Morning Brief | a16z Crypto releases annual report; crypto startup LI.FI completes $29 million financing; Trump says the rate cut is too small

ChainCatcher reports, Greeks.Live researcher Adam posted on social media that in the just-concluded Federal Reserve meeting, the expected 25 basis point rate cut was delivered, and the Fed announced it would restart the purchase of $4 billion in short-term US Treasury bills (T-bills). The dovish stance can effectively supplement liquidity in the financial system, which is undoubtedly a clear positive for the market.

However, it is too early to talk about restarting QE and a bull market. With Christmas and annual settlements approaching, this period is usually the time of lowest liquidity in the crypto market, with low market activity and very limited momentum for a bull market restart.

From crypto options data, more than 50% of options positions are currently piled up at the end of December, with BTC's maximum pain point at the $100,000 mark and ETH's at $3,200. The implied volatility for major expiries is all trending downward this month, and the market's expectation for volatility this month is gradually decreasing.

Overall, the crypto market is currently quite weak, with poor year-end liquidity and low market sentiment. A slow decline is the mainstream view in the options market, but at the same time, one should be wary of sudden bullish reversals triggered by unexpected positive news.

Anonymous tip: Tradoor project suspected of "rug pull", malicious manipulation led to 80% crash and team disappearance

ChainCatcher reports that TON ecosystem leveraged trading platform Tradoor is suspected to be in a "rug pull" crisis. According to community reports and on-chain data, the project manipulated market liquidity through high control, conducted obvious pump-and-dump operations, liquidated user positions, and caused the token price to plummet 80% in the early hours of December 1. The team then disappeared, and the airdrop was postponed to 2026.

Reports indicate that since Tradoor launched on Binance Alpha TGE on September 4, 2025, it has engaged in systematic manipulation. The project has a total supply of 60 million tokens, but only 10 addresses control 98%, with one address holding 75%. The circulating supply is minimal, and the DEX liquidity pool totals less than $1 million.

User analysis shows that Tradoor's GitHub has not been updated for nearly half a year, with no product development, making it a "token shell" project. The team has owed employees wages for over four months, and core members have disappeared from public channels.

It is reported that Tradoor's actual controllers are former Huobi Research Institute derivatives head Weng Yiming (Paul) and options head Xu Tong (Stacy). Paul launched the ZKEX project in 2023, which was suddenly shut down without explanation, earning him the nickname "old rug" in the community. In 2024, the two teamed up again to launch Tradoor, raising millions of dollars by packaging the project with a foreign team, and later listing on Binance Alpha and Bitget through intermediaries. After TGE, Paul sidelined the core team, used $TRADOOR as collateral to borrow at high interest from market makers like Wintermute, and after the market crash in October, switched to new funding partners like ju.com, continuing high-control pump-and-dump operations until the project disappeared.

ChainCatcher reporters attempted to verify with Tradoor's official X account and Telegram on December 10, but received no response within 12 hours as of press time.

Hong Kong Securities Association and SFC exchange views on virtual assets and new financial products, plan to clarify the role of market makers

ChainCatcher reports that the Hong Kong Securities and Futures Professionals Association officially announced it had held a meeting with the Hong Kong SFC, focusing on the development and regulation of the virtual asset industry and new financial products. The meeting mainly interpreted the latest policies, discussed compliance standards and OTC regulation, and explored the application of tokenized securities and the development path of derivatives.

At the same time, the meeting also discussed optimizing asset transfer processes, clarifying the role of market makers, and improving company upgrade mechanisms, aiming to jointly promote the industry's sound development.

Mitsubishi UFJ: The Federal Reserve's policy in the second half of next year will be complicated by leadership changes

ChainCatcher reports, Mitsubishi UFJ stated that the Federal Reserve lowered rates by 25 basis points with a 9-3 vote and acknowledged that the labor market is gradually cooling, with Powell also emphasizing significant downside risks facing the labor market.

On inflation, the Fed noted that if no new tariffs are imposed, goods inflation may peak in Q1 2026, but persistent inflation risks remain. Powell signaled that rate hikes are not the base case, and FOMC members are divided between keeping rates unchanged and cutting rates.

The latest dot plot median shows the Fed will only cut rates once in 2026, a stance more hawkish than the market's expected easing of about 55 basis points (or slightly more than two cuts). Powell also emphasized that the Fed is currently "in a favorable position" and can patiently observe the development of the US economy.

Looking ahead, policy prospects in the second half of next year may be complicated by changes in Fed leadership, increasing market uncertainty. (Golden Ten Data)