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Crypto Evening Briefing: Saudi Arabia’s $620B Wealth Fund Has Backed Crypto-Friendly VCs

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Voyager-Binance.US Legal Fight Must Be Resolved by April 13, Court Documents Say

Voyager, a bankrupt crypto lender, and its creditors could lose $100 million if legal objections by the US government are not resolved by April 13, according to legal documents filed on Monday. 

Ethereum Locked-in Beacon Contract Surpasses 18 Million

The number of ETH locked in the Beacon contract is over 18 million, representing 15% of the total supply, and the ETH price has risen 50% since the beginning of the year. The Shanghai upgrade will allow ETH stakers on the ETH 2.0 contract to withdraw their funds if they wish, leading to an expected decrease in the number of validators followed by an increase again.

Switzerland Planning Stablecoin and Live Wholesale CBDC Pilots

The Swiss National Bank (SNB) has revealed its Swiss payments vision, which includes exploring a private token backed by central bank reserves and a wholesale central bank digital currency (CBDC) on the SIX Digital Exchange (SDX) for a limited time.

European Banks Launch ‘Sustainable’ Blockchain Platform for Digital Bonds

Skandinaviska Enskilda Banken (SEB) and Credit Agricole Bank have launched a new digital bond platform called so|bond, built on blockchain technology. The platform will allow institutional clients to issue, trade, and settle bonds digitally, providing a more efficient and secure process compared to traditional methods. 

UAE Central Bank Selects Technology and Legal Partners for CBDC Project

The Central Bank of the UAE (CBUAE) has announced that it has selected Clifford Chance, R3, and G42 Cloud to assist in implementing its CBDC Strategy.

Market Watch

As of press time, according to Cointime data:

BTC 's live price is $28,197.07 USD, dropped by 0.15% in the last 24 hours;

ETH’s live price is $1,869.76 USD, jumped by 3.34% in the last 24 hours;

BNB’s live price is $311.23 USD, dropped by 0.43% in the last 24 hours;

XRP's live price is $0.5017 USD, dropped by 2.25% in the last 24 hours.

Fundraising News

NFT Platform OneOf Acquires Blockchain Rewards Company Tap Network

NFT platform OneOf has acquired blockchain rewards tool Tap Network to help large companies connect with their consumers in Web3. This acquisition will help OneOf onboard more companies and customers into Web3 via e-commerce.

Tokyo Stock Exchange Operator JPX Acquires 5% Stake in Nomura’s BOOSTRY Blockchain Venture

JPX, the operator of the Tokyo Stock Exchange, has acquired a 5% stake in BOOSTRY, a blockchain infrastructure company founded by Nomura and Nomura Research Institute (NRI), in which SBI has a minority interest.

Crypto Payroll Company Franklin Raises $2.9M in Seed Round Led by Gumi Cryptos Capital and CMT Digital

Crypto payroll company Franklin, developed internally at Web3 marketing firm Serotonin, has raised $2.9 million in a seed round co-led by Gumi Cryptos Capital and CMT Digital, with backing from crypto notable Arca.

Dragonfly Capital Invests $10 Million in Crypto Derivatives Exchange Bitget

Dragonfly Capital has invested $10 million in Bitget, a fast-growing crypto derivatives exchange. Bitget recently acquired crypto wallet BitKeep and had eight million users prior to the deal.

Terra Classic Could Recieve $5M in Funding From Binance

Binance is considering the Terra Grants Foundation's application for $5m in funding to support projects on the Terra Classic chain. 

Crypto Startup Li.Fi Raises $17.5M in Funding Round

Multichain liquidity and data gateway provider Li.Fi has raised $17.5 million in a Series A fundraise co-led by crypto-native investment firms CoinFund and Superscrypt. 

LayerZero Labs Raises $120 Million for Data Interoperability Protocol Expansion

Interoperability protocol LayerZero Labs has raised $120m in a series B funding round featuring 33 investors including Christie’s auction house, NFT platform OpenSea and Samsung’s next-gen investment unit. 

Polychain Leads $15M Funding Round for Crypto Startup Polyhedra Network

Polyhedra Network, a startup that provides Web3 infrastructure backed by zero-knowledge (ZK) proofs, has raised $15m in a pre-Series A funding round led by Polychain Capital.

Saudi Arabia’s $620B Wealth Fund Has Backed Crypto-Friendly VCs

Saudi Arabia's sovereign wealth fund, Public Investment Fund's venture arm, Sanabil, has disclosed investments in nearly 40 US venture capital firms, including some with deep involvement in crypto, blockchain, and Web3-related investments.

Bitcoin Bitcoin $82,950.63
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  • ETH Trading Volume on Hyperliquid Exceeds BTC, Reaching Approximately $1.1 Billion in 24 Hours

    On October 11, the trading volume of ETH on the Hyperliquid platform reached approximately $1.1 billion in the last 24 hours, surpassing BTC's $805 million. Market analysts believe that the increase in ETH trading volume is related to suspected exploitation of the PaperTrade mechanism. Earlier today, reports indicated that PaperTrade was allegedly manipulated by two addresses, revealing a significant vulnerability in the protocol: the two wallet addresses executed trades on Hyperliquid with a single transaction size of about $20 million, causing ETH prices to fluctuate by approximately 10 to 20 basis points, and establishing long positions with a notional value of several hundred million dollars on PaperTrade.

