South Korean cryptocurrency exchange Upbit lost approximately $30.4 million from its Solana hot wallet in a security breach on November 28. Security researchers identified operational patterns consistent with the Lazarus Group, a hacking collective linked to North Korea. Parent company Dunamu pledged full reimbursement from corporate reserves, while cold wallet systems remained secure.

South Korean technology conglomerate Naver announced the acquisition of Dunamu, operator of cryptocurrency exchange Upbit, in an all-stock transaction valued at $10.3 billion on November 26. Dunamu will become a wholly owned subsidiary of Naver Financial upon completion. Upbit commands over 80% of South Korea's cryptocurrency market share.

The United Arab Emirates has enacted Federal Decree No. 6 of 2025, requiring central bank licensing for decentralized finance and Web3 operations starting September 16, 2025. Non-compliant entities face penalties up to $272 million. The regulation covers payment services, lending protocols, trading platforms, and custody activities, while self-custodial wallets remain exempt.

India plans to introduce ARC, a stablecoin pegged 1:1 to the rupee, in early 2026. The digital asset is being developed by Polygon and fintech firm Anq to reduce capital outflows to USD-backed stablecoins. ARC will operate under the Reserve Bank of India's digital currency framework and aims to support domestic debt markets by encouraging use of rupee-backed alternatives.

Crypto lending volumes surged 38.5% in Q3 2025 to $73.59 billion, according to Galaxy. A market crash on October 10, 2025 triggered over $17 billion in futures liquidations, the largest single-day event on record. Bitcoin declined 18.26% over the 90-day period, with futures open interest peaking at $220.37 billion in early October.

The Czech National Bank has launched a $1 million experimental portfolio to examine Bitcoin, USD stablecoins, and tokenized deposits. Governor Aleš Michl announced the initiative will assess blockchain-based asset management processes outside official reserves. The trial aims to inform potential diversification strategies, with Michl stating the bank will consider Bitcoin if it proves beneficial for diversification.

21Shares filed Form 8-A with the SEC on November 8 to launch a spot XRP exchange-traded fund for U.S. investors. The submission initiates a 20-day regulatory review period. Approval would provide institutional investors with regulated access to XRP, potentially increasing capital flows into the cryptocurrency.

Kazakhstan plans to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion using seized overseas assets. The fund will prioritize investments in crypto ETFs and equities of digital currency companies rather than direct cryptocurrency holdings, according to Central Bank Governor Timur Suleimenov. The initiative targets operational readiness by late 2025 or January 2026.

Stream Finance's xUSD stablecoin collapsed to zero following a $93 million loss, sparking $1 billion in outflows across DeFi platforms. The incident marks the largest stablecoin withdrawal event since the UST collapse in 2022. Protocols including Coinshift, Elixir, and Euler experienced significant total value locked declines, with Euler recording $137 million in bad debt.