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Industry
SK Innovation to absorb SK IET as business division, targets operating profit break-even in 2029
SK Innovation plans to absorb SK IE Technology (SK IET) as a business division, targeting an annual EBITDA improvement of 60 billion won through organisational consolidation and lower interest costs. The merger is set for Jan. 1, 2027, and SK IET will cease to exist. The company aims to turn the separator business EBITDA positive within 2 to 3 years and expects operating profit to return to the black in 2029, with a focus on ESS demand.
Crypto
Grayscale says Aave undervalued, targets $175 if regulations clarified
Asset manager Grayscale said Aave’s AAVE token is undervalued and could more than double within a year if rules on real-world-asset tokenisation become favourable. In a report applying a discounted cash flow model to crypto projects, it estimated Aave’s 2026 revenue at about $60 million and put fair value at $80 to $100, versus about $77 at the time. Grayscale cited potential institutional inflows and growing tokenisation markets as key drivers.
Crypto
Bitcoin DeFi protocol Echo hacked after admin key stolen
Bitcoin-focused DeFi protocol Echo was hacked on May 18, after an attacker stole a service administrator key used on the Monad chain. Onchain Lens said the attacker minted 1,000 eBTC tokens, pledged 45 eBTC on DeFi lending protocol Convergence and borrowed about 11.29 WBTC, then bridged it to Ethereum, swapped to ether and moved 385 ETH to Tornado Cash. Echo said it recovered the key and burned 955 eBTC.