Today's news tips:
Bank of New York Mellon receives SEC approval to offer cryptocurrency custody services
Zhao Changpeng will be released early today, and his next move is expected to be to re-enter the crypto industry
The Central Clearing Company is actively promoting the implementation and standardization of blockchain digital bond projects
Bloomberg: Robinhood is considering launching a stablecoin
Avalanche Foundation launches $40 million grant program called Retro9000
The U.S. Bitcoin spot ETF had a total net inflow of $366 million yesterday, continuing its net inflow for 6 consecutive days
Base TVL surpasses $2 billion for the first time, up 370% year-to-date
Immunefi: Cryptocurrency industry lost $413 million in Q3 due to hacking and fraud
Regulatory News
New York judge rules that Tornado Cash developer Roman Storm’s criminal case will proceed to trial
According to CoinDesk, a New York judge ruled in a telephone hearing on Thursday that the U.S. Department of Justice (DOJ) case against Tornado Cash developer Roman Storm will go to trial. Katherine Polk Failla, a district judge in the Southern District of New York, rejected Storm's motion to dismiss the criminal charges against him, saying that his arguments about freedom of speech, lack of adequate notice of possible violations, and Tornado Cash operations were not enough to overturn the DOJ's charges, and said that the government had made reasonable charges against the developer. Failla said: "At this stage in the case, this court cannot simply accept Storm's argument that he was prosecuted simply for writing code. If the jury ultimately accepts this argument, then he will be acquitted. But I have no legal basis to make such a legal ruling." Storm and his supporters believe that being prosecuted for writing code is tantamount to being prosecuted for speech, suggesting that programming should be protected by the First Amendment of the U.S. Constitution. But Failla disagrees, saying, “The functionality of code is not speech in the First Amendment sense.” “The court has held that the government has a significant interest in promoting a safe financial system by combating money laundering, combating the operation of unregistered money transmission services, and combating sanctions evasion,” she said. “These interests are completely unrelated to suppressing free speech, and the applicability of these laws to disruptive behavior does not restrict speech more than is necessary.” Failla also said that she does not believe Tornado Cash is “meaningfully different” from other money transmission businesses or financial institutions and that the service is not “an altruistic cause,” pointing to allegations that a venture capital fund provided financing in exchange for future profits, as well as the role of the relayer function and TORN tokens.
Hong Kong to align crypto OTC derivatives rules with European standards
According to Cointelegraph, on September 26, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) shared a plan to bring their over-the-counter transaction reporting requirements to global standards after studying responses to a March 2024 consultation paper. They intend to adopt the reporting requirements set by the European Securities and Markets Authority (ESMA) for crypto over-the-counter (OTC) derivatives.
Hong Kong stakeholders and investors said that crypto OTC derivatives investments cannot be classified into the existing five traditional asset classes - interest rates, foreign exchange, credit, commodities and stocks. Some Hong Kong stakeholders suggested using digital token identifiers (DTIs) "to clearly identify the underlying crypto assets in OTC derivatives". In response, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) pointed out that the European Securities and Markets Authority (ESMA) has included DTI in the reporting system in October 2023. At present, DTI has become a core reference point for European crypto asset service providers.
The Hong Kong regulator revealed plans to implement similar requirements in its jurisdiction in the near future when referring to the need for a unique product identifier (UPI) in transaction reports: “Given that digital token identifiers are included as allowed values in the data field ‘Base ID (Other)’ in the forthcoming CDE Technical Guidelines Version 4 consultation, we will adapt the use of DTI in our reporting requirements.” However, the authorities will continue to monitor the outcome of orders issued in other jurisdictions and adopt similar regimes if necessary. The Hong Kong authorities propose to implement the new reporting requirements by September 29, 2025.
U.S. House Foreign Affairs Committee passes resolution calling on Nigeria to release Binance executive Gambaryan
According to The Block, the U.S. House of Representatives Foreign Affairs Committee passed a resolution calling on the Nigerian government to immediately release Tigran Gambaryan, a Binance executive whose health continued to deteriorate in prison. Gambaryan was a tax accountant for the IRS and later served as Binance's financial crime compliance director. In February of this year, he and another Binance executive, Nadeem Anjarwalla, were detained after arriving in Nigeria because Binance was accused of making profits from illegal transactions there. They were criminally charged on February 28. Anjarwalla later fled Nigeria on March 22. Gambaryan's health deteriorated sharply during his imprisonment, suffering from a herniated disc and pneumonia, and "bedridden most of the time." The resolution, proposed by Republican Congressman McCormick and passed by oral vote at a hearing on Thursday, requires the Nigerian government to release Gambaryan and provide him with "unrestricted medical care." It also requires the U.S. State Department to "use all available assets and all means to ensure his release" and officially declare Gambaryan "wrongly detained." The resolution will then be voted on by the entire House of Representatives.
