The crypto market exploded unexpectedly in the early morning. Sun Yuchen's WeChat account was hacked, and the X account posted "emergency repair," followed by the HTX exchange's Hot Wallet being looted — $115 million disappeared without a trace, with ETH, USDT, and HBTC all affected.

Market data is getting colder: total market capitalization is $3.21 trillion, down 1.2% in 24 hours, with a trading volume of $124.5 billion shrinking by 5%. Bitcoin is at $91,200, down 0.8%, with a transaction amount of $62 billion, like a silent veteran waiting for something. Ethereum is at $3,045, down 1.1%, with a slight drop in Layer 2's TVL, and the news of Visa's payment network expansion couldn't suppress the panic. Solana has dropped to $139 (-1.5%), and the DeFi ecosystem is under pressure, with meme coin popularity plummeting. Cardano is at $0.41 (-0.9%), and the expectations for the Voltaire upgrade haven't stirred up any waves. XRP is somewhat interesting, down 0.7% at $2.20, with the UK's tax reform policy stimulating ETFs to attract $620 million, but whales sold off 12 million TRX.

Behind the cold numbers: The exchange rate of altcoins against Bitcoin has dropped by 2.1%, and the fear index has surged into the "fear" zone. 70% of the top 100 cryptocurrencies are in the green, institutional funds are withdrawing, and the shadow of November's -18% has yet to dissipate.

This is not a coincidence. Sun Yuchen's WeChat was hacked, a typical social engineering attack method; the vulnerability of the HTX Hot Wallet has been exposed, and on-chain data shows the shadow of the Lazarus hacker organization—throughout November, losses caused by similar entities of hackers have exceeded $230 million. Security issues are becoming the invisible killer of this cycle.