Crypto News and Tradfi News - COINOTAG

• Metaplanet mengungkapkan pada 5 Oktober bahwa perusahaan itu menambah 1.000 BTC secara neto pada Q3 2026, sehingga total kepemilikannya mencapai 44.000 BTC.
• BitcoinTreasuries menempatkan Metaplanet di urutan kedua di antara perusahaan terbuka pemegang Bitcoin, hanya di bawah Strategy.
• Strategy kembali melakukan pembelian mingguan, dengan menambah 334 BTC senilai sekitar $24 juta.
Pembaruan 22:29 UTC: Pengungkapan Q3 yang mendasari peringkat kedua itu juga memuat detail tentang likuiditas: dokumen pengajuan menunjukkan Metaplanet menjual 10.000 BTC selama kuartal tersebut, lalu membeli kembali 11.000 BTC dengan harga sedikit lebih tinggi. Perusahaan mengatakan transaksi bolak-balik itu dirancang untuk menunjukkan bahwa aset treasurinya dapat dikonversi…

• Evernorth closed its merger with Armada Acquisition Corp II on October 9, trading as XRPN from October 12.
• The treasury holds about 473 million XRP, valued near ¥104.1 billion at completion.
• The merger raised roughly $300 million in gross cash before transaction costs.
Evernorth Closes SPAC Merger
Evernorth, a treasury company built to accumulate and manage XRP, completed its business combination with special purpose acquisition company Armada Acquisition Corp II on Friday, October 9. The combined company's shares are scheduled to begin trading on the Nasdaq on Monday, October 12, under the ticker XRPN. At closing, Evernorth held approximately 473 million XRP, a position the company valued at about ¥104.1 billion, and the merger delivered roughly $300 million in gross cash proceeds before transaction costs are deducted.
A SPAC is a listed shell that raises capital first and merges with an operating business later, which gives the target a public listing without a conventional IPO roadshow. The sponsor behind Armada is Arrington XRP Capital Fund LP, a fund tied to a manager already operating inside the XRP ecosystem, and Evernorth chose that route with the alignment in mind. Evernorth operates as a treasury company, a structure in which the equity is effectively a claim on the assets held: the stock's value tracks both the token on the balance sheet and the market's view of management's ability to grow the position per share. In its October 1 announcement, the company claimed the title of the largest listed XRP-focused treasury company, and aggregate data on CoinGecko currently ranks its holdings first in that category. For the XRP price, the completion creates a new large accumulator with a permanent, auditable corporate balance sheet behind it, a structural difference from fund flows that can reverse week to week. That balance sheet is also what separates Evernorth from a pooled vehicle: shareholders own a piece of a company, not units of a fund, and the company can raise fresh capital against its equity to buy more tokens.
Ripple and SBI Among Backers
The company frames the listing around a capital thesis rather than a simple accumulation story. In the October 1 announcement, Evernorth argued that as blockchain-based finance for institutional users develops, tokenized assets, credit markets in DeFi 2.0 and expanded payment infrastructure will all require dedicated capital, and it intends to be the supplier of that capital to the XRP economy. It plans to do this while operating under the reporting, governance and disclosure standards of a Nasdaq-listed issuer, a governance posture it presents as a distinguishing feature among treasury vehicles.
The capital behind the combination came from a broad investor group. The register includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, which the company describes as a worldwide group of institutional and digital-asset investors. Ripple's involvement stands out because the issuer entered the leveraged ETF market worth some $256 billion earlier this year, which puts it on both sides of the capital structure it now helps fund. Chief executive Ashish Bahl set the operating priority after completion: deploy capital into the XRP economy, support the expansion of infrastructure and use cases, and increase the amount of XRP held per share. That last metric is the number treasury-company investors will track, because it measures whether token accretion outpaces the share issuance that financings like this one create. The October 1 announcement preceded the closing by just over a week, an unusually short interval between the go-public claim and the completion itself.
Our reading: the listing turns XRP demand into an equity wrapper that can raise capital repeatedly, but the buying itself will be largely indirect. Treasuries of this size typically accumulate through negotiated blocks routed by market makers, which limits slippage on the token but means the flow will not print as visible exchange volume, and it will tend to stiffen support and resistance levels rather than chase price. The timing matters too, with XRP ETF investors sitting 13% underwater on early entries after a stretch of slowing dip-buying. One distinction should be kept straight: XRPN is not a spot fund holding XRP for shareholders, it is an operating company whose value depends on growing XRP per share. For direct token access, our guide on where and how to buy XRP covers the exchange route.

• Coruna malware scans photos and notes on infected iPhones for BIP39 recovery phrases.
• DarkSword targets nine wallet apps including Trust Wallet, MetaMask, Coinbase, Phantom and Exodus.
• Apple patched the exploited WebKit and JavaScriptCore vulnerabilities in iOS 26.3.
