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phi

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first_img Cryptocurrency research institution Delphi Digital: Speculation is the theme of this decade, and one should hold clearinghouses

On October 20, 2026, Jason Pagoulatos, a macro and market author at the cryptocurrency research institution Delphi Digital, released a report titled "The House Always Wins: Why Speculation is the Theme of This Decade." Pagoulatos stated that speculation has two long-term engines: constructive and lottery-like. Technological changes open the former, while fiscal and political pressures open the latter; historically, many famous bubbles have been driven by one or the other. Today, both are operating at high speed simultaneously, and the same batch of technologies is feeding both. He thus considers speculation itself as an investable theme, advocating for holding places for liquidation bets rather than holding the bets themselves.The data cited in the report includes that the U.S. federal deficit for fiscal year 2025 is $1.8 trillion, about 5.8% of GDP, with net interest around $1 trillion per year, exceeding defense spending. The Harvard Joint Center for Housing Studies states that the national median price for single-family homes in 2024 is 5.0 times the median household income; the National Association of Realtors reports that first-time homebuyers account for 21% of transactions, with a median age of 40. According to the American Gaming Association, legal sports betting amounts have risen from $6.6 billion in 2018 to $166.9 billion in 2025. Capital expenditures for Microsoft, Alphabet, Amazon, and Meta are approximately $416 billion for 2025, with guidance for 2026 totaling about $720 billion to $745 billion, plus Oracle.In terms of venues, Robinhood's event contract revenue for Q2 2026 is $156 million, higher than stock revenue of $129 million and crypto revenue of $100 million during the same period. Hyperliquid's expenses for 2025 are about $972 million, with transactions around $3 trillion. Kalshi reportedly raised funds at a valuation of about $40 billion, and Polymarket is set to relaunch in the U.S. by the end of 2025. The author also mentions that the most likely mistake is to hold inventory of the crowd and call it a casino. The report states that it is for educational and general informational purposes only and is not investment advice; the author may hold Bitcoin, HYPE, HOOD, and LIT, and affiliated party Delphi Ventures may invest in the assets or agreements discussed in the report.

NGRAVE suffers phishing attack: approximately 70 wallets stolen, totaling 2.56 million USD

Digital hardware wallet manufacturer NGRAVE disclosed that attackers hijacked the third-party notification service used by its LIQUID companion app and sent false security alerts to users, resulting in approximately 70 wallet addresses being stolen across 4 blockchains, amounting to about 2.56 million dollars. Among these, the loss in Bitcoin was approximately 1.77 million dollars, XRP about 454,000 dollars, Ethereum assets about 316,000 dollars, and Stellar about 18,000 dollars.The attackers induced users to click on a counterfeit website and enter their 24-word recovery phrase or Perfect Key, subsequently using automated scripts to transfer assets within minutes. NGRAVE stated that the ZERO hardware wallet and private keys were not directly compromised; the victims voluntarily provided their recovery credentials during the phishing process. Unauthorized access may have begun on October 11. After obtaining an access key, the attackers acquired a broader access key and sent false notifications on October 17; NGRAVE detected anomalies about 1 minute after the notifications appeared, but the first wallet was emptied 6 minutes later, and the notification system was shut down that evening.NGRAVE's CEO stated that the company failed to fulfill the most basic security responsibilities of a cryptocurrency security firm and mentioned that affected keys have been replaced, with new dual approval, domain restrictions, and emergency shutdown mechanisms implemented. The company also reminded affected users to create new wallets and contact the support team, as some device information, wallet activity, IP addresses, and approximate locations may have been exposed.

first_img The largest cryptocurrency exchange in the Philippines, Coins.ph, is reportedly facing regulatory action from the central bank

According to two informed sources, the largest cryptocurrency exchange in the Philippines, Coins.ph, is facing punitive actions from the Bangko Sentral ng Pilipinas (BSP). The alleged violations reportedly involve providing services to offshore betting companies, with a severity that could lead to the revocation of the operating license for this 12-year-old company. One source stated that this would trigger an "earthquake" in the Philippine crypto ecosystem.Coins.ph has over 18 million customers and a 24-hour spot trading volume of approximately $50 million, controlling about 75%-80% of the liquidity of pesos and stablecoins in the Philippines. Earlier this month, the BSP reportedly imposed restrictions on deposits made through Coins.ph's main wallet company, DCPay Philippines. Previously, several compliance executives from the exchange left, including Chief Compliance Officer Lexi Herrera, Head of Anti-Money Laundering Transaction Monitoring Chris Beaño, and Money Laundering Reporting Officer Irish Calagui.A year ago, the Bangko Sentral ng Pilipinas restricted the use of e-wallet applications for gambling, requiring regulated entities to cut off access to gambling websites within the apps. Subsequently, several betting entities migrated to Coins.ph. This restriction is not a temporary measure and no reasons have been provided. Coins.ph is one of the earliest crypto wallets and exchanges in the Philippines, acquired by Indonesian tech company Gojek for $95 million in 2019, and later sold to former Binance CFO Wei Zhou. Neither Coins.ph nor the Bangko Sentral ng Pilipinas responded to requests for comment.
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