Ethereum accelerates on all fronts

November 28, 2025

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Ethereum’s biggest week yet: Tokenization milestones, network scaling, institutional moves, and global adoption intensify

Key points:

  • Amundi has tokenized a money market fund on Ethereum as the network lifts its gas limit to 60 million and prepares for the Fusaka upgrade.

  • ETH markets remain cautious, yet corporate accumulation, sovereign staking, and macro shifts indicate rising long-term confidence.

News - Ethereum is experiencing one of its most active weeks of developments across institutional finance, network upgrades, and global participation. 

Europe’s largest asset manager, Amundi, launched its first tokenized share class of a money market fund on Ethereum with support from CACEIS, which provides digital wallets and a blockchain-based order platform. The firm described the initiative as a major step in its long-term digital assets strategy. 

At the protocol level, Ethereum validators approved raising the block gas limit from 45 million to 60 million. The higher limit expands block capacity ahead of the Fusaka upgrade, which will enhance data availability and Layer 2 efficiency.

Market dynamics, however, remain cautious. Derivatives funding rates show subdued demand for leveraged long positions, while Ethereum’s TVL has dropped to $72.3 billion from $99.8 billion after the October flash crash. Network fees have also declined, creating concerns around the burn rate and broader on-chain activity.

Meanwhile, long-term accumulation continues. BitMine purchased 14,618 ETH worth about $44 million, adding to its 3.6 million ETH treasury. Chair Tom Lee expects Ethereum to eventually move toward the $7,000 to $9,000 range by early 2026.

RWA tokenization continues to expand - Tokenized real-world assets have risen from a market cap of $15.2 billion in January to $37.1 billion as of November 27. Provenance leads with $13.9 billion, while Ethereum follows with $12.4 billion as institutional issuers scale activity.

Global participation rises as Bhutan stakes 320 ETH - Bhutan staked 320 ETH through Figment and is migrating its national digital ID system from Polygon to Ethereum. The country also holds more than 6,100 BTC and continues expanding its crypto infrastructure, reflecting sovereign-level interest in Ethereum’s ecosystem.

IMF sounds global warning on tokenized markets as flash crash risks and liquidity threats rise

Key points:

  • The IMF said tokenized markets can deliver faster, cheaper, near-instant settlement but may also intensify flash crashes and trigger systemic shocks.

  • Fragmentation, smart-contract interdependencies, and regulatory gaps could weaken liquidity, pushing governments toward more active intervention.

News - Tokenized markets are entering a critical phase, according to a new IMF explainer video posted on X that positions tokenization as a structural shift in global finance. 

Early pilots for tokenized bonds and money market instruments already show measurable cost reductions, faster settlement, and lower reliance on intermediaries such as clearinghouses and registrars. Researchers studying existing systems found significant savings driven by programmability and efficient collateral movement.

But the IMF warns that the same efficiencies that make markets cheaper can also heighten risks. 

Automated execution reduces the natural time buffers that often slow down market swings. Interconnected smart contracts built on multiple layers could magnify shocks during stressed conditions. The fund said these systems may behave like falling dominoes, turning isolated failures into broader disruptions.

Liquidity remains another concern. If tokenized platforms develop without shared standards, fragmented markets may not interact well, weakening liquidity even as volumes grow. IOSCO echoed similar concerns, flagging counterparty risks and ownership ambiguity when third-party issuers structure tokenized financial products.

The IMF also places today’s tokenization wave within the long history of government involvement in monetary transitions. It referenced the 1944 Bretton Woods agreement and the collapse of the gold peg in the early 1970s to emphasize that governments have rarely stayed passive when financial architecture evolves.

Tokenization moves into mainstream policy - The IMF’s shift to a public-facing explainer marks tokenization as a mainstream policy topic. The growing market now includes major products such as BlackRock’s BUIDL fund, which has overtaken Franklin Templeton’s tokenized Treasury product.

Systemic risk concerns rise - Regulators warn that smart-contract interdependencies, fragmented platforms, and automated trading could deepen flash crashes. The IMF said these vulnerabilities will require close supervision as tokenized markets expand.

Upbit hack deepens as internal wallet flaw surfaces and Lazarus suspicions intensify

Key points:

  • Upbit uncovered an internal wallet vulnerability during its emergency audit after a $30 million theft, raising new concerns about key security failures.

