Upbit Hacked, Suspected Connection to Lazarus, South Korean Regulators Launch Full Investigation
South Korean exchange Upbit has confirmed that its Solana network hot wallet was hacked, initially estimating losses at approximately $38.57 million, later revising the stolen amount down to about $30.43 million, and the frozen funds from the previously estimated 12 billion Korean won to about 2.3 billion Korean won. Following the incident, Upbit urgently suspended all deposits and withdrawals and transferred related assets to cold wallets to enhance security.
The Virtual Asset Regulatory Bureau under the South Korean Financial Supervisory Service has launched an on-site investigation into Upbit's operating company, expected to continue until December 5. Authorities are currently focusing on whether the Lazarus Group is behind this attack—given that this intrusion is highly similar to the 2019 Upbit Ethereum hot wallet theft, and the hacker's behavior aligns with the organization's typical methods of "stealing administrator accounts or impersonating administrators" and transferring funds through mixing tools.
RLUSD Receives Official Recognition from ADGM, Ripple Stablecoin Achieves Key Compliance Progress
Ripple's stablecoin RLUSD has recently received official recognition from the Abu Dhabi Financial Regulatory Authority (ADGM) under FSRA, being listed as an acceptable fiat reference token. This means that RLUSD can be used in regulated payment, clearing, lending, collateral, and treasury management scenarios among ADGM licensed institutions.
Currently, RLUSD's market capitalization has exceeded $1 billion, and it employs compliance mechanisms such as a 1:1 dollar reserve, independent audits, and asset segregation, making it regarded as a stablecoin with institutional-level credibility.
Vitalik: Ethereum Will See Further Scaling and Gas Mechanism Adjustments Next Year
Ethereum co-founder Vitalik recently stated that the network is expected to continue its scaling process in 2026, achieving significant progress in data availability, Layer 2 performance, and protocol layer optimization. He noted that the Danksharding approach will further enhance Ethereum's overall throughput, allowing Rollup costs to continue decreasing, thereby improving user and developer experience.
At the same time, Vitalik mentioned that Ethereum may increase the Gas fees for certain inefficient operations at the protocol level, aiming to guide developers to avoid using opcode that easily burdens the network, enhancing the system's long-term sustainability.
Grab Partners with StraitsX to Explore Web3 Wallet and Stablecoin Settlement
Grab has signed a memorandum of cooperation with Singapore stablecoin issuer StraitsX, and both parties will jointly explore integrating Web3 wallet functionality into the Grab app and promote the implementation of a stablecoin-based settlement network. The cooperation includes enabling GrabPay merchants to accept stablecoins issued by StraitsX, such as XSGD and XUSD, for daily payments, cross-border settlements, and fund clearing, providing users with a digital payment experience with lower fees and higher transparency.
Polymarket Approved by CFTC to Re-enter the U.S. Market
Polymarket has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to amend its designated order, officially allowing it to enter the U.S. market through intermediary channels. According to the new order, Polymarket can operate as a regulated exchange, bringing in brokers and clients, allowing U.S. users to participate in trading through futures commission merchants (FCMs) or traditional brokers, and utilize infrastructure for custody, clearing, and reporting.
Exodus Acquires W3C Corp for $175 Million
U.S. listed crypto wallet company Exodus Movement has announced it will acquire W3C Corp, the parent company of crypto card and payment companies Baanx and Monavate, for $175 million. This move will enable Exodus to control the complete payment infrastructure from crypto wallets to payment card issuance, achieving end-to-end payment capabilities. The acquisition funds come from the company's cash reserves and financing secured by Bitcoin assets. In the future, Exodus is expected to issue payment cards through networks like Visa, Mastercard, and Discover, expanding into the U.S., U.K., and EU markets, and supporting various digital asset payment methods, including stablecoins.
Monad Mainnet Launched, MON Token Synchronized
The Monad mainnet officially launched on November 24, with the native token MON also launching simultaneously. According to the token economic model, the total supply of MON is 10 billion, of which 50.6% is locked initially, with the remaining tokens gradually unlocked through public sales and airdrops for circulation and community distribution.
