Banq, which filed for bankruptcy last year, has had its application dismissed by a U.S. judge who ruled that the filing was an effort to protect the company and its executives from ongoing lawsuits by creditors. Banq and its chairman, Jon Jiles, were sued by creditor N9, alleging Jiles failed to fulfill his fiduciary duties. The judge hearing the case, Natalie M. Cox, called the bank's bankruptcy filing a "bad faith" strategy to "gain advantage in pending litigation" rather than reorganize. Judge Cox wrote in her ruling that the bankruptcy proceedings were a strategy to protect Banq and its founder, Jon Jiles, from an investor lawsuit filed by N9, the company's main creditor with a $3 million stake. N9 accused Jiles of failing to fulfill his fiduciary duties and putting the interests of Prime Trust, of which he is the founder and managing member, above those of Banq.

Regarding the "Morpho lost about $230,000 due to oracle configuration errors", Morpho responded on X: "The protocol provides a permissionless infrastructure and an open market for risk curation. Although the risk management layer occasionally makes mistakes, the underlying protocol remains secure and resilient. We will continue to equip managers (curators) with powerful tools to reduce such possibilities and impacts. This isolated issue stems from an unlicensed market and a misconfigured price oracle. As far as we know, the risk manager has recovered most of the funds and is working to ensure that all lenders are repaid. Looking forward, we believe it is important to distinguish between potential smart contract vulnerabilities and mistakes in the risk management layer, just as misconfigurations on Uniswap are not considered attacks on the protocol itself." Earlier today, Chaos Labs founder omer said on the X platform that the PAXG/USDC market on Morpho lost about $230,000 due to oracle configuration errors. Specifically, the Oracle SCALE_FACTOR on Morpho was misconfigured and failed to take into account the difference between USDC (6 decimal places) and PAXG (18 decimal places), which resulted in a 12-digit inflation of the PAXG price. The attacker deposited $350 in PAXG and borrowed $230,000 in USDC.

According to Cointelegraph, cryptocurrency-friendly messenger Telegram is set to improve its compliance and communication with regulators in Kazakhstan by establishing a local office. The Ministry of Digital Development, Innovations, and Aerospace Industry announced on October 14 that Telegram has agreed to appoint a local representative and open an office in the Republic of Kazakhstan. Minister Zhaslan Madiyev stated that Telegram’s physical presence in the country would be an important step to increase control over content on the messaging platform. This measure is significant given Telegram’s substantial user base in Kazakhstan. According to Telegram founder and CEO Pavel Durov, 12.5 million Kazakhs, more than half of the nation’s 20 million population, use Telegram each month, marking a 25% increase from 2023. The announcement coincided with Kazakhstan’s officials meeting with the United States Chamber of Commerce and representatives from major US tech companies, including Meta and Apple. During these meetings, Kazakh officials discussed issues related to data protection and combating fraud and fake accounts on social media platforms, such as Meta’s WhatsApp. In the third quarter of 2024, Meta reported blocking 1.2 billion fake accounts globally using artificial intelligence. Madiyev emphasized that the government of Kazakhstan has been closely working with international partners to ensure the safety of Kazakhstanis in the digital space. He noted that the government is actively cooperating with Telegram to promptly remove illegal content and block illicit channels. In accordance with Kazakh legislation, internet platforms such as Telegram, WhatsApp, and TikTok are now required to have a representative in Kazakhstan. Telegram’s decision to open an office in Kazakhstan is part of its broader push for compliance, which comes as Durov faces scrutiny in France over the platform’s handling of illegal activities. Since French authorities indicted Durov on multiple charges in late August, Telegram has enhanced its efforts to combat illicit activity on the messenger app. In September, Durov stated that Telegram was sharing the IP addresses and phone numbers of users who violated the app’s rules by requests of related authorities. The CEO also reported that Telegram has made several updates to its search engine, removing problematic content from search results and using AI to identify illicit content. Telegram’s office in Kazakhstan is apparently one of the company’s first global offices set up to increase compliance. Cointelegraph approached Telegram for a comment but did not receive a response at the time of publication.

According to Foresight News, the Hong Kong Special Administrative Region Government announced on October 14 that Dr. Huang Tianyou has been appointed as the new Chairman of the Hong Kong Securities and Futures Commission (SFC). This appointment was made by the Chief Executive of the Hong Kong Special Administrative Region under the Securities and Futures Ordinance (Chapter 571). Dr. Huang's term will last for three years, starting from October 20, 2024, and ending on October 19, 2027.

