The company says it is 99% of the way to a target it calls the “Alchemy of 5%.” A 5% stake in 122.1 million ETH comes to 6,105,000 tokens. Bitmine’s 6,028,946 ETH is 76,054 below that line. Chairman Tom Lee pegged the gap a little higher in his October 7 Chairman’s message. Bitmine needs “about 100,000 more ETH, and that’s about it,” Lee said in the video. Lee has said purchases stop once Bitmine hits the target. The latest purchase was about $32 million at the price of $2,544 per ETH based on Coinbase’s Sunday pricing.

Bitmine is almost close to its target of 5%

Bitmine bought $41 million worth of ETH the week before. It trimmed its weekly rate from over 100,000 ETH as it approached 5%, Cryptopolitan said in May. Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said. In September, a 28,086 ETH buy took Bitmine to 5.93 million tokens, Cryptopolitan reported.

Bitmine has staked 5,067,309 ETH, 84% of its holdings, valued at about $12.9 billion. The stake is run by its MAVAN validator network and staking partners. Annualized staking revenue sits at $336 million on the ETH staked now, Lee said. He said that if fully staked, the treasury would bring in around $400 million a year at a 2.61% seven-day yield. Bitmine disclosed in a statement that as of October 11, it had $16.2 billion in crypto, cash, and other assets. The total includes $612 million in cash and marketable securities and 214 bitcoin.

$180 million of that is Beast Industries, and $85 million is Eightco Holdings. Bitmine’s BMNP, a 9.5% perpetual preferred sold at $80 in June, last closed at $99.53. Lee said BMNP is up 24% since issuance, versus Treasuries, which are down 8% in the same period. He puts its 9.56% yield 256 basis points below comparable bitcoin credit. Lee sees potential for the biggest-ever crypto bull market.

Tokenization, wealth transfer, treasury firms absorbing supply, and AI are the drivers, he said. ETH was down 10% in the first nine months of 2026, and BMNR was down 3%, Lee said. He said ETH topped the S&P 500 by 6,832 basis points over the third quarter. Bitmine calls itself the largest ETH treasury and the second-largest crypto treasury overall. Strategy Inc. occupies the number one spot.

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Until now, Thai funds could only invest in crypto ETFs issued abroad. The Thai SEC said current investment limits remain in place. The SEC issued the framework on October 8, via 11 regulatory notifications. For now, only bitcoin and ether are eligible. Any future additions will be contingent on liquidity, market acceptance, blockchain network security and investor protection, the regulator said. In the initial stage, depositary receipts related to international crypto ETFs are not permitted.

Thai SEC lists conditions to make transactions

Brokers still can’t facilitate foreign crypto ETF investments by clients outside the institutional and ultra-high-net-worth cohorts. Nirun Fuwattananukul, CEO of Binance Thailand, said that buying via an existing brokerage account removes a hurdle for investors wary of exchange accounts and wallets. Before any launch, issuers still require fund registration, product approval, a SET listing and custody, he said.

October 16 is the date the framework takes effect, not a confirmed first trading day. Each fund is a passive vehicle that follows the price of a single coin. It must hold at least 80% of its net asset value in that coin, averaged over each accounting year. Custody goes to the SEC-regulated digital asset custodians. Delegated custody still must take place with a licensed custodian, and the SEC retained the option to permit qualified foreign custodians when necessary.

The funds only trade on the SET. Securities firms cannot lend to customers on margin to buy the funds. Each buyer gets product disclosures first and must acknowledge the risks. Companies also need to caution against overexposure to digital assets. Asset managers can only outsource investment management to licensed digital asset fund managers. Qualified digital asset firms can be fund supervisors if they satisfy standards on finances, staff and operations.

The Thai SEC sought public comment on core principles in April and May and draft rules in August and September. Responses ran mostly in favor, the SEC said. Cryptopolitan reported in August that the draft already incorporated the two-coin limit and 80% floor. Crypto ETFs were approved in principle, said SEC deputy secretary-general Jomkwan Kongsakul in January.

