Yo, what’s good crypto fam — welcome back to Daily Crypto News. It’s Thursday, October 16, and we’re still feeling the aftershocks from last weekend’s absolute bloodbath.
Bitcoin’s hovering around $110K, Ethereum’s barely holding four grand, and the Fear & Greed Index just hit 32 — the lowest we’ve seen since April.
Last Friday, October 10, will go down as one of the darkest days in crypto history. Over $19 billion in leveraged positions got absolutely vaporized in 24 hours — the largest liquidation event we’ve ever seen. And Binance was right at the center of it all. Plus the Monad airdrop is here - did it flop?
Let’s dig in.
First, check out the Kaia interview. It gets fun and we’ll mention here a little later why.
TWEET: https://x.com/DCNDailyCrypto/status/1978614284675588123
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HEADLINES
The $19 Billion Liquidation Apocalypse — And Binance’s $700M Mea Culpa
October 10, 2025 saw over $19 billion liquidated in a single day, affecting more than 1.6 million traders. Trump announced 100% tariffs on Chinese imports, triggering the crash. Bitcoin plunged from a record $125,000 to briefly below $105,000.
Binance’s Unified Account margin system was exploited. Assets like USDe crashed to $0.65 on Binance while staying above $0.90 elsewhere. Stop and limit orders froze — only liquidations went through.
Market maker Wintermute moved $700 million into Binance just hours before the crash. A trader placed a $752.9 million Bitcoin short 30 minutes before Trump’s tariff announcement and made $190-200 million.
Binance is now paying out over $700 million in compensation across multiple programs. DeFi protocols like Uniswap and Aave processed record volumes without any downtime.
Monad Airdrop Drama: Community Feels Betrayed
Monad opened its claim portal October 14, distributing tokens to 230,000+ addresses. Only 5,500 community members (0.74% of Discord users) qualified, while 225,000 “wider crypto” addresses got drops.
Testnet participants who helped build the product for free got nothing. Community members who promoted the brand were ignored. Instead, the airdrop went to DEX whales, DeFi depositors, and blue-chip NFT holders.
Based on Hyperliquid trading at $0.12, Monad’s FDV sits near $12 billion. The claim portal caused Privy wallet to experience a partial outage.
Ripple Goes Corporate: $1 Billion GTreasury Acquisition
Ripple ain’t hear no bell. After an avalanche of news which seemed like it was pushing Ripple out the door, they just tried to come back in.
Ripple acquired GTreasury for $1 billion, entering the corporate treasury management game. GTreasury is treasury management software that helps corporations manage financial operations.
This positions Ripple to become the backbone of corporate treasury operations, integrating crypto rails with traditional finance infrastructure. They’re not just trying to replace SWIFT — they’re trying to become the operating system for how companies manage money globally.
Ripple has announced a $1 billion acquisition of GTreasury, a leading treasury management software provider, marking a major push into the corporate treasury and financial infrastructure space for digital assets and blockchain technology. This move is designed to give Ripple direct access to Fortune 500-level enterprise clients and their vast treasury operations, aiming to bring cash, risk management, and liquidity optimization tools onto Ripple’s blockchain platform and facilitate integration of digital assets like stablecoins and tokenized deposits within major corporate treasuries.
BlackRock Builds Stablecoin Infrastructure
BlackRock is launching a GENIUS-compliant money market fund specifically tailored for stablecoin issuers. This means BlackRock will provide infrastructure for stablecoin companies to properly manage their reserves.
Between this and their tokenized treasury fund BUIDL, BlackRock is becoming the TradFi backbone for the entire stablecoin economy. They’re not competing with Circle and Tether — they’re becoming their reserve manager.
The idea here is about controlling the entire supply chain. Matt and I interviewed John Cho from Kaia who helped explain how Kaia is doing this in Asia. This is a crucial component to many acquisitions happening right now.
Coinbase Lists BNB: When Rivals Become Friends
Finally. Amidst all this hoopla between Binance and the market liquidations, Coinbase added BNB to its listing roadmap Wednesday, supporting Binance’s token for the first time. The announcement came 33 minutes after unveiling “The Blue Carpet” listings program.
This followed a Twitter spat where Coinbase’s Jesse Pollak said “it should cost 0% to be listed.” Someone challenged them to list BNB. BNB jumped 2% to $1,175. CZ responded: “It’s just business”.
The exchange wars just turned into a strategic handshake. Competitors playing nice? That’s new.
HERE’S YOUR MONEY PEOPLE - PRICE ACTION + FEAR & GREED INDEX
LITTLE BITS
A16z Drops $50M on Solana’s Jito — Major VC validation for SOL liquid staking protocol via private token sale. Sol still sticking around.
DePIN project Daylight raises $75 million in equity and loan in round led by Framework - The Block •
ChainOpera AI Surges 56% — AI sector’s only green while everything bleeds. Token up 13,500% since launch but 96% held by top 10 wallets
We just survived the largest liquidation event in crypto history. $19 billion gone. 1.6 million traders rekt. Binance’s transparency is in question again. Saltiness around Monad. Stay sharp. DYOR.
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