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More →The Ledger hardware implant incident caused losses exceeding $86 million, and Plan B said switching to ETFs left zero regrets.
News from Bijie: Ledger wallets have been found to contain unauthorized hardware implants, and some blockchain investigators estimate losses exceeding $86 million. The incident has sparked discussions about the security of self-custody versus Bitcoin ETFs. Plan B stated that the decision to move Bitcoin holdings into ETFs has proven correct after the exposure of vulnerabilities in Coldcard and Ledger, and called it zero regret. Ophelia Snyder stated that large holders are moving self-custodied assets into ETFs for greater security. Adam Back said hardware wallets can still serve as a secure custody method, but vendors need to strengthen threat modeling. Jameson Lopp said self-custody can still be robust, but hasty migrations should be avoided to prevent creating new centralization failure points.
ETH liquidation pressure: watch $2,439.08 to the downside and $2,820.18 to the upside.
CoinWorld data: ETH is currently priced at approximately $2,540.71. If the price falls by about 4% to around $2,439.08, some high-leverage long positions may face concentrated liquidations; if the price rises by about 11% to around $2,820.18, some high-leverage short positions may face concentrated liquidations. The liquidation zone below is currently closer to the spot price, meaning that if the price moves downward, long liquidation pressure may emerge earlier. Other notable levels: $2,413.67 and $2,172.3 below; $2,826.53 and $2,978.98 above. These levels are estimated based on public market prices and changes in open interest. They do not mean the price will necessarily reach them, nor are they predictions of price direction. Compared with the same-caliber snapshot 24 hours ago, it is up 1.57%; compared with the same-caliber snapshot 7 days ago, it is down 6.64%.
Hardware wallet crisis: kitchen scale detection of tampered devices still unverified
According to news from Bijie, following a recent hardware wallet theft incident involving approximately $93 million, many crypto users have begun using kitchen scales to check whether their hardware wallets have been tampered with. This check gained attention after Ledger confirmed that hidden implants were present in devices sold through Cryptobilis. Ledger stated that its own systems were not affected, but the affected devices reached buyers through that channel. The reason users place hardware wallets on a scale to weigh them is that this keeps the device sealed and untouched. Manufacturers publish reference weights for comparison: the Ledger Nano X weighs 34 grams, and the Trezor Safe 3 weighs 14 grams. Users compare their own readings with the reference values. In theory, extra circuit boards and antennas would add weight, so a heavier hardware wallet appears suspicious. Former Mt. Gox CEO Mark Karpelès discovered this setup in a Nano X he purchased in Malaysia, where a hidden spy chip read the seed phrase and sent it via cellular connection. Ultimately, a kitchen scale can only catch crude implants and cannot identify sophisticated ones, so buying directly from the manufacturer may be more important than home testing.
Willy Woo: The Bitcoin Standard Could Slow Economic Growth
According to news from Bijie, analyst Willy Woo responded to the challenge raised by economist Saifedean Ammous in 2019, stating that Bitcoin's fixed supply increases lending risk and may slow economic growth. Ammous reposted his original view and is still waiting for economists to clearly explain why a hard-capped currency would fail. Woo pointed out that when the value of money continues to rise, borrowers must repay loans in a more expensive currency, leading to higher default risk, which causes lenders to contract. He mentioned the current example of global borrowing to drive AI infrastructure and warned that the AI data center boom may end in a crash. Woo believes that economies adopting a Bitcoin standard may achieve slower growth, but will also produce fewer bubbles.
Zcash rises 5% on network upgrade, trading near $1,280
According to data from Bijie.com, Zcash (ZEC) rose about 5% on October 12, trading near $1,280, mainly driven by the upcoming Nu7 network upgrade. The upgrade is scheduled to be implemented in November, with the goal of shortening block confirmation time to 25 seconds. Meanwhile, Zcash's short positions faced forced liquidation, triggering a market rebound, with ZEC rising about 4.8% over the past 24 hours, while Bitcoin and Ethereum rose 0.9% and 1.2%, respectively. According to derivatives data, ZEC's total liquidations amounted to about $4.91 million, of which $3.87 million were short positions, indicating that short contracts accounted for nearly 79% of liquidated contracts. In addition, Zcash's open interest also increased by 4.82% to $2.57 billion, indicating that traders are increasing their risk exposure.
Australia plans to bring crypto-settled CFDs under retail trading rules
Coin World news: The Australian Securities and Investments Commission (ASIC) has proposed bringing certain crypto-settled contracts for difference (CFDs) under existing retail trading protections, following reports that CFD traders lost more than $458 million. ASIC wants to update the definition of a CFD to cover qualifying products settled through the transfer of digital assets, while maintaining existing restrictions on leverage and investor losses. The proposal also recommends extending the CFD product intervention order for 10 years, subject to ministerial approval. ASIC has invited public feedback on the proposal until November 9. According to ASIC data, in the 2023-24 financial year, 68% of retail clients recorded net losses in CFD trading, with combined losses exceeding $458 million.
Most U.S. AI-related stocks declined, while some crypto stocks showed mixed gains and losses.
币界网数据：据Bitget行情数据，美股盘中，AI相关股票多数下跌，闪迪（SNDK）跌7.23%，应用光电（AAOI）跌6.53%，SK海力士（SKHY）跌4.72%，美光科技（MU）跌4.26%，迈威尔科技（MRVL）跌2.08%，甲骨文（ORCL）跌2.04%，AMD（AMD）跌1.86%加密相关股票涨跌互现，Circle（CRCL）跌1.14%，Bitdeer（BTDR）跌1.03%，Strategy（MSTR）涨0.17%，Coinbase（COIN）涨0.12%。
Microsoft plans large-scale deployment of its own AI chips, with shares hitting a near one-year high.
Microsoft (MSFT.US) shares hit a near one-year high, rising 0.8% intraday, after the company announced plans to deploy its own AI chips on a large scale.
U.S. stocks move | Storage sector extends opening losses, SanDisk (SNDK.US) falls over 4%
Coin World News, US stocks movement | Storage sector opened with widening losses, SanDisk (SNDK.US) fell over 4%. On Monday, the storage sector opened with widening losses, Micron Technology (MU.US) and SanDisk (SNDK.US) fell over 4%, SK Hynix (SKHY.US) fell over 3%, Western Digital (WDC.US) and Seagate Technology (STX.US) fell over 2%.
U.S. memory chip stocks extend losses, with Micron Technology and SanDisk down about 4.8%.
According to Bijie News, the decline in the U.S. memory sector widened, with Micron Technology and SanDisk down about 4.8%, SK Hynix down 3.9%, and Western Digital down 2.4%. On the news front, a sharp drop in South Korean memory stocks weighed on sentiment, raising new concerns about the global competitive landscape in the memory chip sector, with Micron facing competitive pressure from rivals such as Samsung and SK Hynix.