Odaily: On October 11, 2025, the crypto market suffered a historic crash, with total single-day liquidations across the network exceeding $19 billion, setting a record. At the time, Bitcoin had just hit an all-time high of $126,080 on October 7, but at around 16:50 Beijing time on October 11, the BTC price fell from approximately $116,900 to $102,000 within 30 minutes, a drop of 12.7%.

During the crash, several trading platforms experienced extreme price deviations. ATOM briefly dropped to $0.001 on Binance, while its lowest price on Coinbase was $3.56; on Binance, wBETH briefly fell to $430, BNSOL dropped to $34.90, and USDe fell to $0.65. After the incident, Binance paid approximately $283 million in compensation to affected users.

Additionally, on-chain data shows that a Hyperliquid whale completed an approximately $400 million BTC short position before Trump released tariff-related news, sparking speculation about insider trading. Arkham had referred to the whale as the "Trump Insider Whale," but Garrett Jin, a person associated with the relevant address, denied any connection to Trump, and the allegations remain unverified to this day.

Odaily News — According to on-chain analyst Ember Monitoring, POAP founder @worthalter transferred another 4,000 ETH, worth $10.02 million, to the exchange Gemini 6 hours ago. Over 6 days, he reduced his holdings by 8,000 ETH at an average price of $2,601. He currently still holds 51,468 ETH, worth $129 million.

Odaily reports: Bitcoin News posted on X platform that Ledger has confirmed at least one affected user's device contained an unauthorized hardware implant, and is currently investigating the matter with relevant authorities and SEAL_911. Hardware wallet reseller CryptoBilis has suspended sales of all hardware wallets. Ledger stated there is currently no indication that its internal security infrastructure, systems, or services have been compromised. Ledger advises users who purchased devices from CryptoBilis and have not yet completed setup to refrain from doing so; users who have already completed setup should consider generating a new seed phrase and transferring their Bitcoin to a new hardware wallet. Ledger also stated it is developing additional tamper-proof protections.

Odaily: Bitcoin News posted on X that CZ called the accusations "far-fetched." Binance stated that Bitcoin bottomed at 21:20 UTC, and the depegging event began at 21:36; Ethena's and Dragonfly's Haseeb Qureshi said the timeline does not match. Star Xu replied that Bitcoin fell first, and the leverage loop further exacerbated the decline.

Odaily reports that Bitcoin News posted on X platform that one year ago today, Bitcoin had just hit an all-time high of $126,000, and Standard Chartered predicted at the time that it would reach $200,000. However, October 10 became the largest liquidation day on record in the crypto industry, with liquidation amounts exceeding $19 billion.

Odaily News — Papertrade.xyz, a synthetic perpetual contract DEX built on Hyperliquid HyperEVM, has attracted $118 million in deposits, reaching a total value locked (TVL) of $118 million, with the platform supporting up to 1000x leverage.

As of 11:45 AM ET on October 10, data from Papertrade.xyz shows that the platform's 2,349 positions have open interest of approximately $11 billion, but the funds backing these positions amount to only $54 million.

The platform does not charge slippage, funding rates, spreads, or traditional notional trading fees. Trades are executed through synthetic swaps between users and a shared protocol liquidity pool. Losing traders receive PAPER tokens, while profitable traders may experience delayed withdrawals when liquidity is insufficient.

Papertrade.xyz was founded by Jez and Blurr, who operate under partial anonymity. The project also sold 100 pairs of custom paper pants at $2,000 each, which sold out in approximately 40 minutes, generating $200,000 in sales. (Bitcoin.com News)

Odaily reports that Kyle Samani, co-founder of Multicoin Capital, has announced that his largest personal angel investment has gone to Backpack. On September 2, Backpack announced that Kyle Samani has joined the Backpack US board of directors. Samani has long focused on DeFi, blockchain infrastructure, and the development of global capital markets. Backpack stated that this appointment reflects a shared conviction between both parties: the future of global finance will combine institutional-grade risk controls with the efficiency and transparency of on-chain markets.

