24H Web3 News Recap #560

Hyperliquid Strategies lifts its buyback to $100M as PURR falls 33% from October high

The board raised the program from $30 million, set in December 2025, and about $72 million of capacity remains. The authorization now runs until October 31, 2027 instead of December 5, 2026. PURR traded near $8.80 on Friday against an October 5 high of $13.05. HYPE, the token the company holds in its treasury, traded around $77, more than 18% below its October high near $95.

Source: Crypto Briefing

22 companies, including Wells Fargo and Microsoft, object to OKX-ICE tokenizing their shares

• Reuters reported the objections on Friday, with Wells Fargo, Arm Holdings and Intuit the latest to join.

• Alphabet and Microsoft are also among the objectors, 16 listed on Nasdaq and 6 on NYSE.

• OKX-ICE is a planned venue from OKX and Intercontinental Exchange, the owner of NYSE, operating under the SEC innovation exemption.

• The venture named 62 companies for tokenized stock trading when it filed with the SEC earlier in October.

Source: Cointelegraph

SEC lists tokenization among 2027 exam priorities for over 34,000 registrants

The Division of Examinations groups tokenization with Treasury clearing reforms under market infrastructure risks. A separate emerging technology priority names super intelligence and other advanced tools that could affect market operations, compliance and fraud prevention. Other focus areas include adviser fiduciary duties, complex products sold to retail investors, private funds and private credit, and cybersecurity.

Source: SEC

IRS plans lower disclosure penalties, including crypto, targeting 120-day case resolution

An IRS official told Forbes the voluntary disclosure program will be overhauled before December, with penalties substantially lower than today. Cases would be resolved within 120 days after a taxpayer completes the required submission. Digital assets will not get a separate process. The agency is also weighing installment plans and offers in compromise. No penalty figures were given.

Source: Cointelegraph

Argentine judge dismisses the LIBRA case against Javier Milei, Karina Milei and nine others

Federal judge Marcelo Martinez de Giorgi ruled on Friday at the request of prosecutor Eduardo Taiano, who argued the facts did not amount to a crime. The judge found no proof of a deceptive act needed for fraud and said the president's post may have raised interest in LIBRA without proving a scheme. Promoter Hayden Davis, who said he held nearly $100 million after the collapse, was also cleared. Investor plaintiffs had been removed from the case in July, and their appeals are pending. Milei celebrated the ruling on X.

Source: Infobae

Netanyahu orders a blockchain plan as Israel prepares for possible banking sanctions

He said in a Friday interview on Israel's Channel 10 that he had already asked for the plan, naming blockchain as one tool against banking restrictions. He gave no details on who will prepare it, which networks or assets it would use, or when. In the same interview he cited a planned 400 billion shekel, about $129 billion, increase in defense spending over the coming years.

Source: The Block

Malaysia and Thailand join Singapore's BLOOM stablecoin payments initiative with Ripple and Visa

The Monetary Authority of Singapore confirmed on Friday that Bank Negara Malaysia and the Bank of Thailand joined as policymaker members. BLOOM launched in October 2025 to test payments with tokenized bank money and regulated stablecoins. Participants include Mastercard, the World Bank Group, Circle, Coinbase, JPMorgan, Standard Chartered and Stripe. Ripple is trialing RLUSD on the XRP Ledger for trade payments with Unloq. The Bank of Thailand plans to study rules for tokenized money, with no timeline given.

Source: The Block

Sky posts $30.8M September revenue, up 49.7% yearly, with $9.7B stablecoin supply

Net revenue reached $12.32 million against a $5.41 million loss a year earlier, according to the September update published Friday. The protocol sent $7.15 million to Sky Reserves, which reached $85.08 million, or 56.7% of a $150 million target. Protocol collateral stood at $11.41 billion on September 30. Galaxy holds a $100 million sUSDS position, and the first buyback removed 2.86 million SKY from circulation.

Source: crypto.news

China sets a 2030 deadline to largely complete its national blockchain network

• The goal sits in the 15th Five-Year Plan for National Informatization from the Central Cyberspace Affairs Commission.

• The Yangtze River Delta is to deepen blockchain use in trade and finance.

• The Chengdu-Chongqing region is to deploy it at scale in manufacturing and agriculture.

• The plan also calls for stronger technical standards and wider use in data trading.

• A joint Party and State Council policy published October 9 already called for building the network.

Source: Cointelegraph

Phantom brings Kalshi markets to US users with a $0.02 per-contract fee

The rollout started Friday inside the Phantom wallet app and will widen over the coming weeks. Users must pass KYC with Kalshi and fund trades with CASH, Phantom's dollar stablecoin, plus a small network fee. Some categories stay blocked by state: sports in Michigan, and sports, elections and entertainment in Nevada, with a longer list in Washington. Kalshi still faces state lawsuits over its contracts.

Source: The Block

Initia halts its chain and rollups after an attacker mints and bridges out $2.7M

Co-founder Ezaan Mangalji said the attacker took AUSD, ETH and USDC before the pause on Friday. Early findings point to a previously unknown bug in Initia's MoveVM implementation on Cosmos SDK that allowed unauthorized minting, which does not affect native INIT. Researcher Spreek first estimated about $2.6 million cashed out. INIT fell 14% on the news, then recovered to trade up about 14% on the day. The team is still working with validators and exchanges to confirm the total loss.

Source: The Block

Texas sues OpenAI and Sam Altman over ChatGPT safety claims, seeking over $1M

Paxton filed the suit on Friday in a Collin County district court, naming OpenAI entities and Altman personally. It claims ChatGPT was marketed as safe and dependable in breach of the Texas Deceptive Trade Practices Act. It also cites the SCOPE Act, a Texas law on children's online safety, over missing age checks. Beyond money, the state asks for limits on minors' access to ChatGPT and court oversight of new models. Eight other states have sued OpenAI over harm to children this year.

Source: Crypto Briefing

UK unveils a £600M AI security package, including a £100M AI Biosecurity Lab

• Biosecurity gets £165 million: £100 million for the lab and £65 million for pathogen countermeasures.

• Cyber defence gets £130 million and the AI Security Institute £120 million.

• OpenAI and Anthropic pledge up to £200 million in compute and model credits, in kind, not cash.

• The government announced the package on October 23, ahead of the Budget.

Source: Crypto Briefing

Block unveils Dessa, a speech-only AI voice model trained on one Nvidia GB200 rack

Block trained the model from scratch on recordings of human conversation, with no text and no pretrained models. It is full duplex, so it listens and speaks at the same time, and it runs locally on a MacBook Pro with an M4 Max chip or better. A GB200 NVL72 rack holds 72 GPUs, far smaller than the clusters behind frontier text models. Block calls it a research preview: early access goes to a small group of AI safety researchers, with no weights, API or benchmarks published.

Source: Block