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A suspect posing as a delivery worker entered a Mission Dolores home near 18th and Dolores around 6:45 a.m. on Nov. 22, restrained the resident, and stole a phone, laptop, and about $11 million in cryptocurrency, according to the San Francisco Chronicle.

San Francisco police had not announced arrests or provided asset details as of Sunday, and no chain or token mix has been disclosed.

Physical attacks on crypto owners are far from isolated, with a concerning trend emerging.

Recent and past incidents we’ve covered include a $4.3 million UK home invasion; the SoHo kidnapping and torture to force access to a Bitcoin wallet; France’s rise in crypto-linked kidnappings and the state response; extreme OPSEC shifts by prominent holders like the Bitcoin Family distributing their seed phrase across continents; a broader move by high-net-worth investors hiring protection; and analysis of wrench-attack trends and self-custody trade-offs.

The theft shifts immediately to an on-chain chase.

Even when a robbery begins at a front door, the money often moves across public ledgers, where it can be traced, creating a race between laundering paths and the tightening freeze-and-trace tools that matured in 2025. USDT on TRON remains central to that calculus.

Industry-wide capacity to freeze capacity has expanded this year through cooperation among issuers, networks, and analytics firms, and the “T3” Financial Crime Unit has reported hundreds of millions of dollars in tainted tokens frozen since late 2024.

If any of the stolen value is in stablecoins, the odds of a near-term stop improve, as large issuers work with law enforcement and analytics partners to blacklist addresses on notice.

The broader data supports a stablecoin-first hypothesis for illicit flows. Chainalysis’s 2025 crime report shows that stablecoins accounted for about 63 percent of illegal transaction volume in 2024, a marked shift from prior years when BTC and ETH dominated laundering pipelines.

That change matters for recovery because centralized issuers can block spending at the token level, and centralized venues add additional choke points when deposits touch KYC infrastructure.

In parallel, Europol has warned that organized groups are scaling tactics with AI, which can compress laundering timelines and automate fragmentation across chains and services. The operational tempo favors early notification to issuers and exchanges if destination addresses surface.

The macro loss picture continues to move in the wrong direction for victims.

The FBI’s Internet Crime Complaint Center recorded $16.6 billion in cyber and scam losses in 2024, and reported crypto investment fraud rose 66 percent year over year. Physical coercion incidents against crypto holders, sometimes labeled wrench attacks, have drawn more attention across 2024 and 2025 as home invasions, SIM swaps, and social engineering converge, with TRM Labs documenting trends in coercion-linked thefts.

While the San Francisco case centers on a single residence, the mechanics mirror a pattern, a compromised device and forced transfers or key export, followed by rapid on-chain dispersion and pressure-tested cash-out routes.

California’s new regulatory baseline adds another layer. The state’s Digital Financial Assets Law took effect in July 2025, giving the Department of Financial Protection and Innovation licensing and enforcement authority over particular exchange and custody activities.

If any off-ramp, OTC broker, or storage provider with California exposure intersects with the stolen funds, DFAL oversight could support coordination with law enforcement. That is not a direct recovery lever for self-custodied assets, but it affects counterparties that thieves often need to exit to fiat.

Policy changes elsewhere also factor into the next steps.

The U.S. Treasury removed Tornado Cash from the Specially Designated Nationals list on March 21, 2025, per this legal analysis from Venable, which alters the compliance posture around interacting with the codebase.

That change does not legalize laundering, nor does it remove analytics visibility.

It does, however, reduce the deterrent optics that had previously pushed some actors toward alternate mixers and bridges. If the stolen funds use classic mixers or peel chains through bridges into stablecoins before off-ramping, attribution work and first KYC touchpoints remain the critical moments.

With addresses not yet public, the desk can frame the next 14 to 90 days around three base paths. The table below presents first-hop models, indicators to watch, and probability bands for freeze and recovery based on the 2025 market structure and enforcement posture.