DarkSword Kit Still Targets Nine Wallet Apps
Apple's iOS 26.3 update closes every hole the DarkSword exploit kit uses, yet the campaign against iPhone-based crypto wallets, with Trust Wallet (TWT) among the targets, is still running on handsets that never installed the patch. Researchers at the cybersecurity firm Censys report that several servers hosting the deployment directories for DarkSword and the Coruna malware it delivers remain online, months after the exploits first surfaced. The researchers mapped the server-side plumbing that keeps the operation alive, not the leftovers of a shut-down campaign. That infrastructure being live makes the threat current rather than historical: an iPhone on unpatched software is a reachable target today.
The kit breaks in through two Apple components, WebKit and JavaScriptCore, which render web content and execute scripts inside applications. Once a vulnerable device is reached, Coruna turns to the wallet software installed on it and harvests whatever can unlock a user's funds. The affected apps are Coinbase, MetaMask, Trust Wallet, Phantom, Exodus, Uniswap, Bitpie, imToken and OKEx, nine wallet products in total, a list spanning self-custody clients and exchange-linked ones. Each app on the list holds keys or credentials whose theft converts directly into stolen balances. For Trust Wallet the exposure has a token-level edge: TWT is the app's native utility asset, and the Trust Wallet Token price acts as a barometer of confidence in the wallet's user base. The most consequential behavior sits outside the wallet apps. Censys states that Coruna can scan photos and notes stored on an infected device while hunting for BIP39 recovery phrases, the 12- or 24-word lists that back up an HD wallet. A captured phrase lets an attacker restore the wallet on their own hardware and drain it without ever touching the phone again. Self-custody shifts the whole security burden onto the holder, which is why a mobile exploit like this becomes a direct asset risk instead of a nuisance.
The iOS 26.3 Patch and Its Limits
Apple shipped the remedy in iOS 26.3, where every vulnerability DarkSword relies on has been patched, so the fix exists even though adoption is the open variable. Handsets on iOS 26.2 or below, including devices still running older versions of iOS 18, can be attacked if the update has not reached them. The practical sequence for a holder is short: open Settings, confirm the installed iOS version, install the 26.3 update, and only then treat the phone as out of the kit's reach. Updating the operating system, however, does not reach every part of the problem. A recovery phrase that was photographed, screenshotted or typed into the Notes app stays exactly where it was after the patch, and Coruna's scanning routine is built to locate precisely that material. Storage practice therefore runs in parallel with the update: phrases belong offline, written on a card or metal backup rather than inside a synced photo library, and a hardware wallet keeps its seed material out of the phone entirely. A crypto wallet whose phrase ever sat on an unpatched handset should be treated as compromised. For anyone who finds their device was exposed, the cautious order of operations is to update first, then generate a fresh wallet on patched hardware and move the balances across, because a phrase that lived on an infected phone cannot be un-leaked. The token angle deserves its own line: TWT confers fee discounts and governance rights inside the Trust Wallet ecosystem but holds no custody of user funds, so the exploit threatens adoption and reputation rather than the token contract itself. Nothing in the patch reports whether a device was already probed, so checking the iOS version and auditing stored notes falls to the holder.
Residual Risk for TWT Holders
For TWT, this is a reputation event rather than a treasury one: no funds were pulled from a contract, and the token itself was never touched. The residual risk lives in the gap the patch cannot close, since no public figure says how many iPhones still run 26.2 or older or how many seed phrases sit in photos and notes. Security headlines of this kind can also stir short-term FUD around a mid-cap altcoin, and readers watching that play out in the tape can follow our TWT technical analysis coverage. The outstanding item is behavioral, not technical: until phrase storage moves off phones entirely, the patched WebKit holes do not end what this campaign can reach.

• Ripple Prime mulai membiayai transaksi swap untuk ETF dengan leverage setelah kesepakatan Hidden Road senilai $1,25 miliar.
• Data Morningstar Direct mencatat 593 ETF dengan leverage di AS yang memiliki aset lebih dari $256 miliar.
• Sebanyak 426 dari 593 ETF dengan leverage berfokus pada saham tunggal.
