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Layer-1 blockchain Qubic has restarted its network and launched a recovery process after a wallet seed vulnerability allowed an attacker to drain roughly $1.4 million in QU tokens from 1,404 accounts, according to the project’s latest update.Qubic’s blockchain explorer shows the network resumed processing ticks 8:00 pm on Oct. 19, advancing beyond tick 85,371,949, where it was halted on Sunday.Qubic said its network validators, known as Computors, had approved a recovery plan and that the project had launched a claims platform for affected wallet holders.Affected users can check their address and submit a claim through Qubic’s reclaim platform. Affected users have until May 1, 2027, to submit claims, according to Qubic.The network was halted Sunday to prevent further movement of stolen funds after attackers exploited predictable wallet seeds generated by vulnerable wallet software.The vulnerability affected wallet seeds generated using Qubic’s web wallet on certain Apple devices and browsers, where an insecure random-number generator could produce predictable seeds. Qubic on Sunday said it had fixed the seed-generation flaw in the latest version of its web wallet. “If you created your wallet with the Qubic web wallet before version 4.26.4 (released 19 October), treat it as insecure, even if your funds were never touched,” said Qubic on Tuesday.“Update to web wallet 4.26.4 or later, then create a new wallet,” said the team. “Move your funds to the new wallet as soon as you can, and never use the old one again.”Related: Qubic freezes chain after attacker drains 1.4K wallets with weak seeds

Update (Oct. 20, 9:53 pm UTC): This article has been updated to include a statement from Kalshi.Utah Attorney General Derek Brown announced a lawsuit against Kalshi, its affiliates and two Susquehanna trading companies, alleging that the prediction markets platform had been facilitating illegal betting in the US state since 2024.In a Tuesday press briefing, Brown said Utah officials had petitioned a court to compel the companies to return about $30 million to $60 million in profits they made through allegedly illegal event contracts. The Utah attorney general alleged that Kalshi illegally offered its services to more than 32,000 users in the state, resulting in significant losses.“Under Utah law, I have determined that this operation is causing a significant and substantial ongoing harm to a significant number of Utahns,” said Brown. “And so today, we are asking the court to stop sports, elections, politics, culture and mention bets here in Utah.” Kalshi sued Utah in February after lawmakers passed a bill on betting on prediction markets as gambling under state law. In August, a judge ruled in favor of Utah officials, saying federal laws under the US Commodity Futures Trading Commission (CFTC) do not preempt state gambling laws. An appellate court also denied Kalshi’s request for an injunction in September, blocking the platform from operating during its appeal.“Kalshi is a federally regulated financial exchange, like the stock market,“ Kalshi spokesperson Jacki McGavick told Cointelegraph in response to the Utah lawsuit. “Our customers trade with each other and set the prices. As a national derivatives market overseen by the CFTC, Kalshi answers to federal law, and no single state should have a veto over it. This latest state court action does not affect our ongoing federal litigation.“Related: NFL backs New Jersey authorities in SCOTUS petition over KalshiOngoing legal battles across the USThe civil lawsuit is one of many filed by US state authorities against prediction market platforms like Kalshi and Polymarket over alleged violations of state gambling laws, many involving sports betting. Officials in Arizona remain the only ones in the US pursuing criminal charges against Kalshi, but other states, including Michigan, Ohio, Kentucky, Nevada, Massachusetts, Wisconsin and New York, have filed civil suits against one or more prediction market companies.The Utah lawsuit comes as the US Supreme Court considers whether to accept a petition to weigh in on New Jersey’s own case against Kalshi over allegedly illegal sports bets. The case, if accepted by the high court, could potentially resolve whether the purview of prediction market companies falls under state authorities or the CFTC, which claims “exclusive jurisdiction” over the platforms’ event contracts.Magazine: Agents can trade 24/7 — but Yat Siu warns you could lose access at any time

