Today’s Top News Reminder:
Solmate stock surges 50%, to build the Middle East’s first Solana Node center and launch Aggressive M&A strategy
US Senate Democrats condemn Trump’s decision to pardon Binance founder Changpeng Zhao
Bloomberg: JPMorgan to allow Bitcoin and Ether as Collateral in crypto sector
CryptoQuant: Bitcoin bull run cycle not over, short-term support at $100,000
Fetch.ai and Ocean dispute likely to be resolved: If Ocean returns 286 million FET tokens, Fetch.ai will withdraw legal claims and cover costs
Jupiter plans to launch new ICO platform in November, first token issuance expected mid-November
Data: October on-chain Perp DEX monthly volume surpasses $1 trillion, sets new record
Clanker joins Farcaster ecosystem, launches $CLANKER buyback and deflationary mechanism
Stable pre-deposit event hits $825 million cap in first phase, community questions “RATS” activity
Macro
US Senate Democrats condemn Trump’s decision to pardon Binance founder Changpeng Zhao
According to AXIOS, US Senate Democrats are taking action to formally condemn President Trump’s decision to pardon Binance founder Changpeng Zhao. Some Senate Republicans have also criticized the pardon, while Democrats are seeking rare bipartisan cooperation to jointly oppose the White House’s decision.
Bloomberg: JPMorgan to allow Bitcoin and Ether as Collateral in crypto sector
According to Tree citing Bloomberg, JPMorgan will allow Bitcoin and Ether as Collateral in the cryptocurrency sector.
Research: AI browsers face systemic “indirect prompt injection” risk
According to simonwillison.net, research shows AI browsers face systemic “indirect prompt injection” risk. The Brave team demonstrated that Perplexity’s Comet can be induced by invisible instructions embedded in screenshots to automatically access account details and leak data externally; Fellou browser is even more severe, as page text can induce it to open Gmail and send the latest email subject to external sites. Both cases can execute without user confirmation, involving Email and fund security; Brave did not clarify whether these vulnerabilities have been fixed by vendors. OpenAI Chief Information Security Officer Dane Stuckey published a long post disclosing ChatGPT Atlas affiliate’s defenses against prompt injection: red team testing, training rewards to ignore malicious instructions, layered security barriers, and attack detection blocking; he proposed “defense in depth” and admitted prompt injection remains an unresolved frontier issue.
Nevada orders Fortress Trust to cease operations, company near bankruptcy with only $1 million in crypto Assets left
According to Bloomberg, the Nevada Financial Institutions Division issued a cease order to crypto custodian Fortress Trust (now renamed Elemental Financial Technologies) on October 22, citing severe liquidity shortage and inability to fulfill customer withdrawal obligations. Documents show Fortress owes customers about $8 million in Fiat and $4 million in crypto Assets, but holds less than $200,000 in cash and about $1 million in crypto Assets. The company has admitted it cannot complete fund reconciliation and failed to submit financial statements for July to September.
223rd Ethereum ACDE Meeting: Glamsterdam proposal deadline October 30, Fusaka Mainnet scheduled for December 3
According to Christine Kim’s summary of the 223rd Ethereum Execution Layer Core Developer Meeting (ACDE), developers have set next Thursday (October 30) as the deadline for Glamsterdam upgrade EIP proposal submissions, and plan to finalize the code changes to be included in the upgrade by November 27. Key meeting points include: Fusaka Mainnet schedule confirmed—Ethereum Foundation coordinator Alex Stokes proposed Fusaka Mainnet upgrade for December 3, 2025, with subsequent Blob Parameter Optimization (BPO) on December 9 and January 7, 2026. All Execution Layer (EL) client teams (including Geth, Nethermind, Reth, Besu, and Erigon) confirmed the schedule is feasible. Hoodi testnet will activate Fusaka version on October 28, the last test upgrade before Mainnet launch; Holesky testnet expected to close next week. Glamsterdam upgrade path—developers plan to launch a multi-client developer testnet to test Block-level Access Lists (BALs) functionality. Proposal submission deadline: October 30 Client team feedback deadline: November 6 Final scope confirmation: November 27 Ethereum Cat Herders team will hold public office hours on October 28 to assist EIP authors with proposal submissions. Key technical discussions—EF researcher Maria Silva proposed two solutions to improve Gas unit precision and will convert related research into EIPs for Glamsterdam consideration. EIP 8058 also suggests a “deduplication discount” for developers deploying the same contract multiple times to reduce state bloat. Removal of proposals—EIP 7667 and EIP 6873 (both related to Verkle data structures) were removed as they no longer fit the current roadmap. Stokes summarized that the core goal is to finalize Glamsterdam’s technical scope by the end of November, laying the foundation for the year-end Mainnet upgrade.
