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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Ripple Stablecoin Wins Abu Dhabi Approval: Ripple’s RLUSD stablecoin gained regulatory approval in Abu Dhabi, now classified as an Accepted Fiat-Referenced Token under the FSRA.

2. Upbit Suffers $36M Solana Hack: Upbit froze withdrawals after a $36M theft from a Solana hot wallet, though cold wallets remained safe. The exchange pledged full reimbursement and faces new regulatory inspections.

3. McGregor, Khabib Clash Over NFTs: Conor McGregor accused Khabib of exploiting family heritage for NFT sales, but ZachXBT highlighted McGregor’s own failed memecoin launch REAL.

4. 💡Feature of the Day - MegaETH Pulls Plug on $1B Raise: MegaETH canceled its planned $1B raise after KYC failures and a multisig mishap pushed deposits to $500M—double the intended cap.

   
   All this and more in today’s headlines!

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📰 News Highlights:

RLUSD Wins Approval [Source][Source]

Abu Dhabi Approves Ripple Stablecoin Ripple's RLUSD stablecoin secured major regulatory approval as Abu Dhabi's FSRA recognized it as an Accepted Fiat-Referenced Token, allowing licensed firms to use it inside the ADGM financial zone.

With RLUSD surpassing a $1B market cap and gaining traction in payments and collateral, Ripple sees this as a key milestone. The approval includes strict compliance obligations around reserve management and disclosure.

Ripple continues expanding in the UAE after obtaining full licensing in the DIFC earlier this year. RLUSD has also been approved for regulated activities in Dubai, with institutions like Zand Bank and Mamo adopting Ripple Payments. The UAE's new central bank law also brings DeFi and Web3 firms under regulatory oversight, requiring licensing by 2026.

Upbit Solana Breach [Source][Source][Source]

Upbit Hit by $36M Hack South Korea’s largest crypto exchange, Upbit, froze deposits and withdrawals after detecting $36M in unauthorized transfers from a Solana hot wallet.

The incident occurred one day after parent company Dunamu sealed a $10B acquisition deal with Naver. Upbit emphasized that cold wallets were unaffected and initiated a full security review.

Upbit committed to fully reimbursing affected users and is currently under regulatory inspection. The attack revived concerns about exchanges as hacker targets, following a surge in 2025 crypto losses including the $1.5B Bybit hack. The breach also arrives as Dunamu prepares for a U.S. IPO and long-term AI and Web3 expansion plans.

McGregor vs. Khabib NFTs [Source][Source]

McGregor NFT Drama Conor McGregor criticized rival Khabib Nurmagomedov for allegedly using his father’s name and Dagestani culture to promote NFT sales.

However, onchain investigator ZachXBT called out McGregor’s own failed celebrity memecoin launch, REAL, noting similarities in fan targeting. McGregor raised only 39% of his funding goal and refunded participants.

Memecoins have sharply declined since their 2024 boom, with failed launches, rug pulls, and political celebrity tokens accelerating the downturn. Market cap losses pushed memecoins to fresh 2025 lows, dropping $5B in a single day. The sector now faces heavy skepticism amid fading hype.

💡 Feature of the Day: 

MegaETH Sale Collapse [Source][Source]

MegaETH Cancels $1B Raise MegaETH scrapped its planned $1B raise after technical failures disrupted its pre-deposit process. KYC system breakdowns and a prematurely executed multisig transaction led deposits to exceed the $250M cap, reaching $500M before the team froze activity.

MegaETH emphasized that user funds were never at risk but acknowledged major operational missteps.

The failed pre-deposit followed MEGA’s oversubscribed token auction, which drew over $1.3B in commitments with bids up to $186,282.

Backed by Ethereum founders, MegaETH aims for 100,000 TPS with sub-millisecond latency and plans to launch its token in early 2026. A retroactive compensation plan and withdrawals will follow soon.

😂 Crypto Meme of the Day: 

Meme of the day provided by @web3.career

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com