Hong Kong Web3 Daily Must-Read: Meta's Billion-Dollar Acquisition of Manus, WLD Treasury Company Eightco Holdings Launches $125 Million Stock Buyback

Summary: Cora, Techub News

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Selected December 2025 Events in Hong Kong

We have curated a list of noteworthy events in the Hong Kong crypto space in December, which will open a window to the Web3 future for you.

Regulation/Macro

The Korean government is drafting the “Digital Asset Basic Act,” with a proposal delayed until next year

The government is currently drafting the “Digital Asset Basic Act” (Phase Two Virtual Asset Bill), which is expected to include investor protection measures such as strict liability for digital asset operators and protections for stablecoin issuers from bankruptcy risks. However, due to significant disagreements with related organizations, including stablecoin issuers, the proposal submission has been postponed and may be delayed until next year. The bill is currently under review by the Financial Services Commission.

Senator Cynthia Lummis: “The 2026 Responsible Financial Innovation Act” will clearly distinguish between securities and commodities

U.S. Senator Cynthia Lummis posted on X that the “Responsible Financial Innovation Act of 2026” will clearly differentiate securities from commodities. “This distinction allows legitimate projects to develop while protecting investors’ rights. Clear definitions promote innovation.”

Project/Company Updates

Meta acquires Manus developer Butterfly Effect for billions, founder Xiao Hong appointed as Meta Vice President

Meta has acquired the AI application developer Manus, Butterfly Effect, for billions of dollars. After the acquisition, Butterfly Effect will operate independently, with founder Xiao Hong appointed as Meta Vice President. Manus is an agent product capable of coordinating different tools to solve complex problems, and announced in mid-December that its annual recurring revenue has surpassed $100 million.

Lighter launches native token LIT, 25% of tokens allocated for future Points Season events

Lighter has launched its native token LIT. The official statement says that all value created by Lighter products and services will belong to LIT holders. The team is currently building in the U.S., and the token is issued directly by its Class C company, which will continue to operate the protocol at cost. Revenue from core DEX products and future services can be tracked on-chain in real-time and will be allocated for growth and buybacks based on market conditions.

Bitmine plans to launch its commercial Ethereum validator network MAVAN in 2026

Bitmine is currently collaborating with three staking providers and plans to launch its commercial Ethereum validator network MAVAN in 2026. Additionally, Bitmine’s annual shareholders meeting will be held on January 15, 2026, to vote on four key proposals: 1. Elect eight directors for the next year; 2. Approve amendments to the company’s articles to increase authorized common shares; 3. Approve the 2025 comprehensive incentive plan; 4. Approve, in a non-binding advisory manner, a special performance-based compensation arrangement for the Executive Chairman.

ZachXBT: A Canadian hacker impersonates Coinbase customer service, steals over $2 million in crypto within a year

According to ZachXBT monitoring, a Canadian hacker named Haby (Havard) has committed social engineering scams by impersonating Coinbase customer service, stealing over $2 million in crypto assets in the past year. The hacker spent the proceeds on rare social media usernames, nightclub expenses, and gambling. Investigations show that Haby has recently purchased expensive Telegram usernames frequently and deleted their recent accounts two days ago. Open-source intelligence analysis of their social media stories indicates Haby is located near Abbotsford, Vancouver, Canada. ZachXBT states that although Canadian law enforcement may be aware of Haby’s existence, prosecutions of such cyber threats are rare in the region.

Ethereum validator queue size rises to nearly twice the exit queue for the first time in six months, staking demand rebounds

The size of the Ethereum validator entry queue has surged to nearly twice the exit queue for the first time in six months. This growth indicates a rebound in staking demand, mainly driven by digital asset treasury companies like BitMine and possibly supported by the Pectra upgrade.

WLD treasury company Eightco Holdings announces up to $125 million stock buyback plan

WLD treasury-listed company Eightco Holdings has approved a stock repurchase plan of up to $125 million. Eightco holds over 10% of the current circulating supply of WLD (Worldcoin). Strategic and institutional supporters include: BitMine (BMNR), MOZAYYX, World Foundation, Wedbush, Coinfund, Discovery Capital, FalconX, Kraken, Pantera, GSR, Brevan Howard, among others.

Public company Tron Inc. receives $18 million strategic investment from Justin Sun

Nasdaq-listed Tron Inc. (TRON) has received an $18 million strategic equity investment from TRON blockchain founder Justin Sun. The investment was made through Black Anthem Limited at a price of $1.3775 per share of restricted common stock. Tron Inc. states that the funds will mainly be used to significantly expand TRX treasury reserves, further consolidating its position as the most representative publicly traded company in the TRON ecosystem and one of the leading TRX holders globally.

Australian Federal Court rules mining company NGS operates without a license, will be forced into liquidation and permanently banned from providing financial services

The Australian Federal Court has ruled that mining companies NGS Group, NGS Crypto, and NGS Digital operate without licenses and run unregistered investment schemes involving over 450 investors and approximately AUD 59 million. The court has ordered liquidation and a permanent ban on their financial services activities. The court noted that the companies severely violated the Corporations Act and lack credibility in managing investor assets, with some funds coming from self-managed superannuation funds (SMSFs), increasing risks. ASIC filed for liquidation, believing that the liquidation process and appointment of liquidators are the best way to orderly resolve the companies’ affairs in Australia and recover assets (including those held by receivers) to return to investors.

Cryptocurrency exchange employee sentenced to prison for selling military secrets to North Korea in exchange for Bitcoin

South Korea’s Supreme Court has learned that North Korean hackers paid an employee of an exchange in Bitcoin worth $487,000 to “recruit” a South Korean officer to steal military secrets. According to South Korean media Daily News, the officer also received Bitcoin worth $33,500 in return. The officer was sentenced to 10 years in prison and fined $35,000 for violating the Military Secret Protection Act. Meanwhile, the exchange employee was convicted of violating the National Security Act.

Semler Scientific merger proposal voting begins, after merger will hold nearly 13,000 Bitcoin

Shareholders of Semler Scientific have begun voting, with a special meeting scheduled for January 13, 2026, to approve the merger with Strive. Under the merger terms, SMLR shareholders will receive ASST shares at a 21.05-to-1 exchange ratio. After the merger, both companies will jointly hold nearly 13,000 Bitcoin.

In-depth & Forward-looking

Four-year cycle dead, 30 institutions bet on a new crypto landscape in 2026

If the 2021-2022 cycle was driven by retail speculation, high leverage, and narrative bubbles, most institutions believe that 2026 will be a year of substantial growth built on regulatory clarity, macro hedging needs, and technological utility implementation. This phase has a professional name — “Industrialization Stage.”

Deep analysis: From M0 to M1, the strategic significance and market challenges of the digital renminbi’s positioning shift

The issue with the digital renminbi has never been “the wrong route,” but rather its application space being locked by the M0 positioning. Under the premise of maintaining central bank issuance and sovereignty backing, DC/EP has been more of a “correct system but restrained product” project in the past.