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Crypto Whale Data

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Crypto Whale Data

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  • Kalshi and Polymarket post strongest months yet with nearly $10 billion in combined November volume Centralized and onchain prediction markets closed November with their strongest month on record, as Kalshi and Polymarket each set new all-time highs for trading volumes amid surging retail interest, expanding integrations, and a steady drumbeat of headline-driven macro events. Prediction markets let users buy and sell contracts tied to real-world events, with the price of each contract reflecting the market’s implied odds of that outcome happening. If the event occurs, the contract pays out; if not, it expires worthless. Traders use these markets to gauge sentiment on everything from elections to economic data in real time. According to The Block’s data dashboard, Kalshi’s monthly spot volume climbed from $4.4 billion in October to $5.8 billion in November, a 32% month-over-month increase and the platform's largest absolute monthly gain to date. Polymarket also posted its biggest month ever. The New York–based platform saw monthly trading volume rise from $3.02 billion in October to more than $3.7 billion in November, a 23.8% month-over-month jump, extending a run of record-setting activity that began in the summer. The volume surge continues a breakout year for both platforms, which have increasingly dominated global prediction market flows. Market share data from The Block shows that the two now control the overwhelming majority of monthly activity in the sector as their product sets, liquidity funnels, and media integrations deepen. A duopoly ascendant November’s record highs extend the trend highlighted in The Block's recent reporting on Kalshi and Polymarket’s emerging duopoly. The sector’s capital formation has also kept pace with its trading growth. Last month, Kalshi doubled its valuation in a matter of weeks, driven by a broad investor bet on the platform's regulated U.S. footprint. The rally followed $1 billion in fresh funding, which pushed Kalshi's market valuation to $11 billion. Across the table, Polymarket has also expanded aggressively following a pivotal regulatory reversal. Following the CFTC’s regulatory nod in mid-November, the company is poised to resume its U.S. operations. Since then, Polymarket has layered on new distribution partnerships — including Yahoo Finance’s exclusive integration of its prediction market, a multi-year deal with UFC, and widening media embeds via Google Finance, which recently began rolling out Polymarket and Kalshi data directly into search results. Galaxy Digital has also explored potential liquidity-provision partnerships with both platforms, according to reporting from Bloomberg. The developments underscore a growing institutionalization of a category that started as a niche retail curiosity.
  • Upbit suffers $37 million hack on Solana assets, halts withdrawals Upbit, South Korea's largest cryptocurrency exchange, was hacked for around 54 billion Korean won ($36.8 million) early morning on Thursday, local time. The exchange said it has halted withdrawals and deposits to examine an abnormal withdrawal of cryptocurrencies on the Solana network. Its announcement said that at around 4:42 a.m. in South Korea, a portion of tokens were withdrawn to an external wallet that has not been identified by the platform. The affected tokens are SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC and W, according to Upbit's announcement. It said the platform has moved all assets to a safe cold wallet to prevent further attacks, and has successfully frozen $8.18 million worth of LAYER tokens. Upbit said it will work with projects and authorities to freeze the remainder of stolen assets. The platform added that it will compensate damages to user assets using its reserve assets, and ensured that customers will not experience any personal losses. Upbit has not yet disclosed the details of the attack nor the point of entry.
  • Texas reportedly kicks off state bitcoin reserve with $5 million IBIT purchase: 'More wild stuff' Texas may have the first leg off the starting line in the race to put bitcoin on state balance sheets. The state reportedly executed its first allocation to its Texas Strategic Bitcoin Reserve, according to posts from the Texas Blockchain Council indicating a roughly $5 million purchase of BlackRock’s IBIT last week. The reported transaction appears to be the first deployment of funds authorized under SB 21, the law enacted by Governor Greg Abbott in June that created a state-managed bitcoin reserve operated by the Texas Treasury Safekeeping Trust Company. Lawmakers backing SB 21 framed the reserve as a way for Texas to treat bitcoin alongside other long-term assets. Bill author Sen. Charles Schwertner said earlier this year that the state "should have the option of evaluating the best performing asset over the last 10 years," a reference to bitcoin's long-run returns even if the asset hasn't consistently held that title in more recent periods. Texas Blockchain Council president Lee Bratcher tweeted that the purchase occurred on Nov. 20, describing it as both the reserve's first allocation and the first bitcoin buy by a U.S. state. State officials have not yet released documentation or statements confirming the transaction. The Block has reached out to Texas Treasurer Kelly Hancock, who oversees the reserve, as well as Bratcher, but did not immediately receive a response. As of its most recent Form 13F, the Texas Treasury Safekeeping Trust Company reported about $667 million in SPY and $34 million in a Janus Henderson fund. If Bratcher’s description holds, a $5 million IBIT purchase — part of a $10 million bitcoin allocation — would become the third line in that portfolio. This month, an Abu Dhabi sovereign wealth fund added to its IBIT while Harvard reported holding nearly seven million shares of IBIT as of Sept. 30 — its largest declared U.S. holding.
  • Galaxy Digital explores Polymarket, Kalshi partnerships as liquidity provider: Bloomberg Mike Novogratz-led Galaxy Digital is in discussions to provide liquidity for prediction market platforms Polymarket and Kalshi, Bloomberg reported Monday. Novogratz told Bloomberg in an interview that Galaxy Digital is currently doing "small-scale experimenting" with market-making on prediction markets, adding that the firm has future plans to provide "broader liquidity" on those platforms. The move signifies digital asset investment management firm Galaxy Digital's expansion into the burgeoning prediction market sector, which is increasingly being recognized as a new frontier combining information and finance. Prediction markets let users trade simple yes or no contracts, with contract prices reflecting the market-implied probability of a given outcome. Polymarket and Kalshi are the two dominant players in the field, having seen around $42.4 billion in cumulative volume. While decentralization-focused Polymarket initially led the market after it gained traction around U.S. election results, CFTC-regulated Kalshi has overtaken it in monthly volume since September. The two platforms have recently secured high-profile partners through both solitary and collaborative agreements. Galaxy Digital, Google Finance and the U.S. National Hockey League chose to partner with both platforms. Analysts at Bernstein wrote in a note to clients earlier this month that prediction markets are "evolving to be broader information markets," with demand now spreading well beyond politics and sports into economics, culture, corporate activity, and financial indicators. Meanwhile, other major players in crypto and finance are also looking to enter the space with their own platforms, with Gemini and CME Group recently announcing such plans respectively.
  • Crypto ATM operator considers $100 million sale, days after founder's $10 million money laundering charge Crypto ATM operator Crypto Dispensers said on Friday it is considering a $100 million sale offer, mere days after its founder and CEO, Firas Isa, was charged by federal prosecutors in connection with an alleged $10 million money laundering scheme. In a press release issued Nov. 21, the company stated it has retained advisors to support a "strategic review" and potential sale. The release highlighted the company's 2020 pivot from physical Bitcoin ATMs to a software-first model, a move the company claimed was designed to address "rising fraud exposure, regulatory pressure, and compliance demands." Those same issues are central to the criminal case currently facing the firm. On Tuesday, the Department of Justice announced that Isa and Virtual Assets LLC, which does business as Crypto Dispensers, were charged with one count of conspiracy to commit money laundering. As The Block previously reported, the indictment alleges that between 2018 and 2025, Isa knowingly accepted millions of dollars in proceeds from wire fraud and narcotics trafficking through the company’s ATM network. Prosecutors allege Isa arranged for the illicit funds to be converted into cryptocurrency and transferred to wallets that concealed their source. Isa has pleaded not guilty to the charges and faces a maximum sentence of 20 years in prison if convicted. Isa previously said Crypto Dispensers was "built on compliance from day one" in a statement emailed to The Block. In the Friday announcement, Isa did not address the indictment but framed the company’s history as a successful transition away from hardware limitations. "Hardware showed us the ceiling. Software showed us the scale," Isa said in the statement. "This review is about understanding the next stage of growth and determining which path creates the most value for the platform we have built." Crypto Dispensers did not immediately respond to a request for further comment from The Block regarding how the pending criminal charges might impact a potential sale, and whether or not it has a buyer lined up.
  • Coinbase Derivatives to expand 24/7 futures trading for bevy of altcoins including ADA, AVAX, DOGE and SHIB Coinbase Derivatives is planning on expanding 24/7 trading for its listed altcoin futures, including Avalanche, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Hedera, Litecoin, Polkadot, Shiba Inu, Stellar, and SUI. Nonstop trading for these assets will go live Dec. 5, according to a post on X from Coinbase Markets. This adds to Coinbase Derivatives existing 24/7 support for Bitcoin, Ethereum, Solana, and XRP products, including nano and “perp-style” futures products. Additionally, Coinbase is looking to add U.S. perpetual-style futures for those altcoins, according to the X post on Friday. These long-dated futures are similar to other crypto-native perps contracts in that they use a funding rate mechanism to keep futures contract prices aligned with spot markets. However, they come with a five-year expiration, while true perps are indefinite. Coinbase’s CFTC-regulated derivatives arm unveiled 24/7 Bitcoin and Ethereum futures trading in May and perps-style futures in July. The product launches followed shortly after Coinbase’s historic $2.9 billion acquisition of Deribit. RELATED INDICES Coinbase’s expanding futures offerings come as more and more trading activity shifts to decentralized platforms like Hyperliquid and Lighter. The Block’s measure of DEX to CEX Futures Trade Volume is currently at an all-time high. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. TAGS AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.
  • Bitcoin plunges below $86,000 as US jobs data dampens rate cut hopes Bitcoin fell to new local lows on Thursday after the latest U.S. jobs report pointed to lingering inflationary pressures. According to The Block’s bitcoin price page, the world’s largest cryptocurrency fell 7.32% to $85,700 in the 24 hours leading up to 11:50 p.m. ET on Thursday. This marks a low in nearly seven months and a 32% decline from bitcoin’s all-time high record of $126,080 set in October. The Crypto Fear & Greed Index remains at 11, signaling “extreme fear” as the market slides further. The entire crypto market is down 6.62% in the past 24 hours. “BTC slipping below $85.5K comes as stronger-than-expected US jobs data dampens expectations for a December rate cut,” said Vincent Liu, CIO at Kronos Research. “Liquidity remains thin, and short-term profit-taking is amplifying the move. The market is recalibrating risk, reacting to macro data points.” September’s delayed non-farm payroll data on Thursday showed that the U.S. economy added 119,000 jobs in the month, vastly exceeding the Dow Jones consensus estimate of 50,000, according to a report from CNBC. The higher-than-expected inflation indicator fueled concerns that the Federal Reserve may pause its easing cycle, placing additional downward pressure on the crypto market. The CME Group’s FedWatch Tool currently gives a 35.4% chance that the Fed would cut rates by 25 basis points next month. “All eyes are focused on the potential December rate cut, but much of it may be priced in,” Liu said. “BTC will bounce on the cut, yet a sustained rally needs fresh flows or renewed on-chain demand.” The Kronos Research analyst said the market would need not only Fed’s pause of quantitative tightening, but also fresh capital, strong on-chain demand, and a shift in sentiment. “Without all four, any bounce may fizzle,” Liu said. Meanwhile, LVRG Research Director Nick Ruck told The Block that the current market correction is a “healthy repricing” of overextended positioning from the price rally last month. “On-chain metrics [are] showing stabilizing spot and futures sell pressure as signs of capitulation being almost over,” Ruck said.
  • RippleX engineer explores potential for native XRP staking as David Schwartz weighs in on future XRPL design RippleX Head of Engineering J. Ayo Akinyele and outgoing Ripple CTO David Schwartz sparked a discussion on how the XRP Ledger (XRPL) might evolve to expand XRP's utility across decentralized finance. RippleX is Ripple’s developer division focused on building tools and infrastructure for the XRP Ledger. In a post on Wednesday, Akinyele said XRP's role now spans tokenized assets, settlement, real-time value transfer, DATs, and, most recently, the launch of Canary's first pure spot U.S. XRP ETF, reflecting its growing place in institutional markets. Akinyele argued that this expansion naturally raises questions about future incentive models and participation, including whether native staking might make sense on XRPL. Staking in other networks aligns validators and token holders through financial rewards. "For holders, these models can offer a more direct way to participate in network governance, though they can also introduce new complexities around fairness and distribution," he said. However, such incentives would challenge long-standing design principles on the XRPL, Akinyele continued, where under its current model, fees are burned rather than redistributed and validator trust is earned through their performance, not their stake. The developer said native staking would require two foundations: a sustainable source of staking rewards and a fair distribution mechanism. The current fee-burning model would need to be reconsidered, with new programmability fees potentially directed to a rewards pool, he suggested. Staking could strengthen engagement, he added, but introduces governance and fairness trade-offs that must be handled carefully. Akinyele emphasized that the XRPL's existing Proof of Association model has remained stable for more than a decade by prioritizing trust and reliability over financial incentives. He also pointed to existing ecosystem experimentation — including Uphold, Flare, Doppler Finance, Axelar, and MoreMarkets — as evidence that developers are already exploring staking-like models without requiring protocol-level changes. Ripple CTO David Schwartz weighs in Ripple CTO David Schwartz — who recently announced his decision to depart the role at the end of this year after a decade at the firm — weighed in on the discussion. Schwartz noted on X that his "own thoughts on governance and consensus models have evolved" and that the ecosystem has reached a moment where it makes sense to discuss potential new designs. Ongoing programmability and smart contract initiatives make this an appropriate time to explore what native DeFi capabilities could look like on XRPL, he said, especially given that the network's original model was built in 2012, long before the current DeFi landscape. Schwartz outlined two technically compelling but likely impractical short-term ideas currently being discussed in the community. One would introduce a two-layer consensus model in which a small inner validator set — selected based on stake — advances the ledger, while the existing outer layer governs fees, amendments, and oversight. This structure, he said, could increase validator diversity without slowing throughput, allow faster and lighter consensus rounds, and ensure the network only halts if both layers fail. The second idea would keep XRPL's current consensus mechanism but use transaction fees to fund zero-knowledge proofs that verify smart contract execution. That would let nodes avoid running smart contracts directly while still guaranteeing correctness, he said. Both ideas, Schwartz noted, are "awesome technically but probably not realistically likely to be good, at least not any time soon." Community members raised concerns about incentive alignment, fee dynamics, and competition among validators. One user argued that incentives often create tension between validators and users over fees and validator count. Schwartz responded that in the two-layer model, outer validators would still police inner validators without staking, while the inner set would rely on slashing protections against double-signing. Even so, he questioned whether the potential performance gains justify the added complexity and risks. In both Akinyele's and Schwartz's view, the point of these early discussions is not to advocate for immediate changes but to understand how emerging incentive models, programmability features, and governance structures might influence the network's long-term trajectory. As the ecosystem grows, they said, examining ideas like staking clarifies what the XRPL should preserve and where new capabilities could fit, welcoming the community's input.
  • Japan moves to reclassify crypto and adopt major tax relief: report Japan's Financial Services Agency has finalized plans to reclassify certain cryptocurrencies as financial products under the Financial Instruments and Exchange Act, while also seeking to cut taxes on crypto income. According to a report from Asahi, the reclassification will subject 105 cryptocurrencies, including bitcoin and ether, to new disclosure requirements. Exchanges listing these crypto assets will be required to disclose their key characteristics such as whether the token has an issuer, the underlying blockchain technology and price volatility. The FSA also plans to introduce preventive measures on insider trading, potentially prohibiting issuers or exchange executives from trading crypto assets based on non-public information, including exchange listing schedules. These changes are expected to be submitted as amendments to Japan's financial laws during the ordinary Diet session in 2026, according to the report. Tax cut As these 105 crypto assets move toward being treated as traditional financial products, Japanese authorities are seeking to lower the tax rate on crypto income to match that of stock investments — from a maximum of 55% to 20%. The tax reform is expected to be reviewed in the coming fiscal year, Asahi reported. Japan, which assumed a rather cautious stance on digital assets after Mt. Gox collapsed, has begun actively reforming its financial system to reinvent itself as a Web3 hub. Last month, the FSA was reportedly looking into ways to allow local banks to trade cryptocurrencies like stocks and government bonds. It has also been pushing a yen-pegged stablecoin initiative, with the country's first local stablecoin JPYC going live on Oct. 27.
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  • kalshi-and-polymarket-post-strongest-months-yet-with-nearly-10-billion-in-combined-november-volume-centralized-and-onchain-prediction-markets-closed-november-with-their-strongest-month-on-record-as

    Kalshi and Polymarket post strongest months yet with nearly $10 billion in combined November volume Centralized and onchain prediction markets closed November with their strongest month on record, as Kalshi and Polymarket each set new all-time highs for trading volumes amid surging retail interest, expanding integrations, and a steady drumbeat of headline-driven macro events. Prediction markets let users buy and sell contracts tied to real-world events, with the price of each contract reflecting the market’s implied odds of that outcome happening. If the event occurs, the contract pays out; if not, it expires worthless. Traders use these markets to gauge sentiment on everything from elections to economic data in real time. According to The Block’s data dashboard, Kalshi’s monthly spot volume climbed from $4.4 billion in October to $5.8 billion in November, a 32% month-over-month increase and the platform's largest absolute monthly gain to date. Polymarket also posted its biggest month ever. The New York–based platform saw monthly trading volume rise from $3.02 billion in October to more than $3.7 billion in November, a 23.8% month-over-month jump, extending a run of record-setting activity that began in the summer. The volume surge continues a breakout year for both platforms, which have increasingly dominated global prediction market flows. Market share data from The Block shows that the two now control the overwhelming majority of monthly activity in the sector as their product sets, liquidity funnels, and media integrations deepen. A duopoly ascendant November’s record highs extend the trend highlighted in The Block's recent reporting on Kalshi and Polymarket’s emerging duopoly. The sector’s capital formation has also kept pace with its trading growth. Last month, Kalshi doubled its valuation in a matter of weeks, driven by a broad investor bet on the platform's regulated U.S. footprint. The rally followed $1 billion in fresh funding, which pushed Kalshi's market valuation to $11 billion. Across the table, Polymarket has also expanded aggressively following a pivotal regulatory reversal. Following the CFTC’s regulatory nod in mid-November, the company is poised to resume its U.S. operations. Since then, Polymarket has layered on new distribution partnerships — including Yahoo Finance’s exclusive integration of its prediction market, a multi-year deal with UFC, and widening media embeds via Google Finance, which recently began rolling out Polymarket and Kalshi data directly into search results. Galaxy Digital has also explored potential liquidity-provision partnerships with both platforms, according to reporting from Bloomberg. The developments underscore a growing institutionalization of a category that started as a niche retail curiosity.

