Today's news tips:
US Senate Democrats condemn Trump's pardon of Binance founder Changpeng Zhao
Bloomberg: JPMorgan Chase will allow Bitcoin and Ethereum as collateral in the crypto space
CryptoQuant: Bitcoin bull cycle is not over yet, short-term support is at $100,000
Clanker joins Farcaster ecosystem, launching $CLANKER buyback and deflation mechanism
Macro
US Senate Democrats condemn Trump's pardon of Binance founder Changpeng Zhao
According to AXIOS, U.S. Senate Democrats are taking action to formally condemn President Trump's decision to pardon Changpeng Zhao, founder of the cryptocurrency exchange Binance. Some Senate Republicans have criticized the pardon, and Democrats are attempting to leverage this as a rare bipartisan effort to express opposition to the White House's decision.
Bloomberg: JPMorgan Chase will allow Bitcoin and Ethereum as collateral in the crypto space
According to Tree, citing Bloomberg, JPMorgan will allow Bitcoin and Ethereum as collateral in the cryptocurrency field.
Research: AI browsers pose a systemic risk of "indirect prompt injection"
According to simonwillison.net, research shows that AI browsers are subject to systemic "indirect prompt injection" risks. The Brave team demonstrated that Perplexity's Comet can be tricked into automatically accessing account details and leaking data through external links via invisible commands embedded in screenshots. The Fellou browser is even more serious, with page text tricking it into opening Gmail and sending the latest email headers to external sites. Both cases require no user confirmation and involve email and financial security. Brave has not clarified whether these vulnerabilities have been fixed by the manufacturer. OpenAI Chief Information Security Officer Dane Stuckey published a lengthy article detailing the ChatGPT Atlas agent's protection against prompt injection: through red team testing, training rewards to ignore malicious commands, overlapping security fences, and attack detection blocking. He proposed "defense in depth" and acknowledged that prompt injection remains an unresolved cutting-edge problem.
According to Bloomberg, the Nevada Department of Financial Institutions issued a cease-and-desist order to crypto custodian Fortress Trust (now known as Elemental Financial Technologies) on October 22, citing a severe liquidity shortage and inability to meet customer withdrawal obligations. Documents show that Fortress owes clients approximately $8 million in fiat and $4 million in crypto assets, while holding less than $200,000 in cash and approximately $1 million in crypto assets. The company has acknowledged its inability to complete fund reconciliation and failed to submit financial statements for July through September.
According to the minutes of the 223rd Ethereum Execution Core Developers (ACDE) meeting, summarized by Christine Kim, developers have set the deadline for submissions for the Glamsterdam upgrade EIP (EIP) next Thursday (October 30th) and plan to finalize the scope of the upgrade's code changes by November 27th. Meeting highlights include: Fusaka Mainnet Timeline Confirmed - Ethereum Foundation Coordinator Alex Stokes proposed a December 3, 2025, date for the Fusaka mainnet upgrade, followed by Blob Parameter Optimization (BPO) on December 9th and January 7, 2026, respectively. All Execution Layer (EL) client teams (including Geth, Nethermind, Reth, Besu, and Erigon) have confirmed this schedule as feasible. The Hoodi testnet will activate the Fusaka version on October 28th, the final test upgrade before the mainnet launch; the Holesky testnet is expected to shut down next week. Glamsterdam Upgrade Path - Developers plan to launch a multi-client developer testnet to test the Block-Level Access Lists (BALs) feature. Proposal Submission Deadline: October 30th Client Team Feedback Deadline: November 6th Final Scope Confirmation: November 27th The Ethereum Cat Herders team will hold open office hours on October 28th to assist EIP authors in submitting proposals. Key Technical Discussions - EF researcher Maria Silva proposed two solutions to improve gas unit precision and converted these research into EIPs for consideration by Glamsterdam. Separately, EIP 8058 proposed providing developers who deploy the same contract multiple times with a "deduplication discount" to reduce state bloat. Removal Proposals - EIP 7667 and EIP 6873 (both related to the Verkle data structure) were removed as they no longer fit the current roadmap. Stokes concluded that the core goal was to finalize the technical scope of Glamsterdam by the end of November, laying the foundation for a mainnet upgrade at the end of the year.
According to the Global Times, Thailand's Deputy Finance Minister Worapak Thanyayong has officially resigned due to allegations of links to a telecom fraud ring, becoming the first cabinet minister to resign since Prime Minister Anutin took office. Previous reports allege Worapak's connection to a foreign fraudster suspected of transnational telecom fraud in Cambodia, and his wife has also been accused of receiving $3 million worth of cryptocurrency from a Cambodian criminal network this year. These multiple accusations have embroiled Worapak in a public outcry. On the day of his resignation, Worapak denied any involvement in any illegal activity, stating that he was resigning to "focus fully on his legal defense." He also cited the time commitment required to handle the lawsuit and expressed concern about the impact it would have on his responsibilities at the Ministry of Finance.
