In Uncommonlab Weekly Alpha, we compile and deliver newly emerging crypto alpha information every week.

• Dunamu, operator of Upbit—the No. 1 crypto exchange in Korea—is pursuing a merger with Naver Financial.

• The merger will be executed through an all-stock exchange. All Dunamu shareholders will exchange their shares for equity in Naver Financial, and Dunamu will become a subsidiary under Naver Financial.

• The agreed corporate valuation ratio between Dunamu and Naver Financial is 1:3, and the share exchange ratio is 1:2.54.

• Following the announcement of the merger filing, the process has been completed normally, and a NASDAQ listing is now being considered.

Dunamu has long aimed for a NASDAQ listing. However, due to practical barriers such as regulatory risks and valuation challenges, they opted for a stock-exchange-based merger with Naver Financial and are expected to attempt a listing afterward. This move appears to mirror the path taken by Coinbase, which is already listed in the U.S.

Notably, Dunamu recently announced its own Layer-1 mainnet “Giwa Chain”, suggesting a positioning similar to Coinbase’s BASE. This development is expected to bring infrastructure and liquidity that enables a KRW-based stablecoin ecosystem.

• Solana ecosystem tokens held by Upbit—Korea’s leading crypto exchange—were transferred to an unauthorized internal wallet address.

• Upbit immediately suspended deposits and withdrawals and conducted an emergency security review of the wallet system, confirming that approximately 44.5 billion KRW (around $33 million USD) had been stolen.

• In an official announcement, Upbit stated that all losses will be fully covered using company-owned assets and that customer funds will not be affected.

• This marks the first major breach in six years since the 58 billion KRW hack in 2019. A detailed post-incident analysis is expected to be released later.

On November 27, 2025, at 4:42 AM KST, Upbit detected unauthorized transfers of its Solana-based tokens to an unapproved wallet, prompting an immediate halt of deposit and withdrawal services and a rapid assessment of the damage. The incident occurred coincidentally during the period when Dunamu and Naver Financial announced their merger plans, suggesting potential implications beyond the financial loss itself.

Based on the currently available information, North Korea’s Lazarus Group is suspected to be responsible. Considering that even a corporate-level, professionally managed wallet with strong security protocols could be compromised, it highlights the vulnerability of self-managed personal wallets. Users should enhance asset security by utilizing hardware wallets such as Ledger.

• A document revealed by JACK showed that Nova Digital, part of Brevan Howard, holds the right to claim a refund within one year for its $25M Series B investment in Berachain if the BERA token price falls below a certain threshold after TGE.

• This structure is unusual, as it allows investors to recover funds without loss if the token price drops post-launch.

• Unlike Nova Digital, other Series B investors stated they were never informed about any refund clause.

• In response to the controversy, the Berachain team clarified that Nova’s compliance department requested the clause as protection in the event that Bera failed to launch or list after TGE, since locked BERA acquired via financial transactions might not qualify under Nova’s liquidity strategy.

• They emphasized that the agreement was not written to prevent post-launch losses, and stated that there are precedents for similar arrangements.
  Additionally, contrary to claims in some reports, Nova is one of the largest (or among the largest) holders of BERA tokens.

Bera successfully launched its own mainnet using the Proof of Liquidity consensus mechanism and issued its token. However, the token price has continued to decline since listing, generating significant dissatisfaction among holders.
The controversy over the refund clause escalated when the document became public, but Berachain maintains that the clause only applies if the TGE fails, not after the token launch—meaning it is irrelevant under current conditions. The root issue appears to be the continuous price decline and lack of recovery following the TGE.

• After X updated its policy, the home country of users operating crypto project accounts is now publicly visible to everyone.

• Not all cases are negative, but since India-based projects have recently underperformed, some users have started engaging in racist behavior, judging projects based on nationality.

• Vitalik Buterin commented that while the change may have short-term positive effects, in the medium term it will likely lead to situations where people falsify their country information, pretending to be from different regions.

• Furthermore, this feature was enabled without user consent, creating significant privacy and safety concerns, as such information could put certain individuals at risk.

