Web3 Buzz: BingX Hacked, SocGen Shifts to Solana, Terraform Bankruptcy, and Bitcoin's Big Surge!

Happy Friday, Web3 enthusiasts! As we wrap up the week, let’s dive into some of the most significant developments shaping the digital landscape. From security breaches to strategic moves in the stablecoin market, today's highlights are packed with insights that every crypto aficionado should know. The buzz around Bitcoin is particularly electrifying as it kicks off what many hope will be a prosperous 'Uptober.' So, without further ado, let’s explore the key stories making waves in the Web3 world today!

1. BingX Hacked: Over $43M drained, according to on-chain data.

Crypto exchange BingX has suffered a hack, with on-chain data showing nearly $43 million stolen across multiple tranches, including $13.25M in Ether, $2.3M in BNB, and $4.4M in USDT. Hackers also took over 360 altcoins. BingX's Chief Product Officer Vivien Lien reassured users on X that the losses are "minimal and manageable" and the exchange will compensate affected users. Trading continues, but withdrawals and deposits are delayed for 24 hours. Stolen crypto was swapped for ETH and BNB on decentralized exchanges like Uniswap and Kyberswap. The wallet tied to the hack still holds over $5M in assets.

Crypto Exchange BingX Hacked, Onchain Data Shows Over $43M Drained

Hacker have moved the stolen assets to decentralized exchanges.

CoinDeskSam Reynolds

2. SocGen Moves Euro Stablecoin to Solana after struggling on Ethereum.

SG Forge, a subsidiary of Societe Generale, is launching its euro-backed stablecoin EUR CoinVertible (EURCV) on the Solana blockchain after struggling to gain traction on Ethereum. Despite being highly regulated, EURCV has only 28 holders and 154 lifetime transactions on Ethereum. The shift to Solana aims to capitalize on its faster and cheaper network, with hopes of attracting both retail users and institutional players in decentralized finance (DeFi). SG Forge's CEO, Jean-Marc Stenger, believes Solana’s speed will unlock new possibilities. Stablecoins are becoming vital to the global financial system, and firms are keen to replicate the success of Tether and Circle.

SocGen’s Crypto Unit Takes Euro Stablecoin to Solana After Flopping on Ethereum

SG Forge, a subsidiary of Societe Generale, will roll out euro stablecoin EUR CoinVertible (EURCV) on the Solana blockchain, the Frenc…

markets.businessinsider.comDanny Nelson

3. Terraform Labs Bankruptcy Approved following a settlement with the SEC.

Terraform Labs has received court approval to wind down operations in bankruptcy after settling a $4.47 billion lawsuit with the U.S. Securities and Exchange Commission (SEC). The company was accused of defrauding investors when its TerraUSD and Luna tokens collapsed in 2022, resulting in $40 billion in losses. The bankruptcy plan could see Terraform paying between $184.5 million and $442.2 million to affected crypto holders. The SEC will collect its settlement only after these claims are satisfied. Founder Do Kwon, who faces additional criminal charges, has denied wrongdoing in both the U.S. and South Korea.

Court Approves Terraform Labs Bankruptcy After the US SEC Settlement

Terraform Labs, the company behind the Terra (LUNA) ecosystem, has received approval from a US bankruptcy court to wind down its operations.This decision comes after the company settled with the US Se

InsightsBeincrypto

4. ‘Uptober’ Kicks Off Early: Bitcoin's price surge wipes out short positions.

Bitcoin has surged over 6% to $63,199 following the Federal Reserve’s recent interest rate cut. This jump triggered liquidations of more than $154 million in short positions across all cryptocurrencies, with $74 million in Bitcoin alone, according to CoinGlass data. Ethereum also saw a price increase, rising over 6% to $2,437. The Fed’s 50 basis point rate cut has fueled optimism in riskier assets like digital currencies and tech stocks. Historically, Bitcoin has had rough Septembers but strong Octobers, and this year’s rally, known as “Uptober,” may be starting early due to the Fed’s move.

‘Uptober’ Starts Early as Bitcoin Price Pump Smashes Short Positions - Decrypt

Bitcoin and other digital assets usually have a rough September—but soar in October. The Fed’s rate cuts might have just sped things up.

DecryptMat Di Salvo

As we conclude today’s exploration of Web3 highlights, it’s clear that the digital landscape is as dynamic as ever. From the shocking hack at BingX to SocGen's strategic pivot and Terraform Labs' legal battles, these developments remind us of the volatility and innovation within the crypto space. With Bitcoin’s promising surge marking the start of 'Uptober,' it’s an exciting time for traders and investors alike. Stay informed and keep your finger on the pulse of these changes, as they may shape the future of digital assets. Thanks for joining us, and we’ll see you next time for more insights!

WEB3 AI ML