Viewpoint
CryptoQuant: Bitcoin bull cycle is not over yet, short-term support is at $100,000
According to CryptoQuant's weekly report, whale addresses (those holding 100 to 1,000 Bitcoins) currently hold approximately 5.16 million BTC, representing 26% of the circulating supply, making them the most significant holding group in the current market. By 2025, whale addresses had accumulated approximately 681,000 BTC, while other address groups experienced net reductions, indicating a trend of institutional investors absorbing retail selling. The annual growth rate of whale holdings is 907,000 BTC, exceeding the 365-day average of 730,000 BTC, indicating continued strong long-term demand. However, short-term momentum is weakening, and if the monthly increase in holdings fails to reaccelerate, Bitcoin's price may struggle to break through the $126,000 high. Bitcoin currently faces resistance at $115,000 and support at $100,000. A break below $100,000 could trigger a further correction to around $75,000. Historical data shows that an annual growth rate of whale holdings lower than the 365-day average often indicates the end of a bull market, while current data suggests that the market may still be in the late stages of a bull market. Future trends depend on whether the group can accelerate its holdings.
Coinbase CEO Brian Armstrong posted on the X platform that despite the ongoing US government shutdown, momentum for clarity on the market structure bill is at an all-time high. Coinbase has already engaged with Senate Democrats and Republicans who are eager to complete the bill, and the bill is 90% finalized. All parties are working to finalize the final 10%, and are approaching their goal. He added that Coinbase will push for clear rules to protect innovation in the DeFi sector and users' rights to stablecoin rewards. He is optimistic about the bill's passage before the end of the year and hopes it will be submitted for review before Thanksgiving.
Project News
The dispute between Fetch.ai and the Ocean Protocol Foundation may be coming to an end, as both parties are working to resolve misunderstandings through an agreement to avoid litigation. Fetch.ai CEO Humayun Sheikh stated that if Ocean Protocol returns the 286 million FET tokens sold during the previous merger, Fetch.ai will withdraw all legal claims and cover related legal costs. Ocean Protocol stated that it would agree to return the tokens if the proposal is formally submitted in writing. Previous reports revealed that blockchain data indicated that wallets associated with Ocean Protocol exchanged approximately 661 million Ocean tokens for 286 million FET tokens, valued at approximately $120 million at the time, with some of the tokens transferred to Binance and GSR Markets. However, Ocean Protocol denied the allegations and stated that its decision to withdraw from the ASI Alliance was unrelated to the token transfer. Ocean Protocol founder Bruce Pon stated that the decline in FET token prices was primarily driven by market sentiment and the sell-off by SingularityNet and Fetch.ai, and was unrelated to Ocean's departure from the ASI Alliance. Both parties are currently seeking to resolve the dispute through an agreement to avoid further reputational and financial damage to either party. Earlier news, Ocean Protocol explained the reasons for its withdrawal from the ASI Alliance, blaming two partners and saying that it had filed a lawsuit.
Jupiter co-founder Cash revealed in an interview with The Rollup that Jupiter is developing a new ICO platform, slated to launch in November 2025. The platform, whose name has yet to be announced, aims to support token issuance for projects and provide JUP holders with more profit opportunities. Cash stated that the first token issuance is expected to take place in mid-November.
Upbit will list Orderly (ORDER) trading pairs with the Korean Won
South Korean cryptocurrency exchange Upbit has announced the launch of Orderly (ORDER) trading pairs against the Korean won.
Only 274 addresses successfully participated in the Stable pre-deposit of $825 million
According to on-chain analyst "Ai Yi," the Stable pre-deposit event officially opened at 9:10 AM, but an address had already deposited funds by 8:48 AM. A single whale/institution deposited approximately $500 million, representing a 60.6% share, distributed across nine addresses. Only 274 addresses successfully participated out of a total of $825 million. The first deposit address and source address are listed, along with two pre-deposit contracts for verification.
BlackRock's BUIDL deploys $500 million to Polygon
On-chain data shows that BlackRock's tokenized fund, BUIDL, deposited approximately $500 million into the Polygon network. Polygon's CEO confirmed the transaction was indeed a BUIDL deployment by BlackRock.
Lit Protocol to Launch Community Token LITKEY on Base via AerodromeFi on October 30th
Lit Protocol announced that its network token, LITKEY, will launch its second Community Token Launch (Aero Ignition) on the Base Chain at 08:00 (UTC+8) on October 30th via AerodromeFi. The first LITKEY/WETH pool has been pre-injected with liquidity and incentives. veAERO holders can vote to direct Aerodrome emissions to this pool; after launch, anyone can provide liquidity to the pool.