Due to the X policy update, the nationality of people managing project social accounts has become exposed, without permission. This raises the need for a true Web3-native social platform that respects privacy and ownership of identity.
Criticism of India-based projects has increased due to the poor recent performance of several initiatives, and with country data now publicly visible, users are actively identifying which projects are based in India. This behavior is clearly racial discrimination.

However, the situation was escalated further by cases like Astra Nova, which changed token sale unlock terms to 0% on TGE and imposed a lockup of over 6 months, while the team sold their own tokens—an act widely viewed as fraudulent. Similar incidents involving India-based teams have happened multiple times, making reputation recovery extremely difficult.

• Re Protocol, developed by the Resilience Foundation, connects the traditional insurance market with DeFi to provide yield sourced from real insurance premiums.

• Since it supports the collateralized insurance risk of licensed insurers using on-chain capital, KYC is required for deposits.

• The protocol offers two stablecoins

• reUSD – Uses a delta-neutral strategy and earns yield through T-Bills

• reUSDe – Provides higher returns derived from assuming insurance-related risk

• Although Re Protocol does not yet have its own token, users can accumulate points based on deposit amount and type, suggesting a high likelihood of a future token launch.

Re Protocol bridges traditional insurance and blockchain to generate returns backed by real-world insurance premiums.
It operates two stablecoin products: reUSD, which protects principal and generates approximately 7% APY, and reUSDe, which takes on insurance loss risk in exchange for 16–25% APY.
Additionally, depositing reUSD into Pendle LP pools can provide around 12% APY plus additional reward points.

User deposits are moved into a Fireblocks-managed vault, and when the licensed reinsurer withdraws excess premium notes, the corresponding collateral is transferred on-chain to the reinsurer involved in the contract. This structure contributes to a perception of relative safety.

However, because revenue is tied directly to insurance performance, there is still inherent downside risk, and real-world insurance contracts cannot be instantly audited through on-chain data.
Depositors should therefore carefully consider these risks before allocating capital.

• Spaace is a gamified NFT marketplace that has grown as a community-driven project, raising $6M in funding from individual investors across 50 countries rather than traditional VCs.

• The project is preparing a large-scale airdrop, allocating over 60% of its token supply to the community, and has assigned $2M worth of tokens to various social projects such as Cookiedotfun, Wallchain, and Bantr.

• Users can trade NFTs through quest-based mechanisms to mine XP, which will be used as the basis for a future token airdrop. The currently active Season 2 offers rewards 10x larger than Season 1.

• This is the final mining phase before TGE, and participation is structured through daily quests, allowing users to join without requiring large capital—unlike platforms such as Opensea.

Although the NFT marketplace space is crowded with players like Blur and Opensea, Spaace differentiates itself as a community-first platform, heavily promoting this narrative leading into TGE.
With 60% of tokens set to be distributed to the community and an additional $2M allocation for contributors via social-fi collaborations, participating in quests and accumulating XP may be particularly worthwhile.
In Season 2, rewards are 10 times greater than Season 1, making consistent participation through NFT trading an attractive strategy.

• Orange Cap Games is a TCG-focused studio that previously released Vibes and a Pudgy Penguins–based TCG.

• In May 2025, the studio acquired the Moonbirds IP and announced plans to launch a token. Recently, a Token Warrant document related to the deal was posted on ECHO, revealing detailed conditions.

• The terms state a $120M FDV, with 1-year cliff and 3-year linear vesting for Moonbirds token allocations.

• Given that a single Moonbirds NFT currently trades around $5,000, the implied NFT market cap for all 9,999 supply is around $55M.

• Assuming 30% of tokens are allocated to NFT holders, this would imply an FDV of approximately $165M, suggesting that buying NFTs may be more efficient than entering under the ECHO vesting structure, which has long lockups.