Thai Deputy Finance Minister accused of ties to telecom fraud group, wife allegedly received $3 million in crypto
According to Global Times, Thailand’s Deputy Finance Minister Worapark Tanyayon resigned after being accused of ties to a telecom fraud group, becoming the first cabinet minister to resign since Prime Minister Anutin took office. Reports indicate Worapark was linked to a foreign scammer involved in transnational telecom fraud in Cambodia, and his wife allegedly received $3 million in crypto from a Cambodian crime network this year. Multiple allegations have put him under public scrutiny. On the day of his resignation, Worapark denied any illegal activity, stating “resignation is to focus fully on legal defense,” and mentioned that handling related lawsuits would require significant time and could affect his duties at the Finance Ministry.
Opinions
CryptoQuant: Bitcoin bull run cycle not over, short-term support at $100,000
According to CryptoQuant’s weekly analysis, as of now, Whale addresses (holding 100 to 1,000 Bitcoin) have total Holdings of about 5.16 million BTC, accounting for 26% of Bitcoin’s circulating supply, making them the most important Holdings group in the current market. In 2025, Whale addresses accumulated an additional 681,000 BTC, while other address groups saw net dumping, indicating institutional investors are absorbing retail investor sell-offs. Whale Holdings annual growth rate is 907,000 BTC, higher than the 365-day average of 730,000 BTC, showing long-term demand remains strong. However, short-term momentum has weakened; if monthly accumulation rate does not reaccelerate, Bitcoin price may struggle to break the $126,000 new high. Currently, Bitcoin price resistance level is at $115,000, support at $100,000; if it falls below $100,000, a further pullback to around $75,000 may occur. Historical data shows Whale Holdings annual growth rate below the 365-day average often signals the end of a bull run, but current data suggests the market may still be in the late bull run stage, with future trends depending on whether this group’s accumulation speed can increase.
Coinbase CEO: Market structure bill “90% finalized,” expects passage by year-end
Coinbase CEO Brian Armstrong posted on X that despite the US government shutdown, momentum for clarifying the market structure bill is at an all-time high. He has communicated with Senate Democrats and Republicans eager to complete the bill, which is now 90% finalized, with all parties working to determine the final 10% and close to the goal. Armstrong added that Coinbase will push for clear rules to protect Decentralized Finance innovation and users’ rights to Stablecoin rewards, optimistic the bill will pass by year-end and hoping it will be submitted for review before Thanksgiving.
Project Updates
Fetch.ai and Ocean dispute likely to be resolved: If Ocean returns 286 million FET tokens, Fetch.ai will withdraw legal claims and cover costs
The dispute between Fetch.ai and Ocean Protocol Foundation may be resolved, with both parties working to settle misunderstandings through agreement to avoid litigation. According to Fetch.ai CEO Humayun Sheikh, if Ocean Protocol returns the 286 million FET tokens sold during the merger, Fetch.ai will withdraw all legal claims and cover related legal costs. Ocean Protocol stated that if the proposal is formally submitted in writing, they will agree to return the tokens. Previous reports indicated blockchain data showed Ocean Protocol wallets swapped about 661 million Ocean tokens for 286 million FET tokens, valued at about $120 million, with some tokens transferred to Binance and GSR Markets. However, Ocean Protocol denied the allegations and said its decision to Log Out of the ASI alliance was unrelated to the token transfer. Ocean Protocol founder Bruce Pon said the FET token price drop was mainly due to market sentiment and dumping by SingularityNet and Fetch.ai, not Ocean’s departure from the ASI alliance. Both parties are seeking to resolve the dispute by agreement to avoid further reputational and financial damage. Previously, Ocean Protocol explained its reasons for leaving the ASI alliance, accused two partners, and said it had filed a lawsuit.