Bank of New York Mellon receives SEC approval to offer cryptocurrency custody services
According to Bloomberg, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said that the digital asset custody service structure of Bank of New York Mellon can be applied to the cryptocurrency field besides Bitcoin and Ethereum ETFs. Gensler said that the structure proposed by Bank of New York Mellon includes the use of personal crypto wallets, each with a separate bank account, and prohibits mixing with bank assets. Earlier this week, Bank of New York Mellon admitted that it had submitted a Bitcoin and Ethereum custody plan to the SEC's Office of the Chief Accountant to protect customer funds in the event of bank bankruptcy. So far, the SEC has only approved two cryptocurrency ETFs, Bitcoin and Ethereum. According to previous news, Bank of New York Mellon became the first bank to obtain an exemption from the U.S. SEC's crypto accounting policy SAB 121.
Project News
Fortune Magazine: Zhao Changpeng will be released early today, and his next move is expected to be to re-enter the crypto industry
According to Fortune magazine, on Friday, Zhao Changpeng will walk the streets of Long Beach, California, as a free man for the first time in months. This is two days earlier than his official release date, because if the release date coincides with the weekend, the prisoner will leave the detention center early. Zhao Changpeng's lawyer said that Zhao Changpeng hopes not to be interviewed on the day of his release. However, the media made some speculations about his next move.
Zhao Changpeng's first stop is likely to be Dubai or Paris, where his children live with their mother He Yi. In addition, the media expects that as Zhao Changpeng is released from prison, more details of the Giggle Academy project launched before his imprisonment may emerge in the coming months. In addition to family and charity, Zhao Changpeng, who is now free, may turn his attention to a third pursuit: the cryptocurrency industry that made him extremely rich and dominated the past decade. However, in the field of cryptocurrency, Zhao Changpeng faces a major dilemma: according to his criminal settlement agreement, he must resign as CEO of Binance and stay away from any "daily" activities of the company. At the same time, the settlement agreement also requires Binance to accept two external monitors appointed by the US government to ensure compliance. Despite these obvious restrictions, even if Zhao Changpeng is no longer the CEO, he is still the company's largest shareholder, which should give him considerable influence on the company's future direction.
In response to a request for comment on Zhao’s release, a Binance spokesperson said: “We are glad that Changpeng Zhao is reunited with his family. While he no longer manages or operates Binance, we are excited to see what he does next. Since last year, Binance has continued to thrive under the leadership of our current team and has grown to over 229 million users worldwide.”
Vitalik: Ethereum blob number is "uncomfortably close to the upper limit"
According to Cointelegraph, Ethereum co-founder Vitalik Buterin urged to increase the "blob count" introduced by Ethereum during the Dencun upgrade to further expand the network and enable the Layer2 protocol to increase capacity. In a discussion after the latest developer conference call, Vitalik revealed that the current utilization rate of blob space is close to 75%, and the number of blobs needs to be increased through the EIP-7623 proposal. He said: "I think the entire ecosystem is ignoring the fact that it is getting uncomfortably close to the upper limit." Blob space is a dedicated data storage area introduced by EIP-4844 (also known as proto-danksharding) to improve the scalability of the network.
Blob count refers to the number of blobs that can be included in each Ethereum block. The current goal is to include 3 blobs per block, with a maximum of 6, but Vitalik now advocates increasing it to 4 blobs per block, with a maximum of 8, so that each block can store more data, which may increase the ability of the Layer2 network to publish data on Ethereum. The EIP-7623 proposal proposes to increase the calldata cost of Ethereum transactions, which are mainly used for data availability (DA), which will reduce the maximum block size from 2.7MB to about 1MB, making room for a possible increase in the block gas limit or the number of blobs. Vitalik expressed concern that some Layer2 protocols are hesitant to use blobs due to concerns about market congestion. He warned: "We can't let the momentum to push more Layer2 protocols to switch to using blobs weaken."