  • Ledger Confirms Unauthorized Hardware Implant in Devices, Losses May Exceed $86 Million

    On October 11, Cointelegraph reported that hardware wallet manufacturer Ledger confirmed the presence of unauthorized hardware implants in the devices of an affected user. The incident involves losses related to devices purchased from its Southeast Asian distributor, CryptoBilis. Investigator Specter estimates that the losses may exceed $86 million, involving Bitcoin, Ethereum, and Tron. Ledger stated that it is in contact with the affected users; CryptoBilis has confirmed the suspension of all hardware wallet inventory sales until the investigation is complete. Ledger claims that the incident appears to be limited to this single distributor and its market, and that its own infrastructure, systems, and services have not been compromised. The company has not yet confirmed the number of affected customers or the total amount of losses. Ledger advises users who have not initialized their devices to refrain from doing so, while those who have already initialized their devices may consider transferring their assets to a new signer using a new mnemonic.

  • Anthropic Model Automatically Submits False Leads to Philadelphia Police

    On October 11, according to CCTV International News, the AI model 'Claude Haiku 4.5' from Anthropic automatically accessed the Philadelphia Police Department's webpage for unsolved homicide tips in July this year, filling out a form claiming to have 'potential information related to the case' but did not provide a name or contact information. The form was subsequently marked as spam by the police and did not trigger an investigation. Anthropic released a report on October 9 disclosing the incident and notified the Philadelphia police in advance. The police stated they were previously unaware of the situation, deemed it 'unacceptable,' and requested that technology companies take necessary measures to prevent their AI systems from submitting false information to law enforcement.

  • Industrial Fulian: US International Trade Commission Initiates 337 Investigation Against Company and Subsidiary

    On October 11, Industrial Fulian announced that it was informed the US International Trade Commission officially launched a 337 investigation on October 9 local time, regarding patent infringement claims made by Vicor Corporation. Vicor accuses the company and its subsidiary of infringing on a patent for a 'vertical power supply system.' After an internal review, the company stated that the products involved in this investigation are currently in the internal validation and evaluation stage, and this investigation does not have a substantial impact on the company's current production, operations, or performance.

  • CFTC Issues Two Proposals Clarifying Prediction Markets as Derivatives, Excluding Casino Gambling

    On October 11, Cointelegraph reported that the U.S. Commodity Futures Trading Commission (CFTC) has released two proposals to clarify its regulatory authority over prediction markets. The first proposal defines event contracts related to sports, politics, culture, and weather as 'swaps' products under federal law. CFTC Chairman Michael Selig stated that these products fall under the category of commodity derivatives as defined by the Commodity Exchange Act, and are fully within the exclusive jurisdiction of the CFTC. The second proposal establishes boundaries, explicitly stating that traditional casino-style gambling products—including sports betting and casino games—do not fall within the definition of 'swaps' and are not considered derivatives. This move comes in the context of prediction market operators like Kalshi and Polymarket facing joint lawsuits from multiple states, accused of operating illegal gambling businesses; the CFTC is counter-suing and issuing new regulations in an attempt to clarify the regulatory boundaries between federal and state authorities, paving the way for a potential Supreme Court ruling.

  • Houthi Forces Warn Airlines, Staff, and Passengers Again

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  • U.S. Spot Bitcoin ETF On-Chain Holdings Exceed 2 Million BTC

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  • Hedge Fund Net Exposure to US Tech Giants Reaches Record High of 22%

    On October 10, according to data from Goldman Sachs and The Kobeissi Letter, investor sentiment towards large tech stocks has reached an all-time high. Hedge fund net exposure to the 'Big Seven' tech giants in the US has risen to 22%, marking a historic peak; this figure has surged by 7 percentage points since July, representing the largest three-month increase in 2023, and surpassing the previous high of 21% set in June 2024 (compared to only 8% during the bear market low in 2022). During the same period, hedge fund net exposure to semiconductor stocks in the US has increased to 12%, slightly below the peak of 14% in June 2026, while this metric was only 2% at the beginning of 2025.

  • Anthropic Reveals Internal Issues: Out-of-Control AI Attempted to Access Multiple Government Websites, Reported to the White House

    Anthropic stated on Friday that its AI agents acted autonomously, attempting to access various federal, state, and local government websites. The company did not disclose which government agencies were involved but confirmed that it has reported these incidents to the White House. In a blog post, Anthropic mentioned that one of its AI models under testing had taken several unauthorized actions, including exploiting a vulnerability on a university website to download data and submitting a form to a government agency that it had been explicitly instructed not to submit. The company noted that it discovered these incidents after beginning a review of the AI's actions in July. Earlier on Friday, the Philadelphia Police Department stated that Anthropic had notified them that its technology had submitted a false homicide tip to the police website.

  • Web3 data and AI company Validation Cloud completes $10 million in new round of financing

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