  • Authorities suspect the North Korea-linked Lazarus Group as investigations widen into multi-chain laundering, regulatory breaches, and Dunamu’s proposed merger with Naver.

News - South Korea’s largest crypto exchange, Upbit, is facing mounting scrutiny after a $30 million hack exposed both internal vulnerabilities and sophisticated external threats. 

During an emergency investigation triggered by irregular Solana outflows on November 27, the exchange discovered a flaw in its internal wallet system that produced weak or predictable signature data. 

Upbit said an attacker analyzing past on-chain transactions could have inferred private keys due to the implementation bug, although the firm has not directly linked the flaw to the breach.

The exchange confirmed total losses of 44.5 billion KRW (~$30 million), including 38.6 billion KRW (~$26 million) in customer funds and 5.9 billion KRW (~$4 million) of its own assets. All customer losses have been reimbursed through Upbit’s reserves, and 2.3 billion KRW (~$1.5 million) has been frozen. 

Upbit immediately halted deposits and withdrawals, shifted funds to cold storage and activated a full security overhaul.

Investigators are assessing whether the hack was carried out by the Lazarus Group. Early patterns resemble prior North Korean operations, including rapid conversion of Solana tokens into WSOL and SOL, redistribution across 185 wallets, and cross-chain swaps into Ethereum. Some analysts noted arbitrage gaps created during bridging activity across thin liquidity pools.

Regulatory pressure mounts on Dunamu - Dunamu faces a record 35.2 billion KRW fine for compliance failures, including millions of unverified transactions and unreported suspicious activity. These penalties have frozen VASP license renewals across major Korean exchanges and could complicate Upbit’s position as investigations continue.

Dunamu–Naver merger faces new uncertainty - The $10.3 billion merger between Dunamu and Naver was announced the same day as the hack. Regulators may now examine Dunamu’s security lapses as part of the merger review, raising questions about timelines, licensing, and future market expansion.

Balancer moves to repay $8M after exploit drains over $110M from v2 pools

Key points:

  • Balancer DAO has proposed reimbursing about $8 million in recovered assets to liquidity providers after a v2 exploit drained more than $110 million across multiple networks.

  • Whitehat rescuers and internal teams salvaged roughly $28 million in total, with separate repayments for StakeWise users and a structured bounty program under Balancer’s Safe Harbor rules.

News - Balancer is rolling out a reimbursement framework after a v2 exploit in early November drained more than $110 million, with several proposals citing roughly $128 million in losses from its composable stable pools. 

The attack, caused by a smart contract access control flaw, hit vaults across Ethereum, Polygon, Base, Optimism, and Arbitrum and marked the protocol’s third major security incident. Total value locked fell from about $775 million to $258 million, while the BAL token dropped around 30%.

According to a proposal published on November 27, roughly $8 million in assets recovered by whitehat actors and internal rescue operations will be distributed to affected liquidity providers. 

Rescued tokens span networks such as Ethereum, Polygon, Base, and Arbitrum, and include assets like WETH, rETH, WPOL, and MaticX. LPs will be repaid in kind, pro rata by Balancer Pool Token holdings at snapshot blocks taken just before the first exploit transactions.

How the recovery plan works - In total, around $28 million was salvaged. About $19.7 million in osETH and osGNO, recovered with help from StakeWise, will be returned separately through StakeWise’s own processes. 

An additional $4.1 million was secured from vulnerable but not yet exploited metastable pools via internal work with Certora, and will flow directly back to the affected pools rather than into bounty payouts.

The DAO’s proposal adopts a non socialized model. Recovered funds return only to LPs in the specific pools and networks where the rescues occurred. A dedicated claim interface with a 180-day window will require users to accept updated terms and provide digital proof of consent before funds are released.

Whitehat bounties and safe harbor rules - Six whitehat actors recovered about $3.9 million during the attack, including $2.68 million on Polygon by the anonymous rescuer Anon #1 and $963,832 on Ethereum by Bitfinding, plus smaller amounts on Base and Arbitrum. 