Stablecoin, a public stablecoin chain, announced that the first phase of its pre-deposit campaign has reached its cap of $825 million. Stable claims this was driven by partners and the community, with further content to be released over time. Early ecosystem partners include Concrete, Morpho, Frax Finance, Pendle, USDT0, and LayerZero. Community members have questioned the fact that the pre-deposit cap was reached within minutes (by insiders) and that significant inflows of funds occurred before the announcement, raising concerns about insider trading.
Trust Wallet Launches Perpetual Contract Trading with Up to 100x Leverage
Trust Wallet has launched Perps (perpetual swaps), covering over 100 markets with up to 100x leverage. Users can trade in self-custody mode, with liquidity provided by Aster DEX. TWT fee discounts will be supported in the future. To use Perps, visit Update App → Swap → Perps. A margin deposit is required to open a position, either long or short. This product is not available in the US, UK, or restricted regions, is considered a high-risk product, and is subject to the Trust Wallet Terms of Service.
Clanker joins Farcaster ecosystem, launching $CLANKER buyback and deflation mechanism
Clanker, a leading launchpad platform within the Base ecosystem, has officially joined Farcaster, further deepening the integration of decentralized social networking and on-chain communities. Farcaster plans to further integrate Clanker into its app in subsequent versions, making it easier for users to create and participate in on-chain communities. According to the announcement, the Clanker ecosystem will undergo three major updates: protocol fees will be used to repurchase and hold $CLANKER tokens; the accumulated ecosystem token fee pool from previous versions will be burned to reduce circulating supply; and approximately 7% of $CLANKER tokens will be permanently locked up with unilateral limited partners to enhance liquidity and reduce circulating supply. Officials also clarified that $CLANKER is not the official Farcaster token, and the two parties remain independent. Clanker protocol fees will be allocated two-thirds to purchase $CLANKER, with the remaining one-third used for tax purposes. Farcaster currently has no token plans and will continue to support developer and creator incentives through fees from subscriptions, storage, and collections.
Spark transfers $100 million in stablecoin reserves to Superstate crypto arbitrage fund
According to The Block, DeFi lending protocol Spark (part of the Sky ecosystem) announced it will allocate $100 million from its stablecoin reserves to Superstate's USCC (Crypto Carry Fund) to generate returns through spot-futures basis trading. USCC currently has a TVL of approximately $411 million. Spark previously generated returns primarily through tokenized US Treasury products such as Blackstone BUIDL and Franklin FOBXX. Superstate claims USCC has an annualized return of approximately 8.35% over the past 30 days and operates within a compliant framework. It also manages USTB (Tokenized US Treasury Fund). Spark has also deployed approximately $1.1 billion to Ethena's USDe/sUSDe and $25 million to the Maple Finance pool this year.
Important data
According to DefiLlama data, the total trading volume of the on-chain decentralized exchange (Perp DEX) focusing on perpetual contracts exceeded US$1 trillion in October, a significant increase from US$739 billion in September, setting a record for the highest monthly trading volume in history.
The Multilateral Sanctions Monitoring Team (MSMT), comprised of 11 countries including the United States, Japan, and South Korea, recently released a report titled "North Korea's Violation and Evasion of United Nations Sanctions Through Cyber and Information Technology Personnel Activities" (MSMT/2025/2). The report states that from January 2024 to September 2025, North Korean hacker groups stole at least $2.837 billion in cryptocurrency through attacks on global exchanges, with $1.645 billion stolen in the first nine months of 2025. The report notes that North Korea laundered funds through intermediaries in Russia, Hong Kong, and Cambodia, using platforms such as Huione Payment, a subsidiary of the Huione Group, to convert crypto assets into cash. North Korea also collaborated with Russian ransomware gangs and used AI tools such as ChatGPT to enhance the stealth of its attacks. Furthermore, approximately 1,000 to 2,000 North Korean IT personnel work remotely under false identities in Russia, Laos, Cambodia, and various African countries, remitting their salaries back to North Korea to fund its nuclear and missile programs.
According to SoSoValue data, Ethereum spot ETFs saw a net outflow of $128 million on October 23rd (EST), one of the largest outflows in recent memory. None of the nine products saw net inflows. Fidelity's FETH saw a net outflow of $77.0438 million, bringing its historical net inflow down to $2.690 billion. BlackRock's ETHA saw a net outflow of $23.3506 million, bringing its historical net inflow to $14.255 billion. As of press time, the total net asset value of ETH spot ETFs was $26.023 billion, representing 5.63% of Ethereum's total market capitalization, with a cumulative net inflow of $14.447 billion.
On-chain analyst Yu Jin tweeted that a suspected Bitfinex address pledged approximately 300,000 ETH on Aave and borrowed $500 million in USDT, then participated in a pre-deposit event for Stable, with the funds transferred before the official announcement. The DeBank address cited indicates that the wallet previously injected funds into Plasma and then redeemed them yesterday before transferring them to Stable. Both Plasma and Stable are projects funded and supported by Bitfinex.