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  • upbit-suffers-37-million-hack-on-solana-assets-halts-withdrawals-upbit-south-koreas-largest-cryptocurrency-exchange-was-hacked-for-around-54-billion-korean-won-36-8-million-early-morning-on-t

    Upbit suffers $37 million hack on Solana assets, halts withdrawals Upbit, South Korea's largest cryptocurrency exchange, was hacked for around 54 billion Korean won ($36.8 million) early morning on Thursday, local time. The exchange said it has halted withdrawals and deposits to examine an abnormal withdrawal of cryptocurrencies on the Solana network. Its announcement said that at around 4:42 a.m. in South Korea, a portion of tokens were withdrawn to an external wallet that has not been identified by the platform. The affected tokens are SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC and W, according to Upbit's announcement. It said the platform has moved all assets to a safe cold wallet to prevent further attacks, and has successfully frozen $8.18 million worth of LAYER tokens. Upbit said it will work with projects and authorities to freeze the remainder of stolen assets. The platform added that it will compensate damages to user assets using its reserve assets, and ensured that customers will not experience any personal losses. Upbit has not yet disclosed the details of the attack nor the point of entry.

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  • texas-reportedly-kicks-off-state-bitcoin-reserve-with-5-million-ibit-purchase-more-wild-stuff-texas-may-have-the-first-leg-off-the-starting-line-in-the-race-to-put-bitcoin-on-state-balance-sheet

    Texas reportedly kicks off state bitcoin reserve with $5 million IBIT purchase: 'More wild stuff' Texas may have the first leg off the starting line in the race to put bitcoin on state balance sheets. The state reportedly executed its first allocation to its Texas Strategic Bitcoin Reserve, according to posts from the Texas Blockchain Council indicating a roughly $5 million purchase of BlackRock’s IBIT last week. The reported transaction appears to be the first deployment of funds authorized under SB 21, the law enacted by Governor Greg Abbott in June that created a state-managed bitcoin reserve operated by the Texas Treasury Safekeeping Trust Company. Lawmakers backing SB 21 framed the reserve as a way for Texas to treat bitcoin alongside other long-term assets. Bill author Sen. Charles Schwertner said earlier this year that the state "should have the option of evaluating the best performing asset over the last 10 years," a reference to bitcoin's long-run returns even if the asset hasn't consistently held that title in more recent periods. Texas Blockchain Council president Lee Bratcher tweeted that the purchase occurred on Nov. 20, describing it as both the reserve's first allocation and the first bitcoin buy by a U.S. state. State officials have not yet released documentation or statements confirming the transaction. The Block has reached out to Texas Treasurer Kelly Hancock, who oversees the reserve, as well as Bratcher, but did not immediately receive a response. As of its most recent Form 13F, the Texas Treasury Safekeeping Trust Company reported about $667 million in SPY and $34 million in a Janus Henderson fund. If Bratcher’s description holds, a $5 million IBIT purchase — part of a $10 million bitcoin allocation — would become the third line in that portfolio. This month, an Abu Dhabi sovereign wealth fund added to its IBIT while Harvard reported holding nearly seven million shares of IBIT as of Sept. 30 — its largest declared U.S. holding.

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  • galaxy-digital-explores-polymarket-kalshi-partnerships-as-liquidity-provider-bloomberg-mike-novogratz-led-galaxy-digital-is-in-discussions-to-provide-liquidity-for-prediction-market-platforms-polyma

    Galaxy Digital explores Polymarket, Kalshi partnerships as liquidity provider: Bloomberg Mike Novogratz-led Galaxy Digital is in discussions to provide liquidity for prediction market platforms Polymarket and Kalshi, Bloomberg reported Monday. Novogratz told Bloomberg in an interview that Galaxy Digital is currently doing "small-scale experimenting" with market-making on prediction markets, adding that the firm has future plans to provide "broader liquidity" on those platforms. The move signifies digital asset investment management firm Galaxy Digital's expansion into the burgeoning prediction market sector, which is increasingly being recognized as a new frontier combining information and finance. Prediction markets let users trade simple yes or no contracts, with contract prices reflecting the market-implied probability of a given outcome. Polymarket and Kalshi are the two dominant players in the field, having seen around $42.4 billion in cumulative volume. While decentralization-focused Polymarket initially led the market after it gained traction around U.S. election results, CFTC-regulated Kalshi has overtaken it in monthly volume since September. The two platforms have recently secured high-profile partners through both solitary and collaborative agreements. Galaxy Digital, Google Finance and the U.S. National Hockey League chose to partner with both platforms. Analysts at Bernstein wrote in a note to clients earlier this month that prediction markets are "evolving to be broader information markets," with demand now spreading well beyond politics and sports into economics, culture, corporate activity, and financial indicators. Meanwhile, other major players in crypto and finance are also looking to enter the space with their own platforms, with Gemini and CME Group recently announcing such plans respectively.

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  • crypto-atm-operator-considers-100-million-sale-days-after-founders-10-million-money-laundering-charge-crypto-atm-operator-crypto-dispensers-said-on-friday-it-is-considering-a-100-million-sale-of

    Crypto ATM operator considers $100 million sale, days after founder's $10 million money laundering charge Crypto ATM operator Crypto Dispensers said on Friday it is considering a $100 million sale offer, mere days after its founder and CEO, Firas Isa, was charged by federal prosecutors in connection with an alleged $10 million money laundering scheme. In a press release issued Nov. 21, the company stated it has retained advisors to support a "strategic review" and potential sale. The release highlighted the company's 2020 pivot from physical Bitcoin ATMs to a software-first model, a move the company claimed was designed to address "rising fraud exposure, regulatory pressure, and compliance demands." Those same issues are central to the criminal case currently facing the firm. On Tuesday, the Department of Justice announced that Isa and Virtual Assets LLC, which does business as Crypto Dispensers, were charged with one count of conspiracy to commit money laundering. As The Block previously reported, the indictment alleges that between 2018 and 2025, Isa knowingly accepted millions of dollars in proceeds from wire fraud and narcotics trafficking through the company’s ATM network. Prosecutors allege Isa arranged for the illicit funds to be converted into cryptocurrency and transferred to wallets that concealed their source. Isa has pleaded not guilty to the charges and faces a maximum sentence of 20 years in prison if convicted. Isa previously said Crypto Dispensers was "built on compliance from day one" in a statement emailed to The Block. In the Friday announcement, Isa did not address the indictment but framed the company’s history as a successful transition away from hardware limitations. "Hardware showed us the ceiling. Software showed us the scale," Isa said in the statement. "This review is about understanding the next stage of growth and determining which path creates the most value for the platform we have built." Crypto Dispensers did not immediately respond to a request for further comment from The Block regarding how the pending criminal charges might impact a potential sale, and whether or not it has a buyer lined up.

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  • coinbase-derivatives-to-expand-24-7-futures-trading-for-bevy-of-altcoins-including-ada-avax-doge-and-shib-coinbase-derivatives-is-planning-on-expanding-24-7-trading-for-its-listed-altcoin-futures-i

    Coinbase Derivatives to expand 24/7 futures trading for bevy of altcoins including ADA, AVAX, DOGE and SHIB Coinbase Derivatives is planning on expanding 24/7 trading for its listed altcoin futures, including Avalanche, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Hedera, Litecoin, Polkadot, Shiba Inu, Stellar, and SUI. Nonstop trading for these assets will go live Dec. 5, according to a post on X from Coinbase Markets. This adds to Coinbase Derivatives existing 24/7 support for Bitcoin, Ethereum, Solana, and XRP products, including nano and “perp-style” futures products. Additionally, Coinbase is looking to add U.S. perpetual-style futures for those altcoins, according to the X post on Friday. These long-dated futures are similar to other crypto-native perps contracts in that they use a funding rate mechanism to keep futures contract prices aligned with spot markets. However, they come with a five-year expiration, while true perps are indefinite. Coinbase’s CFTC-regulated derivatives arm unveiled 24/7 Bitcoin and Ethereum futures trading in May and perps-style futures in July. The product launches followed shortly after Coinbase’s historic $2.9 billion acquisition of Deribit. RELATED INDICES Coinbase’s expanding futures offerings come as more and more trading activity shifts to decentralized platforms like Hyperliquid and Lighter. The Block’s measure of DEX to CEX Futures Trade Volume is currently at an all-time high. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. TAGS AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

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  • bitcoin-plunges-below-86000-as-us-jobs-data-dampens-rate-cut-hopes-bitcoin-fell-to-new-local-lows-on-thursday-after-the-latest-u-s-jobs-report-pointed-to-lingering-inflationary-pressures-according

    Bitcoin plunges below $86,000 as US jobs data dampens rate cut hopes Bitcoin fell to new local lows on Thursday after the latest U.S. jobs report pointed to lingering inflationary pressures. According to The Block’s bitcoin price page, the world’s largest cryptocurrency fell 7.32% to $85,700 in the 24 hours leading up to 11:50 p.m. ET on Thursday. This marks a low in nearly seven months and a 32% decline from bitcoin’s all-time high record of $126,080 set in October. The Crypto Fear & Greed Index remains at 11, signaling “extreme fear” as the market slides further. The entire crypto market is down 6.62% in the past 24 hours. “BTC slipping below $85.5K comes as stronger-than-expected US jobs data dampens expectations for a December rate cut,” said Vincent Liu, CIO at Kronos Research. “Liquidity remains thin, and short-term profit-taking is amplifying the move. The market is recalibrating risk, reacting to macro data points.” September’s delayed non-farm payroll data on Thursday showed that the U.S. economy added 119,000 jobs in the month, vastly exceeding the Dow Jones consensus estimate of 50,000, according to a report from CNBC. The higher-than-expected inflation indicator fueled concerns that the Federal Reserve may pause its easing cycle, placing additional downward pressure on the crypto market. The CME Group’s FedWatch Tool currently gives a 35.4% chance that the Fed would cut rates by 25 basis points next month. “All eyes are focused on the potential December rate cut, but much of it may be priced in,” Liu said. “BTC will bounce on the cut, yet a sustained rally needs fresh flows or renewed on-chain demand.” The Kronos Research analyst said the market would need not only Fed’s pause of quantitative tightening, but also fresh capital, strong on-chain demand, and a shift in sentiment. “Without all four, any bounce may fizzle,” Liu said. Meanwhile, LVRG Research Director Nick Ruck told The Block that the current market correction is a “healthy repricing” of overextended positioning from the price rally last month. “On-chain metrics [are] showing stabilizing spot and futures sell pressure as signs of capitulation being almost over,” Ruck said.

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  • ripplex-engineer-explores-potential-for-native-xrp-staking-as-david-schwartz-weighs-in-on-future-xrpl-design-ripplex-head-of-engineering-j-ayo-akinyele-and-outgoing-ripple-cto-david-schwartz-sparked

    RippleX engineer explores potential for native XRP staking as David Schwartz weighs in on future XRPL design RippleX Head of Engineering J. Ayo Akinyele and outgoing Ripple CTO David Schwartz sparked a discussion on how the XRP Ledger (XRPL) might evolve to expand XRP's utility across decentralized finance. RippleX is Ripple’s developer division focused on building tools and infrastructure for the XRP Ledger. In a post on Wednesday, Akinyele said XRP's role now spans tokenized assets, settlement, real-time value transfer, DATs, and, most recently, the launch of Canary's first pure spot U.S. XRP ETF, reflecting its growing place in institutional markets. Akinyele argued that this expansion naturally raises questions about future incentive models and participation, including whether native staking might make sense on XRPL. Staking in other networks aligns validators and token holders through financial rewards. "For holders, these models can offer a more direct way to participate in network governance, though they can also introduce new complexities around fairness and distribution," he said. However, such incentives would challenge long-standing design principles on the XRPL, Akinyele continued, where under its current model, fees are burned rather than redistributed and validator trust is earned through their performance, not their stake. The developer said native staking would require two foundations: a sustainable source of staking rewards and a fair distribution mechanism. The current fee-burning model would need to be reconsidered, with new programmability fees potentially directed to a rewards pool, he suggested. Staking could strengthen engagement, he added, but introduces governance and fairness trade-offs that must be handled carefully. Akinyele emphasized that the XRPL's existing Proof of Association model has remained stable for more than a decade by prioritizing trust and reliability over financial incentives. He also pointed to existing ecosystem experimentation — including Uphold, Flare, Doppler Finance, Axelar, and MoreMarkets — as evidence that developers are already exploring staking-like models without requiring protocol-level changes. Ripple CTO David Schwartz weighs in Ripple CTO David Schwartz — who recently announced his decision to depart the role at the end of this year after a decade at the firm — weighed in on the discussion. Schwartz noted on X that his "own thoughts on governance and consensus models have evolved" and that the ecosystem has reached a moment where it makes sense to discuss potential new designs. Ongoing programmability and smart contract initiatives make this an appropriate time to explore what native DeFi capabilities could look like on XRPL, he said, especially given that the network's original model was built in 2012, long before the current DeFi landscape. Schwartz outlined two technically compelling but likely impractical short-term ideas currently being discussed in the community. One would introduce a two-layer consensus model in which a small inner validator set — selected based on stake — advances the ledger, while the existing outer layer governs fees, amendments, and oversight. This structure, he said, could increase validator diversity without slowing throughput, allow faster and lighter consensus rounds, and ensure the network only halts if both layers fail. The second idea would keep XRPL's current consensus mechanism but use transaction fees to fund zero-knowledge proofs that verify smart contract execution. That would let nodes avoid running smart contracts directly while still guaranteeing correctness, he said. Both ideas, Schwartz noted, are "awesome technically but probably not realistically likely to be good, at least not any time soon." Community members raised concerns about incentive alignment, fee dynamics, and competition among validators. One user argued that incentives often create tension between validators and users over fees and validator count. Schwartz responded that in the two-layer model, outer validators would still police inner validators without staking, while the inner set would rely on slashing protections against double-signing. Even so, he questioned whether the potential performance gains justify the added complexity and risks. In both Akinyele's and Schwartz's view, the point of these early discussions is not to advocate for immediate changes but to understand how emerging incentive models, programmability features, and governance structures might influence the network's long-term trajectory. As the ecosystem grows, they said, examining ideas like staking clarifies what the XRPL should preserve and where new capabilities could fit, welcoming the community's input.

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  • japan-moves-to-reclassify-crypto-and-adopt-major-tax-relief-report-japans-financial-services-agency-has-finalized-plans-to-reclassify-certain-cryptocurrencies-as-financial-products-under-the-financ

    Japan moves to reclassify crypto and adopt major tax relief: report Japan's Financial Services Agency has finalized plans to reclassify certain cryptocurrencies as financial products under the Financial Instruments and Exchange Act, while also seeking to cut taxes on crypto income. According to a report from Asahi, the reclassification will subject 105 cryptocurrencies, including bitcoin and ether, to new disclosure requirements. Exchanges listing these crypto assets will be required to disclose their key characteristics such as whether the token has an issuer, the underlying blockchain technology and price volatility. The FSA also plans to introduce preventive measures on insider trading, potentially prohibiting issuers or exchange executives from trading crypto assets based on non-public information, including exchange listing schedules. These changes are expected to be submitted as amendments to Japan's financial laws during the ordinary Diet session in 2026, according to the report. Tax cut As these 105 crypto assets move toward being treated as traditional financial products, Japanese authorities are seeking to lower the tax rate on crypto income to match that of stock investments — from a maximum of 55% to 20%. The tax reform is expected to be reviewed in the coming fiscal year, Asahi reported. Japan, which assumed a rather cautious stance on digital assets after Mt. Gox collapsed, has begun actively reforming its financial system to reinvent itself as a Web3 hub. Last month, the FSA was reportedly looking into ways to allow local banks to trade cryptocurrencies like stocks and government bonds. It has also been pushing a yen-pegged stablecoin initiative, with the country's first local stablecoin JPYC going live on Oct. 27.

