1. Why will the privacy track be launched in 2025? 1.1 The tension between regulation and on-chain structure begins to become apparent The crypto ecosystem from 2024 to 2025 shows a clear structural fracture. On one hand, ETFs and institutional funds have become the dominant source of liquidity for BTC/ETH, accelerating the concentration of market pricing power towards compliant funds; on the other hand, the "narrative space" that the native crypto community relies on for survival continues to shrink, and the core values of crypto culture are being eroded by institutional frameworks. As the regulatory system deepens, the industry gradually enters a phase of "over-compliance."

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Dunamu and Naver Financial just announced their merger plan yesterday, and today Upbit's assets were stolen. This undoubtedly poses a challenge to their expansion plans, especially considering the sensitive period of seeking a Nasdaq IPO.

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Original | Odaily Planet Daily (@OdailyChina) Author | Wenser (@wenser 2010) Early this morning, South Korea's largest CEX Upbit suffered a large-scale hacking attack, resulting in the loss of approximately $36.8 million (54 billion Korean won) in digital assets. The operator Doonamu has announced the confirmation of the theft and suspended deposit and withdrawal services on the platform, promising to fully cover user losses. In South Korea, where cryptocurrency trading has become a trend, Upbit has always stood out with its extremely high trading volume and massive liquidity, dominating the market...

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1. On-chain funds: Today, $53.2M flowed into Hyperliquid; $28.6M flowed out of Base. 2. Maximum price fluctuation: $PAPARAZZI, $XION 3. Top news: South Korea's largest crypto platform Upbit was attacked and lost 54 billion won, and will bear all customer losses.

In the world of cryptocurrency, a configuration of 5 million dollars may seem insignificant, but when this "match" is struck by the state government itself, its significance transcends the amount itself.

Zama is similar to putting a "super invisibility cloak" on public chains like Ethereum, allowing users to transfer, lend, trade, buy stocks, and participate in prediction markets on the chain... all data is encrypted, and no one can see it, not even the participating nodes.

These ETFs have not been strictly approved by the SEC one by one, but instead utilize a brand new "general listing standard" and a little-known "8(a) clause" fast track, which almost automatically takes effect with the "tacit approval" of the regulatory agency.

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