Pembiayaan Swap untuk 593 ETF dengan Leverage
Ripple Prime, unit pialang utama Ripple, perusahaan di balik XRP, mulai membiayai transaksi swap untuk ETF dengan leverage, memasuki segmen Wall Street yang selama bertahun-tahun dikuasai bank. Pemegang XRP tidak ada hubungannya dengan hal ini: ekspansi tersebut berlangsung di meja perdagangan institusional, bukan di blockchain. Hubungannya dengan token XRP sendiri bersifat tidak langsung, karena lini bisnis baru ini menghasilkan biaya pembiayaan, bukan membeli koin tersebut. Pialang utama adalah unit yang membiayai dan melayani transaksi bagi klien profesional, menyediakan kredit dan kapasitas sebagai pihak lawan di balik posisi derivatif besar. Ripple membeli tempat di dunia tersebut tahun lalu dengan membayar $1,25 miliar untuk Hidden Road, dan kini Ripple Prime beroperasi sebagai merek pialang institusional milik grup tersebut. Pasar yang dibidiknya cukup besar. Data yang dihimpun Morningstar Direct mencatat 593 ETF dengan leverage di Amerika Serikat yang memiliki aset lebih dari $256 miliar, dan 426 di antaranya berfokus pada satu saham. Ripple Prime sudah bekerja sama dengan penyedia ETF dengan leverage dan sedang menjajaki kerja sama dengan manajer investasi serta hedge fund lain, sehingga calon kliennya mencakup lebih dari sekadar penerbit dana yang dilayaninya saat ini. Mekanisme bisnis ini cukup sederhana. Dana dengan leverage menjanjikan kelipatan dari pergerakan harian indeks atau saham yang mendasarinya, dan derivatif—dengan kontrak swap sebagai instrumen utama—menghasilkan kelipatan tersebut. Setiap swap membutuhkan pihak lawan untuk mengambil posisi sebaliknya dan menanggung eksposur yang berlawanan, dan bank telah memungut biaya besar selama bertahun-tahun untuk menyediakan layanan tersebut melalui unit pialang utamanya. Bank mempertahankan dominasi itu karena menyediakan eksposur swap membutuhkan modal yang dialokasikan, jalur kredit, dan operasi lindung nilai—biaya operasional yang secara historis hanya mampu ditanggung oleh institusi besar. Kehadiran Ripple memberi penerbit dana alternatif nonbank untuk lini produk yang sebelumnya tidak memiliki pilihan tersebut, sekaligus memperluas jangkauan perusahaan yang berakar di dunia kripto ke ranah keuangan tradisional.

• Pendiri Avalanche Emin Gün Sirer memperingatkan pada 9 Oktober bahwa AI dapat mengeksploitasi bug zero-day di XRP Ledger.
• Sirer menulis bahwa AI akan mengeksploitasi bug tingkat sistem jauh sebelum kriptografi ECDSA gagal.
• Pengembang XRP Ledger merilis pembaruan perangkat lunak darurat pada 25 September tanpa menyertakan kode sumber pada awalnya.
Peringatan Zero-Day Sirer
Pendiri Avalanche Emin Gün Sirer memperingatkan bahwa kecerdasan buatan mungkin menemukan celah perangkat lunak yang sebelumnya tidak diketahui di XRP Ledger, sebuah peringatan yang relevan secara langsung bagi para pemegang XRP. Dalam sebuah unggahan di X yang diterbitkan pada 9 Oktober, Sirer menulis bahwa “kita akan melihat AI mengeksploitasi bug tingkat sistem jauh sebelum ECDSA tidak lagi digunakan,” merujuk pada Elliptic Curve Digital Signature Algorithm, metode penandatanganan yang saat ini mengamankan sebagian besar transaksi kripto. Klaimnya adalah bahwa model AI yang lebih mumpuni akan mendeteksi kerentanan dalam perangkat lunak blockchain, pustaka pendukung, dan dompet kripto yang belum pernah dilihat oleh peninjau manusia mana pun, serta bahwa penyerang yang berbekal temuan tersebut dapat mencuri miliaran sebelum terobosan matematika apa pun melemahkan kriptografi itu sendiri. Sasaran yang ia sebut mencakup seluruh lapisan sistem: kode ledger itu sendiri, pustaka yang menjadi tumpuan aplikasi, serta dompet tempat pengguna menyimpan kunci mereka. Menurut pandangannya, industri ini keliru menilai ancaman tersebut dengan mengarahkan perhatian pada matematika spekulatif yang dapat memecahkan kriptografi, sementara permukaan audit yang sudah ada relatif belum diperiksa; ia menyebut serangan terhadap perangkat lunak blockchain sebagai kekhawatiran yang lebih mendesak saat ini dibandingkan runtuhnya sistem kriptografi yang ada.

• Justin Sun berbicara di TOKEN2049 Singapore dan DAS Asia 2026 pada 7 dan 8 Oktober.
• Sun mengatakan bahwa agen AI yang menggunakan kripto akan menjadi penggunaan terbesar di industri ini dalam lima tahun ke depan.
• TRON menerapkan dukungan tanda tangan pascakuantum menyeluruh di testnet Nile.