Telegram’s agreement to set up an office in Kazakhstan aligns with the firm’s increasing compliance efforts as its CEO remains in France amid an ongoing investigation. source: https://cointelegraph.com/news/telegram-kazakhstan-office-compliance?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

A federal judge ruled last year that the SEC did not prove Ripple violated securities laws by selling XRP to retail customers on exchanges. Recently, the SEC announced it would appeal this decision, and Ripple has filed a cross-appeal in response, adding another layer to the ongoing legal battle. What’s Happening? On the Thinking Crypto … source: https://coinpedia.org/news/ripple-news-what-are-the-odds-of-the-sec-winning-its-appeal/

NTT Communications and SoftBank are using AI technology to protect call center employees in Japan from increasing abusive customer behavior, known as "kasu-hara." These innovations aim to reduce the emotional stress on workers and improve customer interactions by monitoring calls and softening the tone of complaints.

According to BlockBeats, as of October 14, data from DefiLlama indicates that the total market capitalization of stablecoins has reached $172.735 billion, marking a new high since May 2022. Over the past seven days, the market cap has increased by 0.48%. Among the stablecoins, USDT holds a dominant share, accounting for 69.26% of the total market.

According to Odaily, Aevo has announced on the X platform that SWELL trading will be temporarily suspended for maintenance. The suspension is scheduled to begin on October 20 at 8:00 AM (UTC) and will last for 30 minutes. Trading is expected to resume at 8:30 AM (UTC) on the same day. During this period, the number of contracts and the marked price will be recalculated based on the correct total supply.

Ethereum co-founder Vitalik Buterin recently shared ideas to improve Ethereum’s proof-of-stake (PoS) model. Since “The Merge,” Ethereum has gained stability, yet Buterin sees room for progress, particularly in transaction speed and staking access. His vision includes “Single-Slot Finality,” reducing transaction finalization from 15 minutes to 12 seconds, and boosting user security.... source: https://coinpedia.org/crypto-live-news/vitalik-buterin-suggests-big-upgrades-to-ethereums-pos-faster-finality-and-easier-staking/

India is working to revolutionize its cross border payment system. The aim is to make the payments faster and cheaper to help the growing economy. Along with this,  the role of Central Bank Digital Currencies (CBDCs) and the concerns around AI is also in focus. These are reshaping the future of the financial sector. Let’s … source: https://coinpedia.org/news/cbdcs-vs-cryptos-why-india-is-betting-big-on-digital-currency/

Economists believe Trump's economic policies could lead to increased inflation and larger deficits compared to Harris's plans, with potential short-term gains overshadowed by long-term risks.

Binance founder CZ will be making his first public appearance at Binance Blockchain Week in Dubai after stepping down from the company's operations completely earlier this year.

Ethereum founder Vitalik Buterin sold a large number of meme coins over the weekend and cashed in $2.23 million. He previously stated that all tokens sent to him without permission would be sold and donated to charity, and the market speculated that this would be the case this time as well.

This week, projects in tracks such as Layer2 and GameFi will release a large number of tokens, which may exacerbate market volatility.

European stocks and US futures remained largely unchanged on Monday, as investors evaluated the implications of fresh Chinese stimulus measures while gearing up for key earnings reports from major US banks later in the week. Both Europe’s Stoxx 600 and S&P 500 futures saw minimal movement following volatile trading in China, where skepticism lingered about the effectiveness of Beijing’s latest efforts to boost economic growth. Meanwhile, the euro edged lower as markets anticipated a potential interest rate cut from the European Central Bank (ECB) later in the week.

BASE, Base's four product development directions in the next year Golden Finance, Base will develop stablecoins in various regions.

ByteDance, the company behind the immensely popular TikTok app, has taken a bold step into the hardware space by launching its first pair of AI-enabled earbuds, Ola Friend. Unveiled on Thursday, the open-ear wearables are currently available only in China. These earbuds come equipped with ByteDance’s generative AI (GenAI) chatbot, allowing users to interact with the AI assistant directly, without the need to access their smartphones.

Abridge AI Inc., a Pittsburgh-based startup specializing in artificial intelligence software for healthcare professionals, is on the cusp of raising $250 million in new funding. Leading this significant investment are prominent figures in the tech world, including investor Elad Gil and IVP, with Alphabet Inc.’s CapitalG fund also expected to participate. This new capital round will reportedly close at a pre-money valuation of $2.5 billion, marking a tremendous leap from the $200 million valuation the company achieved just last year.

Chinese stocks opened higher on Monday and Bitcoin surged above $64,000 as investors assessed the potential impact of economic stimulus measures announced by the Ministry of Finance over the weekend.