In June 2024, Thailand approved its first spot bitcoin ETF, but only for institutional investors. Crypto gains also face a 0% capital gains rate from January 1, 2025, through the end of 2029. With 20% versus 13% in the U.S., Thailand is said to have the most crypto users per capita in the world.

The post Thai mutual funds cleared to buy local BTC and ETH ETFs from October 16 first appeared on Coinfea.

ETH trading activity has expanded sharply during the past month, bringing higher volumes and open interest. 

However, positioning on Binance now signals stronger selling activity despite the broader market recovery. Rising leverage also leaves Ethereum exposed to liquidation pressure on both sides of the market.

Ethereum selling pressure grows as open interest expands

ETH traded near $2,721.83 on October 5 after recovering from a recent decline to about $2,660. The rebound keeps $2,700 in focus as traders assess whether Ethereum can preserve its recent momentum.

Ethereum open interest continued expanding over the weekend, rising from $18 billion to approximately $18.7 billion. Open interest briefly reached $19.9 billion on October 2, marking its highest level since November 2025.

ETH has not yet returned to open-interest levels recorded before October 10, 2025. Still, derivatives activity has become considerably stronger over the past month.

Ethereum has also improved against Bitcoin after breaking its prolonged downward trend. The ETH/BTC ratio recovered from about 0.019 in April to approximately 0.032 during the past week.

That recovery followed stronger attention toward ETH after its active September trading period. Ethereum also posted its strongest September performance since 2016.

However, Binance positioning suggests selling pressure has continued beneath the price recovery. Recent trading analysis showed Ethereum selling CVD has remained negative since August.

The ratio of ETH selling takers kept going lower, meaning ETH is facing increasing selling pressure, which competes with greed-based trading and more bullish sentiment. | Source: Cryptoquant

The indicator recorded another sharp decline on October 2 alongside renewed selling activity. The continued weakness indicates traders have increasingly favored aggressive selling despite ETH’s broader recovery.

Ethereum sentiment currently stands at 65, placing the market within the greed range. That reading suggests bullish expectations remain present even as selling pressure rises.

Meanwhile, spot markets have also recorded notable distribution. One early Ethereum investor reportedly sold 13,330 ETH from holdings originally acquired during the ICO.

Those tokens initially cost about $0.31 each during Ethereum’s early fundraising period.

Hyperliquid ETH open interest tops Bitcoin as liquidation risks rise

Hyperliquid has emerged as another major source of Ethereum derivatives activity. ETH open interest on the platform has climbed above $3.3 billion.

That total now exceeds Bitcoin’s approximately $3.24 billion in Hyperliquid open interest. Binance remains the larger venue, with around $9.4 billion in Ethereum open interest.

However, Hyperliquid positions create a different liquidation structure because leveraged traders cluster around specific price levels.

Short positions on Hyperliquid show a notable cutoff above $2,800. Binance short positions appear more widely distributed, with heavier positioning near $2,750.

On the downside, many Hyperliquid long positions defend the $2,600 region. Short-side liquidity extends toward $3,000, creating potential pressure if Ethereum advances further.

ETH/USD futures on Hyperliquid recorded about $886 million in daily volume. Bitcoin futures remained higher at roughly $2 billion during the same period.

Around 67% of Ethereum traders on Hyperliquid currently hold long positions. However, some large traders and market makers maintain sizeable short exposure.

Abraxas Capital is among the firms holding large ETH short positions while collecting funding fees.

Ethereum therefore faces liquidation risks in both directions. Short positions could become vulnerable if ETH gains another $100.

Conversely, renewed selling could target leveraged longs and test support near $2,600. For now, Ethereum’s ability to hold $2,700 remains central to the short-term market structure. 

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Through an internal book transfer, an approved institution moves shares from its Alpaca account to the Ondo Alpaca account. Tokens for these shares are then created on the blockchain by Ondo. The institution redeems its Ondo Stocks tokens, and the shares are returned to its Alpaca account. Conversions don’t require manual approval on each transaction, Ondo said. Alpaca Clearing is a FINRA-regulated broker-dealer that provides the brokerage and custody behind the network. Ondo Stocks also trade on Solana, but the announcement on September 21 only cited conversions on Ethereum and BNB Chain.

