- Bitcoin fell to $83,093.36, down over 3% for the week overall.
- BlockTower founder accuses Coinbase of hiding over $1 billion in losses.
- OpenAI postponed GPT-6.1 Astra release after internal safety regression.
The global crypto market cap slipped to $2.94 trillion over the past 24 hours, with trading volume at $156.98 billion. Bitcoin traded at $83,093.36, down 0.9% on the day and down 3.1% over the past week. Ethereum changed hands at $2,665.85, roughly flat in 24 hours but down 3.3% over seven days.
BNB fell 2.3% to $758.78, down 4.2% weekly. XRP dropped 1.9% to $1.49, down 2.3% over the week. Solana fell 3.1% to $117.89, down 0.5% weekly. Zcash was the hardest hit, down 12.3% on the day to $1,378.87 and down 6.3% for the week, extending a sharp pullback from its recent highs above $1,600.
Trending Searches
Quant led trending searches, down 7.6% to $238.07. Firo followed, up 0.7% to $1.26, and NEAR Protocol dipped 12.1% to $4.67. Among top gainers, “meme + coin =” surged 3876.8% to $0.02044, KAIO climbed 106.9% to $0.03414, and Butterfly Life rose 52.1% to $0.03078.
Coinbase Faces Concealment Allegations
BlockTower Capital founder Ari Paul accused Coinbase of concealing hundreds of millions of dollars in hacker attack losses and failing to return customer funds. Paul said Coinbase “lost” roughly $25 million of BlockTower’s assets several years ago, and that subsequent investigation led him to believe the exchange covered up repeated large-scale attacks.
He said tracking identified at least 12 affected companies with concealed losses exceeding $1 billion, and that multiple legal cases are currently ongoing.
OpenAI Pulls Next Model Over Safety Failures
OpenAI canceled plans to release GPT-6.1 Astra within days or weeks after internal testing revealed safety regressions. Saachi Jain, head of OpenAI’s safety systems, said the model performed worse than its predecessor in two safety areas, including alignment testing measuring whether it follows expected human behavior, making it unsafe to release despite stronger end-to-end task and writing capabilities.
AI Megadeal
AMD announced an approximately $8.2 billion all-stock acquisition of World Labs, the spatial intelligence startup co-founded by Fei-Fei Li. Li will join AMD as Executive Vice President and Chief Scientist, reporting directly to CEO Lisa Su. The deal is expected to close before year-end pending regulatory approval.
Anthropic released Claude Sonnet 5.5, positioning it as faster and cheaper than its predecessor with notably improved cybersecurity capabilities, less than a week after the Opus 5.5 launch, and said the lower-cost Haiku 5.5 is coming soon.
Bitget Recovery Efforts Continue
Roughly 3,215 BTC of the 5,500 BTC in Bitget’s Protection Fund have already flowed out to cover hacking losses, with 2,285 BTC remaining on-chain as the exchange processes its first wave of withdrawal demand.
NEAR Intents said it blocked more than $50 million of the hacker’s transfer attempts through its SHIELD risk system, with only $166,000 getting through and $503,000 frozen mid-execution; NEAR waived its bounty share so Bitget could recover more funds. The hacker separately attempted to route funds through Chainflip but was rejected by the broker.
Bond Market Milestone
The 10-year Treasury yield’s rise above 5% pushed it above the S&P 500’s earnings yield for the first time in about 25 years, a shift that makes bonds more attractive than stocks on a relative basis and could pressure equity valuations.
Institutional and Regulatory Moves
Coinbase received CFTC approval to register Coinbase Clearing LLC, completing its full-stack regulated derivatives infrastructure with the first clearinghouse to use USDC as native margin. Goldman Sachs is bringing its roughly $100 billion Treasury fund FTIXX to digital asset institutions through the Lynq settlement network, offering a cash-parking option without a tokenized structure.
The SEC updated its crypto FAQ to clarify that token buyback arrangements without a centralized entity likely do not constitute investment contracts. Strategy transferred 3,568 BTC worth $297 million over nine hours, with it unclear whether the move was a sale or an internal wallet transfer.
Related: Belarus Moves to Launch First Crypto Banks as Digital Asset Rules Advance
Related: Bitget CEO Gracy Chen Addresses Recent Security Incident in New Update
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