The date also marks a major US Senate hearing on cryptocurrency, the publication of international regulatory proposals, revelations during the FTX fraud trial, and Binance’s response to collateral-price disruptions following the October 2025 market crash.
Here are nine notable events that occurred on October 11 in previous years.
October 11, 2018: US Senate Holds Major Hearing on Cryptocurrency and Blockchain
On October 11, 2018, the US Senate Committee on Banking, Housing, and Urban Affairs held a hearing examining the opportunities and risks associated with cryptocurrencies and blockchain technology.
The hearing featured economist Nouriel Roubini, a prominent cryptocurrency critic, and Peter Van Valkenburgh, research director at the nonprofit advocacy organization Coin Center.
Roubini criticized speculative activity, initial coin offerings and the practical limitations of blockchain systems. Van Valkenburgh defended the potential of decentralized networks, emphasizing their ability to facilitate transactions without relying on traditional financial intermediaries.
The discussion followed Bitcoin’s dramatic decline from its December 2017 peak, when concerns about fraudulent token offerings, exchange security and investor protection were becoming increasingly prominent.
Lawmakers examined how existing financial regulations could address cryptocurrency risks without unnecessarily restricting technological development.
The hearing became an early public record of competing arguments that would continue shaping US digital asset policy for years afterward.
Original source: US Senate hearing transcript, October 11, 2018.
October 11, 2019: SEC Blocks Telegram’s $1.7 Billion Cryptocurrency Offering
On October 11, 2019, the US Securities and Exchange Commission announced an emergency enforcement action against Telegram Group and its subsidiary TON Issuer, seeking to prevent the distribution of the company’s planned Gram cryptocurrency.
Telegram had raised approximately $1.7 billion from 171 investors worldwide to finance the development of its Telegram Open Network blockchain and related operations.
According to the SEC, the company had sold approximately 2.9 billion Gram tokens without registering the offering under US securities laws or qualifying for an applicable exemption covering the proposed distribution.
Telegram had planned to deliver the tokens by October 31, 2019, but the enforcement action disrupted the launch.
In June 2020, Telegram agreed to return more than $1.2 billion to investors and pay an $18.5 million civil penalty to settle the SEC’s charges.
Although Telegram abandoned its original TON project, independent developers subsequently continued the network’s development. The October 2019 intervention remains a significant example of US securities enforcement against large cryptocurrency fundraising projects.
Original sources: SEC announcement, October 11, 2019 and SEC settlement announcement, June 2020.
October 11, 2021: JPMorgan CEO Jamie Dimon Calls Bitcoin Worthless
On October 11, 2021, JPMorgan Chase CEO Jamie Dimon renewed his criticism of Bitcoin during the Institute of International Finance’s annual membership meeting.
Dimon described Bitcoin as personally worthless to him while predicting that governments would eventually impose more comprehensive cryptocurrency regulations covering taxation, anti-money laundering and financial transparency.
His comments contrasted with JPMorgan’s expanding involvement in digital assets. Earlier that year, the bank had begun giving eligible wealth-management customers access to selected cryptocurrency investment funds.
Dimon distinguished his personal skepticism from JPMorgan’s willingness to provide customers with investment products they wanted to trade.
Bitcoin was trading around $57,000 when the remarks were reported, and the comments did not produce an immediate major selloff.
The episode illustrated the distinction between traditional banking executives’ personal opinions about Bitcoin and their institutions’ commercial responses to growing client demand for cryptocurrency exposure.
Contemporaneous source: Reuters report, October 11, 2021.
October 11, 2022: Financial Stability Board Proposes Global Crypto Regulation Framework
On October 11, 2022, the Financial Stability Board published proposals intended to establish more consistent international regulation of cryptocurrency markets and global stablecoin arrangements.
The proposals followed significant cryptocurrency market disruption earlier that year, including the collapse of the TerraUSD stablecoin ecosystem.
The FSB’s framework emphasized the principle of applying equivalent regulatory treatment to activities presenting comparable financial risks, regardless of whether those activities involved traditional financial institutions or cryptocurrency businesses.
Its recommendations addressed governance, risk management, operational controls, information disclosure, international supervisory cooperation and the combination of multiple financial functions within a single crypto company.
The accompanying stablecoin proposals emphasized redemption rights and mechanisms intended to maintain stable values.
The recommendations were initially published for consultation, rather than introduced as immediately enforceable global rules. The FSB subsequently finalized its high-level recommendations in July 2023.
Original source: Financial Stability Board announcement, October 11, 2022.
October 11, 2022: BNY Mellon Launches Bitcoin and Ethereum Custody Platform
On October 11, 2022, BNY Mellon announced that its digital asset custody platform had gone live in the United States, allowing selected institutional clients to hold and transfer Bitcoin and Ether.
The announcement represented a major milestone for traditional financial institutions entering cryptocurrency infrastructure.
Founded in 1784, BNY Mellon was one of the world’s largest custody banks, reporting approximately $43 trillion in assets under custody or administration around the time of the launch.
The new service was designed to extend established asset-servicing capabilities into cryptocurrencies, offering institutional customers access to digital asset safekeeping alongside conventional financial products.
BNY Mellon had established a dedicated digital assets unit in 2021 to develop the infrastructure.
The launch came during a difficult year for cryptocurrency prices and lending platforms, demonstrating that institutional investment in digital asset infrastructure was continuing despite the broader downturn.