Ondo wants to provide deeper liquidity to secondary markets

Ondo expects the new route to give market makers a way to refill token inventory and to provide “tighter spreads and deeper liquidity” to secondary markets. Access is available for approved institutions on Alpaca on a case-by-case basis. Participants must have active accounts on both Ondo and Alpaca. Ondo notes that ITN is not a generally available Ondo Stocks feature.

Ondo says it only provides the tokens to eligible non-U.S. persons and says they provide economic exposure to the referenced securities without being stocks, ETFs, or ADRs. As of September 22, Ondo’s platform had $3.63 billion in distributed assets across 441 products. The stock platform hit $1 billion in total value locked in May, less than a year after its launch in September 2025.

One trader bought QQQon tokens worth about $2.3 million in a single Ethereum trade in August, according to Cryptopolitan. In July, Ondo launched leveraged perpetual futures on U.S. stocks, ETFs and commodities for non-U.S. traders. The launch follows the SEC’s order for temporary, conditional exemptions on some Tokenized Securities Venues on September 17.

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The platform announced that the exploit affected some of its vaults, and the real impact is still estimated. Initial data show the attacker did not use a malicious exploit, but instead only used their governance influence, as intended by the protocol. As of August 23, Term Labs holds over $25M in total value locked. The protocol carries $3.92M in active loans and a higher amount of collateral in its vaults. In total, Term Finance vaults held $12.25M, meaning the recent exploit almost completely drained the protocol’s lending capabilities.

Term Labs exploit adds to list of high-profile exploits

The attack against Term Labs comes just days after other high-profile exploits, including Maya Protocol and a recent mint attack against The Sandbox. On-chain data shows the attacker wallets were funded with 2 ETH coming from Tornado Cash. This type of initial funding has been linked to previous exploits by DPRK hackers. The attacker simply controlled four of the five drained vaults on Term Labs by holding 100% of the governance token.

Term Labs offered lending vaults similar to Morpho, where anyone could deposit funds and receive passive income. However, Term Labs also used Aragon as its governance platform. Users could optionally wrap their vault deposit into governance tokens. To receive governance tokens, users had to manually take the share tokens received from the vault and turn them into a special governance token. The attacker gained an unfair governance advantage by performing the second step and was thus able to use the governance influence to drain the vaults.

The attacker held governance tokens that were only worth a few dollars, but was able to have an outsized influence and move all the reserves from the vaults. The attacker made his own proposal on August 17, with hidden actions that were not immediately visible to voters. After the six-day waiting period, the attacker was able to change vault parameters in a way that allowed the draining of funds from five USDC lending vaults. After moving the funds, the exploiter parked them in a single known wallet, holding $1.6M in DAI and around $6.9M in ETH.

The funds have not been mixed or moved yet, as with other exploits, where mixing followed the exploit even within the first hour. Multiple Web3 protocols built some type of governance mechanism, usually related to holding specific tokens. The presence of whales, team allocations, or aggressive buyers means reserves, DAO treasuries, or other vaults could be attacked and drained. DAOs and Web3 organizations have varying rates of proposals, and not all are understood by regular users. This means an interested party can propose an outcome in their favor and successfully vote for it.

The post Term Labs loses $8M in governance exploit first appeared on Coinfea.

The decision removes a major gateway to Sui, which Phantom added on January 29, 2025. The Sui Foundation said Phantom then served 15 million monthly active users.

Sui activity has weakened since that launch. DefiLlama data places total value locked at $470.38 million, down from more than $2 billion.

SUI trades near $0.83, giving the token a market capitalization of about $3.4 billion. That price remains well below its January 2025 record of $5.36.

Users Can Convert SUI or Change Wallets

Phantom outlined two migration routes on its help page. Users can convert SUI into wrapped SUI on Solana before support ends.

Phantom will waive its fee for that cross-chain conversion until September 24. Network and exchange charges still apply during transactions.

The wallet will also add no fees for swaps into SOL, ETH, or USDC. Users wanting to retain SUI can instead import their recovery phrase into a compatible wallet.