Argumen Dua Tahap Sun di Singapura
Justin Sun menghabiskan dua hari berturut-turut di panggung utama Singapura pekan ini untuk menyampaikan bahwa TRON (TRX) dapat menjadi jalur penyelesaian transaksi bagi agen AI otonom. Ia memaparkan gagasan tersebut di TOKEN2049 Singapore dan Digital Asset Summit (DAS Asia) 2026 yang diselenggarakan Blockworks di Marina Bay Sands. TRON DAO, DAO yang dikelola oleh komunitas, hadir di kedua acara tersebut sebagai Sponsor Utama TOKEN2049 dan turut serta dalam DAS Asia, konferensi yang berfokus pada institusi dan membahas pertemuan antara keuangan tradisional dan ekonomi aset digital. Pada 7 Oktober, Sun berbincang dengan salah satu pendiri Blockworks, Michael Ippolito, dalam sesi santai bertajuk “Berbincang dengan Justin Sun”. Mereka membahas perkembangan stablecoin, adopsi institusional, dan pembayaran berbasis agen AI. Sehari kemudian, pada 8 Oktober, ia berbincang dengan Kevin Follonier, pendiri When Shift Happens, dalam sesi kedua di panggung utama TOKEN2049 mengenai masa depan blockchain, stablecoin, dan keuangan global. Sun menggambarkan aset yang ditokenisasi dan stablecoin sebagai infrastruktur keuangan praktis, khususnya untuk pembayaran lintas negara serta akses ke dolar digital dan aset berbasis AS. Ia memperkirakan agen AI akan semakin sering melakukan pembayaran, membeli layanan digital, dan mengelola aktivitas keuangan atas nama pengguna. “Agen AI yang menggunakan kripto akan menjadi penggunaan terbesar di industri ini dalam lima tahun ke depan,” ujarnya, seraya menambahkan bahwa blockchain akan menjadi infrastruktur keuangan di balik agen-agen tersebut saat mereka bertransaksi, membayar, dan beroperasi secara otonom. Dalam pandangannya, peran TRON adalah menyediakan “lapisan penyelesaian transaksi yang cepat, efisien, dan mudah diakses” untuk mendukung generasi keuangan global berikutnya. Kedua sesi tersebut tidak membahas harga TRON; angka-angka pentingnya terdapat pada metrik jaringan, bukan harga pasar. Kedua diskusi ditutup dengan tema yang sama: sistem keuangan yang dibentuk ulang oleh stablecoin, aset yang ditokenisasi, dan jaringan yang dirancang untuk bertahan menghadapi jenis serangan baru.

• Posisi short 40 BTC yang terkait dengan AguilaTrades dilikuidasi pada harga $82.706,8 di Hyperliquid.
• Menurut catatan on-chain, posisi short yang dilikuidasi itu bernilai nominal sekitar $3,31 juta.
• Catatan Lookonchain menunjukkan posisi short tersebut ditutup sekitar 10 menit sebelum unggahan trader itu.
Penutupan Paksa Kedua di Hyperliquid
Analis on-chain Lookonchain mendokumentasikan dua kegagalan mahal yang dialami trader yang dikenal sebagai AguilaTrades. Taruhan berleverage-nya di pasar Bitcoin tersapu dari kedua arah pada Jumat, 9 Oktober. Paus kripto itu pertama-tama membuka posisi long, bertaruh harga akan naik, dan mencatat kerugian $331.000 saat pasar bergerak ke arah sebaliknya. Alih-alih menepi, trader itu mengubah arah dan membuka posisi short, bertaruh harga akan turun. Taruhan kedua itu hanya bertahan beberapa menit. Catatan transaksi Hyperliquid menunjukkan penutupan paksa sekitar 40 BTC, dengan nilai nominal sekitar $3,31 juta, pada harga $82.706,8. Hyperliquid adalah platform perpetual terdesentralisasi tempat posisi besar dapat dipertahankan dengan jaminan yang relatif kecil. Leverage tersirat pada posisi 40 BTC semacam ini hanya menyisakan sedikit ruang untuk pergerakan harga yang merugikan. Likuidasi adalah penutupan posisi secara otomatis ketika marginnya turun di bawah batas yang disyaratkan platform. Dalam kasus ini, mekanisme tersebut terpicu dua kali dalam satu sesi. Trader itu, yang menggunakan akun @AguilaTrades di X dan sebelumnya pernah dipantau karena taruhan Bitcoin berleverage dalam jumlah besar, mengakhiri hari dengan kerugian dari kedua arah dalam hitungan jam. Tangkapan layar yang dibagikan Lookonchain menunjukkan posisi short tersebut sudah ditutup sekitar 10 menit sebelum unggahan yang mengumumkan taruhan baru itu, yang berarti posisi tersebut nyaris tidak sempat diperdagangkan sebelum sistem platform mengambil alih. Lookonchain mengunggah tangkapan layar lengkap perdagangan di Hyperliquid bersama unggahannya, yang menjadi catatan utama atas kedua penutupan tersebut. Saat tulisan ini dibuat, harga Bitcoin (BTC) berada di sekitar $82.400, naik 0,7% dalam 24 jam terakhir. Jadi, pasar hanya bergerak sedikit sejak penutupan paksa tersebut.

• SpaceX freed 328.4 million insider shares on Friday, a batch valued near $51 billion.
• Up to 1.31 billion shares unlock two trading days after SpaceX's Q3 report.
• SpaceX trades at roughly 137 times its expected earnings for the next twelve months.
Friday's $51 Billion Release
Jim Cramer posted a printed sheet on Friday morning that turns SpaceX's lockup calendar into a running count, and its newest line is a large one. It records 328.4 million insider shares that became free to sell on Friday, a batch Motley Fool values at close to $51 billion, a figure the outlet frames as a fleecing of retail investors. Insiders who held through the listing have been waiting on that calendar since the summer. The schedule behind the number goes back to the June listing of SpaceX (SPCX). Early investors and employees agreed at listing not to sell for a set period, the arrangement markets call a lockup, and the company has been releasing those shares in scheduled batches rather than all at once. A lockup protects the opening price from an immediate wave of selling, and expiries are watched as supply events. The staging spreads seller pressure across months instead of loading it onto one day. Cramer's sheet maps every batch date, and Friday's instalment is the one now in force. The next release is roughly four times larger: up to 1.31 billion shares become eligible two trading days after SpaceX reports third-quarter results, and the company has not set that date yet. Until SpaceX fixes its earnings date, the timing of the bigger batch stays an estimate. That post-earnings release would be the largest single batch since the initial public offering, and the sheet flags it as the bigger event ahead. The count carries its own caution: being allowed to sell does not mean holders will sell. Past batches have cut both ways, with the stock rising around the August unlock and slipping on later dates, including the September 24 release. For supply, the direction is one-way: each batch adds potential sellers to the register, and the two batches now on the calendar together approach 1.64 billion shares.
