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A hacker who stole about $83 million worth of XRP from global digital-asset exchange Bitget has moved the tokens to other wallets, CoinDesk reported. Because of XRP’s structure, Ripple is unable to freeze the holdings in the hacker’s possession.
CoinDesk reported on Sept. 26 that the Bitget hacker transferred about $83 million worth of XRP from three wallets to external addresses.
The problem is that Ripple cannot directly freeze assets that remain in the hacker’s wallet. The XRP Ledger allows companies and other issuers to freeze tokens they issue directly on the network. That function does not apply to XRP, the network’s native asset.
That means Ripple cannot forcibly move or freeze the stolen tokens as long as the hacker keeps the XRP in a private wallet. If the stolen XRP is sent to a centralized exchange, however, that exchange can restrict accounts linked to the hacker and block withdrawals.
Bitget estimates the total damage from the hack at about $387.5 million. The exchange said its protection fund can cover the losses, leaving customer assets unaffected. Bitcoin withdrawals are scheduled to resume on Sept. 28, Ether on Sept. 29 and Tether on Sept. 30, in sequence.

The Federal Reserve has moved to draw up follow-on rules to implement the GENIUS Act, the U.S. stablecoin law.
On September 26, the Fed said it had released two proposed rules to build a regulatory framework for payment stablecoin issuers under the GENIUS Act and had begun soliciting public comment.
The first proposal would require stablecoin issuers supervised by the Fed to fully back their outstanding issuance with permitted high-liquidity assets such as short-term U.S. Treasuries. It also would establish standardized capital requirements and risk-management standards to address credit and operational risks. The proposal includes rules for Fed-supervised institutions that hold reserve assets.
The second proposal would create a separate application process for banks seeking to issue stablecoins. Banks that want to issue the tokens would be required to submit business plans and financial information to the Fed. The framework also includes procedures for appeals and hearings on application decisions.
The Fed will accept comments from market participants and others for 60 days after the two proposals are published. The GENIUS Act was enacted in July last year and established a federal regulatory framework for U.S. payment stablecoins.

Fidelity said Bitcoin has entered a new cyclical bull market after holding the $60,000 level. It also laid out a long-term target of $300,000.
On September 26, Jurrien Timmer, Fidelity's director of global macro, presented Bitcoin's "Power Law" model, saying it continues to mathematically indicate that a new cyclical bull market has been underway since Bitcoin defended $60,000.
The data showed that Bitcoin has repeatedly fallen toward its long-term trend line during major bear markets before entering a new upcycle. Timmer identified the area around $60,000 as a key support level in the current cycle.
He added that Bitcoin could rise to about $300,000 by 2029 if the long-term trend continues.

Bitcoin's recent rally has pushed investors' unrealized profit margins to their highest level in about two years. Profit-taking has also surged to its highest level this year, signaling the cryptocurrency's short-term advance may be losing momentum.
On Sept. 26, Julio Moreno, head of research at CryptoQuant, said Bitcoin's unrealized profit margin had risen to 33% following the recent rally, the highest level since December 2024.
Unrealized profit is a measure of how much the current price of an investor's Bitcoin holdings exceeds the original purchase price. As those paper gains widen, more investors move into profit, increasing the incentive to lock in returns.
Bitcoin investors' profit-taking has also risen sharply. Moreno said realized profits climbed to 25,700 BTC, the highest level this year. Such moves typically signal that rally momentum is weakening. They also raise the risk of a correction in Bitcoin prices.

Bitcoin has moved beyond an early bull market and entered a full bull phase based on on-chain indicators, according to a CryptoQuant analysis. In four of the previous five instances when the same signal appeared, the cryptocurrency went on to post further gains.
CryptoQuant analyst Axel Adler Jr. wrote on X, formerly Twitter, on Sept. 26 that the ratio between the adjusted MVRV 30-day moving average and the 365-day moving average crossed above its own 365-day moving average on Aug. 20. At that point, the market entered an early bull phase, with Bitcoin trading at $71,255.
MVRV compares Bitcoin's market capitalization with its realized capitalization, which reflects investors' average purchase price. The metric is used to gauge whether market participants are broadly sitting on profits or losses.
That early bull phase lasted 31 days, during which Bitcoin rose 13%. On Sept. 20, the ratio broke above the 1.0 threshold, meaning the short-term MVRV average moved above the annual average, and Bitcoin entered a full bull market at $80,691.
The ratio now stands at 1.018, while Bitcoin was trading at $84,156. The bullish structure remains intact as long as the ratio stays above 1.0, Adler added.
The argument is also based on the indicator's historical performance. Since 2012, this marks the sixth time Bitcoin has shifted from an early bull phase into a bull market, Adler wrote. In four of the previous five cases, prices finished above the level where the full bull market began.

