The asset held above that mark and slipped into a tight range of $90,000\u2013$93,000.<\/p>\n At the time of writing bitcoin trades around $91,500, up nearly 6% on the week.<\/p>\n Several analysts noted a moderate recovery. Kronos Research CIO Vincent Liu called the move a classic oversold bounce: the drop to $82,000 brought buyers back.<\/p>\n Expectations of a December rate cut by the Fed<\/span> add momentum. Markets put the odds of easing next month at 86.4%.<\/p>\n Other cryptocurrencies also advanced. Ethereum returned to $3,000 (+7.8%).<\/p>\n Among other top-10 assets, XRP (+7.6%) and SOL<\/a> (+5.2%) stood out.<\/p>\n Renewed inflows into spot bitcoin ETFs<\/a> also signal returning confidence. According to SoSoValue<\/a>, $70m flowed into spot funds from Monday to Friday, ending a four-week streak of outflows.<\/p>\n Ethereum-based products took in $312m.<\/p>\n Total crypto market value returned to $3.2trn. BTC dominance is 57.2%, ETH 11.4%.<\/p>\n The Fear and Greed Index<\/a> sits at 28. The market has shifted from extreme fear to plain fear.<\/p>\n On 27 November hackers breached<\/a> South Korea\u2019s biggest crypto exchange, Upbit, stealing $36.8m. The platform halted withdrawals in response.<\/p>\n The incident occurred on Solana. Affected assets include: SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC and W.<\/p>\n According to the company, the breach stemmed from a vulnerability in Upbit\u2019s internal wallet system. The software generated weak or predictable signature data, allowing attackers to reconstruct private keys for certain addresses by analysing the exchange\u2019s transaction history.<\/p>\n The trading platform moved unaffected tokens to secure cold wallets. Some stolen assets were frozen, including $8.18m in LAYER.<\/p>\n North Korea\u2019s Lazarus group is suspected, though no confirmation has emerged.<\/p>\n Upbit pledged to compensate affected users from its own reserves.<\/p>\n The L2<\/a> project MegaETH<\/a> ran into technical problems during its pre-deposit campaign. The team lost control<\/a> of smart-contract administration and, instead of the planned $250m, drew $500m.<\/p>\n On 25 November MegaETH planned to raise liquidity ahead of a mainnet launch in December. Terms were: a 9:00am (ET) start, a $250m cap, first-come-first-served and KYC<\/span> via the Sonar platform.<\/p>\n Problems began immediately: the user-verification infrastructure buckled under load and went offline after rate limits were exceeded.<\/p>\n Even before the site fell over, deposits failed. The SaleUUID parameter in the contract did not match Sonar\u2019s settings.<\/p>\n It took 23 minutes to fix, requiring signatures in a multisig wallet to update parameters. During that time thousands of users tried to send funds in vain. Once the bridge came back, the $250m cap was filled in 156 seconds.<\/p>\n After criticism the team raised the cap to $1bn and reopened deposits. That required changing contract parameters again via a Safe multisig, with four signatures out of six possible.<\/p>\n Developers collected the signatures in advance to submit the transaction at the scheduled time. But on Safe, once the required signatures are present, anyone can execute the transaction.<\/p>\n A user under the pseudonym chud.eth spotted the fully approved transaction in the mempool and executed it 34 minutes earlier than the team had planned.<\/p>\n A flood of funds ensued and was halted at $500m.<\/p>\n The team promised to return assets collected during the pre-deposit. Project representatives called the execution of the campaign \u201csloppy\u201d.<\/p>\n Reuters noted<\/a> that China\u2019s share of global bitcoin hashrate<\/a> has risen again, now above 14%.<\/p>\n As of October the figure was roughly 145 EH\/s, up 13.8% in the quarter. Experts stressed that mining never left China\u2014the activity simply \u201cwent underground\u201d. <\/p>\n The former mining leader banned<\/a> all operations with the digital gold in 2021, citing threats to financial stability and energy security. After its share of the global market fell to zero, Beijing gradually returned to third place.