Ripple Prime has launched a Delta One business that lets institutional clients trade total return swaps tied to U.S.-listed equities, indexes and digital assets through its multi-asset prime brokerage platform.

Ripple said Thursday that the service is live for hedge funds, asset managers and other financial institutions, extending Ripple Prime further into U.S. equity derivatives while retaining digital assets within the same brokerage framework.

Clients can use a single counterparty for the transactions and cross-margin positions across supported asset classes. Ripple Prime said the setup operates around the clock, allowing institutions to manage collateral and exposures across traditional and digital markets through one relationship.

Total return swaps give investors exposure to the economic performance of an underlying asset without requiring them to own it directly. Under the structure, payments between counterparties are generally based on the return of the referenced asset and financing terms agreed under the swap.

“The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we’ve built,” Ripple Prime President Noel Kimmel said.

Ripple Prime Delta One brings US equities into its multi-asset platform

With Delta One, Ripple Prime is extending a business that already covers foreign exchange, derivatives, fixed income and digital assets into swaps linked to U.S. equities and indexes.

The firm said the product can be structured around different investment horizons, risk requirements and reporting needs. Institutional clients can execute total return swaps across the supported markets while managing the resulting exposures under Ripple Prime’s existing prime brokerage relationship.

Ripple Prime operates with more than $1 billion in regulatory net capital, according to Ripple. The firm provides clearing, financing and prime brokerage services for institutional investors across several asset classes.

The equity derivatives launch follows several additions to its institutional trading infrastructure this year. In May, Ripple Prime integrated with EDX Markets, giving clients access to EDX spot liquidity and perpetual futures offered by EDXM International through a unified brokerage arrangement. crypto.news previously reported that RLUSD was expected to serve a settlement and collateral role within the integration.

Through the arrangement, Ripple Prime provides credit intermediation, collateral management and net settlement while institutions access EDX liquidity. The integration followed several months of expansion across both centralized and decentralized digital asset markets.

Institutional derivatives access has expanded during 2026

Earlier in February, Ripple Prime added Hyperliquid access, allowing institutional clients to trade through the decentralized derivatives venue while cross-margining those positions against other assets held through the prime brokerage platform.

Ripple said at the time that supported exposures included digital assets, foreign exchange, fixed income, over-the-counter swaps and cleared derivatives. Clients retained a single counterparty relationship while accessing liquidity available through Hyperliquid.

The Delta One rollout applies a similar multi-asset structure to U.S.-listed equities and indexes, with Ripple Prime handling the swap relationship while clients receive the economic return of the referenced instruments.

Ripple Prime’s expansion into equity derivatives follows the company’s move into U.S. digital asset spot brokerage late last year. In November 2025, it launched spot prime brokerage for U.S. institutional customers, supporting over-the-counter digital asset transactions after Ripple completed the Hidden Road acquisition.

The original Hidden Road business had already operated across traditional and digital markets, including foreign exchange, derivatives, fixed income and cryptocurrency products.

Hidden Road deal created Ripple Prime

Ripple completed its $1.25 billion purchase of Hidden Road in October 2025 and renamed the institutional brokerage operation Ripple Prime.

The Hidden Road acquisition gave Ripple ownership of a global multi-asset prime broker providing institutions with clearing, financing and brokerage services across foreign exchange, derivatives, fixed income and digital assets.

Ripple had announced the transaction in April 2025 before closing it roughly six months later. The company said when the deal was completed that Ripple Prime would continue integrating Ripple’s digital asset infrastructure with the brokerage business, including the use of its RLUSD stablecoin within certain prime brokerage products.

Since the acquisition, Ripple Prime has also expanded the amount of financing available to support institutional client activity.

In May, the brokerage secured a $200 million debt facility from funds managed by Neuberger Specialty Finance. The facility was structured to increase Ripple Prime’s capacity to provide financing as institutional borrowing demand increased across crypto, equities, fixed income and foreign exchange.

Ripple said at the time that Ripple Prime’s revenue had tripled year over year since the acquisition, while client demand had increased across both traditional and digital markets. The Neuberger financing facility could be drawn according to institutional borrowing demand and was intended to support margin services offered through the platform.

Ripple Prime has raised more capital for expansion

Financing continued this month when Ripple Prime closed a $275 million private placement of senior unsecured notes on Aug. 18.

Ripple said the offering had been increased from its original size following demand from institutional investors. The notes received a BBB investment-grade rating from KBRA, while Piper Sandler acted as the lead placement agent.

Proceeds were designated for working capital and general corporate purposes within the regulated entity, including investment in technology and personnel supporting the brokerage operation.

Kimmel said after the placement that the financing provided Ripple Prime with another source of capital as it expanded its multi-asset clearing, prime brokerage and financing business.