Global cryptocurrency exchange Bitget will gradually resume withdrawals starting Sept. 28 after suspending the service following a security incident on Sept. 24.
Gracy Chen, Bitget’s chief executive officer, wrote on X on Sept. 25 that the company plans to restore withdrawals in stages after the security breach. Bitcoin (BTC) withdrawals will reopen at 5 p.m. Korea time on Sept. 28, followed by Ethereum (ETH) at 5 p.m. on Sept. 29.
Tether (USDT) withdrawals will resume at 5 p.m. on Sept. 30. Withdrawals for the remaining cryptocurrencies will be supported from 5 p.m. on Oct. 2.
The incident affected multiple blockchains and cryptocurrencies, Chen said. To reduce risk, Bitget is restoring withdrawals differently from the approach Bybit used last year in response to a similar incident.
Bitget halted all withdrawals on Sept. 24 after detecting abnormal asset movements in some hot wallets. The company said about $387.5 million of assets was drained. That compares with an initial disclosure of $351.6 million, but Bitget said the increase reflected the addition of some assets, including Zcash (ZEC) and Tron (TRX), rather than any new outflows after the incident.
The losses occurred across Ethereum and multiple Ethereum Virtual Machine networks, the XRP Ledger, Zcash and Tron. Assets drained included XRP, ETH, USDT, ZEC, USD Coin (USDC), BNB and Avalanche (AVAX).
Bitget said it has patched the vulnerability used in the attack and blocked any further possibility of abnormal asset transfers. Mandiant, Google’s cybersecurity unit, and blockchain security firm SlowMist are participating in the investigation.
Chen plans to hold an online ask-me-anything session starting at 4:30 p.m. Korea time on Sept. 28, 30 minutes before withdrawals resume, for at least two hours. She said the company would turn the crisis into an opportunity and show that users’ trust was justified.

U.S. spot Bitcoin exchange-traded funds posted net inflows for a seventh straight trading session.
Data from SoSoValue showed that U.S. spot Bitcoin ETFs recorded combined net inflows of $134.47 million on Sept. 25. The funds have posted net inflows in every trading session since Sept. 17.
BlackRock's iShares Bitcoin Trust (IBIT) led the day's inflows with $96.99 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) took in $49.32 million in net inflows. Bitwise's BITB, by contrast, posted net outflows of $11.85 million. The remaining products recorded no net flows.
U.S. spot Bitcoin ETFs have attracted about $2.98 billion over the past seven trading sessions. They pulled in $999 million on Sept. 21, the largest single-day net inflow this year, followed by $714.7 million on Sept. 22. Net inflows then slowed to $347 million on Sept. 23, $190.7 million on Sept. 24 and $134.47 million on Sept. 25.
IBIT's cumulative net inflows rose to $65.28 billion, followed by $11.06 billion for FBTC. Total cumulative net inflows across all U.S. spot Bitcoin ETFs reached $57.55 billion.

President Donald Trump has rejected Iran’s proposed "7-day ceasefire" and signaled that airstrikes could resume after the November midterm elections, the Wall Street Journal reported.
The Journal, citing U.S. officials, reported on September 25 that Trump rejected Iran’s ceasefire proposal and told aides he expected bombing operations against Iran to resume after the midterms. Trump is also skeptical that Iran will comply with U.S. demands.
Iran proposed reopening the Strait of Hormuz within seven days and resuming nuclear talks if the U.S. lifts its naval blockade. Tehran also demanded waivers from sanctions on Iranian oil, the release of frozen assets, and ceasefires across regional fronts including Lebanon.
Iranian Foreign Minister Abbas Araghchi said in New York during the United Nations General Assembly that Iran had conveyed the plan to the U.S. through mediating countries. If the necessary conditions are met, Tehran could reopen the Strait of Hormuz on the seventh day and restart negotiations. Iran’s frozen assets are estimated at at least $12 billion.
The gap between the two sides remains wide. The U.S. says Iran must first restore navigation through the Strait of Hormuz and enter talks on dismantling its nuclear program. Iran, by contrast, says Washington must first lift the naval blockade and sanctions. Trump has publicly argued that Iran will eventually seek a deal after the midterms that includes dismantling its nuclear program.
The U.S. and Iran signed a memorandum of understanding in June covering a halt in hostilities, the reopening of the Strait of Hormuz and the resumption of nuclear negotiations. But the talks have effectively collapsed after armed clashes resumed amid disputes over the terms of the agreement and the order of implementation.
Trump has recently claimed that Iran is deliberately delaying negotiations in hopes that Republicans lose the midterm elections. In his September 22 address to the U.N. General Assembly, he also said he expected a deal with Iran after the midterms. Whether airstrikes are ultimately resumed may depend on future mediation efforts and Iran’s response.

