Looking for the latest crypto news today? Here are the key developments affecting Bitcoin, blockchain, DeFi, Web3 and crypto regulation.
The fallout from Bitget’s nearly $388 million security breach remained a major focus. NEAR Intents said it blocked more than $50 million in attempted transfers linked to the attackers, while Bitget began restoring Bitcoin withdrawals.
At the same time, the U.S. Securities and Exchange Commission issued new guidance clarifying when some crypto assets and activities may fall outside federal securities laws.
NEAR Intents Blocks More Than $50 Million Linked to Bitget Hack
NEAR Intents said it prevented more than $50 million in attempted transfers connected to the Bitget hackers.
Attackers stole approximately $387.5 million from Bitget last week, with a large portion of the funds later moving across different blockchains and into Ethereum.
Alex Shevchenko, general manager of NEAR Intents, said the protocol’s SHIELD system detected and blocked more than $50 million in suspicious transfers.
NEAR Intents is designed to allow users to exchange crypto assets across multiple blockchains.
Some Stolen Funds Were Frozen
According to Shevchenko, the system successfully froze around $503,000 while suspicious transactions were being processed.
However, approximately $166,000 in suspected stolen funds still moved through the protocol.
The remaining attempted transfers were redirected to other providers after being blocked by NEAR Intents.
The incident has renewed debate over how decentralized and permissionless protocols should respond when stolen cryptocurrency moves through their systems.
THORChain Faces Pressure Over Illicit Crypto Transfers
THORChain has also faced calls to block addresses connected to the Bitget attack.
The situation highlights a broader challenge for decentralized finance platforms.
Permissionless protocols are designed to provide open access without relying on centralized intermediaries. However, this structure can create difficulties when those systems are used to move stolen or illicit funds.
Shevchenko argued that decentralized protocols do not have to remain completely neutral when dealing with stolen assets.
He said protecting property rights is essential for functioning financial markets and argued that open financial systems should not automatically protect those attempting to profit from theft.
SEC Updates Crypto Securities Guidance
The U.S. Securities and Exchange Commission also published updated guidance explaining when some digital assets and crypto transactions may fall outside federal securities laws.
The new frequently asked questions expand on the SEC’s previous interpretation of how the Howey test applies to digital assets.
The guidance addresses several areas, including token buybacks, blockchain network development and staking receipt tokens.
Token Buybacks May Not Always Be Securities Activity
According to the SEC, token buybacks may not necessarily represent the managerial efforts associated with an investment contract.
This may apply when a crypto network is already fully functional and does not depend on a central organization or promoter.
Similarly, work designed to maintain or improve an already operational blockchain network may fall outside the standard used to determine whether an asset qualifies as a security.
The SEC also said staking receipt tokens would not automatically be treated as securities.
SEC Guidance Does Not Change Existing Law
The updated guidance is non-binding and does not change federal securities law.
However, it gives crypto companies and developers more information about how SEC staff intends to interpret and apply existing rules.
The update follows similar guidance from the Commodity Futures Trading Commission.
It also comes after the U.S. Senate failed to advance the CLARITY Act, which was designed to establish a clearer regulatory framework for digital assets.
The proposed legislation would have divided oversight responsibilities between the SEC and CFTC.
For now, both agencies are continuing to regulate the crypto industry using their existing authority.
Bitget Restores Bitcoin Withdrawals After Hack
Bitget has begun restoring withdrawals following the security breach that affected nearly $388 million in crypto assets.
The exchange said Bitcoin withdrawals resumed on Monday after being temporarily suspended following the incident.
Additional cryptocurrencies and blockchain networks are expected to return gradually as security checks continue.
Bitget Hot and Warm Wallets Were Compromised
The September 24 attack affected part of Bitget’s hot and warm wallet infrastructure.
According to the exchange, its cold-storage wallets were not compromised.
Bitget initially estimated losses at around $351.6 million.
However, the exchange later raised that figure to approximately $387.5 million after identifying additional transactions involving Zcash and Tron.
Bitcoin Withdrawals Return First
Bitcoin withdrawals through the Bitcoin network and BNB Smart Chain were among the first services restored.
Bitget CEO Gracy Chen said Bitcoin withdrawals returned first because that withdrawal infrastructure was the first to complete the exchange’s security review.
Withdrawals for Ether and Tether’s USDT are expected to follow as Bitget completes further checks.
Meanwhile, the attacker has continued moving stolen crypto through platforms including THORChain.
Crypto Market Focus Remains on Security and Regulation
The latest developments highlight two major themes currently shaping the crypto industry.
Security remains a significant concern as exchanges and decentralized protocols respond to increasingly large attacks.
At the same time, clearer guidance from U.S. regulators could help crypto companies better understand how existing securities laws apply to digital assets.
For investors, developments surrounding Bitget, THORChain, SEC regulation and cross-chain security are likely to remain important areas to watch.
