The Weekly Grind (Sep 29–Oct 5): $6M Drained, Blast Fizzles, SEC Crypto Shift

The Weekly Grind (Sep 29–Oct 5): $6M Drained, Blast Fizzles, SEC Crypto Shift

Crypto chaos ruled this week with massive vault drains and regulatory shifts sparking market uncertainty. Layer 2 exits and SEC’s custody framework added fuel to the fire as stakeholders scrambled to adapt.

The Big Stories

• $6 Million Drained on Base: An anonymous attacker pulled 1,783 wstETH, worth over $6 million, from a vault on Base. The vault’s owner remains unknown, with $31.7 million still at risk. Read more

• Blast’s $2 Billion Mistake: Blast, Blur’s Ethereum layer 2, is shutting down as operational costs outweigh profits. Users have until October 26 to withdraw their funds. Read more

• MetaMask’s $1.4 Billion ETH Exit: After a minor theft, MetaMask is exiting 17,000 Lido validators, impacting Ethereum’s exit queue. Read more

• SEC’s Custody Rule Flip: The SEC now allows fund managers to self-custody crypto, provided they document quarterly that no other custodian will hold the asset. Read more

By the Numbers

• $6M: Amount drained from Base vault.
• $2B: Deposits Blast attracted before folding.
• 17,000: Number of validators MetaMask is exiting.
• 84%: Sanctioned Iran wallets using Tether.
• 47%: Drop in BLAST token value post-announcement.

What This Means for Crypto Jobs

The week’s tumult underscores growing demand for cybersecurity experts and regulatory compliance specialists. MEV researchers remain hot commodities, with salaries ranging from $90k to $300k. Meanwhile, sectors tied to failing projects like Blast may see job cuts as funds dry up.

Find your next crypto role at cryptogrind.com.