Today's headlines:
XRP Ledger discovered a critical vulnerability over 10 years old that could cause excessive XRP issuance; it has been fixed and the upgrade completed
CZ releases a streamlined crypto asset security guide covering three major areas: theft prevention, loss prevention, and inheritance planning
Next week's macro outlook: Is gold "spinning in place" with direction still unclear? CPI to test Fed's expectations for pausing rate hikes
POAP founder transferred 4,000 ETH to Gemini 6 hours ago, reducing holdings by a cumulative 8,000 coins over 6 days
CPC Central Committee and State Council: Build a national blockchain network and a nationwide integrated computing power network
"1011 Crash" one-year anniversary: Crypto market risks have not disappeared, and derivatives leverage could still trigger the next wave of liquidations
Musk gets "advised to back off" by chip expert: The Terafab project is harder than launching a Starship rocket
Regulation & Macro
Next week's macro outlook: Is gold "spinning in place" with direction still unclear? CPI to test Fed's expectations for pausing rate hikes
Over the past week, the U.S. and Iran remained in a standoff, and Trump explicitly ruled out action before the midterm elections; the Fed meeting minutes and remarks from multiple officials signaled that although inflation is elevated and there may be one more rate hike this year, action may not necessarily come immediately in October. This week's focus (Beijing time): U.S. September CPI and core CPI will be released Wednesday at 20:30; the Fed Beige Book on Thursday at 2:00; initial jobless claims, September retail sales, September PPI, and the New York/Philadelphia Fed manufacturing indexes on Thursday at 20:30; the IMF and World Bank annual meetings will be held in Bangkok from Monday through the 18th; multiple FOMC voters and Fed officials will speak. Recently weak U.S. employment data have left the market pricing only a 19% probability of a rate hike on October 28, down from as high as 70% previously; the market has fully priced in a 25 basis point rate hike by the Fed in December.
CPC Central Committee and State Council: Build a national blockchain network and a nationwide integrated computing power network
According to Xinhua News Agency, the CPC Central Committee and the State Council issued the "Opinions on Developing New Quality Productive Forces." The opinions mention promoting deep integration of the real economy and the digital economy, improving systems for determining data property rights ownership, market transactions, rights and interests distribution, and interest protection, and implementing pilot demonstration projects related to data elements. They also call for optimizing the layout of national data infrastructure, carrying out manufacturing digital transformation initiatives, implementing projects such as "East Data, West Computing," smart manufacturing, and innovative development of the industrial internet, building a nationwide integrated computing power network and a national blockchain network, and creating a globally competitive digital industry cluster.
South Korea's Financial Services Commission responds to controversy over restrictions on virtual asset exchange shareholding: Strengthening regulatory responsibility, not targeting specific companies
South Korea's Financial Services Commission Chairman Lee Eok-won responded to the provision in the "Digital Asset Basic Act" restricting major shareholders' shareholding in virtual asset exchanges, saying it was not directed by any specific person but took into account that exchanges, once institutionalized, must bear higher public responsibility. Currently, South Korean exchanges operate under a filing system renewed every three years. After the "Digital Asset Basic Act" is implemented in the future, exchanges will shift to an institutionalized operating model requiring licenses and must possess publicness and responsibility commensurate with their status. Previously, some lawmakers questioned whether the provision was influenced externally and pointed out that if enforced, major shareholders and potential acquirers might need to sell shares worth trillions of won. Lee Eok-won said the specific shareholding restriction details can be coordinated during parliamentary review, and the government bill is in final coordination and will be submitted as soon as possible, though no specific timetable was announced.
Project Updates
COLDCARD's official X account was compromised and posted a tweet containing a phishing link; the tweet has now been deleted
Hardware wallet manufacturer COLDCARD said its official X account had posted a post containing a phishing link, which has now been deleted. The account had used offline 2FA since 2017 and strictly limited access. The team has contacted the X platform, is reviewing all account permissions, and will release a verification update later. COLDCARD said it found no records of any login, session, or access, and that credentials and offline 2FA remain secure. It suspects possible platform-level or unauthorized administrator access and has requested an immediate investigation and preservation of relevant logs.
XRP Ledger discovered a critical vulnerability over 10 years old that could cause excessive XRP issuance; it has been fixed and the upgrade completed
In response to a critical vulnerability in the payment engine reported by Veria AI, the XRP Ledger (XRPL) payment engine had a critical vulnerability over 10 years old that could cause XRP to be issued beyond its fixed supply. The vulnerability was discovered through a bug bounty program and has not been exploited. The development team has released the xrpld 3.4.1 fix and coordinated validators to complete a network upgrade before public disclosure. RippleX's head of engineering said AI is accelerating the speed of vulnerability discovery, and XRPL will increase proactive security investment, clean up technical debt, advance formal verification, and systematically eliminate potential risks in old code.
