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Debate Over Coin Issuance, Breakpoint Conference Recap, What's Hot in the Overseas Crypto Community Today?
Summary: What was the most concerning topic for the crypto community in the past 24 hours?
Publication Date: December 15, 2025
Author: BlockBeats Editorial Team
In the past 24 hours, the crypto market has shown a complex development in multiple dimensions. The mainstream topics have focused on the frequent exposure of security risks on trading platforms, while improper executive promotion behavior has also sparked discussions on industry regulations. In terms of ecosystem development, the Solana ecosystem has demonstrated a shift towards practicality after the Breakpoint conference, Ethereum has introduced an innovative fundraising mechanism, and the competition intensifies in the Perp DEX race track.
1. Mainstream Topics
1. On-chain detective ZachXBT reveals potential edgeX and MEXC connection
The renowned on-chain detective ZachXBT recently turned the investigation spotlight to the edgeX trading platform and made a startling assumption: edgeX may have a connection to the so-called "MEXC conspiracy group." ZachXBT's working theory further suggests that the previous Jelly Jelly/Zerebro attack on Hyperliquid may also be linked to networks associated with MEXC.
This investigation is not an isolated incident and is related to a major theft case ZachXBT exposed in September. In that case, a criminal syndicate used highly sophisticated social engineering attacks to steal up to $243 million in assets from a single victim. ZachXBT's investigation at that time not only exposed the identities of the criminals but also successfully assisted law enforcement in arresting multiple suspects and freezing millions of dollars of stolen funds. Now, the new investigation points to a broader network of trading platform associations, implying the systemic risks and organized crime activities that may exist within the crypto industry.
2. Base CEO's promotion of high-risk Meme coin sparks controversy
Coinbase's Chief Product Officer Jesse Pollak recently ignited a huge controversy with a tweet on social media. He openly promoted a Meme coin deployed on the Base chain and described it as a "new internet thing." A screenshot of the tweet shows that he personally spent around $1,500 to purchase the token. However, community members quickly pointed out that the project exhibited strong characteristics of a rug pull scam, both in terms of its name and token distribution.
As a leading compliance-focused trading platform and executive of the Base Chain development team, Jesse Pollak's actions have come under intense community scrutiny. A large number of negative comments have accused him of using his influence to promote high-risk or even potentially fraudulent projects, which not only could mislead retail investors but also damage the reputation of the Base ecosystem. This event has once again sparked a discussion on what responsibilities crypto industry leaders should bear.
II. Mainstream Ecosystem Trends
1. Solana Ecosystem
Following the conclusion of Solana's annual event, Breakpoint, community leaders and participants offered contrasting feedback. On one hand, researcher Frankie from Paradigm and Marius, the founder of the Kamino trading platform, highly praised the outcomes of the conference. They believe that Solana has made significant progress at various levels of its tech stack, witnessed a notable increase in Traditional Finance (TradFi) involvement, and the conference discussions focused more on practical applications and utility rather than empty narratives. Marius specifically mentioned that many crazy dreams from five years ago, such as tokenized stocks and bonds, are now a reality on Solana.
However, Jason Choi, the founder of Tangent, painted a completely different picture. He described this as the "dullest" crypto conference he has attended in recent years. He observed a general sense of "weariness" among project builders, venture capitalists, and traders. Many industry veterans (OG) are quietly exiting, venture funds are underperforming, and new projects are few and far between. This complex and contradictory sentiment may reflect the delicate crossroads that Solana and the entire crypto market find themselves in after a full market cycle.
Despite the complex market sentiment, the Solana ecosystem has still announced several significant developments. Firstly, the leading wallet app Phantom announced plans to launch a debit card in partnership with Visa, initially targeting U.S. users, aiming to bridge crypto assets with real-world consumer scenarios. Secondly, data shows that Solana has demonstrated strong performance across multiple key metrics. Ecosystem lead Lily Liu cited data referring to it as the "most used chain," with total value locked (TVL) growing tenfold since 2023, and transaction volumes peaking at five times that of Ethereum.
2. Ethereum Ecosystem
The Ethereum ecosystem's public goods funding platform, Octant, launched an innovative funding allocation mechanism called StreamVote. Unlike traditional periodic lump-sum grants, StreamVote allows funds to be continuously distributed to supported projects in a "stream" based on real-time community member voting results.
The voting power of a voter can be adjusted at any time, meaning that the project team can attract more real-time funding through ongoing progress. The system is built on the Superfluid protocol and utilizes Quadratic Voting to prevent Sybil attacks and encourage a broader distribution of votes. This innovation aims to provide more flexible and incentivized funding support for high-impact projects in the Ethereum ecosystem.
