Today's news tips:
1. Indian tax authorities are investigating more than 400 Binance traders for tax evasion
2. Binance Releases Announcement on the Handling of the USDE, BNSOL, and WBETH Depegging Incident
3. Analysis: The whale who “sold over $4.23 billion in BTC for ETH” is suspected to be Garrett Jin, a former executive of an exchange.
4. Bitmine allegedly bought 128,000 ETH worth approximately $480 million after the market crash
5. Lighter will announce a compensation plan for LLP holders tomorrow
6. Hyperliquid platform has a total of more than 6,300 wallets losing money, with a total loss of over $1.23 billion
7. Ukrainian crypto blogger Konstantin Galich was found dead by suicide during today's market crash
Macro
Indian tax authorities are investigating over 400 Binance traders for tax evasion
According to The Block, Indian tax authorities are investigating more than 400 high-net-worth Binance traders for suspected tax evasion in 2022-23 and 2024-25. The Central Board of Direct Taxes has asked city departments to report on their actions by October 17 in an internal message.
Cryptocurrency traders in India are required to pay a 1% withholding tax on each cryptocurrency transfer (included in the final bill), plus a 30% profit tax and additional taxes, with the highest tax rate reaching around 42.7%.
Grayscale Files SEC Form 10 for TAO Trust
Grayscale announced on Twitter that it has filed Form 10 for the Grayscale Bittensor Trust (TAO), the first step toward becoming an SEC-reporting company, aiming to improve its accessibility, transparency, and regulatory status. This move means Grayscale will seek to publicly quote TAO Trust shares on the over-the-counter market, shortening the 12-month holding period for its private placement to six months, bringing it one step closer to becoming an exchange-traded fund (ETP).
Viewpoint
Crypto.com CEO Kris Marszalek wrote on the X platform: "Regulators should investigate the exchanges with the largest liquidations in the past 24 hours and conduct a thorough review of the fairness of their trading practices. Are there exchanges that have slowed down to a standstill, effectively preventing people from trading? Are all trades priced correctly and in line with the index? What are the transaction monitoring and anti-money laundering procedures in place? Are their internal trading teams fully independent? With $20 billion in liquidations, many users have suffered losses. Regulators are responsible for protecting consumers and ensuring market integrity."
In response to the US restaurant chain Steak'n Shake suspending its vote on whether to accept ETH payments due to concerns about the Bitcoin community's opinions, Ethereum co-founder Vitalik Buterin responded: "This is a good decision and I respect it. Not all companies should try to attract as many customers as possible in the name of 'not being extremist'. We need those who are steadfast, who firmly believe in their cause and community, and who regard their work as a passion for it."
According to market news, on-chain analyst Eye revealed on the X platform that a HyperLiquid whale, who holds over 100,000 BTC and sold over $4.23 billion worth of BTC for ETH, may be linked to Garrett Jin, a former exchange executive. Between August and September, he used a series of BTC wallets via Hyperliquid/Hyperunit to sell over 35,000 BTC in exchange for ETH. The address where his ETH-staking contract is deployed received funding from a wallet whose initial funding came from "ereignis.eth." A second ENS domain associated with the address, "garrettjin.eth," points to X user Garrett Jin. Currently, Garrett Jin holds 46,295 BTC (currently worth $5.19 billion) in these addresses.
Eye further revealed: "After I posted, Garrett Jin immediately changed his Telegram privacy settings, hiding his previously public photos and phone number. He also deleted XHash from his profile, just like he did on X profile after Emmett Gallic posted about him. It seems that he has something to hide."
Regarding this analysis, CZ retweeted: "I'm not sure if it's true or accurate yet, I hope someone can verify it."
Project News
Ukrainian crypto blogger Konstantin Galich was found dead by suicide during today’s market crash.
According to Ukrainian media outlet RBC-Ukraine, on October 11th, a 32-year-old man was found dead inside a Lamborghini luxury car in the Obolon district of Kyiv with a gunshot wound to the head and a weapon registered to him lying next to him. Police arrived at the scene and began investigating, initially labeling the case a suicide. The deceased was reportedly Konstantin Galich, better known as Kostya Kudo, a well-known cryptocurrency blogger and entrepreneur. Family and friends revealed that he had been depressed due to financial difficulties before the incident and had written a farewell letter. Although police did not release the man's name, his identity was quickly confirmed online. Shortly thereafter, Kudo's Telegram channel posted a message confirming his death, stating that the cause of death is under investigation and further information will be provided. Konstantin Galich was the CEO of Cryptology and a longtime consultant and educator in the financial and cryptocurrency fields.
Ethena Labs officially released a reserve certificate in response to market doubts, stating: "USDe's reserve certificate is typically provided weekly by third-party independent certification agencies, including Chaos Labs, Chainlink, Llama Risk, and Harris & Trotter. At the request of the community, Ethena provided a reserve certificate with an unconventional rhythm based on market events in the past 24 hours. The certificate can be found in the official link. These independent third parties have confirmed that USDe still has approximately $66 million in overcollateralization. Ethena Labs provides the greatest degree of transparency."
Earlier news reported that USDe was seriously decoupled this morning. Ethena said that USDe minting and redemption were operating normally and assets were still over-collateralized .
Binance CEO Richard Teng posted on the X platform: "The cryptocurrency market has been volatile over the past 24 hours, and I know many users on our platform have encountered challenges. I would like to extend my sincere apologies to all affected users. We will not make excuses - instead, we will listen carefully, learn from this incident, and strive to do better. If you still have any unresolved issues, please contact the Binance Support team. Every case will be treated with due attention and appropriate handling, and compensation will be provided where applicable. Market volatility is normal, and we encourage all users to stay informed and operate with caution during this period. Thank you for your continued support."
