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Robinhood and Bybit are pursuing international expansion as competition grows across regulated financial markets.
Robinhood plans to enter the Middle East, while Dubai-based Bybit explores opportunities in the United States. Both companies are targeting new investors through brokerage services, digital assets, and wider market access.
Their expansion strategies highlight the growing connection between traditional investing platforms and cryptocurrency exchanges.
Robinhood secures Dubai license for 2027 Middle East launch
Robinhood (NASDAQ: HOOD) has secured approval from the Dubai Financial Services Authority (DFSA) to launch its retail investing platform.
The company plans to begin serving Middle Eastern investors in 2027 through the Dubai International Financial Centre (DIFC).
The license covers trading and custody services across all 10 asset classes permitted by the regulator. These include equities, exchange-traded funds (ETFs), cryptocurrencies, and investment tokens.
Robinhood appointed Salah Kaddoura as senior executive officer and president of Robinhood MENA. He will oversee operations from the company’s new regional headquarters within the DIFC.
Robinhood Chairman and CEO Vlad Tenev described the DIFC as one of the world’s most important financial hubs.
The Dubai approval follows Robinhood’s broader international expansion throughout 2026.
The company entered Asia-Pacific through Singapore in April and acquired Canadian cryptocurrency platform WonderFi in June.
According to Robinhood’s July expansion update, the brokerage served nearly 28 million customers across 38 countries.
Meanwhile, DIFC reported 72 authorized brokerage firms as of March 31, 2026.
Competition continues to grow, with Revolut receiving in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in July.
Local investing platform Baraka followed in September. Earlier entrants included eToro in November 2023 and Interactive Brokers in 2024.
Bybit considers US entry through existing brokerage
While Robinhood expands into Dubai, cryptocurrency exchange Bybit is considering an entry into the United States.
Bybit CEO Ben Zhou is reportedly exploring partnerships with existing American brokerage firms to establish a regulated market presence.
Interactive Brokers has emerged as a possible partner, although Bybit has not confirmed any agreement or launch date.
The exchange established its international headquarters in Dubai in 2022 and continues strengthening its regional operations.
Bybit also secured a Virtual Asset Service Provider license from VARA for spot exchange services.
Zhou highlighted Dubai’s progress in developing regulatory frameworks for digital assets following the approval.
Meanwhile, Chief Legal and Compliance Officer Peter Loo indicated that Bybit intends to pursue additional licenses.
These could include derivatives trading permissions, subject to regulatory approval.
Bybit launches US stock trading ahead of potential expansion
Bybit introduced trading for more than 1,000 US-listed stocks and ETFs on October 12.
The platform allows eligible customers to fund stock purchases using the USDC stablecoin.
Alpaca Securities handles trade execution and custody, while Mauritius-regulated Infra Capital Limited serves as the introducing broker.
Alpaca also holds membership with FINRA and SIPC.
However, Bybit currently excludes US residents from accessing the service.
The offering differs from its stock contracts for difference, which debuted in June 2025.
Unlike CFDs, the newer service provides direct economic ownership of underlying shares.
Bybit reports more than 80 million users globally as it considers further expansion into regulated markets.
The post Robinhood secures Dubai license for 2027 launch as Bybit explores US market entry first appeared on Coinfea.

Zcash is preparing for a major network upgrade that could reshape transaction speeds across its privacy-focused blockchain.
The upcoming NU7 upgrade promises faster payments while keeping the cryptocurrency’s supply rules unchanged. Meanwhile, ZEC traders have increased their buying activity ahead of the scheduled activation.
The approaching upgrade has also drawn attention to mining rewards, network security, and changes affecting older Zcash wallets.
Developers have scheduled Zcash Network Upgrade 7 (NU7) for block 3,543,405, which they expect around November 5. The upgrade will cut block times from 75 seconds to 25 seconds, making transaction confirmations three times faster.
Meanwhile, ZEC has gained more than 15% over the past week, trading near $1,300. The cryptocurrency climbed from approximately $1,060 on October 19 to nearly $1,360 on October 21.
Its market capitalization now stands near $22 billion, placing Zcash ninth among cryptocurrencies by market value.
Zcash NU7 upgrade will cut transaction confirmation times by 67%
The Zcash NU7 upgrade will significantly reduce the time users spend waiting for their first transaction confirmation.
Currently, miners produce a new block approximately every 75 seconds. Following activation, the network will generate blocks every 25 seconds.
This change builds on the Blossom upgrade from December 2019, which reduced block times from 150 seconds to 75 seconds.
Faster confirmations could reduce payment delays for merchants, exchanges, and other services that rely on Zcash transactions.
Importantly, developers have designed NU7 to preserve Zcash’s existing monetary policy despite the faster block production.
The network currently distributes 1.5625 ZEC per block. After activation, rewards will decrease to approximately 0.5208 ZEC per block.
Consequently, miners will produce three blocks during the previous 75-second interval without increasing the overall issuance rate.
Zcash will also retain its maximum supply of 21 million ZEC, with approximately 16.99 million tokens currently circulating.
NU7 introduces deferred mining fees and ends sprout transfers
Beyond faster transactions, NU7 will introduce changes to how Zcash miners collect transaction fees.
Under the existing system, miners receive all transaction fees included in their blocks. The upgrade will change that distribution.
Miners will immediately collect 40% of fees, while the network will reserve the remaining 60% for future payments.
According to the upgrade’s design, miners will begin receiving those deferred rewards in February 2031.
The mechanism aims to support mining incentives as Zcash undergoes future halvings, which reduce block subsidies approximately every four years.
Additionally, NU7 will permanently disable transfers from Sprout, Zcash’s original privacy pool introduced in 2016.
Holders must move any remaining Sprout funds into newer pools before activation or lose access to transferring those coins.
Developers began testing NU7 on the testnet in early October, allowing exchanges and wallet providers to prepare.
ZEC price rally gains momentum as futures open interest hits $4.55 billion
Trading activity has accelerated ahead of the November 5 activation target.
According to CoinGecko figures cited in the market report, ZEC perpetual futures open interest has reached approximately $4.55 billion.
That compares with roughly $1.15 billion in daily spot trading volume, highlighting substantial leveraged positioning.
However, elevated derivatives exposure can amplify price fluctuations as traders adjust positions around major network events.
For now, Zcash continues operating under its existing rules until the blockchain reaches activation block 3,543,405.
The approaching NU7 upgrade gives traders a specific milestone to monitor as ZEC prices respond to growing market activity.
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The security token initiative introduces an investment-backed conservation model designed to support rainforest protection while creating opportunities for potential investor distributions from verified environmental-credit sales.
October 2026 — Global Conservation Capital, Inc. (GCC) has announced the upcoming presale of Sloth Coin (SLOC), scheduled to launch on November 15, 2026. The security token initiative is designed to connect private investment with rainforest conservation, introducing a financial model that links potential investor distributions to revenue generated through verified environmental credits.
With an initial presale price of $0.03 per token, SLOC represents GCC’s effort to establish an investment structure in which capital can support environmental conservation projects while providing investors with potential participation in the economic value those projects may generate.
The initiative is built around a central objective: developing a long-term financing model that makes rainforest conservation economically sustainable without relying exclusively on donations or traditional environmental funding.
Turning Rainforest Conservation Into a Long-Term Economic Model
Rainforests are among the planet’s most valuable natural ecosystems, supporting biodiversity, regulating climate patterns, and storing significant amounts of carbon. Yet protecting these environments requires continuous financial resources, particularly in regions where land preservation competes with alternative forms of commercial development.
For decades, conservation organizations have relied heavily on donations, grants, and public funding to protect vulnerable ecosystems. Although these funding sources remain essential, they do not always provide the predictable, long-term capital necessary to maintain and expand conservation efforts.
Global Conservation Capital is developing an alternative approach.
Through Sloth Coin, GCC aims to connect conservation activities with financial markets by developing projects capable of generating eligible environmental credits. These credits could create a potential revenue stream tied to independently verified environmental outcomes.
