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<div style="display: none; max-height: 0px; overflow: hidden;">Binance processed $1.7 billion through suspicious accounts, with 13 flagged accounts receiving $29 million from wallets later frozen by Israel </div>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fmidnight.network%2Fnight%3Futm_source=TLDR%26utm_medium=sponsored_newsletter%26utm_campaign=NIGHT_education_dec2025/1/0100019b4b5194de-76bcc86a-5114-460a-bda1-0daa9a97ab86-000000/KB79pkkEpDsH6hZoOhjxrsE3klEURBoNtS6if1ehy7c=437"><img src="https://images.tldr.tech/midnight.png" valign="middle" style="vertical-align: middle !important; height: 100%;" alt="Midnight Foundation"></a></td></tr></tbody></table>
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<h1><strong>TLDR Crypto <span id="date">2025-12-23</span></strong></h1>
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<strong>Using valuable tokens for transactions is a broken model (Sponsor)</strong>
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Tokens on traditional blockchains are capital with fluctuating value, but they're also used for transaction and operational fees. This makes costs unpredictable, creates volatile markets for digital assets, and limits liquidity.<p></p><p><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fmidnight.network%2Fnight%3Futm_source=TLDR%26utm_medium=sponsored_newsletter%26utm_campaign=NIGHT_education_dec2025/3/0100019b4b5194de-76bcc86a-5114-460a-bda1-0daa9a97ab86-000000/mwYb3RyE6rNFHP_6KWrbeYEYRHbd-wz_o0i3UDN4lTM=437" rel="noopener noreferrer nofollow" target="_blank"><span>The Midnight network</span></a> separates the governance and capital from operational costs using a dual-component model. Here's how it works:</p>
<p>→ <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fmidnight.network%2Fnight%3Futm_source=TLDR%26utm_medium=sponsored_newsletter%26utm_campaign=NIGHT_education_dec2025/4/0100019b4b5194de-76bcc86a-5114-460a-bda1-0daa9a97ab86-000000/JFpaocUbsgODTf4e9Y3QfrZ8mJgKLcb_hWu0b8qcwRk=437" rel="noopener noreferrer nofollow" target="_blank"><span>NIGHT</span></a> is the public and transparent token used for governance and incentives.</p>
<p>→ NIGHT then generates DUST, a shielded resource which powers the transactions on the network.</p>
<p>→ DApp operators get predictable operational costs and can offset fees for their users by holding enough NIGHT,</p>
<p><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fmidnight.network%2Fnight%3Futm_source=TLDR%26utm_medium=sponsored_newsletter%26utm_campaign=NIGHT_education_dec2025/5/0100019b4b5194de-76bcc86a-5114-460a-bda1-0daa9a97ab86-000000/cbHAwpY1toUtjuk0nXiwdolpu8OVhUVHYf0h-sFgDZA=437" rel="noopener noreferrer nofollow" target="_blank"><span>NIGHT is now listed on major exchanges. Learn more</span></a>
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<h1><strong>Markets & Business</strong></h1>
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<strong>Binance Let $1.7B Flow Through Terror-Linked Accounts (4 minute read)</strong>
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Binance processed $1.7 billion through suspicious accounts, including $144 million after its November 2023 $4.3 billion settlement, with 13 flagged accounts receiving $29 million from wallets later frozen by Israel and sanctioned by the US for Hizbollah and Iran connections. One Venezuelan account moved $93 million from terror-linked networks while another changed bank details 647 times in 14 months across 496 unique accounts, with physically impossible login patterns going undetected despite two independent monitors appointed in May 2024. Trump's October pardon of Binance founder Changpeng Zhao loosened the compliance environment, as the Trump family expanded business ties through World Liberty Financial's massive USD1 stablecoin rollout on Binance.
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<strong>Ghana legalizes crypto trading, plans to explore gold-backed stablecoins (2 minute read)</strong>
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Ghana's parliament has passed the Virtual Asset Service Providers Bill, legalizing crypto trading and requiring digital-asset participants to register with the Bank of Ghana or the SEC, depending on activity type. Ghana also signaled a 2026 focus on payments and FX settlement and will explore asset-backed digital settlement instruments, including gold-backed stablecoins.
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<h1><strong>Innovation & Launches</strong></h1>
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<strong>Coinbase to acquire The Clearing Company (5 minute read)</strong>
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Coinbase has entered into an agreement to acquire The Clearing Company. The acquisition adds specialized talent powering regulated onchain markets alongside the platform's existing crypto, derivatives, and equities offerings, expected to serve millions trading real-world event outcomes. The transaction is subject to customary closing conditions, with completion expected in January. Coinbase positions prediction markets as a natural fit for its unified asset class trading vision.