3. New Blockchain Dynamics
The high-performance Ethereum-compatible chain MegaETH has announced that its 'Frontier' platform will open to application developers this week, marking a new stage in its mainnet ecosystem development.
Meanwhile, the highly anticipated new blockchain Monad is facing community sentiment challenges following its TGE. The founder of the blue-chip NFT project Chog within its ecosystem posted to reassure the community, acknowledging that the project's marketing set overly high expectations and urging the community to focus on long-term development, noting that successful blockchains like Solana have also gone through long periods of consolidation and development.
Lastly, the payment-focused new chain Tempo has partnered with ethos network to launch a new concept of a stablecoin called $ethosUSD. This stablecoin can only circulate among verified trusted users, aiming to enhance transaction security and compliance through an identity system.
4. Perp DEX Track
Hyperliquid has released detailed documentation on its 'Portfolio Margin' feature, allowing users to use a wider range of assets as collateral, taking another step towards achieving functionality equivalent to centralized exchanges (CEXs). Community analysis believes that this feature will have interesting synergies with the lending protocols on Hyperliquid's EVM-compatible layer (HyperEVM).
Meanwhile, Tradexyz's trading platform experienced a market manipulation event over the weekend. A new address initiated a large short position, triggering a cascading liquidation that forced the liquidation of over $13 million long positions. This event highlights the potential risks of running a perpetual contract market on assets that do not trade 24/7.
The community has also conducted an in-depth comparison between the upcoming TGE of the Lighter trading platform and Hyperliquid. The community believes that the two represent different development paths. Lighter is more inclined to collaborate with existing giants like Coinbase and Robinhood, with its bullish logic being acquisition or integration. On the other hand, Hyperliquid is committed to building a complete financial ecosystem independent of the existing system. This difference is also reflected in the tokenomics, where the HYPE token is deeply integrated with the ecosystem, while the utility of the LIT token is relatively limited.
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The X Chat will be available for download on the App Store this Friday. The media has already covered the feature list, including self-destructing messages, screenshot prevention, 481-person group chats, Grok integration, and registration without a phone number, positioning it as the "Western WeChat." However, there are three questions that have hardly been addressed in any reports.
There is a sentence on X's official help page that is still hanging there: "If malicious insiders or X itself cause encrypted conversations to be exposed through legal processes, both the sender and receiver will be completely unaware."
No. The difference lies in where the keys are stored.
In Signal's end-to-end encryption, the keys never leave your device. X, the court, or any external party does not hold your keys. Signal's servers have nothing to decrypt your messages; even if they were subpoenaed, they could only provide registration timestamps and last connection times, as evidenced by past subpoena records.
X Chat uses the Juicebox protocol. This solution divides the key into three parts, each stored on three servers operated by X. When recovering the key with a PIN code, the system retrieves these three shards from X's servers and recombines them. No matter how complex the PIN code is, X is the actual custodian of the key, not the user.
This is the technical background of the "help page sentence": because the key is on X's servers, X has the ability to respond to legal processes without the user's knowledge. Signal does not have this capability, not because of policy, but because it simply does not have the key.
The following illustration compares the security mechanisms of Signal, WhatsApp, Telegram, and X Chat along six dimensions. X Chat is the only one of the four where the platform holds the key and the only one without Forward Secrecy.
The significance of Forward Secrecy is that even if a key is compromised at a certain point in time, historical messages cannot be decrypted because each message has a unique key. Signal's Double Ratchet protocol automatically updates the key after each message, a mechanism lacking in X Chat.
After analyzing the X Chat architecture in June 2025, Johns Hopkins University cryptology professor Matthew Green commented, "If we judge XChat as an end-to-end encryption scheme, this seems like a pretty game-over type of vulnerability." He later added, "I would not trust this any more than I trust current unencrypted DMs."
From a September 2025 TechCrunch report to being live in April 2026, this architecture saw no changes.
In a February 9, 2026 tweet, Musk pledged to undergo rigorous security tests of X Chat before its launch on X Chat and to open source all the code.
As of the April 17 launch date, no independent third-party audit has been completed, there is no official code repository on GitHub, the App Store's privacy label reveals X Chat collects five or more categories of data including location, contact info, and search history, directly contradicting the marketing claim of "No Ads, No Trackers."
Not continuous monitoring, but a clear access point.
For every message on X Chat, users can long-press and select "Ask Grok." When this button is clicked, the message is delivered to Grok in plaintext, transitioning from encrypted to unencrypted at this stage.
