Morning News | SpaceX plans to go public with a valuation of $1.5 trillion; He Yi stated that BNB will be airdropped to users who suffered losses due to WeChat theft; Crypto AI platform Surf completes $15 million financing
Overview of Important Market Events on December 10th整理：ChainCatcher
Important News:
- Yili Hua: ETH is severely undervalued, will not engage in swing trading in the short term
- He Yi: Will airdrop BNB to users who lost money due to WeChat theft
- US SEC Chairman: Various types of cryptocurrency ICOs do not fall under securities trading, will focus on tokenized securities regulation
- SpaceX plans to go public in 2026 with a valuation of $1.5 trillion
- Bitcoin treasury company Strive announces a $500 million stock issuance plan
- Crypto AI platform Surf completes $15 million funding, led by Pantera Capital
- Bitwise CEO: The four-year cycle is dead, we have been in a bear market since February, and a big market will come in 2026
What important events happened in the past 24 hours?
Yili Hua: ETH is severely undervalued, will not engage in swing trading in the short term
According to ChainCatcher, Yili Hua, founder of Liquid Capital (formerly LD Capital), stated in a post, "For long-term spot investments, a few hundred dollars make no difference. The current undervaluation of ETH is due to macro expectations of interest rate cuts and continuous crypto-friendly policies. From an industry perspective, the long-term growth of stablecoins and the trend of financial on-chain are evident. The fundamentals of ETH have completely changed, and these factors are also the reason for heavily investing in WLFI/USD1.
After fully investing, I will leave the rest to time and will not engage in swing trading in the short term. Lastly, I reiterate that the volatility of spot trading is significant; it is advisable not to trade contracts, as most people lack the necessary skills and psychological resilience. Moreover, contracts are a game of nine losses to one win, which can drain one's energy; it is better to use that energy to expand off-chain business."
Crypto AI platform Surf completes $15 million funding, led by Pantera Capital
According to ChainCatcher, Surf, a specialized AI platform for the cryptocurrency sector, announced the completion of a $15 million funding round, led by Pantera Capital, with participation from Coinbase Ventures and Digital Currency Group.
Surf launched its invitation-only product in July and opened to the public in September. According to company data, the platform currently has over 300,000 users and has generated over 1 million search results. Li stated that Surf can answer various crypto-related questions, from basic to deep technical inquiries, with 80% of its users not being industry professionals, while the remaining 20% come from venture capital, exchanges, and other crypto-related institutions.
The startup claims its revenue has reached several million dollars and hopes to grow to $10 million by the end of 2026. Surf's revenue model is subscription-based, with users paying between $15 and $399 per month based on different tiers. The platform also offers a free version, but with a limited number of questions per day. The company currently has fewer than 30 employees.
Li considers its main competitors to be mainstream AI models like ChatGPT, Perplexity, and Grok. According to a benchmarking report co-authored with Princeton University, Surf's performance on crypto tasks is four times that of ChatGPT and Grok.
The Federal Reserve will announce its interest rate decision at 3 AM on Thursday, with the market expecting a 25 basis point cut
According to ChainCatcher, the Federal Reserve will announce its interest rate decision at 03:00 on Thursday, with the market expecting a 25 basis point cut to 3.50%-3.75%. There are rare divisions within the FOMC, with some voting members possibly opposing further rate cuts. Due to the government shutdown, key data for October is missing, and changes to the SEP and dot plot are expected to be limited. In terms of liquidity, the market is focused on whether a "Reserve Management Purchase Program" (RMP) will be launched after the end of balance sheet reduction; Bank of America predicts it could purchase about $45 billion in short-term U.S. Treasury bonds monthly starting in January; if including MBS reinvestment, the scale could reach about $60 billion. If RMP is announced, the focus of the meeting may shift to the balance sheet rather than the interest rate path.
According to ChainCatcher, the American Federation of Teachers (AFT) submitted a petition to the U.S. Senate on Monday, calling for the withdrawal of the Cryptocurrency Market Structure Act, warning that the proposal poses "serious risks" to pensions and the broader U.S. economy. In a letter first obtained by CNBC, the union organization pointed out that the Responsible Financial Innovation Act fails to establish adequate regulatory protections against the inherent risks of cryptocurrency assets and stablecoins.
