BSCN Debrief: Ledger Confirms Hardware Wallet Hack

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Breaking News

Ledger Confirms Tampered Hardware Wallet Attack

Ledger says confirmed cases of its October 9 draining incident involve devices sold through Southeast Asian reseller CryptoBilis, with the hardware wallet maker stating its own systems and direct sales channels remain unaffected.

Standard Chartered Opens a New Door for Ripple's RLUSD

Standard Chartered has begun offering institutional custody for Ripple's dollar-backed RLUSD stablecoin.

The bank is also exploring a collateral arrangement for the asset.

XRP Ledger Bypasses Normal Vote to Fix Unlimited XRP Bug

XRP Ledger developers have defended an emergency security patch that skipped the network's standard validator vote, with the fix released on September 25 closing a flaw that could have allowed an attacker to create spendable XRP beyond the token's fixed supply.

Justin Sun Says TRON is Preparing For Quantum Threats

TRON has deployed its post-quantum cryptography technology to testnet, according to founder Justin Sun.

The move positions the network ahead of potential quantum computing threats to existing blockchain cryptography.

What the Markets Think

Will Bitcoin hit $100K in 2024?: 3%. Strategy chair Michael Saylor just hinted at another BTC buy this week, but the market isn't betting on six figures before year-end.
Will the Fed cut rates in November 2024?: 92%. With two Ethereum-linked wallets sending $11M to Kraken and macro uncertainty weighing on crypto, traders are pricing in another rate move as nearly certain.
Will Ethereum surpass $3,000 in October 2024?: 18%. Adam Back's fresh criticism of Ethereum's early design choices isn't helping sentiment, and the market sees slim odds of a breakout this month.

The Big Story

Are Ethereum-Linked Wallets Preparing For a Big Sell Off?

Two wallets historically linked to the Ethereum Foundation have reportedly sent 4,393 ETH, worth around $11.13 million, to Kraken.

The transfer has sparked speculation about a potential sell-off, coming at a time when Ethereum faces renewed design criticism from Blockstream CEO Adam Back. Foundation-linked wallets have historically moved ETH to exchanges ahead of sales to fund operations, though no official confirmation has been issued. The timing adds pressure to a market already weighing macro headwinds and fading altcoin sentiment.

StarkNet's native token $STRK has surged more than 107% over the past week, making it one of the standout performers in the crypto market.

The rally comes as the layer-2 network prepares to transition to a layer-1 blockchain, a shift that has captured trader attention and sparked fresh speculation about the protocol's long-term positioning. While broader altcoin markets have struggled, StarkNet's momentum stands in sharp contrast.

Sui Foundation Pledges $30M to AI Data Network

Sui Foundation is investing $30 million in DATA Network as the AI data protocol moves onto the Sui blockchain.

The deal is set to make Sui a hub for decentralized AI data infrastructure, with the foundation providing financial backing to facilitate the migration. Sui has been aggressively expanding its ecosystem footprint, and this marks one of its largest single protocol partnerships to date.

Ethena hits $1,000,000,000 worth of fees

Ethena, the issuer of the $USDe synthetic dollar, has generated more than $1 billion in cumulative fees, according to DefiLlama data.

The milestone cements Ethena's position as one of the highest-revenue protocols in DeFi, driven by the popularity of its yield-bearing stablecoin. USDe has attracted significant institutional and retail interest as a scalable alternative to traditional stablecoins.

Deep Dive of the Week

The Zcash "Ceremony": The Strange Story of How the Coin Was Born

The Zcash "ceremony" was a trusted setup held in October 2016, with the original genesis ceremony taking place on October 23, 2016, generating the public zk-SNARK parameters behind Zcash's private transactions.

The elaborate ritual involved six participants across multiple continents, each destroying a piece of cryptographic "toxic waste" to prevent counterfeiting. It remains one of the most unusual and high-stakes launches in crypto history.

By the Numbers

90 million XRP:

Doppler Finance's dedicated XRP Vault has crossed 90 million XRP in total value locked.

$9.48 million:

Spot Chainlink ETFs logged their biggest single day of investor inflows on record on October 9, absorbing $9.48 million in fresh capital.

151%:

DEX volumes on the Hedera network have surged 151% over the past month, according to data highlighting increased on-chain activity.

$6.07 billion:

Uniswap has crossed $6 billion in cumulative protocol fees since its launch, cementing its position as the dominant force in decentralized trading.

217 quadrillion:

BabyDoge has burned approximately 217 quadrillion tokens, representing more than half of its total supply.

On Our Radar

Filecoin vesting ends:

On October 15, the six-year vesting schedule for Protocol Labs and the Filecoin Foundation will conclude.

The event marks one of the most significant tokenomics shifts in Filecoin's history.

Circle CCTP V2 on Sui:

Circle's Cross-Chain Transfer Protocol V2 is now live on Sui Network, marking a significant infrastructure upgrade for the layer-1 blockchain.

Pyth 100% buyback rule:

Following a successful governance vote, 100% of eligible revenue from Pyth products will now fund open-market buybacks of the token.

Midnight lists in Japan:

Midnight's NIGHT token is set to list on OKCoinJapan on October 13, giving Japanese investors a second domestic venue to trade the asset.

Until Wednesday.