SpaceXAI has been renamed SpaceXSI, with the official Twitter name now showing "SpaceX Super Intelligence"
Musk has implemented the renaming of SpaceXAI, with the official Twitter name now showing "SpaceX Super Intelligence" and the official Twitter account adjusted to "@SpaceXSI." Musk previously posted that he would no longer use the term AI and that SI (superintelligence) would be better, and about six days ago replied to a user confirming the change would be made.
Pump.fun co-founder: Callout Rewards program will be adjusted, lowering the weight of low-market-cap tokens and reducing the emphasis on trading volume
Pump.fun co-founder Alon posted that several major adjustments will be made to the Callout Rewards program in the coming days, with some changes taking effect starting with today's reward distribution. The adjustments include lowering the reward weight for Callouts of low-market-cap tokens, with trading volume no longer the main factor determining rewards, shifting the focus instead to the actual profitability of traders who follow. In the future, if participants cannot consistently help followers profit, their chances of receiving rewards will be significantly reduced.
Ledger confirms unauthorized hardware implant in affected user's device
Ledger Support confirmed that a device belonging to an affected user contained an unauthorized hardware implant. It is contacting the affected user and cooperating with law enforcement and SEAL 911 in the investigation. Southeast Asian distributor CryptoBilis has confirmed it is suspending sales of all hardware wallet inventory until the investigation concludes. Ledger said there is currently no indication that its security infrastructure, systems, or services have been compromised, and advised users who purchased devices from that distributor not to proceed with initialization setup. In the related earlier incident, attackers had laid groundwork weeks in advance, involving spy modules and a change in distributor ownership.
Musk gets "advised to back off" by chip expert: The Terafab project is harder than launching a Starship rocket
Musk said his Terafab manufacturing project will have the capacity to produce 1 terawatt of computing power, but semiconductor experts pointed out that this goal is very difficult to achieve. A Samsung executive revealed that strength in the chip manufacturing industry depends on knowledge accumulated over many years by continuously improving yields, and that it takes at least 30 years for equipment to reach mass-production yield levels and maintain the optimal process combination. Hanwha Securities analyst Park Joon-yong believes Terafab aims to provide chips for fields such as aerospace, autonomous vehicles, and robotics, and that Intel's chip production experience is crucial for Tesla and SpaceX.
Ledger: No indication at present that security infrastructure, systems, or services have been compromised
Ledger posted that, based on currently available information, it believes the stolen funds are limited to devices sold through a Southeast Asian distributor named CryptoBilis, and there is no indication that Ledger's security infrastructure, systems, or services have been compromised. The team is actively investigating the specific issue, and users who need help or have questions should contact Ledger customer support through official channels.
Investment and Financing News
Views & Analysis
Analyst: Bitcoin selling pressure intensifies, reaching levels seen at local tops in this cycle
Crypto analyst Darkfost pointed out that Bitcoin has entered a phase where selling pressure has clearly strengthened. After Bitcoin recently climbed above $85,000, the Seller Exhaustion indicator signaled that potential selling pressure is rising, especially among short-term holders. The current indicator level is already close to the thresholds seen at multiple local tops earlier in this cycle. Going forward, it remains to be seen whether demand can improve and volatility can converge, in order to curb a potential pullback and return the indicator to normal.
CZ releases a streamlined crypto asset security guide covering three major areas: theft prevention, loss prevention, and inheritance planningBinance founder CZ releases a streamlined crypto asset security guide, advising users to match security measures to their holdings' value and their own technical ability, with a focus on three major issues: theft prevention, loss prevention, and inheritance. For self-custody, he recommends using a dedicated offline computer, a reliable hardware wallet, verifying transaction addresses, and keeping multiple offsite backups, while avoiding photographing or screenshotting keys. Inheritance planning should involve a secure recovery plan, avoiding directly sharing keys or storing recovery information in unencrypted form. For centralized trading platforms, he recommends evaluating the platform's reputation and security capabilities, and strengthening account protection through a separate email, a strong password, 2FA, a hardware security key, and a withdrawal address whitelist, while staying alert to phishing attacks and API credential leaks. He advises users to allocate funds between exchanges and personal wallets according to their technical ability and access needs.
One year after the "1011 crash": crypto market risks have still not disappeared, and derivatives leverage could still trigger the next wave of liquidations
According to CoinDesk, on the one-year anniversary of the 2025 "1011 crash," the risks of high leverage and crowded trading in the crypto market still persist. During the crash, Bitcoin fell rapidly from about $122,000 to $105,000, triggering about $19 billion in liquidations. Mark Connors, head of Risk Dimensions, said the crash was mainly driven by the derivatives market, and leveraged products such as perpetual contracts have not disappeared, meaning similar events could still occur again. Chris Sullivan, co-founder of Hyperion Decimus, advised traders to reduce leverage and pay attention to indicators such as open interest, funding rates, and market sentiment. Connors also said that Bitcoin's "four-year cycle" is declining in effectiveness as a price prediction indicator, and macro and political factors may play a larger role.
