Data: Over the past 30 days, Bitcoin whales have flowed $7.5 billion into Binance, the highest level in a year. CryptoQuant analyst Martunn wrote that the latest data shows that over the past 30 days, Bitcoin whales have poured $7.5 billion into Binance, the highest level in a year. This surge in inflows is similar to the pattern seen during previous periods of high market volatility (such as March 2025), when Bitcoin's price plummeted from approximately $102,000 to a low of $70,000. In these situations, whales typically move funds into exchanges to take profits or manage risk when the market weakens. Given that the 30-day inflow indicator is still climbing, the current data does not yet indicate that selling pressure has stabilized. For investors, this mainly means that the risk zone has not yet been fully resolved. Large inflows into exchanges often act as a barometer of pressure: they indicate that funds are being mobilized, but do not necessarily predict when a trend reversal will occur. In similar periods in the past, it took the market about a month to find a local bottom. Entrée Capital raises $300 million in new fund, focusing on early-stage investments in AI, cryptocurrencies, and other sectors. According to official news, Entrée Capital has announced the successful raising of a new $300 million fund focused on early-stage investments. This brings the company's total assets under management to $1.5 billion. The new funds will primarily be deployed in pre-seed, seed, and Series A investments in Israel, the UK, Europe, and the US. The new fund will target founders in the following areas: Artificial Intelligence (covering native AI applications, vertical AI, and enabling infrastructure); Deep Technology and Quantum Computing (including computing technologies, science-driven systems, and advanced materials); Software, Data, and B2B Productivity Enhancement; Cryptocurrency (primarily focusing on infrastructure and security); and unconventional cutting-edge innovation. Entrée Capital has previously invested in Web3 domain registrars such as Freename and Bitcoin payment startup Breez. A whale borrowed another 5.5 million USDT from Aave and subsequently bought 60.07 WBTC. According to on-chain analyst @ai_9684xtpa, address 0x931...3c721 continues to borrow funds to go long on WBTC. In the past 3 hours, he borrowed 5.5 million USDT from Aave, transferred it to address 0x276...23E87, and bought 60.07 WBTC at an average price of $91,242.6. Currently, he has borrowed a total of 22.48 million USDT by pledging 375.07 WBTC on Aave. Bitmine has purchased 14,618 ETH from BitGo, worth $44.34 million. According to OnchainLens monitoring, Bitmine has purchased 14,618 ETH from BitGo, worth $44.34 million. Alliance DAO co-founder: L1 token lacks a moat; betting on the application layer may be the way out. QwQiao, co-founder of Alliance DAO, stated in an article on the X platform that he finds it difficult to convince himself to hold L1 public chain tokens long-term. The reason is not their high price-to-earnings ratio (P/E), but rather the lack of a moat, making them easily commoditized and difficult to capture meaningful value. Currently, cross-chain transfers are very convenient for users, and most application developers can quickly migrate their applications from one chain to another. Furthermore, launching a new chain is significantly easier than before, and the switching costs are far lower than infrastructure like AWS. QwQiao also mentioned that the only way for a chain to strengthen its moat is to develop vertically and control the application layer. He observed that chains like Solana, Base, and Hyperliquid have realized this and are actively taking action, as is the emerging enterprise-level chain Tempo. He firmly believes that the crypto industry will experience exponential growth, and betting on the application layer is the best way to express this view. OKX donated HK$10 million to Hong Kong to support emergency relief and recovery efforts. According to official sources, OKX has donated HK$10 million to Hong Kong to support local emergency relief and disaster recovery efforts. As cryptocurrency fraud spreads, Interpol has upgraded fraud networks to a global threat. According to Decrypt, Interpol adopted a resolution at its general assembly in Marrakech this week, formally recognizing cryptocurrency-related fraud as a core element of a massive fraud industry and listing the network as a transnational criminal threat. Global law enforcement agencies are currently strengthening coordinated control over its financial flows. These criminal networks rely on human trafficking, online fraud, and forced labor, with victims from over sixty countries. Criminals often lure victims with