🚨 BREAKING CRYPTO NEWS - BLAST L2 SHUTDOWN & BITGET $387M HACK
> By @whosaqi
Two major shocks hit crypto this week.
1. BLAST L2 IS SHUTTING DOWN
Blast announced on Oct 2, 2026 that it is sunsetting its Ethereum Layer-2 network. The team said operating costs exceeded revenue, making it unsustainable.
Users have until Oct 26, 2026 to withdraw funds via the official Blast interface. The team will first unwind Lido assets, which will pause withdrawals for about a week, then resume with a 24-hour delay.
This is a huge fall — Blast once had over $2 Billion in TVL, now down to just $90 Million. BLAST token dropped sharply after the announcement.
2. BITGET CONFIRMS $387.5M HOT WALLET HACK
Bitget confirmed hackers drained approximately $387.5 Million from its hot and warm wallets. As of Oct 2, only $1.1M has been frozen. Bitget says its Protection Fund will cover the loss and user funds are safe.
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> 📈 What Does This Mean for Market?
> Surprisingly, BTC ($85,030) and ETH ($2,695) remained stable today. The impact is more on L2 tokens and CEX trust — not on majors yet. 255 out of 406 coins are still green today.
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> 🔥 Bottom Line
> Blast shutdown proves not every L2 will survive — only strong L2s with real revenue will stay. And the Bitget hack is another reminder: never keep large funds on centralized exchanges. Self-custody matters.
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