On-chain data shows that 10 wallets directly associated with Stable Vault owners deposited approximately $500 million in USDT into the platform before the official announcement. Earlier today, the first phase of the Stable Vault pre-deposit campaign quickly peaked at $825 million, sparking community concerns about insider trading.
Financing/Acquisition
Depinsim Completes US$8 Million in Strategic Financing, Ushering in an Era of Connection as Value
Depinsim, a decentralized communications and data infrastructure project, announced the completion of an $8 million strategic financing round led by Outlier Ventures, with participation from several well-known institutions including DWF Labs. Based on eSIM technology, Depinsim is committed to creating a free mobile internet protocol that allows users to gain value from connectivity. By integrating eSIM communications, data mining, and blockchain incentive mechanisms, users can earn income by activating mining machines, completing tasks, or using data.
Pieverse Closes US$7 Million Funding Round Led by Animoca Brands and UOB Ventures
Pieverse, a Web3 payments and compliance infrastructure startup, announced the completion of a $7 million strategic funding round. This round was co-led by Animoca Brands and UOB Ventures, with participation from 10K Ventures, Signum Capital, and Morningstar Ventures. Pieverse focuses on developing verifiable on-chain invoice, receipt, and check protocols through smart contracts and multi-chain compatibility, aiming to achieve transparent and compliant decentralized transactions. This round of funding will be used for protocol expansion, team expansion, and multi-chain integration development. Pieverse is a member of the Binance MVB Season 9 project and is supported by the Binance ecosystem. Previously, Binance launched two exclusive Pieverse events within the Binance Wallet.
Cathie Wood reveals she has invested in Japanese Ethereum treasury firm Quantum Solutions
Ark Invest founder and CEO Cathie Wood announced on the X platform that she has invested in Quantum Solutions, a Japanese Ethereum treasury company, to further expand innovative channels in the global capital market. Quantum Solutions CEO Francis B. Zhou also revealed that after purchasing 2,365 ETH, the company will continue to increase its ETH holdings. Currently, the company holds 4,366.27 ETH and 11.6 BTC.
OpenAI acquires Sky, a natural language interface for macOS
OpenAI announced the acquisition of Software Applications Incorporated (developer of Sky). Sky provides a natural language interface for Mac that can understand screen content and call applications. OpenAI said it will bring Sky's deep macOS integration capabilities to ChatGPT, and the entire team of about 12 people will join OpenAI. Software Applications was founded in 2023 by a group of former Apple employees, some of whom were involved in the development of the iPhone's "Shortcuts" application technology. Software Applications previously raised $6.5 million in funding from a group of well-known investors, including OpenAI CEO Sam Altman and Figma CEO Dylan Field. Earlier this year, Software Applications released Sky, an AI assistant designed to help users perform actions or answer questions. The feature includes a floating interface that can understand what's on the user's screen. Sky is not yet public.
Fireblocks acquires Dynamic to expand on-chain developer stack
According to CoinDesk, digital asset infrastructure company Fireblocks has acquired Dynamic, a development platform used by companies like Kraken, Magic Eden, and Ondo Finance, with the goal of accelerating enterprise adoption of on-chain applications. The acquisition creates what Fireblocks calls the first complete "custodial-to-consumer" technology stack, combining Fireblocks' secure infrastructure with Dynamic's wallet, authentication, and user onboarding tools. Financial details of the acquisition were not disclosed.
Aave Labs acquires Stable Finance to expand consumer access to on-chain savings
According to CoinDesk, Aave Labs, the company behind the DeFi project Aave, announced it has acquired Stable Finance, a San Francisco-based startup dedicated to simplifying on-chain savings for everyday users. Terms of the transaction were not disclosed. The move brings Stable's founder, Mario Baxter Cabrera, and his engineering team to Aave Labs, where they will assist in developing new consumer-oriented DeFi products. Cabrera will join as Product Director. Aave Labs founder Stani Kulechov said the acquisition reinforces the company's goal of integrating "on-chain finance into everyday finance."
Institutional holdings
According to The Block, Nasdaq-listed Solmate Infrastructure (SLMT) announced that it has selected a data center, assembled a bare-metal validator, and tested the configuration, using Sol (SOL) tokens purchased at a historic discount. The company will advance the construction of a validator center in the UAE and implement an "aggressive M&A strategy," using its Sol (SOL) reserves to fuel growth in acquired businesses. Solmate previously completed a $300 million PIPE financing round with support from the Solana Foundation and others, and recently secured an additional $50 million in discounted Sol (SOL). The news sent the stock price soaring to an intraday high of approximately $12.55 before closing up approximately 40% at $11.70, with a market capitalization of approximately $754 million.
