KEYTAKEAWAYS
- BitMine’s massive ETH accumulation strategy backfires with a $658M unrealized loss, but the firm keeps buying, betting on Ethereum’s long-term dominance.
- JPMorgan launches JPM Coin for institutions, enabling instant blockchain payments on Coinbase’s Base network—reshaping global banking efficiency.
- Web3 lost over $45M in October due to hacks, scams, and phishing—highlighting the urgent need for better blockchain security awareness.
CONTENT
BITMINE’S ETH HOLDING COST IS $3,637.79
On November 12, on-chain analyst Ai Aunt (@ai_9684xtpa) reported that Bitmine disclosed an average cost of $3,639 for its 3,505,723 ETH holdings. After adding a new position of 24,007.35 ETH, the updated cost is $3,637.79. This means a current unrealized loss of $658 million.
BitMine’s core strategy is “buy the dip and keep accumulating.” The goal is to lower the average cost through large purchases. From early August, when it held only 830,000 ETH and still had unrealized gains, its holdings surged to over 3.5 million ETH by November. That is 2.8% of ETH supply and close to its public 5% target. The speed and determination are striking.
In a falling market, this strategy means buying more as prices drop. It can cause large short-term unrealized losses (swinging from over $1 billion to over $2 billion). But the goal is beyond short-term price moves. It focuses on Ethereum’s long-term value and its core role in Web3 infrastructure.
JPMORGAN LAUNCHES DEPOSIT TOKEN JPM COIN FOR INSTITUTIONAL CLIENTS
On November 12, Bloomberg reported that JPMorgan has begun offering a deposit token called JPM Coin to institutional clients. Naveen Mallela, global co-head of the bank’s blockchain unit Kinexys, said JPM Coin represents JPMorgan U.S. dollar deposits. Users can send and receive funds via Base, the public chain linked to Coinbase. Payments settle in seconds, 24/7, instead of taking days and only during business hours.
JPMorgan plans to open the token to clients’ clients next. After approvals, it will expand to other currencies and also to other blockchains. The JPM Coin (JPMD) pilot was announced in June. JPMorgan has registered the ticker JPME for a euro deposit token. JPM Coin will also be accepted on Coinbase as collateral.
OCTOBER WEB3 SECURITY INCIDENTS CAUSED OVER $45.84 MILLION IN LOSSES
On November 12, GoPlus reported that Web3 lost over $45.84 million in October due to smart contract bugs, social engineering, phishing, “Pi Xiu” schemes, and rug pulls, including:
· GMGN users suffered a phishing attack. Attackers faked a third-party token site to induce unauthorized transactions. 107 users lost over $700,000. · A Twitter account once followed by CZ and other KOLs was renamed @OracleBNB. It pretended to launch a token with @four_meme_ and then rug pulled, profiting 34 BNB.
Smart contract bugs, rug pulls, and “Pi Xiu” schemes are native risks at the protocol and project layers. They have long been a pain point. More worrying is the evolution of social engineering and phishing. Attackers no longer rely only on technical flaws. They exploit human weaknesses and social trust.
For example, they impersonate KOLs and partner projects on Twitter to scam users. This method is cheap, efficient, and hard to eliminate with traditional technical tools. The attack chain shows an “upstream” trend. Once users sign a transaction or approve a contract, the loss is set, not when the contract executes.
