Edgen Crypto·Nov 06 2025, 15:26
[1] RedStone Launches Credora DeFi Risk Ratings After $20B Liquidation (https://cointelegraph.com/news/redstone-launc ...)[2] RedStone unveils DeFi risk ratings weeks after $20B crypto market wipeout - TradingView (https://vertexaisearch.cloud.google.com/groun ...)[3] When Whales Whisper: Inside the $20 Billion Crypto Meltdown - Solidus Labs (https://vertexaisearch.cloud.google.com/groun ...)
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Nov 06 2025, 16:07
Crypto Markets Exhibit Divergent Trends with ICP Surging and ZKsync Correcting
## Executive Summary The cryptocurrency market demonstrated diverse movements, with **Internet Computer (ICP)** experiencing a significant 28.29% surge, while **ZKsync (ZK)** recorded a 15.54% decline, alongside notable gains for **Tezos (XTZ)** and **Zcash (ZEC)**, and a downturn for **Pump.fun (PUMP)**. ## The Event in Detail **Internet Computer (ICP)** emerged as a leading performer, climbing by 28.29% to reach a price of $6.57. This daily increase contributed to a broader market capitalization growth of over $1 billion for ICP since the beginning of the month. **Tezos (XTZ)** also registered a substantial gain, increasing by 16.62% to $0.6238. **Zcash (ZEC)** advanced by 7.78% to $520.76, marking its first breach of the $500 psychological barrier since January 2018. This rally follows a 250% increase over the past month and an impressive 1,600% surge from its year-to-date low. Concurrently, Zcash's trading volume expanded from $560 million to over $1.75 billion, with shielded **ZEC** tokens now accounting for more than 30% of the total supply, valued at over $2.56 billion. In contrast, **ZKsync (ZK)** depreciated by 15.54% to $0.06753. This decline occurred after **ZK** previously surged by 150% in November, driven by renewed investor confidence and a 30-fold spike in trading volume. **Pump.fun (PUMP)** also saw a decrease, falling by 10.84% to $0.003756, positioned as a meme coin within the **Solana** ecosystem. ## Market Implications **ICP's** upward momentum is largely attributed to growing institutional interest and strategic technical updates from **DFINITY**, the foundation behind the protocol. Enhancements such as Caffeine AI and ICP 2.0 have reportedly improved the blockchain's speed, intelligence, and accessibility for developers and organizations. Industry observers, such as Erica Nister, suggest that significant investments, ranging from $20 million to $30 million, could enable large investors to acquire a 1% stake in what is termed the 'future Internet.' The high staking rate of approximately 50% of all **ICP** tokens further contributes to its market stability. The sustained rally in **Zcash** underscores a burgeoning demand for privacy-focused digital assets. The notable increase in shielded **ZEC** reflects a growing preference among users for enhanced transaction privacy. **ZKsync's** recent decline is widely interpreted as a short-term correction following its substantial 150% surge in November. This prior rally was fueled by factors including **Ethereum** co-founder Vitalik Buterin's endorsement of **ZKsync's** Atlas upgrade, which significantly enhances **Ethereum's** transaction speed and cost efficiency, and an early November trading volume exceeding $700 million. Analysts anticipate a healthy correction toward the $0.065 zone before a potential rebound, with some projecting a possible climb to $0.15. The ongoing monthly unlocking of 173 million **ZK** tokens, representing 34% of the total circulating supply, remains a factor influencing its price dynamics. ## Expert Commentary Analysts project a continued upward trajectory for **ICP**, with potential targets ranging from $10 to $16, signifying a possible 90% increase from current levels in an extended bullish scenario. For **ZKsync**, while a correction to the $0.065 zone is expected by analysts such as trader LaCryptoLycus, a subsequent climb of 135% to $0.15 is considered feasible. However, reclaiming its all-time high of $0.27 would require a further 250% increase. ## Broader Context The divergent performance among leading cryptocurrencies illustrates a mixed market sentiment. While certain assets like **ICP** and **ZEC** benefit from specific catalysts such as institutional adoption and privacy demands, others like **ZK** experience post-rally corrections. The broader landscape of digital assets continues to evolve, as highlighted by Standard Chartered CEO Bill Winters, who posited that nearly all global transactions will eventually leverage blockchain technology and all currencies will undergo digitization. This includes the potential for Hong Kong dollar stablecoins to facilitate cross-border digital trade. Winters also forecasts that the asset tokenization wave will instigate fundamental shifts in market structures, with projections for tokenized money market funds and publicly traded stocks to reach a market capitalization of $750 billion by 2028.
