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Edition · 2026-10-10
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Blockchain investigators estimate that thefts involving stolen cryptocurrency linked to Ledger hardware wallets have approached $90 million. Tether, the issuer of the USDT stablecoin, confirmed it froze USDT tied to the incident, though the exact amount restricted was not disclosed. The incident began when Ledger announced it was investigating reports of unauthorized withdrawals from wallets purchased through CryptoBilis, an authorized reseller operating in Southeast Asia. Ledger requested that CryptoBilis pause sales and shipments of its hardware wallets while the inquiry continued. The company also advised customers who bought devices from CryptoBilis within the past 90 days not to initialize them if setup had not been completed, and urged those who had already configured their wallets to consider moving funds to a new device with a fresh recovery phrase. CryptoBilis appears in Ledger’s official reseller directory for Malaysia, Indonesia, and the Philippines, and customers typically rely on such channels to reduce the risk of receiving counterfeit or compromised hardware. Binance founder Changpeng Zhao commented on the situation via X, describing it as likely a supply chain attack tied to a single vendor and emphasizing Ledger’s established security track record. He called for industry cooperation to trace and recover the stolen assets. Former Mt. Gox CEO Mark Karpelès is examining whether malicious hardware components were inserted into devices distributed by CryptoBilis, requesting access to unsold inventory for physical inspection. Karpelès noted that Ledger’s Genuine Check system validates the Secure Element but may not detect modifications elsewhere in the hardware if the original security chip remains intact, potentially allowing tampered devices to pass authentication. No confirmed evidence has emerged linking physical implants to the reported thefts, and Ledger has not disclosed how many devices may have been affected or identified the precise attack vector. Blockchain security firm MistTrack traced inflows from hundreds of suspected victim wallets across Bitcoin, Ethereum, and Tron networks, initially estimating losses above $86 million before refining the figure to approximately $90 million. Specter, an on-chain investigator, observed that stolen funds moved through a network of linked addresses and that Tether’s ability to freeze USDT provided a potential recovery path, though the action does not apply to native Bitcoin or Ethereum and does not automatically return funds to owners. The incident highlights limitations in hardware authentication and the challenges of tracing and recovering assets across decentralized systems.
Fireblocks' research chief identified exposed public keys as the primary source of Bitcoin's future quantum vulnerability, noting that roughly 6.7 million to 7 million BTC are held behind keys already visible on the blockchain. Older Bitcoin outputs and reused addresses can leave funds unprotected when their public keys become publicly viewable. The firm recommends using fresh deposit and change addresses and continuously monitoring exposed balances. While Bitcoin's BIP 360 proposal limits long-term key exposure, it does not deliver full quantum resistance. Fireblocks has reduced Ethereum's post-quantum signature verification cost from 8.09 million to 1.23 million gas. According to Vice President of Research Michael Gutkin, a holder's exposure depends on blockchain type, address format, and transaction history, not on whether the holder is an exchange, institution, or individual. "Exposure ultimately comes down to whether the public key is already visible onchain," he said. Early Bitcoin outputs known as pay-to-public-key (P2PK) expose the public key from creation, leaving funds unprotected even when coins have never moved. In contrast, pay-to-public-key-hash (P2PKH) and native SegWit (P2WPKH) addresses conceal the public key until the first spend, after which it becomes permanently visible. Taproot outputs are also flagged as exposed to prolonged quantum attacks because their public keys are visible when created, according to the BIP 360 draft. A sufficiently capable quantum computer could derive a private key from such an exposed public key. Ledger Chief Technology Officer Charles Guillemet noted in a September 17 report that no cryptographically relevant quantum computer capable of breaking Bitcoin's current signatures is known to exist, but preparation could take years. Gutkin argued that institutions should manage public-key exposure continuously rather than pursue a single mass migration. He suggested routing new deposits to fresh addresses and returning change to new addresses, while tracking individual unspent transaction outputs (UTXOs) to identify funds behind exposed keys. A live exposure dashboard could display remaining exposed balances and transactions that create new exposure. Fireblocks already supports components of this workflow and is developing tools for input selection based on exposure and for showing affected balances. BitGo's July 22 announcement introduced four Bitcoin wallet controls covering exposure scoring, address remediation, transaction-input selection, and updated address defaults. Its input-selection method seeks to spend all unspent outputs tied to a chosen address, reducing the