Abstract

Oct 8, 2026

Abstract Sets Dec. 15 Shutdown Date as Coinbase Prepares to Relaunch Coinbase Pro

Crypto markets opened Oct. 8 with a string of operational and corporate updates across infrastructure, trading, and treasury activity. Ethereum layer-2 network Abstract said it will wind down after nearly three years and plans to shut the network on Dec. 15, 2026. Users were told to bridge assets out before the deadline or risk losing access. The team said projects in the ecosystem will be helped in migrating to other chains. Elsewhere, the Financial Times reported that SpaceX is seeking a new funding round led by Apollo that could raise as much as $40 billion, with proceeds mainly intended for large-scale purchases of Nvidia chips to expand computing capacity for AI model training and supercomputing work. In derivatives, Coinbase said it has finished integrating Deribit and plans to relaunch Coinbase Pro before year-end under a broader exchange structure that links U.S. and international crypto derivatives liquidity. Other developments included a Financial Times report that Singapore’s MAS does not view Hyperliquid as falling within its regulatory perimeter, on-chain monitoring showing U.S. government-linked wallets moved $165 million in crypto in 24 hours, and Lookonchain data showing Pump.fun sold another 102,495 SOL, bringing cumulative sales above $861 million. Robinhood also added $25 million in BTC to its balance sheet, while Solana-based silver tokenization project Dominion said it is shutting down after a September exploit.

560

US Government

Oct 7, 2026

US government moves 833.6 BTC and 40,285 BNB while still holding about $28 billion in crypto assets

WuBlockchain’s daily roundup highlighted four policy and market-related developments. First, a US government-linked address moved 833.6 BTC, worth about $71.56 million, to Coinbase Prime, and also transferred 40,285 BNB worth roughly $31.63 million. After several hops, the BNB was sitting at address 0xBE7...81E. The government-linked wallets still hold about $28 billion in digital assets, mainly 324,000 BTC valued at around $27.7 billion. Second, consumer-focused crypto network Abstract said it will wind down operations and formally shut the network on Dec. 15, 2026. Users must move assets out through the Migration Hub or the native bridge before that date, or the funds will become inaccessible. Parent company Igloo said it lost tens of millions of dollars over the past two years while trying to keep the chain running and find a viable business model. Third, the Financial Times reported that the Monetary Authority of Singapore said Hyperliquid is not regulated by MAS, while Hyperliquid Labs confirmed to the newspaper that its headquarters are in Singapore. Fourth, South African bank FNB launched a crypto investing service that supports BTC, ETH, XRP, SOL and USDT through its existing stock trading platform.

720

Ethereum

Oct 7, 2026

Analyst says Ethereum looks stronger as weaker L2 projects exit the market

BlockBeats reported on Oct. 7 that crypto analyst Ted said he has turned more optimistic on Ethereum as a large number of what he described as "junk L2s" continue to leave the market. He pointed to shutdown announcements from projects including Abstract and Blast as part of that trend. In Ted’s view, the takeaway is straightforward: teams should build directly on the Ethereum mainnet instead of repeatedly launching extra chains designed to extract value from their own communities. He summed up the argument in a blunt line, saying projects should "stop creating unnecessary chains." The comments frame the recent pullback in parts of the Layer 2 sector as a development that could restore Ethereum’s value capture logic rather than weaken it.

710

Polygon

Oct 7, 2026

Polygon founder Sandeep says controversial post was self-deprecating, not a jab at Abstract

Polygon’s official social media account sparked backlash after posting a message saying 「Polygon is not dead,」 with some community members interpreting it as a swipe at Abstract’s shutdown. Polygon founder Sandeep responded afterward, saying the post did not land as intended and that many users read something entirely different into it. He added that he was also confused when he first saw the message. According to Sandeep, the post came from Polygon’s marketing team as a self-deprecating response to recurring claims that Polygon was dead, even as the project’s fundamentals were steadily improving. He said the message was not meant to reference Abstract’s closure in any way. Sandeep also stressed that he respects Abstract founder Luca Netz and his team and would not mock them over the situation. He noted that Polygon had previously shut down its zkEVM project as well, so the team understands how painful such a decision can be. He said his statement was meant to clear up the misunderstanding and wished Luca and the Pudgy Penguins team well.