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  • doj-says-us-citizens-helped-north-korean-it-workers-infiltrate-136-companies-the-u-s-department-of-justice-doj-has-moved-to-forfeit-more-than-15-million-in-usdt-stolen-by-north-korean-hackers-and

    DOJ says US citizens helped North Korean IT workers infiltrate 136 companies The U.S. Department of Justice (DOJ) has moved to forfeit more than $15 million in USDT stolen by North Korean hackers and secured guilty pleas from five people who helped Pyongyang infiltrate American companies with fake IT workers. The DOJ filed two civil forfeiture complaints seeking to keep $15.1 million worth of Tether's USDT stablecoin that was stolen by North Korean hackers in 2023, the department announced Friday. The seized crypto was traced to Advanced Persistent Threat 38 (APT38), a North Korean military hacking group that carried out heists targeting four overseas virtual currency platforms in 2023. The FBI seized the funds in March 2025 and is now seeking court approval to forfeit the assets for return to the victims. The seized crypto comes from four incidents that the announcement does not specify, but clues indicate the agency may be referring to the over $100 million Nov. 2023 hack of exchange Poloniex, the $37 million hack of crypto firm CoinsPaid in July 2023, the $60 million hack (which the DOJ pegs at about $100 million) of payments processor Alphapo that same month, and an unspecified "November 2023 theft of approximately $138 million from a Panama-based virtual currency exchange." The DOJ has not publicly confirmed which incidents the forfeiture complaints cover. "Efforts to trace, seize, and forfeit related stolen virtual currency remain ongoing, as the APT38 actors continue to launder such funds through various virtual currency bridges, mixers, exchanges, and over-the-counter traders," the agency said in its statement. U.S. citizens helped North Korean IT workers On Friday, the DOJ also announced it had secured guilty pleas from four U.S. citizens and one Ukrainian national who admitted to helping North Korean IT workers fraudulently obtain employment at U.S. companies by providing stolen identities and hosting company laptops. Four U.S. citizens — Audricus Phagnasay, 24, Jason Salazar, 30, Alexander Paul Travis, 34, and Erick Ntekereze Prince, 38 — pleaded guilty to wire fraud conspiracy for providing their identities to North Korean workers and hosting company-issued laptops at their homes to make it appear the workers were based in the United States. Ukrainian national Oleksandr Didenko also pleaded guilty on Nov. 10 to wire fraud conspiracy and aggravated identity theft for stealing U.S. citizens' identities and selling them to North Korean IT workers. Didenko helped North Koreans gain employment at 40 U.S. companies and agreed to forfeit more than $1.4 million as part of his plea deal. The schemes affected more than 136 U.S. companies, generated more than $2.2 million in revenue for the North Korean regime, and compromised the identities of more than 18 U.S. citizens, the DOJ said. North Korea has increasingly relied on both cryptocurrency theft and remote IT worker schemes to generate revenue in violation of international sanctions. A 2022 advisory from the FBI, Treasury, and State Department warned that North Korean IT workers can earn up to $300,000 annually, collectively funneling hundreds of millions of dollars into programs run by the country's Ministry of Defense. North Korean hackers have stolen more than $2 billion in cryptocurrency so far in 2025 alone, making the regime one of the most prolific crypto theft operations globally, per an Elliptic analysis.

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  • tether-is-mulling-a-1-16-billion-funding-round-in-the-german-tech-startup-neura-robotics-as-the-issuer-of-the-worlds-largest-stablecoin-continues-to-explore-new-investment-opportunities-according

    Tether is mulling a $1.16 billion funding round in the German tech startup Neura Robotics as the issuer of the world's largest stablecoin continues to explore new investment opportunities, according to a report from Financial Times on Friday. The company "was in discussions with Neura over a deal that was expected to value the start-up at between" $9.29 billion and $11.6 billion, FT reported, citing anonymous sources. Issuing USDT, the largest U.S. dollar-pegged stablecoin by supply, has been extremely profitable for Tether and the company has looked to diversify its investment portfolio. Having generated profits of over $10 billion during the first three quarters of this year, which followed a profitable 2024, Tether has made several investments in AI, data centers, energy infrastructure, and bitcoin mining. "Neura is seeking new investment as it prepares to sell its humanoid robot, initially aimed at industrial customers with plans to expand into home robots," FT said. "It has previously said it was aiming to produce 5 million devices by 2030, with the ambition of creating an 'iPhone moment' for robotics." In January, Neura raised nearly $140 million in a round that included investors such as BlueCrest, C4 Ventures, Lingotto, and Volvo Cars Tech Fund. The German company will compete with Elon Musk's Tesla, which is planning to mass-produce robots. Tether CEO Paolo Ardoino has taken a particular interest in the field of decentralized AI and has invested in an internal skunkworks team working on open-source, peer-to-peer machine learning tech called Tether AI.

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  • singapore-to-trial-tokenized-bills-settled-with-cbdc-the-monetary-authority-of-singapore-plans-to-trial-the-issuance-of-tokenized-mas-bills-to-primary-dealers-settled-with-central-bank-digital-currenc

    Singapore to trial tokenized bills settled with CBDC The Monetary Authority of Singapore plans to trial the issuance of tokenized MAS bills to primary dealers settled with central bank digital currency, with details to be released next year. MAS Managing Director Chia Der Jiun said in a Thursday speech at the Singapore FinTech Festival that tokenization has matured beyond experimentation and is increasingly being deployed in commercial settings. "Are asset-backed tokens clearly out of the lab? Without a doubt," said Chia. "But have asset-backed tokens achieved escape velocity? Not yet." Chia noted that while tokenization promises round-the-clock settlement, reduced intermediaries, and more efficient collateral usage, the industry must still overcome structural hurdles before large-scale adoption is possible. Tokenization, stablecoin regulations Chia said that three Singapore banks — DBS, OCBC, and UOB — have conducted interbank overnight lending transactions using the Singapore dollar wholesale CBDC in a trial. The testing is aligned with the country's ambition to scale tokenized finance using safe settlement assets. On stablecoins, Chia pointed out that the MAS has finalized its regulatory regime and will prepare draft legislation. "Under our regime, we have given importance to sound reserve backing and redemption reliability," he said. The MAS classifies stablecoins as "digital payment tokens" under the Payment Services Act, and has introduced a framework in August 2023 for single-currency stablecoins pegged to the Singapore dollar or major currencies like the U.S. dollar and euro. Chia warned that unregulated stablecoins have a "patchy record" of keeping their pegs and could trigger systemic runs similar to 2008 money market fund failures, when funds "broke the buck." Chia also noted that the MAS has launched the BLOOM initiative to support industry experimentation with tokenized bank liabilities and regulated stablecoins for settlement.

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  • defi-as-a-form-of-savings-is-finally-viable-vitalik-buterin-talks-ethereum-scaling-financial-freedom-and-protocol-security-vitalik-buterin-said-hes-encouraged-by-recent-advanceme

    ‘Defi as a form of savings is finally viable’: Vitalik Buterin talks Ethereum scaling, financial freedom and protocol security Vitalik Buterin said he's encouraged by recent advancements in decentralized finance on Ethereum, most notably the sector’s improving security, maturity, and optionality. "We'll be seeing, I think, a growth in more and more cases of people, institutions, all kinds of users around the world actually using this as their primary bank account," Buterin, the founder of Ethereum, said in a pre-recorded closing statement at a Dromos Labs event on Wednesday. "Defi as a form of savings is finally viable." Echoing a recent blog post where he argued for lower-risk decentralized finance, Buterin noted that, as the sector has matured, there has been a shift away from high-risk speculation. DeFi, he argued, could become an outlet for users worldwide trying to escape the fiat money system "where your money can be taken away from you" through political shifts and other risks. Despite Buterin's optimistic outlook, he is aware of the history of protocol failures and smart contract risks that have long plagued DeFi, including, most recently, the multi-million dollar hack of Balancer, a thoroughly vetted and highly-trusted protocol. "It's a night and day difference in the kind of security that you can expect in 2025 versus if you compare it to something like 2020 or 2019," Buterin said. While the total amount lost in crypto exploits in 2025 “dwarfs” last year's total, Elliptic notes this was primarily driven by the historic Bybit hack in February. One element of security Buterin advocated for is the so-called "walkaway test," which ensures that users are always able to recover their funds. “It's really important for Ethereum and DeFi to really maintain and build and improve upon the core properties that have made Ethereum the Ethereum from the beginning," Buterin said. "This includes things like open source, following open standards, building for interoperability — rather than a walled garden — and censorship resistance." Buterin also encouraged developers to “experiment with building” for the Ethereum mainnet and wider Layer 2 "in mind," using the L1 base layer as a hub for liquidity and L2s for scalability. He added that scalability is "happening on both the L1 and L2s as the gas limit is going up" and as products like Lighter — which has hit over 10,000 transactions per second — go live. "With the right kind of engineering, that level of scaling is open to anyone to build today," Buterin said. There's "a lot of really valuable things to work on … that bring real financial freedom."

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  • cleanspark-to-raise-1-billion-in-convertible-note-offering-to-expand-operations-bitcoin-mining-firm-cleanspark-is-seeking-to-raise-1-billion-through-a-private-offering-of-convertible-senior-notes-to

    CleanSpark to raise $1 billion in convertible note offering to expand operations Bitcoin mining firm CleanSpark is seeking to raise $1 billion through a private offering of convertible senior notes to expand its operations. The Nasdaq-listed firm said in a Monday statement that it plans to offer zero-coupon convertible bonds due 2032, with an option for initial purchasers to buy up to an additional $200 million. CleanSpark intends to use up to $400 million of the proceeds to repurchase its own shares, while the rest would go toward expanding its power and land portfolio, developing data center infrastructure, repaying bitcoin-backed credit lines, and for general corporate purposes. The zero-coupon convertible bonds will mature on Feb. 15, 2032, and may be converted into cash, shares, or a mix of both at the company's discretion. CleanSpark said that the notes will be senior unsecured obligations and will not bear regular interest. The offering is expected to price Tuesday before U.S. markets open, and will work with Cantor Fitzgerald and BTIG for the sale, according to a Bloomberg report. Last month, the bitcoin mining firm announced that it will expand into AI data center infrastructure. It also acquired the rights to 271 acres of land in Austin County, Texas, as part of its data center expansion. CleanSpark's stock closed down 3.47% at $15.03 on Monday, according to The Block's price page. The shares have fallen 22% over the past month but remain up 63% year-to-date. CleanSpark's proposed financing marks the latest example of crypto-related firms turning to the convertible debt market. Last month, TeraWulf completed a $1 billion offering of zero-coupon convertible senior notes. Galaxy Digital also announced last month a $1.15 billion exchangeable senior notes offering.

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  • ledger-considering-new-york-ipo-or-fundraise-as-demand-for-hardware-wallets-climbs-ft-nov-09-2025-1241pm-est-ledger-considering-new-york-ipo-or-fundraise-as-demand-for-hardware-wallets-climbs-ft

    Ledger considering New York IPO or fundraise as demand for hardware wallets climbs: FT Nov 09, 2025, 12:41PM EST Ledger considering New York IPO or fundraise as demand for hardware wallets climbs: FT Hardware wallet manufacturer Ledger is preparing to raise additional capital, likely next year, as surging demand for crypto security devices propels the company to its strongest financial performance on record, according to a recent Financial Times report. Ledger CEO Pascal Gauthier told the FT the Paris-based company is considering either a listing in New York or a private funding round, and is actively expanding its presence in the city. "Me spending more time in New York is with the understanding that money is in New York today for crypto, it's nowhere else in the world, it's certainly not in Europe," Gauthier told the British publication. The fundraising plans come amid Ledger's best year yet, according to the report, with revenues hitting triple-digit millions so far in 2025. The surge comes ahead of the company's typically strongest sales period during Black Friday and the holiday shopping season. The company currently secures about $100 billion worth of bitcoin for its customers and was last valued at $1.5 billion in 2023 after raising money from investors including 10T Holdings and Singapore's True Global Ventures. The firm recently rolled out an iOS app for its enterprise customers and launched native TRON support, though its native multisig wallet feature drew a mixed response from developers and long-time users. Ledger competes with other hardware wallet manufacturers including Czech Republic-based Trezor and Switzerland-based Tangem in the growing market for secure crypto storage solutions. 2025 has been one of crypto's worst years yet for security compromises, with criminals stealing $2.17 billion in the first half of 2025, according to a Chainalysis estimate, more than in the entire year of 2024. So-called "wrench attacks," or physical assaults on individuals believed to hold crypto wealth, have also been on the rise; Ledger co-founder David Balland himself was kidnapped in January of this year by criminals who demanded a 10 million euro cryptocurrency ransom and severed one of Balland's fingers. A 24-year-old French-Moroccan citizen suspected of orchestrating a series of high-profile crypto-related kidnappings in France, including Balland's, was later arrested in Tangier, Morocco.

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    Fed Governor Miran calls stablecoins 'a force to be reckoned with' that could put downward pressure on interest rates Fed Governor Miran calls stablecoins 'a force to be reckoned with' that could put downward pressure on interest rates Stablecoins are an "area of enormous growth," said Federal Reserve Governor Stephen Miran as he spoke about cryptocurrency for the first time in his new position. "Based on the surveys that I've seen, the forecasts that I've seen, it's a force to be reckoned with absolutely," Miran said on Friday when he was asked about crypto during a panel at the BCVC Summit in New York City. Miran seemed less sure of where the rest of crypto is headed, but said lots of innovation was happening either way. "However, I do think there's a lot of innovation happening and that innovation is already starting to have economic consequences of the type that matter for the Fed and of the type that matter for monetary policy," Miran added. Miran assumed his role as Fed chair in September after being confirmed by the Senate. Before, he served as chair of the Council of Economic Advisers under President Donald Trump. On Friday, in a prepared speech at the summit ahead of answering questions, Miran said that the widespread use of stablecoins could put "downward pressure on interest rates." "Even relatively conservative estimates of stablecoin growth imply an increase in the net supply of loanable funds in the economy that pushes down r*," Miran said, referring to the neutral rate of interest measured when the economy is at full employment and stable inflation. "If r* is lower, policy rates should also be lower than they would otherwise be to support a healthy economy." Miran joined the central bank amid tension over cutting interest rates, and as Trump has pushed for steeper cuts, which received pushback from Fed Chair Jerome Powell and other top leaders at the central bank. Miran has called for rate cuts, and on Thursday said he expected rate cuts in December, according to reporting from Reuters.

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  • balancer-identifies-rounding-error-as-root-cause-of-multi-chain-defi-exploit-defi-protocol-balancer-has-published-its-preliminary-incident-report-on-the-nov-3-exploit-that-drained-tens-of-millions-fr

    Balancer identifies rounding error as root cause of multi-chain DeFi exploit DeFi protocol Balancer has published its preliminary incident report on the Nov. 3 exploit that drained tens of millions from its Composable Stable Pools (CSPs) across multiple networks, including Ethereum, Base, Avalanche, Arbitrum, Optimism, Gnosis, Polygon, Berachain, and Sonic. As The Block previously reported, the decentralized automated market maker (AMM) and liquidity platform suffered massive outflows from its vault. Initial estimates of the loss quickly rose from around $70 million to over $128 million within a few hours, blockchain analytics providers like Nansen and Peckshield reported. According to Balancer, its security partner Hypernative first detected the suspicious activity early Monday. Several contributors and whitehat responders, such as SEAL 911, BitFinding, and StakeWise, were then contacted to help stem the bleed. Root cause: rounding flaw in swap logic In its preliminary report, Balancer attributed the exploit to a rounding error in the upscale function for EXACT_OUT swaps within the v2 vault’s batchSwap feature. This function allows users to combine multiple swap operations into a single transaction to save gas. Attackers exploited how deferred settlement was implemented in composable pools, which allowed liquidity to fall below minimum thresholds, the team explained. Specifically, the bug occurred when non-integer scaling factors caused the system to round down during specific calculations, creating small discrepancies that the attacker leveraged to manipulate balances and drain value. In many instances, funds were first redirected into the Balancer Vault’s internal balances before being withdrawn through follow-up transactions. The bug primarily affected Composable Stable v5 pools with expired pause windows, while Hypernative’s emergency automation automatically paused v6 pools. “The incident was limited to Composable Stable Pools on Balancer v2 and its forks on other chains such as BEX and Beets,” Balancer wrote. “Balancer v3 and all other pool types remain unaffected.” Meanwhile, CSPv6 pools were automatically transitioned into recovery mode under emergency controls. Multi-chain impact and recovery Balancer said the attack spanned several networks and forks, including BEX on Berachain, Beets on Sonic, and Gnosis-based deployments. However, ecosystem partners initiated emergency actions to contain the fallout. StakeWise DAO recovered approximately $19 million in osETH and $1.7 million in osGNO, roughly 73.5% of the stolen osETH. Berachain validators halted the network to perform an emergency hard fork addressing BEX’s v2 exposure, which was completed on Nov. 4. Also, Sonic Labs froze suspected attacker addresses, restricting fund movements tied to its Balancer fork. Gnosis temporarily restricted bridge activity to prevent cross-chain propagation, while Monerium froze 1.3 million EURe in the affected vault. Additionally, BitFinding and Base MEV bots recovered smaller sums — about $750,000 in total — and returned them to the Balancer DAO. The team added that a portion of the affected assets has been recovered or frozen and that a final verified accounting will be published once all partners complete on-chain reconciliation. Balancer claims that any circulating loss figures are unconfirmed until independent verification is concluded. Mitigations and next steps As part of its response, Balancer has disabled the CSPv6 factory to prevent the creation of new vulnerable pools and halted liquidity gauges for affected pools to stop further emissions. Furthermore, the team has enabled liquidity pool exits from paused pools to allow safe withdrawals. The protocol’s Safe Harbor legal framework (BIP-726), adopted last year, allowed whitehat teams to intervene immediately without legal risk, a structure Balancer said “materially improved response speed and coordination.” A final report, including confirmed loss and recovery figures, is expected “once all partner validations are complete,” according to Balancer’s latest update.

