Summary
gm, Ledger's CTO warned of a large-scale supply chain attack targeting JavaScript libraries with over 1 billion downloads, potentially compromising crypto transactions through address swapping. Meanwhile, institutional integration accelerated with Nasdaq announcing a $50 million investment in Gemini's IPO, CoinShares preparing for a $1.2 billion SPAC deal to list on the Nasdaq, and Cboe revealing plans to launch 10-year continuous futures for Bitcoin and Ethereum. In government developments, Kazakhstan's President called for a national crypto reserve by 2026, while 12 Democratic U.S. senators proposed a competing framework for digital asset market structure regulation, emphasizing consumer protection and regulatory clarity for the SEC and CFTC.

News Headlines
🚀 First Dogecoin ETF to Launch Thursday, Marking Historic Milestone

  • The Rex-Osprey DOGE ETF will become the first U.S. ETF focused on a purely speculative token, operating under the 1940 Investment Company Act which provides stronger investor protections than 1933 Securities Act ETFs.
  • DOGE has already risen 17% in anticipation of the launch, which signals growing institutional recognition of Dogecoin's value in community and culture despite being created "with no utility on purpose."

🌐 OpenSea Launches $1M+ NFT Reserve with CryptoPunk Purchase

  • OpenSea has established a $1 million reserve to acquire culturally significant NFTs, beginning with the purchase of CryptoPunk 5273 for 65 ETH (approximately $283,000) as the marketplace prepares for its native token launch.
  • The "Flagship Collection" aims to highlight NFTs as cultural artifacts and enhance visibility for both established and emerging artists, with selections made by a committee of OpenSea employees and external advisors.

🏦 SwissBorg Hacked for $41M in Solana After Staking Partner API Compromised

  • SwissBorg, a Swiss crypto wealth management platform, lost approximately 193,000 Solana tokens (worth $41 million) after its staking partner Kiln's API was compromised, affecting 1% of users and 2% of the platform's total assets.
  • The exploited funds were transferred to a wallet designated as the "SwissBorg Exploiter," with the company immediately halting all SOL deposits and withdrawals while promising full reimbursement to affected users.

💰 Hyperliquid's USDH Stablecoin Bidding War Intensifies as Token Hits All-Time High

  • Ethena has joined Sky, Frax Finance, Paxos, and Agora as the sixth contender bidding to launch Hyperliquid's USDH stablecoin, proposing a version fully backed by USDtb linked to BlackRock's BUIDL fund with 95% of reserve revenue returned to the community.
  • The competitive bidding war has helped push Hyperliquid's HYPE token to a new all-time high of $55.04, representing a 22% increase over the past week and driving its market capitalization to $14.5 billion.

🏛️ Senate Democrats Outline Conditions for Supporting Crypto Market Structure Bill

  • A group of 12 pro-crypto Democratic senators, led by Sen. Ruben Gallego, has outlined key conditions for supporting pending crypto legislation, emphasizing the need for Democratic representation at the SEC and CFTC to ensure balanced regulation.
  • The senators stressed that effective crypto regulation requires adequate funding and diverse representation, particularly as President Trump has removed Democratic commissioners from key financial regulatory agencies.

Market Metrics

Fundraising & VC
1. Recoveris (Seed, $1.26M) - Switzerland-based venture specializing in blockchain intelligence
2. Based One (Strategic, Undisclosed) - Omnichannel trading platform on Hyperliquid

Regulatory
🏛️ SEC Delays Multiple Crypto ETF Decisions to November

  • The SEC has postponed decisions on both the Bitwise Dogecoin ETF and Grayscale Hedera ETF applications until November 12, continuing a pattern of delays for altcoin ETF applications.
  • This delay comes amid a growing backlog of crypto ETF applications in 2025, including those for XRP, Solana, and other digital assets.

🏦 Belarus President Urges Banks to Expand Crypto Use Amid Sanctions

  • President Alexander Lukashenko has directed Belarusian banks to increase their use of cryptocurrencies to counter economic challenges resulting from international sanctions.
  • External payments through crypto exchanges could reach $3 billion by year-end, highlighting the significant potential for cryptocurrency to mitigate economic pressure from sanctions.

📊 US Congress Seeks Treasury Report on Strategic Bitcoin Reserve

  • US lawmakers have introduced legislation requiring the Treasury Department to examine the feasibility of establishing a strategic Bitcoin reserve within 90 days of enactment.
  • The report must address custody architecture, legal authority, cybersecurity measures, and potential impacts on the Treasury Forfeiture Fund, following President Trump's earlier proposal for a national Bitcoin reserve.

🛡️ SEC Crypto Task Force to Address Financial Surveillance and Privacy

  • The SEC is planning a roundtable discussion on financial surveillance and privacy in the crypto sector for October 17, led by Commissioner Hester Peirce.
  • This marks the sixth such event since Gary Gensler's departure, indicating a potential shift in the SEC's approach to crypto regulation with a focus on understanding privacy-protecting tools.

🌐 US Treasury Sanctions 19 Southeast Asian Entities in Crypto Scam Crackdown

  • The U.S. Treasury has sanctioned 19 entities in Burma and Cambodia involved in cyber scams that defrauded Americans of over $10 billion in 2024, a 66% increase from the previous year.
  • The sanctions target operations linked to the Shwe Kokko area in Burma and former casinos in Cambodia that have transformed into fraud centers running cryptocurrency investment scams.

Technical Analysis
Bitcoin - Bitcoin shows weak development in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Bitcoin. The currency has support at points 107700 and resistance at points 113500. The currency is assessed as technically neutral for the short term.

Ethereum - Ethereum has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency has marginally broken down through support at points 4330. An established break predicts a further decline. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The currency is overall assessed as technically neutral for the short term.