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Defiance Proposes 3X Leveraged Exposure on Bitcoin, Ethereum Funds and Crypto Stocks

by admin October 4, 2025



In brief

  • The Defiance prospectus covers proposals for 49 ETFs offering three times leveraged long and short exposure.
  • The offerings include products focused on Coinbase, BitMine Immersion, Strategy, and ETFs tracking the prices of Bitcoin, Ethereum, and Solana.
  • Defiance already offers a number of two times leveraged funds for Strategy and Robinhood, among other firms.

An asset manager known for exchange-traded funds geared toward risk-embracing investors wants to ratchet up the possibilities for these thrill-seekers, filing an application for 49 funds offering three times long and short leveraged exposure to tech and crypto-focused firms, gold, and ETFs that individually track the price of Bitcoin, Ethereum and Solana, among other assets. 

The Defiance Investments’ N-1A prospectus filed Friday with the U.S. Securities and Exchange Commission includes proposals for the 3X leveraged and inverse leveraged ETFs for crypto exchange giant Coinbase, Bitcoin treasury MicroStrategy, brokerage Robinhood, Ethereum treasury BitMine Immersion, and USDC stablecoin issuer Circle. It also aims to provide similar exposure to Grayscale’s Bitcoin and Ethereum mini-trust ETFs, and Volatility Shares’ Solana ETF.

Defiance and other firms already offer a number two times leveraged ETFs that are geared toward short-term investors, asking them to speculate on the one-day direction of certain stocks, many of them in the technology sector.



The company’s current offerings include the Daily Target 2X Long MSTR ETF (MSTX) and Daily Target 2X Long HOOD (HOOX), which seek results that are two times the daily share price change of Strategy and Robinhood. 

Three times leveraged funds are far rarer, with many observers of the space doubting that issuers would try to introduce more of these products, which can become a bad bet if the underlying asset veers in an unexpected direction. The prospectus itself warns repeatedly that the various funds proposed may not be right for all investors. 

“Things are getting wild,” Bloomberg ETF Analyst James Seyffart quipped in a Friday X post on the Defiance offerings. 

Still, the proposal with its crypto-focused products dovetails with issuers’ growing efforts to address investor demand for funds based on digital assets. On Friday, LeverageShares and Themes Trust included 3X long and short funds focused on COIN and HOOD among 14 ETFs in its proposal to the SEC.  

As of late August, the regulator was weighing more than 90 ETFs tracking individual tokens, combinations of coins, and different strategies. Those applications, which once seemed unlikely, followed the raging success of spot Bitcoin and Ethereum ETFs, with the BTC funds alone now commanding about $150 billion in assets, according to data from analytics platform CoinGlass. 

In a text to Decrypt, ETF.com Senior ETF Analyst Sumit Roy noted market concern about 3X funds and their potential limited audience.

“The conventional wisdom was that the SEC was only going to allow 2X leverage going forward, but these filings suggest that it may be willing to allow more volatile products to hit the market,” Roy wrote. “If they launch, these would be extremely risky funds designed for the most aggressive short-term traders.”

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October 4, 2025 0 comments
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NFT Gaming

Suspected Crypto Scammer Linked to $580 Million in Stolen Funds Arrested in Bangkok

by admin October 4, 2025



In brief

  • Portuguese authorities suspect 39-year-old Pedro M. of orchestrating cryptocurrency and credit card fraud totaling €500 million across multiple countries including Portugal, Europe, the Philippines, and Thailand.
  • The suspect was discovered by a Portuguese journalist at a Bangkok luxury mall and arrested by Thai police using facial recognition technology.
  • Police say he’s been living illegally in Thailand since 2023.

A Portuguese man who police suspect of orchestrating cryptocurrency and credit card fraud worth $580 million (€500 million) has been apprehended in Bangkok, Thailand.

The man, identified as 39-year-old Pedro M. by English-language Thai newspaper Khaosod, was first spotted in a luxury shopping mall by a Portuguese journalist who was on holiday in the city.

Pedro’s last name was not confirmed by Khaosod, but his profile and images match that of Pedro Mourato, who’s well-known in Portuguese media.

