A weekly research report on one major crypto transaction story: the background, the data behind it, its impact on the ecosystem, and what comes next.
A research report on the October 9 Ledger reseller drain: about $93.2M was swept from 315 wallets across six networks after users in Southeast Asia bought hardware wallets through the CryptoBilis reseller channel - with TRON bearing $70.5M, roughly 76% of the total, because that is where the affected users kept their USDT. The report reconstructs the causal chain, reconciles five conflicting loss estimates, and separates what Ledger has confirmed from what analysts have inferred.
2026-10-11Weekly Deep Dive
A research report on the September 30 Open USD launch: Open Standard - a consortium founded by Visa, Mastercard, Stripe, Coinbase and Shopify - shipped a stablecoin issued by Stripe's Bridge with reserves at BlackRock, Lead Bank and BNY, mint-and-redeem at 1:1 with no fees, and an economic model that passes reserve income and equity to the businesses that distribute it, upending the arrangement that lets incumbent issuers keep most of the yield on $300B of reserves.
2026-10-04Weekly Deep Dive
A research report on the Bitget breach of September 24, 2026: a compromised vendor tool fed forged instructions to the exchange's signing machines, moving $228M in an 18-minute burst across seven chains - later accounted at $387.5M - and the gap between that number and the realized loss is where the analysis lives.
2026-09-27Weekly Deep Dive
A research report on the Symbiosis Bitcoin Bridge exploit disclosed September 15, 2026: two bugs turned a $0.25 deposit into 46 billion fake syBTC within four minutes, yet the real loss was an estimated 9.97 BTC - and the gap between those numbers is the lesson.
2026-09-20Weekly Deep Dive
Deep-dive research on the September 6 Liquid peg-out: about 3,996 BTC left the federation on eleven valid signatures, the flaw sat in an Elements range-proof cache that had been fixed five days earlier and deployed nowhere, and 598.5 BTC never came back.
2026-09-13Weekly Deep Dive
Deep-dive research on TRON's USDT float lead over Ethereum widening to a record of roughly $18B ($91.8B vs $73.7B): how the gap opened, what the TRON energy market has to do with it, and what could reverse it.
2026-09-06Weekly Deep Dive
Deep-dive research on stablecoin supply crossing $302B after 20 straight weeks of growth: what the streak reveals about the settlement market, what sustains it, and what could break it.
2026-08-30Weekly Deep Dive
Deep-dive research on Base extending its USDC transfer count lead over Ethereum mainnet for a second week - background, on-chain data, why the lead is sticky, and the outlook.
2026-08-23Weekly Deep Dive
Deep-dive research on the week's hot story: Base processed more USDC transfers than Ethereum mainnet for the first time. Background, data, impact and outlook for crypto transactions.
2026-08-16Weekly Deep Dive