<\/p>\n A private miner from Xinjiang told reporters he resumed operations at the end of 2024. <\/p>\n \u201cA lot of energy cannot be transmitted outside Xinjiang, so it is consumed through cryptocurrency mining. New facilities are being built\u2014people mine where electricity is cheap,\u201d he noted. <\/p>\n<\/blockquote>\n Another interlocutor from Sichuan, who stopped mining digital assets because of the ban, said some of his friends had returned to the business: <\/p>\n \u201cIt is a sensitive area\u2026 But people who have cheap electricity still mine.\u201d<\/p>\n<\/blockquote>\n The revival of mining in China is also reflected in the financials of some equipment providers. Canaan\u2014a Singapore-based maker of ASIC devices\u2014increased the share of revenue from the Chinese market from 2.8% in 2022 to 30.3% in 2023. <\/p>\n Even so, local authorities do not plan to relax the bans. Amid rumours of a possible \u201ccrypto thaw\u201d, the People\u2019s Bank of China and other regulators held<\/a> a meeting that reaffirmed the illegal status of digital assets and highlighted risks associated with using stablecoins.<\/p>\n \u201cVirtual assets do not have the same legal status as fiat, are not legal tender and should not and cannot be used as currency in the market,\u201d the central bank\u2019s statement said.<\/p>\n<\/blockquote>\n Also on ForkLog:<\/strong><\/p>\n Analysts at the investment bank Jefferies revealed<\/a> Tether\u2019s stocks of physical gold. By September the company had amassed 116 tonnes\u2014comparable to the holdings of the central banks of South Korea, Hungary or Greece.<\/p>\n They called the USDT issuer the largest holder of gold outside the state sector.<\/p>\n They added that the firm\u2019s aggressive purchases may have directly influenced the metal\u2019s recent price rise. In the past quarter Tether accounted for almost 2% of global demand, equivalent to 12% of all central-bank buying.<\/p>\n According to Jefferies, the firm plans to buy around 100 more tonnes of physical gold in 2025. <\/p>\n The bet, presumably, is on mass adoption of tokenisation<\/a>. Since early August Tether has added more than 275,000 ounces of metal\u2014about $1.1bn\u2014to the backing of its gold stablecoin XAUT<\/a>.<\/p>\n However, news of vast reserves did not stop the ratings agency S&P Global Ratings from cutting<\/a> its assessment of Tether\u2019s stability to the lowest, fifth level.<\/p>\n The decision was explained by the growing share of risky assets in USDT\u2019s backing. Analysts warned the current capital buffer may be insufficient to cover losses if bitcoin falls.<\/p>\n Bitcoin now makes up about 5.6% of the stablecoin\u2019s total in circulation, exceeding the 3.9% buffer recorded in the third-quarter attestation.<\/p>\n The share of risky assets in Tether\u2019s reserves rose to 24% as of 30 September, up from 17% a year earlier. The agency includes the leading cryptocurrency, gold, secured loans, corporate bonds and investments with limited disclosure in this category.<\/p>\n Tether CEO Paolo Ardoino bristled at the conclusions and said the company \u201cwears S&P\u2019s disdain with pride\u201d. He called the assessment models outdated and unfit for the new financial system.<\/p>\n BTCFi<\/a>\u2014stalled evolution or temporary troubles?<\/p>\n We examined the mark the once-ambitious DOGE agency left<\/a> on US history\u2014and what crypto has to do with it.<\/p>\n![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-4c3a395de1d5c61f-10905774786711006-1024x488.png\")
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Upbit under attack <\/h2>\n
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Talking points <\/h2>\n
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MegaETH\u2019s misfire<\/h2>\n
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China is back <\/h2>\n
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Tether\u2019s treasure <\/h2>\n
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What else to read? <\/h2>\n