📰 Web3 Morning News Briefing | 10.11
🟥 Regulation & Developments
▪️ The SEC has sued Linqto founder William Sarris and former executive Joseph Endoso, alleging that their subsidiaries sold more than $430 million worth of interests in private companies to retail investors through SPVs from 2021 to 2024. Related compliance issues continue to draw attention.
▪️ A committee of the French National Assembly passed amendments on stablecoin swaps and an crypto exit tax, then rejected the revenue section of the 2027 budget. The legislative path forward remains uncertain.
▪️ The CFTC plans to classify event contracts covering sports, politics, culture, weather, and other events as “swaps,” while excluding casino-style gambling, further clarifying the regulatory boundaries for prediction markets.
🟩 Security & Ecosystem
▪️ $XRP Ledger disclosed a critical vulnerability in its payment engine that had existed for more than 10 years and could theoretically have affected the fixed supply of $XRP . The team has patched it in xrpld 3.4.1 and coordinated validator upgrades. The vulnerability was not exploited.
▪️ CZ released a streamlined guide to crypto asset security covering theft prevention, loss prevention, and inheritance. He recommends that self-custody users sign transactions with offline devices, back up their seed phrases in multiple locations, and avoid syncing screenshots to the cloud.
▪️ Hardware wallet maker Ledger confirmed unauthorized hardware modifications to affected devices. Southeast Asian distributor CryptoBilis has suspended sales and is cooperating with an investigation. Estimated losses are around $86 million, and phishing ads linking to fake official websites have also appeared.
▪️ A Bermuda life insurer operating on a Bitcoin full stack has raised $37.5 million, with Bain Capital Crypto leading the round. Demand from high-net-worth families in Asia, Europe, and the Middle East is a key driver.
🟦 Markets & Capital Flows
▪️ $BTC rose amid volatility, reaching $83,000 (up 0.18% intraday). $ETH also moved above $2,500 (up 0.45% intraday), while weekend volatility among major coins narrowed.
▪️ Tom Lee reaffirmed his bullish medium- to long-term outlook, saying $ETH could reach the $25,000–$50,000 range during this cycle, with a year-end target of $5,000. The market-implied probability of reaching that target by year-end is about 4%.
▪️ POAP founder worthalter transferred a total of 8,000 $ETH (about $20.81 million) to Gemini over six days, at an average price of around $2,601. His remaining holdings are approximately 51,468 ETH.
▪️ Over the past 24 hours, liquidations across the crypto market totaled $82.578 million. Both long and short positions saw sizable individual liquidations, with the largest at about $3.7894 million on Hyperliquid.
▪️ Net exposure among hedge funds to the U.S. stock market’s “Magnificent Seven” has climbed to a record 22%. Increasingly crowded institutional positioning could amplify future volatility.
💡 Opportunities to Watch
1️⃣ $XRP: The vulnerability remediation process was relatively transparent. The combination of a bug bounty program and upgrading before disclosure could help strengthen long-term trust, while the incident may drive short-term attention.
2️⃣ $ETH: Continued selling by industry players coexists with bullish narratives. The balance between buyers and sellers appears relatively even around $2,500, making a range-bound strategy and strict stop-losses more suitable in the short term.
3️⃣ $BTC: Around $83,000, the price is near a key psychological level, while macro positioning is at a historical extreme. Consider keeping some room to maneuver, and pay close attention to practical details such as cold-wallet use and offline seed phrase storage.
This content does not constitute investment advice. Crypto markets are highly volatile; be sure to manage risk.
🟥 Regulation & Developments
▪️ The SEC has sued Linqto founder William Sarris and former executive Joseph Endoso, alleging that their subsidiaries sold more than $430 million worth of interests in private companies to retail investors through SPVs from 2021 to 2024. Related compliance issues continue to draw attention.
▪️ A committee of the French National Assembly passed amendments on stablecoin swaps and an crypto exit tax, then rejected the revenue section of the 2027 budget. The legislative path forward remains uncertain.
▪️ The CFTC plans to classify event contracts covering sports, politics, culture, weather, and other events as “swaps,” while excluding casino-style gambling, further clarifying the regulatory boundaries for prediction markets.
🟩 Security & Ecosystem
▪️ $XRP Ledger disclosed a critical vulnerability in its payment engine that had existed for more than 10 years and could theoretically have affected the fixed supply of $XRP . The team has patched it in xrpld 3.4.1 and coordinated validator upgrades. The vulnerability was not exploited.
▪️ CZ released a streamlined guide to crypto asset security covering theft prevention, loss prevention, and inheritance. He recommends that self-custody users sign transactions with offline devices, back up their seed phrases in multiple locations, and avoid syncing screenshots to the cloud.
▪️ Hardware wallet maker Ledger confirmed unauthorized hardware modifications to affected devices. Southeast Asian distributor CryptoBilis has suspended sales and is cooperating with an investigation. Estimated losses are around $86 million, and phishing ads linking to fake official websites have also appeared.
▪️ A Bermuda life insurer operating on a Bitcoin full stack has raised $37.5 million, with Bain Capital Crypto leading the round. Demand from high-net-worth families in Asia, Europe, and the Middle East is a key driver.
🟦 Markets & Capital Flows
▪️ $BTC rose amid volatility, reaching $83,000 (up 0.18% intraday). $ETH also moved above $2,500 (up 0.45% intraday), while weekend volatility among major coins narrowed.
▪️ Tom Lee reaffirmed his bullish medium- to long-term outlook, saying $ETH could reach the $25,000–$50,000 range during this cycle, with a year-end target of $5,000. The market-implied probability of reaching that target by year-end is about 4%.
▪️ POAP founder worthalter transferred a total of 8,000 $ETH (about $20.81 million) to Gemini over six days, at an average price of around $2,601. His remaining holdings are approximately 51,468 ETH.
▪️ Over the past 24 hours, liquidations across the crypto market totaled $82.578 million. Both long and short positions saw sizable individual liquidations, with the largest at about $3.7894 million on Hyperliquid.
▪️ Net exposure among hedge funds to the U.S. stock market’s “Magnificent Seven” has climbed to a record 22%. Increasingly crowded institutional positioning could amplify future volatility.
💡 Opportunities to Watch
1️⃣ $XRP: The vulnerability remediation process was relatively transparent. The combination of a bug bounty program and upgrading before disclosure could help strengthen long-term trust, while the incident may drive short-term attention.
2️⃣ $ETH: Continued selling by industry players coexists with bullish narratives. The balance between buyers and sellers appears relatively even around $2,500, making a range-bound strategy and strict stop-losses more suitable in the short term.
3️⃣ $BTC: Around $83,000, the price is near a key psychological level, while macro positioning is at a historical extreme. Consider keeping some room to maneuver, and pay close attention to practical details such as cold-wallet use and offline seed phrase storage.
This content does not constitute investment advice. Crypto markets are highly volatile; be sure to manage risk.