According to The Block, the Layer-1 network ZetaChain recently experienced over six hours of network downtime due to a "consensus failure" caused by a recent update. Although the mainnet has resumed block production, the testnet remains halted due to the same issue.

ZetaChain announced the network pause on Thursday at 11:53 UTC, stating that the new update was rolled out only to a portion of the validators, leading to the consensus failure. About six hours later, ZetaChain announced that the mainnet had returned to normal operation.

The network stated that it would share a post-mortem analysis tomorrow to review the incident and replicate the root cause in a development environment. Additionally, due to the network pause, cross-chain transactions experienced delays, but the network assured that all transactions would eventually be processed.

ZetaChain's mainnet was launched earlier this year, aiming to build the "first universal blockchain" integrating different types of networks such as Bitcoin, Ethereum, and Polygon. In August 2023, ZetaChain raised $27 million in a funding round, with investors including Blockchain.com, Human Capital, VY Capital, Sky9 Capital, and Jane Street Capital.

【Market News】According to The Block, Coinbase's stock closed down 15.3% on Thursday, marking its worst performance since July 2022. This decline occurred after the company released its third-quarter financial report, with results falling short of expectations.

Although the third-quarter net income was $75 million, below analysts' expectations of $112.2 million, the company's year-over-year net income, net profit, and adjusted EBITDA all showed an increase. The company also announced a $1 billion stock buyback plan, demonstrating confidence in its future business.

Coinbase stated that regardless of the outcome of the upcoming U.S. presidential election, the company's leadership remains optimistic about the future and has committed to donating an additional $25 million to the super PAC Fairshake, which supports pro-crypto candidates, in preparation for the 2026 midterm elections.

According to The Block, Coinbase announced that it will invest an additional $25 million in Fairshake to support pro-crypto candidates in anticipation of the 2026 midterm elections. Coinbase CEO Brian Armstrong stated that crypto voters have become an undeniable force.

Coinbase stated in a blog post that the company is committed to helping Fairshake and its affiliates maintain influence in the upcoming election cycle, hence the additional donation of $25 million. Fairshake has raised over $200 million in the current election cycle, receiving funding from major crypto companies and investment firms including Ripple and a16z.

Coinbase emphasized that the stakes are too high to remain on the sidelines. If they can combat the destructive actions of anti-crypto politicians in the presidential election, greater progress will be made before the midterm elections.

【Market News】MicroStrategy released its third-quarter financial report. Although quarterly sales were $116 million, falling short of the market expectation of $122.66 million, its Bitcoin strategy performed well, with a year-to-date Bitcoin return of 17.8%. The company plans to raise $42 billion in capital over the next three years to support further Bitcoin acquisitions. Despite an 8% drop in after-hours trading, it has still risen over 250% year-to-date, indicating market optimism about its long-term strategy.

According to The Block, Glif, the largest DeFi protocol on Filecoin, has announced the launch of its native token GLIF. The total supply is 1 billion, of which 100 million will be airdropped to eligible users. The airdrop tokens will be distributed at a 1:1 ratio, with 25% accessible immediately and the remaining 75% vesting linearly over 180 days. As a liquid leasing platform, Glif has locked in over $124 million in value. The GLIF Foundation has been established, and token holders will decide on community growth and ecosystem development allocations through a governance process.

# Blockchain Market Observation: Spot Bitcoin ETF Sees Record Inflows

According to The Block, BlackRock's IBIT fund drove inflows on Tuesday, amounting to $642 million. The total trading volume for all spot Bitcoin ETFs in the U.S. on that day was $4.75 billion, a significant increase from the previous day's $3 billion.

The 12 spot Bitcoin ETFs in the U.S. reported a total daily net inflow of $870 million on Tuesday, the largest inflow since the first week of June. The net inflow for the IBIT ETF reached $642.87 million, the largest single-day inflow in over seven months.

BlackRock's spot Bitcoin exchange-traded fund IBIT recorded a daily trading volume of $3.36 billion, the highest trading volume since March 14. Fidelity's FBTC reported a net inflow of $133.86 million, while Bitwise's BITB saw an inflow of $52.49 million. VanEck's HODL also had an inflow of $16.52 million, and Ark and 21Shares' ARKB recorded an inflow of $12.39 million. The other five spot Bitcoin ETFs saw no inflows.

Bloomberg ETF senior analyst Eric Balchunas noted in a post on X that IBIT's large trading volume is “a bit strange,” as Bitcoin was up 4% at the time, and “usually ETF trading volumes surge during declines or crises.” He added, “Given the recent price surge, I suspect this belongs to the FOMO (Fear of Missing Out) frenzy, suggesting there may be more large inflows this week.”

