Overview :
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Spot Bitcoin ETFs recorded USD 191 million in daily net inflows, led by BlackRock’s IBIT with USD 163 million.
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KelpDAO filed a lawsuit against LayerZero and co-founder Bryan Pellegrino.
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Hyperliquid Strategies added 494,200 HYPE worth USD 45.8 million.
The crypto market saw major developments as spot Bitcoin ETFs recorded USD 191 million in net inflows, while KelpDAO sued LayerZero over a USD 292 million exploit in April and Bitget suffered an exploit that drained USD 350 million. Also, Hyperliquid strategies bought USD 45 million in HYPE.
Bitcoin Witnessed USD 191 Million in Inflows
According to SoSoValue
, yesterday the total net inflow of spot Bitcoin ETFs was USD 191 million. The spot Bitcoin ETF with the highest single-day net inflow yesterday was BlackRock’s ETF IBIT, with a single-day net inflow of USD 163 million, bringing IBIT’s cumulative historical net inflow to USD 65.18 billion.
Second was Fidelity’s ETF FBTC, with a single-day net inflow of USD 12.86 million, and FBTC’s cumulative historical net inflow now stands at USD 11.01 billion.
The spot Bitcoin ETF with the largest single-day net outflow was WisdomTree’s ETF BTCW, with a single-day net outflow of USD 4.016 million.
The total net asset value of spot Bitcoin ETFs is USD 108.91 billion, with the ETF net asset ratio reaching 6.43%, and the cumulative historical net inflow has reached USD 57.41 billion.
KelpDAO Sues LayerZero
KelpDAO has taken its dispute with LayerZero into court,filing
a lawsuit against the universal bridge protocol and co-founder Bryan Pellegrino over the USD 292 million exploit that hit the liquid staking project.
The dispute stems from an April 22 attack that KelpDAO
said involved its cross-chain bridge. A North Korean hacking group allegedly drained 116,500 rsETH worth roughly USD 292 million.
In its complaint, Kelp accused LayerZero of failing to disclose weaknesses and risks within its technology. The protocol also claimed LayerZero failed to prevent attackers from infiltrating its security infrastructure, creating conditions that allowed alleged weaknesses in the universal bridge to be exploited.
KelpDAO said LayerZero and Pellegrino had blamed the protocol for their own failures instead of accepting responsibility.
Bitget Loses USD 350 Million in Exploit
Cryptocurrency exchange Bitget suffered an exploit that drained at least USD 350 million in digital assets from its hot wallets.
Platform CEO Gracy Chen confirmed the security breach following the detection of unauthorized transfers across multiple blockchain networks to an unidentified address, impacting funds in ETH
, USDT, USDC, AVAX, and BNB.
This latest attack raised alarms across the market after on-chain analysts observed accelerated swaps on DEXs such as UniswapX and 1inch Fusion, executed at premiums of up to 5% over market prices.
Chen assured that cold wallets remain completely intact and that user losses are covered in full by the Bitget Protection Fund, currently valued at over USD 464 million.
Hyperliquid Strategies Bought USD 45 Million in HYPE
Hyperliquid Strategies has bought another 494,200 HYPE worth USD 45.8 million as the company continues to build its treasury while large holders move millions of dollars worth of the token toward potential sale.
Lookonchain reported on September 25 that wallet 0x6436, which it linked to Hyperliquid Strategies, made the latest purchases over 16 hours. The address has now accumulated 5.51 million HYPE
worth roughly USD 476 million over the past month.
Purchases during the period averaged 183,574 HYPE, or USD 15.86 million, per day. Hyperliquid Strategies currently holds around 35.1 million HYPE valued at approximately USD 3.2 billion.
Bitcoin Privacy Proposal
Researchers at Alloc Init have proposed, in a September 24 paper, private Bitcoin transfers using zero-knowledge proofs without requiring a soft fork.
Alloc Init’s researchers Clara Shikhelman, Mikhail Komarov and Aleksei Moskvin published Shielded Bitcoin as a metaprotocol that uses Bitcoin to publish and order encrypted transaction data.
Bitcoin nodes would not need to understand or enforce the privacy system’s rules.
Called Shielded Bitcoin, the proposed system borrows core ideas from Zcash
, including encrypted notes, nullifiers and zero-knowledge proofs. It would conceal shielded senders, receivers, transferred amounts and links to earlier notes while leaving Bitcoin’s existing consensus rules unchanged.
FAQs:
1. How much money flowed into spot Bitcoin ETFs?
Spot Bitcoin ETFs recorded USD 191 million in daily net inflows. BlackRock’s IBIT led with USD 163 million, followed by Fidelity’s FBTC with USD 12.86 million.
2. Why has KelpDAO sued LayerZero?
KelpDAO alleges that LayerZero failed to adequately disclose and address security risks connected to the technology involved in the April exploit. The lawsuit concerns an attack involving approximately 116,500 rsETH worth USD 292 million; the allegations remain subject to litigation.
3. How much was reportedly lost in the Bitget exploit?
The reported breach involved at least USD 350 million in assets transferred from hot wallets. The affected assets reportedly included ETH, USDT, USDC, AVAX and BNB.
4. How much HYPE has Hyperliquid Strategies accumulated?
A wallet linked by Lookonchain to Hyperliquid Strategies reportedly accumulated 5.51 million HYPE worth around USD 476 million over the past month. Its latest purchase involved 494,200 HYPE worth USD 45.8 million.
5. What is the Shielded Bitcoin proposal?
Shielded Bitcoin is a proposed metaprotocol using zero-knowledge proofs to enable more private Bitcoin transfers. It aims to conceal transaction details without requiring a Bitcoin soft fork or changing existing consensus rules.
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