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  • sec-crypto-treasury-probe-frozen-by-shutdown-but-subpoenas-could-fly-soon-after-government-reopens-whats-shaping-up-to-be-the-longest-government-shutdown-in-u-s-history-most-likely-brought-to-a-ha

    SEC crypto treasury probe frozen by shutdown, but subpoenas could fly soon after government reopens What's shaping up to be the longest government shutdown in U.S. history most likely brought to a halt the Securities and Exchange Commission's inquiry into whether publicly listed crypto treasuries committed any acts that could be construed as insider trading. But once the government reopens, multiple former SEC lawyers say the regulatory agency will almost certainly restart their probe, which could possibly result in the regulator issuing subpoenas within as little as one to two months should the inquiry escalate into full-blown investigations. "If the trading is suspicious and there's a strong relationship between a corporate insider — who had material, nonpublic information — and an individual that traded on that information, that may be enough for a subpoena," David Chase, a former SEC enforcement lawyer who now works as a defense attorney, told The Block. In late September, roughly a week before the U.S. government shutdown began, The Wall Street Journal reported that both the SEC and the Financial Industry Regulatory Authority (FINRA) contacted multiple publicly listed companies, which earlier this year adopted new business strategies of purchasing crypto, with questions about irregular patterns of trading volume and share price movements that may have occurred days before crucial corporate information was made public. SEC officials specifically warned companies about potential violations of Regulation Fair Disclosure, according to WSJ. The regulation strictly prohibits public companies from disclosing material, nonpublic information to people who might use the intel to inform stock trading decisions. "The SEC and FINRA don't start off necessarily saying this is an insider trading case," Howard Fischer, a former senior trial counsel at the SEC, told The Block. "They say: 'Let's take a look at this because it looks like before the information was released to the general public, about the adoption of a digital asset treasury strategy, there was anomalous trading in the equities of this company.'" Besides Bitcoin and Ethereum digital asset treasuries (DATs), the two most popular cryptocurrencies among treasuries, several publicly traded companies have also decided to accumulate large quantities of different altcoins. So far, billions of dollars have been invested in DATs. SEC probe frozen with skeleton crew For now, neither the SEC nor FINRA is saying anything. FINRA, which is a self-regulatory organization that writes and enforces rules for registered brokers, is fully up and running during the government shutdown. SROs are not part of the federal government and are funded by regulated members, according to the regulator. FINRA declined to comment when asked about the probe. In the SEC's case, with less than 10% of its staff currently working, the agency's inquiry into crypto treasuries is most likely on ice, as most employees who work on investigations have likely been furloughed. During the shutdown, which began on Oct. 1, the SEC is working off an agency plan, a spokesperson told The Block. The SEC can respond to emergencies related to either the safety of human life or the protection of property. Most people expect the stalemate between Republicans and Democrats will eventually end and the U.S. government will be allowed to reopen, with people returning to work. At the SEC, that likely means lawyers, accountants, and other individuals who specialize in investigations picking up where they left off before the shutdown. Responses to SEC letters important Whether or not subpoenas are eventually sent out once the government reopens will depend a lot on how different parties, who received letters, choose to respond to regulators, according to former SEC lawyers. The agency could also send out voluntary information requests, which Fischer said is happening more now than under the previous Biden administration. Voluntary information requests are where the SEC asks for documents during an investigation. Although the requests are not legally enforceable, if the contacted parties decline, that response can trigger a subpoena. Kris Swiatek, a partner at Seward & Kissel LLP, where he specializes in digital assets, told The Block that how companies respond to initial inquiries will play a major role in whether or not the SEC pursues further action and issues subpoenas. "Every public issuer, and any parties that are related to them in terms of the deals that were struck, will be viewed in its own light at the end of the day," said Swiatek. Chase said the SEC will want to establish a timeline. "They send what's called a chronology letter, basically who knew what and when at the company in terms of the material, nonpublic information," he said. And as to who could be facing insider trading allegations? "It could be insiders at the company. It could be people outside the company. It could be people who are approached to finance these transactions. There's a whole host of people who they could be looking at," said Fischer. Responses and subpoenas aside, at least one former SEC lawyer said the existing data could be enough to jumpstart a proper investigation. "If this was a real insider trading investigation that they wanted to pursue, they could make a lot of headway just based on the market information," one former SEC lawyer told The Block. Fischer said although it's unclear exactly what regulators are looking at, they are likely analyzing market activity. "If you look at a chart of average daily volume before they announce this kind of activity, there's a huge spike … so clearly someone knew what was going to happen or predicted it based on other information and purchased the securities in anticipation of that market move," he said. Chase said if subpoenas are issued, the SEC will likely ask to see phone, email, text, and social media communications. Then, after testimonies are taken, the SEC would probably determine whether there is enough evidence to move forward with recommending charges and issuing a Wells notice. That notice is a form of communication from SEC staff that lets a firm know that the agency's staff may recommend an enforcement action against them. Crypto treasuries a 'risk area' While the DAT phenomenon is a recent one, the SEC scrutinizing crypto companies and individuals who work in crypto is nothing new. In 2023, the SEC charged Terraform Labs and Do Kwon with securities fraud. Coinbase and Binance have also been targeted. The SEC ended up settling with Terraform and later dismissed the cases against Coinbase and Binance. The SEC also brought a lawsuit against crypto-project Unicoin for allegedly offering fraud rights certificates to investors of its cryptocurrency and common stock. That lawsuit is still ongoing. Since President Trump took office, however, the U.S. government's, including the SEC's, treatment of crypto organizations has been markedly different, with digital asset executives celebrating the seemingly pro-crypto administration. "Regulators have been certainly warming up to crypto under this new administration," said Swiatek, adding that this SEC probe could end up being the first instance of the agency questioning the behavior of companies operating in the digital assets space during Trump's second term. "This is sort of one of the first new signs of 'Look, there's something happening here that we need to look into.' That's an interesting dynamic," he said. David Namdar, who is CEO of the Nasdaq-listed crypto treasury BNB Network, which owns over $450 million in BNB tokens, seems to think some people in crypto need to become accustomed to a new, and more regulated form, of doing business. "As the digital asset and venture worlds intersect more with public markets, there’s a learning curve about how material information must be controlled," he told The Block. "One issue in certain deals in the sector has been what people describe as information leakage, related to situations where bad actors have shared pieces of information related to a potential transaction, leading to market chatter about pending transactions before official filings." Namdar said that to the best of his knowledge, BNB Network, which is officially named CEA Industries Inc., is "not among the companies subject to in-depth inquiries from the SEC or FINRA." 'Touchy subject' given Trump ties to DATs One legal advocate for a major crypto venture capital firm warned that the digital asset treasury boom could end up being a considerable "risk area" for the digital assets industry if DATs take on too much debt to buy crypto. But the advocate also said there's a worry among some monitoring the situation that the SEC looking into DATs might reveal irregular activity within an organization tied to the Trump family. "On the DATs, there is some fear about the Trump family," the person said, adding that the policing of DATs is a "touchy subject" due to the president's close ties to crypto treasuries. While there is no proof that the Trumps have done anything wrong or that the SEC is looking into any companies with ties to the president, Trump is connected to more than one DAT, including Nasdaq-listed ALT5 Sigma Corporation, which holds a reserve of WLFI tokens, the native cryptocurrency of World Liberty Financial, which is a Trump-backed DeFi project. Trump-owned Trump Media & Technology Group Corp., the company behind Truth Social, also adopted a crypto treasury strategy. Trump Media is also listed on the Nasdaq. ALT5 Sigma and Trump Media didn't immediately respond to a request for comment. The advocate, however, is encouraged that the SEC is trying to get to the bottom of whether or not wrongdoing occurred, regardless of how crypto-friendly Trump's government has been. "This is what the SEC should be doing. You want them actually focused on nascent areas where there's a burst of activity and some questionable, inter-person trading," they said. "This is what we would want out of the SEC if we want crypto to work well."

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  • standard-chartered-sees-major-rwa-growth-on-ethereum-cz-challenges-sen-warren-and-more-the-following-article-is-adapted-from-the-blocks-newsletter-the-daily-which-comes-out-on-weekday-af

    Standard Chartered sees major RWA growth on Ethereum, CZ challenges Sen. Warren, and more The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons. Happy Halloween, on this Friday, Oct. 31! Bitcoin rebounded near $110,000 after a thaw in U.S.–China relations, despite continuing ETF outflows. In today's newsletter, Standard Chartered says tokenized RWAs can reach $2 trillion by 2028, Ex-Binance CEO Changpeng Zhao's lawyer demands an "immediate retraction" from Sen. Warren of previous claims, Ether.fi DAO proposes a $50 million token buyback plan, and more. Meanwhile, Coinbase and Strategy posted Q3 earnings on Thursday — analysts remain bullish on both companies. Let's get started! P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000! Standard Chartered sees tokenized real-world assets reaching $2 trillion by 2028 — 'vast majority' on Ethereum Standard Chartered predicts the market cap for onchain real-world assets could increase roughly 5,600% by 2028 to $2 trillion, up from about $35 billion today, according to an analyst note. Moreover, the majority of those assets will be tokenized on Ethereum. Geoffrey Kendrick, Standard Chartered’s head of digital assets research, said tokenized money market funds and listed equities alone could each grow to $750 billion markets, with onchain private equity, commodities, and corporate debt also growing in size. "Stablecoins have created several necessary pre-conditions for a broader expansion of DeFi via the three pillars of increased public awareness, onchain liquidity, and onchain lending/borrowing activity in fiat-pegged product," Kendrick said. The main risk, Kendrick cautioned, would be if regulatory clarity in the U.S. fails to materialize — a possibility if the administration cannot push through changes before the November 2026 midterm elections — "but not our base case." While other chains will also likely see growth, Kendrick predicts most real-world assets will find a home on Ethereum due to the network's historical reliability and network effects. Ex-Binance CEO Changpeng Zhao's lawyer demands 'immediate retraction' from Sen. Warren over post-pardon remarks The lawyer for Changpeng Zhao is demanding that Sen. Elizabeth Warren retract "defamatory statements" she made about the former Binance CEO following his pardon by President Donald Trump. Last week, Warren criticized the president's move, saying on X that Zhao pleaded guilty to a criminal money laundering charge, and circulated a resolution urging Congress to block "this blatant corruption." Zhao's lawyer, Teresa Goody Guillén, sent a letter to the top Democrat on the Senate Banking Committee this week, requesting an apology over her statements related to CZ's 2023 guilty plea for failing to maintain adequate money-laundering controls and subsequent pardon. Earlier this week, Fox News' Charles Gasparino reported that Zhao is weighing whether to bring a libel suit against Warren. Although Zhao has denied lobbying the Trump administration for a pardon, ties between the Trump-backed DeFi project World Liberty Financial and Binance have raised questions among several observers. Canaan’s Japan deal marks first state-linked bitcoin mining project in the country Canaan is reportedly supplying bitcoin mining rigs to a major Japanese utility for a grid-stability research project, marking the country’s first publicly disclosed state-linked mining initiative. While Canaan did not identify the partner, the move follows earlier reports that a subsidiary of Japan’s largest utility, Tokyo Electric Power Company (TEPCO), had studied using surplus energy generated by solar and wind to mine bitcoin. Canaan said in its Thursday release that its hydro-cooled Avalon A1566HA servers will be used to “stabilize regional power-grid load through controlled overclocking and underclocking,” dynamically adjusting hashrate and voltage to balance energy use in real time. Ether.fi DAO proposes $50 million ETHFI buyback as DeFi’s repurchase wave tops $1.4 billion Ether.fi DAO has introduced a proposal to allocate up to $50 million from its treasury on token buybacks, which, if approved, would enable the Ether.fi Foundation to execute open-market purchases of ETHFI if the token dips below $3. With ETHFI down over 89% from its 2024 high to trade around $0.93 on Oct. 31, the program would activate immediately upon approval. Ether.fi is not the first to execute token buybacks, which have reached $1.4 billion alone this year, led by projects such as Hyperliquid and Pump.fun, Aave, and Uniswap. Ethereum devs officially target Dec. 3 for Fusaka upgrade In an All Core Devs call on Thursday, Ethereum researchers officially selected Dec. 3 as the date to push out the mainnet activation of the much-anticipated Fusaka upgrade. Fusaka went live on the Hoodi testnet on Tuesday in its final step towards mainnet activation following successful deployments on the Holesky and Sepolia testnets earlier this month. The backward-compatible Fusaka hard fork will implement about a dozen Ethereum Improvement Proposals to improve the sustainability, security, and scalability of the basechain and surrounding Layer 2 ecosystem, including the introduction of the PeerDAS streamlined data sampling technique

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  • western-union-files-wuusd-trademark-after-solana-stablecoin-reveal-western-union-has-filed-a-u-s-trademark-for-wuusd-one-day-after-unveiling-plans-to-launch-a-stablecoin-called

    Western Union files ‘WUUSD’ trademark after Solana stablecoin reveal Western Union has filed a U.S. trademark for "WUUSD," one day after unveiling plans to launch a stablecoin called USDPT on the Solana blockchain. The Oct. 29 filing, listed under serial number 99468604, covers downloadable cryptocurrency wallet software, stablecoin payment processing, trading, and exchange services, according to U.S. Patent and Trademark Office records. The mark was filed by Western Union Holdings Inc. and is currently listed as "awaiting examination." Both names point to U.S. dollar-based tokens, raising questions about how Western Union plans to differentiate between the two, or even whether the company intends for both assets to exist simultaneously. WUUSD could serve as a simplified consumer-facing brand or potentially a placeholder for future digital-asset products within the company’s planned Digital Asset Network. Western Union has not responded to The Block's request for comment on the WUUSD filing. On Tuesday, Western Union said it intends to launch USDPT in early 2026, issued by Anchorage Digital Bank. The token will allow users to send, receive, and hold stablecoins through Western Union's global infrastructure, marking one of the company's most significant forays into blockchain since its Ripple trials in 2018. Analysts at William Blair called the announcement "a clear opportunity rather than a threat" for remittance providers, noting that stablecoin rails could lower settlement costs, improve capital efficiency, and expand access in high-inflation markets. "We see a clear use-case for USD-denominated stablecoin holdings by remittance receivers in highly inflationary/FX-volatile economies as a means to mitigate purchasing power erosion," the analysts wrote in an Oct. 28 note to clients. "Further, stablecoin-enabled solutions should increase settlement speed and lower distribution partner pre-funding requirements, essentially reducing reliance on the historically constrained."