According to The Block’s price page, Bitcoin increased by 2.21% in the past 24 hours, trading at $72,471, after reaching a high of about $73,200 earlier yesterday. Ethereum rose by 1.02%, trading at $2,643.

Meanwhile, the U.S. spot Ethereum ETF recorded a daily net inflow of $7.65 million on Tuesday. BlackRock's ETHA was the only spot Ethereum ETF to show positive inflows, with an inflow of $13.62 million. Grayscale's ETHE recorded a net outflow of $5.97 million that day, while the other seven ETFs saw no inflows. The total trading volume for spot Ethereum ETFs on Tuesday expanded to $280.55 million, up from $187.49 million on Monday and $189.88 million on Friday.

[Blockchain News]

The Hong Kong government announced that it will expand existing tax incentives to cover cryptocurrency investments by the end of the year. Financial Secretary Paul Chan said regulators plan to approve more licenses for crypto asset trading platforms by the end of the year to boost market development.

Secretary for Financial Services and the Treasury Stephen Wong said in a speech at Fintech Week that tax incentives will be extended to crypto investments by private equity funds and family offices, aiming to enhance the attractiveness of the Hong Kong market.

In addition, the Hong Kong Monetary Authority plans to introduce legislation related to stablecoins this year and review the design of over-the-counter trading regulations, and will release a second round of consultations next year.

【Coinbase Launches Based Agent: Create AI Agent in Three Minutes】

According to Cointelegraph, Coinbase has announced the launch of a new tool called "Based Agent," allowing users to set up their own AI agent and connect their crypto wallet in just three minutes. This agent is capable of handling on-chain tasks such as trading, exchanging, and staking.

Coinbase developer Lincoln Moore stated that Based Agent is a template that integrates the Coinbase SDK, OpenAI, and Replit, simplifying the process of building AI agents. Users need to obtain a Coinbase API key and an OpenAI key, and copy the Replit template.

Coinbase CEO Brian Armstrong emphasized that users can quickly create AI agents, advancing the automation of blockchain transactions. It is expected that by April 2025, most blockchain transactions will be completed by AI agents, and the market outlook is optimistic.

[Blockchain News] According to Cointelegraph, on-chain analysis company Arkham Intelligence revealed that a hacker hacked into a wallet that may be controlled by the US government on October 24 and stole about $13 million in assets. The wallet originally contained funds confiscated from the 2016 Bitfinex hack.

According to Arkham Intelligence, the attacker transferred the funds to a wallet starting with "0x348" and began converting stablecoins to Ethereum, laundering funds through addresses that may be associated with money laundering services.

It is worth noting that Ilya Lichtenstein and Heather Morgan, the perpetrators of the 2016 Bitfinex hack, will be sentenced in November. The two were arrested in 2022 and pleaded guilty to charges of money laundering and conspiracy to defraud the US government in a plea agreement in July 2023.

Although the incident has attracted market attention, the transparency and security of blockchain technology are still improving, and the market outlook remains optimistic.

# BingX launches ShieldX to strengthen security measures to protect user assets

Singaporean cryptocurrency exchange BingX has announced a new security initiative called “ShieldX” in response to a $52 million hot wallet attack in September. ShieldX introduces an upgraded wallet firewall and partners with multiple security companies to implement round-the-clock monitoring and threat detection.

Vivien Lin, Chief Product Officer of BingX, said that the launch of ShieldX marks a significant improvement in the platform’s defense capabilities and is designed to better protect user assets. The exchange has resumed normal operations and promised to fully cover the affected funds.

#Base Team Announces Implementation of Permissionless Proof of Failure on October 30 to Promote Network Decentralization

The Base team announced that it will implement permissionless proof of failure on its Ethereum Layer 2 platform on October 30, aiming to achieve network decentralization and eliminate control by a single entity. This initiative marks an important milestone for Base on its path to decentralization.

Base was launched in August 2023, developed based on the Optimism OP Stack software package, and has now become the largest Layer 2 aggregation platform by total value locked on Ethereum. The introduction of proof of failure draws on similar deployments on the Optimism main chain, further enhancing the security and transparency of the network.

【News】According to Cointelegraph, nearly all the stolen funds from Radiant Capital after the cyber attack have been transferred to the Ethereum network. A report from PeckShield indicates that the attackers transferred approximately 20,500 Ethereum (about 52 million USD) to Ethereum through Arbitrum and Binance BNB Chain. This move may be an attempt to obscure the flow of funds. Radiant Capital has advised users to revoke authorization for the affected smart contracts to protect their funds.