640

Abstract

Oct 7, 2026

PA Daily: Abstract to shut down, Robinhood adds $25 million in BTC to corporate assets

A fresh batch of crypto developments on Oct. 7 ranged from infrastructure shutdowns and balance-sheet moves to regulatory comments and large on-chain transfers. Layer-2 network Abstract said it will wind down operations, with the chain scheduled to stop running on Dec. 15, 2026, and users asked to move funds out before then. Robinhood, according to The Block, added $25 million worth of Bitcoin to its balance sheet, marking its first disclosed allocation of BTC as a company investment asset. Elsewhere, Singapore’s Monetary Authority of Singapore said Hyperliquid does not fall within its regulatory perimeter, while Hyperliquid Labs confirmed that its registered headquarters is in Singapore. Founders Fund led a $5 million purchase of Anvil governance tokens, and ANVL rose more than 97% over 24 hours. Data from CryptoRank also showed that the global number of stablecoin holders has passed 300 million, with BNB Chain posting the largest increase in the third quarter among major blockchains. The day’s updates also included new remarks from CFTC Chair Michael Selig on leveraged crypto trading, Russia’s first approved crypto exchanges and custodians, fundraising by Umia and Imperial, and a government-linked U.S. address moving more than $100 million worth of BTC and BNB.

470

Polygon

Oct 7, 2026

Polygon co-founder says disputed post was not aimed at Abstract shutdown

Polygon co-founder Sandeep Nailwal responded on Oct. 7 to backlash over a marketing post that some users interpreted as mocking Abstract’s shutdown. The controversy centered on a Polygon social media message saying 「Polygon is not dead」, which drew criticism after being linked by some readers to the Abstract incident. Nailwal said the post landed very differently from what the team intended and was interpreted in a completely different way. He added that he was also shocked when he first saw the content that morning in Singapore. According to Nailwal, Polygon’s marketing team meant the message as self-deprecating humor, reflecting long-running claims that 「Polygon is dead」 even as the project’s fundamentals, in his words, have continued to improve. He said there was no intention to reference Abstract’s shutdown. Nailwal also said he has deep respect for Abstract founder Luca Netz and his team, adding that Polygon would not make such a jab because it has experienced the pain of shutting down zkEVM itself. He also voiced support for Luca and the Pengu team.

450

Abstract

Oct 7, 2026

New Wallet Withdraws $1 Million From Kraken to Buy 25 Pudgy Penguins NFTs After Abstract Shutdown Notice

On-chain data shows that shortly after Abstract announced it was shutting down, a newly created wallet withdrew $1 million from Kraken and quickly used the funds to buy 25 Pudgy Penguins NFTs on the market. As of publication, the wallet still held ETH worth $766,000. At the same time, the Pudgy Penguins floor price stood at 3.3 ETH, up 6.8% over the past 24 hours. Pudgy Penguins CEO Luca Netz also said in a post that Abstract is being wound down in stages, and that parent company Igloo Inc. will now direct all of its efforts toward the development of Pudgy Penguins, Pudgy NFTs, and PENGU. The activity came soon after the shutdown notice and was highlighted through on-chain tracking.

510

Abstract

Oct 7, 2026

New Wallet Withdraws $1 Million From Kraken and Buys 25 Pudgy Penguins After Abstract Shutdown Notice

On-chain data shows that shortly after Abstract announced it was shutting down, a newly created wallet withdrew $1 million from Kraken and quickly bought 25 Pudgy Penguins NFTs on the market. As of publication, the wallet still held ETH worth $766,000. At the same time, the Pudgy Penguins floor price stood at 3.3 ETH, up 6.8% over the past 24 hours. Pudgy Penguins CEO Luca Netz said in a post that Abstract is being wound down gradually, and that parent company Igloo Inc. will shift its full attention, effective immediately, to the development of Pudgy Penguins, Pudgy NFTs, and PENGU. The activity came soon after the shutdown notice and was highlighted by BlockBeats based on on-chain information.

510

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