Gate Research: Crypto User Loses $50 Million in USDT | Hilbert Group Acquires Enigma Nordic

Crypto Market Overview

• BTC (0.77% | Current price: 88,919 USDT): After a sharp pullback in the previous phase, BTC quickly stabilized and rebounded, with the low forming near $84,460. Prices then recovered consecutively and reclaimed the $88,000 level, currently consolidating in the 88,800–89,000 range. Overall, market sentiment has gradually recovered from fear, and short-term price action has shifted from weak to stronger. From a technical perspective, short-term moving averages have flattened and turned upward, with MA5 and MA10 providing close support, while price remains above MA30, indicating the rebound trend is still intact. The earlier rebound was accompanied by expanding volume, suggesting clear willingness from funds to enter at lower levels; more recently, volume has contracted, signaling a digestion phase. Resistance is evident in the 89,500–90,000 zone. A high-volume breakout and sustained hold above this area could allow price to retest the prior high near 90,360; conversely, repeated rejection could lead to a pullback toward 88,000 or even 87,500 for consolidation. Overall, the short-term structure remains bullish, though momentum has slowed, favoring either pullback confirmation or breakout-following strategies.
• ETH (1.91% | Current price: 3,031 USDT): ETH rebounded swiftly after a sharp drop to around $2,775 in the prior sell-off, with price subsequently lifting its center of gravity and now trading near $3,030, having refreshed a local high around $3,060. The overall structure shows a deep retracement followed by a strengthening consolidation, alongside a clear recovery in market sentiment. Technically, short-term moving averages MA5 and MA10 have turned upward and are closely aligned with price, while MA30 has flattened and begun to rise. Price remains firmly above the mid-term moving average, keeping the short-term bullish structure intact. The rebound phase was supported by increased volume, indicating active participation from buyers at lower levels; recently, volume has normalized as gains are digested through high-level consolidation. The 3,050–3,080 range now forms a short-term resistance zone—an upside breakout with volume could open further upside, while the $3,000 level serves as key support. A break below could trigger a technical pullback toward the 2,960–2,980 area. Overall, ETH’s short-term trend remains constructive, though consolidation and pullback risks near prior highs should be monitored.
• Altcoins: Most major altcoins are posting modest gains, with market sentiment leaning toward “neutral” or “buy.” The Fear & Greed Index stands at 25 today, still within the fear zone, indicating that sentiment has yet to fully recover.
• Macro: On December 19, the S&P 500 rose 0.88% to 6,834.50, the Dow Jones gained 0.38% to 48,134.89, and the Nasdaq advanced 1.31% to 23,307.62. As of December 22 at 10:57 AM (UTC+8), spot gold is quoted at $4,386 per ounce, up 1.11% over the past 24 hours.

Trending Tokens

RAVE – RAVEDAO (+84.45%, Circulating Market Cap: $158M)

According to Gate market data, RAVE is currently priced at $0.7129, up 84.45% over the past 24 hours. RAVEDAO is a crypto-powered community that has expanded globally since selling out its inaugural Dubai event in 2024, extending into Europe, the Middle East, North America, and Asia. It has hosted world-class experiential events with total participation exceeding 100,000 people and over 3,000 attendees per event. RaveDAO is redefining live entertainment in the Web3 era and has established active partnerships with 1001Tracklists, AMF, and Warner Music. Beyond the dance floor, RaveDAO channels its energy toward positive-impact initiatives: in 2025 alone, proceeds from its events helped restore sight to more than 400 cataract patients in Nepal and funded over 150 meditation projects worldwide.

Based on the latest market information, RAVE’s surge over the past 24 hours has been driven by several factors: a mild recovery across the broader crypto market amid the Christmas trading period, heightened investor attention making RAVE a short-term trading hotspot, increased trading activity, and capital rotation into small-cap assets. While earlier gains were supported by multiple listings and derivatives-related news, the most recent 24-hour rally primarily reflects short-term effects of improving sentiment and concentrated trading interest.

ZKP – zkPass (+82.79%, Circulating Market Cap: $33.09M)

According to Gate market data, ZKP is currently priced at $0.164, up approximately 82.79% over the past 24 hours. zkPass is a privacy-focused data protocol based on zero-knowledge proof technology, aiming to build a verifiable internet. By combining MPC, zero-knowledge proofs, and a 3P-TLS oracle network architecture, the project enables users to generate cryptographic proofs from private web data and verify HTTPS-based facts without exposing sensitive information. Its core product, the TransGate SDK, offers low-code privacy verification solutions, mainly applied to decentralized identity, privacy-preserving KYC, and DeFi risk control.