Ethereum Fusaka Upgrade Coming Soon
Next week, the focus of the crypto market will be on the Ethereum Fusaka mainnet upgrade, expected to be officially activated on December 4 at 05:49:11. This upgrade aims to enhance Ethereum's scalability, efficiency, and security, mainly including increasing block Gas limits, expanding "Blob" capacity, and introducing new node security features. The upgrade will deploy multiple Ethereum Improvement Proposals (EIPs), among which EIP-7594 introduces PeerDAS technology, allowing validators to only sample data fragments instead of the complete Blob, thereby optimizing Layer 2 data availability.
Aster Plans Large-Scale Token Burn
Aster plans to burn 50% of the tokens repurchased from S3 on December 5, totaling 77.8 million ASTER, approximately 1% of the total supply. This token burn is expected to reduce market circulation, enhance token scarcity, and potentially support market prices.
Token Unlocking
Sidus will release 156.25 million SIDUS tokens on December 1, approximately 0.7% of the current circulating supply.
GoPlus Security will release 166.44 million GPS tokens on December 1, approximately 6.05% of the current circulating supply.
GAL will release 10.3 million GAL tokens on December 1, approximately 0.6% of the current circulating supply.
dydx will release 4.17 million DYDX tokens on December 1, approximately 0.57% of the current circulating supply.
Cetus Protocol will release 8.33 million CETUS tokens on December 1, approximately 2.7% of the current circulating supply.
Sui will release 43.92 million SUI tokens on December 1, approximately 1.19% of the current circulating supply.
Tectum will release 105.3 thousand TET tokens on December 1, approximately 1.11% of the current circulating supply.
ZetaChain will release 44.26 million ZETA tokens on December 1, approximately 3.95% of the current circulating supply.
EigenCloud will release 36.82 million EIGEN tokens on December 1, approximately 10.79% of the current circulating supply.
Ethena will release 40.63 million ENA tokens on December 2, approximately 0.58% of the current circulating supply.
BitMEX will release 3.13 million BMEX tokens on December 2, approximately 0.79% of the current circulating supply.
Hivemapper will release 34.69 million HONEY tokens on December 3, approximately 0.49% of the current circulating supply.
Spectral will release 3.62 million SPEC tokens on December 3, approximately 10.1% of the current circulating supply.
HMX will release 144.05 thousand HMX tokens on December 3, approximately 2.03% of the current circulating supply.
World Mobile Token will release 5 million WMTX tokens on December 4, approximately 0.48% of the current circulating supply.
Everclear will release 20.11 million NEXT tokens on December 5, approximately 6.18% of the current circulating supply.
Covalent X Token will release 4.17 million CXT tokens on December 5, approximately 0.74% of the current circulating supply.
Nyan Heroes will release 3.22 million NYAN tokens on December 5, approximately 1.71% of the current circulating supply.
A3S will release 200 thousand AA tokens on December 6, approximately 0.41% of the current circulating supply.
Access Protocol will release 174.85 million ACS tokens on December 6, approximately 3.52% of the current circulating supply.
DevvE will release 108.333 million DEVVE tokens on December 6, approximately 0.82% of the current circulating supply.
Euler will release 31.56 million EUL tokens on December 6, approximately 0.12% of the current circulating supply.
RedStone will release 55.4 million RED tokens on December 6, approximately 2.34% of the current circulating supply.
Aurora will release 53.3 million AURORA tokens on December 7, approximately 1.11% of the current circulating supply.
DexCheck AI will release 45.3 million DCK tokens on December 7, approximately 0.5% of the current circulating supply.
Fusionist will release 4.1446 million ACE tokens on December 7, approximately 0.5% of the current circulating supply.
Hashflow will release 11.9 million HFT tokens on December 7, approximately 1.6% of the current circulating supply.
INFINIT will release 5.86 million IN tokens on December 7, approximately 2.04% of the current circulating supply.
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