The proposed model is designed to direct capital toward conservation activities while establishing a framework through which successful environmental-credit sales may contribute to investor distributions and future project expansion.
By connecting capital allocation with independently verified environmental results, GCC seeks to explore a model in which long-term conservation efforts can attract investment alongside traditional sources of funding.
How Sloth Coin Connects Environmental Impact With Investor Revenue
Unlike traditional cryptocurrencies primarily designed for payments, trading, or decentralized platform access, SLOC is structured as a security token with proposed economic rights connected to environmental-credit revenue.
The model begins with the identification and development of conservation projects on eligible rainforest land.
Once operational, these projects would undergo environmental measurement and independent verification processes to determine whether qualifying environmental credits can be issued under applicable standards.
Following successful verification and issuance, eligible credits could be sold to buyers in environmental-credit markets.
Net revenue generated from completed credit sales would then form the basis for the project’s proposed revenue allocation model.
Under the contemplated structure:
Up to 20% of net verified environmental-credit sale revenue may be allocated toward distributions to eligible SLOC investors.
Up to 80% of net verified environmental-credit sale revenue may be allocated toward additional land opportunities, conservation activities, and future project expansion.
This structure is intended to connect the project’s financial development with the continued growth of its conservation portfolio.
The proposed allocations are subject to the final offering documents. SLOC does not provide investors with direct ownership of rainforest land, and potential distributions depend on the successful development, verification, issuance, and sale of eligible environmental credits.
Neither environmental-credit revenue nor investor returns are guaranteed. This press release contains forward-looking statements within the meaning of applicable securities laws. Words such as “may,” “could,” “aims,” “seeks,” “planned,” “intended,” “potential,” and similar expressions identify forward-looking statements. These statements involve risks and uncertainties, and actual results may differ materially from those projected. GCC undertakes no obligation to update forward-looking statements.
Global Conservation Capital Advances Project Development
As preparations continue for the November presale, GCC has already developed investor onboarding and token-management infrastructure intended to support the SLOC offering.
These systems form part of the project’s operational foundation, providing infrastructure for investor participation and security token administration.
Alongside its technical development, GCC is evaluating potential rainforest conservation opportunities in Peru, a country home to extensive portions of the Amazon rainforest and ecosystems of significant ecological importance.
Two potential rainforest parcels are currently undergoing due diligence as the company assesses opportunities for future conservation development.
The properties remain prospective opportunities and have not been acquired. Their inclusion in any future GCC conservation portfolio will depend on satisfactory due diligence, commercial feasibility, and applicable legal and environmental requirements.
This project-development process reflects GCC’s intention to build its conservation portfolio around identifiable land opportunities and environmental projects capable of meeting independent verification requirements.
SLOC Presale Launch Set for November 15, 2026
Global Conservation Capital is targeting November 15, 2026, for the official launch of the SLOC presale, marking a key milestone in the development of its investment-backed conservation initiative.
The initial presale round is planned at $0.03 per SLOC token.
The presale is structured around a security token offering rather than a conventional public cryptocurrency launch.
For U.S. investors, the intended offering framework relies on an exemption from registration under Regulation D, Rule 506(c) of the Securities Act of 1933, as amended, with participation limited to investors who satisfy the applicable accredited-investor verification requirements. The securities offered have not been registered under the Securities Act or any state securities laws and may not be offered or sold absent registration or an applicable exemption.
Non-U.S. participation will be governed by relevant securities regulations, jurisdictional restrictions, and the conditions established in the final offering documents.
GCC is finalizing the offering documentation ahead of the planned launch. Final participation requirements, investor rights, restrictions, and economic terms will be set out in those documents.
Interested participants can access official project information and presale updates through the Sloth Coin website. Participation in the SLOC offering is limited to accredited investors as defined under applicable securities regulations.
Building a Scalable Future for Rainforest Protection
Beyond its initial token offering, GCC’s broader vision is to establish a conservation financing framework capable of supporting the development and expansion of rainforest protection projects.
The proposed model is designed around a cycle of investment, conservation development, independent environmental verification, environmental-credit sales, and reinvestment.
If successfully implemented, this approach could provide additional financing for conservation activities while creating a potential economic incentive for eligible investors to participate in environmental protection.
A central component of the proposed model is the contemplated allocation of up to 80% of net verified environmental-credit sale revenue toward supporting further land and project expansion, subject to the terms of the final offering documents.
This reinvestment approach is intended to help GCC pursue additional conservation opportunities as projects develop and eligible credit sales generate revenue.
Future expansion will depend on available financing, successful project execution, land acquisition opportunities, independent verification, and market demand for eligible environmental credits.
With the November 15 presale approaching, Global Conservation Capital is preparing to introduce Sloth Coin as a security token initiative focused on connecting private capital with rainforest conservation and the potential financial value of independently verified environmental outcomes.
About Sloth Coin (SLOC)
Sloth Coin (SLOC) is a blockchain-based security token to be issued by Global Conservation Capital, Inc., designed to connect eligible investor capital with rainforest conservation and potential revenue generated through verified environmental credits.
Through its proposed financial structure, SLOC seeks to support long-term conservation activities while establishing a framework for potential investor distributions and continued expansion of environmental projects.
Global Conservation Capital’s broader mission is to develop investment-backed conservation initiatives that combine environmental responsibility with commercially sustainable financing models. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offer of SLOC tokens will be made only by means of the final offering documents prepared by Global Conservation Capital, Inc. Offers and sales of securities will be made only to accredited investors in compliance with Regulation D, Rule 506(c) of the Securities Act of 1933, as amended. Participation in the offering will be subject to verification of accredited-investor status and the terms and conditions set forth in the offering documents.
Posts by SlothCoinSLOC https://slothcoin.net
Info@globalconservationcapital.com
The post Global Conservation Capital Announces November 15 Presale Launch of Sloth Coin (SLOC), Connecting Rainforest Conservation With Environmental Credit Revenue first appeared on Coinfea.

Coinbase Wallet has introduced a trading rewards program that offers customers cashback on eligible trading fees.
The initiative targets active traders as competition intensifies across cryptocurrency exchanges and decentralized trading platforms.
Through tiered rewards, Coinbase aims to encourage higher trading volumes and strengthen customer retention. However, the program raises questions about whether fee incentives can sustain long-term engagement.
Coinbase Wallet introduces cashback tiers based on trading volume
Coinbase Wallet launched its loyalty rewards program on October 20, 2026, offering up to 50% cashback on eligible trading fees.
According to Coinbase Wallet, customers receive rebates in USDC based on their rolling 30-day trading volume. The company distributes rewards weekly, with higher trading activity unlocking larger cashback percentages.
Traders who reach $5,000 in volume qualify for 15% cashback on eligible fees. Meanwhile, the reward increases to 30% at $25,000 and 40% at $100,000.
Customers who reach $500,000 in rolling trading volume qualify for the highest 50% cashback tier.
However, Coinbase calculates rewards against eligible trading costs rather than the total value of transactions. Consequently, a $500,000 trade does not generate $250,000 in cashback.
The initiative differs from Coinbase Bermuda Technologies Limited’s existing referral program, which offers referred customers a 10% fee discount.
That discount covers eligible native, same-chain swaps, while referring users receive 25% of profits from qualifying trades.
However, the referral program excludes several jurisdictions, including Italy, the United Kingdom, Malta, the Philippines, and Singapore.
Coinbase expands trading services amid growing exchange competition
The cashback launch follows Coinbase’s September decision to rebrand Base App as Coinbase Wallet and prioritize trading services.
The company’s expanded trading strategy includes Hyperliquid-powered perpetual futures, prediction markets, and tokenized stocks.
Meanwhile, Coinbase reported a record 10.3% share of global cryptocurrency trading during the second quarter. The July report covered spot markets, derivatives, and stablecoin transactions.