Jupiter plans to launch new ICO platform in November, first token issuance expected mid-November
Jupiter co-founder Cash revealed in an interview with The Rollup that Jupiter is developing a new ICO platform, expected to officially launch in November 2025, with the platform name yet to be announced. The platform aims to support token issuance for projects and provide more earning opportunities for JUP holders. Cash said the first token issuance is expected in mid-November.
Upbit to list Orderly (ORDER) KRW trading pair
Korean crypto exchange Upbit announced it will list the Orderly (ORDER) KRW trading pair.
Stable pre-deposit $825 million cap, only 274 addresses successfully participated
According to on-chain analyst “Ai Auntie,” Stable’s pre-deposit event was officially announced to open at 09:10, but some addresses deposited early at 08:48; a single Whale/institution accounted for about $500 million, or 60.6% of the total, spread across 9 addresses; total cap was $825 million, with only 274 addresses successfully participating. The analyst also listed the first deposit address and source address, as well as two pre-deposit contract addresses for verification.
BlackRock’s BUIDL deploys $500 million in a single transaction on Polygon
On-chain data shows BlackRock’s tokenization fund BUIDL made a single deposit of about $500 million on the Polygon network. Polygon CEO confirmed the transaction was indeed a BUIDL deployment by BlackRock.
Lit Protocol to launch community token LITKEY on Base via AerodromeFi on October 30
Lit Protocol announced its network token LITKEY will launch on October 30 at 08:00 (UTC+8) on the Base chain via AerodromeFi’s second Community Token Launch (Aero Ignition). The first LITKEY/WETH pool has pre-injected Liquidity and set incentives, veAERO holders can vote to direct Aerodrome emissions to the pool; after launch, anyone can provide Liquidity to the pool.
Stable pre-deposit event hits $825 million cap in first phase, community questions “RATS” activity
Stablecoin public chain Stable announced its pre-deposit event’s first phase reached the $825 million cap. Stable said the cap was filled by partners and the community, with more content to be released gradually. Early ecosystem partners include Concrete, Morpho, Frax Finance, Pendle, USDT0, LayerZero, and others. Community members questioned that the cap was filled within minutes by insiders, with large fund inflows before the announcement, raising concerns about “RATS” activity.
Trust Wallet launches Perpetual Futures trading, up to 100x leverage
Trust Wallet has launched Perps (Perpetual Futures), covering over 100 markets, with up to 100x Available leverage. Users Trade in self-custody mode, with Liquidity provided by Aster DEX, and TWT fee discounts to be supported later. Usage path: update app → Swap → Perps; users must deposit margin before opening positions, can go long or short. Official reminder: not available in the US, UK, or restricted regions, high-risk product, subject to Trust Wallet service terms.
Clanker joins Farcaster ecosystem, launches $CLANKER buyback and deflationary mechanism
Base ecosystem’s leading launchpad platform Clanker has officially joined Farcaster, further deepening decentralized social and on-chain community integration. Farcaster plans to integrate Clanker more deeply into the app in future versions, making it easier for users to create and join on-chain Groups. According to the announcement, Clanker ecosystem will see three major updates: protocol Trading Fees will be used to buy back and hold $CLANKER tokens, destroy previously accumulated ecosystem token fee pools to reduce market Circulating Supply, and permanently lock about 7% of $CLANKER tokens in one-sided LP to enhance Liquidity and reduce Circulating Supply. The announcement also clarified that $CLANKER is not Farcaster’s official token, and both remain independent; Clanker protocol’s Trading Fee allocation is two-thirds for buying $CLANKER, one-third for taxes. Farcaster currently has no token plans and continues to support developers and creators through Subscribe, storage, and Favorite function Trading Fees.