Thai authorities say they confirmed his identity using facial recognition and biometric data. The police dispatched more than 10 plainclothes investigators to search the mall. Pedro M. was reportedly found while making a call on his smartphone with a “tense” expression.



Police say that Pedro, born in Lisbon, has been living in Thailand since 2023. He had managed to avoid an initial arrest warrant that was issued after he first entered the country and remained there. But he was there illegally after failing to renew his visa or officially register his address.

He reportedly continued his fraudulent activity in Thailand, allegedly defrauding investors of more than 1 million baht ($30,800) while in Bangkok. Citing Interpol databases, Khaosod says that Pedro has been implicated in frauds across the planet in Portugal, Europe, the Philippines, and Thailand.

Thailand Hits Back at Crypto Refugees

Fleeing to Thailand may not be an effective strategy for avoiding punishment for crypto crime. The Southeast Asian nation has nabbed plenty of suspected crypto criminals on the run over just the past year.

In May, a 30-year-old Vietnamese woman was arrested in Bangkok for her involvement in a cryptocurrency scam that allegedly deceived more than 2,600 victims and resulted in losses of roughly $300 million.

In August, Thai police apprehended a 33-year-old South Korean man at Bangkok’s Suvarnabhumi Airport for his alleged role in laundering cryptocurrency via gold bars for international criminals.

The same week, the 34-year-old “mastermind” of another fraudulent scheme was extradited to his home country of South Korea. The scheme was thought to have defrauded K-pop star Jungkook, a member of BTS, among many others.

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October 4, 2025 0 comments
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Coinbase hacker spent stolen funds on 100k Solana - 1
Crypto Trends

Coinbase hacker spent stolen funds on 100k Solana

by admin October 3, 2025



On-chain analysis shows that the Coinbase hacker spent $22.95 million worth of USD Coin and spent it on Solana. This marks the second major SOL purchase made by the hacker.

Summary

  • The Coinbase hacker recently swapped $22.95 million DAI into USDC and bridged it to Solana to buy over 100,000 SOL.
  • Since the attack, the hacker has executed at least five major on-chain transactions involving Bitcoin, Ethereum, DAI, and Solana.

According to on-chain analyst Ember CN, the hacker swapped around 22.95 million DAI into USDC only a few hours before bridging the funds. Not long after, the hacker bridged the 22.95 million USDC to the Solana network to purchase 100,913 SOL at an average price of $227.

As of Oct. 3 on 09:24 UTC, the hacker had emptied out most of their holdings on the wallet address, leaving only $0.47 worth of Solana (SOL).

This marks the largest SOL purchase made by the hacker allegedly responsible for draining up to $400 million from a cyberattack that occurred in May 2025. Just a month prior, the hacker also swapped DAI (DAI) for USDC before using the stolen funds to purchase 38,126 Solana.

The Coinbase hacker had spent stolen funds to purchase 100,913 SOL | Source: EmberCN

At press time, Solana is trading at $231 after rising by 3% in the past 24 hours. In the past month, SOL has been on an upward trend, having risen by 10.8%. However, it is still standing below its all-time high at $293 by 21.2%.

Coinbase hacker moves stolen funds from May cyberattack

So far, the Coinbase hacker has made at least five transactions on-chain since robbing the major crypto exchange of at least $400 million in damages. In May 2025, the hacker swapped about $42.5 million from Bitcoin (BTC) into ETH (ETH) via THORChain. Within the same month, the hacker sold 26,347 Ethereum for 68.18 million DAI. The sale was done at a price of $2,588.

Later in July, the hacker repurchased 5,513 ETH by spending 14.86 million DAI at $2,696. After a period of dormancy, the hacker appeared to use more DAI converted into USDC to buy chunks of large Solana purchases, much like the most recent one.

The May 2025 breach on Coinbase reportedly impacted nearly 70,000 users as the hacker deployed coordinated social-engineering on the attack.

To carry out the cyberattack, hackers had bribed overseas customer-support contractors to extract user records between December 2024 and May 2025. The attack compromised personal data, including full names, dates of birth, addresses, phone numbers, masked bank account numbers, and government-issued ID scans.