Average USDC holdings across Coinbase products also reached $20 billion during the period.
CEO Brian Armstrong has emphasized that Coinbase’s business extends beyond exposure to Bitcoin price movements.
Competition remains intense as centralized exchanges face pressure from decentralized trading platforms.
According to CoinGecko, leading centralized exchanges recorded $1.65 trillion in third-quarter spot trading volume, representing a 14.2% decline.
Meanwhile, decentralized exchanges increased their spot market share from 6.9% in January 2024 to 13.6% in January 2026.
Coinbase’s cashback initiative could also support its USDC operations by encouraging traders to retain and reuse rewards.
The company reported capturing approximately half of USDC economics over the previous year.
Cashback rewards favor larger traders as retail activity grows
Research suggests financial incentives can influence participation in cryptocurrency loyalty programs.
A 2025 SAGE Open study identified perceived usefulness as an important factor behind customer interest in blockchain loyalty programs.
Similarly, Juniper Research highlighted cashback incentives as a competitive feature for digital wallets. Analyst Thomas Wilson also identified rewards and gamification as important engagement tools.
However, Coinbase must demonstrate whether cashback incentives encourage lasting loyalty rather than temporary trading activity.
Chainalysis reported $9.4 trillion in global cryptocurrency activity during the year ending June 2026, representing a 1.6% decline.
That resilience came despite a 50% contraction in cryptocurrency market capitalization.
Meanwhile, transfers below $100 increased 78.4%, highlighting continued participation among smaller cryptocurrency users.
Those retail customers remain far below Coinbase Wallet’s $500,000 threshold for maximum cashback.
Although smaller traders can access lower reward tiers, the program directs its largest incentives toward high-volume customers.
Coinbase Wallet’s next challenge involves converting those trading incentives into sustained activity as competitors compete for the same customers.
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Bitcoin could outperform traditional investments over the next decade, according to JPMorgan’s first long-term cryptocurrency forecast.
The bank expects Bitcoin to deliver stronger annualized returns than U.S. stocks, gold, and real estate investment trusts.
However, its outlook also highlights substantial volatility and risks that could affect long-term performance. The forecast marks a new step in how JPMorgan evaluates Bitcoin alongside established asset classes.
JPMorgan forecasts 10% annual Bitcoin returns over the next decade
J.P. Morgan Asset Management projected a 10% compounded annual return for Bitcoin in its 2027 Long-Term Capital Market Assumptions.
The bank released its 31st annual report on October 19, introducing Bitcoin projections for the first time. The analysis covers more than 200 asset classes and compares Bitcoin with 12 conventional investments.
According to JPMorgan, U.S. large-cap stocks could deliver annual returns of 7.5%, while small-cap stocks could generate 7.7%. Meanwhile, real estate investment trusts carry an 8.2% forecast, compared with 5.5% for gold.
Base, bear and bull case projections for bitcoin’s 10-year returns, with data as of September 30, 2026, in J.P. Morgan Asset Management’s 2027 Long-Term Capital Market Assumptions report.
Bitcoin’s projected return exceeds large-cap equities by 2.5 percentage points and gold by 4.5 percentage points.
However, JPMorgan outlined sharply different outcomes depending on market conditions. Its bearish scenario projects an annualized loss of 11.2%, while its bullish scenario forecasts 16.6% yearly gains.
The projections use Bitcoin’s September 30 spot price of $83,000.
JPMorgan assigned a 65% weighting to Bitcoin supply growth relative to money supply. The gold-complement scenario received 30%, while network adoption accounted for the remaining 5%.
Meanwhile, the bank projected 7% annualized returns for a traditional 60/40 stock-bond portfolio. It attributed this outlook to AI-driven productivity improvements, corporate profitability, and higher bond yields.
Bitcoin’s 55% volatility keeps it outside core investment models
Despite its leading return forecast, JPMorgan identified Bitcoin’s volatility as a major portfolio risk.
The bank estimated Bitcoin’s annualized volatility at 55%, compared with 17.2% for gold and 18% for large-cap stocks.
Consequently, JPMorgan excluded Bitcoin from its main covariance matrices, which measure relationships between asset price movements.
Instead, analysts developed a separate model comparing Bitcoin against selected investments.
The bank also calculated Bitcoin’s arithmetic average annual return at 20.9%, substantially exceeding its 10% compounded projection. Compounding accounts for losses and subsequent recoveries, making volatility especially important when evaluating long-term returns.
JPMorgan indicated that greater market stability could eventually support Bitcoin’s inclusion in its primary models. However, that would require more consistent correlations, deeper liquidity, clearer regulation, and reduced volatility.
Report authors Dr. Sheena Shah and Dennis Cristallo described Bitcoin as the cryptocurrency ecosystem’s anchor. They highlighted its liquidity, longevity, and improving regulatory clarity.
Bitcoin ETF inflows strengthen institutional interest
Institutional Bitcoin demand also attracted attention following JPMorgan’s long-term forecast.
BlackRock’s IBIT recorded $665.16 million in inflows on October 19, its strongest daily figure since October 2025. Meanwhile, U.S. spot Bitcoin ETFs collectively attracted $526.6 million as Bitcoin traded between $82,000 and $83,000.
Bitwise Chief Investment Officer Matt Hougan welcomed JPMorgan’s decision to include Bitcoin in its long-term assumptions.
However, Hougan challenged the bank’s 55% volatility estimate, citing declining Bitcoin price fluctuations over the past 15 years. He also argued that different economic outcomes could support Bitcoin’s long-term investment case.
Strategy Chairman Michael Saylor similarly acknowledged Wall Street’s growing attention to Bitcoin’s investment potential.
Nevertheless, JPMorgan urged investors to examine Bitcoin allocations carefully and stress-test portfolios against its bullish and bearish scenarios.
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Qualcomm has set plans for job cuts across its global workforce in motion, with employees facing the axe expected to be notified from November, according to an internal memo from CEO Cristiano Amon reviewed by Reuters.
The chipmaker had about 52,000 employees as of September 2025 but has not said how many jobs it plans to eliminate. In the memo, CEO Amon stated that the layoffs would help foster what he called “a stronger performance culture” while addressing areas of the company’s business that had continued to fall below expectations.” Amon added that performance ratings would not be the sole factor in determining who would be affected, as managers would also assess other factors such as the company’s business priorities, organizational needs, and the expertise required for its expansion.
Qualcomm to ensure employees have skills to meet changing needs
The CEO believes Qualcomm needs to ensure employees have the skills and roles needed to meet the company’s changing needs and support its growth. Qualcomm is also facing an increasing challenge in its core smartphone business, with consumer electronics sales cooling sharply and rising memory prices having a negative effect on demand in key markets.
Qualcomm stock has also risen by just 1.5% in 2026, well behind the S&P 500’s gain of over 12% and the Philadelphia Semiconductor Index’s almost 60% increase, Business Standard reported. The company’s shares remained under pressure ahead of the market open, seeing a 1.16% fall to $171.52 in premarket trading. Qualcomm is looking to diversify beyond smartphones, but its latest earnings outlook points directly to the challenges facing that strategy.
In late July, the company forecast quarterly profit below analyst expectations and warned that revenue from Apple-related products would fall faster than previously anticipated. The company is betting on growth beyond smartphones to offset the decline in Apple-related revenue. By fiscal 2027, the company expects its data center, automotive and other businesses to more than compensate for the shortfall, with non-smartphone markets accounting for most of its chip sales. Qualcomm’s fiscal year typically ends in late September.
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Amazon will invest more than €16 billion ($18 billion) in Germany next year. The plan was unveiled at Berlin’s first Invest in Germany Summit, where commitments have passed €225 billion. David Zapolsky, Amazon’s chief global affairs and legal officer, alongside Chancellor Friedrich Merz, confirmed on Tuesday that Amazon has pledged to invest more than €16 billion ($18 billion) in Germany next year.