Orange Cap Games revealed its Token Warrant SAFT deal via ECHO, and the conditions appear unfavorable compared to current NFT pricing. Although the company is rumored to have generated revenue from its TCG products, the Vibes and Pudgy-based TCGs are not original standalone content, and primarily target the crypto-native audience. As time passes, interest and profitability could weaken.

Thus, acquiring the Moonbirds IP and launching a token appears to be an effort to create additional revenue.
However, considering that token launches tied to major NFT brands like Pudgy Penguins and Doodles have struggled to maintain strong valuations post-launch, it may be significantly harder for the Moonbirds token to sustain a high valuation.

• IRYS is a data storage Layer 1 project that raised $18M in funding from VCs including CoinFund, Lemniscap, and Framework.

• During the recent TGE and token airdrop, controversy arose when close to 20% of the total airdrop allocation was claimed by wallets suspected to be controlled by a single individual.

• The issue escalated because the majority of IRYS Galxe participants—who contributed for over a year—did not receive any token allocation, and IRYS responded by stating that they will not accept appeals or reconsider airdrop claims.

• Due to the unfair distribution and large portion of tokens concentrated in wallets believed to belong to the team, discussions have erupted across social media.

• Founder Josh and the IRYS team have not released an official statement, and since the announcement of the Coinbase listing, the IRYS token price has doubled.

IRYS has become the center of controversy immediately after its token launch. There are two main reasons behind the backlash:

1. Galxe contributors who supported the project for over a year were excluded from token allocations, and

2. On-chain evidence shows a single entity claiming nearly 20% of the airdrop, including shared ETH used for gas fees between the wallets involved.

IRYS did not disclose transparent criteria for airdrop eligibility and stated they would not accept any appeals, leading many to suspect that the team manipulated the allocation to claim tokens for themselves.
With no response yet from Josh or the IRYS team, a clear explanation is necessary due to the scale of the involved wallets and shared transaction patterns.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Cryptocurrency and digital asset investments involve high risk, and you should conduct your own research and make decisions carefully.

• All research commentary reflects the views of Uncommonlab research interns and does not constitute financial or legal advice, nor does it recommend the trading of any specific asset.

In Uncommonlab Weekly Alpha, we compile and deliver newly emerging crypto alpha information every week.

• Dunamu, operator of Upbit—the No. 1 crypto exchange in Korea—is pursuing a merger with Naver Financial.

• The merger will be executed through an all-stock exchange. All Dunamu shareholders will exchange their shares for equity in Naver Financial, and Dunamu will become a subsidiary under Naver Financial.

• The agreed corporate valuation ratio between Dunamu and Naver Financial is 1:3, and the share exchange ratio is 1:2.54.

• Following the announcement of the merger filing, the process has been completed normally, and a NASDAQ listing is now being considered.

Dunamu has long aimed for a NASDAQ listing. However, due to practical barriers such as regulatory risks and valuation challenges, they opted for a stock-exchange-based merger with Naver Financial and are expected to attempt a listing afterward. This move appears to mirror the path taken by Coinbase, which is already listed in the U.S.

Notably, Dunamu recently announced its own Layer-1 mainnet “Giwa Chain”, suggesting a positioning similar to Coinbase’s BASE. This development is expected to bring infrastructure and liquidity that enables a KRW-based stablecoin ecosystem.

• Solana ecosystem tokens held by Upbit—Korea’s leading crypto exchange—were transferred to an unauthorized internal wallet address.

• Upbit immediately suspended deposits and withdrawals and conducted an emergency security review of the wallet system, confirming that approximately 44.5 billion KRW (around $33 million USD) had been stolen.

• In an official announcement, Upbit stated that all losses will be fully covered using company-owned assets and that customer funds will not be affected.

• This marks the first major breach in six years since the 58 billion KRW hack in 2019. A detailed post-incident analysis is expected to be released later.

On November 27, 2025, at 4:42 AM KST, Upbit detected unauthorized transfers of its Solana-based tokens to an unapproved wallet, prompting an immediate halt of deposit and withdrawal services and a rapid assessment of the damage. The incident occurred coincidentally during the period when Dunamu and Naver Financial announced their merger plans, suggesting potential implications beyond the financial loss itself.