chance of leaving funds behind after a transaction reveals the key. Gutkin warned that rushed migrations could increase transaction fees and confirmation times as large holders compete for limited block space, and could raise the risk of errors such as sending change back to an exposed address. He recommended establishing destination addresses, approval policies, and trusted communication channels in advance to limit phishing and handling mistakes. Even with improved address practices, Bitcoin would still need a quantum-resistant method for authorizing transactions. BIP 360 proposes pay-to-Merkle-root outputs to remove Taproot's exposed key-spending path, but its authors note that protection during the brief window before a transaction confirms may require post-quantum signatures. The proposal remains a draft. Unlike Ethereum, Bitcoin cannot adopt a new signature-verification contract through a general-purpose application layer; protocol changes may be necessary to support such schemes while keeping fees manageable. Research into hash-based signatures, including designs that track signing state to reduce overhead, continues, though they involve trade-offs in signature size, wallet design, and recordkeeping. For U.S. investors holding Bitcoin through funds, custody arrangements also factor into preparation. A September 23 report on Coinbase's post-quantum custody plans noted that spot Bitcoin and Ethereum ETF investors do not control the private keys securing fund holdings; the ETF issuers' selected custodians manage them. Coinbase Chief Cryptographer Yehuda Lindell described plans for custody infrastructure capable of supporting various post-quantum signature schemes and exploration of programmable hardware security modules when a blockchain's chosen scheme cannot work with existing distributed-signing systems. On Ethereum, standard accounts expose their public keys once they sign a transaction because the key can be recovered from the signature. Regularly replacing an Ethereum account is less practical because balances, token approvals, and application activity are tied to it. Solana's standard wallets expose the address as the public key itself, making it visible without any initial spend. Programmable Ethereum accounts offer a way to change transaction authorization while retaining the account, according to Gutkin. Fireblocks' research reduced verification of the ML-DSA-44 post-quantum signature scheme from 8.09 million to 1.23 million gas, improving hashing, mathematical operations, signature decoding, public-key handling, and memory use. Peak memory consumption fell from nearly a megabyte to about 41 kilobytes. The one-time deployment cost for the expanded public key is roughly 4.1 million gas, with each verification requiring 1.23 million gas. Gutkin said such costs may be reasonable for treasuries or cold wallets making few transactions, but noted that a standard Ethereum account cannot simply switch to ML-DSA, and that smart-account integration, custody support, and compatibility with decentralized applications still require engineering work. The verifier does not make Ethereum's entire system post-quantum secure, and separate research continues at its consensus and data layers. Despite extensive testing and formal verification, Fireblocks' implementation remains research code that requires audits and hardening before production use. For institutional custody, the company is separately researching production-grade post-quantum signing systems.
New York Attorney General Letitia James announced a permanent ban on Alex Mashinsky from the cryptocurrency, securities and commodities sectors as part of a settlement that could require up to $35 million in payments. The agreement resolves a 2023 civil lawsuit that alleged Mashinsky misled investors about the stability of Celsius before its 2022 collapse. Under the settlement, Mashinsky must pay $25 million if he fails to surrender an additional $10 million in illicit gains to federal authorities beyond assets already forfeited, and an extra $10 million if he does not serve his full prison term. He is currently serving a 12‑year federal sentence for fraud and has been ordered to forfeit more than $48 million in total. The federal case stems from a December 2024 guilty plea to securities and commodities fraud. James stated that Mashinsky promised New Yorkers a secure investment platform while concealing risky ventures that left them without their savings. The settlement follows earlier actions by the Commodity Futures Trading Commission, which barred Mashinsky from trading and registering with the agency in June, and a separate Federal Trade Commission settlement in April that prohibited him from working in crypto and finance and imposed a $10 million payment, largely suspended under a $4.72 billion judgment. The Securities and Exchange Commission reached an agreement in principle in September, though a federal judge dismissed its case without prejudice pending final settlement terms. Mashinsky has been attempting to overturn his conviction and sentence while representing himself; federal prosecutors have labeled his arguments without merit, and a recent court order denied his request for discovery. He has until December 11 to respond to the government’s opposition. More than $3.4 billion has been distributed to Celsius creditors through bankruptcy proceedings as of August 2026, according to the attorney general’s office.