ZKP’s sharp 24-hour price increase has been driven primarily by a significant rise in trading activity and market attention. Market data shows that both trading volume and price performance ranked among the top movers, with ZKP becoming one of the most actively traded tokens on Gate, attracting increased buying interest and amplified momentum through active exchange trading pairs.

BEAT – Audiera (+64.36%, Circulating Market Cap: $534M)

According to Gate market data, BEAT is currently priced at $3.89, up approximately 64.36% over the past 24 hours. Audiera (BEAT) is the Web3 version of the globally popular music and dance game IP “Audition,” which has over 600 million users worldwide. It integrates artificial intelligence and blockchain technology to deliver immersive, creator-driven experiences. Users can interact with AI idols, create music, mint it as NFTs, and engage in full-body gameplay via smart fitness mats. The ecosystem includes a mobile game, a mini app, and an AI-powered creative studio.

BEAT’s recent 24-hour rally has been fueled mainly by growing market enthusiasm for Web3 gaming and AI-related tokens. Investor sentiment has been particularly active in small-cap, narrative-driven assets, driving capital inflows and higher trading volumes. As a Web3 gaming and entertainment token, BEAT has attracted strong attention and growth in holding addresses, encouraging momentum-driven short-term buying, while exchange activity and platform exposure have further supported its performance.

Alpha Insights

Address Poisoning Scam Resurfaces, Crypto User Loses $50 Million in USDT

A crypto user recently fell victim to a classic address poisoning scam, mistakenly transferring approximately $50 million in USDT to a wallet controlled by attackers. The scammer first created an address with highly similar leading and trailing characters to the intended address and sent a tiny “dust” transaction to pollute the victim’s transaction history. After completing a small test transfer, the victim copied the address from transaction records and proceeded with a large transfer, ultimately sending $49,999,950 USDT to the attacker.

On-chain data shows the stolen funds were subsequently converted into Ethereum and dispersed across multiple addresses, with some interacting with mixing services to obscure transaction trails. In response, the victim posted an on-chain message demanding the return of 98% of the funds within 48 hours, offering a $1 million bounty and warning of legal and criminal action if noncompliance persists. The incident underscores that address poisoning exploits user habits rather than technical vulnerabilities, relying on copy-paste errors and partial address matching.

Hilbert Group Acquires Enigma Nordic for $25 Million, Expanding Institutional Crypto Trading

Swedish investment firm Hilbert Group announced the completion of its acquisition of high-frequency crypto trading platform Enigma Nordic, with total consideration of up to $25 million. Under the deal structure, Hilbert will pay $7.5 million in newly issued shares at closing, with the remaining $17.5 million contingent on performance, conditional on Enigma’s quantitative strategies generating $40 million in cumulative net profits over the agreed period. The acquisition grants Hilbert access to Enigma’s proprietary systematic trading technology for executing market-neutral strategies across global digital asset exchanges.

The deal further advances Hilbert’s institutional crypto investment strategy. The firm plans to integrate Enigma’s quantitative and high-frequency trading platform into its hedge fund and proprietary trading operations, following the launch of a Bitcoin-denominated institutional hedge fund product. While high-frequency trading faces risks such as margin compression and strategy decay, Hilbert’s performance-linked acquisition structure mitigates these risks and reflects rising M&A activity in the crypto sector amid market maturation and renewed institutional demand.

Tether Executive-Linked Entity’s Acquisition of Northern Data’s Bitcoin Mining Business Draws Attention

According to the Financial Times, Tether-backed German data center and AI company Northern Data sold its Bitcoin mining subsidiary Peak Mining in November for up to approximately $200 million. Company filings indicate that the buyers include multiple entities directly linked to Tether executives, controlled by Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino. As Northern Data is listed only on a German secondary market, disclosure of related-party transactions was not mandatory.

The timing and structure of the deal have drawn scrutiny. The sale of Peak Mining occurred shortly before Tether-backed Rumble announced an agreement to acquire Northern Data for roughly $767 million, while Tether is also a major shareholder and creditor of Northern Data. Against this backdrop, Northern Data remains under the watch of European regulators over tax treatment and historical operational issues. Meanwhile, Tether continues to expand its Bitcoin mining footprint in an effort to secure its Bitcoin reserves, even as related-party transactions and risk exposure attract heightened attention from markets and rating agencies.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• Coindesk, https://www.coindesk.com/web3/2025/12/20/crypto-user-loses-usd50-million-in-address-poisoning-scam
• The Block, https://www.theblock.co/post/383442/hilbert-group-bolsters-institutional-crypto-push-with-25-million-enigma-nordic-deal
• The Block, https://www.theblock.co/post/383439/tether-backed-northern-data-sold-bitcoin-mining-arm-to-companies-run-by-tethers-own-executives-ft

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.