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October 3, 2025 0 comments
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Ripple Funds UC Berkeley's New Crypto Research Center
Crypto Trends

Ripple Funds UC Berkeley’s New Crypto Research Center

by admin October 2, 2025


  • Expanding partnership 
  • Main research goals 

Enterprise blockchain firm Ripple has allocated $1.3 million to fund a new Center for Digital Assets (CDA) within the engineering school of the University of California, Berkeley.

Notably, the funding has been provided in Ripple’s own Ripple USD (RLUSD) stablecoin. 

Expanding partnership 

Ripple’s support for UC Berkeley is not new. The San Francisco-headquartered company has been providing financial assistance for one of California’s top universities since 2018 as part of its University Blockchain Research Initiative (UBRI).

Earlier, however, the company was mainly focused on sponsoring research and student programs, but it is now bringing its support to a whole new level with the new center. 

Notably, Ripple’s engineers will be working directly with CDA, meaning that this can be viewed as a strategic R&D partnership.

Main research goals 

The center’s research will involve advancing the development of blockchain-based assets of the likes of NFTs, creating digital “twins” of physical assets, and coming up with new practical applications of blockchian technology. For instance, blockchain could lead to more efficient inventory management. 



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October 2, 2025 0 comments
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Bitcoin And Ethereum Funds Shed $1.1 Billion While Solana Investment Products Gain $291 Million - Report
NFT Gaming

Bitcoin And Ethereum Funds Shed $1.1 Billion While Solana Investment Products Gain $291 Million – Report

by admin September 30, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a CoinShares report published earlier today, global crypto investment products related to Bitcoin (BTC) and Ethereum (ETH) experienced total outflows of $1.1 billion over the past week. In contrast, Solana (SOL) investment products attracted $291 million in inflows.

Bitcoin, Ethereum Products Bleed While Solana Shines

Crypto investment products experienced a total net outflow of $812 million over the past week, primarily driven by Bitcoin products, which incurred $719 million in weekly outflows. Ethereum followed with its investment products, losing funds worth $409.4 million.

The report attributes the outflow in BTC and ETH investment products to the lower expectations of interest rate cuts this year, following the stronger-than-anticipated macroeconomic data in the US. Notably, the GDP and durable goods figures were revised to the upside, showing resilience in the economy.

That said, cumulative month-to-date (MTD) inflows remain strong, hovering around the $4 billion mark. Similarly, the cumulative year-to-date (YTD) inflows stand at $39.6 billion, inching closer to last year’s record $48.6 billion inflows.

Notably, BlackRock’s iShares spot Bitcoin exchange-traded fund (ETF) lost $68 million in funds. Meanwhile, Grayscale Investments’ GBTC ETF saw $300 million in outflows, while Fidelity’s FBTC witnessed outflows to the tune of $738 million. The report adds:

Importantly, there was no commensurate increase in short-bitcoin investment product demand, suggesting that the negative sentiment was likely low-conviction and likely to prove temporary.

In terms of countries, the US saw outflows to the tune of $1.03 billion, while Sweden-based crypto investment products lost $13.4 million in funds. On the contrary, Swiss products gained $126 million, while Canadian investment products attracted $58.6 million in inflows.

Unlike Bitcoin and Ethereum investment products, Solana investment products shone as they attracted inflows worth $291 million. Even more impressive, Solana products have pulled in $1.8 billion worth of funds on a YTD basis.

Besides the positive momentum in investment products, SOL is also seeing bullish price action as it steadily moves toward its all-time high (ATH) value of $293, recorded earlier this year in January.

Analysts say that SOL’s recent positive price action can be attributed to the rising likelihood of spot SOL ETFs getting approved in the near term. A recent report remarked that SOL-based ETFs could be approved in as little as two weeks.

Will Macroeconomic Factors Benefit Cryptocurrencies?

Latest data from FedWatch gives an 68% probability of the US Federal Reserve (Fed) lowering interest rates by 50 basis points (bps) during its December 10 meeting. The rate cut is expected to benefit risk-on assets, including cryptocurrencies like BTC, ETH, and SOL.

