PA Daily | Binance will compensate users affected by the USDE, BNSOL, and WBETH decoupling incidents; Bitmine is suspected of buying approximately $480 million worth of ETH after the market crash

Today's news highlights:
1. Indian tax authorities are investigating over 400 Binance traders for tax evasion
2. Binance issued a notice regarding the handling of the USDE, BNSOL, and WBETH decoupling incidents
3. Analysis: The whale suspected of 'selling over $4.23 billion in BTC to switch to ETH' is likely Garrett Jin, a former executive at a certain exchange
4. Bitmine is suspected of buying 128,000 ETH, worth approximately $480 million, after the market crash
5. Lighter will announce a compensation plan for LLP holders tomorrow
6. The Hyperliquid platform has over 6,300 wallets affected, with total losses exceeding $1.23 billion
7. Ukrainian crypto blogger Konstantin Galich was found dead by suicide during today's market crash
Macro
Indian tax authorities are conducting tax evasion investigations on over 400 Binance traders.
According to The Block, Indian tax authorities are investigating over 400 high-net-worth Binance traders suspected of tax evasion during the 2022-23 and 2024-25 fiscal years. The Indian Central Direct Tax Board has requested all city departments to report relevant actions by October 17.
Indian cryptocurrency traders are subject to a 1% withholding tax on each cryptocurrency transfer (counted towards the final bill), plus a 30% profit tax and other additional taxes, with the highest tax rate reaching about 42.7%.
Grayscale submitted SEC Form 10 for the TAO Trust.
Grayscale tweeted that it has submitted Form 10 for Grayscale Bittensor Trust (TAO), which is the first step to becoming an SEC reporting company, aimed at increasing its accessibility, transparency, and regulatory status. This move means that Grayscale will seek to publicly quote TAO trust shares on the over-the-counter market, shortening its private placement holding period from 12 months to 6 months, bringing it one step closer to becoming an ETP.
Viewpoint
Crypto.com CEO calls for regulators to investigate the exchanges with the largest clearing volume in the past 24 hours.
Crypto.com CEO Kris Marszalek posted on the X platform: "Regulators should investigate the largest exchanges by clearing volume in the past 24 hours and conduct a thorough review of the fairness of trading practices. Did any exchanges slow down to a halt, effectively preventing people from trading? Are all trade prices correct and consistent with the index? What are the setups for trading monitoring and anti-money laundering procedures? Is their internal trading team completely independent? The clearing amount reached $20 billion, and many users suffered losses. It is the regulators' duty to protect consumers and ensure market integrity."
Vitalik responded to the restaurant chain Steak'n Shake's pause on ETH payment voting: respect and support the company's adherence to its beliefs.
In response to the American restaurant chain Steak'n Shake's pause on whether to accept ETH payments due to concerns about the Bitcoin community's opinions, Ethereum co-founder Vitalik Buterin responded, "This is a good decision, and I respect it. Not all businesses should try to attract as many customers as possible in the name of 'not extremism.' We need those who are steadfast in their beliefs and see their work as a love for their cause and community."
Analysis: The whale that sold over $4.23 billion worth of BTC to switch to ETH is suspected to be former exchange executive Garrett Jin.
According to market news, on-chain analyst Eye disclosed on the X platform that the HyperLiquid whale, holding over 100,000 BTC and selling over $4.23 billion worth of BTC to switch to ETH, may be linked to former exchange executive Garrett Jin. During August and September, he sold over 35,000 BTC through a series of BTC wallets via Hyperliquid/Hyperunit to exchange for ETH. The address where his staked ETH contract is deployed received funding from a wallet, and the first funds of that wallet came from "ereignis.eth," while the second ENS domain name associated with that address, "garrettjin.eth," points to X user Garrett Jin. Currently, Garrett still holds 46,295 BTC (currently valued at $5.19 billion) in these addresses.
Eye further disclosed: "After I posted, Garrett Jin immediately changed his Telegram privacy settings, hiding the previously public photos and phone numbers. He also removed XHash from his personal profile, just as he did on X after Emmett Gallic posted about him. It seems he has something to hide."
In response to this analysis, CZ retweeted: "It is currently uncertain whether this is real and accurate; I hope someone can verify it."