AFT President Randi Weingarten wrote in the letter, "This bill not only fails to provide the urgently needed regulatory measures and common-sense safeguards but also exposes working families—those currently with no connection to cryptocurrency—to economic risks, threatening the stability of their retirement security." The union, representing 1.8 million members, stated that its "fundamental purpose" is to maintain a robust and reliable pension system for retired workers.
The main reason for opposing the bill is the concern that it may pave the way for digital assets to enter retirement portfolios (including AFT pensions). Weingarten emphasized that a key concern is that the bill may allow non-crypto companies to tokenize equity through blockchain, thereby circumventing existing securities law regulations. She pointed out that this could bypass requirements for registration, disclosure, and intermediary regulation, weakening investor protection channels and regulatory accountability mechanisms.
Weingarten stated, "This loophole and the erosion of traditional securities laws will have catastrophic consequences: even if pension and 401(k) plans invest in traditional securities, they may ultimately hold unsafe assets." Besides retirement pensions, the letter also pointed out that the bill lacks sufficient regulatory measures against illegal activities in the crypto market, warning that its loopholes could lay the groundwork for "the next financial crisis."
The hacker who stole He Yi's WeChat profited about $55,000 through trading Mubarakah
According to ChainCatcher, Lookonchain monitored that a hacker stole He Yi's WeChat account and used it to post about Mubarakah, causing the token's price to rise rapidly.
On-chain data shows that the hacker created two new wallets (0x6739 and 0xD0B8) about 7 hours ago and spent 19,479 USDT to buy 21.16 million Mubarakah tokens.
After the pump ended, the hacker sold 11.95 million Mubarakah tokens, gaining 43,520 USDT, and currently still holds 9.21 million Mubarakah tokens (about $31,000). The hacker's total profit from this operation is about $55,000.
He Yi: Will airdrop BNB to users who lost money due to WeChat theft
According to ChainCatcher, Binance co-founder He Yi posted on X platform that her rarely used WeChat was stolen early this morning, and some users who saw her Moments and WeChat messages blindly bought a meme coin due to their trust in her, resulting in losses. She personally will take out BNB to airdrop to users who used Binance's non-custodial wallet and traded that meme coin during the time her WeChat was stolen and incurred absolute losses; the airdrop will be completed within 24 hours.
She herself, the official Binance account, and Binance employees will not recommend any meme coins, as such content lacks long-term viability and the tokens have no price support. She hopes everyone will be cautious in discerning online information and engage in responsible investment behavior, stating that there will be no similar subsidies in the future.
According to ChainCatcher, SEC Chairman Paul Atkins stated at the Blockchain Association's annual policy summit that various types of ICOs should be considered non-securities transactions and therefore fall outside the SEC's regulatory scope.
Atkins specifically mentioned the token classification he introduced last month, which divides the cryptocurrency industry into four main token categories. He believes that three of these categories—network tokens, digital collectibles, and digital tools—should not be considered securities, and related ICOs should also be regarded as non-securities transactions.
Atkins stated, "These three areas fall under the CFTC's regulatory scope, and we let them handle it; we will focus on tokenized securities." He pointed out that the only category of ICOs that the SEC should regulate is tokenized securities, which represent securities already under SEC regulation traded on-chain.
According to ChainCatcher, Bitwise CEO Hunter Horsley expressed on social media that the four-year cycle pattern of cryptocurrencies has ended, and the market has changed and matured.
Hunter Horsley stated that looking back in 2025, it will be evident that the market has actually been in a bear market since February, only masked by the continuous buying from cryptocurrency treasury companies. He believes that all factors are preparing for a large-scale market in 2026.
SpaceX plans to go public in 2026 with a valuation of $1.5 trillion
According to ChainCatcher, SpaceX expects its IPO valuation to be around $1.5 trillion, with fundraising far exceeding $30 billion. SpaceX plans to conduct its IPO in the latter half of 2026, with the specific timing depending on market conditions.
SpaceX expects sales of about $15 billion in 2025 and approximately $22 billion to $24 billion in 2026. SpaceX's IPO plan is expected to become the largest IPO in history.
