Skip to content
$BTC$82,927+1.2%$ETH$2,454+2.1%$SOL$106.85+1.8%$XRP$1.34+2.7%$TON$1.35−24.3%MCap$2.73T+0.7%BTC.D60.7%Fear&Greed55 GreedGas0.08 gwei·1.9 sat/vBNews mood9% bullish
Basis Desk

New from Basis Desk: free Telegram proxies for places where Telegram is blocked or slowed down.Connect in one tap →

Evening wrap · October 20, 2026

Drift Protocol Outlines $147.5M Recovery Plan Following April Exploit

Drift Protocol launches a $147.5 million recovery initiative following a massive spring breach, while 2026 sees a wave of crypto project shutdowns amid tightening liquidity.

  1. 1

    Drift Outlines $147.5M Recovery Plan Following Exploit

    Tether and partners proposed up to $147.5 million to back user recovery after an April 1 exploit drained $295.7 million. Drift will distribute a transferable recovery token and switch its core settlement asset from $USDC to $USDT [1].

  2. 2

    Crypto Shutdowns Claim 82 Projects in 2026 Amid Strain

    Researcher Stacy Muur identified 82 crypto project closures in 2026, including Blast and Balancer, as a prolonged market downturn eroded fee generation. The defunct projects collectively raised $1 billion [1].

  3. 3

    OKX-ICE Co-Chair Calls Issuer Objections 'Natural'

    Sixteen companies, including Microsoft and Alphabet, objected to having shares traded on OKX-ICE under the SEC Innovation Exemption. Co-chair Andrew Cuomo called the opt-out mechanism an expected part of the sandbox [1].

  4. 4

    Zcash Surges 8.5% as Crypto Markets Rebound

    $ZEC climbed 8.5% to $1,215.85 ahead of an NU7 upgrade decision, while crypto ETFs logged $526.7 million in net inflows on Oct. 19. $BTC reclaimed support above $80,000 [1].

  5. 5

    Prediction Markets Kalshi and Polymarket Face Midterms Test

    Combined monthly trading volume across Kalshi and Polymarket reached $53 billion in July. The CFTC withdrew its gaming classification proposal in February, treating election markets as non-gaming [1].

Numbers

$BTC trades at $82,729 and $ETH at $2,445, with total market cap reaching $2.73T.

Watch

Completion of independent codebase audits by Ottersec and Asymmetric for Drift. · Full-year 2026 venture capital deployment metrics and Q4 M&A transaction volumes. · The Federal Reserve policy meeting scheduled for Oct. 27 and 28.

Full text

Drift Protocol launches a $147.5 million recovery initiative following a massive spring breach, while 2026 sees a wave of crypto project shutdowns amid tightening liquidity.

  1. Drift Outlines $147.5M Recovery Plan Following Exploit Tether and partners proposed up to $147.5 million to back user recovery after an April 1 exploit drained $295.7 million. Drift will distribute a transferable recovery token and switch its core settlement asset from $USDC to $USDT.

  2. Crypto Shutdowns Claim 82 Projects in 2026 Amid Strain Researcher Stacy Muur identified 82 crypto project closures in 2026, including Blast and Balancer, as a prolonged market downturn eroded fee generation. The defunct projects collectively raised $1 billion.

  3. OKX-ICE Co-Chair Calls Issuer Objections 'Natural' Sixteen companies, including Microsoft and Alphabet, objected to having shares traded on OKX-ICE under the SEC Innovation Exemption. Co-chair Andrew Cuomo called the opt-out mechanism an expected part of the sandbox.

  4. Zcash Surges 8.5% as Crypto Markets Rebound $ZEC climbed 8.5% to $1,215.85 ahead of an NU7 upgrade decision, while crypto ETFs logged $526.7 million in net inflows on Oct. 19. $BTC reclaimed support above $80,000.

  5. Prediction Markets Kalshi and Polymarket Face Midterms Test Combined monthly trading volume across Kalshi and Polymarket reached $53 billion in July. The CFTC withdrew its gaming classification proposal in February, treating election markets as non-gaming.

Numbers: $BTC trades at $82,729 and $ETH at $2,445, with total market cap reaching $2.73T.

Watch:

  • Completion of independent codebase audits by Ottersec and Asymmetric for Drift.
  • Full-year 2026 venture capital deployment metrics and Q4 M&A transaction volumes.
  • The Federal Reserve policy meeting scheduled for Oct. 27 and 28.

Basis Desk Newsroom · AI-generated, source-verified. Built only from stories already verified and published on Basis Desk; market figures as of publication. Not financial advice.