Today in crypto: South Korea’s largest crypto exchange Upbit halted deposits and withdrawals on Thursday after spotting about $36 million in unauthorized transfers from a Solana hot wallet, BitMine chair Tom Lee appears to have quietly backed away from his $250,000 year-end Bitcoin prediction, and Bolivia has moved to integrate crypto and stablecoins into its financial system.
Upbit hit with $36 million Solana hot wallet breach day after $10 billion Naver deal
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.
Upbit confirmed that the compromise was isolated to its hot wallet, highlighting that cold-wallet reserves remained untouched. The exchange moved its remaining assets into cold storage and initiated onchain freezing attempts.
The incident put fresh scrutiny on Dunamu, which had just announced a $10 billion acquisition deal with fintech giant Naver. It also revived memories of Upbit’s 2019 security breach, when the exchange lost nearly $50 million in an attack orchestrated by the North Korean hacking group, Lazarus.
Upbit said it had suspended deposits and withdrawals across the platform as a precaution, a measure that will remain in place until it completes its security review. The freeze is not limited to Solana-based assets, as the company works to secure its systems and assess remaining risks.
Tom Lee cools on $250,000 Bitcoin call, year-end ATH now just a “maybe”
BitMine chair Tom Lee has seemingly eased off his widely promoted $250,000 year-end Bitcoin forecast, now only giving it a “maybe” that Bitcoin can reclaim its October all-time high of $125,100 before the end of the year.
“I think it’s still very likely that Bitcoin is going to be above $100,000 before year-end, and maybe even to a new high,” Lee said during an interview with CNBC on Wednesday.
This appears to be the first time Lee has publicly softened his $250,000 year-end Bitcoin (BTC) price target, which he initially floated earlier in 2024 and continued to reiterate through early October.
Lee’s prediction was one of the more bullish. Other crypto executives, including Galaxy Digital CEO Mike Novogratz, warned around October that “crazy stuff” would need to happen for Bitcoin to reach that level.
That being said, Lee said some of Bitcoin's strongest days may still lie ahead before the end of 2025.
“I still think some of those best days are going to happen before year-end,” he said, with 35 days remaining until the end of 2025.
Bolivia to integrate crypto, stablecoins into the financial system
The government of Bolivia will integrate cryptocurrencies and stablecoins into the financial system in a push to modernize the country’s economy, Bolivia’s economic minister, Jose Gabriel Espinoza, announced on Tuesday.
Banks will be allowed to custody crypto on behalf of clients, enabling digital currencies to function as a legal tender for savings accounts, credit products, and loans, according to Reuters.
“You can’t control crypto globally, so you have to recognize it and use it to your advantage,” Espinoza said.
Bolivia, like other countries in Latin America, suffers from high fiat currency inflation, prompting some residents to turn to stablecoins as a store of value and a medium of exchange.
The rush by nation-states to integrate cryptocurrencies into the financial system reflects the high-stakes game theory cited by analysts, who say that a fear of missing out (FOMO) is the primary force driving nation-state adoption of crypto.
