Today's top news highlights:
Do Kwon stated that a five-year prison sentence would be sufficient to address the Terra fraud case.
Binance HODLer airdrop launches APRO (AT)
Solana ecosystem tokens surged on Upbit, with ORCA and MET2 rising by over 90%.
A data dashboard released by the founder of Hashed shows that Ethereum is undervalued by 56.9%.
Macro
Do Kwon stated that a five-year prison sentence would be sufficient to address the Terra fraud case.
According to Bloomberg, Terra founder Do Kwon stated in an interview that he believes the five-year prison sentence for the Terra crypto fraud case is sufficient. Previously, the Terra ecosystem experienced market turmoil due to the collapse of the UST stablecoin, resulting in huge losses for investors and sparking widespread controversy. The final verdict in the case is still pending.
Visa partners with AquaNow to speed up settlements using stablecoins.
According to Jinshi News, Visa (VN) has partnered with AquaNow to enable faster settlements by using stablecoins.
Bank for International Settlements report: Tokenized money market funds surpass $9 billion in size.
According to Cryptopolitan, a recent report from the Bank for International Settlements (BIS) indicates that total assets in tokenized money market funds have surged from $770 million at the end of 2023 to nearly $9 billion, becoming a key source of collateral for the crypto ecosystem. The institution warns that while these assets offer the "flexibility of stablecoins," they also bring substantial operational and liquidity risks. The BIS identifies liquidity mismatch as a major risk of tokenized money market funds. It points out that although investors can redeem their tokenized fund units daily, the underlying assets still adhere to the traditional T+1 settlement mechanism. During periods of market stress, concentrated redemption demand will expose this structural risk. The organization further notes that the market is still in its early stages, and solutions are constantly being refined, such as the Distributed Ledger Repurchase (DLR) system launched by fintech company Broadridge, which enables same-day settlement of tokenized government bond transfers.
Australia is strengthening its regulation of cryptocurrency platforms through legislation.
According to Decrypt, Australia is strengthening its regulation of crypto exchanges and custody platforms through legislation. The government says the bill, which imposes millions of dollars in fines on companies that fail to protect customer assets, is expected to unlock $24 billion in productivity gains annually. On Wednesday, Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino introduced the Corporations Act Amendment (Digital Asset Framework) Bill 2025, which establishes the country's first comprehensive regulatory framework for businesses holding digital assets on behalf of customers. The bill was introduced and completed its first reading on Wednesday, entering its second reading on the same day. The bill introduces two new categories of financial products under the Corporations Act. Digital asset platforms cover venues where operators hold customers' crypto assets and provide trading functionality, such as transfers, buying, selling, or staking. Tokenized custody platforms handle real-world assets such as bonds, property, and commodities; licensed operators must hold each underlying asset and issue a single redeemable token that customers can redeem for its original form. Platforms must hold an Australian Financial Services License and comply with the Australian Securities and Investments Commission (ASIC)'s custody and settlement standards, including how to protect assets, execute trades, process customer instructions, and obtain liquidity. Low-risk operators with average client assets below $5,000 and transaction volume below $10 million are exempt from full licensing.
According to official sources, Ripple has announced that its USD-backed stablecoin, Ripple USD (RLUSD), has been recognized as an “approved fiat-pegged token” by the Abu Dhabi Financial Services Regulatory Authority (FSRA) and can be used within the Abu Dhabi Global Market (ADGM), an international financial center in Abu Dhabi, the capital of the United Arab Emirates (UAE).
Starting today, Tether will suspend redemption services for its Euro stablecoin EURT.
According to its official blog, Tether has released a final update on the previously announced discontinuation of its Euro stablecoin, EURT. As part of the finalization process, Tether will cease redemption services for EUR₮ on all supported blockchains on November 27, 2025. Tether had previously stopped minting EURT, with the last subscription request processed in 2022, and no new EURT issuance applications will be accepted. Last November, Tether announced it was ceasing EURT issuance due to the European regulatory environment.
The United States will extend some tariff exemptions on Chinese goods until November 10, 2026.