The tape offers a baseline for how the market absorbed the first batch. COINOTAG data shows SpaceX last at $161.30, down 0.38% over 24 hours and holding inside a $160.49 to $167.72 range. Our composite scoring puts the nearest support at $160.21, scored 100 out of 100 on overlapping indicators, with first resistance at $169.23, scored 88 out of 100. Positioning stays light: the stock perpetual funding rate reads 0.0343% per interval and open interest stands near $477.6 million. As long as the shares defend $160.21, the daily uptrend and a 57.0 RSI leave scope to test the $169.23 ceiling before the larger post-earnings unlock resets the supply picture.
Cramer Defends the Valuation
Cramer's praise and his caution landed within a day of each other. On Thursday, he labelled the company's newest deal “HUGE”, a reference to the spectrum agreement that would let Starlink sell phone service directly to customers. By Friday morning the printed sheet had moved on to counting unlocked shares, but on valuation he stayed categorical, saying some stocks are “insanely priced” while “SpaceX is not one of them.” At no point this week did he tell holders to sell. The multiple behind that call is steep: SpaceX trades at roughly 137 times its expected earnings for the next twelve months, according to FactSet data. Not every professional accepts the framing. Investor George Noble, who holds a short position against the shares, set their fair value at $30 in August, a level far below where the stock has traded since listing. The spectrum news itself moved prices on Thursday. SpaceX gained about 3.9% before Friday's open, while the same headlines pushed carrier stocks lower, a split that reads as investors pricing market-share loss for telecoms and gain for Starlink. The direct-sales structure removes the carrier middleman from Starlink's phone revenue once the arrangement takes effect. Cramer's rule for the unlock window predates all of this. In July, he urged Mad Money viewers to wait for the first lockup release before buying in size. That first release was the trigger he set for buyers, and it cleared on Friday. The larger post-earnings batch still sits ahead with no confirmed date, so the waiting period his rule describes has not ended.

• Firmus Grid withdrew a roughly $5 billion IPO targeting a $30 billion valuation on October 9
• Firmus Grid reported $51 million in fiscal 2026 revenue and completed 46 MW of 912 MW planned
• Firmus's valuation rose from $5.5 billion in April to above $10.5 billion before the IPO attempt
Investors Reject a $30 Billion Valuation
Firmus Grid, the Australian AI data center developer backed by NVIDIA, withdrew its initial public offering on Friday, October 9, scrapping a New York listing that sought about $5 billion at a target valuation near $30 billion. The deal failed to draw sufficient demand from US institutional investors, who judged the price excessive for a company that reported $51 million in revenue for fiscal 2026 and had completed only 46 megawatts of the 912 megawatts of capacity in its build-out plans. The offering had been expected to rank among the largest in Australian corporate history. Firmus carried a $5.5 billion valuation in an April funding round that included NVIDIA and Coatue, then lifted it above $10.5 billion after raising roughly $2 billion more, before seeking more than $30 billion within a matter of months. The company applied a valuation framework comparable to the one US AI cloud provider CoreWeave uses, but built on expected operating profit two years forward. Some institutions indicated they would accept about $25 billion; none would agree to the final price. Underwriters including Bank of America, JPMorgan and Morgan Stanley cut the deal to roughly $3 billion and weighed a valuation range of $20 billion to $25 billion without success. Investors also objected to the absence of a lock-up for existing shareholders, which opened the door to heavy selling once the stock traded, and to the timing of a supply agreement with Meta for Southeast Asian compute capacity, announced just before marketing began alongside raised forecasts. Leonid Mironov, a portfolio manager at Gavekal Capital, criticized the transaction's structure, size, pricing and valuation method. The collapse hit related shares at once: Mas Group Holdings, a Firmus investor, fell as much as 30% intraday in Sydney. Firmus operates two leased data centers, in Melbourne and Singapore, and had planned five more across the Asia-Pacific region. It is now weighing a smaller private raise from existing investors and other international listing venues; its shareholder letter cited market volatility and conditions that did not fairly reflect long-term growth prospects, and partner CDC confirmed that a joint 1.6 gigawatt AI data center plan is no longer proceeding.
