Crypto Insider

JUST IN: Hyperliquid's HIP-3 proposal is set to go live today. 🦄Powered by White Horse

📉 The Crypto Crash of October 11 — What Really Happened Over $19B in crypto positions were liquidated within hours, altcoins dropped 70–90%, and liquidity vanished across exchanges. But this wasn’t a stablecoin failure or random chaos — it started with a pricing flaw inside Binance. ➡️ What happened: Binance allowed users to post USDe, wBETH, and BNSOL as collateral under its Unified Account system. The problem? Collateral value was based on Binance’s own spot prices instead of external oracles. When around $60–90M in USDe was dumped, its price on Binance crashed to $0.65 while staying near $1 elsewhere. This triggered $500M–$1B in forced liquidations that cascaded into more than $19B across the market. ➡️ How profits were made: Just 30 minutes before the crash, new wallets on Hyperliquid opened $1.1B in BTC and ETH shorts. As the liquidation wave hit, those positions yielded roughly $192M in profit. The timing and coordination were too precise to be random. ➡️ Who’s to blame: Binance’s flawed pricing system and delay in switching to oracle-based valuation created the opening. The attackers exploited it. USDe itself remained fully backed and stable on every other exchange. ➡️ Aftermath: Binance acknowledged “technical issues,” promised compensation, and accelerated oracle integration. The event exposed how internal pricing errors can spiral into global liquidation cascades. About $90M of manipulated USDe and $1.1B in strategic shorts caused a $19B wipeout. Not a stablecoin collapse, but a masterclass in exploiting a broken collateral system during macro panic. 🐴Powered by White Horse

JUST IN: Hyperliquid's Chameleon Jeff argues that the platform's fully onchain liquidations are incomparable to underreported CEX liquidations, noting that on Binance, thousands of liquidation orders in a single second result in only one being reported. 🦄Powered by White Horse

Friday's crash shows that the market will always find a way to humble you. If there's one thing that can be learned, that is to never leverage up your entire portfolio no matter how confident you are in your thesis. Surviving is winning. 🐴Powered by White Horse

JUST IN: Solana co-founder Raj Gokal states that on the Solana network, an army of developers works relentlessly through the nights, unfazed by market turmoils, to build innovations that will shape the next cycles. 🦄Powered by White Horse

📊 Crypto Venture Weekly: October 6–10, 2025 $2.66B was raised across 25 projects this week, dominated by Polymarket’s$2B strategic round and Kalshi’s $300M Series D. Meanwhile, DDC Enterprise and Amdax allocated a combined $250M to Bitcoin reserves. Here’s what the top 10 are building 👇 🖱 Polymarket ($2B, Intercontinental Exchange) Onchain prediction market enabling real-world event trading across politics, economics, and sports. 🖱 Kalshi ($300M, a16z, Sequoia, Coinbase, Paradigm, CapitalG) CFTC-regulated event market offering compliant access to prediction trading. 🖱 Meanwhile ($82M, Haun, Bain, Pantera, Apollo) Life insurance platform fully denominated in Bitcoin. 🖱 Bee Maps ($32M, Pantera, Borderless, LDA Capital, Ajna) Map data and fleet intelligence network powered by Hivemapper contributors. 🖱 Coinflow ($25M, Pantera, Coinbase, Jump, CMT Digital) Global stablecoin payment infrastructure with AI-driven fraud prevention. 🖱 Anthea ($22M, Yunfeng Financial Group) Crypto fintech group offering onchain life insurance and wealth products. 🖱 CipherOwl ($15M, General Catalyst, Flourish, Coinbase, OKX) Compliance infrastructure platform for digital assets. 🖱 TransCrypts ($15M, Pantera, Techstars, Mark Cuban) Blockchain-based digital document management and verification platform. 🖱 Fanable ($11.5M, Polygon, Borderless, Morningstar, Ripple Ventures) Web3 collectibles marketplace for Pokémon, comics, and fan assets. 🖱 Block Street ($11.5M, Hack VC, Jane Street, Point72) Execution and lending layer for tokenized assets. Investor focus this week revolved around prediction markets, tokenized finance, compliance rails, and AI-integrated infrastructure — signaling a maturing intersection between crypto, regulation, and traditional capital markets. ✔️Powered by Trade Watcher

JUST IN: CZ of Binance has reposted a message questioning the accuracy of Hyperliquid's reported long liquidations compared to Binance. 🦄Powered by White Horse

JUST IN: JD Vance stated that Donald Trump is willing to act as a reasonable negotiator with China, depending on how the Chinese respond. 🦄Powered by White Horse

It’s not over until you win. Losses only count if you quit. 🐴Powered by White Horse

JUST IN: Elon Musk is now following Robinhood CEO Vlad Tenev on X. 🦄Powered by White Horse

Wake up, uptober is here. 🐴Powered by White Horse

JUST IN: Backpack CEO Armani Ferrante suggests the massive FUD over the past day is a paid competitor operation, calling it crazy given the minor scale. He notes it's just $40K affecting approximately 40 users with a settlement issue. 🦄Powered by White Horse