Binance Releases Announcement on the Handling of the USDE, BNSOL, and WBETH Depegging Incident
Binance released the "Announcement on the Handling of the USDE, BNSOL and WBETH Depegging Incident and Risk Control Optimization", stating that Binance has completed a comprehensive review of the incident and will compensate all affected contract, leverage and loan users within 72 hours . The compensation will be automatically paid to the relevant user accounts.
All affected futures, margin, and loan users holding USDE, BNSOL, and WBETH as collateral and affected by the depegging between 05:36 and 06:16 (GMT+8) on October 11, 2025 , will receive compensation for the difference. The specific amount will be calculated based on the difference between the market price and the liquidation price at 08:00 (GMT+8) on October 11, 2025 .
Coinbase plans to launch an American Express card offering up to 4% cashback on Bitcoin
Coinbase plans to launch a new American Express card in the US this fall. The card features hexadecimal data from Bitcoin's genesis block, paying tribute to the origins and philosophy of cryptocurrency. Available exclusively to Coinbase One subscribers, it offers up to 4% cashback in Bitcoin, adjusted for asset holdings. Cardholders will avoid foreign transaction fees and can repay balances using their bank accounts or cryptocurrency on the platform. Cardholders also enjoy standard American Express benefits, including exclusive offers and promotions.
Lighter to announce compensation plan for LLP holders tomorrow
Lighter tweeted that the LLP underperformed in the 24 hours ending at 4:00 PM ET, posting the third-worst return in history (-5.35%) and the lowest absolute profit/loss. A detailed analysis, including how LLP holders will be compensated, will be released tomorrow. The LLP has a historical Sharpe ratio of 5.59 and an estimated annualized return of 48.4%.
According to previous news, Lighter experienced downtime due to high TPS, but user funds were safe. Lighter subsequently resumed operations.
Four.Meme tweeted that the platform is currently experiencing heavy traffic, which may cause slow loading times or access issues for some users. The technical team is working on this and will resolve the issue as soon as possible.
Binance Alpha to List Yei Finance (CLO) and Enso (ENSO) on October 14th
Binance Alpha will officially list Yei Finance (CLO) and Enso (ENSO) on October 14th. Eligible users can redeem their Binance Alpha Points on the Alpha event page after trading opens. Detailed information will be announced later.
Binance Futures will launch CLOUSDT perpetual contracts at 7:30 PM on October 14th.
According to the official announcement, Binance Futures will launch the CLOUSDT perpetual contract at 19:30 (ET8) on October 14, with a maximum leverage of 50x.
Hold at least 210 Binance Alpha Points to claim a 500 CORL token airdrop
According to the official announcement, Binance Alpha Coral Finance (CORL) trading will begin at 7:00 PM (UTC+8) on October 12th. After trading begins, users holding at least 210 Binance Alpha Points will be eligible to claim an airdrop of 500 CORL tokens. This airdrop is available on a first-come, first-served basis. The minimum score will automatically decrease by 15 points every hour while the promotion is ongoing. Claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha promotion page; otherwise, they will forfeit the airdrop.
Aster: New Phase 2 Airdrop Inspector Now Live
Aster announced on the X platform that the new Aster Phase 2 airdrop query tool is now live. Users can still choose to claim the airdrop or receive a full refund of their S2 transaction fees. Users can change their selection at any time before the deadline. The timeline is as follows:
- Deadline for claiming options: October 13, 20:00 UTC+8
- $ASTER airdrop redemption time: October 14, 20:00 UTC+8
- Transaction Fee Refund: After the redemption period is open, please complete the refund before 07:59 UTC+8 on October 16th
Important data
Hyperliquid platform has a total of more than 6,300 wallets with losses exceeding $1.23 billion
According to Lookonchain, over 1,000 wallets on the Hyperliquid platform were completely emptied during the market crash, losing all their assets. In total, over 6,300 wallets are in the red, with combined losses exceeding $1.23 billion. Of these, 205 wallets lost over $1 million, and over 1,070 lost over $100,000.
Formula News founder Vida is long $4.5 million in SOL and XPL
Vida, founder of Formula News, posted on his personal channel this morning, "Once again, I've bought $4 million worth of SOL at an average price of $175.80, and $500,000 worth of XPL at an average price of $0.395. This is equivalent to one-tenth of my bullets. This position has no certainty; it's just a gamble. My bet is that the market will quickly recover after the US stock market opens on Monday, just like every other bearish weekend."
A Bitcoin OG transferred 300 BTC to Binance 2 hours ago, about 13 years after buying BTC.
According to Lookonchain, a dormant Bitcoin OG deposited 300 BTC (worth $33.47 million) to Binance two hours ago. Thirteen years ago, he withdrew 749 BTC (worth $8,151 at the time) from MtGox, when the price of BTC was just $11. A year ago, the whale transferred 159 BTC to a new wallet but did not sell any. Today marked his first BTC sale.
Institutional holdings
Bitmine purchased another 27,256 ETH, worth approximately $104 million
According to Lookonchain monitoring, Bitmine has just purchased another 27,256 ETH, worth approximately US$104 million.
Tom Lee said that today's market decline is a benign wash-out and the market is likely to rebound within a week.
Cardone Capital Adds Around 300 Bitcoins to Its Real Estate-Bitcoin Hybrid Fund
Grant Cardone, CEO of real estate investment company Cardone Capital, posted on the X platform early this morning that Cardone Capital has increased its holdings of approximately 300 bitcoins for its real estate-bitcoin hybrid fund.
Bitmine allegedly bought 128,000 ETH worth about $480 million after the market crash
According to Lookonchain, Bitmine appears to have bought 128,718 ETH ($480 million) after the market crash. Six new wallets (likely belonging to Bitmine) withdrew 128,718 ETH ($480 million) from FalconX and Kraken.
