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$GRVT X 100 Global Governance Attack Drains Millions as Token Crashes 96% Another day, another hack in 2026. According to a myriad of onchain security alerts, the cryptocurrency project built around a three-seat governing Senate discovered just how dangerous instant democracy can become when attackers reportedly bought their way into two seats and promptly emptied millions from its treasury. X 100 Global, an Ethereum-based project, suffered a unique governance takeover on Oct. 24 that security firm Blockaid traced to a flash-loan operation extracting approximately $4.85 million in $USDT. Its X token subsequently collapsed more than 96%, leaving holders facing a market with virtually no liquidity. Attackers Bought Control and Emptied the Treasury The exploit targeted X 100 Global’s governance architecture rather than exploiting a conventional smart-contract coding error. Security firm Exvul explained the root cause in full detail. Attackers reportedly borrowed approximately 1.94 million $USDT through an Aave flash loan, purchased X tokens and registered helper contracts to occupy two of the project’s three Senate seats. Here’s the catch: Governance lacked voting snapshots, minimum holding periods and execution delays. That allowed the attackers to acquire voting power, approve malicious proposals and execute transactions almost immediately. One transaction transferred 400,000 X tokens from the project’s Freezer treasury into an attacker-controlled liquidity pool, returning approximately 36 $USDT to the treasury. The attackers subsequently extracted those tokens and sold them through a legitimate Uniswap V3 pool. $4.85 Million Extracted as Liquidity Disappears Blockaid, Exvul and several other onchain security teams and investigators reported transaction analysis identified approximately $4.85 million in $USDT proceeds alongside roughly 550,000 X tokens extracted across three transactions. Subsequent operations targeted additional Uniswap V3 liquidity positions. The market consequences were severe. X plunged from the $50-60 range to approximately $1.75, a decline exceeding 96%. Decentralized exchanged (DEX) trading data on Saturday showed certain liquidity measurements falling to just a few dollars, leaving meaningful sell orders vulnerable to extraordinary slippage. The project’s X token is having a difficult weekend. Image source: CMC DEX screener. Approximately 12.2 million X tokens reportedly remained in the Freezer during Blockaid’s latest cited update, when the incident was still described as ongoing. No immediate official project statement has been released at the time of writing (3 p.m. EST on 10/24). The central vulnerability was strikingly simple: A treasury governed by three seats apparently allowed outsiders to purchase a controlling majority and execute its decisions without waiting. The incident remains ongoing, and X 100 Global has yet to acknowledge the breach or issue a statement through its social media channels. This article will be updated if additional details come to light.

$GRVT The discrepancy between technicals and fundamentals isn’t exclusive to L1s anymore. The stablecoin market is showing a similar trend this year. Technically, Tether’s $USDT is down over 2.5% over the past 12 months. And with $USDT accounting for more than 50% of the total stablecoin market, its outflows are still a major contributor to the stablecoin market’s almost $8 billion drop from its yearly opening market cap of $315 billion. However, despite the outflows, stablecoin adoption has continued to gain ground. Notably, South Korea’s government and the Bank of Korea are planning to amend the Foreign Exchange Transactions Act this year to recognize stablecoins as payment instruments, underlining growing regulatory support around stablecoins. To understand why this divergence matters, the aforementioned chart could give us a clearer picture. According to DeFiLlama, OG stablecoins have been recording a continuous outflow of capital over the last 30 days, with Circle-issued USDC recording a total of 4.7% net decrease. On the other hand, newer products, such as RLUSD, BUIDL USD, $USDf, and U, have been witnessing inflows. In particular, Falcon USD [$USDf] registered a whopping hike of over 42%, pushing its market value above $1 billion. Notably, this is where South Korea’s move matters. The recognition of stablecoins as a means of payment may stimulate their use and demand. Given that some new stablecoins have already gained popularity, favorable regulations may drive their adoption and popularity to even greater heights. Now, the big question is whether these newer players can turn growing adoption into sustained market growth. South Korea’s stablecoin push sparks debate over next crypto rally South Korea’s stablecoin move is coming at a critical time. Capital flows have been shifting, and unlike previous cycles where macro FUD sent investors to safe havens, gold and silver are under pressure. The spot price of gold was below $4,000/oz for the first time since 29th July, while silver was down 54% from its January all-time high and at its lowest since November. Bitcoin, on the other hand, has been performing reasonably well. In fact, at the time of writing, $BTC was up more than 23% from its late July low of $65K, even though it’s still around 36.5% below its $126K peak. Compared to gold and silver, $BTC has been flashing signs of some relative strength too. The catch? The stablecoin market cap has fallen back to its July levels over the same window, and still seemed to be about 5% below its $321 billion peak. In short, crypto has been holding up despite stablecoin liquidity weakening across the board. According to AMBCrypto, this is where South Korea’s move becomes important, as it adds to the growing gap between stablecoin adoption and market performance. $BTC has exhibited resilience despite a drop in stablecoin market cap, suggesting that “adoption-driven” momentum could be supporting the market even as liquidity takes a hit. Ultimately, South Korea’s support of stablecoins appears to be part of a broader market shift. Even though liquidity has been under pressure, rising adoption and growing interest in newer players suggests the market is evolving beyond its established leaders. Combined with Bitcoin’s relative strength, this divergence might highlight how regulatory progress and adoption could shape the next phase of crypto market growth.