Under Balancer’s SEAL Safe Harbor Agreement, eligible whitehats receive 10% bounties capped at $1 million per incident, paid in the same tokens they rescued, after completing KYC and sanctions checks. Some Arbitrum rescuers declined to identify themselves, voluntarily waiving their bounty share.

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Crypto scams uncovered

  • UK jails architect of a Ponzi scheme who parked billions in Bitcoin - A London court sentenced Chinese fraud mastermind Qian Zhimin to 11 years and eight months in prison after she laundered proceeds from a 40 billion renminbi ($5.62 billion) Ponzi scheme into more than 61,000 Bitcoin, in one of the largest cryptocurrency seizures on record.

  • U.S. sanctions Philippine tech firm feeding “pig-butchering” crypto scams - The U.S. Treasury sanctioned Funnull Technology Inc., accusing it of buying internet IP addresses in bulk and reselling them to cybercriminals who ran virtual currency “pig-butchering” investment scams, linking the firm to a web of fraud, gambling, and money-laundering sites.

  • FBI created its own token to catch market manipulators in a crypto sting - In a first-of-its-kind sting dubbed Operation Token Mirrors, the FBI launched a fake crypto token and company, then caught UAE-based firm CLS Global agreeing to inflate its trading with sham wash trades. CLS has now agreed to plead guilty, pay fines, and exit U.S.-linked crypto business.

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Top 3 coins of the day

Artificial Superintelligence Alliance (FET)

Key points:

  • At the time of writing, FET traded around $0.27, marking a steady intraday climb as the price held firmly above its recent support band.

  • The Supertrend stayed bullish, while the EWO dipped back into red, signaling weakening momentum despite price stability.

What you should know:

FET’s price held near $0.27 after moving higher from its November floor, showing a controlled rebound even as momentum softened. The Supertrend indicator remained green, keeping its support zone in the low $0.20 range. This structure suggested that buyers still maintained control around major demand levels. However, the EWO’s latest bars turned red, indicating that bullish momentum faded slightly after a brief recovery earlier in the month. Trading volume stayed moderate, reflecting a more cautious sentiment compared to the strong inflows seen during the early November spike. On the catalyst front, the launch of the ASI:Chain public DevNet continued to support broader interest in FET, especially with the market rotating toward decentralized AI narratives. For now, $0.22 serves as the main support area to watch, while the $0.30 zone remains the resistance level that needs to be reclaimed for momentum to strengthen again.

Monero (XMR)

Key points:

  • XMR traded near $418 after a steady 24 hour climb, gaining strength as buyers kept control of the trend.

  • The Supertrend stayed firmly below price while the DMI showed +DI leading, indicating that bullish momentum remained intact.

What you should know:

XMR built on its upward structure as it closed around $418, extending the strong recovery that began earlier in the month. The Supertrend continued to hold below price, which kept the active buy signal in place, while the DMI displayed a healthy spread between +DI and -DI. Volume stayed consistent, confirming sustained interest from buyers. Support is currently seen near the Supertrend region around $322, and traders are watching whether price can challenge the recent swing zone near $435. Alongside the technical setup, privacy coin sentiment improved after Zcash’s explosive rally directed attention toward the broader privacy ecosystem. ShopinBit also expanded its privacy-focused concierge app with XMR support, adding fresh real-world utility. This combination reinforced confidence around Monero’s ongoing momentum.

Sky (SKY)

Key points:

  • SKY hovered near $0.0502 after extending its rebound for another session, supported by steady buyer activity across spot markets.

  • Price traded above the 9-day SMA while the RSI climbed toward the mid-60 range, signaling improving short-term momentum.

What you should know:

SKY continued its upward push as it closed around $0.0502, building on the recovery that began after tapping the $0.0430 support zone earlier this month. The move above the 9-day SMA near $0.0454 reflected a clear shift in short-term sentiment, while the RSI at 58.61 showed strengthening but not overheated momentum. Volume also ticked higher during the rise, hinting at renewed interest among buyers. Traders are watching whether SKY can break through the nearby $0.0520 to $0.0530 resistance area, with support resting around $0.0450. Beyond the chart, SKY benefited from ongoing buyback activity that has steadily reduced circulating supply since August. The broader RWA sector also saw a mild uptick in interest, helping reinforce SKY’s positioning within the narrative.

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