The U.S. Securities and Exchange Commission said major crypto activities, including liquid staking tokens, token buybacks and network maintenance, generally do not fall under securities laws.
According to interpretive guidance released on September 25 by the SEC’s Division of Corporation Finance, token buybacks on a functioning crypto network do not constitute an issuer’s essential managerial efforts under the Howey test, which is used to determine whether an asset is a security.
In other words, a buyback alone does not necessarily create an expectation that holders will profit from the issuer’s managerial efforts. By contrast, if the developers of an unfinished network conduct a buyback while promoting future price gains or investment returns, the token could be classified as an investment-contract security.
The agency also said tokens issued through liquid staking are, in principle, not securities but digital goods or tools. If a staking token merely serves as a receipt representing rights to the underlying crypto asset, or if its value is determined by the protocol and market supply and demand, it would not be viewed as an investment contract.
The SEC also excluded post-launch activities such as security management, performance improvements, system upgrades and development support from the essential managerial efforts used to determine whether a token is a security. A token should not be deemed a security simply because a development team continues to provide technical support and system improvements.
Marketing that highlights a token’s actual functions and use cases, rather than potential investment returns, also generally does not satisfy the requirements for an investment contract, the agency said. It drew a distinction between explaining how a token is used on a network and encouraging buyers to expect price appreciation.

Bitget said digital assets affected by a hack are estimated at about $387.5 million. The exchange also plans to disclose how it will resume suspended withdrawals.
Bitget wrote on its official X account on Sept. 25 that its analysis showed roughly $387.5 million in assets had been affected.
It added that it would announce its withdrawal resumption plan by 1 p.m. Korea Standard Time on Sept. 26 and thanked users for their patience.
Bitget has also launched a Recovery Bounty Program to retrieve the affected assets. The exchange said it plans to work with participants across the on-chain ecosystem, including exchanges, blockchain projects, security researchers and investigative firms, to freeze and recover the assets.

The Internal Revenue Service has begun receiving digital-asset trading reports from exchanges in earnest this year, but investors are facing a heavier tax-filing burden because cost-basis information is missing.
Cointelegraph reported on September 25 that U.S. digital-asset investors are using the newly introduced Form 1099-DA to file taxes on 2025 transactions. Form 1099-DA is the tax document digital-asset brokers, including exchanges, use to report customers’ digital-asset sales to the IRS.
The problem is that for 2025 transactions, brokers are required to report proceeds, or the amount a digital asset was sold for, but generally not cost basis, which shows how much the investor originally paid. For example, if an investor bought Bitcoin for $9,000 and sold it for $10,000, the actual profit is $1,000. But the IRS may receive only the $10,000 sale amount.
As a result, investors must review their full transaction history across exchanges and personal wallets to calculate actual gains and losses. Those who moved digital assets between multiple exchanges and self-custodied wallets may have to trace purchase prices, fees, and deposit and withdrawal records over several years.
Confusion is already emerging in the filing process. In a survey of 1,000 U.S. investors conducted last month by crypto tax service provider Awaken Tax, 21% of respondents who had applied for or planned to apply for a filing extension said they still had not received the necessary information from an exchange or platform. About 20% also said the 1099-DA they received was incomplete or that they were unsure whether it accurately reflected their transaction history.
Tax professionals are also finding cases in which exchange-issued 1099-DA forms do not match investors’ actual transaction records. Sharon Yip, founder of Crypto Tax Advisors, said some clients found missing transactions on their 1099-DA forms, while document formats and the way cost basis was presented varied by exchange.
The IRS now has greater visibility into investors’ digital-asset sales, but the information needed to calculate actual taxable income remains insufficient, industry participants say. Andrew Gordon, managing director at Digital Asset Tax Action, said 1099-DA reports only 2025 proceeds, improving the IRS’s visibility, but the absence of cost-basis data creates a “zero cost basis” problem.