Phantom recommends Slush, the Sui Foundation’s preferred wallet. The same address and balances should appear automatically after users enter their phrase.

Assets remain recorded on the Sui blockchain rather than inside Phantom. Consequently, holders can recover them later using the same “login,” without a deadline.

Phantom warned that it never initiates contact or requests seed phrases. Any unsolicited migration assistance should therefore be treated as fraudulent.

Sui Partnership Ends During Wider Chain Reductions

The 2025 integration made Sui Phantom’s fourth supported Layer 1, alongside Solana, Bitcoin, and Ethereum. Phantom also supported Coinbase’s Layer 2 network Base.

The Sui Foundation called Sui “the only Move-based chain and the third Layer 1 fully supported on the platform.”

Phantom chief executive Brandon Millman said Sui’s “focus on scalability and its superior user experience aligns perfectly with Phantom’s goal of making crypto accessible for everyone.”

However, SUI dropped more than 4% when integration launched. Cryptopolitan reported that the token had already fallen over 20% during the preceding ten sessions.

Both organizations now describe the separation as mutual. Phantom’s X post said they may “explore other collaborations in the future.”

The wallet is also ending Monad support on August 26. Its help page provides identical migration instructions for users.

That parallel withdrawal indicates a wider reduction in Phantom’s multichain lineup rather than a decision affecting Sui alone.

A March 2026 Bank for International Settlements working paper said permissionless blockchains continue fragmenting markets. New low-fee networks can draw users from established chains and weaken network effects.

Losing Phantom reduces Sui’s retail access while on-chain activity remains lower. Circle still lists Sui among networks supported through its stablecoin infrastructure.

Sui’s DeFi TVL has fallen from roughly $2 billion earlier in 2026 to below $1 billion by July, according to DeFiLlama data cited in market reports. Phantom said it will end Sui network support on September 24.

The current evidence establishes the two developments, but doesn’t establish causation.

The post Phantom Sui Support Ends September 24 as Network Activity Weakens first appeared on Coinfea.

The address linked to the 2022 hack swapped 3 million DAI for about 1,570 ETH through CoW Protocol. Blockchain tracker Onchain Lens reported that roughly 800 ETH, valued near $1.52 million, then moved to Tornado Cash across eight transactions.

The renewed activity follows years of intermittent movement from funds connected to the exploit. It came three days after Pando announced that its protocol would be sunset and its DeFi products placed into maintenance mode under Mixin oversight.

Pando Rings Hack Began With Oracle Manipulation

The original attack occurred on November 5, 2022, when the exploiter manipulated the price of the sBTC-WBTC liquidity provider token on 4swap. The distorted oracle price was used in an effort to withdraw about $70 million in crypto.

Before the team intervened, around $21.9 million in ETH, EOS, and BTC had already left two Mixin wallets controlled by the attacker. Pando later worked with Mixin Network and cybersecurity company SlowMist to freeze remaining assets.

Those frozen holdings included 2,022,662 EOS, then worth about $2.36 million, alongside other tokens valued above $50 million. Pando suspended Pando Rings, 4swap, Pando Leaf, and Pando Lake while the oracle issue was addressed and said customers would be reimbursed.

Exploiter Converts DAI Into Ether

The same address has resurfaced periodically since the hack. Lookonchain reported on June 6 that the wallet used 10 million DAI to purchase 6,243 ETH at an average price of $1,602.

The tracker commented that “even the hacker is buying the $ETH dip.” This week’s transaction again converted stablecoins into Ether, but part of the ETH was subsequently transferred through Tornado Cash.

Tornado Cash remains watched because it can make transaction links harder to follow. However, mixer activity can still draw attention from blockchain investigators monitoring known exploit addresses and fund movements.

Pando Winds Down While Old Funds Move

Tornado Cash was sanctioned by the US Treasury in August 2022. It was removed from the sanctions list on March 21, 2025, after a federal appeals court ruled that immutable smart contracts could not be treated as property under sanctions law.