Bitwise Asset Management and the Hyperliquid Policy Center are pressing the US Securities and Exchange Commission (SEC) to revise its proposed crypto rules, seeking clearer guidance on token classifications, airdrops and secondary-market trading in comment letters submitted Monday.The requests come as the SEC closes public comments Tuesday on its proposed Regulation Crypto Assets, which would create exemptions for qualifying crypto fundraising and a conditional safe harbor for tokens associated with investment contracts.In an Oct. 19 comment letter, Bitwise Asset Management urged the SEC to clarify how investment managers should determine whether a crypto asset is subject to securities laws, arguing that managers need a standard they can apply using “publicly available information.” The firm also sought clearer rules on when managers can rely on an issuer’s proposed Form TR filing, which would certify that an investment contract has ceased to exist, and how they should assess tokens when no such filing exists.Source: US Securities and Exchange CommissionIn a separate submission, the Hyperliquid Policy Center urged the SEC to broaden its proposed safe harbor, arguing that it could come too late in a project’s development. The group called for clearer protections for airdrops that reward network participation, as well as guidance on token buybacks.Hyperliquid also warned that the proposal “fails to provide clarity” on whether unregistered intermediaries can facilitate token trading or whether tokens can trade freely through onchain protocols. It urged the SEC to address secondary-market transactions directly rather than leaving exchanges and decentralized trading venues facing regulatory uncertainty.Related: House Finance panel chair says regulator actions on crypto ‘fall short’ of CLARITY billSEC proposal faces legal and investor protection objectionsWhile industry participants sought changes to the proposed rules, former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners took a different position altogether. In an Oct. 16 comment letter, they urged the commission to withdraw the proposal entirely, arguing that it exceeds the agency’s statutory authority and would weaken investor protections.Stark and Reiners said that existing securities laws and the Supreme Court’s Howey test already provide a framework for regulating crypto offerings. They argued that the fundraising exemptions would weaken investor protections, while the proposed safe harbor would allow issuers to effectively remove their tokens from securities oversight through self-certification.The two also warned that adopting the rules in substantially their current form would invite an immediate legal challenge, potentially resulting in the framework being struck down.With the public comment period closing Tuesday, the SEC will review the submissions before deciding whether to revise, adopt or withdraw the proposed rules. The commission has not announced a timetable for a final decision, and any final rule would require a commission vote before taking effect.Magazine: Can the SEC and CFTC’s pro-crypto rules be overturned? Legal opinion

Crypto researcher Stacy Muur has identified 82 digital asset projects and protocols that have reportedly shut down in 2026, raising questions about the financial sustainability of businesses across decentralized finance, blockchain infrastructure and Web3 gaming.The list, published on X on Tuesday, includes Balancer, Radiant Capital, Neon EVM and Step Finance, among dozens of others. Muur described the number of closures as unlike anything she had previously witnessed.The shutdowns follow a prolonged bear market, with Bitcoin (BTC) retreating from its October 2025 record high above $126,000 to below $60,000 earlier this year, adding to the financial strain on projects already struggling to attract users and generate revenue.Source: Stacy MuurEthereum layer-2 network Blast is among the most prominent casualties. As Cointelegraph reported, the project announced its shutdown earlier this month, citing no “credible path” to economic viability. The decision marked a sharp reversal for a network that once attracted more than $2 billion in deposits.Other projects have encountered different problems. In February, Step Finance shut down following a major treasury breach, while Radiant Capital announced in June that it would wind down operations after failing to recover from a 2024 exploit. Meanwhile, Coinbase-backed Satori Finance ceased operations after concluding that its revenue could no longer support the business.Related: $4.2B crypto bank Anchorage Digital cuts 17% of workforce: ReportWhy are so many crypto projects shutting down?Research published by DeFiLlama in August identified 100 crypto projects that had announced shutdowns in 2026, including 40 in the preceding 90 days. The findings suggest that many projects struggled to attract enough users or generate sufficient revenue to sustain operations.The most commonly cited reason was a lack of product-market fit, followed by depleted funding, insufficient revenue and decisions to pivot to other products.Collectively, the projects raised approximately $1 billion and generated $250 million in cumulative fees. Nine raised more than $50 million each, suggesting that substantial financial backing offered little assurance of long-term survival.The most commonly cited reasons for crypto project shutdowns in 2026. Source: DeFiLlamaThe closures come as crypto investment becomes increasingly concentrated. According to DeFiLlama, venture funding rose in the first half of 2026 compared with the previous year, even as the number of deals fell 80%. Meanwhile, mergers and acquisitions totaled 87 transactions at the time of the report, already 65% higher than the previous year.Related: Crypto Biz: Wealthy investors are buying crypto, but their advisers aren’t sold