Odaily reports: Bitcoin News posted on X platform that security researcher @cyberscrilla discovered a fake Ledger website and app appearing at the top of Google search results, designed to trick users into revealing their 24-word recovery phrase. According to Google data, the website reportedly received over 1 million visits in the past 30 days.

Previously, cybersecurity company Zscaler found in a September investigation that malicious Google ads impersonating Ledger redirected users to fake wallet verification pages. Currently, Ledger is investigating a suspected wallet theft case involving customers of Southeast Asian distributor CryptoBilis, with estimated losses of $86 million.

Odaily reports that Tom Lee, Chairman of Ethereum treasury company Bitmine, said in an interview that Ethereum could rise to $25,000 to $50,000 in this cycle. He believes that ETH has been trading in a similar range for the past five years, and sustained bottoming may lay the foundation for a larger breakout ahead.

Tom Lee also expects ETH to exceed $5,000 by the end of the year, noting that if Bitcoin rises above $100,000, ETH could reach around $7,500. However, market prediction data shows that traders currently see only a 4% probability of ETH reaching $5,000 by the end of 2026.

Odaily News: The Texas Business Court ruled on October 2 that the derivative lawsuit filed by shareholder Gary Guillaume against Coinbase directors was dismissed on the grounds that he failed to first submit a written demand to the board of directors. The court stated that the dismissal does not constitute a substantive ruling and made no determination regarding the alleged misconduct; although the substantive claims are assumed to be governed by Delaware law, the standing to sue is governed by Texas law. Coinbase CEO Brian Armstrong praised the precedent on October 9, saying it encourages more companies to incorporate in Texas.

Odaily News: Less than 10 minutes after Papertrade went live, its notional trading volume has reached $14.4 billion, with Bitcoin and Ethereum contract open interest at $3 billion and $2.66 billion, respectively. According to the project's mechanism, for every $1 lost by platform users, the protocol will mint a certain amount of PAPER along a curve; when the LP balance is below $2 million, every $1 lost corresponds to 100 PAPER minted, and once the LP balance exceeds $2 million, the minting rate will decrease as the balance increases.

According to the official website, Papertrade, a synthetic perpetual protocol built on HyperEVM, has officially launched. Its pre-deposit phase has closed, with 11,473 addresses depositing $137 million.

Papertrade is a fully onchain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO midpoint price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty rather than through traditional order book matching. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only minting source is user losses or liquidations. In the early stage after launch, PAPER is not freely transferable and is primarily used for staking.

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According to on-chain analyst Ai Yi, two addresses belonging to the same whale have established an ETH position worth $14.89 million. Over the past 20 minutes, the two addresses cumulatively withdrew 5,965 ETH from Binance at an average withdrawal price of $2,496.95. The source funding address also transferred similar amounts of USDC to several other new addresses, suggesting continued batch buying.

Odaily News: The French National Assembly's Finance Committee this week approved two crypto tax amendments: starting January 1, 2027, converting MiCA-regulated stablecoins will be treated as a taxable sale; and a proposed exit tax on tax households whose total crypto asset value exceeds 800,000 euros and who relocate abroad.

On October 9, the committee rejected the budget revenue section by a vote of 31 to 3. The full National Assembly will deliberate based on the government's original text, and the above amendments will not be automatically included. Supporters will need to reintroduce them during debates starting October 13, with the formal vote scheduled for October 20. The related measures have not yet become law.

The stablecoin amendment was proposed by left-wing GDR party member Nicolas Sansu and 16 co-signatories, and applies to electronic money tokens as defined by MiCA. The amendment does not set a new tax rate, but instead seeks to include the relevant gains under France's existing 31.4% flat tax regime.

The committee also approved an amendment proposed by Daniel Labaronne, allowing investors to carry forward crypto asset losses for 10 years to offset future gains. The proposed exit tax applies to taxpayers who have been French tax residents for at least 6 of the past 10 years and whose total crypto assets, including custody assets, exceed 800,000 euros in value. (Decrypt)