Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | October 12 - October 18, 2024

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Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap

Token Sales & DeFi Developments

• WLFI token sale raises just $12 million amid skepticism
• SUI's 120% surge sparks insider trading concerns
• Radiant Capital suffers $50 million DeFi exploit
• Kraken launches wrapped Bitcoin for DeFi integration

Banking & Institutional Adoption

• DBS Bank launches blockchain-powered services for institutions
• Stripe eyes $1 billion acquisition of Bridge crypto startup

Funding & Bitcoin Expansion

• Blockstream secures $210 million in funding for Bitcoin expansion

Hacker Incidents & Cybersecurity

• Hacker arrested for SEC Twitter takeover and Bitcoin spike

NFT Market Updates

• NFT activity on Telegram surges 400% in Q3
• BAYC NFT sold for $1.43 million sparks market discussions

Crypto Weekly Recap

Bitcoin:

• Weekly performance: +13.97%
• US spot Bitcoin ETFs saw a net inflow of $1.86B starting the week of Oct 14, with positive inflows every day.
• BTC surged from weekend lows of $62,160 to $64,300, starting the week bullish.
• By Tuesday afternoon, it hit a two-week high of over $67,700.
• At the time, BTC traded above $68,000 for the first time since July, attempting to go even higher.
• BTC outperformed the market with dominance surpassing 59%.
• Bitcoin’s strong performance was supported by key fundamentals like the US election race. Inflows in US spot BTC ETFs exceeded $20.6 billion since inception, reaching the same milestone gold ETFs hit in five years.

Ethereum:

• Weekly performance: +11.14%
• ETH saw gains this week but couldn’t surpass $2,700.
• US spot Ether ETFs had $76.99M inflows this week after two weeks of outflows.
• DOGE and SOL were the top performers among the top 10 cryptos.
• The biggest gainers among the top 100 cryptocurrencies this week are mostly memecoins: Mog, MEW, DOGE, BRETT, FLOKI, BONK.

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WLFI token sale raises just $12 million amid skepticism

The WLFI token sale, endorsed by former U.S. President Donald Trump, aimed to raise $300 million but fell 96% short, only garnering $12 million. Trump's involvement led to significant buzz, but skepticism grew as technical issues plagued the sale, causing a website crash and low participation. Industry figures and investors expressed doubts about the project's authenticity and long-term potential. Despite Trump's political influence, concerns about the project's viability persist. The token's lack of innovation, transparency, and limited liquidity, as well as its exclusion of U.S. citizens, further diminished investor confidence. The uncertain future of WLFI raises doubts about its ambitions in the DeFi landscape.  

SUI's 120% surge sparks insider trading concerns

SUI has faced scrutiny amid a 120% surge, reaching $2.35, prompting concerns of insider trading. Analyst Light raised alarms about $400 million in token sales linked to the ICO. Sui Network denied insider involvement, attributing sales to an infrastructure partner under a lockup agreement. Uncertainty surrounds the upcoming unlocking of $135 million in tokens on November 1, potentially impacting market stability. Despite skepticism over SUI's valuation and transparency, its ecosystem growth and TVL surpassing $1 billion have fostered optimism. However, worries persist regarding insider influence and potential sell-offs post-November unlock, impacting long-term stability.  

Radiant Capital suffers $50 million DeFi exploit

Radiant Capital sustained a severe $50 million DeFi exploit on October 16, 2024, perpetrated through malware injection targeting hardware wallets and exploiting the “transferFrom” function on Binance Smart Chain and Arbitrum, resulting in theft of major holdings, particularly Binance Coin (BNB) and Ether (ETH). The company promptly suspended lending markets, advised contract revocation, engaged law enforcement, and collaborated with cybersecurity experts for asset recovery. Concerns about multisignature wallet vulnerabilities have spurred a reformation, culminating in enhanced security and blockchain measures. The incident resonates as a poignant reminder of the persisting security threats in decentralized finance, necessitating reinforced protective mechanisms. 

Kraken launches wrapped Bitcoin for DeFi integration

Kraken launched Kraken Wrapped Bitcoin (kBTC) on October 17, 2024, aiming to broaden Bitcoin's integration into decentralized finance (DeFi). Backed by Bitcoin held under Kraken’s custody, the ERC-20 token enables Bitcoin to interact with decentralized applications across multiple blockchain networks. Security is a priority, as kBTC's custody is under Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution, and its smart contract has been audited by Trail of Bits. Kraken has partnered with several DeFi players such as Paraswap and Yearn Finance. This move follows an industry-wide trend of Bitcoin interoperability and seeks to further Bitcoin’s use in decentralized applications beyond its native network, reinforcing Kraken's role in the DeFi landscape.  

DBS Bank launches blockchain-powered services for institutions

DBS Bank has introduced a suite of blockchain-powered services under the "DBS Token Services" for institutional clients, which include real-time payment settlements using the bank’s permissioned blockchain and smart contracts. This enables participants to interact with a pre-approved level of authority, with full control over services, ensuring compliance. The group head of global transaction services at DBS Bank, Lim Soon Chong, emphasized that this marks a significant step forward in transaction banking, optimizing liquidity management, operational workflows, and end-customer engagement. Additionally, DBS has introduced a pilot for blockchain-based government grants and OTC crypto options trading and structured notes for institutional investors. These services enhance governance control and reduce manual processing.  

Stripe eyes $1 billion acquisition of Bridge crypto startup

Stripe is in discussions to acquire Bridge, a crypto startup, for $1 billion to strengthen its stablecoin and crypto payment services. This move showcases Stripe’s focus on enhancing its exposure to stablecoins and solidifying its position in the fintech and crypto sectors. Bridge Crypto's expertise in seamless crypto payments and stablecoin integration presents an opportunity for Stripe to cater to the increasing demand for digital assets in global consumer and business transactions. By acquiring Bridge, Stripe aims to create a robust stablecoin payment network, attract crypto-friendly businesses, and stay competitive amidst the rising popularity of decentralized finance (DeFi).  

Blockstream secures $210 million in funding for Bitcoin expansion

Blockstream recently closed a significant $210 million convertible note financing round led by Fulgur Ventures, marking a pivotal step for the Bitcoin infrastructure developer. The funding aims to boost the adoption and development of Blockstream’s Layer 2 technologies, enhance mining operations in anticipation of the next Bitcoin market cycle, and strengthen its Bitcoin treasury. Noteworthy highlights include over $1.8 billion in assets issued on Blockstream’s Liquid Network and the introduction of BMN2 security tokens. The company also welcomed Michael Minkevich as its new Chief Operating Officer, emphasizing the strategic growth and potential in the fintech industry.  

Hacker arrested for SEC Twitter takeover and Bitcoin spike

Eric Council Jr., a 25-year-old hacker, was arrested for his role in the January 2024 unauthorized SEC Twitter account takeover that caused a $1000 spike in Bitcoin's value. The fraudulent post by the hacker falsely approved Bitcoin ETFs, leading to the price surge. Following the arrest, it was revealed that Council engaged in SIM swapping to gain unauthorized access to the SEC account, leading to the dissemination of fake announcements. The DOJ charged Council with identity theft and device fraud, emphasizing the serious nature of the cybercrime. Subsequently, Bitcoin's price dropped by $2000 after the false announcement.