$GRVT One AI computing deal dominated crypto venture capital funding from October 17–23, 2026: Tenstorrent’s $1.5 billion Series E accounted for approximately 85.1% of the $1.7626 billion announced across eight disclosed financings. Whop’s $200 million round followed, while smaller investments backed banking, stablecoin payments and AI-agent infrastructure. Key takeaways Tenstorrent reached a $6.2 billion post-money valuation. Sequoia and Shopify Ventures led Whop’s Series D. Tether backed Tenstorrent and led investments in Mural and Peso. Crypto venture capital funding reaches $1.7626 billion The weekly total covers financing announcements, including transactions completed before the reporting period. It excludes valuations, cumulative fundraising figures and previously announced offerings. The deal inventory drew on Crypto Fundraising, DeFiLlama and DropsTab, with checks against company announcements, investor disclosures and reporting. Tenstorrent’s financing led the crypto-linked funding tally, followed by commerce platform Whop. Tenstorrent’s Series E funds servers and chip designs Tenstorrent completed its equity financing on October 19, with Trace Capital and Innovation X leading the round. The investment established a $6.2 billion post-money valuation. Tether Investments participated alongside ARK Invest, Morgan Stanley, Sandisk, T. Rowe Price and Fidelity Management & Research Company. Tether confirmed its participation on October 20. Tenstorrent said it would direct the proceeds toward deploying Galaxy servers at scale and developing AI and CPU designs licensed to chipmakers. The company has operations in Santa Clara and Austin. Whop raises $200 million for expansion and product development Whop’s October 21 Series D brought in $200 million, with Sequoia and Shopify Ventures leading. Whop placed its valuation at $5.1 billion and said the money would fund international expansion and research and development in payments and advertising. The platform supports sales of digital products, subscriptions, software access and online services, with stablecoin payment capabilities connecting its commerce operations to crypto infrastructure. Tether’s February strategic investment was a separate $200 million transaction that valued Whop at $1.6 billion. Only the October Series D counts toward this reporting period. Banking, payments and smaller infrastructure deals Mural secured $15 million for infrastructure connecting banking and blockchain payments. Banking, payments and smaller infrastructure deals Mural secured $15 million for infrastructure connecting banking and blockchain payments. Erebor and Mural Robinhood Ventures Fund I disclosed its preferred-stock purchase on October 21; the transaction closed on September 17. Erebor serves US businesses in technology, defense, robotics, AI and digital assets. Robinhood said Erebor received its full national charter from the Office of the Comptroller of the Currency and FDIC insurance in February. Its deposits exceeded $7 billion, a figure excluded from the funding total. Retail investors gain exposure through RVI, a New York Stock Exchange-listed closed-end fund; the preferred shares are securities, not insured deposits. Tether led Mural’s $15 million Series A, joined by North Island Ventures and existing investors. Mural’s October 20 announcement placed cumulative funding at $28 million. The New York company connects accounts, payments, identity verification and compliance tools. Mural said it processed $2.1 billion across 128 countries after its API launched in 2025; customers include Deel and Opera. Proceeds support hiring, licensing, compliance and market expansion. Its AI-agent payment controls include spending limits, approved counterparties and audit records. AI data, Bitcoin income and automated payments Dataline raised $10.6 million in seed funding, co-led by Lattice and Dispersion Capital. Participants included Coinbase Ventures, Symbolic Capital, Anagram and Vlad Tenev. The AI-agent data provider also plans a separate public token sale, excluded from the tally. HoneyB’s developer, Nectar Group, raised $5 million in a seed round that included Portal Ventures, Peer Ventures and Anchorage Digital Ventures as investors. Through coordinated custody, credit and asset management, HoneyB intends to pair Bitcoin collateral with institutional-grade income strategies. Solana Ventures led Hylo’s $1 