Tom Lee predicts ETH will reach $5,000 by year-end, and this bull market could push it to $50,000
In an interview, Tom Lee said Ethereum could rise to $25,000 to $50,000 in this bull market cycle. He believes that ETH has traded in a similar price range for the past five years, and a longer period of bottom consolidation may build greater upward momentum. Lee expects ETH to break through $5,000 before the end of the year; if Bitcoin breaks through $100,000, ETH could rise to about $7,500. However, market data shows traders currently see only a 4% probability that ETH will rise to $5,000 by the end of 2026.
CZ talks about wallet security again: not opposed to hardware wallets, different products have different applicable scenarios
CZ posted that users should pay attention to asset security (SAFU), and said he is not opposed to hardware wallets or self-custody. He pointed out that different wallets and products are suitable for different use cases, and their security implications and best practices vary. He also disclosed that YZi Labs has invested in hardware wallet projects such as OneKey and SafePal, as well as mobile wallet products such as Trust Wallet.
Bitcoin approaches break-even point, capital-weighted cost basis of $80,500 draws attention
Crypto analyst Darkfost said Bitcoin's current price action is quite similar to the market pattern from late 2025 to early 2026, with the price continuing to fluctuate around the capital-weighted cost basis. That basis is currently about $80,500, weighting holding costs according to the scale of invested capital, and is regarded as an important area for measuring the market's average profit-and-loss status. This area is currently a key pivot at which investors on average are at the threshold between profit and loss, and market uncertainty may prompt more investors to take action; the level is still acting as support.
On-chain detective Specter questions Serpin token issuance decision: says low-liquidity listing and lack of follow-up damage credibility
On-chain detective Specter posted questioning Serpin's token issuance decision. Serpin had previously said it would not issue a token, but ultimately launched a token for "a project that did not need a token" and participated in ICO fundraising; after the TGE, team activity declined. Specter pointed out that its liquidity at listing was low, it chose only Coinbase for trading, and did not arrange other platforms, limiting users' trading channels. He also questioned that Serpin returned only 15% of funds and required participants to go through a lengthy process to apply to recover the remaining 85%, arguing that the outcome stemmed from the team's own decision-making failures. Serpin originally planned to launch in September, and after delays, the current situation eventually emerged.
Important Data
U.S. government-held crypto assets shrink by $16 billion from peak a year ago
According to Arkham data, compared with the peak a year ago, the U.S. government's cryptocurrency holdings have now shrunk by $16 billion.
POAP founder transfers 4,000 ETH to Gemini 6 hours ago, reducing holdings by 8,000 coins over 6 days
According to monitoring by Yu Jin, POAP founder worthalter continued to transfer 4,000 ETH (about $10.02 million) to the exchange Gemini 6 hours ago. Over 6 days, he reduced holdings by 8,000 ETH (about $20.81 million), at an average price of $2,601, and currently still holds 51,468 ETH, worth $129 million.
Two addresses belonging to the same whale withdraw 5,965 ETH from Binance
According to monitoring by on-chain analyst Ai Yi, two addresses of the same whale built a position in ETH worth $14.89 million. In the past 20 minutes, the two addresses cumulatively withdrew 5,965 ETH from Binance, at an average withdrawal price of $2,496.95. Their funding source address also transferred a similar amount of USDC to several other new addresses, and they may continue to buy in batches.
Ledger security incident affects a dormant wallet, causing a loss of 59 ETH
According to Lookonchain monitoring, a user's previously long-dormant wallet lost 59 ETH, worth about $146,800, due to a Ledger security incident attack after switching to a new wallet. The old wallet had been stored securely for more than 8 years and had been inactive for more than 4 years. One month ago, after the user moved assets to a new wallet, the attacker subsequently stole all the ETH in it.
Hong Kong SFC releases securities industry financial review report: virtual asset trading commission income falls 13.5% quarter-on-quarter
The Hong Kong Securities and Futures Commission released its securities industry financial review report, disclosing that the Hong Kong securities industry's net profit increased 21% in the first half of this year to HK$51.7 billion. Total net commission income and interest income from securities trading, futures and options, leveraged foreign exchange trading, and virtual asset trading increased 13% from HK$40.1 billion in the second half of 2025 to HK$45.4 billion in the first half of 2026. Total virtual asset trading commission income reported in the first half of 2026 was HK$99.3 million, a decrease of HK$15.5 million from HK$114.8 million in the second half of 2025, down 13.5% quarter-on-quarter.