Singapore's largest money laundering case suspect Wang Shuiming may be extradited to China, with his accomplice being the mastermind behind the Hong Kong crypto platform scam AAX.

On December 10, Tether announced the launch of QVAC Health—a new personal health management platform aimed at solving the long-standing problem of fragmented health and fitness data, while putting users in full control of their own information. Dubbed a "sovereign data bridge," QVAC Health lets users pull biometric data, workout records, nutrition-tracking logs, medication reminders, and more from a range of devices and apps into a single, encrypted dashboard that works offline. Right now, personal health data is scattered across incompatible apps and proprietary cloud systems. Data from smart rings, running watches, and nutrition apps often can’t interoperate seamlessly—and third-party servers (which frequently collect and monetize user info) are usually required to share it. QVAC Health centralizes this data in an encrypted, offline environment, letting users get a complete picture of their health without relying on device makers or cloud platforms. Built to act as a core pe

On December 10, Pheasant Network announced it has raised $2 million via a seed round and an ecosystem fund. The round was led by Mint, with 90s and a handful of individual investors participating. Additional backing came from the Ethereum Foundation, Optimism Foundation, Polygon Labs, and multiple Layer 2 ecosystems. The capital will accelerate the team’s work to build a more intelligent, intuitive cross-chain experience—integrating artificial intelligence (AI) deeply into the core of decentralized finance (DeFAI). Pheasant Network CEO Tomo noted: “Pheasant Network is a DeFAI project that merges AI with intent to boost DeFi cross-chain interoperability, supported by the Ethereum Foundation and leading Layer 2 ecosystems.”

**HashKey Holdings (03887) – parent of Hong Kong-licensed virtual asset trading platform HashKey Exchange, slated to list on the Hong Kong Stock Exchange – reported robust market subscription activity as of December 10.** The firm’s international placement was heavily oversubscribed, attracting long-term capital from international and Chinese institutional investors. Its public offering portion also drew enthusiastic responses. As of press time, latest data from multiple brokerages shows total subscription funds lent via brokerage channels have climbed to approximately HK$24.898 billion. Based on the public offering’s fundraising target of HK$167 million, the preliminary oversubscription multiple stands at around 148.91 times – reflecting strong investor engagement. HashKey Holdings’ share subscription window closes on December 12.

**Fed Expected to Cut Rates Thursday (Beijing Time) with Hawkish Tone; Market Skeptical of Outdated Forecasts** The Federal Reserve is widely expected to announce a rate cut in the early hours of Thursday Beijing time—but the move will likely come with hawkish guidance, and post-meeting data could quickly render its economic and rate forecasts obsolete, leaving markets skeptical of policy signals. Policymakers face two key challenges: the data gap from the recent government shutdown and diverging views on economic risks. Some officials question the need for further cuts amid persistent high inflation, while others warn that failing to lower borrowing costs could weaken the economy and job market. This internal division means the Fed’s statement on next year’s rate path will likely be vague, leaning hawkish. Alongside the rate decision, the Fed will release its quarterly economic projections, including officials’ views on the 2026 economic trajectory and the appropriate policy

On December 10, U.S. Federal Judge Victor Bolden issued a temporary restraining order blocking Connecticut from enforcing gambling laws against prediction market platform Kalshi—pending the court’s ruling on the company’s preliminary injunction request. The order follows Connecticut’s Department of Consumer Protection (DCP) issuing an injunction last week against Kalshi, Robinhood, and Crypto.com, accusing the platforms of offering “unlicensed online sports betting” services. Kalshi contends it falls under federal exclusive jurisdiction (as a CFTC-designated contract market) and is not bound by state gambling rules. The firm faces nationwide regulatory scrutiny: it previously secured a similar injunction in New Jersey but recently lost a preliminary injunction to fend off Nevada enforcement actions. The court has set oral arguments for February 12, 2026, and ordered Connecticut officials to pause all enforcement actions in the meantime.

**Pineapple Financial Launches Collateralized Loan Tokenization Platform on Injective** On December 10, Canadian fintech firm Pineapple Financial announced the launch of a collateralized loan tokenization platform on the Injective blockchain. The company plans to migrate its entire loan portfolio—over 29,000 collateralized loans valued at approximately $10 billion—to the blockchain. To date, Pineapple has successfully tokenized more than 1,200 loan files worth roughly $4.12 billion. Each tokenized record includes over 500 data points, aimed at enhancing transparency and operational efficiency.