Cryptocurrency Market Crash. $20 Million in Liquidations
According to CoinGlass, crypto market liquidations reached a record $19.3 billion in the past 24 hours—many times higher than the COVID-19-induced crashes ($1.2 billion) and the FTX collapse ($1.6 billion).
Perp-DEX Hyperliquid led the way in forced position closures with $10.3 billion, followed by Bybit ($4.6 billion) and Binance ($2.4 billion).
Binance acknowledged that some of the liquidations were caused by a technical glitch that disrupted the pricing of USDE, BNSOL, and WBETH tokens. Exchange co-founder Yi He stated that the platform will compensate for losses caused by the glitch but will not reimburse losses due to market fluctuations or unrealized profits.
Flourine Fermi Update on the Monero Network
Monero developers have released a client update, v0.18.4.3, called Flourine Fermi, strengthening the network's defenses against so-called spy nodes—malicious nodes that attempt to associate IP addresses with transactions. The new version introduces an improved peer selection algorithm that avoids connections to suspicious, large subnets often used for surveillance. This increases the anonymity of connections and reduces the risk of deanonymization. Additional improvements aimed at increasing network stability and resilience have also been implemented.
Ethereum Foundation Announces the Creation of the Privacy Cluster Team
The Ethereum Foundation announced the creation of a 47-member team focused on developing base-layer privacy for the network. The new initiative, dubbed Privacy Cluster, includes leading engineers, cryptographers, and ecosystem researchers.
The group will develop solutions for confidential transactions, decentralized identity, and selective data disclosure. Plans also include the creation of a secure wallet, Kohaku, and an open SDK simplifying the use of advanced cryptographic tools for both users and developers.
The initiative will build on the work of the Privacy Stewards for Ethereum (formerly PSE) team, which has launched over 50 open source projects since 2018, including the Semaphore and MACI protocols.
Solana's Annual Revenue Exceeds Ethereum's
Solana's network revenue reached $2.85 billion in 2024, with trading platforms accounting for the majority of that revenue, according to a 21Shares report. From October 2024 to September 2025, average monthly revenue was $240 million, peaking at $616 million in January during the meme coin craze. The figure subsequently stabilized in the $150-250 million range.
Trading platforms accounted for 39% of total revenue ($1.12 billion), including DeFi, meme tokens, AI applications, DEXs, and DePIN. Analysts emphasized that Solana is outperforming Ethereum at a similar stage of development: five years after its launch, the Ethereum network was generating less than $10 million per month, while Solana's revenue is 20-30 times higher. Thanks to its high throughput and low fees, Solana attracts between 1.2 and 1.5 million active addresses daily—three times more than Ethereum at a comparable stage.
Zcash Price Surpasses $260 for the First Time in Three Years
Over the past two weeks, the price of the privacy cryptocurrency Zcash has soared by more than 325%, reaching $260 on October 11—the first time since 2022. The rally was fueled by the announcement of Grayscale's Zcash Trust, an investment vehicle aimed at accredited investors in the US. Optimism surrounding the news quickly spread to other privacy assets: Dash and Railgun also saw sharp gains, with the latter gaining nearly 230% in a week.
Hackers Attack CZ's Google Account
Binance founder Changpeng Zhao (CZ) reported an attempted hack into his Google account, suggesting the North Korean group Lazarus was behind the attack. He claimed the attackers were attempting to steal his password, but Google clarified that such notifications don't always indicate a real breach or a major threat.
Earlier in September, Zhao warned of the risk of "stooges" from North Korea, noting that local hackers are patient and resourceful, posing as job applicants to infiltrate crypto companies.
These concerns are supported by data from Cisco Talos: hackers have been conducting fake interviews in the industry. In June, the Kraken exchange identified a North Korean agent among its developer candidates. Meanwhile, on-chain analyst ZachXBT believes that the attackers' ingenuity, rather than the victims' negligence, are to blame—most incidents could have been prevented with basic background checks.