Volatility in the U.S. Treasury market has surged, even as Bitcoin and U.S. stocks remain relatively steady.
CoinDesk said on September 25 that the bond market is sending a warning signal that has not yet shown up in Bitcoin or U.S. equities.
According to CoinDesk, the MOVE Index, which measures expected volatility in the U.S. Treasury market, climbed from about 80 on Tuesday to 104 on Thursday. That marked its highest level since March, when it hit 199.
By contrast, volatility gauges for Bitcoin and U.S. stocks are hovering near their lows for the year. Volmex's Bitcoin Implied Volatility Index, or BVIV, which reflects expected 30-day volatility for Bitcoin, stood at about 37, close to its yearly low of 35. The Cboe Volatility Index, or VIX, which measures expected volatility for the S&P 500, was also near its yearly low at around 14.
While volatility in Bitcoin and equities remains subdued for now, the report said investors should be alert to the risk that stress in the bond market could spill over into risk assets.
CoinDesk said Treasuries underpin global finance and credit creation. As volatility in that market rises, financial conditions typically tighten and investment in risk assets across financial markets tends to weaken.
It added that the war in the Middle East is driving up international crude oil and diesel prices, complicating the inflation outlook. Uncertainty is also growing over how much further central banks may need to tighten monetary policy.

U.S. spot Bitcoin exchange-traded funds have swung back to cumulative net inflows this year.
An analysis of SoSoValue data by CoinDesk on September 25 showed U.S. spot Bitcoin ETFs recorded about $800 million in cumulative net inflows for the year. That amounts to a $6.6 billion turnaround in a little over two months, after cumulative net outflows had widened to $5.8 billion on July 13.
Demand appears to have grown as Bitcoin extended its rally. The cryptocurrency traded below $60,000 in early June but recently climbed to around $85,000.
Inflows have become more pronounced in recent sessions. U.S. spot Bitcoin ETFs posted net inflows for six straight trading days, with total inflows reaching $2.84 billion over that period.
CoinDesk reported that some analysts, citing the recent ETF inflows and Bitcoin's price recovery, say a new bull market may be starting.

Bitcoin's rally has coincided with the largest daily net outflow of the token from global digital-asset exchange Binance since 2023, in a sign investors may be stepping up accumulation.
On September 25, CryptoQuant contributor Darkfost wrote on X, formerly Twitter, that more than 13,800 Bitcoin left Binance on a net basis in a single day, marking the exchange's biggest daily net outflow since 2023.
Bitcoin outflows from Binance have recently continued to exceed inflows. Average net outflows over the past week totaled about 2,000 Bitcoin. As a result, Binance's Bitcoin holdings fell by roughly 20,000 coins in just four days, to 685,000 from 705,000.
Darkfost interpreted the trend as a sign of investor accumulation. Net Bitcoin outflows from exchanges suggest some investors are choosing to hold the token directly rather than keep it on trading venues. That behavior is typically associated with long-term holding and is a positive signal, he wrote.
He also said shrinking Bitcoin balances on exchanges could reduce potential selling pressure. When Bitcoin is moved off exchanges into personal wallets and other storage, the amount immediately available for sale in the market declines.
Darkfost said Bitcoin's recent price gains may be stoking FOMO, or fear of missing out, among investors. Sudden shifts like this suggest latecomers who had expected further declines similar to past bear markets are now feeling that fear, he wrote. If Bitcoin's rally continues, it would not be surprising to see the pattern repeat.

U.S. spot Bitcoin exchange-traded funds attracted more than $190 million in fresh capital in a single day.
Data compiled by Trader T on Sept. 24 showed total daily net inflows into U.S. spot Bitcoin ETFs reached $190.64 million.
BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows with $162.63 million. Fidelity’s FBTC brought in $12.86 million, while Morgan Stanley’s MSBT added $10.16 million.
Franklin Templeton’s EZBC recorded net inflows of $4.88 million, and Bitwise’s BITB drew $4.13 million.
By contrast, WisdomTree’s BTCW posted net outflows of $4.02 million. Grayscale’s GBTC and BTC Mini, Ark Invest’s ARKB, and VanEck’s HODL recorded no net flows.

Bitget said a recent large-scale theft of funds was highly likely to be linked to a North Korea-affiliated hacking group.
Bitget Chief Executive Officer Gracy Chen wrote on X on September 25 that the VPN usage patterns of some confirmed IP addresses matched those of a specific North Korea-linked group. Based on the evidence identified so far, the company sees a North Korea connection as highly likely.
Chen said the attack method also differed from a simple theft of private keys. According to her account, the attackers did not obtain the private keys to Bitget’s hot, warm or cold wallets. Instead, they breached the exchange’s internal systems and transferred the funds directly.
Bitget said on September 24 that it had detected unauthorized transfers from some hot wallets and warm wallets, with affected assets estimated at about $351.6 million. The company said its cold wallets were not affected and that it had blocked any additional outflows.
Bitget also said it holds more than $464 million in a user protection fund related to the incident, and that the full amount of the losses falls within the fund’s coverage.
Chen’s remarks, however, amount to an initial assessment based on evidence confirmed so far. Bitget said it is continuing a technical investigation into the attack route and the group behind it, and plans to publish a full incident report once the probe is complete.