President Donald Trump announced on Friday that the United States would import Russian diesel, describing the move as part of an effort to lower fuel costs for American consumers.
By · 12d ago · Source: bbc
President Donald Trump announced on Friday that the United States would import Russian diesel, describing the move as part of an effort to lower fuel costs for American consumers. The announcement came as Ukraine's President Volodymyr Zelensky condemned the deal, calling it a gift to Putin that risks prolonging the war.
Trump said Putin had agreed to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and another million tonnes later, contingent on refinery conditions. The White House confirmed that the U.S. Treasury would suspend sanctions on Russian diesel exports until April 7 to facilitate the shipments. Putin later stated Russia was willing to supply oil and petroleum products to both the U.S. and global markets, though he did not specify volumes.
Zelensky criticized the arrangement on social media, arguing that aid to Russia would not contribute to peace and could enable further aggression. "Gifts to Putin will not work for peace," he wrote, adding that Russia would repay the diesel with "further terror."
Tim Armitage, an investment strategist at Quilter Cheviot, noted that the first tranche of 300,000 tonnes represented roughly 2.25 million barrels — about 60% of daily U.S. diesel consumption. "It won't make a material difference to pump prices," he said, suggesting the timing of the announcement might be politically motivated ahead of the midterm elections.
The BBC reported that the U.S. Treasury issued a temporary license to allow Russian diesel imports, though the exact terms of any reciprocal arrangement remain unclear. A UK government spokesperson reiterated its support for Ukraine, stating that sanctions on Russia would remain in place and that the country would continue pressuring Moscow to end the conflict.
The deal follows two waves of fuel shortages in Russia, triggered by Ukrainian drone strikes on refineries. The International Energy Agency estimates Russian diesel production has fallen by nearly 30% as a result. Trump has previously blamed these attacks for contributing to higher fuel prices in the U.S.
Earlier in the week, Trump indicated he was considering suspending the federal tax on gasoline and had already allowed red-dyed diesel to be used on public highways without federal tax. He also claimed credit for persuading G7 nations to release 100 million barrels of oil and diesel from strategic reserves.
The agreement has drawn criticism from European allies and pro-Ukraine lawmakers in the U.S., who argue it undermines efforts to isolate Russia economically. At the same time, the move reflects Trump's focus on reducing inflation and fuel costs as a central theme in his political strategy ahead of the upcoming elections.
Brent crude remains above $103 per barrel, up from $73 before the conflict escalated. The average U.S. diesel price stands at $6.28 per gallon, down slightly from a September peak of $6.53, according to AAA.
Zelensky emphasized that Ukraine would continue defending its energy infrastructure and called for sustained American support. "We count on America's fair support for our defence of life," he wrote, urging a strong U.S. stance in negotiations with Russia.
The arrangement highlights the complex interplay between energy policy, sanctions, and geopolitical strategy as the war in Ukraine enters its third year.
European consumer protection authorities have launched coordinated enforcement actions against 10 major video game companies, accusing them of using manipulative design tactics that obscure spending and expose minors to gaming addiction risks. The initiative, led by the European Commission and supported by national agencies including Italy's Competition Authority, focuses on practices such as premium in-game currencies, bundled purchases that force overspending, and inadequate parental controls.
The targeted companies include Activision Blizzard, Ubisoft, Epic Games, Riot Games, and others. Regulators specifically cited Activision Blizzard's titles like Call of Duty and Diablo Immortal for using 'dark patterns' that make it difficult for players to track real-world spending. One common tactic involves selling virtual currency in fixed bundles where desired items rarely align with exact bundle costs, leaving players with leftover currency they cannot easily convert back to cash.
Some games are adapting to address concerns. Starting October 14, Epic Games began allowing Fortnite players to purchase exact amounts of V-Bucks, with similar changes rolling out to Rocket League and Fall Guys across multiple platforms. However, this exact-purchase option will not be available on PlayStation systems at launch. The European effort aims to increase transparency in digital storefronts and protect vulnerable consumers, particularly minors, from predatory monetization strategies.