promises of high-paying overseas jobs, forcing them into illegal locations and engaging in illicit activities such as voice phishing, romance scams, investment fraud, and cryptocurrency scams. Fraud rings recruit victims using fake job opportunities, transport them to illegal locations, and then force them to commit crimes. They utilize advanced technology to "deceive victims and cover up their crimes," and these transnational criminal networks are "highly adaptable." The fraud hub model initially attracted international attention in Southeast Asia and has now spread to parts of Russia, Colombia, East African coastal countries, and parts of the UK. In May of this year, the US Treasury Department severed financial ties with Cambodia's Huawang Group, accusing it of laundering $4 billion in money for fraud. This month, the U.S. Department of Justice, together with several other agencies, established a special task force to combat this crime. This resolution by Interpol marks a new stage in global law enforcement cooperation. A "whale" that accumulated WBTC and ETH at high prices through revolving loans has sold off 350 WBTC at a loss in the past week. According to on-chain analyst Yu Jin, a "whale" who hoarded WBTC and ETH at high prices through revolving loans subsequently sold off 18,517 ETH at a loss, incurring a loss of $25.29 million. He also gradually sold off his WBTC at a loss. Over the past week, he sold 350 WBTC at an average price of $87,732, exchanging them for 30.7 million USDT. His WBTC cost price was $116,762, resulting in a loss of $10.16 million from this sale. His remaining 1,210 WBTC are currently showing a paper loss of $30.9 million. The UK Financial Conduct Authority opens sandbox environment for stablecoin companies. According to Ledger Insights, the UK Financial Conduct Authority (FCA) has announced the launch of a stablecoin project group as part of its regulatory sandbox program, with an application deadline of January 18, 2026. Bloomberg also reports that the UK Debt Management Office is exploring expanding the UK government bond market, a move that will be related to stablecoin reserves. In a speech yesterday, David Geale of the FCA stated that a “large company” has been included in the sandbox program to test a sterling stablecoin for payments. Sandbox participants must ensure their designs comply with the requirements outlined in the FCA's consultation document in May. The UK employs a two-track system for stablecoin regulation: the Bank of England regulates systemically important stablecoins for prudential and financial stability purposes; the FCA is responsible for regulating other stablecoins, and is also responsible for the conduct and consumer protection oversight of all stablecoins. The UK has proposed introducing a "no profit, no loss" tax rule for DeFi. According to CoinDesk, the UK government is developing a new tax framework that could benefit DeFi users. A proposal released this week shows that HM Revenue and Customs supports a "no profit, no loss" principle for cryptocurrency lending and liquidity pool arrangements. Under the current system, DeFi users depositing funds into protocols, even just for profit or as collateral for loans, can trigger capital gains tax. The new measure will postpone tax payment until an economically meaningful asset disposal occurs. This means that users depositing cryptocurrency into lending protocols or providing tokens to automated market makers will no longer need to pay tax on the deposit itself, but only when they eventually sell or trade the assets and realize a profit or loss. The proposal aims to align tax rules with the actual operation of DeFi, thereby reducing the administrative burden and avoiding unreasonable tax outcomes. The new principle also applies to complex multi-token arrangements; if a user withdraws more tokens than they deposited, the profit will be taxed; if less, it will be considered a loss. However, this model is not yet finalized, and the government is still consulting with professionals and DeFi developers. While HM Revenue and Customs has not set a timetable for legislation, it has stated that it will continue to engage with the industry to assess the necessity of such legislation. Bitwise has updated its filing for the spot Avalanche ETF, proposing to add staking functionality. According to CoinDesk, Bitwise has updated its filing with the U.S. Securities and Exchange Commission (SEC) for its spot Avalanche ETF. This revision changes the ETF's ticker symbol to BAVA and sets the sponsorship fee rate at 0.34%, currently the lowest among similar products. In comparison, VanEck's Avalanche ETF has a fee rate of 0.40%, and Grayscale's is 0.50%. The updated S-1 filing also states