Source: FedWatch

In addition, future lower-than-expected inflation readings may further encourage the Fed to slash interest rates on an even larger scale. At press time, BTC trades at $113,628, up 3.1% in the past 24 hours.

Bitcoin trades at $113,628 on the daily chart | Source: BTCUSDT on TradingView.com

Featured image from Unsplash.com, charts from FedWatch and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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September 30, 2025 0 comments
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Fear and greed index falls to new low, last seen in Oct 2023. (Chris Charles/Unsplash)
Crypto Trends

Experiment With Pension Funds Proves Blockchain as ‘Ultimate’ Identity Tech

by admin September 26, 2025



The United Nations leaned into blockchain technology to overhaul its own pension system, and a study of that process concluded the innovation is the “ultimate technology for digital identity verification,” which has spurred the UN toward extending the system and sharing it with other international groups.

The UN — which has explored various blockchain uses over the years — tried it out on their United Nations Joint Staff Pension Fund (UNJSPF), according to a white paper released this week that suggested its use in confirming people’s identities can help in security, efficiency and transparency. In cooperation with the Hyperledger Foundation, the UN sought to “improve and secure the UN pension process globally by putting a blockchain-supported digital identification infrastructure into production.”

The UN pension fund had been working off of a 70-year-old system to identify beneficiaries in 190 countries, relying on a paper-based approach to prove more than 70,000 beneficiaries were who they said they were, still alive and where they claimed to be. It was prone to error and abuse, and resulted in about 1,400 payment suspensions every year, according to the document. So the organization shifted to the blockchain-powered digital certification, beginning with a 2020 pilot program and a 2021 implementation.

“The shift away from physical documentation has substantially reduced processing times previously spent on receiving, opening, scanning, and archiving paper documents,” the paper said.

The blockchain helped eliminate the single-point-of-failure problem posed by a centrally managed approach, according to the paper that detailed the process and results, with the authors suggesting its success could be repeated elsewhere. Its open access and usability by multiple entities reduces the repetitious need for identity checks, the authors found.

The UN is exploring spreading similar technology throughout its own system and sharing it elsewhere as a “digital public good,” seeking to expand the Digital Certificate of Entitlement approach to other international organizations.

“The project has provided not only a technical prototype but also an operational model for how organizations across the UN family can collaborate to design secure, scalable, and inclusive digital public infrastructure,” wrote Sameer Chauhan, the director of the United Nations International Computing Centre, in a conclusion included in the paper.



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September 26, 2025 0 comments
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Hacker moves stolen funds, sells $6.8m ETH
NFT Gaming

Hacker moves stolen funds, sells $6.8m ETH

by admin September 24, 2025



The attacker responsible for the UXLINK hack is still shuffling their loot, recently dumping millions in assets in a bid to convert the proceeds of the hack.

Summary

  • The UXLINK hack continues to unfold as attacker offloads about $6.8 million worth of ETH. 
  • In a twist, the attacker recently lost a hefty portion of the stolen tokens to a phishing attack while moving assets.
  • UXLINK has finalized a new smart contract audit and is preparing for a token migration

The UXLINK hack has entered a new chapter as the attacker continues to shuffle funds stolen from the protocol. Per data from on-chain trackers, the malicious actor converted roughly 1,620 ETH into DAI stablecoins in the early hours of today, valued at approximately $6.8 million at the time of the transaction.

Occurring nearly 48 hours after the exploit, this transaction marks the first major effort by the attacker to cash out the stolen assets. The hacker had already engaged in extensive fund shuffling, moving assets across multiple wallets and using both centralized and decentralized exchanges to complicate the trail and attempt laundering.

In an interesting twist, the attacker has already lost a significant portion of the stolen funds to a phishing attack. Security researchers found that they had unknowingly granted approval to a malicious contract controlled by the Inferno Drainer group, allowing 542 million UXLINK tokens, worth roughly $43 million at the time, to be drained from their wallet.

The recently converted ETH represents only a portion of the stolen funds, with the attacker still estimated to be holding millions in assorted assets.

