GeckoPulse: Infinex Announces INX ICO Via Sonar

What’s next for Infinex?

Infinex, the crypto superapp developed by Kain Warwick, has announced its upcoming INX token sale, which will be conducted on the Sonar platform.

The sale will look to raise $15M by offering 5% of the total token supply, at a fully diluted valuation of $300M.

According to Warwick, the token sale is intended to build upon the project’s previous Patron NFT sale by providing wider distribution to users who have yet to participate in the Infinex ecosystem.

However, the sale will still be divided for NFT holders and non-holders, where the former will receive a guaranteed allocation based on the number of NFTs held.

While NFT holders are already entitled to 100K INX tokens per NFT at TGE, holding more NFTs will increase the guaranteed allocation amount.

On the other hand, non-NFT holders will be registered into a separate lottery-based sale, where participants can contribute anywhere from $200 to $5,000.

Tokens acquired from the sale will carry a 1-year lockup, which can be bypassed by paying an unlock fee based on a pre-determined token valuation, which starts from $1B and decreases linearly.

The INX token is slated to be launched  on January 15, 2026.

Refunded, but Remembered

MegaETH, an upcoming ETH L2, has announced its decision to return pre-deposit funds for its stablecoin USDm, citing its poor execution, which led to widespread confusion and outages.

The pre-deposit bridge initially had a cap of $250M but was later raised to $1B after users were unable to secure their deposits at launch.

However, the team had made another mistake in configuring the multisig transaction required to increase the cap, allowing it to be executed prematurely.

A torrent of deposits flooded in soon after, crossing the $400M mark before the team was able to finalize the cap to $500M.

Despite the decision to initiate the refund, the MegaETH team added that 'depositor contributions would not be forgotten,'

Upbit Infiltrated

Korean-based crypto exchange Upbit has lost over 44.5B won in Solana-based assets, or approximately $30.5M due to a recent exploit.

In their latest announcement, the exchange noted several large anomalous withdrawals on the Solana network to an unidentified address.

Some of the stolen assets include Solana-based DeFi tokens such as DRIFT, JTO, RAY and LAYER, as well as memecoins such as TRUMP and PENGU.

Upbit has since halted all deposits and withdrawals, and the remaining assets have been moved to a secure cold wallet.

However, the exchange is also working to freeze some of the stolen assets, and have already successfully restricted over $8M worth of LAYER tokens from further transfers.

Upbit has reassured its clients that all affected users will be compensated from its reserve holdings.

No Tree Burning Here 

DeFi protocol Treehouse has announced the completion of the first round of buybacks for its native TREE token.

Starting with its tETH yield product, 50% of max extractable yield (MEY) fees will now be redirected to fund token buybacks.

TREE buybacks will continue on a weekly basis, but will occur at random intervals to prevent users front-running.

Unlike most other protocols that choose to burn the purchased tokens, the reacquired tokens will be held in the DAO treasury, and can be utilized for additional incentives or deployments that will be decided through governance.

The price of TREE has risen by 5.5% since the first buyback was completed.

In Other News

BONK Trades on Swiss Exchanges. A Bonk ETP has begun trading on Switzerland’s SIX Swiss Exchange, issued by Bitcoin Capital. BONK is a Solana memecoin which also has a DATCo agreement with Safety Shot Inc.

Balancer Outlines Recovery Plan. The recently exploited DeFi protocol, Balancer, has recovered $28M out of the $128M lost. After accounting for whitehat bounties and various other expenses, $8M remains to be returned to affected liquidity pools.

Vitalik Buterin Donates $765K to Privacy Messengers. Ethereum co-founder Vitalik Buterin has donated $765K worth of ETH to Session and SimpleX respectively. The two firms implement decentralization technology similar to that used in crypto.

Animoca to Focus on Stablecoins and RWA in 2026. Animoca Brands, is a major investor in Web3 and crypto startups, known for their investments in Web3 games. This announcement confirms their pivot towards stablecoins and RWA.

Lazarus Group Suspected in $36M Upbit Hack. North Korea's Lazarus Group, is suspected to have conducted the recent $36M Upbit hack involving SOL funds. Lazarus was also responsible for the major $2B hack of Bybit.

Australian Crypto Laws Move Forward. Australia’s new crypto bill moves forward to a second hearing. If passed, this new law would require digital asset platforms and tokenized custody platforms to hold an Australian Financial Services Licence (AFSL).

Abu Dhabi Approves Ripple’s RLUSD. Ripple’s RLUSD stablecoin has been cleared by regulators for institutional use in Abu Dhabi. This approval allows RLUSD to be used as lending collateral for major financial institutions within the region.

DWF Labs Launches $75M DeFi Fund. DWF Labs, a well known crypto market maker, announced the formation of a $75M crypto fund which will focus on perp DEXs, money markets and yield protocols throughout Ethereum, BNB, Solana and Base.

The Best of Both Worlds. DeFi trading app Liquid, which utilizes Hyperliquid, recently announced the integration of Lighter, another perp DEX. Liquid is a mobile-friendly trading app utilizing both Hyperliquid and Lighter and charges no additional trading fees.