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<strong>Tempo to launch subscriptions via access keys (1 minute read)</strong>
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Tempo is prototyping subscription payments using access keys. After a user signs up and funds the account, they approve a recurring charge (demo'd as once-per-minute to mimic monthly billing) that continues until the user cancels. A screenshot in the thread shows the full flow: 1. create account, 2. add testnet funds, 3. Approve, 4. recurring charges, 5. cancel.
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<h1><strong>Guides & Tutorials</strong></h1>
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<strong>Creator Coins Are Failing for a Reason No One Wants to Admit (5 minute read)</strong>
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Creator Coins on Zora and Base are failing because platforms frame them as investment opportunities through trading contests and "green/red" categories rather than fan support tools, creating pump-and-dump cycles where early snipers and bots profit while late participants absorb losses, destroying community trust. Most creators lack audiences that sustain ongoing demand beyond initial Jesse Pollak amplification and platform features, with trading fees peaking in hours then vanishing as prices fall when temporary attention fades. Web2's sustainable model shows fans spending on merch, donations, and virtual gifts without profit expectations, suggesting Creator Coins should function as loyalty tokens and Content Coins as onchain tip jars where value flows from appreciation, not speculation.
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<strong>State of Fintech 2026 (4 minute read)</strong>
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Fintech hyperscalers Nubank, Klarna, and Revolut reached 127 million, 114 million, and 65 million customers, respectively, as the sector bifurcated between neobanks targeting mass affluent, stablecoins attacking corporate cross-border rails, and AI unbundling asset manager workflows, though only Stripe deployed industry-specific foundation models driving earnings despite AI assisting one in six Black Friday purchases. Banks posted record years through M&A tailwinds as prediction markets had their breakout with Wall Street making strategic bets, positioning platforms as price discovery rather than gambling. Financial nihilism emerged as a political force as consumers abandoned 60/40 portfolio retirement belief due to housing costs breaking the social contract, while open finance quietly succeeded as cash flow data was integrated into Experian and FICO scoring.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>Aave Labs Brand Acquisition Proposal (6 minute read)</strong>
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Aave Labs advanced a brand-rights proposal to Snapshot vote without author Ernesto Boado's consent, prompting accusations of a "hostile takeover attempt" from Marc Zeller, who criticized the holiday timing and recent wave of new delegations with sizable voting power. Boado called the action "disgraceful" and urged abstention as the proposal seeks to give AAVE token holders explicit control of domains, social handles, GitHub organizations, and naming rights currently stewarded by Aave Labs and BGD Labs. Aave Labs defended the move as following documented governance rules requiring a five-day ARFC minimum before voting, arguing prolonged debate was "hurting the Aave brand" and critics were trying to rewrite rules because they lacked votes. The dispute escalated earlier tensions over CoW Swap revenue allegedly diverted from the DAO treasury and a "poison pill" proposal suggesting the DAO absorb Aave Labs entirely, as the AAVE token slumped over 10% in 24 hours.
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<strong>12 Predictions for 2026 (3 minute read)</strong>
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2026 will be defined by AI agents becoming “more expensive than people” in business, a major liquidity/IPO + M&A comeback, and the stack evolving toward long-horizon autonomous agents (8+ hour workstreams), agent observability, and agent-driven database stress. On crypto, 30% of international payments will be issued via stablecoins by December, and Cloudflare will become a gatekeeper for agentic payments via the x402/HTTP 402 Payment Required pattern.
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<h1><strong>Quick Links</strong></h1>
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<strong>Crypto is Worst Performing Asset Class in 2025 (1 minute read)</strong>
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The broad crypto market is one of the few asset classes down in 2025, and altcoin performance was an abysmal -42%.
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<strong>Aave and broken token models (5 minute read)</strong>
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Repeated blowups show token holders often lack real ownership if teams/founders can unilaterally change economics.
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<strong>USDH transfer volume hits new ATH inside Hyperliquid (1 minute read)</strong>
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USDH just hit a new ATH in transfer volume, with greater than $1.8B moved over the last 3 weeks inside the Hyperliquid ecosystem.
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<strong>Strategy is positioned for a prolonged crypto winter (3 minute read)</strong>
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Strategy (MSTR) raised about $748M by selling common shares.
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