According to Jinshi News, on November 26 local time, the Office of the United States Trade Representative announced that it would extend the tariff exemptions imposed under Section 301 investigations concerning Chinese technology transfer and intellectual property rights until November 10, 2026. The existing exemptions were originally scheduled to expire on November 29 of this year.
According to Reuters, the World Federation of Exchanges (WFE), an international non-profit organization of major global stock exchanges, stated in a letter to the U.S. Securities and Exchange Commission (SEC) this week that the regulator's proposed plan to allow crypto companies to sell "tokenized" stocks without regulation could harm investor interests. Several crypto companies plan to sell crypto tokens linked to listed stocks; however, to sell such products in the U.S., unregistered crypto companies need a no-action letter or exemption from the SEC. SEC Chairman Paul Atkins stated that the agency is working on developing an "innovation exemption" provision in securities law to allow crypto companies to experiment with new business models. The WFE letter points out that exemptions could pose risks to market integrity and weaken investor protection. WFE CEO Nandini Sukumar stated, "The SEC should avoid granting exemptions to companies attempting to circumvent regulatory principles that have protected markets for decades." The SEC published the WFE letter on its website but declined to comment. James Auliffe, head of the WFE's technical working group, stated, "We and cryptocurrency platforms should compete on a level playing field, and we should be subject to the same rules."
According to Jinshi News, JPMorgan Chase economists have revised their forecasts, now believing the Federal Reserve will begin cutting interest rates in December, reversing the bank's assessment a week earlier that policymakers would postpone rate cuts until January. A research team led by the bank's chief U.S. economist, Michael Feroli, said on Wednesday that statements from several key Fed officials (particularly New York Fed President Williams) supporting recent rate cuts prompted them to reassess the situation. Following the delayed release of the September jobs report last week, JPMorgan Chase had initially predicted that interest rates would remain unchanged in December. Currently, JPMorgan Chase expects the Fed to implement two 25-basis-point rate cuts, one in December and one in January. "We are re-locking our final rate cut timing to January," Feroli wrote in a report to clients. "While the outcome of the next FOMC meeting remains uncertain, we believe the latest round of statements from Fed officials has tipped the scales in favor of a December rate cut."
According to Jinshi News, the Federal Reserve's Beige Book showed that U.S. economic activity remained largely unchanged in recent weeks, with overall consumer spending declining further except for high-end consumers. The Beige Book noted a slight weakening in the U.S. job market and moderate price increases. The Fed stated in the report, "The overall economic outlook remains stable, with some surveyed businesses warning of risks of an economic slowdown in the coming months, while the manufacturing sector expressed cautious optimism." Due to the disruption of key economic data collection caused by the longest government shutdown in U.S. history, which lasted until November 12, field surveys reflecting the actual situation of businesses and consumers have been closely watched in recent months. Fed officials will not be able to obtain complete labor market and inflation data for October and November before the December policy meeting.
Opinion
Singapore-based crypto investment firm QCP Capital analyzed that Bitcoin stabilized after a slight rebound, which appears to be related to improved risk sentiment rather than specific crypto-related drivers. Meanwhile, the stock market rose slightly, and the market currently estimates an 85% probability of a December rate cut. Inflation remains stubbornly high, and labor market data continues to be weak, including rising unemployment. The balance in statements from Federal Reserve officials has tilted slightly towards easing. Given the limited number of other important economic data releases this week, market attention will turn to the jobless claims and ADP employment report to be released later this week. The widening of AI-related credit default swaps (CDS) and technology credit spreads indicates that investors are reassessing this dominant macroeconomic driver. Crypto ETFs continue to see net outflows, and several digital asset products have been liquidated. Most products are currently trading below $1 per unit of net asset value, reflecting increased risk aversion in the market. With Strategy's Bitcoin reserves nearing break-even and its stock placed on MSCI's delisting watch list, Strategy's problems are once again under scrutiny. As the year draws to a close, Bitcoin faces the dual impact of negative capital flows and supportive option structures. The correlation between AI-related stocks has increased, while the Fear & Greed Index has declined. Demand for downside protection remains high, and although open interest still leans towards call options, both position size and implied volatility have decreased. A rebound in Bitcoin prices to around $95,000 could encounter ETF-related selling pressure, reinforcing its range-bound trading pattern. Following the recent sharp decline, the $80,000 to $82,000 range remains a key support level. The crypto market continues to serve as a barometer of overall market risk appetite, with macroeconomic drivers still firmly controlling market direction.