Pando announced on August 15 that it was discontinuing the protocol and moving its DeFi products into maintenance mode. Pando Rings now supports only loan repayments and collateral withdrawals.

Immunefi data shows oracle-related ecosystem attacks have become less common. Such incidents fell from nearly 19% of DeFi loss cases in 2022 to under 1% in 2025. The latest transactions show that funds tied to older exploits can remain inactive for years before moving again.

The post Pando Rings Oracle Exploiter Resurfaces and Sends ETH to Tornado Cash first appeared on Coinfea.

Apple removed the fake application days after receiving that evidence, according to 0xngmi. The removal followed months of complaints submitted through Apple’s abuse and trademark reporting channels.

The pseudonymous founder shared details of the incident on X on August 15, 2026. He said reports identified trademark violations and impersonation, but the listing remained available.

DeFiLlama Founder Demonstrates Fake App Theft

0xngmi said he downloaded the fraudulent DeFiLlama application and placed a small amount of cryptocurrency inside a wallet. He then allowed the application to access the wallet and drain those funds.

After documenting the theft, he submitted the result to Apple as evidence of fraud. The application was removed from the App Store within days of that report.

“I know it’s insane you have to do this to save users from obviously fake apps,” 0xngmi wrote. He said he shared the experience so other cryptocurrency teams “don’t waste time like us.”

According to 0xngmi, the fraudulent application was a basic DeFiLlama copy designed to request users’ seed phrases. Those recovery words provide control over cryptocurrency wallets and their assets.

Fake Crypto Apps Used Defunct Companies for Verification

0xngmi said the operators also created impersonating applications targeting other cryptocurrency brands. He claimed they passed Apple’s identity checks by registering their applications through defunct companies.

For the DeFiLlama impersonation, the operators allegedly completed verification using a shoe-shine company. The business had been incorporated around 40 years earlier and was no longer operating.

DeFiLlama delayed the launch of its legitimate application for months while fake versions remained available. The team wanted every copy removed before releasing its app to reduce accidental downloads.

DeFiLlama also operates LlamaSearch, a directory of vetted cryptocurrency domains. The service addresses risks when manipulated search results or app listings direct users toward fraudulent websites.

Similar Crypto Impersonation Scams Hit Other Platforms

The incident follows other cryptocurrency impersonation schemes involving advertising and application platforms. On August 14, a Hyperliquid trader lost about $550,000 in USDC after following a Google advertisement.

The advertisement directed the trader to a cloned Hyperliquid exchange. In May 2026, fake Google advertisements targeting Uniswap users resulted in losses exceeding $400,000.

Around 146 ETH from those Uniswap incidents reached two attacker addresses. Cryptopolitan also reported a fraudulent Hyperliquid application appearing on the Google Play Store in November 2025.

The DeFiLlama case highlights the unusual method 0xngmi used after months of unsuccessful complaints. By documenting an actual wallet drain, he provided evidence that prompted Apple’s removal.

The post DeFiLlama Founder Says Fake App Hack Forced Apple to Act first appeared on Coinfea.

In an X post labeled a “Quasi brainstorm on $ETH issuance,” Pandl described Ethereum as a system funding security through newly created ETH instead of taxation.

Pandl said Ethereum “is akin to a minimal nation-state” with one primary responsibility: protecting property rights and enabling value exchange. He added that “Ethereum does not raise taxes to fund government services,” drawing attention to how network security is financed.

Ethereum Issuance Links Security With Money Creation

Under Pandl’s framework, Ethereum covers its core security costs through money creation. Economists describe the revenue earned by a currency issuer from creating money as seigniorage.

Stakers provide the service of protecting Ethereum’s property rights and receive newly issued ETH as compensation. This structure effectively connects fiscal and monetary policy because securing the network also expands the supply of ETH.

The arrangement differs from Bitcoin’s fixed supply model. Bitcoin has a capped maximum supply, while ETH issuance can change depending on network conditions and the amount of ETH being staked.

That variable issuance makes Ether’s scarcity less straightforward for people evaluating the asset as a store of value. Pandl’s comparison therefore focuses attention on issuance as both a security mechanism and a source of network funding.