This design is not a vulnerability but a feature. However, X Chat's privacy policy does not state whether this plaintext data will be used for Grok's model training or if Grok will store this conversation content. By actively clicking "Ask Grok," users are voluntarily removing the encryption protection of that message.
There is also a structural issue: How quickly will this button shift from an "optional feature" to a "default habit"? The higher the quality of Grok's replies, the more frequently users will rely on it, leading to an increase in the proportion of messages flowing out of encryption protection. The actual encryption strength of X Chat, in the long run, depends not only on the design of the Juicebox protocol but also on the frequency of user clicks on "Ask Grok."
X Chat's initial release only supports iOS, with the Android version simply stating "coming soon" without a timeline.
In the global smartphone market, Android holds about 73%, while iOS holds about 27% (IDC/Statista, 2025). Of WhatsApp's 3.14 billion monthly active users, 73% are on Android (according to Demand Sage). In India, WhatsApp covers 854 million users, with over 95% Android penetration. In Brazil, there are 148 million users, with 81% on Android, and in Indonesia, there are 112 million users, with 87% on Android.
WhatsApp's dominance in the global communication market is built on Android. Signal, with a monthly active user base of around 85 million, also relies mainly on privacy-conscious users in Android-dominant countries.
X Chat circumvented this battlefield, with two possible interpretations. One is technical debt; X Chat is built with Rust, and achieving cross-platform support is not easy, so prioritizing iOS may be an engineering constraint. The other is a strategic choice; with iOS holding a market share of nearly 55% in the U.S., X's core user base being in the U.S., prioritizing iOS means focusing on their core user base rather than engaging in direct competition with Android-dominated emerging markets and WhatsApp.
These two interpretations are not mutually exclusive, leading to the same result: X Chat's debut saw it willingly forfeit 73% of the global smartphone user base.
This matter has been described by some: X Chat, along with X Money and Grok, forms a trifecta creating a closed-loop data system parallel to the existing infrastructure, similar in concept to the WeChat ecosystem. This assessment is not new, but with X Chat's launch, it's worth revisiting the schematic.
X Chat generates communication metadata, including information on who is talking to whom, for how long, and how frequently. This data flows into X's identity system. Part of the message content goes through the Ask Grok feature and enters Grok's processing chain. Financial transactions are handled by X Money: external public testing was completed in March, opening to the public in April, enabling fiat peer-to-peer transfers via Visa Direct. A senior Fireblocks executive confirmed plans for cryptocurrency payments to go live by the end of the year, holding money transmitter licenses in over 40 U.S. states currently.
Every WeChat feature operates within China's regulatory framework. Musk's system operates within Western regulatory frameworks, but he also serves as the head of the Department of Government Efficiency (DOGE). This is not a WeChat replica; it is a reenactment of the same logic under different political conditions.
The difference is that WeChat has never explicitly claimed to be "end-to-end encrypted" on its main interface, whereas X Chat does. "End-to-end encryption" in user perception means that no one, not even the platform, can see your messages. X Chat's architectural design does not meet this user expectation, but it uses this term.
X Chat consolidates the three data lines of "who this person is, who they are talking to, and where their money comes from and goes to" in one company's hands.
The help page sentence has never been just technical instructions.
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After the blockade of the Strait of Hormuz, when will the war end?
Before using Musk's "Western WeChat" X Chat, you need to understand these three questions
The X Chat will be available for download on the App Store this Friday. The media has already covered the feature list, including self-destructing messages, screenshot prevention, 481-person group chats, Grok integration, and registration without a phone number, positioning it as the "Western WeChat." However, there are three questions that have hardly been addressed in any reports.
There is a sentence on X's official help page that is still hanging there: "If malicious insiders or X itself cause encrypted conversations to be exposed through legal processes, both the sender and receiver will be completely unaware."
No. The difference lies in where the keys are stored.
In Signal's end-to-end encryption, the keys never leave your device. X, the court, or any external party does not hold your keys. Signal's servers have nothing to decrypt your messages; even if they were subpoenaed, they could only provide registration timestamps and last connection times, as evidenced by past subpoena records.
X Chat uses the Juicebox protocol. This solution divides the key into three parts, each stored on three servers operated by X. When recovering the key with a PIN code, the system retrieves these three shards from X's servers and recombines them. No matter how complex the PIN code is, X is the actual custodian of the key, not the user.
This is the technical background of the "help page sentence": because the key is on X's servers, X has the ability to respond to legal processes without the user's knowledge. Signal does not have this capability, not because of policy, but because it simply does not have the key.