Lumentum's Order Book Runs Into 2029
Lumentum has sold out its manufacturing capacity for AI data center optical components into early 2029, chief executive Michael Hurlston said, in a disclosure carried by WuBlockchain's daily brief. The US company builds the high-speed optical devices that move data between chips and racks inside AI clusters, and demand now outruns what its factories can deliver for years: for some products, roughly 70% of orders cannot be fulfilled through 2027, while for others about 30% of demand remains uncovered through 2028. The company plans to invest at least $350 million in key plants in the Tokyo metropolitan area and adjacent facilities to raise output, and has already widened capacity at its United Kingdom site. Hurlston cautioned that new capacity typically takes three to five years to build. Several large cloud providers have agreed to absorb the capital-expenditure risk of the expansion, an arrangement that reserves future supply for the customers while keeping the factory buildout off Lumentum's own financing plan. The booked orders extend revenue visibility deep into the decade, even as the long construction cycle caps how quickly unmet demand converts into booked sales. The shortfall percentages also put numbers on a bottleneck operators feel directly: optical transceivers are among the components whose supply lags GPU deployments across the industry.
Contracted Revenue Funds, Projected Revenue Does Not
Friday's two stories mark the boundary of what AI capital markets will currently finance. Lumentum needs no raise: its capacity is contracted years ahead and its cloud customers are pre-funding the factories. Firmus, with $51 million of revenue behind a $30 billion ask, could not clear even a reduced $20 billion to $25 billion range, and Mas Group Holdings' 30% slide shows where the exposure surfaces for listed holders. The same cycle carried OpenAI telling investors its annualized revenue ran near $50 billion at the end of September, with at least $70 billion projected by the end of 2026, growth of roughly 40% that rests on enterprise expansion. That projection, not a booked order book, is what private capital is now being asked to underwrite.

• DWF Maas and Falcon Digital sued BitGo for $141 million in London's High Court on Friday.
• BitGo allegedly moved FF and ESPORTS tokens to exchanges two months before the first unlock.
• The claim says FF carried a three-month hold with additional vesting restrictions after expiry.
BitGo Faces $141 Million Claim in London
Two companies tied to Dubai-based market maker DWF Labs have filed a $141 million lawsuit against crypto custodian BitGo in London's High Court, alleging the custodian sold locked-up tokens roughly two months before the first unlock. The claimants, DWF Maas and Falcon Digital, say BitGo breached a private over-the-counter agreement covering Falcon Finance (FF) tokens and a matching structure for ESPORTS, a fan token used in gaming. The claim states that BitGo received the FF tokens at a discounted price in exchange for a commitment not to sell for three months, with further vesting restrictions applying after that window. Instead, the filing alleges, the custodian moved the tokens onto exchanges while the lock-up was still running, selling into a thin market and creating heavy downward pressure that eroded the value of the holdings DWF still controls. The Falcon Finance (FF) price had already been softening before the alleged sales, trading near $0.08 in early March and about $0.07 by late April, according to figures cited in the claim. DWF says it raised the issue with BitGo in April and May, and that court action followed once the custodian declined to provide assurances against further sales. In a statement, the firms said the discount was “conditional on the tokens remaining locked” and that they “remain hopeful of, and open to, resolution.” BitGo, which custodies roughly $5 billion in assets and listed on the NYSE this year at a valuation near $2 billion, declined to comment, and the allegations have not been tested in court. The company recently acquired NYDIG's institutional trading arm, extending a custody franchise that spans TradFi and crypto. DWF Labs, headquartered in Dubai, is among the sector's most active investors, and the dispute pits two of crypto's largest institutional names against each other in open court.
Offshore Claimants and the World Liberty Thread
The filing identifies DWF Maas as based in the British Virgin Islands and Falcon Digital as registered in Panama, with both firms operating as affiliates of DWF Labs. The structure at the center of the dispute is standard in private token deals: projects raise funds over the counter rather than selling into the open market, and buyers accept a lower entry price in return for a lock-up. Discounted allocations carrying multi-month vesting are common in SAFT-style deals, where the holding period shields the market from an early supply shock. The claim describes the ESPORTS terms as mirroring the FF arrangement, with the same three-month hold and post-lock-up vesting. DWF says the holding periods were intended to give it time to build products that would make the FF and ESPORTS tokens easier to trade. The claim text states there is “no contractual or other legal excuse for BitGo's conduct in transferring or selling” the assets, and that the sell-offs left the tokens DWF continues to hold worth less. Market data referenced in the filing shows ESPORTS standing at about $0.28 in mid-March; by early June, when the alleged sales took place, the token had fallen to $0.07. A decline of that size on a thinly traded asset is what DWF cites as the damage from the early exchange transfers. A second thread ties the warring parties to the same political crypto venture: both have links to World Liberty Financial, the project backed by the Trump family. DWF Labs bought $25 million of World Liberty's WLFI token last year, while BitGo custodies the reserves behind the project's USD1 stablecoin, a role World Liberty is now moving to take over through its own newly approved trust bank. Neither BitGo nor DWF Labs had responded to requests for comment at the time of writing.