Spark reallocates $100 million Stablecoin reserve to Superstate crypto Arbitrage fund
According to The Block, DeFi lending protocol Spark (part of the Sky ecosystem) announced it will allocate $100 million of its Stablecoin reserve to Superstate’s USCC (Crypto Carry Fund) to earn returns via spot-futures Basis trading. USCC’s current TVL is about $411 million. Spark previously earned returns mainly through BlackRock’s BUIDL, Franklin’s FOBXX, and other tokenized US Treasury products. Superstate said USCC’s 30-day annualized return is about 8.35%, operating under a Compliance framework; it also manages USTB (tokenized US Treasury fund). Spark also deployed about $1.1 billion to Ethena’s USDe/sUSDe this year and $25 million to Maple Finance pools.
Key Data
Data: October on-chain Perp DEX monthly volume surpasses $1 trillion, sets new record
According to DefiLlama data, October’s on-chain Perpetual Futures Decentralized Exchanges (Perp DEX) total volume surpassed $1 trillion, up significantly from September’s $739 billion, setting a new all-time monthly record.
Report: North Korean hackers use “Huione Pay” for Money Laundering, stole $1.65 billion in virtual Assets this year
A multilateral sanctions monitoring group (MSMT) of 11 countries including the US, Japan, and South Korea recently released a report titled “North Korea’s Violations and Evasion of UN Sanctions through Cyber and IT Personnel Activities” (MSMT/2025/2), stating that from January 2024 to September 2025, North Korean hacker groups stole at least $2.837 billion in crypto by attacking global exchanges, with $1.645 billion stolen in the first nine months of 2025. The report notes North Korea launders money through intermediaries in Russia, Hong Kong, and Cambodia, and uses platforms like “Huione Group’s Huione Pay” to Swap crypto Assets for cash. North Korea also cooperates with Russian ransomware gangs and uses AI tools like ChatGPT to enhance attack stealth. Additionally, about 1,000 to 2,000 North Korean IT personnel work remotely under false identities in Russia, Laos, Cambodia, and several African countries, remitting salaries back to North Korea for nuclear and missile program funding.
Ether Spot ETF saw $128 million net outflow yesterday, all nine ETFs had no net inflow
According to SoSoValue data, on October 23 (US Eastern Time), Ether Spot ETF had a single-day net outflow of $128 million, one of the largest recent outflows, with none of the nine products seeing net inflow. Fidelity’s FETH saw a net outflow of $77.04 million, with historical total net inflow down to $2.69 billion; BlackRock’s ETHA saw a net outflow of $23.35 million, with historical total net inflow at $1.4255 billion. As of press time, ETH Spot ETF total net asset value is $26.023 billion, accounting for 5.63% of Ether’s market capitalization, with historical cumulative net inflow of $14.447 billion.
On-chain analyst: Address that pre-deposited $500 million USDT to Stable suspected to be Bitfinex
On-chain analyst Yujin tweeted that a suspected Bitfinex address collateralized about 300,000 ETH on Aave and borrowed $500 million USDT, then participated in Stable’s pre-deposit event, with funds transferred before the official announcement; citing DeBank address, the wallet previously injected funds into Plasma and after redeeming yesterday, moved to Stable. Both Plasma and Steble are projects invested and supported by Bitfinex.
10 wallets linked to Stable Vault owner pre-deposited $500 million USDT before announcement
On-chain data shows 10 wallets directly linked to Stable Vault’s owner pre-deposited about $500 million USDT to the platform before the official announcement. Earlier today, Stable’s pre-deposit event’s first phase quickly hit the $825 million cap, raising community concerns about “RATS” activity.