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  • william-blair-analysts-forecast-slingshot-recovery-for-visa-amid-stablecoin-tailwinds-visas-subdued-stock-performance-this-year-could-be-nearing-a-turning-point-according-t

    William Blair analysts forecast ‘slingshot recovery’ for Visa amid stablecoin tailwinds Visa’s subdued stock performance this year could be nearing a turning point, according to analysts at investment bank William Blair, with stablecoins becoming a major tailwind for the payments giant. During the company’s earnings call on Tuesday, Visa CEO Ryan McInerney confirmed plans to support four stablecoins across four unique blockchains that it can accept and convert to over 25 traditional fiat currencies. McInerney also noted that quarterly stablecoin-linked Visa card spend had quadrupled compared to a year ago, and it had facilitated over $140 billion in crypto and stablecoin flows since 2020. In a note to clients on Tuesday, William Blair analysts Andrew Jeffrey and Cristopher Kennedy argued that Visa’s integration of blockchain-based payments positions it for renewed growth as stablecoin adoption accelerates across global commerce. “Although we see certain niche use-cases, such as Coinbase and Shopify’s tie-up, we believe domestic B2C stablecoin payments are a solution looking for a problem. Bank cards are ubiquitous, cheap, secure, and fast,” the analysts said. “The real stablecoin opportunity is cross-border payments, in our opinion. Stablecoins can sharply lower the cost of cross-border B2B commerce, speed settlement, and reduce errors.” Cross-border opportunity is key The William Blair analysts noted that cross-border transactions make up under 15% of Visa’s total payment volume but argued the company is well-positioned to capture a growing share of stablecoin-based commerce as traditional correspondent banking fragments. While stablecoin adoption remains nascent, greater regulatory clarity, emerging standards, and improving infrastructure could move a significant share of the roughly $20 trillion cross-border B2B market onto emerging digital payment rails, they added. In September, Visa launched a pilot to test stablecoins for cross-border payments, providing businesses with a new way to transfer money abroad more quickly. “The passage of the GENIUS Act served as a catalyst for companies to refocus longtime efforts to leverage stablecoins and blockchain technologies,” Jeffrey and Kennedy said. “We sense most of the blockchain/stablecoin start-ups will require partnering with the existing ecosystem over the near term, while established fintechs will offer new services to existing customers and may benefit from increased internal efficiencies.” Visa’s laggard status is ‘unsustainable’ William Blair views Visa’s expanding stablecoin offerings, integrated within its broader multi-layer payments architecture, as an evolution of its role in facilitating global money movement rather than a departure from it. Jeffrey and Kennedy project that Visa’s stablecoin momentum will complement its core payments and tokenization businesses, contending that its year-to-date laggard status is “unsustainable,” and calling for a “slingshot recovery” in its stock. While bank stocks have generally performed well in 2025, Visa’s roughly 10% year-to-date rise — compared with the S&P 500’s 17% — leaves room for a rebound, the analysts said, reiterating their outperform rating on the stock and projecting 15%-plus 12-month upside. William Blair or an affiliate is a market maker in Visa securities and expects to receive or seek compensation for investment banking services from Visa or an affiliate within the next three months. Some William Blair employees, excluding research analysts, may also hold financial interests in Visa stock.

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  • visa-adding-support-for-four-stablecoins-on-four-unique-blockchains-as-spend-quadrupled-last-quarter-in-an-effort-to-increase-the-ways-payments-can-be-settled-and-money-moved-across-the-visa-network

    Visa adding support for four stablecoins on four unique blockchains, as spend quadrupled last quarter In an effort to increase the ways payments can be settled and money moved across the Visa network, the debit and credit card giant plans to support multiple stablecoins. "We are adding support for four stablecoins, running on four unique blockchains, representing two currencies, that we can accept and convert to over 25 traditional fiat currencies," Visa's CEO Ryan McInerney said during a fourth-quarter earnings call on Tuesday. Additionally, McInerney highlighted that "in Q4 stablecoin-linked Visa card spend quadrupled versus a year ago." Like many other traditional financial institutions and payments companies, Visa sees increased potential for stablecoins, especially after the U.S. created regulatory certainty as it relates to USD-pegged tokens. While Visa has forged partnerships with crypto native firms in the past, in September, the company launched a pilot to test stablecoins for cross-border payments, providing businesses with a new way to transfer money abroad more quickly. McInerney also said Tuesday that Visa has, since 2020, "facilitated over $140 billion in crypto and stablecoin flows." He added that included users leveraging Visa credentials to purchase more than $100 billion in crypto and stablecoin assets. "We now have more than 130 stablecoin-linked card issuing programs in over 40 countries," McInerney said on the call. Visa's CEO also noted that his company has started enabling banks to mint and burn their own stablecoins.

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  • standard-chartered-says-bitcoin-may-never-fall-below-100000-again-if-this-week-goes-well-bitcoin-may-never-fall-below-100000-again-if-the-current-positive-macro-and-geopolitical-developments-c

    Standard Chartered says bitcoin may never fall below $100,000 again 'if this week goes well' Bitcoin may never fall below $100,000 again if the current positive macro and geopolitical developments continue through the week, according to Standard Chartered Bank’s global head of digital assets research, Geoffrey Kendrick. In a new note on Monday, Kendrick said improving trade talks between the U.S. and China have turned last week’s market fear into hope. U.S. Treasury Secretary Scott Bessent indicated over the weekend that China's rare-earth export controls could be delayed for a year and that China plans to buy substantial quantities of U.S. soybeans for several years in exchange for Washington dropping its earlier 100% tariff threat. The details of the deal are expected to be finalized after the meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea on Thursday. The easing tensions have lifted sentiment across risk markets, with the bitcoin-gold ratio climbing back to just above pre-Oct. 10 levels, when 100% tariff headlines triggered a selloff, especially in crypto. The bitcoin-gold ratio compares the market cap of bitcoin to that of gold and rises as bitcoin’s market cap grows. "I will watch for this ratio to break back above 30 to signal an end to such fear," Kendrick said. He added that another key sign of renewed strength would be fresh inflows into spot bitcoin exchange-traded funds. Kendrick noted that more than $2 billion exited U.S. gold ETFs between Wednesday and Friday last week, saying it would be a strong sign of improving sentiment if even half of that re-entered bitcoin ETFs Monday through Wednesday this week. Bitcoin ETF inflows have lagged behind gold ETFs in recent weeks, he said, and "some catch-up is due." The next "absolute positive confirmation" would be a fresh all-time high in bitcoin, "as if it comes this would signify the death knell for those hanging onto the halving cycle as a reason for Bitcoin prices to peak now," Kendrick said. "To clarify, I think the halving cycle is dead (ETF flows matter more), but it will take confirmation to convince everyone of this." Kendrick also noted that Wednesday’s Federal Open Market Committee (FOMC) meeting is expected to bring another 25-basis-point rate cut, which he views as positive for bitcoin — especially as attention shifts to the next Federal Reserve chair and potential implications for Fed independence. He pointed to a busy week for U.S. tech earnings, with five of the "Magnificent Seven" companies — Microsoft, Meta, and Google reporting on Wednesday, followed by Apple and Amazon on Thursday. Crypto companies' Strategy and Coinbase are also due to report this week. "If this week goes well, bitcoin may NEVER go below $100,000 again," Kendrick concluded. Bitcoin is currently trading at around $114925, up 1.22% in the past 24 hours, according to The Block’s bitcoin price page.

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  • tether-backed-rumble-will-debut-bitcoin-tipping-for-its-51-million-monthly-users-in-december-nasdaq-listed-video-streaming-platform-rumble-ticker-rum-will-roll-out-crypto-based-tipping-for-its-51-m

    Tether-backed Rumble will debut Bitcoin tipping for its 51 million monthly users in December Nasdaq-listed video streaming platform Rumble (ticker: RUM) will roll out crypto-based tipping for its 51 million active monthly users in mid-December, the company announced during the Plan ₿ Forum in Lugano, Switzerland. Rumble Wallet, a non-custodial wallet built into the platform, will soon support payments and tips in Bitcoin, Tether's USDT stablecoin, and Tether Gold (XAUT), according to Rumble's website. The feature is expected to launch in December of this year. Lawyer and content creator David Freiheit was the first to receive a Bitcoin tip, Rumble said on X. The company is also offering users a chance at winning 1 BTC through a promotional sweepstakes that runs until the end of October. Tether, the stablecoin giant that owns about 48% of Rumble following last year's $775 million investment in the company, developed the feature in partnership with Rumble. Its CEO, Paolo Ardoino, recently said the firm will leverage its connections with Rumble to promote adoption of its U.S.-compliant stablecoin, USAT. (Its flagship stablecoin, USDT, does not comply with the U.S. GENIUS Act regulations.) "The aim there is to prove how we can convert [Rumble's] 51 million [monthly] active users, mostly in the United States, to use stablecoins within the U.S., the most sophisticated country nation for financial rails," Ardoino said on a panel at Singapore's Token2049 conference. Rumble also holds 210.8 BTC worth about $23.6 million as part of its Bitcoin treasury strategy, according to BitcoinTreasuries.net data.

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  • coinbases-base-token-could-be-worth-as-much-as-34-billion-jpmorgan-says-jpmorgan-analysts-said-coinbase-could-unlock-up-to-34-billion-in-value-through-the-eventual-launch-of-a-base-network

    Coinbase’s Base token could be worth as much as $34 billion, JPMorgan says JPMorgan analysts said Coinbase could unlock up to $34 billion in value through the eventual launch of a Base network token, calling it a major new monetization path alongside the company’s push into USDC yields and onchain trading. The report, published Friday by JPMorgan’s equity research team, raised Coinbase’s rating and lifted its December 2026 share price target to $404, citing “emerging monetization opportunities and abating risks” as the company leans further into its Layer 2 ecosystem and stablecoin economics. JPMorgan said a Base token could “equitize the success” of Coinbase’s Ethereum-based Layer 2 network, which launched in August 2023 and has since grown to more than $5 billion in total value locked and over 9 million daily transactions according to DefiLlama data. Coinbase Base TVL and Daily Transactions. Source: DefiLlama Based on current network activity and “lofty token economics,” the bank modeled a $12 billion to $34 billion market cap over time, with Coinbase likely retaining 40% of supply equal to roughly $4 billion to $12 billion in equity value. The projection follows Coinbase’s own recent comments suggesting it is “beginning to explore” a native token for Base. At the BaseCamp conference in Vermont last month, Base creator Jesse Pollak said a token could accelerate decentralization and “expand opportunities for builders.” CEO Brian Armstrong later confirmed on X that Base is exploring the idea but has “no definitive plans.” JPMorgan also pointed to Coinbase’s USDC yield program as a potential margin lever. The firm currently passes most of the interest it earns from Circle’s USDC reserves, about $400 million per year, back to customers as rewards. But analysts said Coinbase is evaluating a change that would limit those payouts to Coinbase One subscribers, similar to the tiered model used by Robinhood Gold. If regular users stopped earning yield, Coinbase could retain roughly $374 million annually that it now distributes to customers. Finally, analysts pointed to Coinbase’s integration of a DEX aggregator within the Base app as a way to hedge against the growth of decentralized exchanges, which now account for roughly 25% of total spot crypto trading volume. Coinbase shares are trading around $355 according to The Block price data, making JPMorgan’s $404 price target by next December appear attainable, especially given the stock’s record high near $430 in July, when the GENIUS Act stablecoin bill was passed.

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  • coinbase-ripple-among-crypto-titans-donating-to-trumps-new-white-house-ballroom-crypto-heavyweights-including-ripple-coinbase-tether-and-gemini-founders-cameron-and-tyler-winklevoss

    Coinbase, Ripple among crypto titans donating to Trump's new White House ballroom Crypto heavyweights — including Ripple, Coinbase, Tether, and Gemini founders Cameron and Tyler Winklevoss — are reportedly among a list of donors contributing to President Donald Trump's new White House ballroom. According to multiple news outlets, major tech companies such as Apple, Comcast, Google, and Microsoft are also on the list of contributors. It is currently unclear how much each corporation or individual donated. The White House announced the construction of the ballroom in July describing it as a 90,000 total square foot addition that could seat 650 people. The project began in September 2025 and reportedly costs $300 million. It has also sparked criticism after the East Wing of the White House was demolished, and questions over how the administration managed the process. In a statement earlier this week, the White House pushed back and called criticism the "latest instance of manufactured outrage, unhinged leftists and their Fake News allies are clutching their pearls over President Donald J. Trump’s visionary addition of a grand, privately funded ballroom to the White House." Trump has received donations from the crypto industry over the past year. In August, Tyler and Cameron Winklevoss donated 18 bitcoins to a pro-Trump political action committee. In January, Circle, Ripple, and Coinbase donated funds to Trump's inaugural committee. The crypto industry played a significant role in the 2024 elections when Trump was elected, with millions of dollars going toward key races. Fairshake, for example, raised over $200 million in the election cycle to put behind key races, according to Open Secrets, with funding coming from large crypto firms, including Ripple and Coinbase. As a result, Washington D.C. has what some call the most pro-crypto Congress yet and support from the top. On Thursday, Trump issued a controversial pardon for former Binance CEO Changpeng Zhao, who previously served four months in prison related to his exchange's lax anti-money laundering controls.

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  • legacy-asset-manager-t-rowe-price-files-for-its-first-crypto-etf-t-rowe-price-a-legacy-asset-management-company-with-1-77-trillion-in-assets-under-management-submitted-an-s-1-filing-with-the-secu

    Legacy asset manager T. Rowe Price files for its first crypto ETF T. Rowe Price, a legacy asset management company with $1.77 trillion in assets under management, submitted an S-1 filing with the Securities and Exchange Commission to launch its first crypto exchange-traded fund. The T. Rowe Price Active Crypto ETF is described as an actively-managed product that seeks to outperform the FTSE Crypto US Listed Index, which tracks the performance of the top 10 largest U.S.-listed crypto assets by market capitalization, over a period of a year or longer. The Wednesday filing shows that the fund will invest in "eligible" cryptocurrencies, which include bitcoin, ether, Solana, XRP, Cardano, Avalanche, Litecoin, Polkadot, Dogecoin, HBAR, Bitcoin Cash, Chainlink, Lumen and Shiba Inu. Having long focused on mutual funds, T. Rowe Price's venture into crypto ETFs came years after other issuers such as BlackRock and Fidelity had rushed to launch such products to great success. "Can't overstate significance of T. Rowe Price filing for an actively managed crypto ETF out of left field," NovaDius Wealth Management President Nate Geraci wrote in an X post. "A firm founded in 1937 is now building out the full infrastructure to handle crypto trading and manage a crypto ETF." Geraci pointed out that this shows how legacy asset managers are scrambling to figure out how to integrate crypto assets into their strategies. "Hoping crypto goes away is not a good biz strategy," Geraci said. The filing also came after the SEC recently approved new listing standards that effectively shorten the timeline for crypto ETFs to begin trading. Since then, dozens of new crypto-related products have gushed in. On Wednesday, Osprey Funds filed its S-1 statement to launch its spot Solana ETF with staking. However, the processing of these applications is currently halted amid the U.S. government shutdown, which has lasted 23 days since beginning on Oct. 1. The shutdown leaves the SEC with limited resources and the agency is unlikely to process crypto ETF filings until the government reopens, a source previously told The Block.

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  • india-us-continue-to-lead-global-crypto-adoption-as-stablecoin-momentum-builds-trm-labs-global-cryptocurrency-adoption-accelerated-in-2025-with-south-asia-emerging-as-the-fastest-growing-region-and

    India, US continue to lead global crypto adoption as stablecoin momentum builds: TRM Labs Global cryptocurrency adoption accelerated in 2025, with South Asia emerging as the fastest-growing region and the U.S. cementing its position as the world's largest crypto market by transaction volume, according to a new report from TRM Labs. In the 2025 Crypto Adoption and Stablecoin Usage Report released Tuesday, TRM Labs highlighted that South Asia, including India and Pakistan, recorded an 80% increase in crypto adoption between January and July 2025 compared to the same period in 2024, reaching roughly $300 billion in transaction volume. India maintained its top ranking for the third consecutive year when it comes to crypto adoption, followed by the U.S., Pakistan, the Philippines, and Brazil, according to the report. The U.S. market also saw robust growth, with crypto transaction volume rising roughly 50% in the first seven months of the year to exceed $1 trillion. This expansion was supported by regulatory developments, including the passage of the GENIUS Act and the White House's 180-Day Digital Assets Report, according to the TRM report. TRM noted that stablecoins played a central role in crypto adoption, accounting for roughly 30% of the entire crypto transaction volume. By August 2025, stablecoin transactions reached a record $4 trillion, marking an 83% increase year-over-year. Tether and Circle accounted for about 93% of the total stablecoin market capitalization. TRM's analysis also revealed that retail-led adoption accelerated, with retail transactions rising more than 125% between January and September 2025 compared to the same period in 2024. This underscores the growing role of individuals in driving crypto's evolution, especially in areas like payments, remittances, and value preservation during economic volatility, according to TRM. "In some jurisdictions, adoption has accelerated in response to regulatory clarity and institutional access; in others, it has expanded despite formal restrictions or outright bans," said the report. "These contrasting dynamics point to a consistent trajectory: crypto is moving further into the financial mainstream. A key trend underscoring this shift is the rise of stablecoins."

