Hackers Move $1.83B in Stolen LuBian Bitcoin + NHL Partners with Kalshi and Polymarket to Enter Prediction Markets

Standard Chartered’s Geoff Kendrick Says Bitcoin Still on Track for $200,000 by Year-End Despite $19B Market Liquidation

Bitcoin could still reach $200,000 by the end of 2025 despite a record $19 billion market liquidation and renewed tariff threats from U.S. President Donald Trump, according to Geoff Kendrick, Standard Chartered’s global head of digital assets research.

The sell-off on Oct. 10 briefly pushed Bitcoin to a four-month low of $104,000, but Kendrick believes investors will view the dip as a major accumulation opportunity. He maintains an official year-end forecast of $200,000, projecting at least $150,000 even in a bearish scenario if the Federal Reserve continues cutting interest rates.

Kendrick expects inflows into Bitcoin exchange-traded funds to drive the next rally, with renewed strength also supported by gold’s all-time highs and its safe-haven narrative. Bitcoin ETFs saw a $477 million inflow this week, ending a four-day outflow streak.

In February, Kendrick said Bitcoin could reach $500,000 by the end of Trump’s second term in 2028.

Senate Democrats Demand Steve Witkoff Disclose Crypto Holdings Tied to Trump and U.A.E. Deals

Eight Senate Democrats, led by Adam Schiff, have sent a letter to Steve Witkoff, President Donald Trump’s special envoy to the Middle East, demanding detailed disclosures of his cryptocurrency interests. Lawmakers cited concerns over potential conflicts of interest after Witkoff’s latest ethics filing showed he still owns stakes in Trump-linked crypto ventures, including World Liberty Financial and multiple affiliated entities.

The senators questioned why Witkoff has not fully divested from the projects despite earlier claims that he was doing so, warning that his financial ties could compromise his ability to serve the public interest. The scrutiny follows a New York Times investigation that revealed overlapping timelines between Witkoff’s diplomatic role in a multibillion-dollar U.S.–U.A.E. AI partnership and a separate $2 billion stablecoin deal involving World Liberty Financial, Binance, and Emirati investors.

Democrats have asked Witkoff to respond by October 31, intensifying political pressure amid growing concerns about ethics compliance and foreign business entanglements linked to the Trump administration’s crypto ventures.

FalconX Acquires 21Shares to Build Derivative-Focused Crypto Fund Platform

FalconX, a U.S.-based institutional crypto prime broker, has agreed to acquire 21Shares, one of the largest digital asset ETP managers. The deal will merge FalconX’s trading and prime brokerage infrastructure with 21Shares’ expertise in exchange-traded products, enabling the launch of structured and derivative-focused crypto funds that go beyond traditional spot offerings.

21Shares currently manages over $11 billion across various ETPs in Europe and other markets, giving FalconX instant access to a robust product lineup and distribution network. The acquisition comes as competition intensifies following the success of spot Bitcoin and Ethereum ETFs, with firms racing to offer exposure to smaller tokens and staking strategies through regulated products.

The move also builds on FalconX’s recent expansion into institutional derivatives, including a 24/7 OTC options platform for BTC, ETH, and SOL. It follows a broader trend of consolidation and strategic acquisitions across the crypto industry, such as Coinbase’s $2.9 billion Deribit purchase and Kraken’s acquisition of Small Exchange and NinjaTrader.

NHL Signs Multi-Year Licensing Deals with Kalshi and Polymarket, Challenging Traditional Sportsbooks

The National Hockey League has reached multi-year licensing agreements with crypto-focused prediction markets Kalshi and Polymarket, marking an industry-first move that puts pressure on traditional sportsbook operators like DraftKings.

The deals coincide with rapid growth in the prediction market sector, as Polymarket saw record-setting new markets last month and Kalshi experienced parabolic daily active market metrics alongside surging trading volumes.

Kalshi recently raised over $300 million at a $5 billion valuation, while Intercontinental Exchange, the parent of the NYSE, is investing $2 billion in Polymarket, potentially valuing the platform between $8 billion and $10 billion.

Hackers Move $1.83 Billion in Bitcoin Stolen from Chinese Mining Pool LuBian

Wallets linked to the hacked Chinese mining pool LuBian have transferred 15,959 BTC, worth approximately $1.83 billion at current prices, to four separate addresses in a seemingly coordinated operation, according to Web3 analyst OnchainLens citing Arkham data.

Two tranches of 4,999 BTC ($539.8 million each) were moved to separate wallets, along with 3,424 BTC ($369.7 million) and 2,535 BTC ($274.4 million), completing the transfer. The stolen coins originate from a 2020 heist totaling 127,426 BTC, valued at $3.5 billion at the time and now worth roughly $14.5 billion.

Observers will be watching whether the funds are consolidated, sent to exchanges, or laundered through mixing services, following typical patterns for stolen cryptocurrency.