Weekly Top Crypto News (October 2 – October 8)

Bitcoin briefly rose beyond the $28,000 barrier in the first week of October 2023, giving the cryptocurrency community hope for the fourth quarter, which is often a time of crypto market growth. Here, let’s review this week’s top crypto news with Coincu!

Bankman-Fried MIT Friend Reveals Shocking Secrets Before FTX Collapsed

Bankman-Fried MIT friend, Gary Wang, testified against him, admitting involvement in a multibillion-dollar fraud scheme. Prosecutors allege Bankman-Fried orchestrated the transfer of billions from FTX customer funds to affiliated hedge fund Alameda. The testimony of Wang and other witnesses challenges Bankman-Fried’s claims of limited involvement.

Instagram Bans Bitcoin Post Causing New Controversy In The Community

Instagram bans Bitcoin and crypto posts, citing community protection. European consumer group complaints put pressure on multiple social media platforms. Concerns over crypto scams prompt stricter content measures.

Sui TVL Soars To $36.82M, Turbos Finance Leads Explosive Growth

Sui TVL has reached a record of $36.82M. Turbos Finance experienced a remarkable 152% weekly TVL growth. NAVI Protocol witnessed impressive 93.29% monthly TVL growth, while Cetus dominates with $12.1M in TVL.

StarkNet Token Unlocks Delayed Until April 15 Next Year

StarkWare delays StarkNet token unlocks release to April 2024. The delay affects core contributors and employees, not the public. StarkWare continues work on Ethereum scalability with StarkNet Quantum Leap testnet.

Galxe Hack Witnesses $200,000 In Losses

Galxe hack loss hits $200,000; website offline for DNS fix. Users are warned against wallet transactions; secure if not authorized. Galxe takes security steps after a domain breach and plans fund recovery.

Grayscale Ethereum ETF May Be Launched With New Application

Grayscale Investments, the world’s largest digital asset manager, has filed an application with the US Securities and Exchange Commission (SEC) to convert its Grayscale Ethereum Trust (ETHE) to a spot Ethereum exchange-traded fund (Grayscale Ethereum ETF).

Immutable zkEVM Mainnet Will Start To Launch On December 2023

Immutable zkEVM Mainnet launch is scheduled for December – January, followed by dedicated app chains and zk-prover integration in 2024.

CMCC Global Hong Kong Funds $100M To Back Asian Blockchain Start-ups: Report

CMCC Global Hong Kong funds $100 million to support Asian blockchain start-ups. The fund focuses on equity investments in early-stage blockchain companies, particularly in Hong Kong.

Yuga Labs Lays Off Staff And Focus On “Otherside” Strategy In 2024

Yuga Labs lays off employees and restructures to focus on web3 platform and Otherside strategy. The company is now fully embracing its “Otherside” strategy.

Binance UK Domain Changed To Comply With FCA Rules From Oct 8

In a proactive move to adhere to the updated Financial Promotions Regime, Binance, a leading cryptocurrency exchange, has unveiled a new domain tailored specifically for its UK users.

Stars Arena Social Protocol Hacked, $3 Million in Damage

Stars Arena fell victim to a significant social protocol hack, resulting in approximately $3 million in losses.

Stablecoin Market Capitalization Witnessed A Decline To $123.8 Billion

Stablecoin market capitalization dropped to $123.8 billion in September, the lowest since 2021. Trading volume for stablecoins fell 28.4% to $331 billion, a two-year low. Tether (USDT) dominates with 67.3% of the market, while PayPal’s stablecoin launch has limited impact.

Circle CCTP Is Now Live On Layer 2 Base Testnet

Circle CCTP has been launched on the Base testnet, offering permissionless USDC transfers and allowing secure USDC transfers between blockchains through native destruction.

New BIS Plan Promotes Monitoring Of Banks’ Crypto Holding

In a move aimed at addressing concerns about the impact of cryptocurrencies on traditional finance (TradFi), international regulators are considering new disclosure requirements for banks regarding their cryptocurrency holdings under the new BIS plan.

Ether Futures ETF by ProShares, VanEck, and Bitwise Dominate with $1.92M

ProShares, VanEck, and Bitwise have launched pioneering Ether futures ETF, marking a milestone in the crypto world. In their first day of trading, these six ETFs collectively hit $1.92 million in trading volumes, with the ProShares Ether Strategy ETF standing out at $878,560.

Bitwise Ethereum ETFs Launched Facilitating New Ether Investments

Bitwise Asset Management has introduced two Ethereum-themed Exchange-Traded Funds (ETFs), unveiling the Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF (BTOP).

Bitcoin Bridge Nomic Now Expands To Cosmos For BTC Enthusiasts

The decentralized, non-custodial Bitcoin bridge Nomic will soon make it possible for everyone in the Cosmos ecosystem to access Bitcoin (BTC). Today at Cosmoverse, the most important conference for the Cosmos Network, the Nomic DAO Foundation made the update public.

OP Goerli Testnet Adds Fault-proof System To Enhance Safety

OP Labs, the developer behind the Optimism network, has introduced a fault-proof system on the OP Goerli Testnet, a significant step toward achieving a more decentralized and secure Superchain ecosystem.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.