Binance completes Gopax acquisition, paving way for South Korea comeback: report https://t.co/PEUttcVs0R ...

Core Insights - A significant operational error led to the unprecedented minting and subsequent destruction of 300 trillion PYUSD stablecoins by Paxos, exceeding the total GDP of all countries combined [1][6] - Following the incident, Aave temporarily froze PYUSD trading due to the unexpected high-volume transaction [1] - Paxos confirmed that the excessive minting was a technical error during an internal transfer, ensuring customer funds remained secure [1][5] Group 1 - The incident resulted in the largest token destruction in cryptocurrency history, surpassing previous notable events [6] - PYUSD maintained its dollar peg, with only a brief price drop of approximately 0.5% post-incident [3] - The current market capitalization of PYUSD exceeds $2.3 billion, ranking it sixth among stablecoins [5] Group 2 - The event raised critical questions regarding the collateral mechanisms of stablecoins [8] - Concerns were expressed about what collateral backed the erroneously minted $300 trillion stablecoins [9]

Photo by BeInCrypto Crypto Black Friday’s record liquidations erased $19 billion in positions, exposing transparency gaps between centralized and decentralized venues. As Binance stumbled, Hyperliquid held firm, making the 10.10 crash crypto’s biggest stress test since FTX. The crash and Binance’s recent listing controversy underscored one growing theme: the cost of centralization and the appeal of open systems. The Crash That Shook Trust Latest UpdateBloomberg reported that Hyperliquid processed over $1 ...

A crypto wallet that purchased the memecoin "4" just before Binance co-founder Changpeng "CZ" Zhao posted about it on X has transformed a small wager into an extraordinary profit. On Oct. 1, CZ posted about the community on X, mocking a hacker by purchasing the memecoin "4" after the hacker dumped his coin holdings for $4,000. Related: Meme coins are bringing users to crypto, Gemini exec says The blockchain analytics platform Bubblemaps reported that just before the post, a substantial purchase of the me ...

Popular YouTuber MrBeast is reportedly eyeing a move into crypto entrepreneurship. James "Jimmy" Donaldson, known as MrBeast, is the world's most popular YouTuber with over 445 million subscribers. He is well-known for hosting elaborate and controversial challenges on his channel whose popularity has turned him into a billionaire. Now, it seems he wants to venture beyond YouTube and is looking to launch a financial services entity. Related: What is Crypto? Cryptocurrency explained On Oct. 13, MrBeast re ...

CoinGecko CEO Bobby Ong believes the crypto market has entered the middle stages of its current expansion — a period marked by renewed optimism, easing regulation, and rising institutional participation. Speaking with TheStreet Roundtable’s Alp Gasimov, Ong said Bitcoin’s recovery from its 2022 lows signals that “we’re probably in the third inning or getting to the fourth inning” of the market cycle. Bitcoin fell to around $16,000 after the FTX collapse but, as Ong noted, has seen “almost a 10x gain from ...

A Polymarket bet on Bitcoin's pseudonymous creator, Satoshi Nakamoto's activity saw a sudden uptick on Oct. 15. The bet "Will Satoshi move any Bitcoin in 2025?" spiked 15% for some time before crashing down to 5%. This sudden spike-and-fall incident caused some traders to lose their positions. Traders hit with losses As per Polymarket data, one trader by the username 1897sadhjns444dpoasdp placed more than $13,000 on “Yes” at an average price of 10 cents a share. They saw their current value drop by near ...

Market Reaction - A sharp sell-off in the crypto market occurred following President Trump's threat of a 100% tariff on Chinese goods, leading to price gaps and reduced liquidity [1] - The weekend rout resulted in the liquidation of approximately $19 billion in leveraged positions, impacting around 1.6 million accounts, with Bitcoin dropping below $110,000 and Ether falling under $4,000 [2] DeFi and Trading Activity - DeFi activity surged during the market turmoil, with decentralized exchange (DEX) volumes increasing and protocol fees rising, indicating funding stress rather than a breakdown in protocol usage [3] - Traders experienced margin calls and forced unwinds, leading market makers to reduce inventory risk and a decline in open interest [6] Market Sentiment and Volatility - The volatility across both short-dated and long-dated maturities increased significantly, with concerns about downward market movements [5] - Analysts noted a record one-day liquidation, with trade headlines related to tariffs causing de-risking across futures and spot pairs [4] Future Outlook - The current deleveraging process is expected to reduce excess and lower the risk of another chaotic market event in the near term, with historical trends suggesting steadier advances following funding resets [8] - Key indicators to watch include net creations into spot ETFs, growth in stablecoin issuance, and order book depth during Asian and European trading sessions, as these may signal potential price recovery [8]

Riding the waves or just cruising? https://t.co/kFVN3ryS4q ...

Core Insights - Bitmine Immersion Technologies, Inc. (BMNR) experienced a significant drop in share price, falling by 6.91% to close at $52.92 as investors engaged in profit-taking after previous gains [1] - The company recently acquired 202,037 Ethereum (ETH) tokens, increasing its total ETH holdings to over 3 million, which represents approximately 2.5% of the total ETH supply [2] - Bitmine aims to reach its goal of holding 5% of the total ETH supply, indicating a strategic long-term investment approach in the cryptocurrency market [3] Financial Position - In addition to its Ethereum holdings, Bitmine holds 192 Bitcoins, a $135 million stake in Eightco Holdings, and $104 million in unencumbered cash [4] - Bitmine is recognized as the largest holder of Ethereum tokens and the second largest cryptocurrency treasury holder, following Strategy Inc. [4]