Path	First 24–72 hours	What to watch	14-day “freeze” odds	90-day “recovery” odds	Why it matters
Stablecoins on TRON or EVM	Split into tranches, hop via bridges, park in fresh wallets, probe CEX or OTC exits	Large USDT flows on TRON, rapid fragmentation, hits to known OTC or exchange clusters	Medium to high, about 30–60 percent if issuers are alerted early, reflecting the T3 effect	Low to medium, about 15–35 percent depending on issuer and exchange engagement	Stablecoins make up most illicit volume in 2024, and issuer freezes expanded in 2025
BTC or ETH with mixers and cross-chain hops	Consolidate, peel, mix, bridge to alternate L1 or L2, attempt CEX or DEX exits	Deposits to known mixer relays, bridge into TRON and USDT before off-ramp	Low to medium, about 10–25 percent as analytics still tag flows despite policy shifts	Low, about 5–20 percent unless funds probe KYC venues	See sanctions and compliance impacts in K2 Integrity’s advisory, with exchanges as chokepoints and attribution maturing within weeks
Privacy-coin pivot, for example XMR	Swap via DEX, P2P, or ATMs, then off-ramp OTC	Atomic swap patterns, P2P broker touchpoints	Very low, under 10 percent	Very low, 10 percent or less	On-chain visibility declines, reliance shifts to devices, comms, and informants, with broader crime-trend context from the TRM Labs 2025 report

Timeline cues follow from this model.

In the first 24 to 72 hours, look for consolidation and early hops. If addresses emerge and stablecoins are present, the immediate step is issuer notification for blacklist review. If flows are in BTC or ETH, monitor for mixers or bridges and for any pivot into USDT before fiat exit.

Between seven and fourteen days, preservation letters and exchange freezes often surface if deposits probe KYC venues, per IC3 coordination practices.

Between 30 and 90 days, if a privacy-coin route appears, investigative weight shifts to off-chain leads, including device forensics, communications history, and the delivery ruse trail, with attribution work from TRM Labs and peers maturing on that horizon.

Wallet design continues to develop blunt physical coercion.

Multi-party computation and account-abstraction wallets have expanded in 2025, adding policy controls, seedless recovery, daily limits, and multi-factor approval paths that reduce single-point private key exposure during an in-person incident.

Contract-level time locks and spend caps can slow high-value transfers and create time windows to flag issuers or exchanges if an account is compromised.

These controls do not replace safe operational practices around devices and home security, but they modify the attack surface when a thief has access to a phone or laptop.

The San Francisco Chronicle report anchors the facts, though the San Francisco Police Department site shows no case-specific bulletin yet.

The next development hinges on whether destination addresses become public and whether stablecoin issuers or exchanges have been asked to review and act.

• The biopharma company plans to launch the first-ever crypto treasury around the Rain project.
• Enlivex sees long-term potential in Rain’s open-prediction market.
• Native RAI rallied after the news, up 110% within minutes.

The cryptocurrency market remained relatively stable on Monday, with Bitcoin holding above $86,000.

While most assets saw minor price actions, RAIN has decoupled with a sharp uptrend.

The altcoin has gained roughly 110% minutes after news that biopharmaceutical firm Enlivex Therapeutics plans to build a $212 million Rain-based crypto treasury.

NEWS: ENLIVEX completes a $212M digital asset treasury investment into $RAIN, a decentralized prediction markets protocol pioneering the next wave of prediction markets. Matteo Renzi, former Italian PM, joins the board.

— Ash Crypto (@AshCrypto) November 24, 2025

Reports suggest that the Nasdaq-listed company will complete the fundraise through PIPE (a private investment in public equity).

Notably, Enlivex will become the first institution to create a DAT (digital asset treasury) linked to a prediction-market crypto project.

The proposed raise involves Enlivex selling 212 million shares at $1 per share, with settlement in USDT and US dollars.

Meanwhile, the deal is expected to close by November 25, depending on final authorisations.

For a firm that focuses on immunotherapy research, dedicating millions to crypto reflects a bold move into the blockchain infrastructure.

Furthermore, the move adds credibility to RAIN as a legitimate token with serious value in the financial world.

The update flipped sentiments around the RAIN coin, catalysing a sharp rise minutes after the news surfaced.

Why the bold bet on Rain?

Talking with The Block, Enlivex board chairman Shai Novik highlighted Rain’s infrastructure as the scalable backbone that their firm has been pursuing.

He equalled Rain’s dominance in prediction markets to Uniswap in decentralised trading. Novik said:

For us, that open-architecture model represents the scalable growth engine we were looking for. We view Rain as the foundational infrastructure layer for the industry, similar to how Uniswap underpins decentralized trading.

That means Enlivex is more than just purchasing RAIN.

The biopharma is investing in a decentralized prediction-market model poised to transform on-chain information marketplaces.

A unique approach to reduce volatility

Indeed, cryptocurrency and volatility go hand in hand, and that has repelled many institutional players from interacting with digital tokens.