Strive, the Bitcoin treasury company led by chairman and CEO Matt Cole, closed its upsized initial public offering of SATS preferred stock on Oct. 20, raising $630 million gross, according to the company’s announcement. The company has not specified how much of the proceeds it will use to buy Bitcoin (BTC).Strive sold 7 million shares at $90 each. The company estimated net proceeds of $608.15 million after underwriting discounts, commissions and expenses, according to BitcoinTreasuries.net. In an SEC filing, Strive said it intended to use the funds for general corporate purposes, including Bitcoin purchases, working capital, income-generating assets, capital expenditures, share repurchases and acquisitions.SATS carry a 15% annual dividend on its $100 stated amount, equivalent to $15 per share annually if paid in full. Dividends are cumulative and payable when declared by Strive’s board. At the $90 IPO price, the stated dividend represents an annualized amount equal to 16.67% of the purchase price.At an illustrative Bitcoin price of $82,500, Strive’s estimated $608.15 million in net proceeds could purchase approximately 7,372 BTC before fees. If fully allocated to BTC, the purchase would increase Strive’s reported holdings from 36,818 BTC to roughly 44,190 BTC, potentially surpassing Metaplanet’s reported 44,000 BTC.SATS dividends are scheduled to be payable each business day beginning Nov. 9, subject to declaration. The first payment, if declared in full, will include accruals dating from the Oct. 20 closing.Strive chief risk officer Jeff Walton said the company has no debt or maturities and is focused on a single obligation: paying dividends.Magazine: Made an ‘honest’ mistake with crypto taxes? New bill offers way out

Blockchain network Injective has entered into a memorandum of understanding with South Korean digital asset custodian BDACS to bring a won-backed stablecoin to its tokenized asset markets, potentially allowing institutions to settle transactions without relying on US dollar stablecoins.According to a Tuesday announcement, BDACS’s KRW1 stablecoin would serve as the exclusive won-denominated settlement asset for real-world assets (RWAs) on Injective, allowing institutions to trade and settle tokenized assets directly in Korean won.BDACS says KRW1 is fully backed by Korean won reserves. Minting and redemption would initially be limited to approved institutional partners, subject to regulatory approval.The agreement comes as South Korea develops rules for won-backed stablecoins under its proposed Digital Asset Basic Act, which the government aims to finalize by the end of 2026. In the meantime, the country’s five largest crypto exchanges recorded net stablecoin outflows for 18 consecutive months through June, according to industry data cited by Cointelegraph.Injective is a layer-1 blockchain that has increasingly focused on tokenized assets. In August, its institutional services arm registered with the US Securities and Exchange Commission as a transfer agent, allowing it to maintain ownership records and facilitate securities transfers. Injective’s native token has a market capitalization of roughly $887 million, according to CoinMarketCap data.Related: China’s P2P stablecoin wallets surge 43x, Korea’s $450B crypto economy: Asia ExpressSouth Korea moves toward won-backed stablecoin regulationSouth Korea is still debating who can issue won-backed stablecoins as lawmakers work on the Digital Asset Basic Act. A July policy report by Hashed Open Research and the Solana Policy Institute called for greater flexibility in stablecoin issuance and interim licensing guidance while the legislation is being developed. The proposed law would establish a broader framework for digital assets, covering stablecoin issuance, disclosures and market rules.South Korea’s efforts follow the passage of the US GENIUS Act, which established a federal regulatory framework for payment stablecoins, and the European Union’s Markets in Crypto-Assets Regulation (MiCA), which includes rules governing stablecoin issuers.Industry data shows the stablecoin market remains overwhelmingly dollar-denominated, with US dollar-backed tokens accounting for more than 99% of the total supply.Related: Mastercard launches stablecoin risk screening for banks and payment providers