The enforcement follows global scrutiny of live-service game monetization. Previous investigations by the U.S. Federal Trade Commission examined similar issues with 'roach motel' subscription models that make signing up easy but canceling difficult. Sony has also faced scrutiny over digital license ownership models, though it maintains its practices do not mislead customers. As part of a separate settlement, Sony will distribute nearly $8 million to PlayStation users regarding digital game pricing concerns.
Hurricane Isaias is projected to reach Florida’s east coast near Escambia County around 11 p.m. Friday, according to state officials. Governor Ron DeSantis announced the forecast during an afternoon briefing, emphasizing that the storm is expected to be a strong hurricane capable of causing extensive damage. “Residents in the storm’s path need to finish their preparations now,” DeSantis said. “There will come a point when it is no longer safe to go outside, even though the system may still be some distance from the shoreline.”
The governor outlined the areas most likely to experience storm surge, highlighting Fort Walton Beach, Destin, and the Santa Rosa and Okaloosa county coastline. He noted that surge could extend as far south as Tampa Bay. In addition, DeSantis warned that tornadoes could develop in Tallahassee as the storm’s outer bands move north into Alabama.
Interstate 10, which remained open Friday afternoon, will be closed in northern Florida once sustained winds exceed 39 miles per hour. The Florida Highway Patrol and the Department of Transportation will coordinate the shutdown of bridges and other critical roadways as conditions deteriorate.
Chief Financial Officer Blaise Ingoglia advised residents to photograph and video-record the condition of their homes and properties, capturing every detail, to aid potential insurance claims. He also recommended storing digital copies of insurance policies, vehicle titles, and other essential documents.
DeSantis urged Floridians to comply with evacuation orders or to shelter in place with at least 72 hours of food and supplies. Each county has designated at least one pet‑friendly emergency shelter. The storm is expected to generate widespread power outages, flooding, and downed power lines, prompting the mobilization of thousands of first responders, utility crews, and state‑operated boats and aircraft.
President Donald Trump announced on Friday the formation of a new committee to examine Federal Reserve Governor Lisa Cook, following earlier efforts to remove her that were blocked by the courts. The panel will convene at the White House two days after the November midterm elections and will require Cook to testify. The move marks the first instance in over a century of a sitting president seeking to dismiss a Fed board member. In a memo, Trump stated the committee would determine whether there is 'cause' for her removal, citing his duty to ensure laws are faithfully executed. The initiative stems from allegations of mortgage fraud leveled by Bill Pulte, head of the Federal Housing Finance Agency, who claimed Cook listed two properties as primary residences to obtain preferential mortgage rates. Pulte shared screenshots of Cook's loan applications on social media, raising concerns about potential misuse of oversight authority. No criminal charges were filed, and subsequent loan records indicated the discrepancies were likely clerical errors. The Government Accountability Office is probing whether Pulte improperly accessed mortgage data, while the FHFA's inspector general is also reviewing his conduct. Cook filed a lawsuit to halt the removal, and two federal courts, as well as the Supreme Court, have ruled that the initial attempt violated procedural norms. The Supreme Court decision did not preclude a renewed effort. Trump's renewed push comes amid rising public frustration over economic conditions and inflation ahead of the midterms, as well as the recent rate increase by Kevin Warsh, a Fed appointee under consideration for leadership. The situation underscores ongoing tensions between the administration and the central bank's independence.
The Democratic National Committee filed a lawsuit against the Trump administration this week, seeking to halt federal advertisements that promote the administration's accomplishments ahead of the midterm elections. The suit alleges the ads violate federal law by using congressional appropriations for partisan political purposes, undermining election integrity. The advertisements, aired during national broadcasts including sports events, feature imagery of the border wall, footage of President Trump addressing viewers, and claims that he will 'liberate America from these villains.' They echo messaging from Trump's 2024 presidential campaign. The lawsuit joins a separate action filed by the watchdog group Common Cause, which argues that the ads constitute prohibited propaganda under the current year's appropriations bill. That law explicitly prohibits using public funds for publicity or propaganda within the United States without prior congressional authorization. The ads were funded through a $20 million allocation to the Department of Homeland Security, with recent estimates suggesting over $12 million has been spent on airtime. While the administration maintains the ads are public service announcements, the lawsuit contends they disparage policies associated with Democratic candidates and serve clear political objectives. Trump has alternately defended the ads as non-partisan and shifted responsibility to his super-PAC, MAGA Inc., which reportedly holds up to $415 million. The president has described the super-PAC funds as 'my money that I control,' reflecting a pattern of blending political and personal finances. Critics note this practice mirrors previous controversies, including the use of charitable funds to settle legal disputes during the 2016 campaign, which resulted in $2 million in court-ordered reimbursements. Federal ethics officials state that congressional oversight is the primary mechanism for preventing misuse of appropriated funds for propaganda, though enforcement remains challenging when the spending originates directly from the White House.
