Today’s key developments in the crypto space include a $36 million breach at Upbit, leadership changes at ALT5 Sigma tied to Trump-linked crypto activity, a revised Bitcoin outlook from Tom Lee, and Bolivia’s move to integrate crypto into its banking system.
Upbit Halts Services After $36M Wallet Breach
Upbit, South Korea’s largest crypto exchange, paused deposits and withdrawals on Thursday after detecting unauthorized transfers from a Solana hot wallet. The exchange said the activity was flagged around 4:42 a.m. local time. The estimated value of the outflows is $36 million.
According to Upbit, only the hot wallet was affected. Cold wallets, where most funds are stored, were not impacted. The exchange moved remaining assets to secure storage and began working with other parties to freeze the stolen funds on-chain.
The breach came one day after Dunamu, Upbit’s parent company, announced a $10 billion deal involving tech firm Naver. The timing has drawn increased attention. Upbit also faced a past incident in 2019 when attackers stole close to $50 million. That case was linked to the Lazarus Group from North Korea.
Upbit said services will remain frozen until its internal checks are complete. The freeze includes all assets on the platform, not just Solana-based tokens. No further details were shared about how the breach occurred.
ALT5 Sigma Shifts Leadership Amid Trump Crypto Links
Crypto treasury company ALT5 Sigma has confirmed recent leadership changes. Jonathan Hugh is no longer CEO, and Ron Pitters has exited his role as chief operating officer. The moves were disclosed in a filing with the U.S. Securities and Exchange Commission.
Tony Isaac, company president and board member, will serve as acting CEO. ALT5 said both departures were “without cause.” It added that it is working with Hugh to finalize his exit terms.
The firm made headlines earlier this year after raising $1.5 billion to purchase tokens from World Liberty Financial (WLFI), a DeFi project connected to members of the Trump family. Eric Trump, son of President Donald Trump, sits on the WLFI board.
ALT5’s crypto ties to the Trump family have attracted questions from lawmakers, who have raised concerns about potential conflicts. So far, there has been no official probe into the matter.
Tom Lee Lowers Bitcoin Forecast to $100K
Tom Lee, head of BitMine, appears to have stepped back from his earlier prediction that Bitcoin would hit $250,000 by the end of 2025. Speaking to CNBC, he said,
“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.”
This is the first time Lee has adjusted his $250,000 forecast. He made the original call in early 2024 and continued to reference it into the fall. With Bitcoin now below its October peak of $125,100, the path to $250,000 has narrowed.
Lee’s revised view is closer to others in the industry. Mike Novogratz of Galaxy Digital warned in October that Bitcoin would need “crazy” momentum to reach such levels. Despite lowering his target, Lee remains positive about the market’s direction.
“I still think some of those best days are going to happen before year-end,” he said.
Bolivia Moves to Integrate Crypto Into Banking System
Bolivia’s government plans to allow crypto and stablecoins to be used in the country’s formal banking system. Economic Minister Jose Gabriel Espinoza announced that banks will be permitted to hold digital assets for clients. This would allow crypto to be used for savings, credit, and loans.
Espinoza said the shift was necessary due to the global nature of crypto.
“You can’t control crypto globally, so you have to recognize it and use it to your advantage,” he explained.
Bolivia has faced high inflation in recent years. As in other parts of Latin America, many residents have turned to stablecoins to protect the value of their money. The new policy reflects a broader trend of crypto use as a tool in economies with unstable local currencies.
The plan does not yet have a confirmed rollout date. Authorities are expected to introduce the changes in phases, with further details to come.
