It's Friday! In today's newsletter, crypto exchange BingX gets hacked, Jump Crypto's Frankendancer client launches on Solana, Catizen's TON-based token goes live and more.
Meanwhile, an "intimate" documentary about Vitalik Buterin and Ethereum begins streaming onchain.
Let's get started.
Crypto exchange BingX faces $43 million security exploit
The Singapore-based crypto exchange BingX suffered an apparent hot wallet security breach on Friday morning, leading to a significant loss of funds.
Analysts at blockchain security firm PeckShield estimated the exploit resulted in $43 million worth of cryptocurrencies being stolen, though the exchange described the losses as "minor" and manageable.
BingX's Chief Product Officer, Vivien Lin, said the incident was identified at around 4:00 a.m. Singapore time when its technical team detected "unusual network access, suspecting a hacker attack" on its hot wallet.
Withdrawals were put on hold as part of the crypto exchange's "emergency plan" to prevent further damage.
"Only minor losses so far, and we’ve got it covered. Most assets are safe in cold wallets, with only a small portion affected in the hot wallet," BingX said in an update on X.
The exchange added that withdrawals would reopen within 24 hours and promised a compensation plan for affected users.
Jump Crypto's Frankendancer client launches on Solana mainnet; Firedancer on testnet
Frankendancer, a validator client and a prototype of the eagerly-anticipated Firedancer software, has launched on Solana's mainnet.
Kevin Bowers, Chief Science Officer at developer Jump Crypto, announced the news on Friday at Solana Breakpoint in Singapore.
Frankendancer's launch follows the introduction of Agave, another validator client built by the separate development firm Anza, on Solana's mainnet in August.
Bowers said that having a second independent validator on Solana offers performance benefits, helps reduce costs and increases capacity.
Firedancer, Frankendancer's full validator client, is now running on testnet, Bowers also announced, with its mainnet launch date yet to be confirmed.
Bitcoin supported by elevated risk-on sentiment as yen weakens against the dollar
RELATED INDICES
Bitcoin BTC
-1.77%
's price gained more than 6% following the U.S. Federal Reserve's 50 basis-point interest rate cut earlier this week.
In addition, the weakening Japanese yen against the U.S. dollar has provided additional support for bitcoin's price rally, according to derivatives trader Gordon Grant.
Grant explained that a stronger dollar relative to the yen favors risk-on trades, helping to drive bitcoin's appreciation alongside assets like gold and silver.
He added that while bitcoin can act as a "short dollar proxy" — gaining value when the dollar weakens — it also behaves like a high-beta asset, meaning it tends to rise when broader market risk sentiment improves.
The Bank of Japan's decision to keep interest rates steady at 0.25% on Friday reinforces the broader macroeconomic environment supporting upward momentum for bitcoin, Grant said.
MicroStrategy buys more bitcoin
Business intelligence firm and corporate bitcoin holder MicroStrategy announced it had acquired an additional 7,420 BTC for $458.2 million between Sept. 13 and Sept. 19, averaging $61,750 per bitcoin.
The company now holds 252,220 BTC, valued at roughly $15.8 billion, purchased at an average price of $39,266 per bitcoin for a total cost of around $9.9 billion, according to founder Michael Saylor.
MicroStrategy's 7,420 BTC purchase closely follows its acquisition of 18,300 BTC for $1.1 billion between Aug. 6 and Sept. 12.
The latest acquisitions come amid MicroStrategy's completion of a $1.01 billion upsized convertible notes offering, also announced on Friday.
Telegram game Catizen's token goes live for exchange trading amid community airdrop
Catizen's TON blockchain-based CATI token finally went live for trading on Friday via centralized exchanges, including Binance, Bybit and Bitget, following a two-month launch delay.
The Telegram clicker game airdropped 150 million CATI tokens, representing 15% of the total supply, to eligible players based on their game activity as part of its Season 1 distribution.
Another 9% of the total supply was diverted to the Binance Launchpool, 19% has been set aside for additional quarterly airdrop campaigns, 5% is allocated to liquidity provision, 15% to the treasury, 20% to the team, 10% to investors and 7% to advisors.
Looking ahead to next week
U.S. GDP and jobless claims figures are released on Thursday. U.S. PCE data follow on Friday.
ECB President Christine Lagarde, U.S. Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen will speak on Thursday.
Solana Breakpoint 2024 concludes on Saturday in Singapore. The European Blockchain Convention kicks off on Wednesday in Barcelona.
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