Track market-moving stories before they get noisy

Crypto wallets linked to the OFAC-sanctioned Lazarus Group moved $30 million in digital assets through Hyperliquid, weeks after regulators said they were working on a path to introduce the exchange into US markets.

Crypto wallet addresses linked to the North Korean state-affiliated hacker collective Lazarus Group moved $30 million in digital assets through the decentralized exchange Hyperliquid.

The Lazarus-tagged wallets sent funds to Hyperliquid and HyperUnit via Bitcoin (BTC), traded them into Ether (ETH) or Solana (SOL) and bridged them out to Tron, Solana or the Ethereum network, according to blockchain data shared by Arkham analyst Emmett Gallic in a Monday X post.

Ultimately, the deposits were sent to crypto exchanges KuCoin and Kraken, as well as Lbank, along with several unlabeled services based on the Tron network.

The transfers occurred weeks after US President Donald Trump said that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working on a regulatory pathway to introduce Hyperliquid into US markets, according to a speech during a White House event on Aug. 16. 

The Lazarus Group is the main suspect in some of the largest-ever cryptocurrency hacks, including the $1.4 billion hack of Bybit exchange in 2025, the industry’s largest so far.

North Korea-linked threat actors were tied to at least $578 million of the $634 million stolen in crypto-related incidents in April. 

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Serenity: GoPro's stock surges over 80%, its foray into optical communications surprises the market.

Serenity published a post stating that action camera maker GoPro ($GPRO) plans to merge with photonics firm Starman Optical to enter the AI data center 800G/1.6T optical module market. Following the announcement, GoPro’s share price surged over 80%. Serenity commented, “GoPro competing against AAOI is absolutely outside my expectations.” It noted that GoPro’s shift from action cameras to the AI data center optical communications sector is quite unexpected, and the market has reacted strongly to this transformation plan.

2 minutes ago

US stocks open September with a dismal start: Oil prices and US Treasury yields rise in tandem, weighing on high-risk assets.

On the first trading day of September, the three major U.S. stock indexes opened lower across the board: the Dow Jones Industrial Average fell 0.64%, the S&P 500 dropped 0.71%, the Nasdaq slid 1.31%, and the Philadelphia Semiconductor Index once plunged more than 3%. Intel and Qualcomm declined nearly 3%, AMD and Meta fell over 2%, while Tesla, Alibaba, and Nvidia dropped nearly 2%. The core factor pressuring the market is the simultaneous rise in oil prices and global bond yields. Brent crude oil broke above $92 per barrel during the session; market concerns over Middle East tensions and shipping disruptions in the Strait of Hormuz are expected to push up energy prices and inflation, further strengthening expectations of a Federal Reserve interest rate hike. Currently, CME’s FedWatch Tool shows the probability of a 25-basis-point Fed rate hike in September to a range of 3.75%-4.00% has risen to 66%. Paul Ciana, technical strategist at Bank of America, stated the S&P 500’s upward breakout starting in August remains intact, provided it holds above 7,500 points. Meanwhile, neither the RSI nor MACD has confirmed the recent price highs, indicating upward momentum is weakening. Ciana noted seasonal headwinds, election uncertainty, and rising front-end U.S. Treasury yields are posing greater challenges to the market, with higher yields increasing the risk that stocks will enter a consolidation phase rather than rallying at an accelerated pace. Matt Maley, strategist at Miller Tabak, also warned the stock market has so far been able to ignore rising yields, but this does not mean the pressure from high yields will not eventually surface. JPMorgan Chase, meanwhile, argues rising yields may not be an insurmountable obstacle for the bull market, as they could reflect stronger economic activity momentum.

2 minutes ago

Firelight Protocol completes $8 million funding round, led by Gumi Cryptos Capital.

