong, investing in Bitcoin ecosystem projects and promoting educational initiatives to drive Bitcoin adoption. These efforts highlight Sora Ventures’ focus on institutional adoption and broad-based ecosystem development across Asia.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>MARA Holdings Announces $700M Note Issuance to Expand Bitcoin Holdings</h2>MARA Holdings&nbsp;<a href="https://ir.mara.com/news-events/press-releases/detail/1380/mara-holdings-inc-announces-proposed-private-offering-of-700-million-of-zero-coupon-convertible-senior-notes">announced</a> a $700 million zero-coupon convertible senior notes offering to buy bitcoin and repurchase some existing notes, with an additional $105 million option available for institutional investors. The notes, due 2031, will not accrue interest and can be converted into cash, stock, or both. MARA plans to allocate $50 million to repurchase current convertible notes, with the remainder for bitcoin purchases and corporate purposes. By November, MARA mined 8,563 BTC, acquired 12,965 BTC year-to-date, and held 34,959 BTC valued at $3.3 billion, with a 46.1 EH/s hash rate and a 37.2% BTC yield per share.This article has been refined and enhanced by ChatGPT.

Robot seated holding Bitcoin symbols on glowing podium of innovation

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2024 Bitcoin Treasury Race: MicroStrategy, Brazil, and Asia Lead

<h2>Bitcoin Hedge Fund by Hilbert Group &amp; Xapo Bank</h2>Xapo Bank and Hilbert Capital, the asset management division of Sweden’s Hilbert Group, are set to&nbsp;<a href="https://hilbert.group/en/hilbert-group-and-xapo-bank-agree-strategic-investment-partnership-and-launch-of-bitcoin-hedge-fund-in-excess-of-200-million/">launch</a> a bitcoin-denominated hedge fund with an initial capital of $200 million. Slated for a September debut, the fund targets corporations, businesses, and professional investors, marking a significant step in the institutional embrace of cryptocurrency.&nbsp;Joey Garcia, Director of Xapo Bank, emphasized the importance of offering products that not only provide exposure to&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>'s price but also aim to grow the Bitcoin value of investments. He highlighted Hilbert's role as a key partner, ensuring the fund operates with the necessary investment experience, security, and integrity.While details on the fund’s fees remain undisclosed, the firms hinted they would be lower than the typical 2% management fee and 20% performance fee seen in similar hedge funds. This partnership between Xapo Bank, a veteran in the Bitcoin space, and Hilbert Group has been evolving over the past year, with Hilbert Group CEO Niclas Sandström expressing confidence in the fund's potential for significant growth.&nbsp;The rise of bitcoin hedge funds may indicate a broader institutional adoption of crypto, signaling increased demand for sophisticated financial products beyond those available to retail investors.This article has been refined and enhanced by ChatGPT.

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Hilbert Capital and Xapo Bank Launch $200M Bitcoin Hedge Fund

Bitcoin Hedge Fund by Hilbert Group & Xapo Bank

Latest News @Coin360

Nike’s RTFKT to Shut Down Amid NFT Market Challenges

Global Crypto Tensions Rise: South Korea, France, Cambodia, and Coinbase

Sonic Labs Moves Closer to Mainnet Debut

DMM Bitcoin to Shut Down Amid $300 Million Hack Fallout

2024 Bitcoin Treasury Race: MicroStrategy, Brazil, and Asia Lead