- Bitcoin climbed to $78,893.38, lifting total crypto market cap 0.9% today.
- Liquid Network suspended after attacker minted 4,000 unbacked LBTC tokens.
- Bitcoin spot ETFs posted a $46.65 million outflow, ending a three-day streak.
The global crypto market cap rose 0.9% to $2.78 trillion over the past 24 hours. Bitcoin traded at $78,893.38, down 0.4% on the day and 1.8% over the past week. Ethereum changed hands at $2,497.75, up 0.2% in 24 hours and 3.4% over seven days.
BNB gained 1.5% to $752.04, up 9.4% weekly. XRP rose 1.8% to $1.43, up 5.5% over seven days, while Solana added 0.1% to $103.93, up 3.5% weekly. Total crypto liquidations across all exchanges reached $265 million in the 24 hours to Tuesday evening, according to CoinGlass, with long positions accounting for $183 million and shorts for $81.43 million. Bitcoin liquidations totaled $78.88 million and Ethereum $45.09 million.
Trending Searches
Venice Token led trending searches, up 39.2% to $25.72, followed by STONK, up 10.7% to $0.1695, and Lighter, up 8.4% to $5.09. Among top gainers, Smol Bun surged 250268.7% to $0.017042, ZZZ climbed 69.5% to $0.049251, and GreenHood rose 24.1% to $0.098659.
Security Incident
Liquid Network disclosed that a vulnerability in the Elements software’s range proof verification cache was exploited, allowing an attacker to mint approximately 4,000 LBTC without corresponding BTC reserve backing and swap the tokens for BTC via SideSwap.
The exploit dropped the network’s reserve from roughly 4,205 BTC to 197 BTC at one point. The attacker, who has described themselves as a white hat, has returned 3,400 BTC, with about 598.5 BTC still outstanding. The network remains suspended while the team pushes an emergency fix, Elements v23.3.4.
Legal and Regulatory
Malone Lam, the 22-year-old Singaporean defendant known as “Greavys,” pleaded guilty to one count of federal racketeering conspiracy tied to $245 million in stolen crypto assets. Prosecutors said Lam ran a transnational social-engineering network that impersonated customer service representatives and breached databases to steal victims’ holdings; he faces up to 20 years in prison, with sentencing set for December 8.
Separately, Bithumb designated Hemi (HEMI) a trading warning asset after a smart contract vulnerability in its initial reward distribution triggered an abnormal token outflow, suspending deposits. Gemini’s Singapore subsidiary secured a Major Payment Institution license from the Monetary Authority of Singapore, covering spot trading, custody, and OTC services.
ETF Flows
Bitcoin spot ETFs recorded a total net outflow of $46.65 million on September 8, their first outflow after three consecutive days of inflows, according to SoSoValue. Ethereum spot ETFs saw a combined net outflow of $24.29 million, with Fidelity’s FETH taking in $9.89 million against a $24.61 million outflow from Grayscale’s Ethereum Mini Trust.
HYPE spot ETFs lost $12.96 million and SOL spot ETFs shed $667,700, while XRP spot ETFs added $1.55 million, led entirely by Franklin’s XRPZ.
Related: Robinhood Taps Crypto.com and OG.com Ahead of Busy Football and Election Season
Institutional and Corporate Moves
Jack Dorsey’s Block filed an application with the Office of the Comptroller of the Currency to establish an uninsured federal trust bank, Builders Bank & Trust, to offer Bitcoin and stablecoin custody services.
StoneX initiated coverage of Robinhood with a buy rating and $170 price target, citing Robinhood Chain’s $4.59 million daily gas fee revenue as of September 3. Strive’s perpetual preferred stock SATA neared a $1 billion market cap against the company’s 24,531 BTC holding, with CoinDesk noting stronger price resilience than Strategy’s comparable STRC offering.
Whale Activity
Entities linked to Multicoin Capital have sold roughly 1.725 million HYPE worth approximately $133 million since July 28, for an estimated profit of $77.15 million. A newly created wallet deposited $11.9 million in USDC to Hyperliquid and opened a 500 BTC long position at about 20x leverage, with a liquidation price of $55,570.76, according to Lookonchain.
Related: Robinhood Taps Crypto.com and OG.com Ahead of Busy Football and Election Season
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