SORAN is a quick digest of what Korean Telegram communities are talking about right now.
TOP STORY
Ledger Hack $86M, Hardware Wallet Trust Shaken
The room sentiment is that hardware wallet trust is completely shaken. Onchain analyst Specter reported over $86M stolen from hundreds of Ledger user wallets, with claims that devices through Southeast Asia official reseller CryptoBillis were physically modified and drained. Damage appears across multiple chains including Ethereum, Bitcoin, and TRON, with official direct purchase and 2FA change recommendations circulating. Some are even questioning whether keeping assets on Upbit or Binance might be better.
Self-custody distrust could spread to exchange deposits, signaling short-term selling pressure and asset concentration.
Trump-Putin Diesel Negotiations, Sanctions Exemption and Oil Price Risk
On the macro side, Russia diesel negotiations are the topic. Trump announced sanctions exemptions after negotiating with Putin, with claims that Russia will immediately supply 300k tons, 500k tons in November, and eventually 1M tons of diesel. Against the backdrop of U.S. defense department oil price control claims, the room sees this as increasing oil volatility and macro uncertainty.
Starknet Seeks Marketing-Driven Rally Despite Thin Ecosystem
Starknet is seen as pushing through marketing despite a thin ecosystem. Starkware CEO is intensifying SNS marketing with collaboration imagery featuring Zcash founder and dancing videos, and claims are flying that EKUBO memecoin bounced from below $1 to $1.48. "Who actually uses it?" critiques persist, but marketing-driven irrational rallies like NEAR are seen as repeatable, and the vibe reads like South Korea's major exchange non-listing still leaves one more leg of upside.
Quantum-Resistant (PQC) Theme, Near and Zcash Enter Implementation Phase
Quantum computing defense is emerging as a new "safety" narrative. NEAR claims it can adopt quantum resistance with only existing structure updates, while Zcash has set a January 2027 target for quantum-resistant signature implementation. With assessments that NEAR irrationally rallied on this theme, the room is leaning toward pre-positioning related coins.
Backpack Draws Institutional Interest, 10x FDV Gains Cited
Within the tokenization theme, institutional interest is converging on Backpack. Santiago R Santos, who came through JP Morgan IB and ParaFi, called Backpack his top conviction, and claims are flying that entry around $100M has now grown 10x to $1.2B FDV. The room is aligned with the narrative that tokenized asset trading volume is growing and real-world assets are flowing onchain.
Tollan Universe Ecosystem Restructuring Post-Abstract Shutdown
Tollan Universe restructuring is hot after Abstract shutdown. Accounts are moving to Robinhood Chain and NFTs to Ethereum separately, old stamps convert to Rank Points, and staking gets revamped. With Yield Field whitelist checkers and Deed-based construction systems added, migration is a rollercoaster experience, but new farming momentum is reigniting.
EU Centralizes Exchange Oversight Under ESMA
On regulation, the EU has reached political agreement to shift crypto asset exchange oversight from individual nations to ESMA. 25 of 27 member states voted in favor, with 8 major exchanges and 10 service providers becoming directly supervised. The shift from fragmented to EU-centralized supervision could mean stricter regulation but also easier institutional entry and trust.
RWA Sector Records All-Time Real Yields, Differentiates in Downturn
The RWA sector is drawing attention for generating actual yields. Claims are circulating that Securitize ($38.77M), Ondo ($20.6M), and Centrifuge ($9.91M) posted record quarterly fee revenues, and the IMF October report cited Ondo as a major tokenization platform. While most L1/L2s are struggling, actual business revenue is coming from one of the few sectors that delivers.