Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, Web3 and crypto regulation.
Today in crypto, Coinbase and Kalshi have joined four other firms backing the CFTC in a lawsuit over whether US exchanges can list perpetual futures tied to individual stocks, cybersecurity firm CertiK urged exchanges to impose hard dollar limits on hot-wallet holdings following the $6.3 billion Binance hack, and blockchain analytics firm Elliptic reported that North Korean hackers used newly created memecoins to launder stolen funds.
Coinbase, Kalshi join lawsuit backing CFTC over US stock perp futures
Coinbase, Kalshi and four other companies asked a federal court Monday to accept a brief backing the United States Commodity Futures Trading Commission (CFTC) in a lawsuit over perpetual futures tied to individual US stocks.
According to a proposed amicus brief shared Monday by Coinbase legal representative Molly Abraham, the group also includes Kraken parent Payward, trading companies DRW Holdings and Jump Trading, and crypto investment company Paradigm Operations. The companies argue that stock perpetual futures fall under existing US futures laws.
The filing comes days after a federal judge found that the CFTC likely “exceeded its statutory authority” in allowing single-stock perpetuals to trade as security futures.
The case could determine whether US exchanges can offer retail traders contracts that track individual stocks without expiring.
On Nov. 3, the CFTC announced that single-stock perpetual futures, or stock perps, could begin trading on US-regulated exchanges for the first time.
The Capital Markets Alliance Association (CMAA), a newly formed trade and advocacy group representing traditional financial market participants and whose members include Cboe and Citadel Securities, sued the CFTC last week, challenging the CFTC’s authority to allow the contracts to trade.
Crypto exchanges need dollar caps on hot wallets, CertiK says
Crypto exchanges should impose hard dollar limits on their hot-wallet holdings rather than relying solely on cold-storage ratios to measure security, according to cybersecurity firm CertiK.
The recommendation came as several crypto exchanges recently disclosed how much they held in cold wallets, seeking to reassure customers after the record Binance hack that targeted its hot wallets. Crypto exchange Gate reported that 88.26% of its total assets were in cold storage, while Coinbase said it keeps more than 99% of customer assets offline.
“Cold storage is a useful measure of online exposure, but it is not a standalone security score,” CertiK’s research team told Cointelegraph.
CertiK said crypto exchanges should consider setting hot-wallet caps for each asset and blockchain according to the strictest of three limits: a percentage of customer liabilities, estimated withdrawal needs and an absolute loss ceiling based on the exchange’s financial resources and recovery capabilities.
“Flexibility should support operating liquidity, while hard dollar ceilings and circuit breakers limit potential loss,” they said.
North Korean hackers create memecoins to launder funds from Binance hack: Elliptic
North Korean hackers created memecoins to launder cryptocurrency stolen in the $6.3 billion Binance hack, routing roughly $430,000 through six newly launched tokens on the NEAR blockchain, according to a report from blockchain analytics firm Elliptic.
Between Nov. 5 and 7, the hackers created at least six tokens on NEAR and used liquidity pools on decentralized exchanges to move stolen funds between wallets, Elliptic said. The tokens attracted almost no outside trading and were abandoned shortly after launch.
The hackers used one set of wallets to swap stolen NEAR tokens for the new memecoins, then used another set to sell those memecoins back into the pools for NEAR. The swaps let them move funds without direct wallet-to-wallet transfers, though the transactions remained traceable onchain.
Elliptic said the same laundering technique was also used following the $1.5 billion Bybit hack in 2025, when North Korean-linked actors moved at least $24 million through a newly created token on the TRON blockchain.
