What’s up degens, welcome to Daily Crypto News for November 12th, 2025. You got Quile here in place of Matt.
Today’s lineup is absolutely stacked: China just accused the US government of orchestrating a $13 billion Bitcoin heist, Coinbase is bringing back ICOs with Monad’s $188 million token sale then immediately killed a $2B acquisition, a crypto influencer got his million-dollar allocation revoked for one tweet, ZCash’s privacy features are seeing massive adoption as the shielded pool hits record highs, and Circle’s stablecoin printer is running hot with a billion dollars minted in 24 hours.
The market is slightly better this week than when I last joined. The fears of government shutdown still loom. Will the House pass the bill? Many on the Dems are saying the Senate caved. Many on the Republican side are saying the stalling must end.
HEADLINES for WEDNESDAY, NOVEMBER 12
China Accuses US Government of $13 Billion Bitcoin Heist
Coinbase Launches Token Sales with Monad’s $188M ICO—Then Abandons $2B BVNK Deal
MegaETH Revokes $1 Million Token Allocation After Influencer Posts Trading Plans
SEC Chair Unveils “Token Taxonomy” to End Gary Gensler Era—Most Tokens Are NOT Securities
Circle Mints Over $1 Billion USDC in 24 Hours as Stablecoin Demand Surges
LISTENER QUESTIONS/COMMENTS
Leif is asking about Monad. Look. It’s hard to be an L1 launching right now. It’s also important to be an L1 that’s innovating. Vitalik just said that there is a ZK problem with mainnet - specifically, the Modexp consensus failure issue. So blockchains should keep evolving, just as all software adapts. Perps dexes are already shorting the Monad token. They team is doing some work to push back against retail and institutions, but Monad is smart and will follow the money. What they do with it and how performant the chain is another. It’s a chain built to rescale the EVM from the ground up via pipelining and parallel processing. It has big potential, but will the token moon? I doubt it. Now we’ve got the Coinbase ICO. The Monad team really needs retail to jump on the bandwagon. The problem is… How many people actually use DeFi crypto every day?
ObisidianEnoch thinks we’re in an AI bubble. Well, i think there are about ~40 AI stocks holding up the entire market. Crypto is buoyed by institutions, and retail is getting crushed. I agree man. You see what OpenAI is asking Trump for? Trillions. And they ask when China can build better with $50 million bucks.
BEYOND THE HEADLINES
China Accuses US Government of $13 Billion Bitcoin Heist
China’s National Computer Virus Emergency Response Center officially accused the US of stealing 127,272 Bitcoin from the LuBian mining pool in December 2020—coins that sat dormant for nearly 4 years before moving to wallets ARKHAM tagged as US government-owned
The DOJ seized these same coins in October 2025 claiming lawful forfeiture from Cambodian businessman Chen Zhi, but China calls it “thieves falling out” and points to the 4-year dormancy and 1,500+ ignored ransom messages as proof of state-level operation, not normal criminals
This Bitcoin now represents 39% of all US government crypto holdings, and the timing hits right as Trump brags about the US being “far ahead of China” in crypto adoption—potentially sparking what analysts are calling a crypto cold war
Coinbase’s Wild Week—Launches Token Sales, Kills $2B Deal, and Gets JPMorgan on Base
Coinbase just had one of the most chaotic weeks in crypto, simultaneously launching the first US retail token sale in 7 years, abandoning a $2 billion stablecoin acquisition, and convincing JPMorgan—the world’s largest bank—to launch its deposit token on Base. This is either masterful strategic pivoting or complete corporate chaos, depending on who you ask.
Coinbase launched first US retail token sale in 7 years with Monad’s $188M offering at $2.5B valuation, bringing ICOs back with regulatory blessing—sale runs Nov 17-22 with anti-whale distribution mechanics
Then immediately abandoned its $2 billion acquisition of stablecoin infrastructure firm BVNK after reaching due diligence and exclusivity, walking away from a deal that would’ve given them vertical integration from USDC to enterprise distribution
JPMorgan just launched JPM Coin deposit token on Base (Coinbase’s L2)—the world’s largest bank is now settling institutional payments 24/7 on Coinbase’s public blockchain, marking traditional finance’s biggest public chain validation yet with plans to expand to euro tokens and additional blockchains
MegaETH Revokes $1 Million Token Allocation After Influencer Posts Trading Plans
Crypto influencer IcoBeast got his nearly $1 million MegaETH allocation completely revoked after posting on X that he needed to “figure out how to hedge this” and mentioned getting a trading desk to write him a put option
MegaETH’s CSO said anyone who “openly discusses plans to OTC and hedge their positions will receive a refund and zero allocation”—the sale attracted $1.39 billion from 53,000 bidders (28x oversubscribed) so they could afford to be selective
The move split CT: supporters say it protects against dumps and aligns long-term holders, critics say you can’t police what people do with their tokens and revoking allocations contradicts decentralization—plus it’s unenforceable since people can hedge anonymously
SEC Chair Unveils “Token Taxonomy” to End Gary Gensler Era—Most Tokens Are NOT Securities
Atkins outlined four token categories stating “most crypto tokens trading today are not themselves securities”: (1) digital commodities/network tokens from functional decentralized systems, (2) digital collectibles like NFTs/memes, (3) digital tools like tickets/credentials—all NOT securities—and (4) tokenized securities which remain securities
The revolutionary “investment contracts can END” doctrine: using the original Howey citrus grove case as analogy, Atkins argues tokens initially sold as investment contracts can separate from that status once “networks mature, code is shipped, control disperses”—the token is “no more a security because it was once part of an investment contract than a golf course is a security because it used to be part of a citrus grove”
SEC will allow tokens tied to investment contracts to trade on non-SEC platforms (CFTC or state-regulated venues) and create exemption packages for “tailored offering regimes”—enabling “super-apps” that custody multiple asset classes under one license while letting capital formation flourish without “navigating a maze of regulatory uncertainty”
Circle Mints Nearly $1 Billion USDC in 24 Hours as Stablecoin Demand Surges
Circle minted approximately $1 billion USDC in 24 hours with $1.25 billion minted on Solana alone on November 7—one of the largest single-day stablecoin injections this quarter signaling massive capital flowing on-chain
USDC circulation hit $75 billion all-time high (25% of USD stablecoin market), with Solana now holding $8.74 billion USDC (63% of that chain’s stablecoin supply) after Circle minted $5.25 billion there since October 11
When Circle mints this much, it means institutions and exchanges deposited actual dollars to receive USDC—this is hard evidence of demand for crypto trading, DeFi liquidity, and on-chain settlements, not just speculation
LITTLE BITZ
Coinbase is leaving Delaware and reincorporating in Bitcoin-friendly Texas, joining the exodus of crypto companies moving to states with clearer digital asset regulations and pro-crypto legislative environments
Visa is piloting USDC payouts for creators and gig workers, turning stablecoins into actual payment rails for the creator economy instead of just DeFi speculation tools
Circle’s Q3 profits tripled, beating analyst estimates, as USDC circulation hit all-time high.
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Quile
Email: kyle@dailycryptonews.net
X: @CryptoQuile
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