Cathie Wood: Crypto Liquidity Tightening May Reverse in the Coming Weeks
Cathie Wood, founder of Ark Invest, posted on the X platform that the liquidity crunch in the AI and crypto industries may reverse in the coming weeks, a view that seems to be shared by the market. It is understood that Ark Invest had previously begun buying on dips in several crypto-related stocks, including Block, Circle, Coinbase, Bullish, and Robinhood.
According to Cointelegraph, BitMine Chairman Tom Lee appears to have abandoned his widely touted prediction that Bitcoin would reach $250,000 by the end of the year. He now only states that Bitcoin "might" return to its all-time high of $125,100 reached in October by the end of the year. In an interview with CNBC on Wednesday, Lee said, "I think there's still a good chance that Bitcoin will break $100,000 by the end of the year, and it might even reach a new high." This appears to be the first time Lee has publicly downplayed his target of $250,000 by the end of the year, a target he proposed in early 2024 and continued to reiterate in early October.
Tether CEO Paolo Ardoino responded to S&P's rating on the X platform, stating: "We are proud of your 'hatred' for Tether. Those classic rating models designed for traditional financial institutions have historically led countless individuals and institutions to invest in companies that, despite receiving investment-grade ratings, ultimately failed. This has prompted global regulators to question these models themselves, as well as the so-called independence and objective assessment capabilities of all major rating agencies. When a company attempts to challenge the 'gravity' of this broken financial system, the propaganda machine of traditional finance becomes increasingly anxious—no company should dare to decouple from it. Tether, however, has built the first company in the financial industry that is over-capitalized and does not hold any toxic reserve assets. And we still maintain extremely high profitability. Tether itself is a living example that the traditional financial system is so riddled with holes that even those nominal 'emperors' are beginning to fear it." Previously, S&P Global downgraded USDT's stability rating to the lowest level, warning of the risks of Bitcoin exposure.
Project Updates
Binance HODLer airdrop launches APRO (AT)
Binance announced the official launch of APRO (AT), the 59th HODLer airdrop project. This project is a data oracle protocol that provides real-world information to blockchain networks. Users who subscribe to principal-protected earning products (fixed-term or flexible) or on-chain earning products using BNB between 08:00 on November 4th and 07:59 on November 7th, 2025, will receive an AT airdrop allocation. The AT deposit channel will open at 18:30 on November 27th and trading will commence at 22:00, supporting USDT, USDC, BNB, and TRY trading pairs, subject to seed tag trading rules. The total supply of AT tokens is 1 billion, with 2% allocated to the HODLer airdrop and 23% in circulating supply.
Bithumb will launch the IRYS Korean Won trading pair.
Bithumb announced that it will launch the IRYS Korean Won trading pair.
Binance Alpha will launch on GaiAi (GAIX) on November 29th.
Binance Alpha will list GaiAi (GAIX) on November 29th, marking the platform's first foray into the project. Eligible users can claim airdrop rewards using Binance Alpha Points through the Alpha Events page after trading begins.
South Korean cryptocurrency exchange Upbit has announced that it has suspended deposit and withdrawal services and is conducting a comprehensive investigation. Around 04:42 local time on November 27, 2025, Upbit confirmed that 54 billion Korean won (approximately US$36.81 million) of Solana network-related assets were transferred to an unknown external wallet. The digital assets involved include 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SOL, SONIC, SOON, TRUMP, USDC, and W. To protect user assets, Upbit immediately took the following measures: 1. All assets have been transferred to a secure cold wallet to prevent further abnormal transfers; 2. On-chain freezing attempts have been initiated, and cooperation with law enforcement investigations is underway; 3. A comprehensive security check of deposits and withdrawals is being conducted. Upbit stated that it has confirmed the scale of the losses caused by the abnormal withdrawals and plans to fully compensate for them using its own assets to ensure that user assets are not affected.