How the UXLINK hack Happened

The UXLINK hack began on September 22 and continued for several hours into the following day. The core of the attack involved an exploit of the project’s multi-signature wallet through a delegate call vulnerability. This security flaw gave the attacker administrator-level access, enabling unauthorized transfers and the ability to mint large amounts of fake tokens.

Within hours, the attacker minted nearly 10 trillion CRUXLINK tokens on the Arbitrum blockchain and swiftly liquidated part of these tokens for ETH, USDC, and other assets, draining liquidity and causing the token to crash by more than 70%.

The protocol responded immediately, alerting exchanges to freeze suspicious transactions and working with security firms to trace and mitigate further losses. However, these efforts did little to offset the damage already done.

UXLINK has since deployed emergency measures, including a token migration to a newly audited smart contract with a capped supply to prevent similar exploits. The audit focused on reinforcing security and tightening controls around multisig wallets and contract interactions.

The latest rounds of asset shuffling and conversions by the hacker complicate any hopes for full recovery of the stolen funds, and it remains to be seen whether additional movements will occur in the near term.



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September 24, 2025 0 comments
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Bottled water. (congerdesign/Pixabay)
Crypto Trends

Ripple, Securitize Bring RLUSD to BlackRock and VanEck Tokenized Funds

by admin September 24, 2025



Ripple’s RLUSD stablecoin is being integrated into tokenized money-market funds from BlackRock and VanEck, giving holders of the products a direct redemption path into on-chain liquidity.

Through a new smart contract on Securitize’s platform, investors in BlackRock’s BUIDL and VanEck’s VBILL funds can now swap their shares for RLUSD on demand, creating what Ripple calls a 24/7 stablecoin off-ramp for tokenized treasuries.

The move positions RLUSD as a settlement layer for real-world assets (RWA) while broadening its institutional footprint.

Jack McDonald, Ripple’s SVP of Stablecoins, said in a prepared statement thathe tie-up “is a natural next step as we continue to bridge traditional finance and crypto,” framing RLUSD as regulatory-compliant and enterprise-grade.

RLUSD — backed 1:1 with liquid reserves and issued under a New York DFS trust charter — has climbed past $700 million in circulation since launching last year. Ripple has been pushing its use in cross-border payments and DeFi pools, while now anchoring it to institutional RWA platforms.

The Securitize tie-in also sets up RLUSD for deployment on the XRP Ledger, giving Ripple a dual push of a regulatory-compliant stablecoin issuance on one side, and DeFi-facing usability on the other.



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September 24, 2025 0 comments
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Ngp Protocol Hit By $2M Exploit, Funds Sent To Tornado Cash
GameFi Guides

NGP Protocol Hit by $2M Exploit, Funds Sent to Tornado Cash

by admin September 18, 2025



New Gold Protocol (NGP), a decentralized finance (DeFi) project built on the BNB Chain, became the latest target of a sophisticated exploit on Wednesday. The attacker drained nearly $2 million worth of assets from the project’s liquidity pool before moving the stolen funds through Tornado Cash, making them nearly impossible to trace.

How the exploit happened?

According to Web3 security firm Blockaid, the attacker zeroed in on NGP’s smart contract vulnerability within its getPrice() function. This function works out the price of NGP tokens by simply looking at the reserves in its Uniswap V2 pool.

Blockaid explained that relying on a single decentralized exchange (DEX) pool for price data left the protocol exposed. “A spot price from a single DEX pool is insecure because an attacker can easily and dramatically manipulate the pool’s reserves within a single atomic transaction using a flash loan,” the firm said.

The exploit began when the attacker initiated a flash loan, temporarily borrowing a large number of tokens. They then executed a swap to manipulate the mainPair pool, which boosted the USDT reserve while draining NGP tokens. This trick made the getPrice() function show a much lower token value than it really was. 

With the system fooled, the attacker slipped past the contract’s transaction limits and managed to buy a huge amount of NGP tokens at a cheap, manipulated price.

Aftermath of the hack

Once the tokens were drained, the attacker quickly swapped them into Ethereum and pushed the funds through Tornado Cash, the Ethereum mixer often linked to hacks. Once the hacker pushed the money through Tornado Cash, the trail went cold. That means the money trail is basically gone, and getting the funds back is next to impossible.

