AGP Executive Report

Market Shock: Hotter-than-expected U.S. inflation sent Bitcoin below $81,000 and Ether near $2,350. Crypto liquidations approached $1 billion in 24 hours, with long positions accounting for most of the wipeout. Institutional Access: Standard Chartered has opened Bitcoin and Ether trading to eligible affluent clients in the UAE, offering access through the bank’s platform. Rules of the Road: Australia is consulting on new crypto exchange and custody rules ahead of a 2027 licensing framework; feedback is due November 27. Ethereum’s Future: Starknet opened a nonbinding, seven-day vote on whether to research leaving Ethereum’s Layer 2 ecosystem for an independent network designed to address quantum risks. New Market Products: The SEC approved cash-settled binary options tied to company metrics, including Coinbase trading volume and MARA’s Bitcoin production.

Banking Access: Standard Chartered has launched direct Bitcoin and Ether trading for eligible UAE wealth clients, with trades, custody and settlement handled within the bank’s infrastructure. Crypto Meets Traditional Finance: Kraken parent Payward agreed to buy Lithuania’s Saldo Bank, aiming to combine crypto services with deposits, lending and payments across Europe, pending approval. Ripple, meanwhile, struck a deal for DriveWealth to use its RLUSD stablecoin for brokerage settlement, starting in Europe, and signed South Korea’s Meritz Securities to explore custody and tokenization. Wallet Security: A supply-chain attack involving hidden implants in Ledger hardware wallets has been linked to roughly $86 million in thefts, prompting a review of sales and reseller controls. Scam Crackdown: An international operation led to 28 arrests, 117 people identified as trafficking victims in Ghana, and the removal of 3.7 million fraudulent social media accounts; Coinbase supported efforts to disrupt crypto scams. Markets and Regulation: Bitcoin traded near $83,400 and Ether around $2,504, while Bitcoin, Ether and Solana funds saw combined weekly outflows of about $1.25 billion. XRP funds extended their inflow streak to 13 weeks. The U.S. banking regulator also found some major banks restricted crypto businesses, but said it could not measure the full scale of debanking.

Banking Goes Crypto: Standard Chartered has opened Bitcoin and Ether trading to eligible professional investors in the UAE, with custody and settlement through the bank. Germany also led Europe’s latest MiCA approvals, most going to banks, while Russia approved Sberbank to offer crypto exchange services. Market Watch: Bitcoin hovered near $83,000 amid heavy liquidations. Ethereum ETFs ended a 10-day outflow streak with $24.8 million in inflows, while Solana funds continued to lose money. Strategy chair Michael Saylor predicted Bitcoin would climb back above $100,000 as the company faces a possible MSCI index decision. Wallet Security: Ledger is reviewing sales controls after tampered hardware wallets sold through a reseller were linked to an estimated $90 million theft. The hidden implants reportedly stole users’ recovery phrases. Scam Crackdown: A joint operation by law enforcement and technology firms removed more than 3.7 million suspected scam accounts, pages and groups, and led to 28 arrests and the identification of 117 trafficking victims in Ghana. Coinbase said it helped identify over 65 active scam victims and prevent more than $415,000 in potential losses.

Exchange Crackdown: South Korea ordered blocks on 27 overseas crypto exchange websites, including KuCoin and MEXC, for operating without local registration. Platforms targeting Korean users must meet the country’s reporting and security requirements. Wallet Security: Ledger is investigating tampered hardware wallets sold through Southeast Asian reseller CryptoBilis, with reported losses approaching $90 million. German retailer MediaMarktSaturn has pulled Ledger devices from sale as a precaution. Bitcoin Markets: Bitcoin hovered near $83,000 as spot ETFs lost $65.4 million in a day, all from BlackRock’s fund. Strategy’s Michael Saylor, meanwhile, predicted Bitcoin would climb back above $100,000. Legal Fight: A UK investor is seeking £20 million from the now-shuttered BitMEX, alleging it sold crypto derivatives to UK customers without regulatory approval. Fraud Enforcement: US and UK authorities, with Coinbase’s help, targeted West African scam networks, tracing funds and supporting asset freezes; US officials also reported arrests and device seizures in a Ghana operation.

Market Moves: Bitcoin rebounded above $83,000 after dipping below $81,000, while investors await U.S. inflation data. Spot Bitcoin ETFs recorded $65.4 million in outflows, all from BlackRock’s IBIT. Wallet Security: Ledger confirmed a hidden implant in devices sold through reseller CryptoBilis captured recovery phrases; the theft is linked to at least $86 million in losses. Regulation: South Korea ordered access restrictions on 27 unregistered exchange websites, including KuCoin and MEXC, and warned users they may face withdrawal difficulties. Bitcoin Seizure: A U.K. court ruled Chinese law governs claims to more than 61,000 seized bitcoins, worth about £3.8 billion, potentially limiting victims’ recovery. Mining Shift: Binance will close its mining pool and related services on November 10, requiring miners to move elsewhere.