Bithumb will discontinue its Tether-based order book sharing service under regulatory pressure.
According to DL News, South Korean financial regulators have urged Bithumb to suspend its Tether (USDT) market service, which allows customers to buy and sell Bitcoin and nine high-market-cap altcoins using USDT. Bithumb stated that the service is still in the testing phase and that it has reached an order book sharing agreement with Australian cryptocurrency exchange Stellar. Due to system maintenance, Bithumb plans to shut down the service on November 28th for restructuring to "provide a more stable and advanced trading environment," adding that it will announce the reopening date separately. Some analysts believe this move may stem from regulators' distrust of the exchange's ability to fulfill anti-money laundering obligations, potentially leading to the termination of order book sharing with international partners. Sources indicate that the crypto industry generally believes Bithumb has effectively abandoned the service after two months of intensive investigation and pressure from financial regulators. Shortly after launching its USDT market service, the Financial Intelligence Unit (FIU) summoned the exchange's CEO, expressing concerns that the service could expose domestic customers to personal data breaches and money laundering risks. According to South Korean media outlet Newsis, Bithumb also underwent additional on-site inspections by the FIU regarding its order book.
The Lido community has released the "GOOSE-3" proposal, aiming to expand its business from a single staking product to a broader portfolio of DeFi products. For the 2026 cycle, the proposal sets four main goals: expanding the staking ecosystem, ensuring protocol resilience (Lido Core upgrade), expanding new revenue streams for the DAO—Lido Earn, and exploring vertical expansion and real-world business applications. The proposal also outlines a three-year vision, including: making staking a mature and profitable product line; strengthening sustainability and driving revenue growth through vertical (building end-products) and horizontal (expanding into new assets such as stablecoins); and becoming a major gateway for real-world capital into DeFi. The proposal was submitted to the Lido DAO by the Lido Labs Foundation, the Lido Ecosystem Foundation, and the Lido Alliance BORG, all of which are funded by the Lido DAO. The proposal states that if adopted, the Lido DAO will adopt this goal as a strategic direction by expanding its staking product line, developing end-user products that unlock higher value, broadening its product range, attracting new demand, and diversifying its revenue streams.
A data dashboard released by the founder of Hashed shows that Ethereum is undervalued by 56.9%.
According to Beincrypto, Simon Kim, founder of venture capital firm Hashed, has launched a real-time dashboard that estimates Ethereum's fair value at $4,747.4. With Ethereum currently trading at $3,022.3, this tool indicates that Ethereum is undervalued by 56.9%. The dashboard updates every two minutes and uses eight different valuation models. The Ethereum valuation dashboard blends traditional financial and crypto-native analytical methods. It employs eight models to assess Ethereum's intrinsic value, including three traditional financial methods: discounted cash flow (DCF, relying on staking yield), price-to-earnings ratio (P/E, set at 25x), and revenue yield analysis; and five crypto-specific metrics: TVL multiple, staking scarcity, market capitalization and TVL fair value, Metcalfe's Law, and Layer 2 ecosystem valuation.
Important data
Solana ecosystem tokens surged on Upbit, with ORCA and MET2 rising by over 90%.
This morning, Upbit discovered that approximately 54 billion Korean won (about $36 million) of Solana network assets had been transferred to an unknown external wallet. Affected assets include multiple Solana ecosystem tokens such as ORCA, DOOD, RAY, and LAYER. Upbit has suspended all deposits and withdrawals and is conducting a comprehensive system check. Currently, the prices of low-market-cap Solana project tokens on the Upbit platform have surged, with ORCA up 92.51%, MET2 up 94.41%, and RAY up 51.07%. Previously, Upbit reported that approximately 54 billion Korean won of Solana network assets had been stolen and that deposits and withdrawals had been suspended for a comprehensive investigation.