that the trust will be allowed to stake up to 70% of its AVAX holdings on Avalanche's proof-of-stake network to earn additional tokens. However, the issuer is considering deducting 12% of the proceeds as fees, with the remainder distributed to shareholders. Since competitors have not yet launched staking services, their fees are currently limited to sponsorship fees. Bitwise is also offering a full fee waiver for the first month on its initial $500 million in assets, aiming to position BAVA as the lowest-cost way for traditional investors to gain exposure to Avalanche and earn staking income. YZi Labs seeks to expand the board of directors of BNB treasury company CEA Industries to improve strategy execution and oversight. YZi Labs announced on its X platform that, as a significant shareholder of CEA Industries Inc. (NASDAQ: BNC), it has filed a preliminary consent statement with the U.S. Securities and Exchange Commission (SEC) seeking written shareholder consent to expand the company's board of directors and add new board seats. YZi Labs stated that despite a significant increase in the value of BNC's main asset under management, BNB, the company's performance since the completion of its $500 million PIPE financing deal this summer has fallen far short of the expected results from that investment rationale. It believes BNC's poor performance is a direct result of poor strategy execution, insufficient investor communication, and a lack of effective oversight. YZi Labs also expressed concern about delays in key SEC filings, failure to promptly update investors on digital asset fund management and net asset value (NAV), and continued investor confusion regarding the company's identity, communication, and strategy. The Wormhole Foundation announced the purchase of $5 million worth of W tokens. According to official sources, the Wormhole Foundation announced that it has purchased $5 million worth of W tokens and added them to its balance sheet. Balancer security incident update: DAO begins discussions on an $8 million recovery plan. According to CoinDesk, weeks after a major vulnerability in Balancer v2 vaults led to the loss of over $110 million, the Balancer DAO has begun discussing a plan to distribute approximately $8 million in recovered assets to affected limited partners (LPs). The proposed scheme includes structured rewards for white-hat hackers and compensation based on snapshots of user pool assets at the time of the exploit, consistent with the Safe Harbor Protocol. This protocol stipulates a bounty cap of $1 million per incident, requiring white-hat hackers to undergo comprehensive KYC and sanctions screening. Several anonymous rescuers on Arbitrum have waived their bounty claims. Recovered tokens cover networks including Ethereum, Polygon, Base, and Arbitrum, with liquidity providers receiving compensation proportionally to the tokens initially provided and per pool. A claims mechanism is currently under development; if the proposal is approved, users will need to accept updated terms of use. Additionally, $19.7 million in osETH and osGNO were recovered by StakeWise and will be processed separately; $4.1 million recovered internally in collaboration with Certora is ineligible for a bounty due to a previous agreement. This exploit, caused by a smart contract flaw, marks Balancer's third major security incident, resulting in a plunge in total value locked (TVL) from approximately $775 million to $258 million, and a loss of about 30% in the value of BAL tokens. Uniswap's "UNIFication" proposal has passed preliminary approval, and the fee switch contract has entered its $15.5 million bounty period. Snapshot voting results show that Uniswap's "UNIfication" governance proposal received over 63 million UNI in support and almost zero opposition in the provisional vote. The proposal aims to unify the governance structure of Uniswap Labs and the foundation, and activate the protocol-level fee mechanism. The fee-switch smart contract has been included in the Cantina bug bounty program, with a reward of $15.5 million. Formal on-chain voting is expected to begin next week, and if the proposal passes, it will facilitate the implementation of the UNI governance token revenue distribution mechanism. Binance donated HK$10 million to Hong Kong to support fire relief and reconstruction. According to an official announcement from Binance, Binance will donate HK$10 million to the fire-stricken area of Hung Fook Court in Tai Po, Hong Kong, to support rescue and reconstruction efforts. Binance stated that it will implement the donation through relevant channels and extend its condolences to the affected people. Infinex will launch its token presale on Sonar, distributing 5% of its INX