Bitget said it has partly identified the route used in a recent large-scale fund outflow incident. The company said it has ruled out the possibility that private keys were leaked and has blocked any further risk of funds leaving the platform.
Bitget Chief Executive Officer Gracy Chen wrote on X on Sept. 25 that the security team had identified the source of the attack at an early stage. The hacker breached a core backend system for the wallet service, then used that system to generate fake transfer information and invoke the approval-signing process to move funds out.
Chen stressed that the possibility of a private key leak can be ruled out. That means a more severe risk scenario did not occur.
Measures to prevent further losses have already been completed, she said, and there is no risk of additional funds leaving the platform. Technical verification is still underway to determine exactly how the hacker penetrated the system, and the full findings will be disclosed later in an incident report.
Work to resume withdrawals is also under way. Multiple technical teams are working simultaneously on system recovery and security upgrades while preparing to restart withdrawal services, Chen said.
She did not provide a specific timeline. Chen added that the company would provide an update as soon as a clear schedule is set and would not promise a timetable it could not keep.

Longer-dated US Treasury yields extended their climb above 5%, adding to tension across global financial markets. The prospect of another Federal Reserve rate increase is also gaining traction as oil prices rise, the US economy remains resilient and Fed officials deliver hawkish remarks.
The benchmark 10-year Treasury yield rose above 5.15% during trading on September 24 and was trading around 5.18% later in the afternoon. The 30-year yield also climbed to about 5.47%, its highest level since 2004. The MOVE Index, a gauge of bond-market volatility, also moved above 100, underscoring investor unease.
Inflation concerns are at the center of the rise in yields. Brent crude for November settlement jumped 3.41% to settle at $106.60 a barrel, while West Texas Intermediate gained 2.66% to close at $94.61. Oil prices stayed elevated despite talk of possible negotiations between Iran and the US, with uncertainty over the Middle East persisting.
Remarks from Fed officials added to concerns about further tightening. John Williams, president of the Federal Reserve Bank of New York, said another rate increase by year-end would likely be appropriate. Anna Paulson, president of the Federal Reserve Bank of Philadelphia, also said additional tightening could be needed if the economy continues to evolve as expected. She added that inflation remains well above the Fed's 2% target.
Markets are rapidly pricing in the possibility of another increase. CME FedWatch showed the probability of an October benchmark rate hike rising to about 70%, up from 55% a week earlier and 11% a month earlier.
Stronger-than-expected US economic data is also adding to upward pressure on yields. Initial jobless claims fell to 197,000, while new home sales in August rose 6.4% from the previous month. The composite purchasing managers' index for September also climbed to 58.4, signaling continued strength in the US economy.
Even with rates at elevated levels, US stocks avoided a steep selloff. The S&P 500 fell 0.02%, the Nasdaq Composite rose 0.01% and the Dow Jones Industrial Average slipped 0.31%. Investors are watching oil prices, the Fed's rate path and how long the 10-year Treasury yield remains above 5% as the key variables for risk assets.

Die New-York-Aktienmärkte schlossen am 24. September gemischt, nachdem die Renditen für US-Staatsanleihen mit längeren Laufzeiten ihren Anstieg über die 5%-Marke hinaus fortgesetzt hatten. Die Stimmung der Anleger geriet unter Druck, weil robuste Konjunkturdaten aus den USA und steigende Ölpreise die Sorge befeuerten, dass die Zinsen länger als erwartet hoch bleiben könnten.
Der Dow-Jones-Index der 30 wichtigsten Werte fiel um 161,61 Punkte bzw. 0,31% auf 51.349,98 an der New York Stock Exchange. Der S&P 500 gab um 0,02% auf 7.704,13 nach, während der Nasdaq Composite um 0,01% auf 26.939,37 zulegte. Der Dow verzeichnete damit den dritten Tag in Folge einen Rückgang.

Die globale Kryptobörse Bitget teilte mit, dass 351,6 Millionen US-Dollar bei einem Sicherheitsvorfall abgezogen wurden, der einige Hot Wallets und Warm Wallets betroffen hatte. Die Börse hat Abhebungen vorübergehend ausgesetzt.
Bitget erklärte in einem offiziellen Beitrag auf X am 24. September, dass sein Sicherheitssystem um 18:31 Uhr UTC unautorisierte Geldbewegungen von einigen Hot Wallets erkannt habe. Man habe unmittelbar nach dem Vorfall Notfallmaßnahmen aktiviert und eine vollständige Untersuchung der betroffenen Wallets und Geldflüsse gestartet.