Financing/Acquisition
Depinsim completes $8 million strategic financing, ushering in the “connection equals value” era
Decentralized communication and data infrastructure project Depinsim announced $8 million strategic financing led by Outlier Ventures, with DWF Labs and other well-known institutions participating. Depinsim is based on eSIM technology, aiming to build Free Mobile Internet Protocol, allowing users to gain value through connection. By integrating eSIM communication, data Farm, and blockchain incentive mechanisms, users can earn returns by activating Mining Machines, completing tasks, or using data.
Pieverse completes $7 million financing, led by Animoca Brands and UOB Ventures
Web3 payment and Compliance infrastructure startup Pieverse announced $7 million strategic financing, led by Animoca Brands and UOB Ventures, with 10K Ventures, Signum Capital, Morningstar Ventures, and others participating. Pieverse focuses on developing verifiable on-chain invoice, receipt, and check protocols via smart contracts and multi-chain compatibility, aiming for transparent Compliance in decentralized transactions. The funds will be used for protocol expansion, team growth, and multi-chain integration development. Pieverse is a member of Binance MVB Season 9 and supported by the Binance ecosystem. Previously, Binance launched two exclusive Pieverse events in its wallet.
Cathie Wood discloses investment in Japanese Ether treasury company Quantum Solutions
Ark Invest founder and CEO Cathie Wood posted on X disclosing investment in Japanese Ether treasury company Quantum Solutions to further expand global capital market innovation channels. According to Quantum Solutions CEO Francis B. Zhou, after purchasing 2,365 ETH, the company will continue to increase ETH Holdings. As of now, the company holds 4,366.27 ETH and 11.6 BTC.
OpenAI acquires macOS natural language interface product Sky
OpenAI announced the acquisition of Software Applications Incorporated (developer of Sky). Sky provides a natural language interface for Mac that can understand screen content and call applications. OpenAI said it will bring Sky’s deep macOS integration capabilities to ChatGPT, with the roughly 12-person team joining OpenAI. Software Applications was founded in 2023 by former Apple employees, some of whom worked on iPhone “Shortcuts” app technology. The company previously raised $6.5 million from notable investors including OpenAI CEO Sam Altman and Figma CEO Dylan Field. Earlier this year, Software Applications released Sky, an AI assistant designed to help users perform actions or answer questions, featuring a floating interface that understands screen content. Sky is not yet publicly available.
Fireblocks acquires Dynamic, expands on-chain developer stack
According to CoinDesk, digital asset infrastructure company Fireblocks has acquired Dynamic—a developer platform used by Kraken, Magic Eden, and Ondo Finance—to accelerate enterprise adoption of on-chain applications. The acquisition enables Fireblocks to offer what it calls the first complete “custody-to-consumer” tech stack, combining Fireblocks’ security infrastructure with Dynamic’s wallet, authentication, and user onboarding tools. Financial details were not disclosed.
Aave Labs acquires Stable Finance to expand consumer access to on-chain savings
According to CoinDesk, Aave Labs, the company behind DeFi project Aave, announced the acquisition of Stable Finance, a San Francisco-based startup focused on simplifying on-chain savings for everyday users. Terms were not disclosed. The move brings Stable’s founder Mario Baxter Cabrera and engineering team to Aave Labs to help develop new consumer DeFi products. Cabrera will join as Product Director. Aave Labs founder Stani Kulechov said the acquisition strengthens the company’s goal of “integrating on-chain finance into everyday finance.”
Institutional Holdings
Solmate stock surges 50%, to build the Middle East’s first Solana Node center and launch Aggressive M&A strategy
According to The Block, Nasdaq-listed Solmate Infrastructure (SLMT) announced it has selected a data center, assembled bare-metal validators, and tested configurations, with SOL acquired at a “historic discount.” The company will advance construction of a validator center in the UAE and execute an Aggressive M&A strategy, using its SOL treasury as “fuel” for acquired business growth. Previously, Solmate completed $300 million PIPE financing and received support from Solana Foundation, recently acquiring $50 million in discounted SOL. The news pushed the stock price to an intraday high of about $12.55, closing up about 40% at $11.70, with a market capitalization of about $754 million.
