<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/ " target="_blank">Decentralized crypto exchange</a> HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billion

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.

Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.

The token can be staked to secure HyperBFT, the <a href="https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/ " target="_blank">proof-of-stake consensus</a> algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.

Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Airdropped tokens typically face immediate sell pressure as airdrop hunters attempt to extract maximum value, however the signs are that demand for HYPE has outstripped supply, with strong momentum to the upside.

The HYPE/USDC order book is maintaining a significant amount of liquidity with 5% market depth, standing at around $4 million on both sides.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

<a href="https://www.coindesk.com/learn/what-is-a-dex-how-decentralized-crypto-exchanges-work/" target="_blank">Decentralized exchange</a> HyperLiquid announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.

One billion tokens will be issued, with 31% going to users who earned points in a campaign that ended in May. A further 23.8% will be set aside for current and future core contributors, the latter of which will be locked for one year.

HyperLiquid has more than 220,000 users and has racked up $2.4 billion in trading volume over the past 24 hours.

Points campaigns have become increasingly common in the <a href="https://www.coindesk.com/learn/what-is-defi/ " target="_blank">decentralized finance</a> (DeFi) sector this year as they incentivize the use of the platform in return for eventual token airdrops. They have even spurred the birth of a<a href="https://www.coindesk.com/business/2024/10/11/scroll-airdrop-allocation-met-with-dismay-from-farmers" target="_blank">irdrop farmers</a>, investors who move liquidity from one project to another in order to be eligible for various airdrops.

Unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.

The token generation event will take place at 07:30 UTC on Nov. 29 and a HYPE/USDC market will be added on HyperLiquid's spot trading book.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.