The debt placement followed the $200 million Neuberger facility secured in May, giving Ripple Prime separate sources of capital for financing institutional activity and funding its own operations.

Ripple Prime currently provides services across digital assets, foreign exchange, precious metals, exchange-traded derivatives, over-the-counter swaps and fixed income repo markets. Ripple says the platform clears more than $3 trillion annually across markets and serves more than 300 institutional customers.

The Delta One service is now live for total return swaps tied to U.S.-listed equities, indexes and digital assets, with Ripple Prime serving as the counterparty and providing cross-margining across supported positions.

Moonwell has halted new borrowing across its Core Markets on Base after an apparent MAMO collateral price manipulation exploit drained about $8.7 million from the decentralized lending protocol.

Moonwell said in an Aug. 27 post on X that it was investigating an issue affecting the MAMO Core Market and had lowered borrow caps across all Core Markets on Base to 1 wei as a precaution, effectively preventing users from opening new borrowing positions while the investigation continues.

“As a precaution, borrow caps for all Core Markets on Base have been set to 1 wei, preventing new borrowing and limiting the potential for further impact,” Moonwell said.

Supply caps for MAMO and WELL were also reduced to 1 wei, while supply limits for other assets were left unchanged, according to the protocol. Moonwell said it would provide further updates once more information became available.

Blockchain security firms PeckShield and CertiK separately estimated that approximately $8.7 million had been taken, while Blockaid traced the apparent attack to manipulation of the MAMO token’s collateral price.

Moonwell exploit used MAMO collateral price to borrow cbBTC

According to CertiK, the attacker manipulated the collateral value of MAMO, a relatively illiquid token, before using the inflated collateral to borrow real cbBTC from Moonwell’s mCBTC market.

Blockaid identified the same mechanism, initially reporting that 50.6 cbBTC worth more than $4 million had been drained as it monitored the transactions. PeckShield later estimated total losses at about $8.7 million and said the attacker had consolidated the proceeds into DAI at a single address.

The use of a thinly traded asset as collateral was central to the attack described by the security firms. By changing MAMO’s market price, the attacker was able to increase the value assigned to the collateral position before borrowing assets with deeper liquidity.

MAMO has previously experienced sharp price swings. The token fell after its Coinbase debut in August 2025 after gaining more than 120% during the preceding week. At the time, crypto.news reported that MAMO had reached an all-time high of $0.227 before losing nearly 20% as selling activity increased.

Price pressure returned following Thursday’s security incident. Moonwell’s WELL token was down about 13% over the preceding 24 hours, according to CoinGecko data cited in the initial report, while MAMO had fallen roughly 9% over the same period, according to DEX Screener.

The restrictions imposed by Moonwell cover borrowing across its Base Core Markets, not only the MAMO market where the issue was identified. Existing supply caps for assets other than MAMO and WELL remained unchanged while the team investigated the incident.

Moonwell has faced previous oracle and governance problems

Thursday’s incident follows other security problems at Moonwell during 2026, including a pricing failure that left its lending markets with about $1.78 million in bad debt.

In February, an oracle calculation error mispriced Coinbase Wrapped ETH, or cbETH, at roughly $1.12 when the asset was trading near $2,200. The incorrect price allowed liquidators and automated bots to repay positions at the distorted valuation and seize cbETH collateral, according to the protocol’s disclosure cited by crypto.news.

The faulty oracle logic reportedly included code generated with Anthropic’s Claude Opus 4.6 model. Moonwell said at the time that an incorrect scaling factor in the calculation caused the large difference between the oracle value and the market price.

Another Moonwell security issue surfaced the following month when an unknown party acquired about $1,800 worth of MFAM tokens and used the holdings to push a malicious governance proposal through quorum on the protocol’s Moonriver deployment.

The March proposal sought control of seven lending markets, Moonwell’s comptroller and its oracle through an attacker-controlled contract, putting about $1.08 million of assets at risk. Moonwell’s Break Glass Guardian multisig provided an emergency mechanism capable of stopping the proposal before execution, while subsequent votes moved against it.

Unlike the February pricing failure, security firms assessing the Aug. 27 incident have described the latest attack as active manipulation of the market price used for MAMO collateral. Moonwell has not yet published a detailed post-mortem identifying the exact contracts, oracle structure or transaction sequence involved.

DeFi exploits have remained elevated since April

The Moonwell exploit comes after a series of large DeFi attacks during the second quarter of 2026, with April accounting for several of the year’s biggest losses.

CertiK warned in April that AI misuse and infrastructure weaknesses were becoming significant parts of crypto security risk. The firm said attackers were using social engineering, infrastructure vulnerabilities and more advanced automated tools, including AI-assisted phishing, deepfakes and exploit techniques.