# Ethereum L2 Scroll Airdrop Triggers Blob Fee Surge

According to Cointelegraph, due to the airdrop claim frenzy of the new Ethereum Layer 2 network Scroll, Ethereum's blob fees briefly surged to $4.52. This is the third time since the March Dencun upgrade that blobs have become expensive.

On October 22, Scroll launched its governance token SCR on Binance and airdropped it to users. According to Dune Analytics data, blob fees reached their highest point in four months.

Although more expensive blobs pushed up transaction costs on Ethereum L2, fees quickly fell back as L2 activity slowed. Ethereum developers have proposed EIP-7742, aimed at dynamically setting blob gas targets and maximums to optimize network scalability.

【Market Observation】Tesla's large-scale Bitcoin transfer has attracted market attention, but the assets are still under control. According to analysis from Arkham Intelligence, Tesla allocated $780 million in Bitcoin to seven wallets on October 15. Although this initially triggered market sell-off panic, these Bitcoins have not yet moved. CoinGecko data shows that the price of Bitcoin has risen by 5% since the transfer and is currently stable at $67,600. Tesla may reveal more details during the earnings call.

[Breaking News] ANZ Bank will become one of the first clients in Singapore to use Chainlink privacy-preserving technology for tokenized real assets (RWA) settlement under Project Guardian.

Chainlink is a decentralized blockchain oracle network based on Ethereum. It recently launched two new features, Blockchain Privacy Manager and CCIP Private Transactions, to help financial institutions maintain data privacy when trading between blockchain networks.

ANZ Bank will integrate the technology for cross-chain settlement under the Monetary Authority of Singapore's tokenization initiative. This move not only improves transaction privacy, but also provides new possibilities for the integration of traditional financial systems with blockchain.

# Former CEO of Australian Crypto Exchange Faces Fraud Charges

The Australian Securities and Investments Commission (ASIC) has charged former Mine Digital CEO Grant Colsap with stealing $1.47 million from a client. The client paid $1.5 million to buy Bitcoin in July 2022 but did not receive any cryptocurrency. ASIC said Colsap used the funds to repay company debts and buy cryptocurrencies.

The case will continue on December 16, and Colsap could face up to 20 years in prison. Despite this, the market remains optimistic about the long-term prospects of Bitcoin, which is currently trading at around $67,460.

[Market News] Yuichiro Tamashiro, leader of the Democratic Party for the People, proposed reducing the tax rate on cryptocurrency gains to 20% to promote Japan to become a leader in the Web3 field. Tamashiro said the move would bring the tax rate on crypto assets in line with the stock market and not trigger tax events when exchanging crypto assets. Although the Democratic Party has limited seats in the House of Representatives, the plan shows a positive attitude towards the crypto market. The Japanese election will be held on October 27, and the market is looking forward to it.

Payment giant Stripe acquires stablecoin platform Bridge for $1.1 billion, setting the largest acquisition record in the history of the crypto industry. The news comes from TechCrunch founder Michael Arrington.

Bridge had previously raised $58 million from investors, with a valuation of $200 million. This acquisition marks Stripe's further expansion into the cryptocurrency space, strengthening its stablecoin payment solutions.

Stripe's recent valuation is $70 billion, and it has reactivated its USDC payment service, collaborating with Coinbase to expand its crypto payment products.

[Blockchain News] According to the Coin Telegraph, the "Human Proof" project World (formerly Worldcoin) founded by Sam Altman announced the launch of the Ethereum second-layer blockchain World Chain. The chain will give priority to verified human users, providing free gas quotas and block space.

World Chain aims to improve efficiency and introduce new features, supporting top applications such as Optimism, Uniswap and Alchemy. The new Orb device is powered by Nvidia hardware and has a five-fold performance improvement.

The launch of World Chain marks a further advancement of its "people-oriented" approach to popularizing cryptocurrencies.

According to Cointelegraph, a survey by The Digital Chamber revealed that approximately 26 million American voters regard pro-crypto policies as their top consideration in the November election. In the survey, one in seven respondents (16%) said cryptocurrencies were “extremely” or “very” important in deciding their vote. The results suggest that pro-cryptocurrency candidates could gain a significant advantage in key elections.

The survey also noted that at least 25% of Democrats and 21% of Republicans believe a candidate’s attitude toward cryptocurrencies will influence their voting decisions. Perriand Bolin, founder of The Digital Chamber, said the results should serve as a wake-up call for policymakers as experts predict a tight race for the White House.

Additionally, two-fifths of black voters ranked a candidate’s encryption policy as an important criterion, more than twice the rate of white voters. A majority of Republican and Democratic respondents also believe that supporting the crypto industry should be an important priority for the new president and Congress.