DeFi protocol Firelight Protocol has secured an $8 million funding round led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, Tribe Capital, and other investors. The project aims to build an on-chain risk protection layer for DeFi, planning to launch its protocol and first set of coverage products in September, while expanding its insured asset base from XRP to include Bitcoin (BTC) and Stellar (XLM). Incubated by DeFi infrastructure provider Sentora, Firelight targets the smart contract vulnerability risks that fintech companies face when entering the on-chain yield market. It has developed an on-chain protection mechanism where users’ insured positions are represented as NFTs. In the event of a vulnerability exploit, an alliance of independent risk firms—GFX Labs, Hypernative, Credora, Native, and Cyfrin—will evaluate claim eligibility, with a goal of completing reviews in 3–4 days and payouts within 10 days. Firelight CEO Anthony DeMartino stated that the product is not geared toward crypto-native speculators, but rather intends to act as a "protective layer" to drive the next wave of capital into on-chain spaces. Currently, roughly $80 billion is locked in DeFi, yet less than 1% of that total has on-chain risk coverage. Firelight identifies fintech firms, digital banks, and payment platforms as its core potential clients.

2 minutes ago

Injective: No Attack Occurred, Partial Validators Temporarily Jailed Due to Accelerated Upgrade

Injective officials announced that community contributors coordinated an accelerated network upgrade yesterday. As the time required for all validators and ecosystem infrastructure to complete the upgrade exceeded expectations, some validators were temporarily jailed, leading to a temporary dip in the network’s staked amount. Several exchanges also temporarily suspended INJ deposits and withdrawals. Injective stressed that its blockchain network and INJ token remained fully secure throughout the process: the underlying protocol and consensus mechanism were not compromised, user and staked funds suffered no losses or risks, and the network continued processing transactions without any downtime. The official noted that the accelerated upgrade was triggered by attacks on a small number of binary options market applications within the Injective ecosystem. The incident only impacted those applications, and did not exploit the Injective blockchain, protocol, native assets, or consensus mechanism. The attack vector has since been contained and repaired. Injective added that its team is deploying enhanced security mechanisms, real-time monitoring systems, and additional protective measures to identify abnormal activities earlier and reduce the risk of similar incidents recurring.

2 minutes ago

Silhouette launches Hyperliquid RFQ trading system, initially supporting xStocks tokenized stocks.

Hyperliquid’s block trading layer Silhouette has announced the mainnet launch of its RFQ (Request for Quote) trading system, with initial support for xStocks, Payward’s tokenized stock framework. According to the announcement, traders can submit quotes for supported xStocks, receive competitive bids from multiple market makers, and final executed trades settle directly on-chain, with support for 24/7 trading and large-sized orders. This model eliminates the need to build separate order books for each tokenized stock; once trading activity reaches a certain threshold, the assets can also be listed on Hyperliquid’s HyperCore market. Data shows that since its launch in June 2025, xStocks has recorded a cumulative trading volume exceeding $40 billion, with over 200,000 holders, of which nearly $20 billion in volume has been settled on-chain. The current global tokenized stock market size is around $2.53 billion, with xStocks boasting a market cap of ~$620 million, ranking third globally. In addition, Payward announced today that it will tokenize the 100 largest companies by market cap listed on the London Stock Exchange. The first batch of London-listed xStocks is expected to launch in the coming weeks, pending regulatory approval.

2 minutes ago

US job openings saw a slight uptick in July, with overall labor demand remaining stable.

U.S. job openings rose slightly in July, signaling that overall labor demand has remained stable in recent months. Data released by the U.S. Bureau of Labor Statistics on Tuesday showed that July job openings climbed from June’s downwardly revised 7.18 million to 7.27 million, versus economists’ median estimate of 7.31 million. The report notes the U.S. labor market is still in the "low hiring, low layoffs" pattern that has prevailed for most of the past few years. Amid geopolitical uncertainty and persistent inflation, employers are cautious about expanding their headcount but reluctant to cut staff easily. The increase in job openings was driven mainly by manufacturing, state and local governments (excluding education), healthcare and social assistance sectors. Meanwhile, layoffs hit their lowest level since January this year, while the quits rate — a measure of the share of workers who voluntarily leave their jobs each month — edged down to 1.9%. Source: Jinshi

2 minutes ago

Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ) has expanded its portfolio to nine assets with the addition of Hyperliquid’s HYPE token, according to a Tuesday press release. The move brings one of the largest decentralized trading platforms into a diversified crypto investment product.