Stablecoins moved more than $400 million an hour in adjusted transfer volume during the third quarter of 2026, as quarterly activity reached $891 billion, more than quadrupling since early 2023, according to a new report commissioned by Coinbase.The report found that 73% of screened stablecoin transfer volume occurred outside US banking hours, including nights, weekends and holidays.Distribution of stablecoin transfer volume by time of day. Source: Coinbase and The Block Research, via Dune AnalyticsSeven of the 10 largest US banks have tested stablecoins or tokenized deposits for settlement, while 30% of mid-market companies conducting cross-border business are using or piloting stablecoins, up from 10% in 2024. Business-to-business payment volume also rose 36% year over year.Conducted by The Block Research, the findings identified 293 million blockchain addresses holding stablecoins, exceeding the combined number of cards issued by American Express and Discover, though researchers cautioned that addresses do not necessarily represent individual users.The report also estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually and free up roughly $3 trillion in liquidity currently held by banks to support cross-border payments.Those projections are based on hypothetical adoption scenarios rather than observed economic gains. Researchers also acknowledged that widespread stablecoin adoption could reduce bank lending, potentially offsetting some of the benefits of faster and cheaper payments.Related: Visa, Mesh partner to enable crypto spending at 175M merchant locationsSurvey finds growing demand for crypto services at US banksA separate survey released Monday by the National Cryptocurrency Association found that 42% of US adults, representing approximately 112 million people, would be more likely to open an account with a bank offering crypto services or use that institution for more of their financial needs.The survey found that 18% of US adults would like to buy or use stablecoins through their primary bank or financial institution. However, 64% said their bank, credit union or financial advisor had never raised the topic of cryptocurrency, while 43% did not know whether their bank offered crypto services.Americans’ interest in crypto banking services by demographic group. Source: National Cryptocurrency Association, 2026 Crypto at the Bank ReportStablecoin market cap remains flat despite rising transaction volumesDespite increasing transaction activity, the stablecoin market capitalization stood at $301.42 billion on Tuesday, a decline of about 0.6% from $303.14 billion on Oct. 20, 2025, according to DefiLlama data.Last week, Standard Chartered pushed back its forecast for the stablecoin market to reach $2 trillion from 2028 to 2030, citing slower supply growth. Citi, meanwhile, has projected a $1.9 trillion market by 2030 in its base case, with a bullish scenario reaching $4 trillion.Magazine: Agents can trade 24/7 — but Yat Siu warns you could lose access at any time

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The Swiss Financial Market Supervisory Authority (FINMA) approved what it said is the country’s first Bitcoin exchange-traded fund (ETF) that invests directly in Bitcoin and is accessible to retail investors. The financial regulator’s Tuesday announcement cited a “growing interest” in cryptocurrency investments, particularly Bitcoin (BTC).While no fund issuer was identified by the regulator, it said multiple providers have submitted or announced Bitcoin ETF applications.SIX Swiss Exchange announced in August 2025 that iShares would begin trading a Bitcoin exchange-traded product, fully backed by BTC held in cold storage by Coinbase Custody International Limited.The approval clears a significant regulatory hurdle for the launch of Switzerland’s first retail-accessible ETF that invests directly in Bitcoin. The announcement did not specify a launch date.In 2021, FINMA first authorized a fund for qualified investors that invests primarily in a basket of cryptocurrencies. The regulator said it granted an exemption from standard risk-diversification requirements, citing Bitcoin’s “long trading history and a particularly high trading volume” compared with other digital assets.Still, the regulator emphasized that BTC investments carry market risks, such as the possibility of the invested capital losing a significant amount of its value, citing the high volatility of cryptocurrencies.Switzerland is regarded as one of the most crypto-friendly European countries. In 2023, the Swiss city of Lugano adopted Bitcoin and Tether USDt (USDT) payments for all municipal fees, one of the world’s first city administrations to do so. Related: Spar supermarket in Switzerland starts accepting Bitcoin payments