tokens before January TGE to raise $15 million. According to The Block, Infinex, the crypto super-application founded by DeFi pioneer Kain Warwick, announced that it will launch an INX token sale through the Sonar platform before the Time of Government Expiry (TGE) in January 2026. The plan is to sell 5% of the total supply at a valuation of $300 million, raising $15 million. Patron NFT holders will enjoy tiered allocations (a single INX will receive $2,000, with 5/25/100 INX corresponding to caps of $15,000/$100,000/$500,000 respectively); non-holders will participate through a lottery, with a cap of $5,000 per person and a minimum of $200. The sold tokens will be locked for one year, with the option to unlock them early by paying a premium. The project states that the proceeds will be used for token buybacks; approximately 25% of the tokens will be reserved in a vault for incentives; pre-registration will open within weeks. INX is planned to be officially generated and listed for circulation in January 2026. The platform integrates wallet, trading, prediction, and cross-chain functions, aiming to create a next-generation Web3 gateway. The UK tax authorities adopted the "no profit, no loss" tax treatment for DeFi, which the founder of Aave called a major victory for users. Aave founder Stani Kulechov posted that the UK's HM Revenue and Customs (HMRC) has released the results of its tax consultation on DeFi lending and staking activities, proposing a "No Gain No Loss" (NGNL) tax treatment. This means that when users deposit crypto assets into protocols like Aave, it will not be considered a capital gain disposal. If this policy is legislated, it will greatly simplify the reporting burden for users and is considered a significant victory for DeFi users. The Aave team participated in the consultation process and pushed for this policy to reflect the economic substance of on-chain interactions. The USDC Treasury minted an additional 750 million USDC on the Solana blockchain. According to Whale Alert monitoring, at 20:23, 20:24 and 20:25 (UTC+8), USDC Treasury minted 250 million USDC on the Solana chain each time, with a total value of $750 million. The Bhutanese government pledged 320 ETH, equivalent to approximately US$970,000. According to OnchainLens, the Royal Government of Bhutan has staked 320 ETH, or approximately $970,000, on the Ethereum 2.0 network Figment. Avenir Group and its charitable foundation announced a donation of HK$10 million to support fire relief efforts in Tai Po, Hong Kong. Avenir Group and its charitable foundation, Avenir Foundation, announced a donation of HK$10 million to support emergency relief, resettlement of affected residents, and community recovery efforts following the fire in Tai Po District. The donation will be used to provide immediate support, including basic necessities, temporary accommodation, and assistance with subsequent community reconstruction, aiming to provide tangible assistance to affected families and help the community return to normalcy as quickly as possible. Binance Alpha integrates with the Arbitrum chain, and a new batch of Alpha projects are launched. According to a Binance announcement, Binance Alpha now supports the Arbitrum chain. Users can purchase the token through the "Markets" - "Alpha" - "Arbitrum" tab in the Binance App or Binance Wallet. The official announcement also states that an exclusive trading competition and token airdrop for the Arbitrum chain will be launched; specific rules and event schedules will be announced separately. Eligibility is granted through trading via Binance Alpha or a keyless wallet. SuperFortune will provide 5% of the total MANTA tokens as mining rewards to MANTA token stakers. Superfortune's token, GUA, has officially launched on Binance Alpha. As the first Web3 project incubated by Manta Network, according to its token economic model, 5% of Superfortune's total token supply will be used as mining rewards for MANTA stakers. A snapshot of GUA TGE will be taken in 3 weeks, and rewards will be available one month later, for a period of 25 months. Both on-chain and exchange-based MANTA stakers are eligible. US stock and bond markets are closed today; trading in gold, silver, and oil has ended early. Due to the Thanksgiving holiday in the United States (November 27), US stock and bond markets will be closed today and will close early tomorrow (November 28). Today, trading in CME Group's precious metals and US crude oil futures contracts will end early at 03:30 Beijing time on November 28, and trading in stock index futures contracts will end early at 02:00 Beijing time on November 28. Trading in ICE Brent crude oil futures contracts will end early at 02:30 Beijing time on November 