Wallet Security: Ledger confirmed a hardware implant in a wallet sold by reseller CryptoBilis, linked to as much as $93 million in reported losses; Tether has frozen $10 million in suspected stolen USDT. Market Watch: Bitcoin hovered near $82,000–$83,000 as ETF outflows and weaker sentiment clouded the outlook, even as Strategy bought about $21 million in BTC. Trading Access: Russia approved Sberbank to offer crypto exchange services, with products planned for Dec. 1; Thailand has also opened the way for Bitcoin and Ether ETFs. XRP Update: An emergency XRPL patch addressed a flaw that raised fears of a potential 18-trillion-token risk; the ledger says its 100-billion XRP supply is safe.

Bitcoin: BTC traded near $83,300, up slightly on the day but down about 3% for the week, as rising Treasury yields and a stronger dollar weighed on prices. U.S. spot Bitcoin ETFs recorded $21.1 million in inflows Friday after two days of withdrawals. Bitcoin Lending: South Korea’s Jeonbuk Bank has begun offering corporate loans backed by Bitcoin, making it the country’s first lender to accept BTC collateral. China’s Blockchain Push: Beijing is backing a national blockchain network as part of a wider digital-economy plan, while its ban on cryptocurrency transactions remains unchanged. Wallet Security: Ledger confirmed an unauthorized hardware implant in a device tied to the CryptoBilis reseller investigation; estimated potential losses have reached $93 million across 311 wallets. Market Access: Coinbase Australia plans to add share trading to its platform, while Russia’s Moscow Exchange is piloting crypto trading ahead of a planned December launch. XRP Ledger: Developers fixed a flaw that could have enabled roughly 18 trillion extra XRP to be created; they found no sign it was exploited on public networks.

XRP Security: An AI-assisted review uncovered a long-hidden XRP Ledger flaw that could have enabled the creation of 18.45 trillion tokens. Developers patched it before disclosure, and investigators found no sign it was exploited; XRP traded near $1.39. Wallet Safety: Ledger confirmed an unauthorized hardware implant in one wallet linked to an investigation of a Southeast Asian reseller. Researchers estimate losses could exceed $86 million, but Ledger has not confirmed the implant caused them. XRP on Wall Street: Evernorth is set to begin Nasdaq trading with about 473 million XRP and $300 million in cash, offering stock-market investors exposure to a major XRP treasury. Bitcoin Funds: U.S. spot Bitcoin ETFs drew roughly $3 billion over eight days in late September, though some inflows may reflect hedge-fund trading strategies rather than long-term bets on Bitcoin. Sanctions: Ukraine added crypto exchange operators and other financial intermediaries accused of helping Russia evade restrictions to its latest sanctions list.

Bitcoin Flows: Large holders bought about 15,000 BTC after the October 7 selloff, while miner MARA sold 996 BTC worth $81 million to repay debt. Bitcoin hovered near $82,800. Wallet Security: COLDCARD warned users after a phishing link appeared on its X account. The alert comes amid reports of fake Ledger sites targeting recovery phrases and an investigation into more than $86 million in suspected losses. Policy and Infrastructure: China called for a national blockchain network but made no move to lift its Bitcoin ban. Argentina’s central bank, meanwhile, ruled out near-term crypto integration into banking. Institutional Push: OKX founder Star Xu says crypto and traditional finance are converging, as investment from established financial players helped value the exchange at $25 billion. Enforcement: Japanese police arrested six people over alleged laundering of about $580,000 in crypto-linked fraud proceeds. In the UK, a 25-year-old was jailed for two and a half years for helping steal nearly £200,000 through SIM-swap fraud.

Bitcoin Market: BTC hovered near $82,800 on Oct. 10, down about 2% for the week. Whales bought roughly 15,000 BTC after the recent drop, while miner MARA sold 996 BTC worth $81 million to repay debt. Corporate Crypto: Robinhood added $25 million in Bitcoin to its balance sheet, renewing attention on companies holding BTC. Policy Watch: China’s new economic blueprint calls for a national blockchain network, but does not endorse Bitcoin or other cryptocurrencies. In the U.S., the stalled CLARITY Act leaves crypto market rules uncertain as midterm elections approach. Regulatory Pressure: The U.S. government moved about $1.5 billion in seized crypto, prompting questions about a possible sale; no sale was confirmed. The UK also sanctioned three crypto exchanges over alleged links to Russian illicit funds. Trading Risks: A new perpetuals exchange drew $118 million in deposits while offering up to 1,000x leverage, a setup that can magnify losses from even small price swings.

Market Moves: Bitcoin slid to $80,000 before recovering to about $83,200, while Hyperliquid’s HYPE held near $84—about 14% below its record—as the exchange used nearly all trading fees for daily token buybacks. Government Wallets: U.S. authorities moved roughly $1.5 billion in seized crypto over two days, but no sale was confirmed. Wallet Security: Suspected losses tied to Ledger devices bought from a Southeast Asian reseller neared $90 million; Ledger paused sales through the distributor, and Tether froze linked USDT. Regulatory Pressure: The U.K. sanctioned three crypto exchanges over alleged links to Russian sanctions evasion, while the U.S. Justice Department is examining Binance’s compliance with its 2023 settlement amid an Iran-related probe.

