The timing is unreal. Shortly after the merger news, @Official_Upbit suffers a major breach. 🚨
Details:
• ~$36M stolen from #Solana hot wallet ($SOL, $BONK, $JUP, $LAYER)
• Withdrawals suspended & assets moved to cold storage
• Gov sources suspect North Korea's Lazarus Group
• On-site investigation underway.
Chaos in the Korean market. 🇰🇷
🇰🇷 Korean "TechFin" Shocker: Naver merges with @Official_Upbit parent Dunamu in a KRW 20T (~$13.8B) All-Stock Deal.
A visual breakdown of the "De Facto Control" masterclass:
• The Mechanics: A 1:2.54 share swap where Naver secures ~46.5% voting control via irrevocable proxies—despite holding only 17% equity.
• The Trade-off: Dunamu founders capture economic majority but face a 36-month lock-up; Naver retains the steering wheel.
• The Synergies: Bridging Naver’s 34M users with Upbit’s 72% market dominance to launch GIWA L2, Stablecoins & STOs.
• The Endgame: A calculated runway to a $34.5B NASDAQ IPO within 3 years.
Minority stake, Majority rule.
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