Crypto Morning Brief: ETH Falls Below Bitmine's Holding Cost, South Korea's Largest Portal Naver Acquires Upbit Operator
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Crypto Morning Brief: ETH Falls Below Bitmine's Holding Cost, South Korea's Largest Portal Naver Acquires Upbit Operator
Nine major European banks join forces to launch a MiCA-compliant euro stablecoin.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. initial jobless claims for the week ending September 20: 218,000, vs. expected 235,000
According to Jinshi Data, U.S. initial jobless claims for the week ending September 20 came in at 218,000, below the expected 235,000. The previous figure was revised from 231,000 to 232,000.
SEC Chair signals strict scrutiny on conflicts of interest in crypto
Per The Block, Securities and Exchange Commission (SEC) Chair Paul Atkins addressed conflicts of interest in the cryptocurrency sector during a conference at Georgetown University. Atkins stated that the SEC will "enforce when necessary," and revealed plans to launch an "innovation exemption" policy by year-end to accelerate the market entry of on-chain products and services.
IRS issues 2026 W-9 form update, strengthening digital asset regulation
As reported by Crowdfundinsider, the Internal Revenue Service (IRS) recently released a draft revision of the W-9 form effective January 2026, which for the first time includes compliance requirements for digital assets. Under the new rules, cryptocurrency brokers will be required to collect and report customers' digital asset transaction data, including capital gains from transactions involving cryptocurrencies and NFTs. Additionally, the update clarifies that sole proprietors may use either a Social Security Number (SSN) or Employer Identification Number (EIN) as their tax identification number. The revision will take effect in January 2026, aiming to enhance tax transparency in digital asset transactions.
Aster responds to XPL contract anomaly: Confirms fund safety and promises full compensation
Aster DEX confirmed on September 26 a price anomaly in its XPL perpetual contract pair. Reports indicate the incident stemmed from the exchange incorrectly hardcoding the index price at $1 with a cap of $1.22 on the mark price. After removing the cap, XPL surged to $4 on Aster’s platform while prices on other exchanges remained around $1.30. Aster stated this was an operational error, not a hack, and pledged full compensation in USDT to users who were liquidated during the event.
GAIN inflation attack address transferring $3.01M proceeds via deBridge to other chains
According to on-chain analyst Ai Auntie (@ai 9684xtpa), an address (0xf3d...58db2) maliciously minted 5 billion $GAIN tokens today, causing the token’s price to plummet 95%. The attacker subsequently profited approximately $3.01 million through sales.
On-chain analysis shows the attacker first obtained ETH via Tornado, then used Symbiosis to bridge it into BNB. Selling began 22 minutes after the minting operation and lasted about 55 minutes. Proceeds are now being transferred across multiple chains—including Solana, Ethereum, Base, and Arbitrum—via deBridge.
Analysts suggest the incident may have resulted from a smart contract vulnerability; the exact cause awaits official confirmation from the project team.
UXLINK: New contract deployed, legitimate holders to receive 1:1 token swap
UXLINK announced the latest progress on its token migration: the new contract has been successfully deployed, and legitimate token holders will receive a 1:1 token swap. The official on-chain redemption portal will go live within five business days. A special compensation plan will also be introduced for users affected by the stolen tokens. UXLINK is currently collaborating with regulatory authorities in Singapore, South Korea, and Japan to trace hacker-linked wallets.
South Korea's largest portal Naver acquires Upbit operator, enters stablecoin market
According to local media Chosun, Naver’s financial subsidiary and Dunamu, the operator of virtual asset exchange Upbit, are advancing a comprehensive equity swap. This collaboration will integrate Naver’s payment business—handling annual transactions worth 80 trillion KRW—with Upbit, the world’s fourth-largest virtual asset exchange, to jointly develop a Korean won stablecoin and expand into overseas markets.
Nine European banks launch MiCA-compliant euro stablecoin
As reported by CoinDesk, nine major European banks—ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International—today announced a joint initiative to launch a MiCA-regulated euro stablecoin. The project will operate through a newly established Dutch company regulated by the Dutch Central Bank. The stablecoin is expected to launch in the second half of 2026, aiming to provide round-the-clock, low-cost cross-border payments and strengthen Europe’s strategic autonomy in digital payments. The consortium remains open to additional banks and plans to appoint a CEO soon.