By April 18, crypto protocols had lost more than $606 million across at least 12 incidents during the month, according to DefiLlama data cited by crypto.news. The total exceeded losses recorded during the entire first quarter of 2026.

Kelp DAO accounted for one of the largest incidents after attackers drained roughly 116,500 rsETH worth about $292 million from its cross-chain setup on April 18.

LayerZero later said the Kelp DAO exploit involved compromised RPC infrastructure used by its decentralized verifier network and affected Kelp DAO’s single-DVN rsETH configuration. The company said preliminary evidence pointed to North Korea-linked TraderTraitor, which it associated with the Lazarus Group.

The incident also affected lending markets holding rsETH. Aave experienced large withdrawals and was left with substantial bad debt after stolen rsETH was used as collateral to borrow other assets, while SparkLend and Fluid restricted affected markets.

In June, Binance Research said April’s DeFi exploits had contributed to about $13 billion in total value locked outflows from on-chain protocols. Its May market report put DeFi TVL at $82.7 billion at the end of April, down 10.7% from the previous month, while exploit losses for the month totaled $635.24 million.

Moonwell has not yet disclosed whether the $8.7 million estimate represents its final loss from the MAMO Core Market incident or whether any of the affected assets can be recovered. The protocol said its investigation remains active and that further information will be released when available.

Ripple Prime, Ripple’s multi-asset prime brokerage business, launched a Delta One service for institutional investors, expanding into US equity derivatives.

The offering allows clients to execute total return swaps linked to US-listed equities, indexes and digital assets, Ripple said in a Thursday announcement.

Total return swaps provide exposure to an asset’s returns without requiring ownership of the underlying asset.

The service targets hedge funds, asset managers and other financial institutions. Ripple said clients can use a single counterparty and cross-margin exposures across the supported asset classes around the clock.

“The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we’ve built,” Ripple Prime President Noel Kimmel said.

Ripple Prime’s existing prime brokerage, clearing and financing services cover foreign exchange, derivatives, fixed income and digital assets. Ripple said the business has more than $1 billion in regulatory net capital.

Ripple Prime was created after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and rebranded the business.

Earlier in August, Ripple Prime closed a $275 million private placement of senior unsecured notes to support its growth. In May, Ripple Prime secured a $200 million debt facility from funds managed by Neuberger Specialty Finance to expand its lending capacity for institutional clients.

Related: South Korea’s Jeonbuk Bank taps Ripple for cross-border payments

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The average market cap of Pump Fun tokens shared by 80% of the firm’s top 50 callout reward earners was below $100,000, according to research from crypto analyst Dethective.

Pump Fun traders earn daily sums based on the amount of volume their publicly shared token advice attracts from other traders.

Dethective charted the top 50 callout reward earners, who raked in a total of almost $700,000.

Few users call out tokens that reach over $100K

There were only two callers with an average median market cap rate of over $1 million, and eight callers with an average median market cap rate between $100,000 and $1 million.

Pumpfun distributed ~700k in callout rewards to 50 accounts.

Did they deserved it?

A list with the amount of calls and the median token Marketcap 👇 pic.twitter.com/rmLOC3CZ0O

— dethective (@dethective) August 27, 2026

Read more: Pump Fun is firing staff and its company filings are overdue, report

Eighty percent of the earners shared tokens with an average market cap of less than $100,000, while 12 callers averaged a market cap of less than $10,000.

Martin Shkreli makes $11K from callout rewards

Martin Shkreli joined Pump Fun this week, and his closely tied memecoins were down 94% in 24 hours. 

Despite this, Shkreli has made almost $11,000 from callout rewards. He’s shared 11 callouts with an average market cap rate of $220,000. 

Someone made $6.8K with 2,417 call outs

The highest earner of callout rewards was Pump Fun user “Slingoor,” who earned $47,500 sharing 215 callouts. Their average market cap rate was almost $149,000. 

Meanwhile, the lowest top earner made $6,100 from sharing 624 callouts. Their average market cap rate was over $13,000. 

One top 50 earner shared 2,417 calls and made $6,800. Their average market cap rate was $3,600. 

Pump Fun was rewarding quantity over quality

Onlookers have noted that most of the users receiving these rewards are already key opinion leaders onboarded by the platform. 

Users also complained that the platform was unfairly rewarding the sheer number of callouts rather than their quality. 

Because of this, Pump Fun’s Chief Operating Officer Alon Cohen claimed the firm has “significantly reduced the weighting of the number of callouts that a user produces within the callout rewards calculation.”

Over the last month, Pump Fun’s token has increased by 133%. However, it’s still down 46% from it’s all time high last September. 

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