HYPE was added to the NCIQ effective Tuesday after qualifying for inclusion in the Nasdaq CME Crypto Index. The index requires constituent assets to meet criteria covering market capitalization, liquidity, custody availability and regulatory standards for crypto exchange-traded products.

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With HYPE now included, the Nasdaq CME Crypto Index comprises Bitcoin, Ethereum, Solana, XRP, Hyperliquid, Stellar, Cardano, Chainlink and Bitcoin Cash. The composition gives NCIQ exposure to a wide range of crypto networks and use cases.

NCIQ began trading in February 2025 with only Bitcoin and Ether. Hashdex has since expanded the portfolio through successive index reconstitutions, adding assets as they meet the index’s rules.

Commenting on the addition of HYPE, Hashdex CIO Samir Kerbage said NCIQ’s decision shows how the fund can adapt as the crypto market develops, giving investors systematic exposure to emerging ecosystems rather than requiring them to chase individual narratives.

“When we launched NCIQ in February 2025 with two assets, the whole point was that the portfolio would expand as the market matured. And that’s exactly what’s happening,” Kerbage stated. “Hyperliquid’s innovative approach to decentralized trading, combined with recent regulatory advances, has made its ecosystem an increasingly important part of crypto and financial markets — and HYPE’s inclusion in NCIQ reflects that maturity.”

HYPE has surged nearly 230% this year to around $83, outperforming many major crypto assets. Hyperliquid is meanwhile in talks with Kraken parent Payward over a potential US offering of selected perpetual futures through CFTC-regulated Bitnomial.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Zug, Switzerland, September 1st, 2026, Chainwire

Through Silhouette’s RFQ, every supported xStock gets an execution venue from day one, even those without their own order books.

Silhouette, the universal block trading layer for Hyperliquid, today announced that its RFQ system is live on mainnet, launching with tokenized equities from xStocks – Payward’s tokenized equity framework – opening new opportunities for the asset class through its demand layer.

Now, traders request a quote on any supported xStock, receive competing quotes from onboarded market makers, and settle the winning trade onchain, at any hour and at size.

“Tokenized stocks keep arriving onchain, and most of them have nowhere to trade. Silhouette’s RFQ is the demand layer: market makers compete for every trade, settlement is onchain, and the assets that prove real flow graduate to their own HyperCore markets. Launching with xStocks means starting with the issuer that brought this asset class to Hyperliquid,” said Chandler De Kock, Founder of Silhouette.

An order book is how an asset with proven demand trades. When launched before that proof exists, books sit thin and risk becoming dead markets, and the promised growth of the asset class stalls with them.

Demand for a traditional asset at a broker does not automatically carry over to its tokenized version onchain; converting it takes tooling and a cost structure trading firms recognise. Silhouette’s RFQ does that conversion cheaply, asset by asset.

The launch comes as tokenized equities accelerate across the industry, with issuers converging on the most active onchain markets. On Hyperliquid, the two layers now work as one pipeline: Silhouette discovers demand, and HyperCore’s order books host the assets that prove it.

“Access to real markets shouldn’t stop when a broker’s desk closes for the night. Every tokenized equity we’ve brought onchain has been waiting for a venue that treats it like a real asset, not an experiment. Silhouette’s RFQ is that venue, and it’s the clearest signal yet that this asset class is ready to trade the way the rest of finance already does.” said Val Gui, General Manager at xStocks.

About Silhouette

Silhouette is the universal block trading layer for Hyperliquid. It separates trader identity, size and direction from execution to ensure traders can avoid the common problems of front-running, fading or copying public transactions. By adding this layer, Silhouette enables institutions to trade without moving the book. The result is better pricing and cleaner execution for the users and teams that move markets. Backed by Polychain Capital and RockawayX. silhouette.exchange

About xStocks

xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.

Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.

For more information, visit https://xstocks.fi.

Is Pump.fun [PUMP] pulling ahead of Hyperliquid [HYPE]? Well, its revenue looks set to beat the latter’s for the month and its token has also outperformed by a wide margin.

What’s next?

A 15-month streak is set to break! Hyperliquid has led monthly revenue over Pump.fun ever since April 2025. That streak is now about to end.

