Wu's Daily Selected Encryption News - Upbit: Lost 44.5 billion KRW in Attack on Solana Network

1.Upbit: Lost 44.5 billion won due to an attack on the Solana network

The largest exchange in South Korea, Upbit, has had assets stolen on the Solana network. On November 27 at 04:42 UTC+9, an abnormal outflow of assets worth approximately 54 billion KRW (about 38.57 million USD) occurred on the Solana network, which has been revised to 44.5 billion KRW (approximately 30.43 million USD). The scale of funds frozen on the Solana network has been revised to about 2.3 billion KRW (approximately 1.57 million USD). The platform has currently suspended withdrawals. The Financial Supervisory Service's Virtual Asset Regulatory Bureau immediately conducted an on-site inspection of the platform. The Financial Supervisory Service stated that it is aware of the hacking incident and is currently investigating the details of the hacking attack, the extent of the losses, and the measures taken to protect customer assets. On-site inspections are expected to continue until next Friday.

2. Personnel turmoil at Alt5 Sigma, a cryptocurrency company associated with the Trump family.

The cryptocurrency company Alt5 Sigma, associated with the Trump family, has severed ties with CEO Jonathan Hugh and COO Ron Pitters, without specifying the exact reasons. Earlier this August, the company reached a $1.5 billion deal to acquire the WLFI tokens from World Liberty Financial (WLFI), which was co-founded by members of the Trump family, arranging for Trump family entities to receive 75% of the token sale proceeds. At the same time, Trump family ally Zachary Witkoff has been appointed as the chairman of the board, while Eric Trump and co-founder Zachary Folkman serve as board observers.

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3. QCP Analysis: Improved risk sentiment drives the market to raise the probability of a December rate cut to 85%.

QCP analysis points out that BTC is holding steady in the high range of $80,000, with improved risk sentiment pushing the market to raise the probability of a rate cut in December to 85%. However, inflation remains high and labor data is weakening, with upcoming unemployment claims and ADP data further testing macro expectations. Cryptocurrency fund flows are also weak, with ETFs continuing to see net outflows, and most products below 1 mNAV. At the end of the year, BTC faces significant downward hedging pressure, with the supply side potentially suppressing price advances towards $90,000, while $80,000 to $82,000 remains a key support range.

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4. Australia introduces new legislation to regulate cryptocurrency platforms

Australia submitted the “Digital Asset Framework Amendment”, proposing to fully incorporate crypto trading and custody platforms into the financial services regulatory system, with ASIC as the primary regulatory body. The bill introduces two types of financial products: digital asset platforms and tokenized custody platforms, and operators must obtain an AFS license; low-risk platforms with client assets below 5,000 AUD and annual trading volumes below 10 million AUD may be exempt.

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5. The Changsha Yuhua District People's Procuratorate disclosed a fraud case involving virtual currency known as “Killing Foreign Plate”.

The Changsha Yuhua District Prosecutor's Office disclosed a fraud case involving virtual currency known as “Killing the Foreign Plate,” with all 11 defendants found guilty. In March 2024, inside a small apartment in Yuhua District, Liu and Li set up a tightly organized “fraud factory.” This gang disguised themselves as “financial elite women” on overseas platforms to lure foreign men into investing in virtual currency on fake websites, initially creating a false impression of profits with small withdrawals, and then shutting down the withdrawal function to carry out a “harvest,” defrauding a total of about 340,000 yuan.

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