According to Beosin Trace's analysis, Upbit experienced an abnormal outflow of approximately $36 million (about 54 billion Korean won) in crypto assets from the Solana network, and some of the funds have already begun to be transferred. Among them, a Binance exchange user address (2zRELfpr2KUyLoCAbo9KDTFFNXTP3JjFE3GZLxAgC2S8) received the abnormal outflow of $SOL from Upbit from multiple intermediary addresses after the incident, currently receiving a total of $2202.72 $SOL (worth approximately $315,000). Earlier today, Upbit reported that approximately 54 billion Korean won in assets had been stolen from the Solana network and that it had suspended deposits and withdrawals to conduct a comprehensive investigation.
IRYS surged 18.6% in a short period, reaching a high of $0.052.
According to Binance Alpha data, IRYS briefly surged 18.6%, reaching a high of $0.052, and is currently trading at $0.048, representing a 71% increase in the past 24 hours. Previously, it was reported that Bithumb would launch an IRYS-Korean Won trading pair.
52.4% of Monad airdrop claim addresses have sold or transferred all of their quotas.
According to Adam's statistics, of the 76,021 wallets that received the Monad airdrop, 39,796 wallets (52.4%) have sold or transferred all of their quotas; 27,133 wallets (35.7%) still hold all of their quotas; 5,728 wallets (7.5%) have sold/transferred more than 50% of their quotas; and 3,364 wallets (4.4%) have sold/transferred less than 50% of their quotas.
Arthur Hayes further increased his holdings in ENA, PENDLE, and ETHFI by a total of $1,418,800.
According to Onchain Lens monitoring, Arthur Hayes has further increased his holdings of ENA, PENDLE, and ETHFI tokens. In the past 30 minutes, he received 2.01 million ENA (worth $571,600), 218,000 PENDLE (worth $589,800), and 339,900 ETHFI (worth $257,400) from Cumberland.
According to on-chain analyst @ai_9684xtpa, an ancient ETH whale who interacted with the Ethereum Foundation 10 years ago is accumulating shares. Starting yesterday, he bought 7318.56 ETH on-chain at an average price of $3016.09, worth $22.07 million. His most recent purchase was 40 minutes ago. He previously sold 12575 ETH at the ETH high on August 9th, at a cost as low as $0.875, and currently still holds 10529 ETH.
According to Cryptopolitan, blockchain analytics platform Bubblemaps has accused Edel Finance of snapping up 30% of the token supply ($11 million) during its token offering earlier this month. Their report indicates that approximately 160 linked wallets coordinated funding through Binance and MEXC, completing the purchase through a multi-layered new wallet structure before trading began. Half of the tokens were transferred to 100 secondary wallets linked to MEXC. These wallets employed a uniform obfuscation strategy, and the contract code explicitly contained the secondary wallet addresses, proving they were deliberately hidden. Furthermore, Edel failed to disclose this operation on Telegram, Twitter, or in official documents, raising concerns about transparency. Edel co-founder James Sherborne responded that the team planned to acquire 60% of the token supply and then lock it in a vesting contract. However, Bubblemaps countered that their token economics only allowed the team to obtain 12.7% of the tokens through a 36-month vesting plan (including a 6-month lock-up period). Bubblemaps argues that if Edel were sincere, it should have allocated the tokens in advance according to token economics, rather than employing a hiding strategy, questioning the legitimacy of their actions. Edel Finance reportedly aims to bring traditional stocks to on-chain lending, and its team includes former State Street and JPMorgan Chase employees.
Investment and Financing/Acquisition
According to The Block, South Korean IT giant Naver and Dunamu, the parent company of cryptocurrency exchange Upbit, plan to invest 10 trillion won (approximately $6.8 billion) over the next five years to build a next-generation financial infrastructure based on the integration of AI and blockchain. On Wednesday, Naver Financial, Naver's fintech arm, confirmed it would acquire Dunamu through a share swap. On Thursday, the two companies held a joint press conference in Seoul, attended by leaders from all three parties. Dunamu President Song Chi-hyung stated that the three companies will jointly build a system to create a "new global framework," expanding their business from payment settlement to the entire financial sector. Naver CEO Choi Soo-yeon stated that the company sees new opportunities at a "critical juncture" in the popularization of blockchain and the transition to AI-powered intelligent agents. Meanwhile, according to BlockMedia, Dunamu CEO Oh Kyung-seok stated that Naver and Dunamu will also begin work on launching a stablecoin pegged to the Korean won.
