Category: crypto

dYdX proposes $462K compensation for users after Oct. 10 outage, with 27 verified claims paid from insurance fund due to rare technical bug. Incident caused chain halt during market volatility. Proposal aims to enhance confidence in DeFi governance. Incident underscores transparency and risks of decentralized systems compared to centralized exchanges.

Metaplanet plans to maximize its Bitcoin returns by implementing a large-scale share buyback program worth ¥75.4 billion (~$500 million). The program aims to raise BTC Yield and support valuation amid market volatility. It will be funded by a $500 million Bitcoin-backed credit facility for flexible execution.

The x402bridge protocol was hacked due to a leaked admin private key, resulting in over $17,000 worth of USDC being stolen from 200 users. The breach revealed vulnerabilities in the x402 mechanism, where excessive authorizations led to unauthorized transfers. GoPlus Security advised users to revoke authorizations and be cautious when approving transfers.

Streamex Corp. partners with Chainlink to ensure transparency and cross-chain functionality for its gold-backed stablecoin, GLDY. Chainlink’s Proof of Reserve guarantees the gold backing of GLDY can be verified on-chain. Similar integrations by Backed Finance and Crypto Finance show Chainlink’s role in verifying tokenization and bridging traditional finance with blockchain.

US Representative Ro Khanna plans to introduce a bill banning elected officials from owning cryptocurrencies after President Trump pardoned Binance founder Changpeng Zhao. Khanna called the pardon corrupt and illegal, alleging ties between the pardon and Zhao’s support of Trump’s crypto ventures. Lawmakers are criticizing Trump’s crypto connections and calling for restrictions.

ETHZilla sold $40 million in ETH for share buybacks, repurchasing 600,000 shares for $12 million. The company aims to narrow the gap between its stock price and net asset value. Major shareholder Dimitri Semenikhin has been advocating for aggressive buybacks. Shares rallied 14% after the announcement. ETHZilla holds $400 million in ETH.

Kalshi has filed a lawsuit against New York regulators who issued a cease-and-desist order against its sports event contracts, claiming they are unlicensed gambling. The company argues that its markets fall under federal CFTC oversight, not state law. Despite legal pressure, Kalshi has attracted new investor interest at valuations of up to $12 billion.

IBM has launched IBM Digital Asset Haven to support banks and governments in managing digital assets with compliance. The platform offers custody, governance controls, and automation for over 40 blockchains. It focuses on security, policy enforcement, and regulated deployments, catering to institutions entering the digital asset space.

Pi Network price is facing selling pressure after being rejected at $0.29, showing signs of weakness that could lead to a drop to $0.19 support. The inability to break above $0.29 confirms bearish control, with potential for further downside. A bounce from $0.19 could result in a move back towards $0.29.

MegaETH’s MEGA token auction has received nearly $300 million in bids against a $50 million cap, indicating a valuation close to $6 billion. The sale is oversubscribed 6x by accredited investors bidding in USDT on Ethereum. Final allocations will be based on lockups, social, and onchain criteria, with settlements and refunds in November.