Ethereum Funding Debate Focuses on Validator Rewards

The thought experiment arrives during an ongoing debate about how Ethereum should finance core development. Validators collectively receive roughly 700,000 ETH annually in staking rewards, while the ecosystem reportedly faces limited cash for paying core developers.

Former Ethereum Foundation coordinator Trent Van Epps said in June that maintaining the network’s client teams costs about $30 million each year. He warned about risks from lacking a clear funding source while the Ethereum Foundation reduces spending.

One proposed approach would redirect part of the rewards currently paid to validators toward development costs. Supporters see validator rewards as a potential source for addressing the funding shortfall.

Critics argue that creating another distribution mechanism would be unnecessary if validators are prepared to accept lower yields. Under that approach, Ethereum could simply reduce issuance rather than redirecting newly created ETH through another layer.

Ethereum Issuance Becomes Central to Treasury Questions

Pandl’s nation-state analogy does not propose a direct solution to Ethereum’s developer funding problem. Instead, it frames ETH issuance as the network’s effective treasury and links security spending directly with monetary expansion.

The comparison underscores why debates over validator compensation, developer funding, and ETH supply are closely connected. Within Pandl’s framework, arguments about funding ultimately become arguments over how large Ethereum’s issuance-based treasury should be over the longer term.

The post Ethereum Issuance Debate Frames Network as a Minimal Nation-State first appeared on Coinfea.

Galaxy told clients that demand remains the main force determining ETH and SOL prices. Galaxy Vice President of Research Lucas Tcheyan wrote that demand decides where the tokens will go next. His comments addressed issuance proposals under review across both networks.

Ethereum EIP 8361 Targets Validator Issuance

EIP-8361 introduces a “tapered issuance burn” for validator rewards. Rewards would fall to zero once 50% of Ether supply is staked.

About one-third of ETH supply is staked. Under the proposal, consensus-layer yield would decline from around 2.6% to 1.2% at today’s rate.

Six researchers filed EIP-8361, including Ethereum Foundation researcher Justin Drake. The plan would roll out over 18 months, giving stakers nearly two years.

No vote has occurred. The proposal is being considered for Hegotá after Glamsterdam, with selection continuing through November.

Approval would likely not reach Ethereum until well into 2027. Aave founder Stani Kulechov and Sharplink oppose the proposal.

Sharplink CEO Joseph Chalom argued validators could operate at a loss after hardware and electricity costs. A validator survey recorded 99.77% opposition.

During the August 6 All Core Devs call, the presenting author raised withdrawing the proposal entirely.

Solana Proposals Accelerate Disinflation and Fee Burns

Solana is advancing two proposals through its new on-chain governance system. SIMD-0550, also called SGP-0002, was written by Helius engineers Lostin and 0xIchigo.

It would double annual disinflation to 30% and bring the 1.5% terminal floor forward to 2029 from 2032. The change would remove about 18.9 million SOL from future emissions.

Under the authors’ 68% staking-participation scenario, yield starts at 5.84%. It falls to 4.34% after one year, 3% after two years, and 2.25% after three years.

SIMD-0553, or SGP-0003, comes from Temporal’s cavemanloverboy. It would replace the flat per-signature fee with a resource-based charge based on transaction compute demand.

Those fees would be burned outright. Galaxy estimated daily SOL burns could rise from roughly 650 to between 7,500 and 9,000.

At current prices, daily burns could increase from about $47,000 to as much as $650,000. Even then, roughly 60,000 SOL enters circulation through daily inflation.

Galaxy Says Demand Remains the Pricing Driver

Galaxy said Solana’s proposals drew less opposition than Ethereum’s because versions circulated for over a year.

Both proposals cleared the 15% active-stake threshold required for discussion. They need two-thirds of the decisive stake to pass, with discussion ending August 22, 2026.

DeFi Development Corp. Nasdaq: DFDV holds SOL as its primary reserve asset. It said August 4 it supports both proposals and will vote yes.

The post Ethereum and Solana Supply Cuts Will Not Reprice Assets Alone first appeared on Coinfea.