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Morning Minute is a each day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Right now’s high information:

• Crypto majors rebound after latest selloff; BTC again to $92k, SOL leads
• Solana introduced the launch of Firedancer reside on mainnet
• YouTube introduced creator funds in stablecoins
• The DTCC has been cleared to supply tokenization providers by the SEC
• Coinbase is reportedly launching prediction markets & tokenization subsequent week

🌑 Justice, Lastly

Almost three years after Terra’s $40B vaporization, a U.S. decide lastly handed down the decision.

Do Kwon goes away for 15 years.

📌 What Occurred

A U.S. court docket sentenced Terraform Labs founder Do Kwon to fifteen years in federal jail, capping a multiyear saga that included a world manhunt, a number of extradition makes an attempt—and one of many largest wealth destructions in crypto historical past.

The decide highlighted the “eye-popping” harm brought on by Terra’s collapse, an occasion that worn out billions in retail financial savings, destabilized main funds, and triggered a cascading credit score unwind throughout lenders and market makers.

Lots of of victims submitted statements describing monetary damage, damaged belief, and lasting psychological well being fallout.

Prosecutors argued Kwon had misled buyers about reserves backing UST and misrepresented the soundness of the algorithmic design.

Ultimately, the court docket sided with a mid-range sentence: important, however notably under the 40+ years prosecutors wished.

Terraform Labs stays in chapter, and civil penalties from the SEC case are nonetheless taking part in out.

🗣️What They’re Saying

“The blame needs to be pointed at me. I didn’t function the system in the suitable method. I need to stop different crypto founders from standing the place I’m proper now.” – Do Kwon

🧠 Why It Issues

This was one in every of crypto’s largest black swan occasions and the spark that lit the fuse for 2022 bear market selloff.

After the mud had settled, Terra had fallen from an ATH over $100 to under $0.50.

Huge wealth destruction.

And Do Kwon and his bravado clearly performed a key position in that destruction.

Crypto has realized some classes from Terra Luna, particularly—no extra algorithmic stablecoins.

However 15 years gained’t heal the injuries of these essentially the most impacted within the Terra Luna devastation.

And right here we’re in late 2025, simply 3 years later, and a few are repeating the errors of the previous (particularly, being too focused on perps exchanges and too leveraged up).

It’s time to take these classes to coronary heart and alter one’s buying and selling fashion, if you end up frequently impacted.

As a result of an important rule on this recreation is to outlive.

🌎 Macro Crypto and Memes

Just a few Crypto and Web3 headlines that caught my eye:

• Crypto majors rebounded from Wednesday’s selloff; BTC +2% at $92,200; ETH +1% at $3,230, BNB +2% at $886, SOL +6% at $139
• MNT (+10%), HYPE (+8%), AAVE (+7%) and SUI(+6%) led high movers
• Solana introduced that Firedancer is formally reside on mainnet and has been operating on a couple of validators for 100 days
• YouTube introduced that it’ll now let creators take funds in stablecoins, enabled by PayPal’s PYUSD
• The DTCC is now licensed to supply tokenization providers after no-action letter from the SEC
• Do Kwon was sentenced to fifteen years in U.S. jail over the $40B Terra collapse
• Coinbase eliminated USDC rewards without spending a dime customers and restricted its ~4% yield to Coinbase One subscribers solely
• Save the Youngsters launched a Bitcoin fund geared toward rushing up and enhancing transparency in crisis-aid payouts
• Klarna partnered with Stripe’s Aware of construct a mass-market crypto pockets

In Company Treasuries / ETFs

• Public firms holding BTC and the DATs purchased a mixed 10,750 BTC final month, regardless of 5 DATs promoting 1,900 BTC mixed

In Memes / Onchain Movers

• Memecoin leaders are principally inexperienced with Fartcoin main; DOGE +2%, Shiba +2%, PEPE +2%, PENGU +2%, BONK +5%, TRUMP +1%, SPX +2%, and FARTCOIN +12%
• TROLL (+35%) and Franklin (+16%) have been notable onchain meme movers

💰 Token, Airdrop & Protocol Tracker

Right here’s a rundown of main token, protocol and airdrop information from the day:

• Coinbase is ready to announce prediction markets and tokenized equities subsequent week, in response to Bloombeg
• Sports activities dot Enjoyable secured an funding from Coinbase Ventures and introduced their ICO for Dec 16
• Rekt Drinks launched its new Grapefruit taste in partnership with X Video games
• Solstice introduced its SLX token sale coming Dec 22
• LiFi introduced a $29M Collection A elevate led by Multicoin

🚚 What is occurring in NFTs?

Right here is the record of different notable headlines from the day in NFTs:

• NFT leaders have been principally crimson once more; Punks +4% at 30 ETH, Pudgy -3% at 5.02, BAYC -3% at 4.86 ETH; Hypurr’s +8% at 528 HYPE
• Good Vibes Membership (+8%) and Creepz (+8%) have been notable movers
• Doodles lower provide of their Doopies mint to eight,888 which led to a sellout