Wallet Security: Ledger is investigating reports of losses potentially exceeding $86 million involving devices sold by Southeast Asian reseller CryptoBilis. The amount and cause remain unconfirmed; Ledger has paused sales and urged recent buyers to take precautions. Market Moves: Bitcoin fell near $80,000 amid more than $1 billion in liquidations, while Oct. 8 ETF flows diverged: XRP funds gained $8.2 million as Bitcoin and Ethereum funds lost $244 million and $73 million, respectively. Enforcement: New York secured a lifetime industry ban for former Celsius CEO Alex Mashinsky, with up to $35 million in conditional payments. The U.K. also sanctioned three crypto firms over alleged links to Russian sanctions evasion. Iran-linked Crypto: Treasury Secretary Scott Bessent said U.S. authorities may seize about $1 billion in cryptocurrency tied to Iran; no seizure was confirmed. Bitcoin Finance: Bitcoin insurer Meanwhile raised $37.5 million in a round led by Bain Capital Crypto to expand internationally.

Bitcoin Volatility: BTC briefly fell below $81,000 before recovering above $82,000 as liquidations topped $1 billion. MARA Holdings also transferred about $81 million in bitcoin to Galaxy Digital, though a sale has not been confirmed. Sanctions and Crypto Crime: The UK sanctioned three crypto firms over alleged links to Russia’s wartime economy. Chainalysis tied two to more than 15,000 illicit counterparties and linked another to a network whose HTX deposit address received over $308 million. Wall Street Push: Ripple Prime is entering the leveraged ETF financing market with total-return swaps, but the move does not necessarily create demand for XRP. New Trading Rules: Thailand’s framework for bitcoin and ether ETFs takes effect October 16. Russia’s Moscow Exchange plans to launch crypto trading on December 1, with limits for some retail investors. FTX on Screen: Netflix released a trailer for The Altruists, its eight-part FTX drama, premiering November 19.

Market Slide: Bitcoin fell below $81,000 on Thursday as nearly $1 billion in crypto positions were liquidated, with rising oil prices and Iran-war fears weighing on markets. Bitcoin Transfers: U.S. government-linked wallets moved about $1 billion in seized Bitcoin to unidentified addresses; no sale has been confirmed. Ripple Deals: Ripple announced several institutional partnerships, including a prime-brokerage deal with $35 billion hedge fund Brevan Howard. The deals expand Ripple’s business, but do not necessarily create demand for XRP. Payments and Policy: SoFi, Orbi and Mastercard plan a crypto-linked card in Mexico, while CFTC Chairman Michael Selig warned that delayed U.S. rules risk pushing crypto firms overseas. Regulatory Pressure: The UK sanctioned crypto exchanges and payment firms it suspects helped Russia evade restrictions, and Greece proposed a 10% tax on crypto gains, with a €500 annual exemption.

Market Pressure: Bitcoin fell below $83,000 as leveraged positions were wiped out. U.S. spot Bitcoin ETFs now hold about 1.3 million BTC—more than Satoshi Nakamoto’s estimated stash—yet the price remains well below its record. Ethereum Demand: Bitmine chair Tom Lee says the firm will stop buying ETH once its holdings reach 5% of supply; it is already near that limit at 4.9%. Crypto Payments: Samsung plans to add USDC transfers to its wallet for eligible U.S. Galaxy users later this month, with transfers to crypto wallets and bank accounts in more than 60 countries. Gate and Visa also announced a crypto-linked card for 40-plus markets. Institutional Push: Wells Fargo is reportedly discussing crypto-trading liquidity with Kraken’s parent, Payward, while Coinbase is expanding services for financial institutions. Rules and Access: Greece proposed a 10% tax on crypto gains, and Russia approved its first registered crypto exchanges and custodians under new rules.

Market Pullback: Bitcoin fell below $83,000 as crypto liquidations neared $700 million, with leveraged bullish bets taking most of the hit. Bitcoin ETFs still drew $119 million on Tuesday, led by BlackRock, while Ethereum funds saw continued outflows. ETF Push: The Winklevosses filed for a spot Zcash ETF proposed for Nasdaq, adding a privacy-focused coin to the growing fund race. Regulation: Russia has begun licensing crypto exchanges and custodians; Albania is advancing EU-style rules that would require licences for exchanges and wallet providers. A CFTC proposal lists XRP and Stellar as digital commodities, but does not settle XRP’s separate securities status. Institutional Adoption: South Korea’s Meritz Securities will assess Ripple’s custody and tokenization services for local markets. Security Warning: Europol urged crypto firms to prepare for future quantum threats to wallet keys, while stressing that current computers cannot break them.