28. Data: Over the past 30 days, Bitcoin whales have flowed $7.5 billion into Binance, the highest level in a year. CryptoQuant analyst Martunn wrote that the latest data shows that over the past 30 days, Bitcoin whales have poured $7.5 billion into Binance, the highest level in a year. This surge in inflows is similar to the pattern seen during previous periods of high market volatility (such as March 2025), when Bitcoin's price plummeted from approximately $102,000 to a low of $70,000. In these situations, whales typically move funds into exchanges to take profits or manage risk when the market weakens. Given that the 30-day inflow indicator is still climbing, the current data does not yet indicate that selling pressure has stabilized. For investors, this mainly means that the risk zone has not yet been fully resolved. Large inflows into exchanges often act as a barometer of pressure: they indicate that funds are being mobilized, but do not necessarily predict when a trend reversal will occur. In similar periods in the past, it took the market about a month to find a local bottom. Entrée Capital raises $300 million in new fund, focusing on early-stage investments in AI, cryptocurrencies, and other sectors. According to official news, Entrée Capital has announced the successful raising of a new $300 million fund focused on early-stage investments. This brings the company's total assets under management to $1.5 billion. The new funds will primarily be deployed in pre-seed, seed, and Series A investments in Israel, the UK, Europe, and the US. The new fund will target founders in the following areas: Artificial Intelligence (covering native AI applications, vertical AI, and enabling infrastructure); Deep Technology and Quantum Computing (including computing technologies, science-driven systems, and advanced materials); Software, Data, and B2B Productivity Enhancement; Cryptocurrency (primarily focusing on infrastructure and security); and unconventional cutting-edge innovation. Entrée Capital has previously invested in Web3 domain registrars such as Freename and Bitcoin payment startup Breez. A whale borrowed another 5.5 million USDT from Aave and subsequently bought 60.07 WBTC. According to on-chain analyst @ai_9684xtpa, address 0x931...3c721 continues to borrow funds to go long on WBTC. In the past 3 hours, he borrowed 5.5 million USDT from Aave, transferred it to address 0x276...23E87, and bought 60.07 WBTC at an average price of $91,242.6. Currently, he has borrowed a total of 22.48 million USDT by pledging 375.07 WBTC on Aave. Bitmine has purchased 14,618 ETH from BitGo, worth $44.34 million. According to OnchainLens monitoring, Bitmine has purchased 14,618 ETH from BitGo, worth $44.34 million. Alliance DAO co-founder: L1 token lacks a moat; betting on the application layer may be the way out. QwQiao, co-founder of Alliance DAO, stated in an article on the X platform that he finds it difficult to convince himself to hold L1 public chain tokens long-term. The reason is not their high price-to-earnings ratio (P/E), but rather the lack of a moat, making them easily commoditized and difficult to capture meaningful value. Currently, cross-chain transfers are very convenient for users, and most application developers can quickly migrate their applications from one chain to another. Furthermore, launching a new chain is significantly easier than before, and the switching costs are far lower than infrastructure like AWS. QwQiao also mentioned that the only way for a chain to strengthen its moat is to develop vertically and control the application layer. He observed that chains like Solana, Base, and Hyperliquid have realized this and are actively taking action, as is the emerging enterprise-level chain Tempo. He firmly believes that the crypto industry will experience exponential growth, and betting on the application layer is the best way to express this view. OKX donated HK$10 million to Hong Kong to support emergency relief and recovery efforts. According to official sources, OKX has donated HK$10 million to Hong Kong to support local emergency relief and disaster recovery efforts. As cryptocurrency fraud spreads, Interpol has upgraded fraud networks to a global threat. According to Decrypt, Interpol adopted a resolution at its general assembly in Marrakech this week, formally recognizing cryptocurrency-related fraud as a core element of a massive fraud industry and listing the network as a transnational criminal threat. Global law enforcement agencies are currently strengthening coordinated control over its financial flows. These criminal networks rely on human trafficking, online fraud, and forced labor, with victims from over sixty countries. Criminals often lure victims with