The post CoinRoutes Co-Founder Alleges “Coordinated” Manipulation Behind October Crypto Crash appeared first on Coinpedia Fintech News

Dave Weisberger, co-founder of CoinRoutes and the man who built Morgan Stanley’s first program trading system, thinks October’s crypto crash was a coordinated attack. He shared his views on the Thinking Crypto podcast with host Tony Edward.

Weisberger called it “the greatest mass liquidation event in history.” The damage, that has kept the industry talking, was $19 billion wiped out. Bitcoin alone saw $5 billion in liquidations. Many altcoins dropped 20-70% at the bottom.

“Was it manipulation? I damn well think so. I have no proof. But it was just too damn obvious a time for an incredibly profitable attack,” he said.

How Did It Happen?

Weisberger broke down the playbook. Attackers spend weeks building a position: long spot, short perpetual futures. Then they wait for a low-liquidity window and dump spot holdings. They place bids far below market price in perpetuals.

When prices fall, leveraged traders get liquidated. Forced selling kicks in. The attackers scoop up assets at rock-bottom prices and walk away with massive profits.

DeFi exchanges got hit hardest because positions were visible on-chain. Binance’s auto-deleveraging system, Weisberger said, was “broken” during the event.

Also Read: Was Binance Behind the $19B October Crypto Crash or the Target of It?

Is the Four-Year Cycle Dead?

Weisberger has no patience for the halving cycle theory. He pointed out it’s based on just three data points.

He compared it to the Super Bowl Indicator, a 16-year streak that linked NFL wins to stock market performance. That correlation was “complete and unadulterated bullshit,” he said. The four-year cycle, in his view, is no different.

Why Recovery Is Still on the Table

Weisberger stays bullish long-term. Hash rate is now 6x what it was in 2022. Around 10-30% of Bitcoin supply has moved from early holders with cost basis between $10 and $1,000 to newer buyers who paid more.

New institutional holders are making multi-year allocations, not leveraged bets, he noted.

His portfolio reflects that confidence: Bitcoin as his main holding, Solana and BitTensor as secondary plays, and smaller positions in Zcash and XRP.

The post Coinbase Accuses Australia’s Big Four Banks of ‘Unlawful’ Crypto Debanking appeared first on Coinpedia Fintech News

Coinbase has taken its fight against crypto debanking to Australia’s parliament, filing a formal complaint that accuses the country’s biggest banks of shutting legitimate crypto businesses out of the financial system.

Here’s the scoop.

Big Four Banks Named in Filing

The submission, sent to the House of Representatives Standing Committee on Economics, names Commonwealth Bank, Westpac, ANZ, and National Australia Bank. Coinbase said these banks are closing accounts without warning and blocking transactions tied to digital assets.

“There is nothing that degrades trust in an economy faster than being told you cannot use your own money,” Coinbase wrote.

The exchange warned that debanking has gone from a rare problem to a “systemic feature of the Australian financial landscape.” With four banks controlling most of the country’s payment rails, losing access amounts to an “unlawful regulatory ban” on lawful businesses.

Data cited in the filing shows 60% of fintech businesses faced denial of service from banks in 2021. That problem remains unresolved.

Reforms That Never Happened

Coinbase urged lawmakers to pass five transparency measures that regulators recommended years ago. The government backed these reforms in August 2022, but they were never put into law.

The measures would require banks to explain account closures, give 30 days’ notice, and provide access to dispute resolution.

Also Read: Why Was Coinbase’s Brian Armstrong Snubbed by Top US Bank CEOs at Davos?

Australia Falling Behind?

The exchange pointed to how other countries handle the issue. The EU guarantees a basic bank account for all legal residents. Canada allows account access even with a bankruptcy history. In the U.S., President Donald Trump signed an executive order last August to stop crypto-related debanking.

Australia’s $4 billion fintech sector now waits on parliamentary recommendations expected later this year. The outcome could determine whether crypto innovation stays or moves elsewhere.

The post Crypto.com Launches OG Prediction Market Platform Days Before Super Bowl appeared first on Coinpedia Fintech News

Crypto.com is spinning off its prediction market business into a standalone platform called OG, and it’s launching just days before the Super Bowl.

The platform will offer CFTC-regulated sports event contracts along with markets covering financial, political, cultural, and entertainment events. OG will also be the first prediction market platform to offer margin trading on prediction contracts.

The first one million users to sign up will receive up to $500 in rewards.

Why a Standalone Platform Now?

The numbers tell the story. Crypto.com has seen 40x weekly growth in its prediction market business over the past six months. That kind of traction demanded its own home.

“Crypto.com successfully built one of the largest brands and best app experiences in cryptocurrency during a period of hypergrowth amid a complex regulatory landscape, and now we will work to replicate this experience with OG in the prediction market space,” said Kris Marszalek, Co-Founder and CEO of Crypto.com.

OG is powered by Crypto.com | Derivatives North America (CDNA), the same CFTC-registered exchange and clearinghouse that launched the nation’s first federally licensed sports prediction contracts back in December 2024.

Nick Lundgren Named OG CEO

Nick Lundgren will lead OG as CEO. He currently serves as Crypto.com’s Chief Legal Officer and was the one who led the CDNA acquisition in 2022, then the largest acquisition in crypto history.

“Sports are the natural hub of prediction markets, and we see a massive opportunity to provide fans with an all-encompassing platform where it pays to be right,” Lundgren said. He called prediction markets a “deca-billion dollar industry.”

VIP Program Taps Major Sports Partnerships

OG will roll out a VIP program tied to Crypto.com’s existing sports deals. That includes access to experiences through Crypto.com Arena, UFC, Formula 1, and UEFA Champions League.

The launch lands at an interesting time. The CFTC said last week it would craft new rules for the prediction market industry. OG will be headquartered in the US and focused on that market first.