million strategic round, with Colosseum participating. The protocol is building leveraged tokens, stablecoin systems and yield infrastructure, separate from its prior $1.5 million seed round. X Pay, headquartered in the Netherlands, secured $1 million from a group of nine investors, among them DCI, Credit Scend, Skyland Ventures and Zerra Ventures. It uses x402 for automated USDC payments. The capital will be used to expand blockchain support, conduct a security audit, build an API marketplace and prepare for EU compliance. Tether also led Bolivian fintech Peso’s pre-seed investment, announced October 21, to expand Latin American USDT payment infrastructure. Lighthouse secured additional strategic funding for persistent AI-agent memory and decentralized storage. Sonic Labs entered an OTC agreement involving approximately 13 million S tokens. Article produced with the assistance of artificial intelligence and reviewed by the editorial team.

$GRVT Extradition Brings Zhao Before California Court Zheng Zhao, a 44-year-old Chinese national, was arraigned in the Central District of California on Oct. 23 following his extradition from the Netherlands. The U.S. Department of Justice (DOJ) announced Zhao’s extradition in connection with an alleged investment fraud operated from Cambodian scam centers. The money laundering conspiracy charge against Zhao dates from August 2025 and carries a maximum prison sentence of 20 years. The Justice Department’s Office of International Affairs worked with Dutch authorities to secure his arrest and extradition. Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division said: This extradition should be a lesson to all those who seek to exploit vulnerable Americans from overseas.” Eight co-conspirators have pleaded guilty, including ShengSheng He and Jingliang Su, who admitted conspiring to operate an unlicensed money transmitting business. They received prison sentences of 51 months and 46 months, respectively. Zhao’s case is part of the Criminal Division’s Cyber-Enabled Scam Initiative. Victim Funds Allegedly Converted to $USDT Overseas participants allegedly approached prospective victims through unsolicited social media interactions, telephone calls, text messages, and online dating services. After gaining their trust, they promoted fraudulent digital asset investments through fake cryptocurrency trading platforms designed to resemble legitimate exchanges. Those targeted were told their investments were increasing in value while participants allegedly diverted their money through a cross-border financial network. Prosecutors describe transfers involving U.S. shell companies, international bank accounts, and digital asset wallets. More than $36.9 million moved from accounts controlled by co-conspirators to a single account at Deltec Bank in the Bahamas. Zhao and other participants allegedly arranged for the bank to convert those funds into the stablecoin tether ($USDT) and transfer the tokens to a digital asset wallet in Cambodia. Co-conspirators there then transferred the $USDT to regional scam center leaders, according to the DOJ. Publicly recorded blockchain transactions can help investigators trace cryptocurrency transfers, the FBI explains. Movements into foreign jurisdictions can complicate efforts to follow the money, particularly where authorities encounter weak anti-money laundering rules. Separate Cases Target Overseas Scam Networks Cambodian authorities extradited Prince Group head Chen Zhi to China in January in a separate investigation. Prince Group is a Cambodia-based business group operating across multiple industries. Chen was accused of overseeing cryptocurrency fraud involving forced labor. Japanese authorities separately arrested alleged Prince Group associate Hu Shi in Osaka in June on suspicion of falsifying public records. Police linked him to the group, which U.S. authorities had targeted over allegations involving fraud and money laundering. A September action by the DOJ’s Scam Center Strike Force, working with the U.S. Treasury Department, targeted Xinbi Guarantee, a Chinese-language online marketplace allegedly connecting operators with vendors offering fraudulent websites and money laundering services. Federal authorities restrained approximately $52 million in cryptocurrency in one day, bringing the Scam Center Strike Force’s cumulative restrained funds to approximately $938 million.