A Strict Liability Test for Custodians
Our reading of the claim is that the case turns on one question: whether the discount was a contractual condition tied to the lock-up, as the filing asserts, or a commercial term BitGo was free to trade around. DWF's language, that there was “no contractual or other legal excuse” for the transfers, points toward a strict liability argument rather than one about negligence. Damages will be harder to pin down: DWF must isolate losses caused by the early sales from a market already sliding, with FF near $0.07 by late April. A ruling either way would set a clearer standard for custodians holding discounted token allocations across DeFi and gaming, sectors where lock-ups and vesting schedules carry much of the price support.

• Ledger membuka penyelidikan pada Jumat atas pencurian sekitar $86 juta dari dompet yang dijual oleh reseller CryptoBilis.
• Peneliti Specter melacak arus dana dari ratusan dompet korban di jaringan Bitcoin, Ethereum, dan Tron.
• Peneliti tanuki42 mengidentifikasi delapan alamat dompet yang terkait dengan kerugian lebih dari $72 juta.
Ledger menghentikan penjualan oleh reseller resmi
Ledger, produsen dompet perangkat keras, telah membuka penyelidikan atas pencurian kripto senilai sekitar $86 juta dari perangkat yang dijual melalui CryptoBilis, salah satu reseller resminya di Asia Tenggara. Pada Jumat, perusahaan tersebut menyampaikan melalui akun dukungannya bahwa mereka telah meminta CryptoBilis untuk menghentikan sementara semua penjualan dan pengiriman produk Ledger selama penyelidikan berlangsung. Pelanggan yang membeli dari reseller tersebut dalam 90 hari terakhir diminta untuk tidak menyiapkan perangkat mereka, sementara pembeli yang sudah mengaktifkannya disarankan untuk memindahkan aset mereka ke perangkat penandatangan Ledger baru dengan frasa pemulihan yang baru dibuat. Dalam pernyataannya, Ledger mengatakan bahwa insiden tersebut tampaknya hanya terjadi pada reseller dan pasarnya, bahwa mereka tidak menerima laporan terkait perangkat yang dibeli langsung dari perusahaan, serta bahwa infrastruktur, sistem, dan layanannya tidak diretas. Dompet yang dikuras tersebut menyimpan Bitcoin (BTC), Ethereum, dan Tron. Berdasarkan perkiraan berbobot harga Bitcoin dari para peneliti on-chain, total kerugian melebihi $86 juta.

• Letitia James banned Alex Mashinsky for life with a $35 million conditional penalty on October 9.
• Mashinsky owes New York $25 million if he fails to forfeit $10 million to the federal government.
• A further $10 million is triggered only if Mashinsky fails to serve his full 144-month term.
A Lifetime Ban Announced Friday
New York Attorney General Letitia James has permanently barred Alex Mashinsky, the co-founder and former chief executive of Celsius Network, from working in the securities, commodities and cryptocurrency industries, a settlement announced on Friday, October 9. The deal attaches a penalty of up to $35 million that the state collects only if Mashinsky breaches commitments he made under a separate federal agreement that already placed him in prison. James sued Mashinsky on January 5, 2023, alleging he misled hundreds of thousands of depositors, including more than 26,000 New Yorkers, about how safe their money was on the crypto lender. Per the attorney general's office, he promoted Celsius as safer than a bank while the company deployed customer assets in risky strategies and concealed losses, and he never registered for the securities and commodities roles the rules require. The ban reaches beyond executive seats: it covers operating, promoting and advising digital asset businesses, paid financial commentary, promotional work and soliciting clients for crypto firms. Deposit records show many customers treated the platform like a savings account, holding balances in a crypto wallet the lender controlled. James said in a statement, “I will not allow scammers to use cryptocurrencies to prey on unsuspecting New Yorkers.”
Two Conditional Payments, One Default
The $35 million figure splits into two conditional payments under the stipulation filed in the case. Mashinsky owes New York $25 million if he fails to forfeit $10 million in ill-gotten gains to the federal government, on top of assets he has already surrendered; qualified payments made after May 20, 2025 count toward that $10 million requirement. A further $10 million is treated as satisfied only if he serves his full prison term, with early release, humanitarian release, sentence reductions and certain home confinement programs all capable of triggering the payment. The carve-out matters because the criminal court already ordered forfeiture of $48,393,446, plus a $50,000 fine and three years of supervised release. In plain terms, if Mashinsky forfeits the federal amount and completes his 144-month sentence, nothing flows to New York; the state collects only through default. The stipulation exempts his personal spot trading in digital assets, though that exception does not override the existing federal bans, and the state court keeps jurisdiction to pursue violations through civil or criminal contempt. Separately, Celsius creditors have recovered more than $3.4 billion through the bankruptcy proceeding as of August, after withdrawals froze in June 2022 and the lender filed for Chapter 11 a month later; the reorganization that took effect on January 31, 2024 routed roughly $3 billion in crypto and cash to creditors through Coinbase and PayPal.