promises of high-paying overseas jobs, forcing them into illegal locations and engaging in illicit activities such as voice phishing, romance scams, investment fraud, and cryptocurrency scams. Fraud rings recruit victims using fake job opportunities, transport them to illegal locations, and then force them to commit crimes. They utilize advanced technology to "deceive victims and cover up their crimes," and these transnational criminal networks are "highly adaptable." The fraud hub model initially attracted international attention in Southeast Asia and has now spread to parts of Russia, Colombia, East African coastal countries, and parts of the UK. In May of this year, the US Treasury Department severed financial ties with Cambodia's Huawang Group, accusing it of laundering $4 billion in money for fraud. This month, the U.S. Department of Justice, together with several other agencies, established a special task force to combat this crime. This resolution by Interpol marks a new stage in global law enforcement cooperation. A "whale" that accumulated WBTC and ETH at high prices through revolving loans has sold off 350 WBTC at a loss in the past week. According to on-chain analyst Yu Jin, a "whale" who hoarded WBTC and ETH at high prices through revolving loans subsequently sold off 18,517 ETH at a loss, incurring a loss of $25.29 million. He also gradually sold off his WBTC at a loss. Over the past week, he sold 350 WBTC at an average price of $87,732, exchanging them for 30.7 million USDT. His WBTC cost price was $116,762, resulting in a loss of $10.16 million from this sale. His remaining 1,210 WBTC are currently showing a paper loss of $30.9 million. The UK Financial Conduct Authority opens sandbox environment for stablecoin companies. According to Ledger Insights, the UK Financial Conduct Authority (FCA) has announced the launch of a stablecoin project group as part of its regulatory sandbox program, with an application deadline of January 18, 2026. Bloomberg also reports that the UK Debt Management Office is exploring expanding the UK government bond market, a move that will be related to stablecoin reserves. In a speech yesterday, David Geale of the FCA stated that a “large company” has been included in the sandbox program to test a sterling stablecoin for payments. Sandbox participants must ensure their designs comply with the requirements outlined in the FCA's consultation document in May. The UK employs a two-track system for stablecoin regulation: the Bank of England regulates systemically important stablecoins for prudential and financial stability purposes; the FCA is responsible for regulating other stablecoins, and is also responsible for the conduct and consumer protection oversight of all stablecoins. The UK has proposed introducing a "no profit, no loss" tax rule for DeFi. According to CoinDesk, the UK government is developing a new tax framework that could benefit DeFi users. A proposal released this week shows that HM Revenue and Customs supports a "no profit, no loss" principle for cryptocurrency lending and liquidity pool arrangements. Under the current system, DeFi users depositing funds into protocols, even just for profit or as collateral for loans, can trigger capital gains tax. The new measure will postpone tax payment until an economically meaningful asset disposal occurs. This means that users depositing cryptocurrency into lending protocols or providing tokens to automated market makers will no longer need to pay tax on the deposit itself, but only when they eventually sell or trade the assets and realize a profit or loss. The proposal aims to align tax rules with the actual operation of DeFi, thereby reducing the administrative burden and avoiding unreasonable tax outcomes. The new principle also applies to complex multi-token arrangements; if a user withdraws more tokens than they deposited, the profit will be taxed; if less, it will be considered a loss. However, this model is not yet finalized, and the government is still consulting with professionals and DeFi developers. While HM Revenue and Customs has not set a timetable for legislation, it has stated that it will continue to engage with the industry to assess the necessity of such legislation. Bitwise has updated its filing for the spot Avalanche ETF, proposing to add staking functionality. According to CoinDesk, Bitwise has updated its filing with the U.S. Securities and Exchange Commission (SEC) for its spot Avalanche ETF. This revision changes the ETF's ticker symbol to BAVA and sets the sponsorship fee rate at 0.34%, currently the lowest among similar products. In comparison, VanEck's Avalanche ETF has a fee rate of 0.40%, and Grayscale's is 0.50%. The updated S-1 filing also states