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  • hackers-siphon-3-million-in-xrp-from-us-users-wallet-zachxbt-a-u-s-crypto-user-has-lost-approximately-3-05-million-in-xrp-after-their-ellipal-wallet-was-compromised-with-the-stolen-funds-being

    Hackers siphon $3 million in XRP from US user's wallet: ZachXBT A U.S. crypto user has lost approximately $3.05 million in XRP after their Ellipal wallet was compromised, with the stolen funds being transferred through bridges and ultimately laundered to over-the-counter venues adjacent to Huione, according to blockchain investigator ZachXBT. In a detailed X thread posted on Oct. 19, the sleuth identified the theft address, mapped more than 120 Ripple to Tron swaps via bridges on Oct. 12. He also published onchain findings showing the funds consolidating on Tron before being dispersed to Huione-linked OTCs by Oct. 15. U.S. authorities have alleged that Huione and its related marketplaces facilitate massive laundering tied to scams and cybercrime in Southeast Asia. Recently, treasury officials proposed sweeping sanctions against entities affiliated with the illicit organization. Earlier in 2025, FinCEN also proposed a rule targeting Cambodia’s Huione as a primary money-laundering concern, citing billions in suspicious flows. Meanwhile, ZachXBT said the victim appeared inexperienced and that available details point to user error rather than a hardware zero-day. Products that offer both custodial and non-custodial options can be confusing to users. Here, the victim believed they were using a cold-storage product when in reality, it functioned as a hot wallet, according to the web3 detective. The episode spotlights enduring attack vectors that have persisted through 2025. A recent TRM Labs report found more than $2 billion stolen in the first half of the year, driven by front-end compromises, private-key thefts, and wallet breaches. Both categories often end in cross-chain swaps and OTC off-ramps similar to those flagged by ZachXBT. As is typical with such cases, ZachXBT said the recovery outlook appears low given reporting delays and jurisdictional hurdles. The security expert urged stricter controls from centralized exchanges and stablecoin issuers to curb OTC-based laundering. XRP — the native token of the XRP Ledger, a payments-focused network used for fast value transfer — traded around $2.46 today, The Block’s price page shows. The token has increased by 6% in the past 24 hours, as cryptocurrencies have stabilized after a recent multi-billion-dollar liquidation cascade.

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  • uk-tax-authority-sends-65000-letters-to-suspected-crypto-tax-evaders-more-than-double-last-years-count-ft-hm-revenue-customs-hmrc-the-uk-tax-authority-has-sent-out-65000-letters-to-cry

    UK tax authority sends 65,000 letters to suspected crypto tax evaders, more than double last year's count: FT HM Revenue & Customs (HMRC), the UK tax authority, has sent out 65,000 letters to crypto investors suspected of owing taxes on their holdings, an increase of 134% compared to the year prior, according to a report from the Financial Times. Accounting firm UHY Hacker Young filed a Freedom of Information Act request to obtain the figures, and the FT reports that the "nudge" letters are typically sent out to individuals suspected of tax avoidance or evasion before a formal investigation is launched. Neela Chauhan, a partner at UHY Hacker Young, told the FT that HMRC receives data from crypto exchanges directly, and is likely using that data to find cases of tax avoidance. India's tax authority is likewise targeting more than 400 suspected tax evaders likely using data received directly from Binance, indicating that tax agencies around the world have better access to crypto trading data than in prior years. Starting in Jan. 2026, HMRC will also receive detailed user information from exchanges as part of the Crypto-Assets Reporting Framework (CARF) adopted by about 70 jurisdictions, including OECD members. Under the framework, crypto exchanges will report information on crypto traders and their activity to national tax authorities. The agency will collect data throughout 2026, with the first filing set for May 31, 2027. The UK's complicated crypto tax scheme treats most personal-use crypto as an investment, so selling, swapping, or spending it is a "disposal" that triggers Capital Gains Tax (CGT). “Earning” crypto through mining, staking rewards, some airdrops, and employment can be considered income, subject to a separate income tax. The CGT rates were raised last autumn, from a 10% basic-rate and 20% higher-rate for disposals before Oct. 30, 2024, and 18% basic/24% higher for disposals after that date. Meanwhile, the UK financial regulator recently lifted its four-year ban on crypto-based exchange-traded notes (ETNs), opening the door for asset managers to offer crypto ETNs to retail traders on the London Stock Exchange, with some asset managers already receiving approval to offer their products to retail investors. IG Group research projects that the country's crypto industry could grow by up to 20% in the wake of the change.

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  • okx-expands-custody-partnership-with-standard-chartered-into-europe-letting-clients-trade-while-keeping-assets-off-exchange-crypto-exchange-okx-has-expanded-its-custody-partnership-with-standard-char

    OKX expands custody partnership with Standard Chartered into Europe, letting clients trade while keeping assets off exchange Crypto exchange OKX has expanded its custody partnership with Standard Chartered into the European Economic Area, introducing a model that lets institutional clients trade on OKX while keeping their assets in the bank's custody. The move extends a program first launched in the UAE earlier this year, creating a barrier between trading and custody that is standard practice in traditional finance, but not as common in crypto. Traders have been seeking to mitigate the risk of holding assets on crypto trading platforms in general following the FTX debacle in 2022, which left billions of dollars trapped in bankruptcy proceedings. Through the collaboration, institutional clients can hold assets with Standard Chartered — a Global Systemically Important Bank — while mirroring those balances on OKX for trading. This approach is designed to reduce counterparty risk and give clients the ability to access liquidity and trading opportunities without transferring custody of their assets to the exchange. Bank-grade protection for digital assets The model offers bank-grade security with direct exchange access, allowing clients to trade within a more protected framework, OKX Europe CEO Erald Ghoos said in a statement, adding that OKX's MiCA license provides the regulatory clarity institutions need to deploy capital confidently. "The expansion highlights not only Standard Chartered's confidence as the first and only G-SIB to work directly with a crypto exchange, but also the growing trust of regulators in this model," he said. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, said the combination of the bank's established custody infrastructure with OKX's regulatory framework will deliver secure and compliant solutions for institutional clients in Europe. OKX previously partnered with Komainu to provide a similar custody arrangement for institutional clients in 2024. However, it's not the only crypto platform looking at such off-exchange solutions, with Deribit, Binance, and Bitget also announcing plans in recent years.

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  • bernstein-projects-usdc-stablecoin-supply-to-triple-by-end-of-2027-capturing-one-third-of-market-analysts-at-research-and-brokerage-firm-bernstein-project-circles-usdc-will-emerge-as-the-main-benef

    Bernstein projects USDC stablecoin supply to triple by end of 2027, capturing one-third of market Analysts at research and brokerage firm Bernstein project Circle's USDC will emerge as the main beneficiary of the new U.S. stablecoin regime, with supply estimated to nearly triple within two years. In a note to clients on Tuesday, the analysts led by Gautam Chhugani said USDC's stablecoin market share could climb to 33% by the end of 2027 — gaining ground against rivals from 29% today — having already risen 6% in the past 18 months, as investors and payment platforms pivot toward regulated, dollar-backed tokens. Tether's USDT remains the dominant stablecoin, accounting for over $180 billion (62%) of the sector's $290 billion market cap, according to The Block's data dashboard. USDC's share of stablecoin supply is worth around $76 billion, followed by USDe, Dai, and USDS with $12.6 billion, $5 billion, and $4.8 billion market caps, respectively. The analysts argue that Circle's compliance-first model and partnerships with major crypto exchanges have created a liquidity advantage that is difficult to replicate, supported by integrations across 28 blockchains and deep distribution through Coinbase, Binance, and OKX. They estimated that Circle facilitated $3 trillion in USDC transactions in the first half of 2025 alone, up 120% from 2024 at the current run rate. The passage of the GENIUS Act in July has further cemented Circle's position, the analysts said. The new law establishes a federal framework for "payment stablecoins," limiting foreign issuers and defining them as digital cash rather than securities or deposits. Bernstein said the high regulatory bar favors U.S.-based issuers like Circle, which already maintains full cash and U.S. Treasurys backing, daily reserve disclosures, and independent attestations. The analysts described USDC as "the largest regulated stablecoin globally" and said it is well placed to partner with banks and payment providers that need compliant infrastructure and are unlikely to issue their own tokens. Bernstein expects the total stablecoin market to expand to $670 billion by the end of 2027, driven by growth in crypto capital markets and new use cases such as cross-border payments and remittances. Circle's share of that market would translate to $220 billion in USDC supply, supported by new integrations across Fiserv, FIS, Corpay, and Shopify, the analysts said. Bernstein also highlighted that other entrants, including PayPal's PYUSD and Tether's new U.S. subsidiary, USAT, face "cold-start" liquidity challenges and fewer exchange integrations. Rate-cut risks and float-income resilience Circle's financial model remains heavily dependent on float income from reserves, and looming rate cuts could reduce those earnings, though the analysts only expect interest rates to fall to around 3% by the end of 2027 from 4.25% today. However, Bernstein said expanding USDC supply, non-interest income such as cross-chain transfer fees and payments network income, and operating leverage should offset the impact, noting those have already risen from 1% of total revenue in 2024 to 4% in the first half of 2025. Bernstein forecasts Circle's revenue to grow at a 47% compound rate through the end of 2027, driven by a 71% compound annual growth rate in USDC supply over the same period as the company scales its infrastructure and payment network. Over the longer term, the analysts see stablecoins reshaping financial services and digital payments, projecting total supply to reach $4 trillion by 2035. They expect USDC to maintain about 30% of that market, supported by Circle's ongoing buildout of products like the Circle Payments Network and its purpose-built blockchain, Arc. "Digital dollars will form the money-rail of the internet and Circle is best positioned given its headstart," the analysts wrote, reiterating their outperform rating and $230 price target for the stock — 67% to the upside from Monday's closing price of $137.47, according to The Block's Circle price page.

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  • binance-pays-283-million-in-compensation-following-fridays-depegs-covering-user-losses-binance-the-worlds-largest-crypto-exchange-by-volume-said-it-compensated-users-of-three-binance-earn-asse

    Binance pays $283 million in compensation following Friday's depegs, covering user losses Binance, the world's largest crypto exchange by volume, said it compensated users of three Binance Earn assets to the tune of $283 million after Friday's volatility caused the assets to depeg from their intended price. Binance executives apologized to users after Friday's market downturn apparently triggered assets in three Binance Earn markets — for Ethena's stablecoin USDe, Binance-issued Solana liquid staking token BNSOL, and Wrapped Beacon liquid staking token WBETH — to depeg from their intended prices. Ethena's USDe, intended to be pegged to $1, briefly fell below $0.66 on Binance. Binance says compensation was for futures, margin, and loan users who held USDE, BNSOL, or WBETH as collateral and were impacted between 21:36–22:16 UTC, plus users with verified losses from internal transfers/Earn redemptions. Despite the issues on Binance, the assets did not depeg as significantly on other venues. "I do not think it is accurate to describe this is a USDe depeg when a single venue was out of line with the deepest pools of liquidity that experienced no abnormal price deviations whatsoever," Ethena Labs CEO and co-founder Guy Young wrote on X, in response to the incident. On Sunday, Binance announced that $283 million in compensation has been paid to affected users, in two batches. The exchange also downplayed some social media rumors that an attack on Binance caused a depeg, which then led to the broader market crash. "The extreme market downturn occurred before the de-pegging," Binance's post states. "Records show that during the market sell-off, prices fell to their lowest point between 21:20 and 21:21 (UTC) on October 10, 2025, while the severe de-pegging occurred after 21:36 (UTC) on the same day." In a separate post, Binance elaborated on the changes it will make to the affected markets to safeguard against future depegs, adding the assets' redemption prices to the index weights to stabilize future wobbles and installing a soft price floor in the reference index for USDe. Finally, the exchange addressed extreme price movements in tokens like IOTX and ATOM, the latter of which reportedly fell below $0.01 on Binance before rebounding to its current price of around $3.50. "Historical limit orders (some dating back years, as far as 2019, e.g., IOTX, ATOM) had remained open on the platform," Binance wrote. "During extreme market sell-off and the lack of buying orders, sell orders continue to execute against these long-standing limit orders, pushing token prices to sharply drop momentarily." Binance also said the IOTX/USDT trading pair displayed a value of $0, because the exchange's website didn't render enough decimal places, and it plans to fix this display issue. The price of BNB, the native token of Binance-linked BNB chain, has risen 11.8% in the past 24 hours, according to The Block's BNB Price page, amid a broader rebound in asset prices. The Block's GM30 Index, which tracks the price of the top 30 cryptocurrencies by market capitalization, is up 6.8% over the past day, as of publishing time. The exchange may still have more compensation to distribute. "Binance is still reviewing and processing user cases," the exchange's post states.

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  • binance-to-compensate-some-users-after-several-markets-depeg-there-are-no-excuses-binance-will-compensate-some-users-who-lost-funds-during-friday-nights-volatility-which-led-to-degraded-perfor

    Binance to compensate some users after several markets depeg: 'There are no excuses' Binance will compensate some users who lost funds during Friday night's volatility, which led to degraded performance on the world's largest cryptocurrency exchange, senior executives announced on Saturday. Binance co-founder and chief customer support officer Yi He apologized to Binance users Saturday morning in a post on X, saying issues arose after the recent price volatility in the crypto market and amid a "substantial influx of users" to the platform. "If you have incurred losses attributable to Binance, please contact our customer service to register your case," He wrote. "We will review your account activity individually, analyze the situation, and provide compensation accordingly. However, losses resulting from market fluctuations and unrealized profits are not eligible for compensation...When we fall short, we take responsibility—there are no excuses or justifications." Binance appears to be looking specifically at issues in the markets for three tokens: Ethena's stablecoin USDe, Binance-issued Solana liquid staking token BNSOL, and Wrapped Beacon liquid staking token WBETH, according to an announcement. Each of the three tokens saw dramatic depegs on Friday night, with USDe, designed to keep its $1 peg, falling below $0.66. Binance CEO Richard Teng, who took over the role from co-founder Changpeng "CZ" Zhao in 2023, likewise apologized to Binance users in a post on X. "I’m truly sorry to everyone who was impacted," Teng wrote. "We don’t make excuses — we listen closely, learn from what happened, and are committed to doing better." It's currently unclear how many impacted users will be entitled to compensation from Binance. The Block could not immediately reach Binance for comment. "Those who acquired depegged assets at low prices yesterday earned them by staying up late, and we will not reclaim those. For wealth management users involved with the three depegged packaged assets, the process is being handled gradually. For trading users who experienced losses or liquidations due to platform latency issues, we will address each case individually," He wrote in a follow-up post. The price of BNB, the native token of Binance-linked BNB Chain, has dropped about 9.6% over the past 24 hours, according to The Block's BNB Price page. BNB recently flipped XRP to become the third-largest non-stable cryptocurrency by market capitalization. Daily liquidations near $20 billion Crypto traders have seen liquidations worth over $19.3 billion in the past 24 hours, according to Coinglass data, affecting some 1.7 million traders. Some traders are calling the past day one of the biggest liquidation events in crypto's history.

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  • s-korean-tax-agency-pay-your-bills-or-well-take-your-crypto-cold-wallets-officers-warn-crypto-holders-they-have-the-power-to-visit-homes-to-search-for-self-custody-coins-the-south-korean-tax-2

    S Korean Tax Agency: Pay Your Bills or We’ll Take Your Crypto Cold Wallets Officers warn crypto holders they have the power to visit homes to search for self-custody coins The South Korean tax agency has told crypto holders that officers will visit their homes to seize cold wallets if they fail to pay their tax bills. The South Korean newspaper Hankook Ilbo reported that the comments came from the National Tax Service (NTS) on October 9 South Korean Tax Agency: We Can Confiscate Your Cold Wallet Tax bodies around the country have already launched crackdowns on local tax evaders that hold crypto wallets on domestic trading platforms. In recent weeks, city authorities have expanded these to cover people who fail to pay water bills and traffic fines. But the NTS’ warning shows that the agency is aware that many crypto holders keep their coins offline, using self-custody solutions. An agency spokesperson said: “We can now monitor a non-compliant taxpayer’s crypto transaction history using [blockchain protocol] tracking programs. And if we suspect they are hiding their coins offline, we can conduct searches at their homes, confiscating [hard drives or PCs].” However, one notable blind spot appears to be standing in the NTS’ path. The newspaper wrote: “Problems occur in cases where non-compliant taxpayers use overseas crypto exchanges. Since domestic law does not apply overseas, the [NTS] must rely on the cooperation of foreign governments to determine the nature of a delinquent taxpayer’s assets.” And while the Multilateral Tax Administration Cooperation Agreement allows Seoul to work with 74 nations on tax collection matters, this may not be enough. South Korea has no such agreements with the United States, nor with nations like China or Russia. And there is evidence to suggest that an increasing number of South Korean crypto traders are shunning domestic platforms in favor of foreign or decentralized alternatives. Data from the Financial Supervisory Service (FSS), one of the country’s top financial regulators, shows that as of the first half of this year, the amount of crypto transferred from domestic exchanges to overseas firms or individual wallets amounted to 78.9 trillion won ($55.6 billion). How Does The NTS Seize Crypto from Domestic Exchange Wallets? Under the terms of the National Tax Collection Act, the tax agency can impose “right to question and inspect” orders on individual accounts. The NTS usually issues these orders to exchanges in habitual non-payment cases, particularly if suspected tax evaders claim they cannot afford to pay their outstanding bills. If the NTS’ probes confirm that the individual holds crypto, the exchange responds by suspending their wallets. All coins in the account are then transferred to the NTS’ own wallets. Some local tax bodies then give crypto holders ultimatums, warning them that the tax agency will liquidate the tokens if the holders do not settle their tax bills. If they fail to respond, the agency immediately sells the crypto for fiat “at market price.” According to NTS data submitted to the offices of the Democratic Party lawmaker Kim Young-jin, the tax service “has seized and collected virtual assets from 14,140 delinquent taxpayers over the past four years.” This has seen the NTS and its regional affiliates liquidate 146.1 billion won ($103 million) worth of crypto in the same period.