Nov 06 2025, 15:02
Stable Pre-Deposit Error Leads to $2.34 Million Loss for Over 60 Wallets
## Executive Summary Over 60 cryptocurrency wallets collectively lost more than $2.34 million during **Stable's** second phase pre-deposit activity due to users incorrectly entering the contract address as the receiving address, impacting user confidence in the platform. ## The Event in Detail During **Stable's** second phase pre-deposit campaign, a significant error led to over 60 user wallets misdirecting funds, resulting in a total loss exceeding $2.34 million. Users mistakenly input the contract address instead of the correct receiving address for their deposits. **Stable**, a Layer 1 blockchain focused on stablecoin transactions, recently initiated its second pre-deposit campaign. This initiative allows users to deposit stablecoins, primarily **USDT**, to earn future rewards linked to the network's upcoming native token and ecosystem incentives. The first phase of this campaign saw an $825 million deposit cap reached within approximately 22 minutes. The rapid filling of Phase 1 sparked controversy, with multiple **X** users alleging front-running and "insider" participation, citing on-chain data showing large wallet clusters depositing funds prior to the official announcement. This limited retail participation and led to negative community feedback. For Phase 2, **Stable** announced measures such as a per-wallet deposit limit and individual wallet requirements to prevent large deposits from single entities, although it did not directly address the Phase 1 controversy or explicitly guarantee simultaneous access for all participants. Despite these adjustments, the recent misdirection of funds underscores persistent challenges in user interaction and communication within complex decentralized finance (DeFi) protocols. ## Market Implications The $2.34 million loss directly impacts user confidence in the **Stable** platform and raises critical questions about user error prevention mechanisms within DeFi protocols. Such incidents contribute to negative market sentiment and can deter broader adoption of new DeFi initiatives. This event occurs within a year marked by substantial losses across the crypto sector. By mid-2025, cyberattacks and scams had already cost the industry over $3.1 billion. Notable incidents include the **Balancer** exploit in November 2025, which saw over $100 million in digital assets stolen from its **V2 Composable Stable Pools** due to a rounding-error vulnerability impacting tokens like **osETH**, **WETH**, and **wstETH** across **Ethereum**, **Polygon**, and **Base**. Other significant breaches include a $1.5 billion loss by **Bybit** in Q1 and a $223 million hit in the **Cetus** exploit. Access control failures accounted for approximately 59% of funds lost, totaling $1.83 billion, while smart contract vulnerabilities contributed an additional $263 million. These figures highlight the pervasive security challenges, ranging from sophisticated exploits to fundamental user mistakes. ## Broader Context and Security Measures The ongoing series of security incidents and user-related financial losses underscores the evolving landscape of digital asset security, emphasizing the need for both technological resilience and improved user education. Industry experts consistently advocate for enhanced security and compliance measures to mitigate such risks. Recommendations include robust smart contract security practices, comprehensive risk controls, and leveraging regulatory sandboxes. Beyond standard audits, practices like formal verification and continuous code reviews are crucial. Implementing internal governance protocols to monitor unusual on-chain activities and potential exploit patterns, along with employing tools like **OpenZeppelin's SafeMath** to prevent arithmetic vulnerabilities, are considered essential for securing DeFi ecosystems. The incident with **Stable** reinforces the necessity for clear user interfaces, unambiguous instructions, and potentially built-in safeguards to prevent common user errors, alongside the more complex technical security measures.
Nov 06 2025, 14:32
Fomo Secures $17 Million in Series A Funding Led by Benchmark
## Executive Summary **Fomo**, a consumer cryptocurrency trading application, has successfully closed a **$17 million Series A funding round** led by **Benchmark**. This investment elevates Fomo's total capital raised to **$19 million**. The platform, co-founded by Paul Erlanger and Se Yong Park, launched in May and facilitates cross-chain trading of various crypto assets. Benchmark's participation in this round signals a notable vote of confidence in the consumer crypto trading sector. ## The Event in Detail The **$17 million Series A funding round** for **Fomo** was officially announced on November 6th. The round was spearheaded by **Benchmark**, a prominent venture capital firm, and included contributions from **140 industry leaders**. Notable individual investors included **Polygon Labs CEO Marc Boiron**, **Solana co-founder Raj Gokal**, and **former Coinbase CTO Balaji Srinivasan**. Fomo, which commenced operations in May, offers a streamlined trading experience, supporting millions of crypto assets across multiple blockchains, encompassing major coins, meme coins, and altcoins. The platform features **Apple Pay integration** for rapid account setup and trading, a **0.5% transaction fee**, and a policy of waiving gas fees. The application has demonstrated significant growth, achieving **$40 million in daily trading volume** and accumulating **120,000 users** within its initial six months. The integration of **Apple Pay** in June is identified as a catalyst for this expansion, with daily volume surging from $150,000 to $40 million. Furthermore, Fomo incorporates social trading functionalities, enabling users to observe and learn from other traders' strategies. ## Market Implications The investment by **Benchmark** in a consumer-focused crypto trading application suggests an increasing institutional comfort and interest in the digital asset market, particularly in platforms that prioritize user accessibility and experience. Fomo's rapid user acquisition and substantial trading volume highlight a robust demand for intuitive and efficient cryptocurrency trading solutions. The platform's strategic emphasis on **cross-chain trading** capabilities and the elimination of **gas fees** directly addresses key operational hurdles for users, which could contribute to broader market adoption. The incorporation of **social trading features** positions Fomo to leverage the growing trend of community-driven investment within the crypto space, drawing parallels with platforms that offer copy trading. This significant funding is expected to bolster Fomo's expansion strategies, enhance its service offerings, and attract a larger user base, thereby contributing to increased overall trading activity across the crypto market. ## Expert Commentary While direct public statements from the participating investors regarding their rationale for the investment are not provided, the involvement of figures such as **Marc Boiron**, **Raj Gokal**, and **Balaji Srinivasan** implicitly signals an endorsement of Fomo's business model and the broader potential of consumer-centric crypto applications. Benchmark's decision to lead this Series A round, characterized in reports as a "rare crypto investment" for the firm, further underscores a strategic belief in Fomo's market approach and its growth trajectory. ## Broader Context Fomo's successful fundraising round reflects a wider trend of innovation within the **Web3 ecosystem**, with a particular focus on improving user experience and accessibility. The integration of established payment methods like **Apple Pay** exemplifies a strategy aimed at bridging the gap between traditional financial systems and decentralized applications, thereby lowering entry barriers for new participants. This development could encourage other venture capital firms to explore and invest in the consumer crypto sector, especially in applications that demonstrate clear product-market fit and strong growth metrics. The platform's emphasis on social trading and facilitating informed decisions through observing others' strategies indicates a market shift towards more collaborative and transparent trading environments.