In that context, the Rain Foundation will back Enlivex’s DAT launch with a grant that adjusts the firm’s entry price, with 0.95 as the initial mNAV (modified net asset value).

That reduced early-stage volatility as the biopharma will have a stabilised baseline to start its DAT strategy.

RAIN price outlook

Rain’s native token led the gainers today.

The coin is trading at $0.007526 after a 110% uptick on its daily price chart.

The 66% surge in 24-hour trading volume indicates renewed appetite in RAIN.

While the alt eyes further uptrend, it can hardly decouple for long due to the prevailing broader selling pressure.

Therefore, RAIN remains prone to erasing part of its gains in the near term.

• Naver plans to acquire Dunamu in a KRW 20 trillion stock exchange.
• Upbit controls around 70% of Korea’s crypto trading market.
• Dunamu’s unlisted shares surpassed KRW 400,000 after the merger news.

South Korea’s crypto and fintech landscape is shifting rapidly as Naver prepares to acquire Dunamu in a landmark stock-swap merger that could reshape the country’s global ambitions.

The deal, expected to move through board approvals next week, places Upbit at the centre of Korea’s broader plan to expand into US capital markets.

The move has also revived momentum around a potential Nasdaq listing, with investors and analysts treating the merger as a structural reset that creates the most favourable environment yet for international expansion.

With market prices already reacting, the development signals a new phase for how Korea aims to position itself within the global crypto-fintech race.

Upbit’s position strengthens

Reports from Zoomer and Unfolded indicate that Upbit may be preparing to move into the US market.

This follows local confirmation that Naver Financial intends to acquire Dunamu through a KRW 20 trillion ($14.5 billion) stock exchange.

Once completed, the deal would make the Upbit operator a fully owned subsidiary of South Korea’s dominant internet group.

The merger would connect Naver’s broad fintech network with Upbit’s roughly 70% share of domestic crypto trading.

This creates a platform capable of operating on an international scale and opens new pathways for Upbit to expand beyond its core market.

The alignment of Naver’s technology reach with Dunamu’s blockchain capabilities is seen as a decisive advantage that supports long-term global integration.

Market signals reflect rising expectations

The financial markets have already responded to the merger’s implications.

Dunamu’s unlisted shares climbed above KRW 400,000 for the first time in more than three years.

Naver stock also surged nearly 20% in the days after news of the acquisition emerged.

These market movements reflect growing confidence that the merged entity will target an eventual entrance into the US capital markets.

Experts note that integrating Upbit under Naver creates a corporate structure that is more familiar to US regulators and therefore more suitable for a potential Nasdaq listing.

Research suggests that a listing could be possible as early as 2026, depending on broader market conditions.

Forecasts place the combined valuation of the Naver–Dunamu entity at around KRW 50 trillion, driven by Naver’s fintech scale and Dunamu’s blockchain infrastructure Giwa.

Upbit’s global momentum comes as competitors adjust their public-market plans.

Bithumb, the second-largest crypto exchange in Korea, has regained about 25% of its domestic market share and is reportedly preparing for its own listing attempt.

A new chapter for Asia’s crypto-fintech growth

If approved, the Naver–Dunamu merger could make Korea the first in Asia to attempt to bring a major crypto exchange to Nasdaq.

The development represents a significant step in the region’s broader move to compete more aggressively in global financial markets.

As Naver and Dunamu prepare to combine their strengths, Upbit is emerging as a central player in the next phase of Korea’s push toward international crypto-fintech leadership.

• Bitcoin drops 31% as investor belief weakens and risk sentiment fades.
• Fed uncertainty, regulation stalls, and ETF outflows deepen BTC’s slide.
• Long-term holders take profits, marking a shift from prior Bitcoin crashes.

Bitcoin has tumbled sharply from its recent record highs, with strategists at Deutsche Bank pointing to a weakening in investor conviction as a key force behind the cryptocurrency’s downturn.

The world’s largest digital asset, which suffered its worst weekly loss since February, continues to face pressure from shifting market conditions, regulatory uncertainty, and profit-taking across both institutional and long-term holders.

Bitcoin edged higher over the weekend but remained down 0.79% at $85,933 at the time of writing.

The cryptocurrency is now 31% below its all-time high of $126,272 reached on Oct. 6.

According to Deutsche Bank strategists Marion Laboure and Camila Siazon, the most significant factor driving the selloff is that “investor belief is crucial for continued gains — and right now the faithful are wavering.”

The strategists revived their “Tinkerbell effect” theory from 2021, which argues that bitcoin’s valuation is driven heavily by sentiment and what investors collectively believe it is worth.