The following illustration compares the security mechanisms of Signal, WhatsApp, Telegram, and X Chat along six dimensions. X Chat is the only one of the four where the platform holds the key and the only one without Forward Secrecy.
The significance of Forward Secrecy is that even if a key is compromised at a certain point in time, historical messages cannot be decrypted because each message has a unique key. Signal's Double Ratchet protocol automatically updates the key after each message, a mechanism lacking in X Chat.
After analyzing the X Chat architecture in June 2025, Johns Hopkins University cryptology professor Matthew Green commented, "If we judge XChat as an end-to-end encryption scheme, this seems like a pretty game-over type of vulnerability." He later added, "I would not trust this any more than I trust current unencrypted DMs."
From a September 2025 TechCrunch report to being live in April 2026, this architecture saw no changes.
In a February 9, 2026 tweet, Musk pledged to undergo rigorous security tests of X Chat before its launch on X Chat and to open source all the code.
As of the April 17 launch date, no independent third-party audit has been completed, there is no official code repository on GitHub, the App Store's privacy label reveals X Chat collects five or more categories of data including location, contact info, and search history, directly contradicting the marketing claim of "No Ads, No Trackers."
Not continuous monitoring, but a clear access point.
For every message on X Chat, users can long-press and select "Ask Grok." When this button is clicked, the message is delivered to Grok in plaintext, transitioning from encrypted to unencrypted at this stage.
This design is not a vulnerability but a feature. However, X Chat's privacy policy does not state whether this plaintext data will be used for Grok's model training or if Grok will store this conversation content. By actively clicking "Ask Grok," users are voluntarily removing the encryption protection of that message.
There is also a structural issue: How quickly will this button shift from an "optional feature" to a "default habit"? The higher the quality of Grok's replies, the more frequently users will rely on it, leading to an increase in the proportion of messages flowing out of encryption protection. The actual encryption strength of X Chat, in the long run, depends not only on the design of the Juicebox protocol but also on the frequency of user clicks on "Ask Grok."
X Chat's initial release only supports iOS, with the Android version simply stating "coming soon" without a timeline.
In the global smartphone market, Android holds about 73%, while iOS holds about 27% (IDC/Statista, 2025). Of WhatsApp's 3.14 billion monthly active users, 73% are on Android (according to Demand Sage). In India, WhatsApp covers 854 million users, with over 95% Android penetration. In Brazil, there are 148 million users, with 81% on Android, and in Indonesia, there are 112 million users, with 87% on Android.
WhatsApp's dominance in the global communication market is built on Android. Signal, with a monthly active user base of around 85 million, also relies mainly on privacy-conscious users in Android-dominant countries.
X Chat circumvented this battlefield, with two possible interpretations. One is technical debt; X Chat is built with Rust, and achieving cross-platform support is not easy, so prioritizing iOS may be an engineering constraint. The other is a strategic choice; with iOS holding a market share of nearly 55% in the U.S., X's core user base being in the U.S., prioritizing iOS means focusing on their core user base rather than engaging in direct competition with Android-dominated emerging markets and WhatsApp.
These two interpretations are not mutually exclusive, leading to the same result: X Chat's debut saw it willingly forfeit 73% of the global smartphone user base.
This matter has been described by some: X Chat, along with X Money and Grok, forms a trifecta creating a closed-loop data system parallel to the existing infrastructure, similar in concept to the WeChat ecosystem. This assessment is not new, but with X Chat's launch, it's worth revisiting the schematic.
X Chat generates communication metadata, including information on who is talking to whom, for how long, and how frequently. This data flows into X's identity system. Part of the message content goes through the Ask Grok feature and enters Grok's processing chain. Financial transactions are handled by X Money: external public testing was completed in March, opening to the public in April, enabling fiat peer-to-peer transfers via Visa Direct. A senior Fireblocks executive confirmed plans for cryptocurrency payments to go live by the end of the year, holding money transmitter licenses in over 40 U.S. states currently.
Every WeChat feature operates within China's regulatory framework. Musk's system operates within Western regulatory frameworks, but he also serves as the head of the Department of Government Efficiency (DOGE). This is not a WeChat replica; it is a reenactment of the same logic under different political conditions.
The difference is that WeChat has never explicitly claimed to be "end-to-end encrypted" on its main interface, whereas X Chat does. "End-to-end encryption" in user perception means that no one, not even the platform, can see your messages. X Chat's architectural design does not meet this user expectation, but it uses this term.
X Chat consolidates the three data lines of "who this person is, who they are talking to, and where their money comes from and goes to" in one company's hands.
The help page sentence has never been just technical instructions.
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