Amazon said €4.8 billion of the total will go to expanding its AWS Europe (Frankfurt) Region, which has run since October 2014. The rest of the money will be used to fund data centers and AI capacity, logistics, a new Prime Video production slate, and Amazon Leo, the company’s low Earth orbit satellite network. Amazon Leo has booked 24 launches with European provider Arianespace, and Oxford Economics expects Germany to feel the network’s second-largest economic effect in Europe.
Amazon reveals timeline to fulfil its promise
Amazon has communicated plans to update its fulfillment centers in Bad Hersfeld, Dortmund and Werne by 2027. Its fulfillment centers in Koblenz, Pforzheim and Rheinberg will be completed in 2028. Notably, Amazon has created more than 40,000 permanent German jobs since 2010 and put over €100 billion (about $115 billion) into the country. In August 2025, the German government said that it wants to reduce its reliance on U.S. technology after conceding that the country relies on a handful of foreign suppliers for cloud infrastructure, operating systems and network technology.
Large U.S. tech companies like Amazon and Microsoft hold large shares of the German cloud market, and even the Federal Police make use of them. Amazon has had a European Sovereign Cloud, a separate cloud run entirely inside the EU by EU residents, generally available since January 2026, backed by a planned €7.8 billion investment. Economy Minister Katherina Reiche called Amazon’s planned 2027 investment “a clear vote of confidence in Germany.”
Beyond Amazon, other investors pledged more than €225 billion ($252.5 billion) at the summit. More than 200 domestic and international executives gathered in Berlin on Monday for the two-day event, which Merz opened by framing Germany as “open for business.” A day before Amazon’s news, Merz and two German ministries signed a joint announcement with Nvidia to build “physical AI” for robots, machines and vehicles.
Nvidia named four German startups that it plans to support as part of a nearly $10 billion European commitment. The summit closes Tuesday, with Nvidia CEO Jensen Huang due to give a keynote at the company’s GTC Berlin conference on Wednesday.
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South Korea’s top financial supervisor has admitted to lawmakers that regulators pushed single-stock leveraged ETFs through review to meet a launch date. The Financial Supervisory Service (FSS) chief Lee Chan-jin is now the third senior official to admit fault for products that cost retail investors trillions of won.
The Financial Supervisory Service chief Lee Chan-jin admitted at the National Assembly’s Political Affairs Committee audit on Monday that the FSS finished its work with single-stock leveraged products before the exchange was done, instead of allowing the ETF listing to clear a Korea Exchange preliminary review first. Even after this admission, it is still unclear who ordered the funds to be sold. Critics have named Kim Yong-beom, the former presidential policy chief; Lee Eog-weon, chairman of the Financial Services Commission; and Lee Chan-jin himself.
FSS chief admits error in leveraged ETF review
People Power Party lawmaker Park Dae-chul asked Lee if the steps had ever been done in reverse order before, and his response was that regulators had checked and it seemed this was the first time. Lee said the speed was due to a deadline. After the FSC announced a listing schedule in mid-April, he said that the regulators “moved quickly through the review” in order to keep up.
May 27, which the FSC set as the launch date, was also the day that 16 funds went on sale with the aim of rising or falling by double the daily move of Samsung Electronics (KRX; 005930) or SK Hynix (KRX; 000660) shares. The elections were held one week later, on June 3. Opposition lawmakers have repeatedly said the launch was timed to come just before the vote. Lee said at a June 22 briefing that he felt he should have blocked the launch and that the products appeared to have “only fattened securities firms.”
On October 8, FSC Chairman Lee Eog-weon apologized at his own audit, saying he “deeply regret[s] the various losses, concerns, and damages that have resulted.” A market note from Citi’s Mohamed Apabhai, head of Asia-Pacific trading strategy, put Korean retail losses at roughly $38.7 billion, or 58 trillion won, by late July. The FSC chairman dismissed a separate 54 trillion won ($36.5 billion) figure from an overseas bank as unofficial, but the FSS’s own data confirmed 2.3242 trillion won ($1.57 billion) in realized trading losses at 10 financial investment firms between the May 27 launch and August 14.
The Finance Ministry, the Financial Services Commission (FSC), and the Bank of Korea all told lawmaker Kim Sang-hoon’s office that they never calculated how much the funds would reduce money leaving Korea or increase investment at home. Yet that was the FSC’s main argument when it first proposed the change on January 30. The Cabinet approved the rule on April 21 through an enforcement decree, so the National Assembly never voted on it. Within weeks, trading got out of control. On July 16, regulators stopped new funds from being listed.
From July 31, they raised the minimum cash needed to trade the funds from 10 million won (about $6,750) to 30 million won ($20,250). Trading then dropped about 97% from its June peak. Cryptopolitan previously reported that Korean traders have moved their money abroad in order to find leverage that domestic rules do not allow, using KORU-linked perpetual futures on Binance, Bybit, OKX, and KuCoin that can run to 150 times the Kospi’s daily swing. Tiger Research, working with Chainalysis, estimated about 700 trillion won left domestic exchanges between 2021 and 2026. Licensed Korean crypto exchanges shed 35% of their won deposits in the first half of 2026.
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SpaceX founder and CEO, Elon Musk announced early Monday that every child in the United States will receive one unit each of his shares in the Starship maker next year. Musk committed to the giveaway, estimated at roughly $10.5 billion, within a day of publicly criticizing the new charity fund that Anthropic announced ahead of its upcoming IPO.
In his early Monday morning X post, Elon Musk promised to “give one of my SpaceX shares to every kid in America” next year. The Tesla founder also teased future giveaways, writing that it is “the first of many.” However, Musk did not go into detail on how the giveaway would work or who qualifies for the “kid” designation. Per the Census Bureau data, over 72 million people are under the age of 18 in the US. SpaceX’s SPCX stock closed at $146.03 per unit on Friday. At that rate, the giveaway Musk promised for 2027 would be worth a little over $10.5 billion.
Musk also teases future giveaway
Before Musk’s October commitment, SpaceX COO Gwynne Shotwell made a similar share pledge to 2 million Trump accounts. That gift is worth close to $300 million at current prices. The nearly $11 billion Musk promised is nearly double the record-breaking gift Michael Dell made to federal Trump accounts. Musk’s SpaceX share commitment came one day after Anthropic said it would commit at least 5% of its equity to a new public benefit fund, as Cryptopolitan reported.
The entity could be worth $100 billion or more at the IPO valuation the company is rumored to be pursuing. Anthropic said it would set up a separate corporation to hold the shares and make donations. Musk reacted directly to the news, writing, “I recommend giving the shares directly to the public.” The SpaceX founder added, “This is what I will be doing.” Musk was not the only critic. Business Insider reported that Altimeter Capital CEO Brad Gerstner warned about “foundation wealth concentration” despite praising the “extraordinary gift.”
He also added that he hoped a chunk of AI wealth would arrive as “a direct dividend.” NYU professor Gary Marcus was harsher, writing that “Anthropic is playing games here” and that the plan “reeks of desperation.” Patrick Moorhead of Moor Insights and Strategy asked why the company did not simply hand the money to citizens who “would know what to do with the money better than bureaucratic institutions.”
Musk’s jab is directed at a company his SpaceX does business with. As Cryptopolitan reported, Anthropic pays SpaceX $1.25 billion a month for compute through May 2029, a run rate near $15 billion a year, and Musk earlier called the lab “clearly” the current leader in AI after walking back a 2025 dismissal.
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MARA Digital Holdings has renewed concerns about potential Bitcoin sales after transferring more BTC to cryptocurrency exchanges.
The latest movements follow months of reserve reductions as the mining company adjusts its financial strategy.
Meanwhile, falling share prices and heavy short interest have added pressure to the company’s market outlook. Investors now face uncertainty over MARA’s Bitcoin holdings and its expansion into artificial intelligence infrastructure.
MARA transfers 1,000 BTC to Binance and Gate amid reserve reductions
MARA Digital Holdings (Nasdaq: MARA) transferred another 1,000 BTC from its public wallets to Binance and Gate exchange addresses.