Vitalik believes that Layer 2 networks are an important part of Ethereum’s scaling, but he also emphasizes that these networks must be decentralized. Recently, he said that he only intends to endorse scaling solutions at the “first stage” of his level of decentralization.
Earlier today, it was reported that the latest Ethereum ACDE meeting discussed the possibility of incorporating multiple EIPs related to the Ethereum blob fee market into Pectra.
Binance Futures to Launch WLDUSD 1-20x Coin-Margined Perpetual Contracts
According to the official announcement, Binance Futures will launch the WLDUSD coin-margined perpetual contract at 18:00 on October 2, 2024 (Eastern Time Zone 8), with a maximum leverage of 20 times.
Zilliqa: Block production on the mainnet is slow, we are actively monitoring the situation and suspending network transactions
Blockchain Zilliqa posted on X platform that it has noticed that the block production speed on the Zilliqa mainnet is very slow. We are actively monitoring the situation and have suspended network transactions. It may need to be restored and a decision will be made soon. Funds are safe. If users do not see funds in their wallets, they can check on the chain.
Vitalik: Robot market making DEX is a cross-use case of encryption and artificial intelligence, with broad prospects
Ethereum co-founder Vitalik Buterin said in a post on the X platform: “As I said in my post earlier this year. For a decade, the cross-use case of crypto/AI has been obvious, that is, DEX with robot market making. There are many promising avenues in extending it to prediction markets and arbitration games in DAOs.”
Onyx Protocol: Plans to close Ethereum-based lending market and fully compensate stolen user funds
PANews reported on September 27 that Onyx Protocol posted on the X platform that in response to the theft, Onyx Protocol issued a proposal OIP-46, proposing to restart Onyx's open source licensed financial network OnyxCore as the main product, together with XCNStaking to ensure the governance of OnyxCore and the rewards of OnyxStaker. According to the proposal, Onyx Protocol will operate as a closed lending protocol on OnyxCore, allowing users to encapsulate and lend NFTs and RWAs, while supporting crypto assets from multiple chains. This move will close the Ethereum-based lending market and fully compensate all affected users, paying for the assets they provided at a 1:1 ratio.
Earlier yesterday, according to Paidun Monitoring, Onyx became the latest victim of a precision vulnerability attack, with losses exceeding $3.8 million.
The Central Clearing Company is actively promoting the implementation and standardization of blockchain digital bond projects
According to Xinhua News Agency, the national science and technology journal "Financial Electronicization" under the supervision of the People's Bank of China published an article in the second half of August 2024 titled "Exploring Blockchain Digital Bond Innovation and Promoting the Standardization of Practical Experience". The author of the article is the China Bond Blockchain Digital Bond Project Team of the Central Government Depository and Clearing Co., Ltd. The article stated: As a national blockchain innovation application pilot unit, the Central Government Depository and Clearing Co., Ltd. is actively promoting the implementation and standardization of blockchain digital bond projects. Special standards should be summarized and formed in a timely manner, striving to achieve replicable and popularizable experience and practices, and promote the formation and standardized development of the industry ecology. Since 2018, blockchain technology has been explored, and the first blockchain digital bond issuance platform in China will be launched in 2021, and system functions and cross-chain interoperability will be improved through continuous optimization. The platform has supported the issuance of multiple bonds, covering state-owned banks, securities companies and other institutions, promoting the integrated development of the digital economy and the real economy, while strengthening regulatory capabilities and industry norms. As the initiator of the alliance chain and the provider of system services, the Central Clearing Company is responsible for formulating business operation rules, establishing and improving the alliance governance mechanism, maintaining the safe and stable operation of the system, and exploring the effective coordination of the necessary centralized management principles stipulated by laws and regulations with technical architectures such as distributed ledgers, consensus algorithms, and smart contracts. The alliance chain does not change the statutory central property rights and member access management authority of the Central Clearing Company. It efficiently realizes the formation of consensus in the business process through smart contracts, and enhances the auditability, verifiability and multi-party supervision of the operations of the Central Clearing Company and market institutions through distributed ledgers and encryption algorithms. Under the premise of complying with the alliance system, market institutions should carry out business innovation in an orderly manner, provide beneficial feedback and cooperative supervision, and jointly promote the high-quality development of the bond market.