Project dynamics
Ukrainian cryptocurrency blogger Konstantin Galich was found dead by suicide in today's market crash.
According to Ukrainian media "RBC-Ukraine," on October 11, a 32-year-old man was found dead in a Lamborghini luxury car in the Obolon district of Kyiv, with a gunshot wound to the head and a registered weapon beside him. The police arrived at the scene to investigate and initially marked the case as a "suicide." Reports claim that the deceased was a well-known cryptocurrency blogger and entrepreneur Konstantin Galich, better known as Kostya Kudo. According to his friends and family, he had been feeling depressed due to financial difficulties before the incident and had written a farewell letter. Although the police did not disclose the deceased's name, his identity was quickly confirmed online. Shortly after, Kudo's own Telegram channel posted a message confirming his death, stating that "the cause of death is under investigation, and further information will be updated in a timely manner." Konstantin Galich served as CEO of Cryptology and had long been engaged in consulting and education in the finance and cryptocurrency fields.
Ethena: The reserve proof provided by the third party confirms that USDe still has approximately $66 million in over-collateralization.
Ethena Labs officially released a reserve proof in response to market doubts, stating: "USDe reserve proofs are usually provided weekly by independent third-party verification agencies, including companies like Chaos Labs, Chainlink, Llama Risk, and Harris & Trotter. In response to community requests, Ethena has provided an unconventional pace reserve proof based on market events in the past 24 hours, which can be found in the official link. All independent third parties have confirmed that USDe still has approximately $66 million in over-collateralization, and Ethena Labs provides maximum transparency."
Earlier news reported that USDe experienced a severe decoupling this morning, and Ethena stated that USDe minting and redemption are operating normally, with assets still over-collateralized.
Binance CEO: Apologizes to all affected users, will learn lessons and properly address user issues.
Binance CEO Richard Teng posted on the X platform: "In the past 24 hours, the cryptocurrency market has been tumultuous, and I know that many users on our platform have faced challenges. Here, I sincerely apologize to all affected users. We will not make excuses — instead, we will listen carefully, learn from the events, and strive to do better. If you are still facing any unresolved issues, please contact the Binance customer service team. Each case will receive the attention it deserves and will be properly handled, and compensation will be provided where applicable. Market fluctuations are normal, and we encourage all users to maintain information flow and operate cautiously during this period. Thank you for your consistent support."
Binance released an announcement regarding the handling of the USDE, BNSOL, and WBETH decoupling incidents.
Binance announced the handling and risk control optimization of the USDE, BNSOL, and WBETH decoupling incidents, stating that it has completed a comprehensive review of the events and will compensate all affected users of contracts, leverage, and borrowing within 72 hours. Compensation will be automatically issued to the relevant user accounts.
All affected contract, leverage, and borrowing users who have USDE, BNSOL, and WBETH as collateral and were affected by the decoupling between October 11, 2025, 05:36 to 06:16 (UTC+8) will receive differential compensation. The specific amount will be calculated based on the difference between the market price at October 11, 2025, 08:00 (UTC+8) and the liquidation price.
Coinbase plans to launch an American Express card that offers up to 4% Bitcoin cashback.
Coinbase plans to launch a brand new American Express card in the U.S. this fall. The card features hexadecimal data from the Bitcoin genesis block, paying tribute to the origins and ideals of cryptocurrency. This product is available only to Coinbase One subscribers and offers up to 4% cashback in Bitcoin, adjusted based on the assets held. Cardholders will not need to pay foreign transaction fees and can use the bank account or cryptocurrency on the platform to pay off the balance. Cardholders can also enjoy standard benefits of American Express cards, including exclusive offers and events.
Lighter will announce the compensation plan for LLP holders tomorrow.
Lighter tweeted that LLP performed poorly in the past 24 hours until 4 PM Eastern Time, ranking third from the bottom in historical returns (-5.35%), with absolute gains and losses also at the bottom. It will release a detailed analysis tomorrow, including how LLP holders will be compensated. LLP's historical Sharpe ratio is 5.59, with an expected annual interest rate of 48.4%.
Earlier news reported that Lighter experienced downtime due to high TPS, compromising user fund safety. Lighter has since resumed operations.