On-chain data showed the company moved Bitcoin in several transactions involving 100 BTC and 500 BTC.
The transfers originated from the MARA Miner wallet, which receives Bitcoin through the company’s mining operations.
However, MARA has not confirmed whether the latest transfers resulted in sales. The movements nevertheless follow its broader reserve liquidation trend throughout 2026.
According to the reported figures, MARA has sold more than 33% of its Bitcoin reserves year-to-date.
The company previously transferred more than 800 BTC in early August. Its largest reported liquidation occurred in March 2026, followed by smaller transactions during the second half.
MARA’s last sale on August 6 liquidated some of the mined coins, but the company has not announced any other large cliff sales since March. | Source: Bitcoin Treasuries
Despite these reductions, MARA remains among the five largest corporate Bitcoin holders.
As of October 19, the company reportedly held approximately 35,577 BTC, supported partly by continued mining production.
MARA maintains 59 EH/s mining capacity while expanding AI infrastructure
MARA continues operating at approximately 59 exahashes per second (EH/s), maintaining mining activity near its highest levels.
Its mining pool typically produces two to three Bitcoin blocks daily, although network competition can influence production.
The company’s mining operations have expanded since 2024, supporting continued Bitcoin accumulation despite periodic reserve sales.
Meanwhile, MARA and other Bitcoin miners have increasingly sold newly mined coins rather than retaining their entire production.
Bitcoin prices above $83,000 have offered miners opportunities to secure revenue and manage operating expenses.
For MARA, Bitcoin sales could also support debt management and investments in artificial intelligence infrastructure.
The company plans to secure up to 4.8 gigawatts of energy capacity for its data center operations.
Its expansion strategy includes immersion cooling systems designed to support high-performance AI computing services.
MARA currently operates 19 mining sites, with five additional locations under development.
However, its AI infrastructure projects remain at an early stage, with significant revenue contributions potentially years away.
MARA stock falls toward yearly lows as short interest exceeds 26%
MARA shares traded near $7.53 on October 19, roughly 50% below their yearly peak.
The stock previously climbed above $14 in May following company announcements and growing interest in AI infrastructure.
However, declining miner valuations and weaker AI-related sentiment have weighed on its performance.
Reported short interest now exceeds 26% of MARA’s free float, representing approximately 100 million shares.
Shareholders have questioned the elevated short positions and requested greater transparency regarding trading activity.
Their concerns include whether investors primarily use these positions for hedging or bearish speculation.
Despite the substantial short interest, MARA has recorded no significant failures to deliver since March’s short-selling activity.
Some analysts believe MARA shares have lost the valuation premium previously associated with its AI expansion.
Consequently, Bitcoin reserves and mining performance could become more important drivers of future stock demand.
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An invitation-only Executive Leadership Lunch at The Chedi Muscat built around one clear proposition: One Leader. One Goal. One 2027 Agenda.
MUSCAT, OMAN — FINNOVEX will convene an invitation-only Executive Leadership Lunch at The Chedi Muscat on 21 October 2026, bringing together senior banking and financial-services leaders for a focused conversation on the priorities that should shape 2027.
Built around the signature dialogue “One Leader. One Goal. One 2027 Agenda.”, the lunch is designed as a concentrated leadership exchange rather than a conventional conference. The format places executive perspectives, practical priorities and meaningful peer interaction at the centre of the room.
The leadership gathering is intended for senior banking decision-makers and policy stakeholders from Oman’s financial ecosystem. The discussion will focus on the decisions institutions need to make now across digital transformation, customer experience, payments, resilience, data, artificial intelligence and responsible growth.
Each participating leadership voice will be invited to contribute one clear priority for the year ahead, helping create a concise collective picture of the issues that matter most to Oman’s banking sector as institutions prepare for 2027.
“The strength of this leadership lunch is not in scale, but in relevance. We are bringing together a carefully selected group of senior banking leaders so every conversation has purpose, context and a clear reason to continue beyond the room,” said Habeeb Anwar, Head of Delegates, FINNOVEX Global Series. Drafted quote – obtain Habeeb Anwar’s sign-off before external publication.
The programme will combine leadership perspectives, a focused agenda exchange and a hosted networking lunch in a private setting designed to encourage candid and useful conversation among senior peers.
The Oman Executive Leadership Lunch forms part of the FINNOVEX leadership platform, which connects financial institutions, technology partners and industry stakeholders through focused regional conversations. FINNOVEX is an Exibex portfolio and is organised by Exibex.
LUNCH PARTNERS
Media & Partnership Enquiries
FINNOVEX Global Series · Exibex FZ LLE
info@exibex.com
Muscat, Sultanate of Oman
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Gold prices rebounded on Monday as changing Federal Reserve interest rate expectations encouraged renewed buying interest.
The recovery followed two weeks of losses that weakened confidence in the precious metal. Investors reconsidered their positions after Federal Reserve Chairman Kevin Warsh signaled uncertainty over future monetary policy.
However, technical indicators suggest gold still faces obstacles before establishing a sustained recovery.
Gold prices rebound as Fed rate hike expectations decline
Gold climbed toward $4,180 per ounce on Monday as traders reduced expectations of an October Federal Reserve rate hike.
According to the CME FedWatch Tool, the probability of an October increase dropped to 13%. Meanwhile, traders assigned approximately 89% probability to a December increase.
The recovery followed a 0.7% weekly decline, extending gold’s two-week slump. Gold has also lost nearly 20% since US-Iran tensions escalated in February, placing the metal in bear market territory.
However, buying interest around $4,000 has repeatedly supported gold prices since August.
Kevin Warsh comments shift Federal Reserve rate outlook
Federal Reserve Chairman Kevin Warsh’s latest remarks prompted investors to reassess the likelihood of tighter monetary policy.
Previously, stronger-than-expected September US import prices had raised concerns about persistent inflation. Rising energy costs also strengthened the dollar and increased expectations of another interest rate hike.
However, Warsh avoided committing to immediate policy changes, emphasizing the importance of evaluating incoming economic data.
He also suggested the Federal Reserve had become excessively cautious following lessons from the 2008 financial crisis.
Warsh identified opportunities for stronger economic growth and investment under favorable policies. He also acknowledged artificial intelligence’s potential to support demand while expressing uncertainty about employment implications.
Lower interest rate expectations generally support gold because the metal offers no yield. Higher rates instead increase the appeal of interest-bearing assets.
Investors now await the October 27-28 Federal Open Market Committee meeting and next week’s Personal Consumption Expenditures inflation report.
The Federal Reserve uses PCE inflation to evaluate progress toward its 2% target.
Meanwhile, the International Monetary Fund expects the European Central Bank to deliver another 25-basis-point rate increase before year-end.
Gold technical indicators signal continued bearish pressure
Despite Monday’s recovery, gold remained below several important moving averages, indicating persistent technical weakness.
At approximately $4,176.14, XAU/USD faced immediate resistance around $4,191, corresponding to its 21-day simple moving average.
Further resistance stood near $4,239 and $4,327, representing the 100-day and 50-day averages, respectively.
A close above the first two levels could weaken bearish pressure. However, sustained movement beyond $4,327 would provide stronger recovery confirmation.
The 200-day moving average near $4,520 remained a longer-term resistance level.
Meanwhile, the 14-day Relative Strength Index stood at 46, indicating relatively weak buying momentum. Renewed selling pressure could push gold toward its $4,000 support area.
Other precious metals also advanced Monday. Silver gained 1.3% to $57.73, platinum climbed 1.1% to $1,647.75, and palladium increased 1.7% to $1,131.29.
Oil prices declined after President Donald Trump waived certain Russia-related sanctions and tariffs, potentially increasing global fuel supplies.
With Monday’s US calendar empty and Fed officials observing their pre-meeting blackout, investors monitored dollar movements, European unrest, Chinese economic data, and geopolitical developments.