SpaceComputer raises $10 million in seed funding to support secure blockchain computing from space.
According to The Defiant, space computing startup SpaceComputer has raised $10 million in seed funding, co-led by Maven11 and Lattice, with participation from Superscrypt, the Arbitrum Foundation, Nascent, Offchain Labs, Hashkey, and Chorus One. Individual investors include Marc Weinstein, Jason Yanowitz, and Ameen Soleimani. The company plans to build a satellite network to provide secure computing services for blockchain from space. SpaceComputer will use the funds to launch satellites equipped with SpaceTEE secure computing hardware, creating an orbital network that enables privacy-preserving computing and secure record-keeping. Its co-founders stated that the opportunities that space presents for decentralized technology are undeniable, and more and more applications will incorporate space computing layers. Previously, JPMorgan Chase's digital assets division conducted tokenized value transfer tests using low-Earth orbit satellites. The company is known for its satellite tests on SpaceX's Falcon 9 rockets and is currently collaborating with universities such as the Technical University of Munich and Cornell Technology to explore extraterrestrial blockchain computing.
Vitalik donated 128 ETH each to Session and SimpleX to support private communications.
Ethereum co-founder Vitalik Buterin published an article on the X platform stating that encrypted communication tools like Signal are crucial for protecting user digital privacy. Currently, there are two key directions for advancement in this field: enabling permissionless account creation and ensuring metadata privacy. The instant messaging applications Session and SimpleX are actively exploring these directions. To this end, Buterin donated 128 ETH to each of them. However, Buterin pointed out that these two software programs are still imperfect and have not yet reached the ideal user experience and security performance. He stated, “Achieving strong metadata privacy protection requires decentralization, but decentralization is difficult, and users’ demand for multi-device support adds to the difficulty. At the same time, achieving Sybi/DoS resistance capabilities on the message routing network and the user end (not forcibly relying on mobile phone numbers) further increases the technical difficulty. These complex issues urgently require more professional attention and research.”
DWF Labs launches $75 million DeFi investment fund
According to The Block, crypto market maker DWF Labs has announced a new $75 million investment fund focused on decentralized finance (DeFi), targeting projects built on Ethereum, BNB Chain, Solana, and Base. This expands DWF's "incubation and venture capital building efforts," specifically seeking to invest in the next wave of founders focused on "solving real structural problems in areas such as liquidity, settlement, credit, and on-chain risk management, rather than incremental improvements to existing protocols." This includes tools such as perpetual DEXs with dark pools, on-chain money markets, and fixed-income or yield-generating products, areas "expected to see significant growth" as liquidity continues to migrate structurally on-chain. The new fund is funded by its own capital and is not currently accepting new investors.
Institutional holdings
Nasdaq ISE proposes raising the open interest cap for IBIT options to 1 million contracts.
According to the Federal Register and several analysts, Nasdaq ISE has proposed raising the option position cap for BlackRock's Bitcoin spot ETF, IBIT, from 250,000 contracts to 1 million contracts. This cap was previously raised from 25,000 contracts in July 2025. Analysts say the proposal sends three significant signals: Surge in demand: ISE states that demand for IBIT options will continue to grow in 2025, and the current cap is limiting large institutional operations; Bitcoin's rise to "elite" status: The 1 million contract cap only applies to global systemic ETFs such as EEM and FXI, indicating that Bitcoin is being viewed as a core macro asset; Unlocking billions of dollars in hedging capacity: The existing 25,000 contract cap only supports approximately $125 million in hedging positions, far from meeting the needs of sovereign wealth funds or pension funds. If the proposal passes, it will open up over $1 billion in option hedging capabilities for them.
SpaceX has transferred 1,163 BTC to a new address, worth approximately $105 million.
According to Onchain Lens, SpaceX has transferred 1,163 BTC to a new address, worth $105.23 million.
According to SEC filings, BlackRock’s Strategic Income Opportunities held 2,397,423 IBIT units as of September 30, worth approximately $155.8 million at the time, an increase of about 14% from the 2,096,447 units filed in June.