Ethereum price falls below Bitmine's cost basis, still $400 above SharpLinkGaming's
On-chain analyst Yujin (@EmberCN) reported that Bitmine purchased 264,000 ETH (worth $1.2 billion) last week, bringing their total ETH holdings to 2.416 million. Based on weekly disclosed purchase volumes and the average ETH price each week, their average cost is approximately $4,016. The current spot price of Ethereum ($4,010) has now fallen below Bitmine’s cost basis.
It remains $400 above SharpLinkGaming’s cost basis. SharpLinkGaming holds 838,000 ETH (worth $3.36 billion), with an average cost of $3,603.
AlphaTON Capital raises $71M and acquires TON tokens
AlphaTON Capital (NASDAQ: ATON), a Nasdaq-listed company, announced today the completion of a $71 million financing round, comprising $36.2 million in private placement and $35 million in loan agreements. The company has already allocated $30 million of the funds to acquire TON tokens, positioning itself as one of the largest TON holders globally.
AlphaTON Capital plans to grow its TON holdings to $100 million by Q4 2025 and will participate in the Telegram ecosystem through network validation and staking. The firm has established strategic partnerships with industry leaders including BitGo, Animoca Brands, and Kraken.
Digital RMB international operations center commences operations in Shanghai
According to Xinhua News Agency, the Digital RMB International Operations Center has officially commenced operations in Shanghai, launching three platforms: cross-border digital RMB payments, blockchain services, and digital assets. Managed and established by the PBOC Digital Currency Research Institute, the center aims to address pain points in traditional cross-border payments and advance the internationalization of the digital yuan. Deputy Governor Lu Lei stated that the central bank will continue supporting the center’s development to facilitate cross-border trade and investment.
Market Updates
Suggested Reading
This article discusses how South Korea’s largest cryptocurrency exchange, Upbit, is set to be acquired by internet giant Naver, marking a new phase in the country’s crypto industry dominated by conglomerates. By integrating payment tools, securities trading, and crypto trading, Naver is building a comprehensive financial services ecosystem while actively expanding into Web3 technologies and overseas markets. This trend reflects a global shift in the crypto market from decentralization toward centralization.
Another veteran exchange enters Launchpad: Can Kraken Launch break through with Yield?
This article introduces the current state of the cryptocurrency market, focusing on Kraken Exchange’s new token launch platform, Kraken Launch, developed in partnership with Legion, and its inaugural project, Yield Basis. It analyzes market optimism and potential risks surrounding the project, while also discussing competitive dynamics in the Launchpad space and the innovation—and controversy—behind its mechanisms.
This article features an in-depth interview with Alec Goh, Head of HTX Ventures, exploring the convergence trend between crypto and traditional finance, the potential of the RWA (real-world assets) sector, and sustainable innovation in Web3. It also examines how policy developments and institutional capital inflows are driving the crypto ecosystem and offers insights into industry trends for the second half of 2025.
Plasma TGE launches tonight at 8 PM – Your essential information guide
This article covers Plasma, this year’s largest stablecoin project, whose token $XPL will list on major exchanges including Binance at 21:00 Beijing time on September 25, 2025. Backed by Tether, the project starts with $2 billion in liquidity, aiming to solve high gas fees and network congestion while advancing the stablecoin ecosystem. Plasma uses a customized Byzantine Fault Tolerance protocol (PlasmaBFT), offering high performance and a stablecoin-first architecture. Despite community skepticism, its market potential and institutional backing remain noteworthy.
Hyperliquid vs Aster: A comprehensive comparison of two rising DEX powers
This article provides a detailed comparison between two emerging DeFi protocols—Hyperliquid and Aster. Hyperliquid aims to replicate and even surpass centralized exchanges through superior performance and user experience, while Aster focuses on solving liquidity fragmentation across multi-chain environments. Together, they represent different directions and innovative approaches in the decentralized trading landscape.
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