Based on the currently available information, North Korea’s Lazarus Group is suspected to be responsible. Considering that even a corporate-level, professionally managed wallet with strong security protocols could be compromised, it highlights the vulnerability of self-managed personal wallets. Users should enhance asset security by utilizing hardware wallets such as Ledger.

• A document revealed by JACK showed that Nova Digital, part of Brevan Howard, holds the right to claim a refund within one year for its $25M Series B investment in Berachain if the BERA token price falls below a certain threshold after TGE.

• This structure is unusual, as it allows investors to recover funds without loss if the token price drops post-launch.

• Unlike Nova Digital, other Series B investors stated they were never informed about any refund clause.

• In response to the controversy, the Berachain team clarified that Nova’s compliance department requested the clause as protection in the event that Bera failed to launch or list after TGE, since locked BERA acquired via financial transactions might not qualify under Nova’s liquidity strategy.

• They emphasized that the agreement was not written to prevent post-launch losses, and stated that there are precedents for similar arrangements.
  Additionally, contrary to claims in some reports, Nova is one of the largest (or among the largest) holders of BERA tokens.

Bera successfully launched its own mainnet using the Proof of Liquidity consensus mechanism and issued its token. However, the token price has continued to decline since listing, generating significant dissatisfaction among holders.
The controversy over the refund clause escalated when the document became public, but Berachain maintains that the clause only applies if the TGE fails, not after the token launch—meaning it is irrelevant under current conditions. The root issue appears to be the continuous price decline and lack of recovery following the TGE.

• After X updated its policy, the home country of users operating crypto project accounts is now publicly visible to everyone.

• Not all cases are negative, but since India-based projects have recently underperformed, some users have started engaging in racist behavior, judging projects based on nationality.

• Vitalik Buterin commented that while the change may have short-term positive effects, in the medium term it will likely lead to situations where people falsify their country information, pretending to be from different regions.

• Furthermore, this feature was enabled without user consent, creating significant privacy and safety concerns, as such information could put certain individuals at risk.

Due to the X policy update, the nationality of people managing project social accounts has become exposed, without permission. This raises the need for a true Web3-native social platform that respects privacy and ownership of identity.
Criticism of India-based projects has increased due to the poor recent performance of several initiatives, and with country data now publicly visible, users are actively identifying which projects are based in India. This behavior is clearly racial discrimination.

However, the situation was escalated further by cases like Astra Nova, which changed token sale unlock terms to 0% on TGE and imposed a lockup of over 6 months, while the team sold their own tokens—an act widely viewed as fraudulent. Similar incidents involving India-based teams have happened multiple times, making reputation recovery extremely difficult.

• Re Protocol, developed by the Resilience Foundation, connects the traditional insurance market with DeFi to provide yield sourced from real insurance premiums.

• Since it supports the collateralized insurance risk of licensed insurers using on-chain capital, KYC is required for deposits.

• The protocol offers two stablecoins

• reUSD – Uses a delta-neutral strategy and earns yield through T-Bills

• reUSDe – Provides higher returns derived from assuming insurance-related risk

• Although Re Protocol does not yet have its own token, users can accumulate points based on deposit amount and type, suggesting a high likelihood of a future token launch.

Re Protocol bridges traditional insurance and blockchain to generate returns backed by real-world insurance premiums.
It operates two stablecoin products: reUSD, which protects principal and generates approximately 7% APY, and reUSDe, which takes on insurance loss risk in exchange for 16–25% APY.
Additionally, depositing reUSD into Pendle LP pools can provide around 12% APY plus additional reward points.

User deposits are moved into a Fireblocks-managed vault, and when the licensed reinsurer withdraws excess premium notes, the corresponding collateral is transferred on-chain to the reinsurer involved in the contract. This structure contributes to a perception of relative safety.

However, because revenue is tied directly to insurance performance, there is still inherent downside risk, and real-world insurance contracts cannot be instantly audited through on-chain data.
Depositors should therefore carefully consider these risks before allocating capital.