Morocco announces "Digital Morocco 2030" plan, plans to invest $1.1 billion in the development of AI and blockchain technology
According to CryptoSlate, Morocco announced the "Digital Morocco 2030" plan, which will focus on the development of artificial intelligence (AI) and blockchain technology to transform the country into a global digital center. The plan was announced on September 25 with a budget of US$1.1 billion. It aims to integrate advanced technologies, promote public services, drive economic growth, and plans to create 240,000 new jobs in the digital field by 2030. The strategy also aims to support the development of start-ups through AI and blockchain platforms and improve Morocco's global ranking in the United Nations Online Services Index from 100th to 50th. In addition, Morocco plans to increase digital export revenue to 41.5 billion dirhams by 2030 and expand 5G coverage to 70% of the country.
Bloomberg: Robinhood is considering launching a stablecoin
According to Bloomberg, financial technology giants Robinhood and Revolut are considering launching stablecoins. However, a spokesperson for Robinhood said that there are "no plans" to issue stablecoins at present, but did not question the possibility. Robinhood currently offers trading of multiple digital assets on its platform, including the stablecoin USDC issued by Circle. In addition, UK-based Revolut is also considering launching a stablecoin. Last week, Revolut launched a retail wealth management application that supports trading in multiple asset classes, including cryptocurrencies. A spokesperson for Revolut said the company plans to "further expand" its crypto products, but did not directly mention stablecoins. Some analysts believe that the EU's upcoming MiCA regulations will promote stablecoin activities in the region. These regulations will fully take effect at the end of 2024 and set specific rules for stablecoin issuers, including licensing agreements and strict reserve management rules.
Bloomberg: A large portion of the reserves backing TrueUSD are invested in a high-risk offshore fund
Following an investigation, the U.S. Securities and Exchange Commission (SEC) has charged TrueCoin LLC and TrustToken Inc., the companies behind TrueUSD, with making false claims that the stablecoin is fully backed by the U.S. dollar or its equivalent, according to Bloomberg. In fact, a large portion of the reserves backing TrueUSD were reportedly invested in a high-risk offshore fund. Representatives for TrueUSD did not respond to requests for comment. Austin Campbell, head of blockchain company consulting firm X, wrote: "The first rule is not to defraud your investors and users, and this rule is clearly violated here. It is ironic that TrueUSD would do so." If the SEC's allegations against TrueUSD are accurate, as Campbell suggests, then this is a textbook case of scam, and not necessarily "cryptocurrency-specific." However, due to the branding effect of "cryptocurrency", TrueUSD can be said to reflect a problem unique to the cryptocurrency space.
The media mentioned a previous report that TrueUSD's ownership structure is complex and opaque, with control transferred to an offshore entity called Techteryx Ltd. and its reserves transferred to banks in the Bahamas. At the time, the company told the media that it moved the funds to the Bahamas because of the deteriorating banking conditions for US cryptocurrency companies. At that time, the collapse of Silvergate Bank, Silicon Valley Bank and Signature Bank put many cryptocurrency companies in trouble. Like many US cryptocurrency companies, TrueUSD's parent company is also eager to find new solutions to hold cash. In other industries, most people would say no to this move, but in the case of TrueUSD, many people said yes. The reason why people fall into this hype and misconception is that one of the core ideas of cryptocurrency is that it is trustless, that is, you don't need to trust any third party. Therefore, people believe that assets on the blockchain provide a better solution than the traditional financial industry.
10x Research: Bitcoin is expected to reach $70,000 in the next two weeks and hit a new high at the end of October
10x Research said in its latest report that since the Fed's September rate cut, Bitcoin has risen 5%, while Ethereum has risen 11%, and altcoins are exploding, and as stablecoin minting accelerates, Chinese over-the-counter brokers report billions of dollars in inflows, and there seems to be further upside potential. As Bitcoin breaks through $65,000, it is expected to quickly rise to $70,000 and then set a new all-time high in the short term.
Notable changes occurred after last week’s FOMC meeting: Bitcoin’s dominance has waned, while Ethereum’s gas fees have soared, helped by a surge in altcoin activity across the ecosystem. If the Fed remains willing to cut interest rates, the pursuit of high-beta altcoins may gain further momentum. Retail cryptocurrency trading activity in South Korea supports this trend, with daily trading volumes currently hovering around $2 billion. Although still down from the $13 billion seen in early March 2024, altcoins have dominated trading over the past week, surpassing Bitcoin. If Trump is re-elected, he may seek to overstimulate the U.S. economy, which could force the Fed to reverse its rate-cutting cycle as early as the first half of 2025. However, the current focus is on Bitcoin’s recent break above $65,000, with the goal of reaching $70,000 in the next two weeks and on track to reach a new all-time high by the end of October. In addition, the possibility of a rebound in the fourth quarter is extremely high, and the increase may have started in the early stage.
