In recent developments within the cryptocurrency landscape, several significant events have unfolded, including the recovery of stolen funds by NEAR Intents, the closure of Blast’s Ethereum Layer 2 network, and robust inflows into the U.S. Spot Bitcoin ETF.
Recovery of Stolen Funds by NEAR Intents
NEAR Intents has successfully recovered approximately $3.8 million that was stolen during a security incident earlier this week. Reacting promptly, the company identified the perpetrators and issued a 48-hour ultimatum for the return of the funds, advocating for a route of “responsible disclosure.”
General Manager Alex Shevchenko announced on social media that the full amount had been returned, stating, “The $3.8 million in funds from the NEAR Intents hack has been fully returned. We are ceasing our investigation. Please take advantage of our bug bounty instead of suspending service.”
Blast Shuts Down Ethereum Layer 2 Network
In another notable development, Blast has decided to shut down its Ethereum Layer 2 network, citing unsustainable operating costs that have surpassed revenue. The company communicated that there was no viable path to achieve economic sustainability, prompting them to encourage users to migrate their assets to the Ethereum mainnet.
To assist users, Blast will minimize withdrawal delays to 24 hours, although withdrawals will be temporarily suspended while assets associated with Lido are processed—an endeavor expected to take around one week. Users have until October 26 to unsubscribe via the Blast interface, ensuring access to their assets afterwards but necessitating direct interaction with the network’s bridge contract on Ethereum.
Founded by Tieshun “Pacman” Roquerre, Blast launched in 2023, aiming to offer native yields on Ether and stablecoins, which attracted over $2 billion prior to its mainnet introduction in February 2024. However, the decline of the NFT market led to a staggering drop in total DeFi locks, plummeting over 98% from a high of approximately $2.2 billion in June 2024.
Strong Inflows into Bitcoin ETFs Kick Off October
The start of October has been marked by significant net inflows into the U.S. spot Bitcoin exchange-traded fund (ETF), totaling $102.7 million on the first trading day of the month. This upswing follows a robust third quarter, highlighted by net inflows of $6.34 billion overall.
The increase marks a turnaround from the previous day’s outflows of $148.7 million, as reported by SoSoValue data. As a result, the collective net assets for Bitcoin ETFs have now risen to $109.3 billion, contributing to cumulative net inflows of $57.6 billion.
During this positive momentum, Bitcoin’s price also witnessed an uptick, trading around $85,900, a 2.1% increase within 24 hours. This growth reflects a remarkable 42.7% rise in the cryptocurrency throughout the previous quarter.
Meanwhile, the Crypto Fear & Greed Index, as tracked by Alternative.me, decreased from 74 to 72, indicating a continued environment of “greed” among investors.