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Some of the biggest banks in the United Kingdom are facing fresh scrutiny over cryptocurrency transfer restrictions after thousands of customers reported difficulties moving money to crypto platforms.Crypto advocacy group Stand With Crypto said 9,803 people submitted 10,092 complaints to UK banks over restrictions on transfers to crypto platforms during a 90-day period between May and August 2026. The complaints were submitted through the group’s online tool, according to a report reviewed by Cointelegraph on Tuesday.Lloyds Banking Group, one of the UK’s largest banking groups, received the most complaints at 2,297, followed by Barclays with 1,569 and NatWest Group with 1,278, the report found.The complaints raise questions about access to crypto services in the UK as the country prepares to introduce a new regulatory regime for digital assets in 2027.UK banks differ on crypto transfer limitsBarclays and HSBC UK were listed as limiting crypto transfers to 2,500 British pounds ($3,300) per transaction and 10,000 pounds ($13,300) over 30 days.Six banks, including Starling Bank, TSB and Chase UK, were listed as banning crypto-related transfers entirely.Source: Stand With CryptoMeanwhile, Lloyds Banking Group and Revolut were classified as having no published crypto transfer restrictions, despite receiving customer complaints.Revolut’s official support page, however, states that transfers to “some cryptocurrency exchanges” are unsupported. A Stand With Crypto spokesperson said this appeared to be a technical issue rather than a stated policy.Banking restrictions threaten UK crypto hub ambitionsNick Jones, founder and CEO of Zumo, told Cointelegraph that banking restrictions are a common problem among UK crypto founders and could undermine the country’s ambitions to become a global crypto hub.“This issue of restricted access to banking services needs to be urgently addressed in order for UK crypto firms to have a level playing field where they can grow and scale,” Jones said.Related: Advocacy group pushes back on banks’ lawsuit against OCC over chartersJones also warned that the UK’s incoming crypto regulatory regime may not resolve the problem. Although companies are preparing for mandatory Financial Conduct Authority approval in October 2027, access to a business bank account falls outside that framework, he said.Without coordinated action, companies could obtain full authorization yet remain unable to open a UK business bank account, Jones added.Magazine: Made an ‘honest’ mistake with crypto taxes? New bill offers way out

Former FTX COO Constance Wang said she was upset by the upcoming Netflix drama’s depiction of the collapse of the exchange and its portrayal of some of the top executives.“The first 30 seconds were enough to upset me,” so “I stopped watching,” Wang told Cointelegraph during an episode of the Chain Reaction X spaces show published on Monday.Wang said the Netflix trailer’s depiction of some former FTX executives made her “feel physically upset,” adding that the portrayal of Alameda Research CEO Caroline Ellison didn’t match her personal experience. She explained that former FTX co-founder and CEO, Sam Bankman-Fried, was also more “socially awkward” than his Netflix portrayal.Wang served as COO of FTX, which grew into one of the world’s largest cryptocurrency exchanges before collapsing in November 2022 due to customer fund misappropriation, causing an $8.9 billion shortfall in customer funds. FTX’s sister company, quantitative trading firm Alameda Research, used FTX customer funds that Bankman-Fried transferred without consent to fund Alameda’s trading losses, now referred to as the Alameda gap. Netflix released the trailer for the eight-episode series about FTX’s collapse in early October. The drama series, titled The Altruists, will premiere globally on Nov. 19, 2026, according to the streaming platform’s announcement.Source: CointelegraphWang bootstrapped AI-crypto venture following FTX collapseFollowing FTX’s collapse, Wang in early 2025 founded Pacifica, a crypto trading platform initially launched as a Solana-based perpetual futures decentralized exchange. She plans to add artificial intelligence capabilities to transform the platform into an intelligent trading infrastructure with strategic tools for investors.“For Pacifica, we didn’t raise any funds, it’s completely bootstrapped,” said Wang, adding that some institutional investors faced compliance restrictions when speaking to former FTX personnel while the bankruptcy proceedings were still ongoing.Related: Sam Bankman-Fried’s lawyer lays out ex-FTX CEO’s Supreme Court caseBankman-Fried and Ellison were indicted in December 2022 following the exchange’s collapse and bankruptcy. Ellison accepted a plea deal to testify against Bankman-Fried and was released from prison in January, after serving 440 days of a two-year sentence.Bankman-Fried was convicted on seven felony counts and was sentenced to 25 years in prison in March 2024, with a scheduled release in 2044. In September, Bankman-Fried’s lawyers reportedly asked the Supreme Court to overturn his fraud conviction. He has also applied for a pardon from US President Donald Trump. Magazine: Why Peter Thiel’s Founders Fund walked away from an Ether treasury bet