Hamster Kombat: Airdrop event has distributed more than two-thirds of HMSTR tokens
Hamster Kombat announced in its Telegram channel that the airdrop activity has distributed more than two-thirds of the $HMSTR tokens, and more than 30 million users have started trading the token. Due to the surge in demand, some users may have difficulties accessing and sending tokens. The official said that they are working closely with the TON team to ensure that the process goes smoothly and to ensure the safety of all users' tokens, which will be received soon. The team will continue to provide updates and thank users for their patience and support.
Coinbase International will launch Hamster Kombat perpetual contracts
According to the announcement of Coinbase International Exchange, Coinbase International Exchange and Coinbase Advanced will launch Hamster Kombat Perpetual Contract (HMSTR-PERP) trading. The HMSTR-PERP market is expected to open for trading at or after 1:00 am Beijing time (UTC 5pm) on September 26.
Avalanche Foundation launches $40 million grant program called Retro9000
According to CoinDesk, the Avalanche Foundation announced a $40 million funding program called Retro9000, which aims to incentivize developers to build new protocols before the upcoming Avalanche9000 upgrade. This program extends the testnet cycle and attracts developers through the "incentive testnet." Users can obtain voting points through the Retro9000 platform to vote for high-quality projects. Ultimately, eligible developers need to deploy their projects to the mainnet to receive funding. Avalanche9000 is expected to simplify the deployment of Layer 1, and the testnet will be launched in October.
Binance Finance, One-click Coin Purchase, Flash Exchange, Leverage Listing of Hamster Kombat (HMSTR)
Binance announced the launch of Hamster Kombat (HMSTR) and launched a number of related services. HMSTR's principal-guaranteed coin-earning product will be launched at 20:00 today, and users can purchase HMSTR through fixed investment from 18:00 on September 27. In addition, users can use credit cards, Google Pay, Apple Pay, etc. to buy or sell HMSTR on the "One-click Coin Purchase" page. One hour after HMSTR goes online, it can be exchanged for BTC, USDT and other tokens for free through the flash exchange platform. Binance will also open HMSTR leverage trading at 21:00, supporting full-position and position-by-position leverage trading pairs, including HMSTR/USDT and HMSTR/FDUSD.
Guggenheim Partners with Zeconomy to Issue $20 Million in Tokenized Commercial Paper on Ethereum Blockchain
According to CoinDesk, Guggenheim Treasury Services, a subsidiary of Wall Street giant Guggenheim Partners, has partnered with blockchain platform Zeconomy to issue $20 million in tokenized commercial paper on the Ethereum blockchain. Zeconomy CEO Giacinto Cosenza said that with the success of crypto ETFs, the demand for digital assets is "huge." The issuance marks a new step in the tokenization of traditional financial assets (RWA), a field that has grown to a market value of $12 billion. Guggenheim has also previously participated in the crypto market, and its Macro Opportunities Fund has held exposure to the Grayscale Bitcoin Trust.
Ethena plans to launch a new stablecoin called UStb in partnership with Securitize and BlackRock
According to The Block, Ethena plans to launch a new stablecoin called UStb, which is backed by BlackRock's BUIDL fund. BUIDL is a tokenized U.S. Treasury bond fund on Ethereum with over $522 million in assets under management. UStb will be issued in cooperation with Securitize and will operate independently from Ethena's existing decentralized synthetic dollar USDe. USDe currently has a market value of $2.6 billion and is the fifth largest stablecoin, but due to its reliance on derivative hedging strategies, there is a risk of market volatility. UStb is expected to provide stability support for USDe during market fluctuations and be used as margin on some exchanges.
Bedrock: uniBTC vulnerability resulted in a total loss of about $2 million, and the contract has been suspended
Bedrock, a multi-chain liquidity re-pledge protocol, released an announcement on the official TG channel saying that the team has been aware of a security vulnerability involving uniBTC. In response, the team has suspended the contract to protect users and their assets. The team said that the BTC in the custodial wallet is safe. The BTC in the reserve is safe, and the total estimated loss from the theft is about $2 million. In addition, the team said that it is actively coordinating with DEX, security audit teams, and our partner projects to revoke permissions. For permissions that cannot be revoked, the corresponding wallet address will be blacklisted.
