Today in Crypto: South Korea’s largest cryptocurrency exchange Upbit halted deposits and withdrawals on Thursday after discovering about $36 million in unauthorized transfers from a Solana hot wallet, BitMine boss Tom Lee appears to have quietly backed away from his $250,000 Bitcoin forecast at the end of the year, and Bolivia has moved to integrate cryptocurrencies and stablecoins into its financial system.
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 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.
Bolivia intends to integrate cryptocurrencies and stablecoins into the financial system
The government of Bolivia will integrate cryptocurrencies and stablecoins In the financial system On Tuesday, Bolivian Economy Minister José Gabriel Espinosa announced his efforts to modernize the country’s economy.
Banks will be allowed to hold cryptocurrencies on behalf of customers, enabling digital currencies to serve as legal tender for savings accounts, credit products and loans, according to Reuters.
“You can’t control cryptocurrencies globally, so you have to learn about them and use them to your advantage,” Espinosa said.
Bolivia, like other Latin American countries, Suffering from high paper currency inflationThis prompted some residents to resort to stable currencies as a store of value and a means of exchange.
The rush of nation states to integrate cryptocurrencies into the financial system reflects high-stakes game theory cited by analysts, who He says Fear of missing out (FOMO) is a fundamental force Driving nation-state adoption of cryptocurrencies.