In their view, sentiment-driven selling has re-emerged, shaking confidence in bitcoin’s ability to remain a stable part of diversified portfolios.

They noted that bitcoin’s “portfolio integration is being tested,” adding that the shift could be temporary or persist depending on broader financial conditions.

The bank shared 5 reasons behind the cryptocurrency’s sell-off.

Broader decline in stocks and risk appetite

The first major factor weighing on Bitcoin is a pullback in global risk sentiment.

Deutsche Bank notes that the cryptocurrency continues to behave like a risk asset rather than a safe-haven hedge, despite some investors hoping it would evolve into a defensive store of value.

The broader selloff in equities has spilled into digital assets, reinforcing that Bitcoin’s performance remains tethered to overall market mood.

Uncertainty over the Federal Reserve’s next moves

The second pressure point comes from uncertainty surrounding US monetary policy.

Investors have become less confident that the Federal Reserve will continue easing this year.

This shift has introduced volatility into multiple asset classes, including cryptocurrencies, as traders reassess risk-taking amid the possibility of a more restrictive policy stance.

Deutsche Bank strategists warn that further hesitation or hawkish signals from the Fed could deepen Bitcoin’s decline.

Regulatory momentum has stalled

Regulatory uncertainty is also contributing to the downturn.

According to Laboure and Siazon, momentum behind crypto-related regulatory progress has slowed since the summer.

This stagnation has complicated Bitcoin’s “portfolio integration,” making institutions more cautious about increasing exposure.

The lack of clear, forward-moving regulatory frameworks has left investors in a holding pattern, weakening one of the key drivers of Bitcoin’s mainstream financial adoption story.

Institutional outflows and thinning liquidity

A fourth driver of the selloff is rising institutional outflows.

Deutsche Bank notes that several Bitcoin exchange-traded funds have experienced withdrawals, reducing liquidity across the market.

Thinner liquidity amplifies price declines and increases volatility.

This dynamic marks a significant difference from previous crashes, many of which were predominantly driven by retail traders rather than institutions.

Long-term holders taking profits

Finally, long-term Bitcoin holders — often referred to as the most steadfast participants in the market — have begun taking profits.

This behavior, the strategists say, has not been observed in earlier downturns and underscores the unusual nature of the current correction.

Selling from such investors adds to market pressure and signals that even committed holders are reassessing their positions.

While the strategists say it remains unclear when or whether Bitcoin will stabilize, they emphasize that this year’s pullback is distinct.

Unlike prior crashes fueled by retail speculation, the current slump is unfolding amid a complex mix of institutional activity, shifting macroeconomic conditions, and evolving policy landscapes — leaving the market’s next move uncertain.

• Pi Network whale accumulation boosts PI coin despite Bitcoin and Ethereum losses.
• Map of Pi 2.0 to enable real-world transactions with 140,000+ merchants.
• Moderators debunk GCV, emphasising utility over speculative hype.

The Pi Network price has captured attention recently as the cryptocurrency steadily outperforms Bitcoin (BTC) and Ethereum (ETH) despite a broader market downturn.

While the wider crypto market struggles, PI coin has shown notable resilience, attracting growing investor interest and a surge in whale accumulation.

This renewed momentum coincides with key ecosystem developments, including the upcoming launch of Map of Pi 2.0 and ongoing discussions surrounding the controversial “Global Consensus Value” (GCV).

Pi Network price eyes breakout as whales step in

Pi Network (PI) has seen its value increase roughly 20% over the past month, in contrast to BTC and ETH, which have fallen 21% and 27%, respectively.

CryptoQuant summary data points to a major whale steadily accumulating PI coin, with purchases totalling over 2.4 million tokens in a single week, bringing the holder’s total stake to approximately 377 million PI, worth an estimated $91 million.

Such concentrated accumulation signals growing confidence in the token, particularly as technical indicators suggest bullish momentum.

The formation of a double-bottom pattern and the breakout from a falling wedge pattern have strengthened the case for a potential upward move toward $0.2920, marking the neckline of the double-bottom.

Market observers also highlight the role of regulatory clarity in bolstering Pi Network’s appeal.

The publication of a white paper advocating adherence to the Markets in Crypto-Assets Regulation (MiCA) positions PI coin favorably for potential European exchange listings.

Rumours about ISO alignment, though unverified, further contribute to investor optimism by suggesting that Pi Network could integrate with established financial standards.