• Spaace is a gamified NFT marketplace that has grown as a community-driven project, raising $6M in funding from individual investors across 50 countries rather than traditional VCs.

• The project is preparing a large-scale airdrop, allocating over 60% of its token supply to the community, and has assigned $2M worth of tokens to various social projects such as Cookiedotfun, Wallchain, and Bantr.

• Users can trade NFTs through quest-based mechanisms to mine XP, which will be used as the basis for a future token airdrop. The currently active Season 2 offers rewards 10x larger than Season 1.

• This is the final mining phase before TGE, and participation is structured through daily quests, allowing users to join without requiring large capital—unlike platforms such as Opensea.

Although the NFT marketplace space is crowded with players like Blur and Opensea, Spaace differentiates itself as a community-first platform, heavily promoting this narrative leading into TGE.
With 60% of tokens set to be distributed to the community and an additional $2M allocation for contributors via social-fi collaborations, participating in quests and accumulating XP may be particularly worthwhile.
In Season 2, rewards are 10 times greater than Season 1, making consistent participation through NFT trading an attractive strategy.

• Orange Cap Games is a TCG-focused studio that previously released Vibes and a Pudgy Penguins–based TCG.

• In May 2025, the studio acquired the Moonbirds IP and announced plans to launch a token. Recently, a Token Warrant document related to the deal was posted on ECHO, revealing detailed conditions.

• The terms state a $120M FDV, with 1-year cliff and 3-year linear vesting for Moonbirds token allocations.

• Given that a single Moonbirds NFT currently trades around $5,000, the implied NFT market cap for all 9,999 supply is around $55M.

• Assuming 30% of tokens are allocated to NFT holders, this would imply an FDV of approximately $165M, suggesting that buying NFTs may be more efficient than entering under the ECHO vesting structure, which has long lockups.

Orange Cap Games revealed its Token Warrant SAFT deal via ECHO, and the conditions appear unfavorable compared to current NFT pricing. Although the company is rumored to have generated revenue from its TCG products, the Vibes and Pudgy-based TCGs are not original standalone content, and primarily target the crypto-native audience. As time passes, interest and profitability could weaken.

Thus, acquiring the Moonbirds IP and launching a token appears to be an effort to create additional revenue.
However, considering that token launches tied to major NFT brands like Pudgy Penguins and Doodles have struggled to maintain strong valuations post-launch, it may be significantly harder for the Moonbirds token to sustain a high valuation.

• IRYS is a data storage Layer 1 project that raised $18M in funding from VCs including CoinFund, Lemniscap, and Framework.

• During the recent TGE and token airdrop, controversy arose when close to 20% of the total airdrop allocation was claimed by wallets suspected to be controlled by a single individual.

• The issue escalated because the majority of IRYS Galxe participants—who contributed for over a year—did not receive any token allocation, and IRYS responded by stating that they will not accept appeals or reconsider airdrop claims.

• Due to the unfair distribution and large portion of tokens concentrated in wallets believed to belong to the team, discussions have erupted across social media.

• Founder Josh and the IRYS team have not released an official statement, and since the announcement of the Coinbase listing, the IRYS token price has doubled.

IRYS has become the center of controversy immediately after its token launch. There are two main reasons behind the backlash:

1. Galxe contributors who supported the project for over a year were excluded from token allocations, and

2. On-chain evidence shows a single entity claiming nearly 20% of the airdrop, including shared ETH used for gas fees between the wallets involved.

IRYS did not disclose transparent criteria for airdrop eligibility and stated they would not accept any appeals, leading many to suspect that the team manipulated the allocation to claim tokens for themselves.
With no response yet from Josh or the IRYS team, a clear explanation is necessary due to the scale of the involved wallets and shared transaction patterns.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Cryptocurrency and digital asset investments involve high risk, and you should conduct your own research and make decisions carefully.

• All research commentary reflects the views of Uncommonlab research interns and does not constitute financial or legal advice, nor does it recommend the trading of any specific asset.