that the trust will be allowed to stake up to 70% of its AVAX holdings on Avalanche's proof-of-stake network to earn additional tokens. However, the issuer is considering deducting 12% of the proceeds as fees, with the remainder distributed to shareholders. Since competitors have not yet launched staking services, their fees are currently limited to sponsorship fees. Bitwise is also offering a full fee waiver for the first month on its initial $500 million in assets, aiming to position BAVA as the lowest-cost way for traditional investors to gain exposure to Avalanche and earn staking income. YZi Labs seeks to expand the board of directors of BNB treasury company CEA Industries to improve strategy execution and oversight. YZi Labs announced on its X platform that, as a significant shareholder of CEA Industries Inc. (NASDAQ: BNC), it has filed a preliminary consent statement with the U.S. Securities and Exchange Commission (SEC) seeking written shareholder consent to expand the company's board of directors and add new board seats. YZi Labs stated that despite a significant increase in the value of BNC's main asset under management, BNB, the company's performance since the completion of its $500 million PIPE financing deal this summer has fallen far short of the expected results from that investment rationale. It believes BNC's poor performance is a direct result of poor strategy execution, insufficient investor communication, and a lack of effective oversight. YZi Labs also expressed concern about delays in key SEC filings, failure to promptly update investors on digital asset fund management and net asset value (NAV), and continued investor confusion regarding the company's identity, communication, and strategy. The Wormhole Foundation announced the purchase of $5 million worth of W tokens. According to official sources, the Wormhole Foundation announced that it has purchased $5 million worth of W tokens and added them to its balance sheet. Balancer security incident update: DAO begins discussions on an $8 million recovery plan. According to CoinDesk, weeks after a major vulnerability in Balancer v2 vaults led to the loss of over $110 million, the Balancer DAO has begun discussing a plan to distribute approximately $8 million in recovered assets to affected limited partners (LPs). The proposed scheme includes structured rewards for white-hat hackers and compensation based on snapshots of user pool assets at the time of the exploit, consistent with the Safe Harbor Protocol. This protocol stipulates a bounty cap of $1 million per incident, requiring white-hat hackers to undergo comprehensive KYC and sanctions screening. Several anonymous rescuers on Arbitrum have waived their bounty claims. Recovered tokens cover networks including Ethereum, Polygon, Base, and Arbitrum, with liquidity providers receiving compensation proportionally to the tokens initially provided and per pool. A claims mechanism is currently under development; if the proposal is approved, users will need to accept updated terms of use. Additionally, $19.7 million in osETH and osGNO were recovered by StakeWise and will be processed separately; $4.1 million recovered internally in collaboration with Certora is ineligible for a bounty due to a previous agreement. This exploit, caused by a smart contract flaw, marks Balancer's third major security incident, resulting in a plunge in total value locked (TVL) from approximately $775 million to $258 million, and a loss of about 30% in the value of BAL tokens. Uniswap's "UNIFication" proposal has passed preliminary approval, and the fee switch contract has entered its $15.5 million bounty period. Snapshot voting results show that Uniswap's "UNIfication" governance proposal received over 63 million UNI in support and almost zero opposition in the provisional vote. The proposal aims to unify the governance structure of Uniswap Labs and the foundation, and activate the protocol-level fee mechanism. The fee-switch smart contract has been included in the Cantina bug bounty program, with a reward of $15.5 million. Formal on-chain voting is expected to begin next week, and if the proposal passes, it will facilitate the implementation of the UNI governance token revenue distribution mechanism. Binance donated HK$10 million to Hong Kong to support fire relief and reconstruction. According to an official announcement from Binance, Binance will donate HK$10 million to the fire-stricken area of Hung Fook Court in Tai Po, Hong Kong, to support rescue and reconstruction efforts. Binance stated that it will implement the donation through relevant channels and extend its condolences to the affected people. Infinex will launch its token presale on Sonar, distributing 5% of its INX