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first_img Ripple Prime launched a 24-hour stock swap, HSBC warns of insufficient liquidity

Ripple's brokerage business Ripple Prime (formerly Hidden Road) announced that institutional clients can now trade swap contracts linked to over 100 stocks, commodities, and foreign exchange markets around the clock, using the USD stablecoin RLUSD issued by Ripple as collateral. These swap contracts track perpetual futures listed on the cryptocurrency derivatives exchange Hyperliquid by Trade.xyz, which have no expiration date and can be traded 24/7, allowing funds to build positions in assets like gold while traditional markets are closed. Ripple announced on October 15 that trading company Virtu is already using this service.HSBC's head of digital asset research, Daragh Maher, stated in a report sent to clients on Monday that this launch is "evolution rather than revolution." He wrote that it is a rapidly growing market but still far smaller than the traditional financial markets it tracks, and the product's appeal will be stronger only when the market has sufficient depth, allowing investors to express views and adjust risks while traditional markets are closed. HSBC expects early activity to focus on market makers, proprietary traders, and hedge funds seeking basis trading, rather than institutions looking for strategic hedging.The risks of weekend trading have already become apparent. Last Saturday, approximately $52 million in leveraged chip stock positions were forcibly liquidated within 10 minutes, with the sell-off spreading from Binance to Hyperliquid, while the underlying stocks were not trading, and the contracts lacked new stock market prices for reference. HSBC stated that Ripple's success depends on whether the service is cheaper, simpler, and can better utilize client collateral compared to existing brokers. The new swap business is offered under Ripple Prime's British Virgin Islands license, with plans to expand to more jurisdictions in the future.

first_img Zakura released the experimental P2Pv2, and the testnet is now running in dual stack

Zakura has announced an experimental network layer P2Pv2 for Zcash nodes, intended to replace the old protocol inherited from Bitcoin. This layer combines high-throughput networking, resource control, and a consensus engine tested for properties, allowing developers to add services without permission. Zakura states that approximately 50,000 transactions per second require each full node to continuously receive about 100MB/s of block data, while the 25-second block of NU7 can carry a maximum of 2MB, with existing network throughput differing by more than a thousand times from this rate. Tachyon can reduce the proof after entering the block, but the network still needs to propagate a large number of individual transactions.P2Pv2 replaces the protocol stack from about a decade ago with protocols that can be optimized for latency, throughput, or robustness, allowing a secure connection to carry multiple independent services. The transport layer uses its own zakura-quic, based on quinn-proto, utilizing QUIC and TLS 1.3, and authenticating peers with Ed25519 node identity. Related changes remove the dependency on Iroh, allowing nodes to configure socket buffers, flow control windows, timers, and connection admission before the TLS handshake. The new transport directly connects to peer addresses without using relays, external address lookups, automatic port mapping, or QUIC NAT traversal. Nodes sign identities, addresses, protocol scopes, and service IDs, allowing clients to find peers based on specific services.The independent component zakura-header-chain verifies block headers and retains competing branches in a directed acyclic graph, selecting the best qualified chain. Block synchronization schedules requests based on the delivery rates measured by each peer, and a verified commitment tree is used to skip the reconstruction of Sapling, Orchard, and Ironwood trees for each block. Currently, the Mainnet still defaults to the old P2P stack, while the Testnet and Regtest run dual stacks by default, with the native protocol version being p2p-v2/3. Zakura notes that P2Pv2 still has known denial-of-service risks and has not yet become a hardened trust boundary; production hardening, resource control, and block relay protocols are still in progress.

Data: In the past 24 hours, the entire network experienced liquidations of 222 million USD, primarily from long positions

According to CoinGlass data, the total liquidation amount in the cryptocurrency market in the past 24 hours was 222 million dollars. Among them, long positions accounted for 160 million dollars, and short positions accounted for 61.4383 million dollars, with long positions making up 72.3%. A total of 71,183 people were liquidated.By coin type, BTC had a liquidation of approximately 43.5224 million dollars (long positions 36.3862 million dollars, short positions 7.1362 million dollars). ETH had a liquidation of approximately 36.3222 million dollars (long positions 27.5461 million dollars, short positions 8.7761 million dollars). SOL had a liquidation of approximately 9.1886 million dollars (long positions 7.5828 million dollars, short positions 1.6058 million dollars). ZEC had a liquidation of approximately 8.8026 million dollars (long positions 6.7587 million dollars, short positions 2.0439 million dollars). CL had a liquidation of approximately 7.648 million dollars (long positions 0.117 million dollars, short positions 7.6363 million dollars). SOXL had a liquidation of approximately 6.324 million dollars (long positions 6.2116 million dollars, short positions 0.1124 million dollars). XRP had a liquidation of approximately 4.767 million dollars (long positions 4.5276 million dollars, short positions 0.2394 million dollars). NEAR had a liquidation of approximately 4.2293 million dollars (long positions 3.0669 million dollars, short positions 1.1624 million dollars).

Ledger: Criminal gangs spent millions of dollars to carry out hardware implant attacks, which are part of local distribution channel attacks

Ledger released a report on the investigation of hardware implant attacks, stating that a highly organized criminal gang purchased genuine Ledger devices over several months, disassembled them, and implanted custom hidden components to steal users' recovery phrases when initializing the devices. They then resold the devices through Southeast Asian distributor channels.The attackers invested millions of dollars to build infrastructure for collecting recovery phrases, asset transfers, and money laundering, coordinating actions to transfer victims' assets. Ledger emphasized that this incident was not caused by vulnerabilities in the chip, operating system, or servers, but rather a localized distribution channel attack that occurred after the devices left the company's control. Currently, Ledger has requested authorized distributors and resellers in Southeast Asia and Hong Kong to suspend sales and conduct random checks on inventory and retail channel devices, finding no other tampered devices.Additionally, Ledger has requested authorized distributors not to resell any returned devices, even if the packaging is intact; they have also immediately prohibited displaying products on shelves or in display areas, requiring devices to be stored at the back of the store and delivered upon purchase. The company is working with law enforcement and the security community to track the stolen funds and will disclose more technical details in the future.
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