Researchers in a Latin American stablecoin ecosystem report warned “fragility in the system is concentrated in its thinnest layer,” with just 16 of 494 companies focused primarily on wholesale liquidity, treasury and credit.

The $388 million Bitget breach and $320 million Liquid Network exploit accounted for most of September’s losses, though more than $270 million from the latter was later returned.

The classification could assist the CFTC’s claim that it has exclusive federal jurisdiction over event contracts offered on regulated prediction markets.

MetaMask said it is investigating the threat internally and said it has found no immediate threat to its wallets.