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  • s-korean-tax-agency-pay-your-bills-or-well-take-your-crypto-cold-wallets-officers-warn-crypto-holders-they-have-the-power-to-visit-homes-to-search-for-self-custody-coins-the-south-korean-tax

    S Korean Tax Agency: Pay Your Bills or We’ll Take Your Crypto Cold Wallets Officers warn crypto holders they have the power to visit homes to search for self-custody coins The South Korean tax agency has told crypto holders that officers will visit their homes to seize cold wallets if they fail to pay their tax bills. The South Korean newspaper Hankook Ilbo reported that the comments came from the National Tax Service (NTS) on October 9 South Korean Tax Agency: We Can Confiscate Your Cold Wallet Tax bodies around the country have already launched crackdowns on local tax evaders that hold crypto wallets on domestic trading platforms. In recent weeks, city authorities have expanded these to cover people who fail to pay water bills and traffic fines. But the NTS’ warning shows that the agency is aware that many crypto holders keep their coins offline, using self-custody solutions. An agency spokesperson said: “We can now monitor a non-compliant taxpayer’s crypto transaction history using [blockchain protocol] tracking programs. And if we suspect they are hiding their coins offline, we can conduct searches at their homes, confiscating [hard drives or PCs].” However, one notable blind spot appears to be standing in the NTS’ path. The newspaper wrote: “Problems occur in cases where non-compliant taxpayers use overseas crypto exchanges. Since domestic law does not apply overseas, the [NTS] must rely on the cooperation of foreign governments to determine the nature of a delinquent taxpayer’s assets.” And while the Multilateral Tax Administration Cooperation Agreement allows Seoul to work with 74 nations on tax collection matters, this may not be enough. South Korea has no such agreements with the United States, nor with nations like China or Russia. And there is evidence to suggest that an increasing number of South Korean crypto traders are shunning domestic platforms in favor of foreign or decentralized alternatives. Data from the Financial Supervisory Service (FSS), one of the country’s top financial regulators, shows that as of the first half of this year, the amount of crypto transferred from domestic exchanges to overseas firms or individual wallets amounted to 78.9 trillion won ($55.6 billion). How Does The NTS Seize Crypto from Domestic Exchange Wallets? Under the terms of the National Tax Collection Act, the tax agency can impose “right to question and inspect” orders on individual accounts. The NTS usually issues these orders to exchanges in habitual non-payment cases, particularly if suspected tax evaders claim they cannot afford to pay their outstanding bills. If the NTS’ probes confirm that the individual holds crypto, the exchange responds by suspending their wallets. All coins in the account are then transferred to the NTS’ own wallets. Some local tax bodies then give crypto holders ultimatums, warning them that the tax agency will liquidate the tokens if the holders do not settle their tax bills. If they fail to respond, the agency immediately sells the crypto for fiat “at market price.” According to NTS data submitted to the offices of the Democratic Party lawmaker Kim Young-jin, the tax service “has seized and collected virtual assets from 14,140 delinquent taxpayers over the past four years.” This has seen the NTS and its regional affiliates liquidate 146.1 billion won ($103 million) worth of crypto in the same period.

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  • changpeng-zhaos-yzi-labs-announces-1-billion-fund-for-bnb-chain-developers-yzi-labs-formerly-binance-labs-has-announced-a-1-billion-builder-fund-to-support-founders-and-developers-buildin

    Changpeng Zhao’s YZi Labs announces $1 billion fund for BNB Chain developers YZi Labs, formerly Binance Labs, has announced a $1 billion Builder Fund to support founders and developers building within the BNB Chain ecosystem, the firm shared on Wednesday. According to an announcement on X, the fund will pair capital with tools, integrations and access to what the firm describes as a 460 million–user ecosystem, while targeting projects in DeFi, AI, real-world assets, DeSci, payments and wallets. Selected teams can receive up to $500,000 plus direct access to YZi and BNB Chain core teams and a global mentor network. Also, the initiative folds into Season 2 of EASY Residency, YZi’s accelerator program that now includes BNB Chain’s Most Valuable Builder track and expands hubs to New York, San Francisco, Dubai, and Singapore. Founded as Binance Labs and rebranded in January, YZi Labs is led by Ella Zhang, with Binance co-founder Changpeng “CZ” Zhao taking an active role. The firm has recently deepened its support of Ethena Labs, the issuer of USDe and USDtb, while CZ also publicly rebutted speculation about opening its portfolio to outside investors. Additionally, Wednesday’s announcement arrives as BNB has surged to fresh highs and climbed to the No. 3 crypto by market value. The Block’s price page shows BNB trading over $1,320, up nearly 30% in the last week amid a crypto market surge.

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  • gemini-stock-projected-for-25-upside-driven-by-crypto-reward-card-flywheel-and-eu-license-analysts-see-gemini-space-station-ticker-gemi-shares-climbing-between-20-to-25-from-current-levels-as-ad

    Gemini stock projected for 25% upside driven by crypto reward card 'flywheel' and EU license Analysts see Gemini Space Station (ticker GEMI) shares climbing between 20% to 25% from current levels as adoption of its crypto rewards card accelerates and a new Markets in Crypto-Assets license opens the door to European expansion. GEMI, which went public last month, is trading around $25 according to The Block price data, and was given a $30 price target by Mizuho Securities in new research, implying medium-term upside tied to stronger user conversion and revenue growth. The firm’s Gemini Credit Card has quickly become a central growth driver. Sign-ups have surged from about 8,000 in 2024 to nearly 31,000 by August 2025. The card lets users earn bitcoin, ether or other tokens as cashback on everyday purchases, with rewards deposited instantly into their exchange accounts. Mizuho analysts Dan Dolev and Alexander Jenkins said the product creates a “flywheel effect,” with roughly half of cardholders also becoming monthly exchange traders — a conversion rate the bank argues drives volumes and recurring engagement. International markets represent a second pillar of growth. In August, Gemini secured licensing under the European Union’s MiCA framework enabling it to expand into staking, derivatives, and other regulated offerings across the bloc. Coverage picked up this week as the IPO research blackout expired, with 11 analysts initiating on GEMI: six with buy ratings and five with holds. The average price target implies about 25% upside, stronger than peers such as Robinhood, Coinbase, and Blockchain.com, where targets sit below current levels. Still, KBW struck a more cautious tone, saying that “while we acknowledge that Gemini’s growth profile is superior relative to the peer group, the company is expected to remain largely unprofitable throughout the forecast period.”

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  • us-federal-shutdown-stalls-crypto-progress-as-sec-goes-dark-td-cowen-warns-the-government-shutdown-in-the-united-states-is-bad-news-for-crypto-as-federal-agencies-like-the-securities-and-exchange-co

    US federal shutdown stalls crypto progress as SEC goes dark, TD Cowen warns The government shutdown in the United States is bad news for crypto, as federal agencies like the Securities and Exchange Commission are put on pause, investment bank TD Cowen said in a note on Monday. Last week, the government shut down after Congress failed to reach a deal on funding, furloughing government employees and significantly limiting what federal agencies can do. The shutdown could last a few weeks or longer. That puts efforts such as the SEC's focused on exemptive relief for crypto on areas including tokenization on ice, said TD Cowen's Washington Research Group, led by Jaret Seiberg, in Monday's note. "We do not see a scenario in which the SEC is able to resume work on policy changes important to the crypto sector until there is a deal to fund the government," Seiberg wrote. Since the beginning of the Trump administration in January, the SEC has been weighing exploring exemptive relief for new crypto products as well as similar relief for digital asset companies that offer tokenized equities. Now with the shutdown, there is no progress on that relief or other crypto-related changes, Seiberg said. "This is not just about a delay equal to the number of days that the government is shut down," Seiberg said. "It also is about the delay that will come once staff returns to the office and seeks to pick up where it left off. They also will have to deal with any pressing issues that they were unable to address during the shutdown." The SEC is currently working under an operations plan whereby it has an "extremely limited number of staff members available to respond to emergency situations," according to that guidance. The SEC has also been at a standstill on moving forward with crypto exchange-traded funds, many of which were primed to get the agency's sign-off imminently. With the SEC being "effectively closed," crypto policy will turn to the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, which can stay open during shutdowns, Seiberg said. "We will be watching what is done with the ability of banks to issue stable coins to serve as custodians for crypto assets and to roll out payment systems that rely on tokenization," Seiberg said.

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  • hong-kong-listed-china-financial-leasing-to-raise-11-million-for-crypto-investment-platform-china-financial-leasing-group-a-hong-kong-listed-investment-firm-has-announced-plans-to-raise-hk

    Hong Kong–listed China Financial Leasing to raise $11 million for crypto investment platform China Financial Leasing Group, a Hong Kong-listed investment firm, has announced plans to raise HK$86.7 million ($11.1 million) through a share placement to Innoval Capital, as it intends to build a cryptocurrency and artificial intelligence investment platform. In a Sunday filing with the Hong Kong Stock Exchange, the company said Innoval Capital is set to purchase 69.38 million new shares at HK$1.25 per share under their subscription agreement. The deal represents roughly 20% of the company’s existing share capital and 16.7% of its enlarged base post-placement. “The company intends to focus on establishing a Crypto-AI digital asset investment platform in the group, investing in digital asset exchanges (including stablecoins, BTC, ETH, RWA, NFT, DEFI, Depin and other new digital assets), and building a digital asset management platform,” the company said in the filing. The subscriber, Innoval Capital, is a British Virgin Islands–incorporated investment firm founded by Antalpha CEO Moore Xin Jin, a veteran in the crypto and fintech sectors. Jin leads Nasdaq-listed Antalpha Platform Holding Company (ANTA), which manages assets exceeding $1.6 billion, according to the filing. China Financial Leasing Group noted that its attempt to build a crypto platform aligns with the Hong Kong government’s June policy statement on developing crypto assets. The company said it aims to evolve into an “innovative digital asset investment holding group” by integrating AI and blockchain technologies. The company’s stock jumped 25% as of 2:00 p.m. on Monday in Hong Kong, according to Yahoo Finance data, with the market still open. The stock has a market cap of around HK$555 million ($71.3 million).

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  • samsung-partners-with-coinbase-to-enable-crypto-funding-via-pay-walmart-backed-onepay-to-launch-btc-and-eth-trading-and-more-the-following-article-is-adapted-from-the-blocks-newsletter-the

    Samsung partners with Coinbase to enable crypto funding via Pay, Walmart-backed OnePay to launch BTC and ETH trading, and more The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons. Happy Friday! October is living up to its bullish reputation so far — bitcoin has posted gains this month in 10 of the past 12 years, and it's already up 9% in the first few days. In today’s newsletter, Samsung partners with Coinbase to enable crypto funding via Samsung Pay on Galaxy devices. Plus, Walmart-backed OnePay plans to launch BTC and ETH trading and custody services, the stablecoin market cap surpasses $300 billion for the first time, and more. Meanwhile, bitcoin miners MARA, Cango, CleanSpark, and Riot all release their latest monthly production updates. Let's get started! P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000! Samsung partners with Coinbase to offer crypto purchases through Samsung Pay. Samsung is expanding its Coinbase partnership to let U.S. Galaxy users fund crypto purchases through Samsung Pay in the Coinbase app. The tie-up integrates Samsung Pay with Coinbase, targeting over 75 million Galaxy owners with a global rollout planned in the coming months. Galaxy users will also get limited-time access to Coinbase One's Preferred Tier, the crypto exchange's subscription service, which waives select trading fees and boosts staking rewards. The integration adds crypto to Samsung Wallet's existing lineup of payments, IDs, car keys, and membership cards. Coinbase sees the deal as a key retail distribution boost as it trails rivals like Kraken and Robinhood in growth. Coinbase shares are trading up 2.6% on Friday at around $382, having gained 133% over the past year. Walmart-backed OnePay to launch bitcoin, ether trading and custody services Walmart-backed fintech platform OnePay plans to add bitcoin and ether trading and custody to its mobile banking app later this year, according to CNBC. The rollout, powered by ZeroHash, will reportedly let users convert crypto to cash in-app to spend at Walmart stores or pay down card balances. The move follows Walmart's prior exploration of a dollar-backed stablecoin and aligns with the more crypto-friendly U.S. policy environment under the Trump administration. If finalized, OnePay's integration would put crypto rails in front of one of America's largest retail user bases during a historically bullish period for the market. Stablecoin market cap surpasses $300 billion The total market capitalization of stablecoins broke above $300 billion for the first time on Friday, hitting a new all-time high after jumping 6.5% over the past month, according to DeFiLlama data. Tether's USDT continues to dominate the sector with a 58% share that equates to $176.3 billion in market cap. Circle's USDC follows at $74 billion, while Ethena's USDe and MakerDAO's DAI trail at $14.8 billion and $5 billion, respectively. Third quarter stablecoin growth of 20% outpaced many traditional asset classes, boosted by renewed institutional interest and regulatory clarity from the U.S. GENIUS Act. Bitcoin ETF inflows surge past $2 billion this week as 'Uptober' momentum builds U.S. Bitcoin ETFs have pulled in $2.25 billion so far this week, with BlackRock's IBIT leading the charge and topping $1 billion worth of net inflows in just three days. IBIT's options open interest recently hit $38 billion, surpassing Deribit's BTC open interest for the first time and capturing nearly half of all bitcoin options exposure globally. Meanwhile, BlackRock's ETHA has notched a $485 million inflow streak of its own, pushing the combined U.S. Ethereum ETFs past $1 billion for the week. The ETF inflow streaks come amid growing momentum in crypto price action as the "Uptober" narrative gains traction, BRN Head of Research Timothy Misir told The Block. Crypto innovation has no room for 'silly partisan politics,' Joe Lubin says Consensys CEO Joe Lubin urged U.S. policymakers to keep crypto innovation bipartisan, warning that "silly partisan politics" risk holding back progress. Lubin said Consensys is still "in the mix" to support regulatory advancements for crypto and blockchain technology. He also reiterated that Consensys is "actively working" on the long-awaited MetaMask MASK token launch, though no date has been set as yet. Looking ahead over the next seven days The latest U.S. FOMC meeting minutes are scheduled to be released on Wednesday. U.S. jobless claims figures are due on Thursday and nonfarm payrolls on Friday, but a continued U.S. government shutdown could see further delays to data releases. ECB President Christine Lagarde and Bank of England Governor Andrew Bailey will speak on Monday. U.S. Federal Reserve Chair Jerome Powell is due to speak on Thursday. Ethena, Movement, Axie Infinity, Linea, 1inch, and Optimism are set for token unlocks. TOKEN2049 events conclude in Singapore. The North American Blockchain Summit kicks off in Dallas.

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  • stablecoin-market-cap-surpasses-300-billion-for-first-time-amid-crypto-rebound-the-total-market-capitalization-of-stablecoins-has-surpassed-300-billion-for-the-first-time-a-new-all-time-hi

    Stablecoin market cap surpasses $300 billion for first time amid crypto rebound The total market capitalization of stablecoins has surpassed $300 billion for the first time — a new all-time high for the sector amid rising activity across crypto markets. According to real-time data from DeFiLlama, the combined value of all stablecoins now stands at $301 billion — a 2% increase over the past week and a 6.5% jump in the last 30 days. Tether’s USDT continues to dominate the stablecoin niche, maintaining a 58% market share with a capitalization of $176.3 billion — up from $173 billion just a few days ago. Trailing behind is Circle’s USDC at $74 billion (24.5% dominance), followed by Ethena's USDe ($14.8 billion) and MakerDAO’s DAI ($5.0 billion). Stablecoins are widely used for trading, payments, and as a store of value during volatile periods, making their supply a key indicator of capital flows into the cryptocurrency market. Pegged to fiat currencies like the U.S. dollar, they mitigate the wild price swings that affect assets like Bitcoin, serving as a store of value during volatile periods and as a primary medium for crypto trading, DeFi apps, and cross-border payments. The stablecoin market is showing signs of maturation, even as it continues to accelerate. The sector’s 20% quarterly growth in Q3 2025 outpaced many traditional asset classes, driven by renewed institutional interest and policy tailwinds, such as the U.S. GENIUS Act, which promises clearer regulatory pathways for dollar-pegged tokens. This comes amid a broader crypto market rebound, with Bitcoin and Ethereum posting double-digit gains in Q3 2025 and drawing fresh capital inflows. Over the past week, Bitcoin has posted a 9.6% gain, climbing to $119,972 amid a market capitalization of $2.4 trillion, according to The Block's price page. Ethereum has jumped even more strongly, surging 13.3% to $4,498.57, with a market cap of $542 billion.