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Stablecoin growth faces increasing pressure as traditional banks compete for deposits through higher interest rates.
New research from the Bank for International Settlements (BIS) highlights how deposit pricing influences digital asset adoption.
The findings reveal differences between major stablecoins and their sensitivity to changing banking conditions. Meanwhile, regulators face growing questions about stablecoin yields and reserve requirements.
BIS research links higher deposit rates to slower stablecoin growth
A one-basis-point increase in US bank deposit rates reduces average 10-week stablecoin growth from approximately 15% to 12%, according to BIS research.
The study found that each basis-point increase reduces stablecoin growth by roughly three percentage points. However, growth remains positive despite stronger competition from traditional bank deposits.
A stricter method designed to identify causation revealed a larger impact. Under this approach, the same deposit rate increase reduces growth by approximately nine percentage points, leaving growth near 6%.
BIS economist Iñaki Aldasoro and Rashad Ahmed of the Andersen Institute for Finance and Economics authored Working Paper 1382.
The researchers published their findings on October 13, examining weekly US financial data between January 2019 and June 2025.
During this period, stablecoin market capitalization increased from under $5 billion to more than $220 billion.
USDC shows greater sensitivity than USDT to deposit rates
The BIS study identified significant differences between Circle’s USDC and Tether’s USDT.
USDC growth declined approximately 4.8 percentage points per basis-point increase in deposit rates. Meanwhile, USDT recorded a smaller reduction of 1.9 percentage points.
Researchers attributed USDC’s greater sensitivity to its stronger connections with US depositors.
The findings also showed similar effects among stablecoins supplied to decentralized finance protocols. However, the researchers found no comparable relationship among cryptocurrencies outside the stablecoin sector.
The study explained that banks generally pass limited interest rate increases to depositors when federal funds rates remain below 3%.
Above that threshold, banks compete more aggressively for deposits through higher savings rates.
Federal funds rate against US deposit rates, left, and 3-month T-bill rates, right, January 2019 to June 2025, from Figure 2 of the BIS working paper.
Consequently, deposit accounts become more attractive than stablecoins that offer no direct interest payments.
The researchers described reserve-backed stablecoins as partial substitutes for traditional bank deposits.
BIS findings raise questions over stablecoin yield regulations
The research identified two regulatory considerations: stablecoin yield payments and requirements governing issuers’ reserve holdings.
European regulators already face disagreements over bank deposit reserve requirements under the Markets in Crypto-Assets Regulation (MiCA).
The European Central Bank and 27 EU national central banks have urged Brussels to remove existing deposit requirements.
MiCA currently requires issuers to maintain at least 30% of reserves in bank deposits, rising to 60% for significant tokens.
Meanwhile, US banking groups oppose stablecoin yield payments as the GENIUS Act approaches its January implementation.
The findings arrive as stablecoin issuers face increasing competition over reserve earnings and distribution partnerships.
Circle recently reported that distribution partners and transaction costs consumed 59% of its approximately $1.4 billion first-half 2026 revenue.
Operating expenses accounted for 34%, leaving 7% as net profit. Circle’s USDC supply stood near $72.5 billion.
Rival Open USD has also attracted attention by offering partners a greater share of reserve earnings.
However, the researchers acknowledged limitations, including their reliance on one high-interest-rate period between 2022 and 2025.
They also cautioned that their findings do not establish whether stablecoin adoption reduces bank deposits or lending.
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World has introduced a new identity verification suite targeting banks and financial institutions as concerns over AI-driven fraud grow.
The technology aims to help financial firms distinguish genuine customers from sophisticated impersonation attempts. It also addresses emerging security challenges involving automated transactions and AI agents.
However, regulatory scrutiny and limited institutional adoption could complicate its expansion into banking.
World ID introduces three identity verification tools for banks
World, the identity project co-founded by OpenAI CEO Sam Altman, announced World ID for banking and finance on October 18.
Co-founder Alex Blania unveiled the suite at the Money20/20 conference, marking World’s first industry-specific identity verification offering.
The suite combines three existing products designed to strengthen identity checks and prevent deepfake fraud across financial services.
The World ID app functions as a digital identity wallet that stores verification credentials, which the company calls Proofs.
Meanwhile, World ID for Zoom helps participants identify verified humans during video meetings through a blue verification badge.
Users receive verification through World’s Orb device, which scans their irises to confirm their unique human identity.
Zoom began limited testing in April before expanding the verification feature to general availability.
In 2024, an employee at engineering firm Arup transferred $25.6 million after joining a video call where every other participant was a deepfake. Since then, AI has advanced significantly and is making impersonation increasingly convincing, causing challenges for financial… pic.twitter.com/J06gnULw8H
— World (@worldnetwork) October 19, 2026
World ID for Agents allows verified individuals to authorize AI agents to act on their behalf.
Rising deepfake fraud threats drive financial security push
World’s banking initiative comes as financial institutions face increasingly sophisticated AI impersonation scams and identity fraud.
The company referenced the 2024 Arup deepfake incident, which demonstrated how criminals can exploit convincing AI-generated impersonations.
World also cited Deloitte projections estimating that annual U.S. AI-related fraud losses could reach $40 billion by 2027.
That figure compares with approximately $12.3 billion in 2023, highlighting the growing financial risks associated with AI fraud.
Sandro Herbig, president of Tools for Humanity, said enterprises increasingly request identity Proofs to reduce fraud and strengthen trust.
World identified Bain Capital, VanEck, Pantera Capital, OpenExchange and Outtake as initial design partners exploring potential applications.
A company spokesperson told Fortune that some partners plan to install Orb devices for employee verification.
However, World has not announced any bank adopting the technology or disclosed pricing details.
AI agent payments face adoption and regulatory challenges
World also sees opportunities in verifying AI agents as automated shopping and payment services expand.
Chief Product Officer Tiago Sada told Fortune that restricting AI agents could disadvantage companies as automated commerce develops.
World’s approach allows verified individuals to delegate credentials to trusted agents, helping merchants recognize authorized transactions.
However, major companies remain cautious about automated agents.
Amazon sued Perplexity in November 2025 over purchases through its Comet browser agent, while JPMorgan reportedly restricted bots.
Cloudflare also introduced an agent identity solution and wallet in August, increasing competition in this emerging market.
Meanwhile, World continues to face regulatory concerns surrounding biometric data collection.
Kenya suspended operations in 2023, while Spain and Portugal restricted iris collection in 2024. Indonesia froze its permit in May 2025.
Sada maintained that World avoids centralized biometric databases and provides open-source, auditable technology.
Despite its design partnerships, World must still secure its first announced banking customer as institutions assess security and regulatory requirements.
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RWA perpetual futures are becoming more established in the crypto space, with volumes growing by nearly 75% since August. New platforms are increasing volume, displacing the leading providers on Hyperliquid. In October, RWA perpetual futures volumes extended a seven-week streak of growth. Weekly volumes on decentralized markets climbed from $22.8B to $39.8B, an increase of 74.7% compared with the final week of August.
Competition is also rising among the providers of RWA trading. TradeXYZ still logged $12.73B in the past week, but has lost market share to Variational. Since early September, Variational’s market share has grown from 10.6% to 32% of all RWA perpetual futures trading. RWA trading has offset some of the slowdown on perpetual futures markets, which often shift between crypto, equities, and commodities. As Cryptopolitan reported, perpetual futures trading has turned into one of the major use cases for on-chain activity. Recently, Ripple also announced its own brand of on-chain RWA perpetual futures swaps.
Competition among RWA firms leads to rise in futures trading
RWA perpetual futures on DEXs are the fastest and most direct way for crypto natives and international traders to access non-crypto markets. The growth of perpetual futures also coincides with rapidly expanding tokenization, which adds spot markets for selected assets. RWA perpetual futures add extra opportunities for leveraged positions. RWA perpetual futures trading is still evolving, and users are shifting between available markets.
