A meme coin called HERO has gained traction over the past few days, created in honor of a man who helped disarm one of two attackers during a deadly assault at a Hanukkah celebration in Sydney, Australia, over the weekend.

The token briefly reached a market capitalization of $1.7 million. The team behind the initiative says the project will donate all creator fees to support the victims of the attack.

HERO Launched to Support Bondi Victims

A grassroots initiative has gathered momentum following the terrorist attack at Bondi Beach on Sunday, which left 15 people dead and at least 42 others injured.

An individual known as DefiANT on X launched the HERO meme coin in honor of Ahmed al-Ahmed, a 43-year-old fruit shop owner who managed to disarm one of the attackers during the incident.

the whole world is talking about the heroic act of Ahmed.

meanwhile, we have established ourselves as the only true $hero coin by donating $20k in creator rewards so far, with much more to come.

we had our first space in which people shared their experiences, expressed…

— DefiAnt™ (build/acc) (@defi_tm) December 15, 2025

According to DexScreener, HERO runs on Solana and currently has a market capitalization of $180,000. The meme coin was created via Pump.Fun and reached a peak of nearly $1.7 million in market cap. Although the meme coin was launched on the same day as the attack, the original developer rugged the project and later abandoned it.

Since then, the community has taken over stewardship of the token, with DefiANT emerging as the primary driving force. It has since evolved into a fully community-led initiative, with all proceeds dedicated to supporting the victims.

Fundraising Campaign Surpasses $2.3 Million Mark

Alongside the token, the team launched a parallel GoFundMe campaign to raise funds for those affected by the attack.

According to the fundraising page, nearly 40,000 contributors have collectively raised over $2.3 million. The campaign has set a target of $3.1 million.

The official HERO website states that donations will be distributed to victims in multiple tranches. DefiANT also confirmed on social media that 47,000 Australian dollars have already been donated to individuals impacted by the attack. 

The post Aussie Hero Meme Coin Rallies Community Support After Sydney Terrorist Attack appeared first on BeInCrypto.

As Bitcoin’s price continues to trend lower, China’s renewed crackdown on domestic mining activity may help explain the sudden downturn.

In Xinjiang province, an estimated 400,000 miners were forced to shut down operations and go offline. The abrupt disruption cut off revenue streams, pushing some operators to sell Bitcoin holdings to cover operating costs or finance relocation efforts.

Mining Disruptions Add Pressure to Bitcoin’s Decline

In a recent social media post, former Canaan chairman Jack Kong said that China’s computing power fell by roughly 100 exahashes per second (EH/s) within 24 hours. He noted that the decline, estimated at around 8%, followed the shutdown of hundreds of thousands of mining machines.

Bitcoin Hash Rate Falls by Most Since 2024 Halving

Ex-Chairman of $CAN says 400k BTC mining machines shut off in China https://t.co/4RQ0O2esh3 pic.twitter.com/q5OopJq10M

— matthew sigel, recovering CFA (@matthew_sigel) December 15, 2025

The news emerged shortly before Bitcoin slid to $86,000 on Tuesday, breaking below the $90,000 level it had managed to hold over the past week.

Some analysts view the timing as more than coincidental, pointing to a correlation between the mining shutdowns and the price decline. 

They note that abrupt and stringent measures often force miners to take immediate actions, which can amplify short-term market pressure.

Miner Shutdowns Trigger Liquidity Stress And Selling

According to Bitcoin analyst NoLimit, when miners are forced offline, a chain reaction typically follows. 

This includes an immediate loss of revenue, an urgent need for liquidity to cover operating expenses or relocation costs, and, in some cases, the forced sale of Bitcoin holdings.

These dynamics can spill directly into the broader crypto market. When roughly 8% of Bitcoin’s computing power is suddenly taken offline, uncertainty rises, adding short-term stress to Bitcoin’s price.

🚨 BITCOIN IS CRASHING AND THIS IS THE REASON WHY!!!

Bitcoin is down today for a very simple reason, and almost nobody is explaining it properly.

It’s coming straight from China, and the timing matters.

That’s right, china’s crashing bitcoin, AGAIN.

Here’s what’s happening:… pic.twitter.com/RV3k9JzA0T

— NoLimit (@NoLimitGains) December 15, 2025

“That creates real sell pressure, not the other way around,” NoLimit explained. 

Timing magnified the impact. China’s mining sector had only recently re-established itself as a major contributor to global hashrate.

A Mining Comeback Meets Abrupt Regulatory Pressure

Less than a month ago, China regained its position as the world’s third-largest Bitcoin mining hub. According to the Hashrate Index, the country accounted for roughly 14% of global hashrate by October.

Despite the formal mining ban imposed in 2021, underground activity has continued to expand across the country.

Analysts point to access to low-cost power and surplus electricity in certain regions as key drivers behind the resurgence.

Against this backdrop, this week’s crackdown caught miners off guard. With regulations suddenly tightened and Bitcoin’s hashrate falling, miner revenues quickly became a central concern.

These pressures were compounded by Bitcoin’s roughly 30% decline from its October peak and persistently low transaction fees, pushing miner revenues to recent lows.

Given that mining underpins the security and operation of the Bitcoin network, the recent price pullback appears consistent with the broader disruption, though its full impact may unfold over time.

The post Why China’s Recent Mining Crackdown Triggered Bitcoin’s Latest Sell-Off appeared first on BeInCrypto.