Category: crypto

During Q3, over $750 million was lost to crypto hacks and scams, bringing 2023 losses to over $1.9 billion. Major incidents included a $238 million phishing attack and a $231 million hack of WazirX. Phishing and private key compromises were the main methods used, particularly impacting Ethereum.

Bitwise filed for an XRP ETF on Sept. 30 in Delaware, confirmed by CIO Matt Hougan. This follows the resolution of Ripple Labs’ SEC dispute, where Ripple was fined $125 million. However, XRP’s price remains down. Approval for non-Bitcoin or Ethereum ETFs may face challenges, requiring political support.

Japanese investment firm Metaplanet purchased 107.913 BTC for around $6.9 million, marking its largest acquisition. With a total of 506.745 BTC worth $32.2 million, the company aims to reach 1,000 BTC. Metaplanet’s stock surged 443% since adopting a Bitcoin-only strategy, outperforming traditional assets despite broader market declines.

Zhu Guangyao, former deputy Finance Minister of China, urged the government to reassess its stance on Bitcoin and cryptocurrencies, emphasizing the need for thorough research. He acknowledged the risks digital assets pose but highlighted their importance in the global digital economy, especially amid shifting U.S. policies and developments in emerging markets.

Trustpair integrated JPMorgan’s blockchain solution, Confirm, to enhance bank account verification for over 200 clients, decreasing fraud risks and delays. Confirm, built on JPMorgan’s Liink, aims to improve decision-making in finance. JPMorgan’s evolving stance on blockchain highlights its commitment, including the launch of new blockchain-focused products.

Hut 8 Corp. has converted a $38 million loan into common shares at $16.395 each, enhancing financial flexibility for AI and mining infrastructure growth. This conversion eliminates the loan’s obligations, reducing Hut 8’s debt to approximately $290 million. The company focuses on AI hosting and GPU services to diversify revenue streams.

EigenLayer has launched its native token, EIGEN, now trading on major exchanges like Binance. Designed as a “Universal Intersubjective Work Token,” EIGEN has 1.67 billion supply, with 186 million in circulation. The token’s initial surge to $4.44 has settled at $3.90, with mixed whale trading activity observed.

The Cryptocurrency Open Patent Alliance (COPA) and Unified Patents have launched a Blockchain Zone to protect the crypto community from patent trolls, who constitute 58% of US patent litigation. This partnership aims to challenge invalid patents, promoting innovation and securing an open-source ecosystem for blockchain technology and cryptocurrency development.

The UK’s Financial Conduct Authority and the Bank of England have launched the Digital Securities Sandbox (DSS) to explore distributed ledger technology and tokenized securities in finance. Operational until December 2028, it promotes innovation, efficiency, and market resilience, allowing firms to test applications and transition to a regulated environment.

On October 1, Bitcoin (BTC) fell 3% to $61,598 amid escalating Middle East tensions, leading to significant liquidations worth over $489 million. Major altcoins like Ethereum and Solana experienced sharper declines. The US equities market also suffered, while gold and the dollar gained as investors shifted assets.