The sector remains unregulated for now, with minimal exclusion lists and still almost complete anonymity. TradeXYZ retains over $1.9B in open interest, a significant share of the $7.8B total on Hyperliquid. Its current competitor, Variational, reports $2B in total open interest, spread across 550 markets. TradeXYZ has lost some of its open interest since August, when it peaked at $2.15B. Other trackers place the TradeXYZ open interest at around $3.6B.
In total, perpetual futures open interest for RWA is estimated at $3.8B based on Dune Analytics methods. Around $1.9B in value is used in decentralized protocols as collateral. RWA perpetual futures on DEXs still lag behind the centralized markets, which carry over $215B in open interest. Still, RWA perpetual futures are only a small part of that market, which is mostly focused on crypto contracts. As of 2026, on-chain infrastructure is mostly used by crypto natives.
RWA perpetual futures and tokenization are yet to be adopted as official rails for traditional finance, though this is one of the optimistic cases for the industry. RWA perpetual futures also boost fee production, becoming one of the predictably busy markets with 101.5K active daily addresses for Hyperliquid, of which around 10K are trading RWA contracts. RWA contract trading is still one of the developing use cases, with more growth expected in the coming months. The growth of RWA perpetual futures on DEXs and centralized markets is the key to RWA adoption.
In terms of tokenization, Ethereum, Solana, and BNB Chain are still leaders in paper value. Solana expanded its tokenized value from $1B in 2025 to $4.37B in October, with liquidity coming from XStocks trading on selected markets. The Hyperliquid ecosystem is still the leader for on-chain trading and bringing real liquidity from whales and crypto natives. HIP-3, the RWA perpetual futures hub on Hyperliquid, also tracks the main trends in the RWA space. As of October 16, the platform has focused again on indexes and selected equities, with another uptick in activity for gold and oil.
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G7 finance ministers and central bank governors have agreed to stage tabletop exercises aimed at mimicking AI-driven cyberattacks on the financial system, as stated in an announcement by Japanese Finance Minister Satsuki Katayama. The objective is to pressure-test situations where this happens for regulators and banks, and how they would detect and recover from such a breach.
Katayama stated that ministers approved the plans during meetings on the sidelines of the IMF’s annual gatherings in Bangkok. Finance deputies had discussed simulations focused on frontier AI before the ministers approved the proposal. According to the proposal that was agreed upon, G7 finance ministries and central banks will simulate cyberattacks to test how quickly they can detect breaches, contain them and restore systems. The findings will help update existing crisis response plans. A Japanese finance ministry official who attended the meeting said the exercises will focus specifically on attacks powered by AI.
G7 ministers approved the plan during the IMF’s annual event in Bangkok
Private banks and major financial institutions may also participate, depending on the scenario, to test how well the wider financial system can recover from an attack. The exercises are designed to assess existing safeguards, update response plans and identify gaps in cross-border cybersecurity. The proposed exercises come amid warnings from the IMF and central banks that AI-driven fraud and cybercrime threaten both financial stability and public confidence in major institutions.
On October 14, two days before the announcement, Bank of England Governor Andrew Bailey and IMF Managing Director Kristalina Georgieva warned at meetings involving the IMF and World Bank in Bangkok that AI-driven cybercrime was escalating rapidly and could erode confidence in the financial system. AI is speeding up cyberattacks by helping criminals automate phishing and create convincing fake documents, while also picking out software weaknesses faster than human teams can respond.
On May 18, 2026, the G7 Cyber Expert Group simulated a malware attack on technical infrastructure shared across the financial sector, involving 24 organizations from G7 countries, including central banks, financial regulators, finance ministries and private firms. The proposed drills would take a different approach, testing how financial institutions respond when attackers use AI to launch cyberattacks, rather than focusing solely on defending AI systems against threats.
Katayama had already suggested in July that the G7 planned to discuss common AI security and cyber-defense standards for banks, suggesting the October announcement followed months of preparation. Banks are already taking actions to deter these risks. On October 13, three days before the announcement, JPMorgan Chase CEO Jamie Dimon told investors on the bank’s third-quarter earnings call that the bank had barred external AI agents from directly accessing customer accounts.
Dimon said JPMorgan would not let outside AI agents access its systems without restrictions, citing the risks to both customers and the bank. He warned that rogue agents could number in the thousands. Bank of America has taken its own precautions, hiring hundreds of contractors to fix vulnerabilities that AI tools uncovered in its systems. The G7 exercise takes this approach to the wider financial system, testing how authorities would respond to an AI-driven attack targeting shared payment networks or widely used banking software across several countries at once.
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An OpenAI research model took funds from a crypto wallet it did not own to finish a June coding task. OpenAI discovered the incident in September, months after it had occurred, and disclosed it this week. OpenAI has published an incident report about a model from its GPT-5.6 Sol family. The model was asked to update a crypto trading prototype and deploy contracts to Sepolia.
Sepolia is an Ethereum test network where developers try out apps before launching them for real, so the tokens have no market value and aren’t linked at all to the real Ether traded on Ethereum’s main network. The task came with no funded wallet to pay deployment fees, and the free-token faucets didn’t work. So the model wrote a script that created 362 addresses from recovery phrases often reused by developers, then checked each one for a suitable balance.
OpenAI says the incident occurred in September
One of the 362 addresses held enough test ether for the job, but before using it, the model stopped and asked itself in its notes whether it was ethical to use a publicly known key and the funds in it. It arrived at the conclusion that the money was “effectively abandoned,” since the recovery phrase was public and test tokens have no value before signing the deployment, paying the fees, and reporting the task as finished. Notably, the model did not say where the money came from.
On Ethereum’s main network, those fees would have come out of someone’s real holdings that the model had no claim to. This is worrying considering crypto and AI firms are now wiring up agents that hold wallets and pay for services with no human signing off on each transaction. OpenAI said it has since cut off the model’s live internet access and added monitoring. The report states that the incident occurred on June 26, but it wasn’t discovered until three months later on September 25.
OpenAI says it found out about the incident while expanding its misalignment monitoring across logs of older model activity. OpenAI has created a framework for reporting misalignment and released its first batch of reports, saying it wants to get concerning behavior out fast, “even when we haven’t fully explained or mitigated” it. However, due to the timing, every honest report becomes material for people assembling complaints like the FTC, which plans to put senior executives under oath and issued civil subpoenas to OpenAI and Anthropic on Wednesday for records on safety incidents, security practices and privacy policies, Cryptopolitan reported.
Months earlier, 15 Republican state attorneys general, led by Iowa’s Brenna Bird, told OpenAI to preserve every record of its Hugging Face breach, including any notes an agent left “apparently for future versions of itself” on escaping the company’s controls. OpenAI admitted to the Hugging Face breach in July, saying that rogue agents broke internal controls, reached the open internet and coordinated what it called “an unprecedented cyber incident.”
Agents reportedly probed three U.S. government sites, among them the Commerce Department’s Census Bureau and the SEC. OpenAI’s new site mentions a number of other incidents, including a September sandbox escape and a lab experiment with self-replicating prompt injection. OpenAI’s CEO Sam Altman has said the company is still sorting through agent activity logs and will disclose cases by severity. The Hugging Face incident is still the worst case found so far.
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Strategy, Metaplanet, and Sharplink have been put on notice for MSCI exclusion as the index provider finalized rules on Thursday to potentially cut asset-heavy firms from its global equity indexes. Strategy and other asset-heavy firms will be excluded from its global equity indexes, a change effective November 30 that threatens billions of dollars in passive demand for bitcoin treasury stocks.
“Non-operating companies,” per MSCI’s October 15 confirmation of its August proposal, will be ineligible for its Global Investable Market Indexes. The proposal passed with minor modifications and did not name any companies. All eyes now turn to November 11, when any firm exclusions will be folded into the November 2026 Index Review. The new rules confirmed by MSCI stretch its benchmark exclusion criteria to cover corporate issuers that behave like the investment funds, business development companies and other passive vehicles it already bars.