Binance will launch REI 1-75x USDT perpetual contract
Binance Futures will launch REIUSDT perpetual contracts at 19:00 (ET) on September 27, 2024, with a maximum leverage of 75x.
Grayscale announces top 20 cryptocurrencies expected to outperform in Q4, including SUI, TAO, and OP
Grayscale announced the top 20 cryptocurrencies that are expected to perform well in the fourth quarter of 2024, and added 6 altcoins after adjustments, including Sui, Bittensor (TAO) and Optimism. The update focuses on decentralized AI and blockchain scalability. Grayscale emphasizes that despite the strong fundamentals of these crypto assets, investment is still accompanied by high volatility and risks.
Financing News
Solana Ecosystem DePIN Project Mawari Network Completes $10.8 Million in Strategic Financing
According to The Block, the Solana-based decentralized physical infrastructure network (DePIN) Mawari Network has completed a strategic financing of US$10.8 million, led by Anfield Ltd, Borderless Capital and 1kx, with participation from Accord Ventures, Animoca Brands Japan, Blockchange Ventures, Draper Dragon, Samsung Next and other companies. In addition, angel investors include Helium co-founder and Borderless Capital partner Sean Carey, The Tie co-founder and CEO Joshua Frank, Techstars Web3 head Pete Townsend and former Galaxy Digital Chief Information Security Officer Ivan Brightly. Following the US$6.5 million financing in February 2023, this round of strategic financing brings Mawari's total financing to US$17.3 million. Mawari is a Solana-based DePIN project designed to expand spatial computing. Spatial computing merges the physical world with digital information, allowing users to interact with their surroundings through technologies such as augmented reality (AR), virtual reality (VR) and extended reality (XR). Mawari is currently under active development on the Solana testnet and plans to launch its mainnet in the first quarter of next year.
Important data
The U.S. Bitcoin spot ETF had a total net inflow of $366 million yesterday, continuing its net inflow for 6 consecutive days
The total net outflow of the US Ethereum spot ETF yesterday was US$675,500, and the ETF net asset ratio reached 2.28%
Data: MOODENG is currently the largest meme coin in the pump.fun ecosystem.
According to Coingecko data, Solana Meme coin MOODENG, inspired by the Thai internet celebrity hippopotamus "Moo Deng", has become the largest meme coin in the pump.fun ecosystem. MOODENG is currently trading at $0.1623, up 47.2% in the past 24 hours. Its market value once exceeded $190 million, but has now fallen back to about $163 million.
Data: Polychain invested $20 million in Celestia, and has sold $82 million in staking rewards, although it has not been unlocked
According to data posted by X platform user @gtx360ti, Polychain invested about $20 million in Celestia's Series A and Series B financing. Now, not a single token has been unlocked, but more than $82 million worth of TIA has been sold through staking rewards, achieving a return on investment of more than 4 times.
Base TVL surpasses $2 billion for the first time, up 370% year-to-date
According to The Block, the total locked value (TVL) of Base, the Ethereum Layer 2 network incubated by Coinbase, exceeded the US$2 billion mark for the first time, becoming the second largest optimistic rollup in terms of deposits after Arbitrum.
DeFiLlama data shows that Base's TVL is $2.08 billion, up from about $430 million at the beginning of the year, and up 370% so far this year. Decentralized exchange Aerodrome is the largest contributor to Base's TVL growth over the past year, with deposits exceeding $1 billion as of this writing, followed by Uniswap ($220 million).
While Arbitrum leads in terms of TVL, user activity on Base (including active addresses and daily transactions) still ranks among the top among all optimistic rollups.
Immunefi report: Crypto industry lost $413 million in Q3 2024 due to hacking and fraud
According to The Block, Immunefi's latest report shows that the crypto industry lost a total of $413 million due to hacker attacks and fraud in the third quarter of 2024, a 28% decrease from $573 million in the second quarter and a 40% decrease from $686 million in Q3 2023. Among them, Indian crypto exchange WazirX was stolen $235 million and BingX was stolen $52 million, accounting for 69.5% of the total losses. Although there are more DeFi events, CeFi's losses are greater, accounting for 74.8% of the total quarterly losses. Ethereum and BNB chains remain the main targets of hacker attacks, accounting for 44.1% and 23.5% of the losses, respectively.