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  • crypto-needs-non-usd-stablecoins-for-meaningful-utility-says-base-creator-jesse-pollak-stablecoins-pegged-to-currencies-other-than-the-u-s-dollar-are-missing-from-the-cryptocurrency-space-said

    Crypto needs non-USD stablecoins for meaningful utility, says Base creator Jesse Pollak Stablecoins pegged to currencies other than the U.S. dollar are "missing" from the cryptocurrency space, said Jesse Pollak, creator of Coinbase-incubated Layer 2 Base. "What's missing is all of the non-dollar currencies," Pollak said during a speech at Token2049 in Singapore on Thursday. "If you look at the world today, something like 60% of the world currency reserves is dollars, but then you have tens of other critical currencies — whether it's the euro or the yen or even currencies like the Nigerian naira — that are huge parts of the global economy," Pollak added. "But right now they're missing in the crypto economy. It is 99% denominated dollars." Pollak explained that local currency-pegged stablecoins can provide meaningful local utility. "If we have local currencies onchain, we can enable people to do everyday things like payments, borrowing and lending in the currency that they're already used to," he said. According to Pollak, Base recorded around 81 billion stablecoin transactions last month, representing roughly $1.5 trillion in transaction volume. He added that 12 local currency stablecoins are already available on Base, including those backed by the Indonesian rupiah, Turkish lira, New Zealand dollar, and Brazilian real. Coinbase and Base also launched two additional stablecoins today, pegged to the Singapore dollar and the Australian dollar. As of Wednesday, the total supply of USD-pegged stablecoins reached 284.4 billion, up from 272.3 billion at the beginning of September, according to The Block's data dashboard. Teasing super app Meanwhile, Pollak said Base is actively testing its super app, Base App, after rebranding it from Coinbase Wallet. The company unveiled the app in July, and it remains in beta. The app aims to bundle social networking, mini‑apps, trading and instant payments into one platform. The head of Base noted that the app focuses heavily on the creator economy and aims to support a "create-and-earn" model. Pollak argued that the Web2 model has failed creators, who generate significant value for major platforms but see little in return. "When creators bring their content into the walled gardens of Web2 corporations, they don’t make money,” he said, adding that platforms capture about 95% of the value while creators receive less than 5%. In contrast, Pollak said onchain social networks flip that dynamic by ensuring creators capture the majority of the value. "Onchain social flips that script, where now 95% of the value goes to creators," he said. Pollak said the app currently has 1.2 million people on its waitlist, with plans to expand to general availability in the coming months. "It’s still very early. It's still in beta, but we're working toward a general availability in the next few months," he added.

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  • sec-opens-the-door-for-investment-advisers-to-use-state-trusts-as-crypto-custodians-in-something-of-a-major-reversal-the-u-s-securities-and-exchange-commission-has-issued-a-no-action-letter-saying-t

    SEC opens the door for investment advisers to use state trusts as crypto custodians In something of a major reversal, the U.S. Securities and Exchange Commission has issued a no-action letter saying that investment advisers can use state-chartered trust companies as qualified custodians for crypto assets, according to a letter on Tuesday. Particularly, organizations that operate under the Investment Advisers Act of 1940 and some of its by-laws may be treated as "banks... with respect to the placement and maintenance of Crypto Assets and cash and/or cash equivalents reasonably necessary to effect transactions in Crypto Assets." In other words, certain financial entities — like registered advisers and regulated funds operating with a State Trust Company may seem to be able to hold and manage cryptocurrencies like Bitcoin and Ethereum as they would cold hard cash. "This is a textbook example of more clarity for the digital asset space," Bloomberg Intelligence analyst James Seyffart said in a post on X. "Exactly the sort of thing the industry was asking for over the last few years. And it keeps coming." The move represents the latest regulatory thaw between crypto firms and U.S. federal agents. As part of "Operation Choke Point 2.0," for instance, several powerful agencies, including the Federal Reserve, Office of the Comptroller of the Currency, and the U.S Treasury, worked to stamp out how the types of activities regulated agencies could perform for crypto firms. Monday's letter from Simpson Thacher & Bartlett LLP, dated Sept. 30, 2025, asks the SEC to confirm that it won't take enforcement action against certain financial entities (Registered Advisers and Regulated Funds) if they use a State Trust Company to hold and manage crypto assets. This move could help clarify which financial firms can safely and legally hold digital assets, which are tricky to manage due to the existing legal gray areas. Simpson Thacher & Bartlett's letter supports the growing crypto market by allowing state Trust Companies, which are well-equipped for this, to serve as custodians without fear of SEC penalties, as long as they follow the outlined rules. "Encouraged to see @SECGov recognizing state-chartered trust companies as qualified digital asset custodians," Sen. Cynthia Lummis said on X. "WY paved the way in 2020 by issuing landmark no-action relief, & was criticized by SEC staff. They finally recognized the rigor & value of WY's digital asset supervision."

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  • hyperliquid-unveils-4600-hypurr-nfts-floor-price-surges-past-60000-hyperliquid-launched-its-hypurr-non-fungible-token-collection-today-on-the-hyperevm-mainnet-generating-a-notable-floor-price-of

    Hyperliquid unveils 4,600 Hypurr NFTs, floor price surges past $60,000 Hyperliquid launched its Hypurr non-fungible token collection today on the HyperEVM mainnet, generating a notable floor price of $68,900 and millions in early trading volume. The collection, comprising 4,600 NFTs, commemorates the supporters of the decentralized perpetuals trading platform and its deployment of HyperEVM, the general programmability interface to Hyperliquid's Layer 1 chain. "The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth," the Hyper Foundation wrote in a post on social media platform X. "Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr." Participants were given the chance to opt in to receive the NFT during last November's genesis event, where Hyperliquid launched its native HYPE token. 4,313 Hypurr NFTs were allocated to the event participants, 144 to the Hyper Foundation, and 143 to developers and artists. Hypurr launched at around 12:00 a.m. on Sunday, and its trading activity surged shortly after. OpenSea shows that since its launch, the collection has seen a trade volume of about 952,000 HYPE, equivalent to roughly $45 million. The NFT platform currently shows that the Hypurr collection has a floor price of 1,463 HYPE ($68,930). Notably, Hypurr #21 sold for 9,999 HYPE, which is nearly $470,000. While the launch of Hypurr has generated significant buzz on social media, some have speculated about the actual utility behind the NFTs. "Hypurr NFTs may from time to time be associated with certain benefits, features, or entitlements (“Utility”), but no Utility is promised or guaranteed under these Terms," Hyper Foundation wrote in an official document. Hypurr's debut also sparked a discussion around NFTs and its potential for a comeback after years of stagnation since the 2021 peak. HYPE is trading up 4.65% in the past 24 hours, changing hands at $47.14, according to The Block's Hyperliquid price page.

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  • kraken-mulls-potential-investor-at-20-billion-valuation-ahead-of-planned-ipo-bloomberg-kraken-is-in-talks-to-raise-money-ahead-of-a-possible-initial-public-offering-that-could-push-its-valuation-to

    Kraken mulls potential investor at $20 billion valuation ahead of planned IPO: Bloomberg Kraken is in talks to raise money ahead of a possible initial public offering that could push its valuation to $20 billion, Bloomberg reported Friday. "The funding, which is not yet finalized and remains subject to market conditions, would consist of a $200 million to $300 million commitment from a strategic investor," Bloomberg reported, citing an anonymous source. The news comes on the heels of Fortune reporting that Kraken quietly closed a $500 million raise at a $15 billion valuation. Kraken, one of the largest U.S. crypto venues by volume, has been in expansion mode ahead of a planned public offering slated for early 2026. President Trump's crypto-friendly administration has paved the way for a bullish cycle that is seeing a mass merging of digital assets and traditional financial markets. Circle, Bullish, and Figure are all crypto firms that have successfully launched IPOs this year. Kraken is working with Morgan Stanley and Goldman Sachs Group on its IPO, Bloomberg's sources said. In March, Kraken said it planned to acquire futures platform NinjaTrader in a $1.5 billion deal as part of a push into derivatives and other trading products. The firm restructured in October 2024 with Tribe Capital co-founder Arjun Sethi assuming the role of co-CEO. Kraken also started disclosing its financials, revealing $1.5 billion in 2024 revenue and around $472 million during the first quarter of this year.

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  • korean-actor-handed-suspended-prison-term-for-embezzling-3-million-to-invest-in-crypto-south-korean-actor-hwang-jung-eum-has-received-a-suspended-prison-sentence-after-admitting-to-embezzling-more-th

    Korean actor handed suspended prison term for embezzling $3 million to invest in crypto South Korean actor Hwang Jung-eum has received a suspended prison sentence after admitting to embezzling more than 4.2 billion won ($3 million) from her own management agency to invest in cryptocurrencies, according to local media reports. Yonhap news agency reported that the Jeju District Court on Thursday sentenced Hwang to two years in prison, suspended for four years, for embezzling from her wholly owned agency. According to the indictment, Hwang transferred company funds 13 times in early 2022 under the pretext of advances after taking out loans in the agency's name, the Korea JoongAng Daily reported. About 4.2 billion won ($3 million) was invested in cryptocurrency, while the remainder was used to cover tax bills and personal expenses. During her initial court appearance in May, Hwang requested a trial continuation to allow time for full repayment. She had already returned approximately 3 billion won at that time. Through the sale of personal assets, she completed repayment of the remaining damages in two installments by early June, submitting relevant documentation to the court, according to local media reports. The court cited her full repayment of the embezzled funds and her status as a first-time offender as mitigating factors in the sentencing decision. Prosecutors had sought a three-year sentence. The 40-year-old actor debuted in 2001 as a member of K-pop girl group Sugar before rising to prominence as an actor in hit dramas such as "Kill Me, Heal Me" and "She Was Pretty."

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  • crypto-payments-firm-redotpay-reaches-unicorn-status-following-47-million-investment-round-crypto-payments-firm-redotpay-announced-the-closure-of-a-47-million-strategic-investment-round-on-thursday

    Crypto payments firm RedotPay reaches unicorn status following $47 million investment round Crypto payments firm RedotPay announced the closure of a $47 million strategic investment round on Thursday, achieving unicorn status with a valuation exceeding $1 billion. The round included new backing from Coinbase Ventures and an unnamed "global technology entrepreneur," along with increased commitments from Galaxy Ventures and Vertex Ventures, the firm stated in a statement shared with The Block. "Our mission has always been to make digital finance accessible, secure, and efficient for everyone," RedotPay co-founder and CEO Michael Gao said. "Having Coinbase Ventures join us, along with the continued support from Galaxy Ventures and Vertex Ventures, validates the progress we've made and the confidence investors have in our vision. Their global expertise across both crypto and fintech will help us accelerate growth, strengthen compliance, and expand access to the broader blockchain ecosystem worldwide." Founded in 2023, RedotPay offers stablecoin cards, multi-currency wallets, and global payout solutions, combining the speed and efficiency of stablecoins with the reach of established payment networks. The company claims to have grown to over 5 million users across more than 100 markets, generating $10 billion in annualized payment volume in two years, expanding access to payment services in underserved markets. "We believe stablecoins will power the future of payments. The team at RedotPay is executing impressively to bring this value proposition to users around the world. We're proud to support them as part of our common goal to bring billions of users onchain," Hoolie Tejwani, Head of Coinbase Ventures, said. With the fresh funding in place, RedotPay said it plans to expand its global payment corridors through partnerships with banks, payment networks, and other ecosystem players, while strengthening its focus on compliance and licensing to ensure secure and responsible financial innovation. Fintech stablecoin push heats up A number of other fintechs are pushing deeper into stablecoins this year, especially following greater regulatory clarity from the recently passed GENIUS Act in the U.S. PayPal continues to expand PYUSD, integrating it into Venmo and merchant payments. Circle is building beyond USDC with its Layer 1 Arc chain, and Stripe, through its in-development Tempo blockchain, aims to bring stablecoin rails into everyday commerce. In March, RedotPay announced it had raised $40 million in a Series A funding round led by Lightspeed, with participation from Galaxy Ventures, HSG, DST Global Partners, Accel, and Vertex Ventures.

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  • uniswap-labs-unveils-compact-v1-system-to-tackle-fragmentation-across-blockchains-uniswap-labs-has-released-the-compact-v1-an-ownerless-erc-6909-contract-designed-to-reduce-cros

    Uniswap Labs unveils ‘Compact v1’ system to tackle fragmentation across blockchains Uniswap Labs has released "The Compact v1," an ownerless ERC-6909 contract designed to reduce cross-chain fragmentation. The system enables secure, reusable resource locks across blockchain networks, creating a shared framework for developers to build customizable and composable systems, said Uniswap in a Tuesday blog post. According to the post, The Compact is an ownerless ERC‑6909 contract that manages resource locks. At its core, The Compact allows sponsors to deposit tokens into a contract, creating Resource Locks represented by ERC-6909 tokens. These locks remain under the sponsors' control but can back multiple "Compacts," or verifiable commitments that specify the conditions under which others may claim the assets. The architecture includes four key components. Allocators prevent double-spending by authorizing the use of resources. Arbiters verify that commitment conditions have been met. Tribunal serves as a settlement engine for cross-chain swaps, and Emissaries provide fallback verification for smart contract wallets. The system is set to power cross-chain swaps on UniswapX and is being adopted by LI.FI and Rhinestone. "Cross-chain applications face a fundamental challenge: different execution environments operate asynchronously, making atomic transactions impossible," Uniswap said. "This breaks the basic atomic guarantee that makes single-chain transactions safe and predictable." Uniswap noted that The Compact v1 has undergone multiple independent security reviews by OpenZeppelin and Spearbit, with full audit reports expected to be published soon. The project is also set to be integrated into Uniswap's bug bounty program. The monthly volume on Uniswap rose to $143 billion in August, up from July's $99.3 billion, according to The Block's data dashboard.

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  • securitize-launches-offramp-for-blackrocks-buidl-and-vanecks-vbill-tokenized-funds-using-ripples-stablecoin-holders-of-blackrocks-buidl-and-vanecks-vbill-onchain

    Securitize launches offramp for BlackRock’s BUIDL and VanEck’s VBILL tokenized funds using Ripple's stablecoin Holders of BlackRock’s BUIDL and VanEck’s VBILL onchain funds will be able to exchange their tokenized shares for the Ripple USD (RLUSD) stablecoin, following the deployment of new off ramps by Securitized. "With this smart contract, BUIDL and VBILL holders can instantly exchange their shares for RLUSD 24/7, unlocking additional stable, on-chain transfers. Investors gain continuous exposure to RLUSD while preserving exposure to on-chain yield and a broader range of DeFi strategies," Ripple wrote in a release on Tuesday. The move comes as Securitize looks to expand the functionality of the XRP Ledger (XRPL), according to the announcement. This marks the first integration of RLUSD into Securitize’s offerings, with "additional use cases and assets planned." Ripple, a firm closely associated with the third-largest cryptocurrency, XRP, launched RLUSD in late 2024. The stablecoin — said to be "purpose-built for enterprise utility" — has since accumulated a market cap of nearly $740 million, making it the eigth-largest stablecoin. BUIDL is by far the largest tokenized Treasury fund, with over $2 billion in assets under management, $1.7 billion of which is issued on Ethereum. VBILL, issued on Avalanche, BNB Chain, Ethereum, and Solana, has about $74 million in managed assets, according to RWZ.xyz. Both funds seek to maintain a net asset value of $1, functioning similarly to stablecoins that can be swapped and deployed across the decentralized onchain economy. "Partnering with Ripple to integrate RLUSD into our tokenization infrastructure is a major step forward in automating liquidity for tokenized assets," Securitize CEO Carlos Domingo said. "Together, we're delivering real-time settlement and programmable liquidity across a new class of compliant, on-chain investment products." RLUSD is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. Last week, Singapore's DBS Bank announced a partnership with Franklin Templeton and Ripple to offer new trading and lending solutions utilizing tokenized money market funds and the RLUSD stablecoin. As of May, the registered broker-dealer, transfer agent, and fund administrator Securitize oversees over $4 billion in assets under management, including blockchain-based products from leading asset managers like Apollo, BlackRock, Hamilton Lane, KKR, VanEck, and others. Earlier this year, Securitize worked with Ethena Labs to launch an Ethereum-compatible Layer 1 called Converge, which is designed specifically for real-world asset settlements.

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