Today in Cryptocurrency: The Balancer community has proposed a plan to distribute funds recovered from the recent hack of the protocol. South Korea’s largest exchange, Upbit, suspended deposits and withdrawals after discovering about $36 million in unauthorized transfers from the Solana hot wallet. Meanwhile, Tom Lee, president of BitMine, appears to have quietly backed away from his $250,000 prediction for Bitcoin at the end of the year.
The Balancer community proposes a plan to distribute funds recovered from the hack
Two members of the Balancer Protocol community submitted a proposal on Thursday Outline of the distribution plan For a portion of the funds recovered from the protocol’s $116 million exploit in November.
About $28 million of $116 million stolen It was recovered by white hat hackers, internal rescuers, and StakeWise – a liquid ether storage platform.
However, the proposal only covers the $8 million recovered by white hat hackers and internal rescue teams, while the approximately $20 million recovered by StakeWise will be distributed separately to its users.
The authors proposed that all refunds be non-social, meaning that funds are distributed only to the identified liquidity pools that lost funds and are paid out on a pro-rata basis according to each holder’s share of the liquidity pool, represented by liquidity pool tokens (BPT).
Compensation must also be paid in kind, with hack victims receiving payments denominated in the tokens they lost to avoid price mismatches between different digital assets, according to the authors.
The Balancer hack was one of “Most sophisticated” attacks in 2025According to Didi Lavid, CEO of blockchain cybersecurity firm Cyvers, he highlighted the need for the safety of cryptocurrency users as security threats continue to evolve.
Upbit suffers $36M Solana hot wallet hack a day after Naver’s $10B deal
The largest cryptocurrency exchange in South Korea, Upbit, Temporarily freeze deposits and withdrawals on Thursday after approximately $36 million in unauthorized outflows from Solana Network’s hot wallet were discovered.
In the exchange announcement He said The suspicious transfers were reported at approximately 4:42 AM local time (7:42 PM UTC), resulting in a shutdown of transfer services and a full security review of the supported crypto assets.
Upbit confirmed that the settlement was isolated to its hot wallet, and highlighted that its cold wallet reserves were untouched. The exchange moved its remaining assets to cold storage and initiated on-chain freeze attempts.
The incident has put new scrutiny on Donamo, which had just been brought under control Announced a $10 billion acquisition deal With fintech giant Naver. It also revived memories of Upbit’s security breach in 2019, when the exchange… Lost nearly $50 million In an attack orchestrated by the North Korean hacking group Lazarus.
Upbit said it has suspended deposits and withdrawals through the platform as a precaution, a measure that will remain in place until it completes its security review. The freeze is not limited to the assets located in Solana, as the company is working to secure its systems and assess the remaining risks.
Tom Lee Calms Down on $250K Bitcoin Call, Year-End ATH Now Just ‘Maybe’
BitMine chair Tom Lee seems to have done just that He tempered his widely touted $250,000 forecast for Bitcoin at the end of the yearNow I just give it a “maybe” that Bitcoin can reclaim its October all-time high of $125,100 before the end of the year.
“I think it is still very likely that the value of Bitcoin will exceed $100,000 before the end of the year, and perhaps reach a new high.” He said During an interview with CNBC on Wednesday.
This appears to be the first time Lee has publicly eased his year-end Bitcoin (BTC) price target of $250,000, which he initially put forward earlier in 2024 and has continued to reiterate. Until early October.
Lee’s forecast was one of the most optimistic. Other cryptocurrency executives, including Galaxy Digital CEO Mike NovogratzHe warned around October that “crazy things” would have to happen for Bitcoin to reach that level.
However, Lee said some of Bitcoin’s strongest days may still lie ahead before the end of 2025.
“I still think some of those better days will happen before the end of the year,” he said, with 35 days remaining until the end of 2025.
