In the first half of 2025, more than 100 listed firms that shifted to crypto-focused treasuries and borrowed heavily to buy tokens have seen their shares fall a median 43% year-to-date, Bloomberg data show. These digital asset treasury stocks have trailed Bitcoin and major U.S. benchmarks as debt-funded purchases of non-yielding crypto assets add structural and liquidity risks. Companies such as Strategy, Inc. and SharpLink Gaming underscore the volatility, with sharp early rallies followed by steep drawdowns.

U.S. federal prosecutors have asked for a 12-year prison sentence for Terraform Labs co-founder Do Kwon over the $40 billion TerraUSD collapse that roiled crypto markets. Kwon has admitted to conspiring to defraud cryptocurrency purchasers, making false statements about efforts to restore TerraUSD’s peg, and concealing Jump Trading’s covert support during a 2021 depeg. He is scheduled to be sentenced on December 11, while his legal team is seeking a five-year term. The defense cites almost three years of harsh detention in Montenegro and a parallel 40-year sentencing request in South Korea as grounds for leniency.

South Korea's Financial Services Commission is reviewing draft rules that would impose bank-level no-fault compensation standards on cryptocurrency exchanges after a late November hack at Upbit. Under the proposals, platforms could be required to reimburse users for losses caused by hacks or system failures even when they are not directly at fault, according to the Korea Times. Exchanges could also face fines of up to 3% of annual revenue, replacing the current 5 billion won cap.