Meanwhile, developers are promoting PI coin as a functional token for real-world applications, especially as it extends utility in artificial intelligence through its partnership with OpenMind.

GCV controversy and Map of Pi 2.0 shape sentiment

The debate over the “Global Consensus Value” has long stirred the Pi community.

Moderators have consistently rejected claims of a fixed, astronomical Pi price, such as the widely circulated figure of $314,159 per token.

These assertions, they argue, are misleading for new users and harmful to merchants attempting to price goods realistically.

Pay attention 🚨 The official moderators of #PiNetwork have finally exposed this foolish trick of GCV ⚠️

There is no GCV at all; it’s all fake consensus, and there’s no exorbitant price.

It only harms genuine ecosystem development and sellers’ interests, misleads newcomers, and… pic.twitter.com/0alaNaODEn

— PiNetwork DEX⚡️阿龙 (@fen_leng) November 24, 2025

By publicly denouncing GCV, the Core Team aims to protect the integrity of the ecosystem, especially during the Enclosed Mainnet phase, and steer attention toward legitimate development milestones.

Amid this backdrop, Map of Pi 2.0 emerges as a central driver of sentiment.

The upgraded platform, featuring over 140,000 verified Pi-accepting merchants and two million users, will introduce full on-chain payments, escrow functionality, multilingual support, and enhanced search tools.

🚨 Map of Pi 2.0 coming VERY soon! Full payments + escrow built-in!

🛸 140K+ real merchants accepting Pi today
🗣2M+ Pioneers using it
👉100K+ verified reviews from real users
🔥 Add your business in seconds – it’s FREE✌🚀#PiNetwork pic.twitter.com/NbP2fG1F9C

— PiNetwork DEX⚡️阿龙 (@fen_leng) November 24, 2025

By enabling secure, real-world transactions, Pi 2.0 emphasises practical utility over speculative hype, reinforcing Pi Network’s broader strategy of prioritising functional adoption rather than short-term price fluctuations.

PI price momentum and future outlook

Technical trends and market behaviour suggest that the Pi Network price may continue its upward trajectory if current support and momentum hold.

Momentum indicators, including the Relative Strength Index (RSI) and the MACD, point to increasing buying pressure, while whale accumulation adds a layer of credibility to the bullish thesis.

At the same time, the Pi Network team remains focused on building meaningful infrastructure, including AI-ready nodes and tools for developers, ensuring that utility and adoption remain the guiding principles behind growth.

While market speculation remains inevitable, the combination of whale activity, Map of Pi 2.0, and the debunking of GCV rumours creates a narrative centred on real-world application and investor confidence.

If PI price maintains its current trajectory, it may retest key resistance levels and continue outperforming major cryptocurrencies, offering a compelling case for both long-term users and new entrants interested in tangible use cases.

• The infection includes at least 10 major crypto packages linked to the ENS ecosystem.
• A previous NPM attack in early September resulted in 50 million dollars in stolen crypto.
• Researchers found more than 25,000 affected repositories during the investigation.

A new round of NPM infections has triggered concern across the JavaScript community as the Shai Hulud malware continues to move through hundreds of software libraries.

Aikido Security has confirmed that more than 400 NPM packages have been compromised, including at least 10 widely used across the crypto ecosystem.

The scale of the issue places developers under immediate pressure to assess the risk, especially those working with blockchain tools and applications.

The disclosure came on Monday when Aikido Security released a detailed list of contaminated libraries following a review of unusual behaviour on NPM.

A separate post from researcher Charles Eriksen also highlighted the infection list on X, drawing attention to key ENS packages involved in the incident.

The infections appear to be tied to an active supply chain attack that has been unfolding in recent weeks, adding momentum to a pattern of escalating security incidents within JavaScript infrastructure.

Threat expands beyond earlier NPM attacks

The surge in infections follows a major NPM breach in early September. That earlier case ended with attackers stealing 50 million dollars worth of crypto, making it one of the largest supply chain incidents linked directly to digital asset theft.

According to Amazon Web Services, the attack was followed within a week by the appearance of Shai Hulud, which began spreading autonomously across projects.

While the initial September incident targeted crypto assets directly, Shai Hulud operates differently. It focuses on collecting credentials from any environment that downloads an infected package. If wallet keys happen to be present, they are treated like any other secret and extracted.

This shift in behaviour makes the new incident broader in scope.

Instead of aiming at a single objective, the malware integrates itself into developer workflows and moves through dependency chains, increasing the chance of accidental exposure across both crypto and non-crypto projects.

