By Shikha Singh
Bitcoin ETFs Pull in Nearly Half a Billion as Ethereum ETFs Join the Party.
Bitcoin and ethereum ETFs received $494.27 million and $58.65 million, respectively, on Friday.
Top bitcoin ETFs were ARKB ($203.07 million), FBTC ($123.61 million), and IBIT ($110.82 million). Since January 11, these 12 bitcoin ETFs have raised $18.8 billion and held $61.21 billion in bitcoin, 4.71% of the supply.
Ethereum ETFs like Fidelity’s FETH raised $42.54 million. Despite Friday’s gains, the nine ethereum funds are down $522.97 million since July 23. They own $7.44 billion in ether, 2.3% of its $319 billion market value.
Binance Tops Crypto Fintechs With $62 bn Valuation, Surpassing Coinbase.
Binance valued crypto fintechs at $62 billion, topping Coinbase at $47.5 billion.
Binance, founded in 2017, boasts 200 million users and 43.8% of crypto transaction volume.
The SEC sued Binance for financial fraud in 2023. Founder Changpeng Zhao pled guilty, paid $4.3 billion, and served time.
His early September 2024 announcement lowered Bitcoin and Binance’s BNB token values.
Zhao owns 64% of BNB, worth $61 billion, raising centralization fears.
FTX Creditors Could Receive 10% to 25% of Their Crypto Back.
After FTX collapsed in November 2022, creditors aimed to recoup 10%–25%.
The court will decide on a restructuring plan by October 7, 2024, although crypto or cash repayments are uncertain.
FTX is anticipated to pay creditors $16 billion, although equity investors may get 18% of the surrendered cash.
The US trustee and creditors oppose the scheme due to unjust clauses and no in-kind payments. As liquidation proceeds, FTX’s $1 billion in Solana tokens may affect the market.
Vitalik Buterin Proposes Ethereum Ecosystem Alignment Concept.
Vitalik Buterin suggested integrating Ethereum’s environment with open-source development, open standards for interoperability, decentralized infrastructure, and desirable results like financial inclusion.
He stressed that initiatives should prioritize teamwork and long-term benefits above personal ties.
Steve Jobs believed that “one person never does great things in business; they’re done by a team of people.”
Terror Victims Seek Full Share of Binance’s $4.3 bn Settlement in DOJ Lawsuit.
Four people sued the DOJ to send additional cash from a $4.3 billion settlement with Binance to the USVSST.
They claim the DOJ has only deposited $900 million and seeks to transfer $1.5 billion, breaching the 2015 U.S. Victims of State Sponsored Terrorism Act.
Binance and its previous CEO, Changpeng Zhao, admitted to violating U.S. sanctions and anti-money laundering rules in the settlement. Zhao was fined $50 million and imprisoned for four months.
CFTC, FinCEN, and Treasury are all named in the action.
Ethena (ENA) Soars Amid Launch of New Stablecoin and Key Partnerships.
Ethena’s USDe digital dollar and “Internet Bond.” savings product are creating a decentralized synthetic dollar system. ENA, its token, rose 14% to $0.361 in 24 hours.
Ethena’s latest agreements, particularly its integration with Ethereum’s EigenLayer, have spurred this expansion by permitting USDe as protocol collateral. Ethena also released UStb, backed by BlackRock’s USD Institutional Digital Liquidity Fund, a riskier stablecoin.
SHIB Smashes BTC, ETH, XRP by Weekly Profits in Grayscale's Report.
Fund management behemoth Grayscale noted Shiba Inu (SHIB)’s milestone in its weekly newsletter. SHIB surpassed Bitcoin, Ethereum, Dogecoin, and Cardano in weekly gains, rising 32.1%. Lucie, SHIB’s social media lead, shared this news, exciting the community.
After the Bonecrusher app launched, Shiba Inu’s total value locked (TVL) reached a record $3.64 million, driving SHIB’s rise. The price of SHIB rose 42.51% before falling 9%.
Shiba Inu, Pepe, and Dogwifhat Soar Amid Expectations Of A ‘Meme Coin Supercycle’.
This week, Shiba Inu, Pepe, and Dogwifhat lead meme currency gainers, raising the market valuation to $55 billion by 25%.
Shiba Inu increased 39%, Pepe 36.5%, and Dogwifhat 35.4%.
Even Dogecoin rose 16%. Bullish social mood has speculators predicting a “memecoin supercycle.”
While BitMEX creator Arthur Hayes hyped meme currency trading, observers like Saint Pump warned of hazards, comparing it to gambling.
Ripple Mints Another 300,000 RLUSD at RLUSD Treasury.
Ripple has been testing its RLUSD stablecoin on Ethereum and XRP, minting 300,000 RLUSD.
September saw many RLUSD mints, increasing Ripple’s on-chain activity.
These include minting 50,000 RLUSD, 5,515 and 485 RLUSD, and burning 50 RLUSD.
RLUSD was privately beta tested by Ripple in August, although it hasn’t acquired regulatory clearance. The stablecoin, backed 1:1 by U.S. dollar cash deposits and Treasury bills, complements Ripple’s ecosystem by enabling settlement and payments.
Hacker Behind $2 mn Crypto Hack Offered Role by Targeted Protocol.
The September 26 security breach at Bedrock’s liquid restaking platform cost $2 million, but up to $75 million might have been taken. Dedaub notified the uniBTC vault vulnerability, but Bedrock did nothing.
The compromise was disclosed on September 27, although Bedrock assured customers that the remaining money was secure and planned to restart staking once restored. The hacker was rewarded for helping secure the system, which was rare.
Shezmu bargained with a hacker to collect over $5 million by upping the reward from 10% to 20%.
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