What happened last week

HTX Hacked

Early on Sunday, September 24th, HTX (formerly known as Huobi) detected suspicious activity involving a hot wallet. It was observed that 4,999 ETH was transferred to an address without any prior transaction history. Justin Sun, the founder of TRON and an investor in Huobi Global, publicly acknowledged this security breach on X. He went a step further by offering a white hat reward of 5% and extending an invitation to the hacker to join HTX as a security white hat advisor. Fortunately, the losses incurred have been fully covered, and all related issues have been satisfactorily resolved. Importantly, this incident did not disrupt the overall operation of the platform.

Mixin Network Hacked

Mixin Network, a decentralized wallet service, recently experienced a severe security breach that led to the temporary suspension of its deposit and withdrawal services. The hackers targeted approximately $200 million in funds. This concerning incident was promptly communicated via their official Twitter account, and they have enlisted the assistance of SlowMist, a reputable blockchain security firm, for a thorough investigation. According to SlowMist, the attackers specifically aimed at Mixin Network's cloud service database provider last Saturday. At this juncture, the extent of the assets pilfered by the hackers remains uncertain. Notably, PeckShield estimates that the hackers have absconded with assets valued at $141 million, including ETH, BTC, DAI, and USDT.

Ongoing Discussions about Bitcoin Spot ETF

In recent developments, members of the House of Representatives, spanning both sides of the political spectrum, have joined forces to urge SEC Chair Gary Gensler to expedite the listing of a spot bitcoin exchange-traded fund (ETF). They argue that a regulated spot bitcoin ETF would provide investors with enhanced protection by offering transparent and secure access to Bitcoin. This call was conveyed in a letter addressed to Gensler. Despite bipartisan support, Gensler maintains his position that most cryptocurrencies and affiliated entities fall under federal securities laws. This stance is poised to face scrutiny during a congressional hearing before the House Financial Services Committee, where Committee Chair Patrick McHenry has previously accused Gensler of a lack of clarity in crypto regulation compliance.

On Tuesday evening, the SEC extended the deadline for considering the applications of Ark 21Shares and Global X to have spot bitcoin ETFs listed. Additionally, it came to light on Thursday evening that the SEC is postponing its decision on spot Bitcoin ETFs from BlackRock, Invesco, and Bitwise. It's worth noting that the SEC typically utilizes the full 240-day evaluation period stipulated for such applications. As a result, the actual verdict on these ETFs often emerges just days before the deadline. Interestingly, the crypto markets responded with relative indifference to this news, underscoring the expectation that a definitive decision on these ETFs wasn't anticipated in the immediate lead-up to the deadline.

Shutdown Looms in the US

In contrast to the mixed performance observed in traditional financial markets, the threat of a potential U.S. government shutdown is currently looming over the global financial landscape. Discussions within the U.S. government are primarily centered around household financial matters. Failure to reach a resolution by Sunday's deadline could trigger a government shutdown. Sunday evening represents the critical moment by which a solution must be found to avert this scenario. The consequences of such an event could potentially exert a significant negative impact on financial markets, warranting close attention.