ENS packages heavily affected

The crypto packages affected in the latest review show a clear concentration around the Ethereum Name Service ecosystem. Several ENS-related libraries, many with tens of thousands of weekly downloads, appear on the compromised list.

These include content-hash, address-encoder, ensjs, ens-validation, ethereum-ens, and ens-contracts.

To support the findings, Eriksen shared a detailed X post outlining the compromised ENS packages. Shortly after, a second X update from Eriksen expanded on the wider spread of infections affecting additional repositories.

Each ENS package supports functions used across wallet interfaces, blockchain applications, and tools that convert human-readable names into machine-readable formats.

Their popularity means that the impact may stretch beyond direct maintainers to downstream developers who rely on them for core operations.

A separate crypto library, crypto-addr-codec, was also identified among the compromised packages. Though unrelated to ENS, it is used in wallet-related processes and carries high weekly traffic, making its contamination another priority area for security reviews.

Growing impact across non-crypto software

The spread is not limited to digital asset tools. Several non-crypto libraries have also been impacted, including packages associated with the workflow automation platform Zapier.

Some of these report weekly downloads well above forty thousand, indicating the malware has reached parts of the JavaScript ecosystem unrelated to blockchain activity.

Additional libraries highlighted in later posts show even higher levels of distribution. One package appeared close to seventy thousand weekly downloads.

Another recorded weekly traffic above one and a half million, reflecting a much wider footprint than early reports suggested.

The rapid expansion has drawn attention from other security teams. Researchers at Wiz stated that they had identified more than twenty-five thousand affected repositories linked to around three hundred and fifty users.

They also noted that one thousand new repositories were being added every thirty minutes in the early stages of the investigation.

This level of growth demonstrates how quickly supply chain contamination can accelerate when packages replicate across dependency networks.

Developers working with NPM have been advised to perform immediate checks, validating environments and scanning for possible exposure.

With dependency chains being interlinked across multiple industries, even teams outside the crypto sector could unknowingly integrate infected packages.

A $314 million Hyperliquid token unlock scheduled for Saturday puts the perpetuals decentralized exchange (DEX) under its most significant tokenomics spotlight yet, as one community member calls for clearer communication on how the core contributor unlock will be managed. 

Tokenomist data shows that on Saturday, Hyperliquid will release 9.92 million HYPE tokens, which is 2.66% of the supply. The tokens are worth about $314 million at the time of writing. The HYPE allocation will be released in a “cliff unlock,” which means they will be released all at once. 

The unlock ignited public conversations among holders, including an open letter from an X user named Andy, who urged the team to address the community before the tokens are unlocked. At the time of writing, HYPE trades at $31, a 23% decline over the past month. 

“The team and airdrop recipients finally able to sell is going to ruffle feathers until you address the community head on,” Andy wrote. “The entire market has PTSD from the destruction on charts of VC-backed vapor.”

Arthur Hayes says to expect sell pressure

BitMEX co-founder Arthur Hayes issued a blunt warning that the upcoming unlocking event introduces unavoidable selling pressure for the token. He said that insider assurances cannot eliminate uncertainty 

“Even if the team pinky swears to not sell, there is nothing holding them to that. So you have to assume a >0% amount of daily sell pressure,” Hayes wrote. 

He pointed to a sharp drop in Hyperliquid’s price-to-fully diluted valuation (FDV) ratio since July as proof that traders are already discounting the forthcoming dilution risk, unless revenue growth continues to outpace the increase in supply. 

While some community members are calling for more open communication, others argue that the Hyperliquid team is not obligated to disclose what they will do with their tokens.

One X user said that disclosing the allocation amount and timing was “sufficient” and that the team can decide what they will do with their tokens internally. 

Another community member criticized the open letter and called it “desperation” and “borrowed conviction.” He said that out of all the teams, the Hyperliquid members have “definitely earned” their tokens. 

Related: Trader torches $3M to punch a $5M hole in Hyperliquid’s vault

Perpetual DEX volumes remain consistent in November

Despite a broader crypto market slump, perpetual DEXs saw consistent daily volumes ranging from $28 billion to $60 billion, according to DefiLlama. 

The top four perp DEXs — Lighter, Aster, Hyperliquid and edgeX — saw a combined trading volume of over $1 trillion in the last 30 days. Lighter led the group with a $300 billion volume, while Aster followed with a $289 billion monthly volume. 

Hyperliquid ranked third with a $259 billion volume, while edgeX recorded a volume of $177 billion in the same time frame.