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Hyperliquid wallet hack drains $21 million, highlighting the dangers of compromised private keys and the need for cold storage security.
Ripple moves to expand operations in Luxembourg under the EU’s MiCA framework as institutional adoption of crypto accelerates.
Zcash soars 390% amid privacy hype, HashKey targets a landmark IPO, and Solana inches closer to its first US-listed ETF.
The cryptocurrency market is still buzzing with major developments across security, regulation, institutional uptake, and the development of new assets. A major hack worth millions, Ripple's plans for European expansion, and Zcash's price rally have been the most important events of the day in the digital finance world.
A major security breach involving a wallet connected to the Hyperliquid platform has been reported by the blockchain security company PeckShieldAlert, which led to the theft of $21 million worth of crypto assets.
The hacker is said to have accessed the system using a private key, moving 17.5 million DAI and 3.11 million SYRUPUSDP from the victim's wallet. The hacker was able to bridge the money across various blockchains within a few minutes, making it hard to retrieve.
PeckShield recommended its users to avoid suspicious links and to keep their accounts secured with cold wallets or multi-signature protection.
Ripple Labs is preparing to expand its presence in Europe by setting up a regional center in Luxembourg and applying for an EMI license.
This decisive action comes after the meeting of Ripple’s Chief Legal Officer, Stuart Alderoty, with Luxembourg’s Finance Minister Gilles Roth, which is seen as a sign of strong cooperation for regulated digital assets in the European Union (EU).
Alderoty called the talks “encouraging,” noting that Europe’s MiCA regulation offers the clearest framework for crypto globally.
The Luxembourg government reaffirmed its goal to remain a fintech innovation leader, having recently pledged 1% of its sovereign wealth fund to digital assets.
Also Read: XRP News Today: XRP Leads $867 Trillion RWA Boom with Global Institutional Drive
Privacy-focused cryptocurrency Zcash (ZEC) has surged 390% in just one month, adding more than $3 billion to its market capitalization.
At press time, ZEC trades at $237.85, up 33% in 24 hours, with trading volumes exceeding $1.47 billion, a 94% increase from the previous day. The rally has lifted ZEC’s market cap to $3.84 billion, up from $784 million in early September.
Analysts cite multiple catalysts: rising global concern over financial surveillance, growing institutional interest, and a technical breakout that ended ZEC’s eight-year downtrend against Bitcoin.
Hong Kong’s top licensed crypto exchange, HashKey Group, is reportedly preparing for a $500 million IPO, according to Bloomberg.
The company, valued at $1.5 billion earlier this year after raising funds from Gaorong Ventures, aims to become the first licensed exchange in Hong Kong to go public.
HashKey currently handles $117 million in daily trading volume, positioning itself as a major player in Asia’s regulated digital asset ecosystem.
HashKey’s broader ecosystem includes a $500 million Digital Asset Treasury Fund launched in September, and the exchange is now approved to offer Ether staking services for spot ETFs.
Grayscale Investments has updated its S-1 filing with the US Securities and Exchange Commission (SEC) for a spot Solana ETF, bringing the product one step closer to approval.
The Grayscale Solana Trust ETF (GSOL) will trade on NYSE Arca under the same ticker and carry a 0.35% management fee, lower than comparable crypto ETFs.
The fund will directly hold SOL as an asset, rather than using derivatives or leverage. Coinbase Custody will be the official custodian, while BNY Mellon will handle the administrative functions.
Also Read: Solana News Today: Solana Targets $300 as ETF Approval Nears in 2025
The volume of stablecoin trading in South Korea has reduced by 80% in 6 months, down from ₩1 trillion ($730 million) in December 2024 to just ₩200 billion ($146 million) in June 2025.
Lawmakers attribute the decline to a shift in investor focus toward equities, limited possibilities for stablecoins to be used, as well as the prohibition of crypto derivatives trading in the country.
At the same time, the Bank of Korea shows domestic crypto holdings are down from ₩121.8 trillion ($89.6 billion) to ₩89.2 trillion ($65.6 billion) during the same time period.
1. What caused the $21M Hyperliquid wallet hack?
The breach occurred due to a compromised private key, allowing the hacker direct access to transfer and bridge stolen funds across multiple blockchains.
2. Why is Ripple expanding into Luxembourg?
Ripple seeks an e-money institution (EMI) license in Luxembourg to operate seamlessly under the EU’s MiCA regulation and scale digital payment services.
3. What’s driving Zcash’s massive price rally?
Zcash’s surge stems from renewed privacy concerns, institutional inflows via Grayscale’s trust, and a breakout from its long-term technical downtrend.
4. Why is HashKey’s IPO significant?
The $500 million Hong Kong listing would make HashKey the first licensed crypto exchange in the city to go public, boosting Asia’s regulated crypto infrastructure.
5. What’s new about Grayscale’s Solana ETF filing?
Grayscale’s updated S-1 filing outlines a low-cost, spot-based Solana ETF that directly holds SOL, marking a major step toward broader institutional exposure.
