This week, the Bank of England outlined its approach to tokenized collateral, ECB President Christine Lagarde announced her early departure, and Phantom brought Kalshi prediction markets to eligible US users. Meanwhile, South Korea's Bithumb is investigating a potential data leak following a hack of its internal mobile system.
Top gainers and losers of the week
- Hyperliquid (HYPE) – spearheaded this week's gainers with solid upward momentum, surging 17.70% over the last seven days to reach $92.16;
- MemeCore (M) – posted modest gains across the week, advancing 7.07% to lock in at $0.96;
- Quant (QNT) – continued its steady presence on the top board, climbing 5.90% over the seven-day stretch to settle at $193.52.
- Worldcoin (WLD) – led the weekly decliners under strong selling pressure, falling 24.66% to drop to $0.4042;
- Curve DAO Token (CRV) – experienced a notable pullback over the course of the week, losing 22.59% of its value to settle at $0.2856;
- VeChain (VET) – closed out the top losers list after a difficult week, dipping 20.06% across the seven-day period to trade at $0.005834.
Bank of England opens consultation on tokenized collateral at clearing houses
The Bank of England has opened a consultation on how a central counterparty (CCP) can accept digital versions of eligible collateral. The central bank says existing rules already allow it, provided the assets meet clearing standards.
The draft supervisory statement sets out what CCPs must address when they apply under the current approval process. It covers collateral a CCP already accepts, as well as types that qualify under the proposed UK CCP Rulebook but are not yet in use. The statement would not create new regulatory obligations.
The BoE said tokenized collateral must remain capable of being valued, transferred and realized, including in stressed conditions. It added that faster movement across jurisdictions could help firms meet margin calls.
Sarah Breeden, deputy governor for financial stability, said:
"Through today's consultation, the Bank is further delivering its secondary objective for innovation in financial market infrastructure, while maintaining financial stability. It's part of a major agenda between authorities and industry to enable the responsible adoption of tokenisation in financial markets."
The consultation paper closes on Feb. 12, 2027. The Bank expects to publish its policy response and rules later this quarter.
Christine Lagarde to step down as ECB president on Feb. 7, 2027
European Central Bank President Christine Lagarde said she will leave her post early.
"I have just informed my colleagues that I will step down as @ECB President on 7 February 2027," she said in a Thursday post on X.
I have just informed my colleagues that I will step down as @ECB President on 7 February 2027.
— Christine Lagarde (@Lagarde) October 29, 2026
It has been a source of great pride to serve this institution.
I thank all of those who have supported me on this journey over the past seven years. pic.twitter.com/eSLLTaDAej
Lagarde became ECB president in November 2019. She will have served about seven years and three months when she leaves, short of her eight-year term, which ends in October 2027.
Her successor will be appointed by the European Council under Article 283 of the Treaty on the Functioning of the European Union. The process requires a Council recommendation after consulting the European Parliament and the central bank, the ECB said in a Thursday press release.
Under her leadership, the ECB advanced preliminary work on a digital euro for everyday payments. In September it launched Pontes, a system that lets financial institutions settle wholesale tokenized asset transactions in central bank money, as an alternative to stablecoins.
Lagarde has also been a vocal critic of Bitcoin. At a January 2025 press conference she said central bank reserves need to be liquid, secure and safe, and that she was "confident" Bitcoin would not enter the reserves of any central bank in the General Council.
Phantom opens Kalshi prediction markets to eligible US users
Phantom is rolling out prediction markets to eligible users in the United States through its first US integration with Kalshi, a CFTC-registered exchange. The wallet app, which says it has more than 20 million users, announced the launch on Oct. 28.
Users can trade contracts on crypto prices, sports, economics, politics and current events. The crypto markets include short-dated up/down contracts on assets such as Bitcoin, some of which settle every 15 minutes. Trades are funded from a Phantom Cash balance held in the CASH stablecoin, and cash-outs return to it.
Kalshi handles customer diligence, approves and holds trading accounts, and executes the trades. Phantom is not registered with the CFTC. In March, CFTC staff issued Staff Letter 26-09, which gave Phantom no-action relief from registering as an introducing broker, subject to certain conditions. Phantom says it was the first passive software provider to receive that relief.
"Crypto traders already think in short windows, like where Bitcoin will be in 15 minutes. When a market closes that fast, every extra screen costs you the price you saw," said Femi Awomosu, Phantom's head of product for trading.
Kalshi's state-level restrictions apply by market category, so some markets are not available in every state. Phantom warns that event contracts carry a risk of losing the entire investment.
Bithumb investigates data leak after hack of internal mobile system
South Korean crypto exchange Bithumb is investigating the extent of a data leak caused by a hack of its internal mobile system, Yonhap News Agency reported Wednesday.
Bithumb found the breach on Tuesday in the in-house platform its employees use to communicate. It notified the Korea Internet & Security Agency and the Personal Information Protection Commission the same day.
The exchange has not yet said whether member data was leaked.
"We are analyzing the exact scope, including the possibility of member information being involved," Bithumb said. "We will provide an official announcement this morning. However, the internal work system is separated from the virtual asset trading system, so customer virtual assets cannot be accessed through this breach."
The incident follows other cyberattacks on South Korea's financial sector. At a meeting on Wednesday, Governor Lee Chan-jin said 16 financial firms had been hit as of Oct. 14. Asset manager Mirae Asset Global Investments and Daishin Securities were also recent victims. Daishin said personal and credit information of 38,490 customers had been leaked. Mirae Asset said it blocked abnormal external access to some web systems and that investor information was not affected.
Gunel Ismayilova
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