Word of the hack got around quickly and put the DeFi community on edge. NGP’s token price crashed within hours, and investors were left unsettled. So far, NGP has not laid out any plan on how it will recover the stolen money or compensate users who lost out.

Bigger lessons for DeFi

The NGP exploit is another reminder of how dangerous it is for protocols to depend on a single-price source. Flash loans, which allow attackers to borrow and use large sums in one go, continue to be a major tool in these kinds of attacks. 

Experts believe projects should focus on building safer systems by using more than one price feed, carrying out regular audits, and adding stronger protections to their contracts.

For now, the $2 million loss is another entry in the long list of DeFi hacks that have happened this year. Recently, DeFi platform Nemo Protocol on Sui revealed that its $2.6M exploit on September 7, 2025 stemmed from unaudited code pushed to mainnet via a single-signature upgrade. Hackers exploited a public flash loan function and faulty query to mint tokens and drain the SY/PT pool.

It shows once again that, in this space, security is still the weakest point, for both builders and investors. 

Also Read: Radiant Hacker Moves $26.7 Million in Stolen Funds to Ethereum



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September 18, 2025 0 comments
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Crypto Trends

Crypto Funds See $3.3 Billion Comeback, Bitcoin And Ethereum Lead Rebound

by admin September 16, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Last week was a good week for digital asset investment products, which attracted a collective $3.3 billion in inflows, according to the latest weekly report from CoinShares. The latest inflow numbers pushed assets under management (AuM) back to $239 billion, just shy of August’s all-time high of $244 billion. The rebound in inflows, which came after shedding $352 million the previous week, was due to softer-than-expected US macroeconomic data and strong end-of-week price gains across the crypto market.

Bitcoin And Ethereum Lead The Turnaround

Unsurprisingly, Bitcoin recorded the strongest shift in sentiment. Particularly, investment products based on the leading cryptocurrency witnessed $2.4 billion in inflows, its largest weekly total since July. The prevailing bullish sentiment throughout the week meant that short-Bitcoin products saw modest outflows that pushed their AuM to just $86 million. 

Ethereum also swung back into positive territory after eight consecutive trading days of outflows. It registered $646 million in inflows, buoyed by four straight daily sessions of positive investor sentiment. This was a quick turnaround from the $912 million in outflows the previous week.

Source: Chart from CoinShares

Other assets also benefited, with Solana-based products achieving their largest-ever single-day inflow of $145 million on Friday and ending the week at a $198 million inflow total. XRP-based products added $32.49 million, while SUI, Cardano, and Chainlink products saw inflows of $13.96 million, $1.04 million, and $1.54 million, respectively. The recovery across multiple altcoins is a noteworthy improvement in institutional confidence compared to earlier weeks of downward pressure.

Regional Trends Show US Dominance

The flows into digital asset funds were overwhelmingly concentrated in the United States, which saw $3.2 billion in inflows. Most of these were into Spot Bitcoin and Spot Ethereum ETFs, which witnessed $2.34 billion and $637.69 million inflows last week, according to data from SoSoValue.

Digital asset funds based in Germany followed with $160 million and capped the week with their second-largest daily inflow on record. However, Switzerland-based products stood out on the downside and registered $92 million in outflows that partially offset Europe’s gains.

Looking at providers, iShares ETFs in the US attracted $1.1 billion in new funds, Fidelity’s Wise Origin Bitcoin Fund added $850 million, and Bitwise and ARK 21Shares ETFs combined for over $360 million. Meanwhile, Grayscale drew in nearly $147 million, though it is still on net outflows year-to-date.

The recovery in fund flows has lifted overall AuM for digital asset investment products to $239 billion, just 2% below August’s all-time high of $244 billion. Continued inflow this week could see the overall AuM hitting a new all-time high this week.

Bitcoin is dominating the AuM ranks with $182 billion, which is a 76.15% stake. Ethereum, on the other hand, accounts for $40 billion. The third highest AuM is Solana with $4.1 billion. Although it is far behind, Solana has witnessed impressive AuM growth this year.

Overall crypto market at $3.96 trillion | Source: TOTAL on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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September 16, 2025 0 comments
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