The Daily: Upbit suffers $37 million hack, SpaceX moves over $100 million in bitcoin, Infinex plans token sale on Sonar, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thanksgiving to our U.S. readers! Bitcoin is back on the front foot this morning, reclaiming the $90,000 level as traders lean into rising odds of a December Fed rate cut, with analysts describing the move as a "classic oversold snapback."

In today's newsletter, Upbit suffers a $37 million hack, SpaceX moves $105 million in bitcoin, Kain Warwick's Infinex plans a token sale on Sonar, and more.

Meanwhile, Ethereum's block gas limit has risen to 60 million ahead of next week's Fusaka upgrade.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Upbit suffers $37 million hack on Solana assets, halts withdrawals

Upbit, South Korea's largest crypto exchange, halted all withdrawals and deposits early Thursday after detecting abnormal outflows of various Solana-based cryptocurrencies.

• The exchange confirmed hackers stole roughly $36.8 million across dozens of tokens, including SOL, ACS, BONK, JTO, JUP, ORCA, PENGU, PYTH, RAY, TRUMP, USDC, and W.
• The platform said it moved all funds to cold storage to prevent further attacks, froze $8.2 million in LAYER tokens, and will work with projects and authorities to freeze the remainder of stolen assets.
• Upbit also pledged to fully compensate affected users from its own reserves, saying customers will not bear any personal losses.
• The exchange has yet to confirm how the breach occurred or the attacker's point of entry.
• Meanwhile, Upbit parent Dunamu, set to be acquired by leading IT conglomerate Naver, said Thursday the firms plan to invest $6.8 billion into a financial infrastructure that builds on top of AI and blockchain.

SpaceX transfers $105 million in bitcoin to unmarked wallets

SpaceX moved 1,163 BTC worth about $105 million to two unmarked wallets late Wednesday, according to Arkham, continuing a pattern of likely custody consolidation over the past two months.

• While some of the transfers suggest funds were being moved from legacy bitcoin addresses starting "1" to more modern ones starting "bc1q," others appear to be further consolidation between the newer address formats.
• The company now holds at least 6,095 BTC, valued at $553 million, according to the onchain analytics platform's tracking, though that may not reflect some of the latest transfers if still in SpaceX's possession.
• Elon Musk's SpaceX and Tesla have both reduced their original BTC positions since 2022, with neither adding new bitcoin since.

Kain Warwick's Infinex plans token sale on Sonar ahead of 2026 INX TGE

Infinex will sell 5% of its INX supply via Sonar at a $300 million fully diluted valuation, aiming to raise $15 million ahead of the project's January 2026 token generation event.

• The round builds on Infinex's $67.7 million Patron NFT sale last year, which drew backing from Peter Thiel's Founders Fund, Solana Ventures, Wintermute Ventures, and angel investors across the crypto ecosystem.
• Speaking on The Block's Big Brain podcast on Thursday, founder Kain Warwick said the goal is broader distribution as Infinex positions itself as a "crypto superapp" spanning wallets, DEX aggregation, perps trading, and more.
• Tokens purchased in the Sonar sale will carry a one-year lock, with optional early vesting at a premium, while Infinex will retain roughly 25% of the total INX supply for future incentives.

Ark Invest loads up on Coinbase shares as Cathie Wood predicts 'real break' in inflation

Cathie Wood-led investment firm Ark Invest bought $16.5 million worth of Coinbase shares across three of its ETFs on Wednesday as it continues to build exposure to beaten-down crypto stocks.

• Ark's funds also boosted their stake in the firm's own Bitcoin ETF, adding 39,400 shares worth roughly $1.2 million.
• The company has recently stepped up its accumulation of various other crypto-related equities, including BitMine, Bullish, Circle, and Robinhood, amid the downturn.
• Wood said Ark expects the current liquidity squeeze to ease soon and predicted a potential "real break" in inflation next year as Fed policy shifts and deflationary tech trends accelerate.

'A rainy island with a hostile tax system is a hard sell': Crypto industry reacts to UK Chancellor's budget statement

UK Chancellor Rachel Reeves left crypto taxes unchanged in Wednesday's Autumn Statement, but experts said tougher reporting rules and traditional finance-style oversight continue to ramp up.

• Despite the freeze after last year's hike, industry figures warned the UK still risks losing fintech and Web3 talent as broader tax pressure and regulatory hostility weaken its pitch as a "global crypto hub."
• Executives argued the government missed a chance to back high-growth sectors, with one saying that a "rainy island with a hostile tax system is a hard sell" for founders.

In the next 24 hours

• U.S. markets close again from 1 p.m. ET on Friday for Thanksgiving.
• SingularityNET, Wormhole, and Jupiter are among the crypto projects set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.