The Regulators Who Banned Him First
The New York deal is the latest layer on a stack of existing restrictions. Under a Federal Trade Commission settlement reached on April 28, Mashinsky pays $10 million under a suspended $4.7 billion judgment and submitted to an 18-year reporting regime that cuts him off from crypto and financial services; Celsius founders and executives together paid $16.5 million to resolve claims over the misleading deposit-safety promises. In June, the Commodity Futures Trading Commission entered permanent trading and registration bans through a consent order issued June 12 and published June 18, covering commodity interests, the agency's umbrella term for derivatives such as futures, swaps and crypto options. Mashinsky is serving 144 months under a 12-year federal sentence handed down on May 8, 2025, after he pleaded guilty to commodities and securities fraud, including manipulating the CEL price through trades designed to prop up the platform's own token; he earned roughly $48 million from token sales while publicly claiming he had not sold. His file with regulators is not closed: the Securities and Exchange Commission sued him in July 2023 over an alleged unregistered offering and CEL manipulation, told a federal court in late May that settlement talks were substantive, and received another 60 days to keep negotiating. A deal on the same terms as the other agencies would add another lifetime ban.
What the Ban Actually Costs
Our reading is that the headline number is smaller than it looks. Every dollar of the $35 million sits behind conditions that require Mashinsky to break the same federal commitments that cap his prison time at 12 years, so the realistic teeth of the New York settlement are the industry-wide ban and the state court's contempt jurisdiction. The open SEC case is the item to track next: a settlement mirroring the FTC and CFTC terms would extend the ban further, and the complaint's claims over the CEL offering keep the question of the token's security status alive. Unlike a memecoin pump run by anonymous promoters, the CEL case shows regulators treating issuer-side trading of an established token as commodities and securities fraud, a precedent that reaches any project whose team trades its own supply.

• HYPE trades at $85.71, 0.26% lower, about 14.3% below its $97.96 all-time high.
• HYPE corrects into the 0.786 Fibonacci retracement at $85.19, aligned with a channel midline held since May.
• The daily RSI sits at 47.5 while trading volume has faded since the Aug. 21 breakout.
HYPE Corrects Into the $85 Zone
For Hyperliquid (HYPE) to reach a fresh all-time high this weekend, two conditions must be met: the $85 region has to hold, and the daily chart then has to clear the Oct. 6 lower high near $95. Neither condition is met yet. HYPE trades at $85.71, 0.26% lower across the past day, and the HYPE price would need a further gain of roughly 14.3% to revisit its record at $97.96. Until $85 proves it can absorb sellers and $95 gives way, the record stands as a conditional target, not a forecast, and the gap makes HYPE the longest shot of the screened names, which raises the bar for confirmation. The setup is not unique to this token. A weekly screen of the altcoins closest to their records flagged HYPE alongside WhiteBIT Coin (WBT) and Bitway (BTW), which trade 8.4% and 10.6% below their respective peaks, so HYPE carries the largest gap of the three. Their daily charts tell different stories: WBT has lost its uptrend, BTW is rebounding after a deep retest, and HYPE is the one still holding a major level. That level is why this weekend matters for the Hyperliquid ecosystem specifically. The token is correcting straight into a broad support and resistance band at the 0.786 Fibonacci retracement, calculated at $85.19, which coincides with the midline of an ascending parallel channel that has framed the advance since May. A retracement level of this kind is projected from the prior swing, and the 0.786 mark is the deepest conventional pullback a trend can take before it is considered compromised. Our reading of the daily chart is that price has arrived at the decision point of both structures at the same time, which is why candles of this size carry unusual weight.
Momentum is not confirming either side yet. The daily RSI sits at 47.5, almost exactly neutral, and it has room to move in either direction without contradicting the structure above. Trading volume has faded steadily since the Aug. 21 breakout, a combination that points to a market waiting for its next impulse rather than supplying one. A volume decline into support reads differently than a volume decline into resistance: it can mark absorption or apathy, and only the next impulse decides which. Supply is the second variable. HYPE is also one of the major tokens carrying an unlock in early October, and the Oct. 6 unlock released 3.75 million HYPE worth about $340 million, overhang that any move toward the record has to absorb. An unlock of this kind releases tokens held under a vesting schedule into circulation, and its effect depends less on mechanics than on whether buyers arrive at the same time. If the $85 region holds, the path higher runs first through the Oct. 6 lower high near $95 and then through $98, above which the 1.272 Fibonacci extension at $114.26 comes into view, roughly 33% above the current price. Between $95 and the record there is little chart history to lean on, which is why the lower high is the cleaner trigger. On the downside, a daily candlestick close under roughly $83 would strip HYPE of the 0.786 level and the channel midline together, ending the structure that produced the record. The next floor in that scenario is the 0.618 retracement at $75.14, a level that capped the June highs and absorbed the dip in mid-September. The full level map is drawn from the work in our Hyperliquid technical analysis.
The Sequence Decides It
Our read: the sequence matters more than the levels themselves. A rally that begins before volume returns would be unconfirmed, and the early-October unlock is the nearest test of demand, since whether that fresh supply finds buyers decides whether $85 is a floor or only a pause. A confirmed push through $98 would put HYPE on the path described by the year-end vote of ten AI models, but that case needs the correction to end first. The condition furthest from resolution is the break above $95, which the chart does not yet measure. Until $95 gives way, the record at $97.96 stays out of reach, however close the percentage gap looks.