Dear PointPay Family,
The crypto world never stands still, with new developments unfolding one after another. To stay on top of the latest trends without the extra effort, explore our roundup of the week's five most interesting and important crypto stories, presented in a convenient, easy-to-digest TL;DR format.
Crypto liquidations approach $1 billion amid market downturn
The decline in Bitcoin, Ethereum, and XRP triggered widespread position closures across the crypto derivatives market. According to reports, approximately $483 million worth of BTC and ETH futures positions were liquidated over 24 hours. Ethereum accounted for around $286 million, while Bitcoin accounted for $197 million. ETH fell by more than 6%, while BTC dropped to around $81,000.
The main source of market pressure was uncertainty surrounding the US Federal Reserve's future policy following higher-than-expected inflation figures. Forced position closures added further selling pressure to the market.
Strive acquires $235 million in Bitcoin, increasing its reserves to 35,595 BTC
Strive announced the purchase of 2,822 BTC for approximately $235 million. The average acquisition price, including expenses, was around $83,266 per coin. The purchase followed the exercise of warrants by investors, which generated approximately $369 million for the company.
Following the transaction, Strive's Bitcoin holdings reached 35,595 BTC. This example demonstrates how publicly traded companies continue to use corporate financing to expand their crypto reserves despite market volatility.
Hidden seed phrase theft components discovered in Ledger hardware wallets
Ledger confirmed the discovery of unauthorized LTE components in certain hardware wallets sold through the reseller CryptoBilis. According to the investigation, the device could capture the 24-word recovery phrase from the screen during initial setup and transmit it over a cellular network.
This was a supply chain vulnerability, rather than a confirmed breach of Ledger's software. The company advised customers who purchased devices from this seller not to activate them. Those who had already used the affected wallets were advised to transfer their funds to a new device with a newly generated seed phrase. Independent researchers estimated the potential losses at tens of millions of dollars, but Ledger did not confirm the exact number of victims or the total amount lost.
Solana schedules Alpenglow launch for October 21, targeting 150-millisecond finality
Solana scheduled the activation of its major Alpenglow upgrade for October 21. The upgrade is designed to replace the TowerBFT consensus mechanism and move validator voting off-chain. Its target is to achieve transaction finality in approximately 150 milliseconds, although actual performance will depend on network conditions.
Faster finality could make Solana more suitable for payments and cross-chain operations, where obtaining reliable confirmation quickly is essential. However, the total number of recorded transactions could decrease significantly after the upgrade, as validator votes will no longer be counted in blocks, even if user activity remains unchanged.
BNY and Citadel Securities complete repo transaction using tokenized US Treasury securities
BNY and Citadel Securities completed a transaction in which a tokenized representation of two-year US Treasury securities was used in a repurchase agreement (repo). After purchasing the securities through Tradeweb, BNY recorded their digital representation in its own ledger. Settlement was completed in minutes rather than following the standard T+1 cycle.
The asset was then used as collateral in a short-term financing transaction. This provides an important real-world example of tokenization in practice: the technology is being used not only to issue digital assets, but also to accelerate settlement and improve collateral management in traditional financial transactions.
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