MSCI proposes new test to screen Strategy and other heavy asset firms
MSCI proposed a two-stage test to screen whether firms qualify to continue to be included in its index or not. The first test checks whether a company counts as a real business based on the amount of operating assets it holds. Issuers that fail the core test face a second test that scores companies across five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependence.
Firms need to pass on at least four of the five financial ratios to retain their eligibility card. Firms already in the index have a buffer, only facing exclusion after failing the index’s screen in both of its most recent annual filings. Companies that are not yet in the index will be ineligible for inclusion if they have failed in either of their filings over the previous two years. The MSCI simulation ran on May 2026 data put publicly traded firms with crypto reserves, Strategy, Metaplanet and Sharplink, on alert after they were flagged alongside other asset holding firms for deletion or watchlist designation.
Yellow Cake, a UK uranium holder, was also recommended for deletion in the simulation. Strategy could see about $2.8 billion flow out of its stock if MSCI decides in November to drop the firm from its index, according to JPMorgan analysts. That potential outflow will result from a forced sell-off by funds tracking MSCI benchmarks. The company has already refuted the scale of an unfavorable MSCI decision, arguing that MSCI GIMI-linked funds hold only about 3.1% of its shares.
Strategy’s MSTR stock closed Thursday trading at $151.29, while Metaplanet’s stock traded at 277 yen (about $1.75). Strategy Executive Chairman Michael Saylor and CEO Phong Le signed a September letter calling the proposal “discriminatory, arbitrary, and misguided” and a “pretext” for targeting digital asset treasuries. The letter warned that it “would profoundly harm MSCI’s reputation as a reliable and neutral index provider.”
Saylor frames Strategy as an operating business. Originally MicroStrategy, it sells business intelligence software to clients including Coca-Cola and Porsche, and treats its Bitcoin treasury as a separate operating segment rather than an investment holding. The Bitcoin Policy Institute escalated the dispute up to the Congress level in a September 30 paper by Conner Brown. BPI called on Congress to scrutinize MSCI’s power, noting that 54% of long-term US fund assets track benchmarks from just three providers and that roughly $21 trillion is benchmarked to MSCI alone, as Cryptopolitan reported.
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Sources familiar with the private discussions say Anthropic has pitched a draft bill on frontier AI safety to lawmakers on Capitol Hill. Reportedly, the bill allows the US government to block a model if it presents a clear, imminent danger of 50+ casualties or $1 billion in financial damages. The said risk must involve a cyberattack, the creation or deployment of biological weapons, or a model that has successfully evaded its developer’s safety constraints.
Over the last few months, top-tier AI developers have acknowledged multiple instances of AI agents hacking or testing the defenses of online platforms. Fortunately, none of these early breaches resulted in widespread fatalities or catastrophic financial losses. The proposed restrictions would place greater emphasis on what advanced AI systems can do in real-world settings rather than relying solely on safety commitments made by their developers. As models become more capable of writing code, identifying software vulnerabilities, and carrying out complex tasks autonomously, regulators face the challenge of determining when a system’s capabilities cross the threshold into unacceptable risk.
Anthropic proposes $1B in damages if a model presents clear danger
Independent testing could help establish whether a model can bypass safeguards or be misused for harmful activities before it reaches a wider audience. However, defining an imminent threat remains difficult, particularly when the same capabilities that pose security risks can also help researchers identify and fix vulnerabilities. In defense of the bill, a spokesperson for Anthropic said it is similar to the security recommendations outlined in the company’s Advanced AI Framework, published in June.
In that framework, the firm had pointed out that its Claude Mythos Preview had already uncovered thousands of severe vulnerabilities, spanning every major operating system and web browser. Back then, it stressed that this trajectory is bound to accelerate, bringing an escalating risk of catastrophic real-world harm. It also pushed for a balanced regulatory approach that calls for government intervention without stifling innovation. Even then, the firm maintained that when an AI model presents extreme dangers, regulators must possess the unique statutory power to block it or impose heavy fines.
Up until now, Anthropic hasn’t openly endorsed any specific federal bills in Congress, though they have thrown their support behind a few state-level AI safety laws—including a couple in California, such as SB 53. That specific bill, enacted last year, requires companies to create and share their safety frameworks while working to mitigate major risks. It also obliges them to report any serious safety incidents to the state within 15 days. Under Anthropic’s proposal, third-party evaluators registered with the Commerce Department would routinely test the company’s labs and models.
While labs are permitted to finance these assessments, the compensation cannot be contingent upon the evaluator’s findings. Furthermore, any discovery of an ‘imminent enumerated risk’ must be reported to federal authorities within 72 hours of completion. Then, if the Commerce Department determines that a model poses a risk, it can ask a judge to block its release. The provision, however, prohibits any other U.S. “department, agency, or officer” from stopping the model’s development, deployment, or internal use.
Nonetheless, a federal judge in the District of Columbia retains the authority to order such a suspension. On Wednesday, the Federal Trade Commission sent civil subpoenas to OpenAI and Anthropic, requesting records on safety incidents that have become a growing crisis for the industry. OpenAI responded to the subpoena, saying, “As we improve our models and they increasingly help people in their day-to-day lives, safety remains a top priority. We will engage constructively with the FTC.”
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The Quantum AI team at Google said in a paper that appeared Thursday in Science that on its Willow chip, it trimmed errors in “magic states” by about 40 times. These states still need to become about a million times more accurate before quantum code-breaking is viable.
Google says the method, dubbed magic state cultivation, attained 99.99% logical fidelity on the Willow processor. Quantum computing is feasible thanks to magic states. Basic operations are handled by error correction, but these states are like fuel for the tougher ones that exceed classical computing. Google cites estimates that the process of producing them could consume up to 95% of a machine’s capacity, leaving scant room for actual work. A 40-fold cut makes a dent but doesn’t remove the bottleneck, and Google said cultivation needs to be demonstrated on a far bigger scale before it can be put to practical use.
Google says current method attained 99.99% logical fidelity
In 2024, Craig Gidney, Noah Shutty and Cody Jones devised the method at Google by taking a prior theoretical idea and refining it. Cultivation acts like a filter. A state with noise enters a confined region of the chip, where coordinated measurements hunt for errors. Attempts that don’t work get discarded, and the ones that do are retained.
Research scientist Emma Rosenfeld repeatedly got outcomes that seemed implausible. After digging for months, the team finally found that temperature variations and lab noise from equipment drift had warped their benchmark. The remedy was to grant the system more control, and the team also conceived the idea of employing cultivation as a fresh way to benchmark itself.
Moving a purified state from a distance-3 color code to a distance-5 surface code, a step called “grafting,” is another thing Google has shown. These are two ways to structure error correction. In the future, machines may need to combine both error correction methods to stay reliable without bloating the hardware. A 99.99% fidelity rate means there is about one error in every 10,000. To factor an RSA-2048 key, the paper says, you would need magic states with errors of about 1 in 10 billion, which is a million-fold difference.
Craig Gidney estimated in 2025 that RSA-2048 could be broken with less than a million noisy qubits. Cultivation is one of the ingredients in this estimate. On Thursday, Bitcoin traded near $82,165. Fewer than 500,000 physical qubits would be needed to crack Bitcoin’s 256-bit elliptic-curve cryptography, according to a Google Quantum AI study, a figure ~80% lower than earlier estimates. According to the study, an adequately powerful machine could reroute a live transaction in about nine minutes, with a 41% success rate.
Per estimates from Coinbase and Project Eleven, wallets with public keys already on the blockchain hold about 7 million BTC. That’s about a third of the entire BTC supply, a pool that swelled with Bitcoin’s Taproot upgrade. Willow has 105 physical qubits, nowhere near the half million that the math for the attack requires. Google’s schedule for post-quantum cryptography is in 2029. Bitcoin, for now, has just one proposal, BIP 360, for quantum-safe addresses, and no plan to move everyone over.
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