Today’s crypto landscape features several key updates: NEAR Intents successfully retrieved USD 3.8 million following a security breach, and Blast revealed plans to close its Ethereum layer-2 network.
Additional developments include community banks launching a lawsuit against the OCC over crypto trust charters, a Bitcoin price drop following a brief push past USD 87,000, and U.S. spot Bitcoin ETFs kicking off October with net inflows.
NEAR Intents Recovers USD 3.8 Million After Security Breach
Alex Shevchenko, the general manager of NEAR Intents, verified on Friday that the platform successfully recovered the complete sum taken in Thursday’s security incident. This recovery came on the heels of a responsible disclosure ultimatum giving the hacker 48 hours to give back roughly $3.8 million.
Shevchenko “said” all the funds were restored and declared that the group would conclude its probe. He encouraged security professionals to rely on bug bounty programs designed to reward the discovery of software vulnerabilities. Reports following his statement confirmed that the funds were sent back prior to the deadline.
Blast Announces Shutdown and Withdrawal Deadline
Blast has disclosed its intention to shut down its Ethereum layer-2 network because expenses outstrip earnings. The project team explained they could not identify a “credible path” to financial viability, instructing users—including those with balances in the web app—to transfer their assets back to the Ethereum mainnet.
The closure process kicks off as Blast pulls out assets tied up in Lido. The staff anticipates this phase will span about one week, during which time withdrawals will be paused. Afterward, the withdrawal delay will drop to a 24-hour window. Users have until Oct. 26 to pull out funds using the standard interface. Following that deadline, assets will remain reachable via bridge contracts on Ethereum.
Community Banks Challenge OCC Crypto Trust Charters
On Friday, the Independent Community Bankers of America initiated a lawsuit against the Office of the Comptroller of the Currency. Lodged in the U.S. District Court for the District of Columbia, the complaint contests the regulator’s legal capacity to issue national trust bank charters to firms engaging in activities outside standard trust operations.
The organization contends that crypto businesses gain the prestige of a federal bank designation without satisfying the mandates enforced on insured institutions. The legal challenge focuses on a March 2 rule and associated guidance. ICBA president and CEO Rebeca Romero Rainey characterized the charter pathway as a “side door into the banking system.” The association is urging the court to vacate the contested regulations.
These charters differ from standard commercial bank permissions. They do not grant institutions the right to accept deposits or issue loans, and the digital assets managed by these entities do not possess federal deposit insurance.
Bitcoin ETFs Start October With USD 102.7 Million in Inflows
U.S. spot Bitcoin ETFs pulled in USD 102.7 million in net inflows on Oct. 1, rebounding from an outflow of USD 148.7 million in the prior session. BlackRock’s IBIT topped the category with USD 102.7 million—wait, led with USD 195.6 million in fresh capital. Fidelity’s FBTC logged USD 60.7 million in exits, whereas Grayscale’s GBTC shed USD 31.4 million.
Fresh data from Farside Investors indicated USD 31.7 million in tracked inflows for Oct. 2. Even so, BlackRock’s figures were missing at the time of review, leaving the daily aggregate incomplete. Fidelity contributed USD 29.3 million to the available total, while Morgan Stanley’s fund added USD 2.4 million.
Bitcoin Retreats After Brief Move Above USD 87,000
Bitcoin’s most recent pullback came in the wake of a short-lived climb past USD 87,000 on Oct. 2. Afterward, the cryptocurrency hovered around USD 84,685, marking a roughly 1.97% loss over a 24-hour span. The correction followed selling pressure near the USD 87,200 threshold, which Bitcoin failed to maintain during its upward surge.
Market metrics place the 30-day simple moving average close to USD 85,114, sitting higher than the current market price. The earlier spike peaked near USD 87,146. Concurrently, the overall cryptocurrency market capitalization dipped 1.74% across the same 24-hour period, demonstrating that the downturn extended beyond just Bitcoin.
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