tokens before January TGE to raise $15 million. According to The Block, Infinex, the crypto super-application founded by DeFi pioneer Kain Warwick, announced that it will launch an INX token sale through the Sonar platform before the Time of Government Expiry (TGE) in January 2026. The plan is to sell 5% of the total supply at a valuation of $300 million, raising $15 million. Patron NFT holders will enjoy tiered allocations (a single INX will receive $2,000, with 5/25/100 INX corresponding to caps of $15,000/$100,000/$500,000 respectively); non-holders will participate through a lottery, with a cap of $5,000 per person and a minimum of $200. The sold tokens will be locked for one year, with the option to unlock them early by paying a premium. The project states that the proceeds will be used for token buybacks; approximately 25% of the tokens will be reserved in a vault for incentives; pre-registration will open within weeks. INX is planned to be officially generated and listed for circulation in January 2026. The platform integrates wallet, trading, prediction, and cross-chain functions, aiming to create a next-generation Web3 gateway. The UK tax authorities adopted the "no profit, no loss" tax treatment for DeFi, which the founder of Aave called a major victory for users. Aave founder Stani Kulechov posted that the UK's HM Revenue and Customs (HMRC) has released the results of its tax consultation on DeFi lending and staking activities, proposing a "No Gain No Loss" (NGNL) tax treatment. This means that when users deposit crypto assets into protocols like Aave, it will not be considered a capital gain disposal. If this policy is legislated, it will greatly simplify the reporting burden for users and is considered a significant victory for DeFi users. The Aave team participated in the consultation process and pushed for this policy to reflect the economic substance of on-chain interactions. The USDC Treasury minted an additional 750 million USDC on the Solana blockchain. According to Whale Alert monitoring, at 20:23, 20:24 and 20:25 (UTC+8), USDC Treasury minted 250 million USDC on the Solana chain each time, with a total value of $750 million. The Bhutanese government pledged 320 ETH, equivalent to approximately US$970,000. According to OnchainLens, the Royal Government of Bhutan has staked 320 ETH, or approximately $970,000, on the Ethereum 2.0 network Figment. Avenir Group and its charitable foundation announced a donation of HK$10 million to support fire relief efforts in Tai Po, Hong Kong. Avenir Group and its charitable foundation, Avenir Foundation, announced a donation of HK$10 million to support emergency relief, resettlement of affected residents, and community recovery efforts following the fire in Tai Po District. The donation will be used to provide immediate support, including basic necessities, temporary accommodation, and assistance with subsequent community reconstruction, aiming to provide tangible assistance to affected families and help the community return to normalcy as quickly as possible. Binance Alpha integrates with the Arbitrum chain, and a new batch of Alpha projects are launched. According to a Binance announcement, Binance Alpha now supports the Arbitrum chain. Users can purchase the token through the "Markets" - "Alpha" - "Arbitrum" tab in the Binance App or Binance Wallet. The official announcement also states that an exclusive trading competition and token airdrop for the Arbitrum chain will be launched; specific rules and event schedules will be announced separately. Eligibility is granted through trading via Binance Alpha or a keyless wallet. SuperFortune will provide 5% of the total MANTA tokens as mining rewards to MANTA token stakers. Superfortune's token, GUA, has officially launched on Binance Alpha. As the first Web3 project incubated by Manta Network, according to its token economic model, 5% of Superfortune's total token supply will be used as mining rewards for MANTA stakers. A snapshot of GUA TGE will be taken in 3 weeks, and rewards will be available one month later, for a period of 25 months. Both on-chain and exchange-based MANTA stakers are eligible. US stock and bond markets are closed today; trading in gold, silver, and oil has ended early. Due to the Thanksgiving holiday in the United States (November 27), US stock and bond markets will be closed today and will close early tomorrow (November 28). Today, trading in CME Group's precious metals and US crude oil futures contracts will end early at 03:30 Beijing time on November 28, and trading in stock index futures contracts will end early at 02:00 Beijing time on November 28. Trading in ICE Brent crude oil futures contracts will end early at 02:30 Beijing time on November 28.