CZ reposts a photo wearing limited edition Trump Bitcoin sneakers
According to ChainCatcher, Binance founder CZ reposted a photo wearing limited edition Trump Bitcoin sneakers "Bitcoin Sneakers" and stated that these shoes were a gift from a friend, and he considers them an NFT.
In the photo, CZ is wearing the special edition Bitcoin sneakers launched by Trump in 2024, featuring an orange-yellow high-top design with the Bitcoin symbol ₿. This series is limited to 1,000 pairs, originally priced at $499, and sold out quickly after going on presale on July 31, 2024. The current second-hand market price has doubled to between $700 and $2,500.
According to ChainCatcher, CZ posted on X platform expressing hope that the next account to be hacked is not his own, emphasizing that he has not used WeChat for years and will not directly promote any Meme coin contract addresses, reminding users to pay attention to security to avoid being scammed.
Bitcoin treasury company Strive announces a $500 million stock issuance plan
According to ChainCatcher, Bitcoin treasury company Strive announced the launch of an At-The-Market (ATM) stock issuance plan with a maximum scale of $500 million. The funds raised will be used for acquiring Bitcoin and related products, operating capital, purchasing income-generating assets, capital expenditures, repurchasing Class A common stock, and repaying debts, among other general corporate purposes, and may also be used for acquiring complementary businesses or technologies. The company has submitted a supplemental filing to the SEC on December 9.
As of November 7, Strive holds approximately 7,525 Bitcoins, and its wholly-owned subsidiary Strive Asset Management currently manages over $2 billion in assets.
Rainbow will launch its token public sale on CoinList on December 11
According to ChainCatcher, the official announcement from CoinList states that the Rainbow (RNBW) token sale will officially start at 17:00 UTC on December 11. The FDV for this token sale is $100 million, with the sale amount being 3% of the total token supply, and the token price is $0.1, fully unlocked at TGE, with a minimum purchase amount of $100.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of December 11, 09:00,
The top five popular tokens on ETH in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular tokens on Solana in the past 24 hours are: TRUMP, PENGU, Fartcoin, FO, ME
The top five popular tokens on Base in the past 24 hours are: PEPE, BASED, NATO, SKYA, BUBU
What are some noteworthy articles to read in the past 24 hours?
In the rapidly changing global financial market, every decision made by the Federal Reserve affects countless investors. In recent years, our economic life has been like a roller coaster, sometimes speeding up and sometimes slowing down. Among the many policy tools, a new strategy called "Reserve Management Purchase" (RMP) is quietly emerging, signaling that the financial market may welcome a new chapter of "invisible easing."
New Fire Technology Livio: The value of Ethereum's Fusaka upgrade is underestimated
In late autumn of 2025, the global crypto asset market experienced a severe correction, with price panic and liquidity concerns reaching the most "extreme" position since 2022. However, while widespread pessimism enveloped the market, the public collectively overlooked another more strategically significant event—the Fusaka upgrade completed by Ethereum on December 3.
In previous years, Ethereum upgrades were always preheated six months in advance; this year, due to the control of downward sentiment, the upgrade barely entered the public's view. However, our analysis reveals that Fusaka is not a simple technical patch; it is an adjustment to Ethereum's economic model and ecological performance, systematically addressing the long-standing core bottlenecks of "value capture" and "user experience."
a16z "Major Ideas for 2026: Part One"
As investors, our responsibility is to delve into every corner of the technology industry to grasp future development trends. Therefore, every December, we invite our investment teams to share what they believe will be a significant idea that technology companies will address in the coming year.
Today, we will share insights from the infrastructure, growth, bio+health, and Speedrun teams. Stay tuned for other teams' shares tomorrow.
The lending market does not need a curator model
Editor's note: After the successive collapses of Stream Finance and USDX, the DeFi community is undergoing a painful demystification. The "curator" model introduced by protocols like Morpho and Euler was intended to address liquidity fragmentation but inadvertently reintroduced the moral hazard of "people" back onto the chain. The author of this article points out that current lending protocols mistakenly bundle "risk definition" with "order matching." By drawing on traditional finance's order book model, this article constructs a new paradigm that does not require curators and is automatically routed by algorithms.
Risk warning
