The breach occurred as Upbit’s parent company, Dunamu, sealed a $10 billion acquisition deal with Naver and plans an initial public offering in the US. Update Nov. 27, 9:23 am UTC: This article has been updated to include comments from Trezor CEO Matej Zak. South Korea’s biggest crypto exchange, Upbit, temporarily froze deposits and withdrawals on Thursday after detecting about $36 million in unauthorized outflows from a Solana-network hot wallet. In an announcement, the exchange said the suspicious transfers were flagged around 4:42 am local time (7:42 pm UTC), prompting a shutdown of transfer services and a full security review of its supported crypto assets. Read more
Ripple’s dollar-backed stablecoin secures a major regulatory win as Abu Dhabi allows licensed firms to use RLUSD inside its international financial center. Ripple’s dollar-pegged stablecoin was cleared for use by institutions in Abu Dhabi after winning recognition as an Accepted Fiat-Referenced Token by the local watchdog. In a Thursday announcement, Ripple said the approval allows regulated firms to deploy Ripple USD (RLUSD) inside the Abu Dhabi Global Market’s (ADGM) financial zone, an international financial center and free zone located on Al Maryah and Al Reem Islands in Abu Dhabi. “With a market capitalization of over $1 billion and growing adoption in core financial uses like collateral and payments, RLUSD is quickly becoming a go-to USD stablecoin for major institutions,” said Jack McDonald, senior vice president of stablecoins at Ripple. Read more