President Donald Trump announced the formation of a committee of inquiry to examine Federal Reserve Governor Lisa Cook, according to a memo released by the White House. The panel will hold a hearing on November 5 at the White House, where Cook is required to appear and respond to allegations that she provided false information in mortgage applications. The hearing will not be open to the public, though a transcript will be made available.
The move marks the latest step in Trump's effort to remove Cook from the Federal Reserve Board, an action that would represent the first instance of a sitting president seeking to dismiss a Fed governor. Cook, appointed by former President Joe Biden, is the first Black woman to serve on the board. Her attorneys, Abbe Lowell and Norman Eisen, indicated they are evaluating whether to have her attend the hearing and are preparing to defend her against the charges.
The committee will be chaired by Kevin Hassett, Trump's chief economic adviser, and will include Keith Sonderling, acting director of the Office of Government Ethics, and Andrea Lucas, a commissioner at the Equal Employment Opportunity Commission. The panel's purpose is to determine whether there is sufficient cause to terminate Cook, as required under federal law governing the central bank.
Cook has denied any wrongdoing. In prior statements, her legal team described any discrepancy in her mortgage filings as an inadvertent error and noted that similar oversights have occurred among administration officials. They emphasized that no criminal charges have been filed against her.
The initiative follows a Supreme Court decision in June that allowed Cook to remain in office after a previous attempt by Trump to remove her. The Court acknowledged that a president may seek to fire a Fed governor for cause, provided proper notice and an opportunity to respond are given. Legal scholars have questioned whether the current allegations meet the threshold for such action.
Some analysts suggest the inquiry may serve as a procedural mechanism to justify Cook's removal. Jaret Seiberg of TD Cowen noted that the process appears designed to create a rationale for dismissal, even if the factual basis remains unproven.
The Federal Reserve has declined to comment on the development. The situation underscores broader tensions between the administration and the central bank, particularly regarding monetary policy decisions such as recent interest rate adjustments.
Defense Secretary Pete Hegseth announced plans to livestream the first U.S. military execution by firing squad since 1945, targeting Nidal Malik Hasan, the Army major convicted of killing 13 people during the 2009 Fort Hood shooting. Hasan, paralyzed from the waist down after being shot by police during the attack, is scheduled for execution on December 3. Hegseth described the livestream as a 'mass spectacle' and emphasized public visibility, stating, 'We’re going to make sure people are able to watch it, that it’s public.' He framed the proposal as aligning with 'video game brutality' aesthetics, telling far-right streamer Jack Posobiec, 'They like it because it’s the same kind of video game brutality that they like in every other context.' Military lawyer Jim Craig, specializing in death penalty cases, characterized the plan as 'characterized by their attraction to brutality' and 'affection for causing visible harm,' noting firing squads cause 'essentially vaporizes' a person's heart when executed properly, while improper aim results in slower, more traumatic deaths. The proposal follows Trump's 2020 directive to revive federal firing squads, though no executions occurred during his term. Hegseth referenced 'World War II mentality' of 'standing your ground' when discussing the method. The move would mark the first livestreamed U.S. execution, drawing comparisons to ISIS's 2014 public execution videos and Gaddafi's 1984 televised execution in Libya. The Pentagon has previously released graphic footage of military operations, including strikes on suspected drug boats in the Caribbean, sometimes paired with action film clips on official channels. When questioned about Hasan's final requests, Hegseth responded, 'Don’t care. See him on December 3.'
This edition was assembled from neutral, full-length rewritten articles of the day's aggregated news.
Why it matters: Every article was reviewed for loaded language, partisan framing, and missing attribution before publication.
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