[Arthur Hayes: Price Discovery for U.S. Tech Stocks May Shift to Perpetual Futures Markets] BitMEX co-founder Arthur Hayes stated that traditional finance is striving to maintain its dominance in stock trading, but stock index perpetual futures are rapidly gaining market recognition. He believes that U.S. stocks and all equities will eventually be tokenized, but stock index perpetual futures can succeed without relying on tokenization. Currently, the daily trading volume of stock index perpetual futures has exceeded $100 million and could reach tens of billions of dollars per day in the future. Hayes predicts that by the end of 2026, price discovery for major U.S. tech stocks and stock indices (such as the S&P 500 and Nasdaq 100) will shift to perpetual futures markets, and financial media may adopt perpetual futures prices as the best source for pricing.

[South Korean Authorities Suspect Lazarus Group of Attacking Upbit to Steal Virtual Assets] On November 28, South Korean virtual asset exchange Upbit suffered a hacking attack, resulting in the loss of virtual assets valued at 44.5 billion KRW (previously disclosed as 54 billion KRW). According to information from the South Korean government and the information and communication technology (ICT) industry, the North Korean Reconnaissance General Bureau-affiliated hacker group Lazarus Group is highly suspected to be the mastermind behind this attack. The group was previously accused of being involved in the 2019 theft of Ethereum worth 58 billion KRW from Upbit. A government official stated that this attack might have been carried out by stealing administrator accounts or impersonating administrators to transfer funds, rather than directly targeting the servers. The information gathered indicates that the method of operation is similar to the attack six years ago. Currently, authorities are conducting an on-site inspection of Upbit.

[Whale Spends 5.1 Million USDC to Purchase 17.76 Million ENA] Lookonchain data shows that a whale withdrew a total of 13.11 million USDC from Binance and Bybit and deposited 6.6 million USDC into Hyperliquid to purchase ENA. As of now, the whale has spent 5.1 million USDC at an average price of $0.2874 to acquire 17.76 million ENA.

Amundi, the largest asset management company in Europe, has launched its first tokenized stake in a Euro money market fund on the Ethereum blockchain. （Cointelegraph）

[Binance Margin to Remove Multiple Trading Pairs] According to the official announcement from Binance Margin, the following margin trading pairs will be removed on December 4, 2025, at 14:00 (UTC+8): Cross Margin trading pairs include WAXP/BTC, SXP/BTC, ONT/BTC, ID/BTC, ZRX/BTC, CHR/BTC, ENJ/BTC; Isolated Margin trading pairs include WAXP/BTC, ONG/BTC, POWR/BTC, SXP/BTC, ONT/BTC, ID/BTC, AGLD/BTC, ZRX/BTC, CHR/BTC, ENJ/BTC, UMA/BTC.