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Good Morning.
This week’s reminder that “secure” is a supply-chain claim, not a company one: Coinbase kept its systems and funds intact, yet customer contact data still walked out through an analytics vendor, joining a run of South Korean breaches that shows the weakest link in crypto security often sits outside the exchange.
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In Today’s Email:
**What Matters:Coinbase Blames Amplitude for Leak 👀Case Study:Galaxy Calls the Bitcoin Bottom 🔎Governance & Features:**Ripple Wins Federal Trust Bank Charter 📰
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WHAT MATTERS
State of play: Coinbase insists it was never hacked, yet the exposure of customer contact data through analytics vendor Amplitude shows how an exchange’s security perimeter now extends to every third party it shares data with.
Coinbase says its own systems detected no unauthorized access and customer funds were never at risk.
The exchange has not disclosed how many users were affected or which contact fields leaked, leaving the scope of the incident unclear.
Impacted customers are being notified by email as required by law, while other Amplitude clients were also caught in the leak.
Leaked emails and phone numbers remain prime material for phishing and social-engineering attacks, even without passwords or keys exposed.
The leak coincides with a wave of South Korean breaches, including 38,490 Daishin Securities customers, a Bithumb leak, and a regulatory inspection at Mirae Asset.
Why it matters: Exchanges increasingly outsource analytics, KYC, and support to vendors, so a breach anywhere in that chain becomes a user-facing risk no matter how strong the core custody stack is.
Our take: “Funds are safe” is the wrong benchmark, since Coinbase’s 2025 support-agent leak already showed contact data is the main weapon for social-engineering scams that drain users outside the exchange.
For builders and investors: Audit what data flows to third-party tools and minimize it, because vendor exposure is now a recurring breach vector that regulators and users will hold the platform accountable for.
CASE STUDY
**State of play: **With bitcoin stalled near $80,000 and bears warning of another crash, Galaxy is making the contrarian case that June’s sub-$58,000 low was the cycle bottom and that the market is now quietly in the accumulation phase.
Five straight weekly closes above the 50-week moving average, after 44 weeks below it, anchor Galaxy’s technical case.
Asset managers’ net long CME futures exposure has dropped 57% from the record-high week, signaling speculative money has largely exited.
Spot bitcoin ETFs absorbed 87,000 BTC after the June low, pointing to directional demand as arbitrage activity faded.
Galaxy argues rising US debt, persistent deficits, and swelling interest costs strengthen bitcoin’s appeal as a fixed-supply asset.
A weekly close below $76,540 without recovery within a month would break the thesis, alongside risks from AI disruption and quantum computing.
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INSIGHTS
**State of play: **As 22 companies push back against third-party tokenization of their shares, Janus Henderson is betting the legitimate path onchain runs through issuers, launching JQQQ, a licensed Nasdaq-100 fund on Stellar built with Centrifuge.
Janus Henderson issues and manages the fund, Centrifuge provides the blockchain rails, and Nasdaq licenses the index.
JQQQ follows last year’s SPXA, the first tokenized index fund licensed by S&P Dow Jones Indices.
The $500B manager’s onchain platform now holds over $1B across Treasuries, structured credit, and equities.
Third-party stock tokens, by contrast, often give holders no ownership of underlying shares or shareholder rights.
Built natively onchain, the fund could eventually serve as loan collateral or move across DeFi apps, subject to regulation and platform support.
FEATURES & GOVERNANCE UPDATE
**State of play: **Ripple’s final OCC approval turns Garlinghouse’s long-running pitch that crypto and banks work better together into a federal charter, placing RLUSD under both state and federal oversight just as the US rolls out stablecoin rules under the GENIUS Act.
The OCC granted conditional approval in December 2025, five months after Ripple applied in July.
RNTB will manage and act as trustee for RLUSD’s reserves while offering regulated custody to institutional clients.
RLUSD will still be issued by Standard Custody & Trust Company, Ripple’s New York-regulated unit.
Launched in December 2024, RLUSD has grown to about $2.5B, ranking among the world’s top 50 stablecoins.
Its reserves of US dollar deposits, government securities, and cash-like assets are mostly held by BNY.
Other notable feature updates:
BNB StandardringsNasdaq bell with CZ.Base𝕏launchesTrencher Grants of $1,000–$5,000.Avant𝕏opensSeason 1 buyback at $0.025 per AVANT.Ripple𝕏launches24/7 AI-powered treasury management.Soneium𝕏unveilstokenized IP vision, planned $SONEIUM token.
QUICK BITES
Luxorraises$16M to expand AI business.Cancoreraises$7.2M at $60M token valuation.Circlefaces upto 20% revenue risk from AI agents.Robinhood’s crypto revenuefell55% from last year.Crypto.com and OG.comlaunchUS crypto perps with up to 5x leverage.SoFidiscloses503,000 crypto products as gross crypto revenue hits $162M.Coinbasesaysuser funds are safe after vendor exposes customer contact info.Japan’s top yen stablecoinfalls shortof its target in a disappointing first year.Nasdaq-100comesonchain as Janus Henderson & Centrifuge launch first fund.Galaxyswingsto $323M quarterly profit, announces new $200M share buyback.
NOTEWORTHY READS & MEME
Wintermute’s𝕏readon October Market Update.The Smart Ape’s𝕏readon $1M memecoin extraction network.Alex Thorn’s𝕏readon Why Now Is the Time to Add and Hold BTC.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