Four.Meme: The platform may experience slow user access due to a surge in traffic, and the technical team is working on it.
Four.Meme tweeted that the platform is currently experiencing high traffic, which may cause some users to load slowly or have access issues. The technical team is addressing this issue and will resolve it as soon as possible.
Binance Alpha will launch Yei Finance (CLO) and Enso (ENSO) on October 14.
According to the official announcement, Binance Alpha will launch Yei Finance (CLO) and Enso (ENSO) on October 14, and eligible users can go to the Alpha event page to use Binance Alpha points to claim airdrops after Alpha trading opens. Further details will be announced separately.
Binance's contract platform will launch CLOUSDT perpetual contracts on October 14 at 19:30.
According to the official announcement, Binance's contract platform will launch CLOUSDT perpetual contracts on October 14 at 19:30 (UTC+8), with a maximum leverage of 50 times.
Holding at least 210 Binance Alpha points allows you to claim 500 CORL token airdrop.
According to the official announcement, Binance Alpha Coral Finance (CORL) trading will begin on October 12 at 19:00 (UTC+8). After trading starts, users holding at least 210 Binance Alpha points can claim 500 CORL token airdrop. It's first come, first served. If the event is not over, the score threshold will automatically decrease by 15 points every hour. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm the claim on the Alpha event page within 24 hours, otherwise it will be considered a waiver of the airdrop.
 
 
Aster: The new second phase airdrop checker is now online.
Aster announced on the X platform that the brand new Aster second phase airdrop query tool is now online. Users can still choose to receive the airdrop or fully refund their S2 trading fees. The deadline for modifications is as follows:
Deadline for selecting claim options: October 13, 20:00 UTC+8
$ASTER airdrop claim opens on: October 14, 20:00 UTC+8
Trading fee refunds: After claims open, please complete the refund by October 16, 07:59 UTC+8.
 
 
Important data
The Hyperliquid platform has reported over 6,300 wallets with losses, totaling more than $1.23 billion.
According to Lookonchain monitoring, over 1,000 wallets on the Hyperliquid platform were completely cleared during the market crash, resulting in total asset loss. More than 6,300 wallets are in a state of loss, with combined losses exceeding $1.23 billion. Of these, 205 wallets lost more than $1 million, and over 1,070 wallets lost more than $100,000.
Vida, the founder of Equation News, has gone long on $4.5 million worth of SOL and XPL.
Vida, the founder of Equation News, stated this morning on his personal channel, "I have once again gone long on $4 million worth of SOL at an average price of $175.8; $500,000 of XPL at an average price of $0.395. This is equivalent to 1/10 of my bullets. This position has no certainty, just a gamble. My bet is that the market will quickly recover after the U.S. stock market opens on Monday, just like every negative news that has occurred over the weekend before."
A Bitcoin OG transferred 300 BTC to Binance 2 hours ago approximately 13 years after buying BTC.
According to Lookonchain monitoring, a dormant Bitcoin OG deposited 300 BTC (valued at $33.47 million) into Binance 2 hours ago. 13 years ago, he withdrew 749 BTC from MtGox (then valued at $8,151), when BTC was priced only at $11. A year ago, this whale transferred 159 BTC to a new wallet but did not sell, and today is its first sale of BTC.
Institutional holdings
Bitmine has again purchased 27,256 ETH, valued at approximately $104 million.
According to Lookonchain monitoring, Bitmine has just purchased 27,256 ETH again, valued at approximately $104 million.
Tom Lee stated that the market drop today is a healthy washout and expects the market to likely rebound within a week.
Cardone Capital has increased its holdings of approximately 300 Bitcoin for its real estate-Bitcoin hybrid fund.
Grant Cardone, CEO of real estate investment firm Cardone Capital, stated early this morning on the X platform that Cardone Capital has increased its holdings of approximately 300 Bitcoin for its real estate-Bitcoin hybrid fund.
Bitmine is suspected of buying 128,000 ETH after the market crash, valued at approximately $480 million.
According to Lookonchain monitoring, Bitmine appears to have purchased 128,718 ETH (worth $480 million) after the market crash. Six new wallets (possibly belonging to Bitmine) withdrew 128,718 ETH (worth $480 million) from FalconX and Kraken.