Original source: BNY Mellon announcement, October 11, 2022.
October 11, 2022: Google Cloud Announces Cryptocurrency Payments Partnership With Coinbase
On October 11, 2022, Google Cloud announced a partnership with Coinbase that included plans to allow selected customers to pay for cloud computing services using cryptocurrencies.
Under the agreement, Google planned to use Coinbase Commerce to process cryptocurrency payments for eligible cloud customers.
Coinbase also selected Google Cloud to support aspects of its advanced exchange and data services, establishing a wider commercial relationship between the technology company and the cryptocurrency exchange.
The announcement occurred during Google Cloud Next ’22, when Google outlined several initiatives targeting blockchain developers and Web3 infrastructure providers.
The arrangement was notable because it connected cryptocurrency payments with mainstream enterprise technology services rather than limiting their use to trading or consumer transfers.
For Coinbase, infrastructure partnerships also illustrated how exchanges could develop business activities beyond transaction commissions, a subject examined in Dave Finances’ analysis of cryptocurrency exchange revenue models.
The October announcement described planned payment functionality, not confirmation that every Google Cloud customer could immediately pay with cryptocurrency.
Original source: Google Cloud announcement, October 11, 2022.
October 11, 2022: Mango Markets Loses Approximately $116 Million in DeFi Exploit
On October 11, 2022, Solana-based decentralized trading and lending platform Mango Markets suffered an exploit involving the manipulation of its MNGO token price and associated perpetual futures positions.
According to subsequent US regulatory filings, trader Avraham Eisenberg used two accounts to establish opposing positions in MNGO perpetual futures and traded the underlying token to sharply increase its reported market price.
The inflated collateral valuation allowed him to borrow and withdraw approximately $116 million in cryptocurrency assets from the platform.
Mango Markets subsequently reported that the incident had occurred around 22:00 UTC on October 11. The attack exposed weaknesses in the relationship between token liquidity, price oracles and automated collateral calculations.
Eisenberg later returned a portion of the assets under a negotiated arrangement with the protocol’s community.
He was convicted on federal charges in April 2024, but a US district court vacated two convictions and entered an acquittal on a third count in May 2025.
The exploit became a prominent case study in decentralized finance security and the legal treatment of trading strategies that exploit vulnerabilities in protocol design.
Original sources: SEC investigation announcement and May 2025 federal court decision.
October 11, 2023: Caroline Ellison Details Alleged Chinese Bribes During FTX Trial
On October 11, 2023, former Alameda Research CEO Caroline Ellison continued her testimony in the fraud trial of FTX founder Sam Bankman-Fried, providing details about attempts to recover approximately $1 billion in cryptocurrency frozen on Asian trading platforms.
Ellison testified that Alameda had attempted multiple methods to regain access to the accounts, including efforts involving accounts registered under the identities of Thai sex workers.
She alleged that Alameda eventually transferred approximately $100 million to $150 million to accounts associated with Chinese officials to secure the release of the frozen assets.
The trial judge clarified that Bankman-Fried was not being tried for bribery in that proceeding and admitted the testimony for limited purposes.
Ellison also described efforts to manage Alameda’s financial difficulties and the use of FTX customer funds to meet the trading firm’s obligations.
The testimony supplied jurors with additional information about the financial relationships and decision-making practices that preceded FTX’s November 2022 collapse.
Bankman-Fried was subsequently convicted of fraud-related offenses and sentenced to 25 years in prison in March 2024.
Contemporaneous source: NPR reporting, October 11, 2023.
October 11, 2025: Binance Announces Compensation After Crypto Collateral Depegging
On October 11, 2025, Binance announced plans to compensate eligible users affected by unusual price movements in USDe, BNSOL and WBETH during the previous day’s severe cryptocurrency market selloff.
The incident occurred during a broader liquidation cascade beginning on October 10, when leveraged positions across cryptocurrency exchanges were rapidly closed as prices declined.
Binance identified a period between 21:36 and 22:16 UTC on October 10 during which affected collateral assets experienced significant pricing disruptions.
In its October 11 announcement, the exchange said it would compensate eligible futures, margin and loan customers who had suffered liquidations connected to the affected collateral prices.
Binance also outlined changes to its risk controls, including incorporating redemption values into price-index calculations and introducing additional safeguards for USDe.
The announcement highlighted the importance of how exchanges value collateral during periods of extreme volatility. Rapid changes in local trading prices can trigger liquidations even when an asset’s underlying redemption mechanism produces a different valuation.
The wider mechanics of leveraged-position closures are examined in Dave Finances’ coverage of cryptocurrency liquidation cascades.
Original sources: Binance’s initial October 11 statement and Binance’s compensation and risk-control announcement.
Johan Shamshad is a financial markets writer at Dave Finances covering cryptocurrencies, trading platforms, brokers, fintech, financial regulation, and developments across global markets. He previously worked at Gulf News, adding newsroom experience to his coverage of fast-moving financial and digital-asset markets.
His work focuses on identifying market-moving events, company developments, regulatory changes, product launches, and shifts in trading and financial infrastructure.
Johan contributes news and analysis designed to help readers understand not only what happened, but why a development matters and how it may affect the wider financial landscape. You can reach out to him via his social media accounts:
Linkedin: https://www.linkedin.com/in/johan-shamshad-742851262/
X: https://x.com/Yasmine_FX
Investing: https://www.investing.com/members/contributors/279781574