At the time of writing, Pump.fun led with $55.9M in revenue, against Hyperliquid’s $49.6M.

Source: X There have been ups and downs for both platforms over the past year. Pump.fun peaked near $150M a month while Hyperliquid built a steadier lead.

This will be Pump.fun’s first monthly win over Hyperliquid in well over a year.

PUMP slams through HYPE Over August, PUMP went up about 105%, while HYPE gained by about 49%.

Pump.fun sat basically flat for the first week, then broke out hard during the spike of the 19th before slowing down. On the other hand, HYPE has been steadier in its hike the whole way through.

Source: TradingView Seems like the market priced PUMP’s surge in, well before the numbers confirmed it.

The battle and the war Now, here’s where things get interesting; Hyperliquid might be playing a longer game.

Its next upgrade, HIP-4, will help bring in permissionless prediction markets. This would allow outside builders to launch markets on sports, crypto, macro events, politics… basically anything, as long as validators approve the structure and 500,000 HYPE gets locked up.

This is the same playbook that worked for perpetuals under HIP-3.

If it pans out the same way here, Hyperliquid will immediately become the infrastructure under thousands of markets. If that is the case, it will never have to build one itself.

Hence, the real fight is about who will own what’s coming next. That’s where Hyperliquid has the stronger fighter as it stands.

Final Summary Pump.fun is set to beat Hyperliquid’s monthly revenue after 15 months. The HIP-4 upgrade could help Hyperliquid win in the long term.

Hyperliquid Labs and Kraken parent Payward have entered advanced talks to offer selected Hyperliquid-linked perpetual futures to U.S. traders through CFTC-regulated exchange Bitnomial.

Summary

Payward has presented the CFTC with an outline of the proposed arrangement. Bitnomial would list selected contracts rather than provide access to Hyperliquid’s decentralized platform. The parties still need regulatory clearance before making the products available. HYPE traded near $84 after gaining more than 60% since the start of August. Hyperliquid could reach U.S. traders through Bitnomial Bloomberg reported on Aug. 31 that Hyperliquid Labs and Payward are discussing a structure that would place selected crypto perpetual futures on Bitnomial, a U.S. derivatives exchange owned by the Kraken parent.

Under the proposed setup, eligible American customers would trade the contracts through Bitnomial rather than connect directly to Hyperliquid’s decentralized platform. The companies have not disclosed which assets would be included, how many contracts could be listed, or whether HYPE would be among the underlying tokens.

Payward has already presented the Commodity Futures Trading Commission with an outline of the arrangement, according to Bloomberg. Regulatory clearance is still required, and no launch date or commercial terms have been announced.

Bitnomial would handle the U.S. trading venue, customer access, and compliance requirements. Hyperliquid technology would support the assets or markets linked to the selected products, allowing the arrangement to separate the regulated contracts from the permissionless platform used by the protocol’s existing customers.

American users remain unable to access Hyperliquid directly. An August filing cited in earlier protocol coverage said the platform continued to restrict U.S. users and that Hyperliquid Strategies was unaware at the time of any pending CFTC approval process for the network.

The discussions do not amount to approval for Hyperliquid itself to operate as a U.S. exchange. Bloomberg’s reported structure instead places any American trading activity inside Bitnomial’s regulated system and limits access to contracts selected for that venue.

Payward already controls a full U.S. derivatives stack Payward completed its acquisition of Chicago-based Bitnomial on May 1 after first valuing the transaction at up to $550 million in cash and stock. The final price was not disclosed.

Through the acquisition, Payward gained control of a designated contract market, a derivatives clearing organization, and a futures commission merchant. The three CFTC-regulated entities allow Bitnomial to combine exchange trading, clearing, and brokerage services within one corporate group.

As crypto.news previously reported, Bitnomial spent more than a decade building the licenses needed to operate that structure. Payward said at the time that Bitnomial would keep its regulatory framework and continue providing services to third parties after joining the company.

The infrastructure has already supported Payward’s U.S. expansion. Kraken introduced perpetual futures for eligible American clients through Bitnomial in June, placing the contracts alongside spot, margin, and traditional futures products on Kraken Pro.

Kraken said customers could use one collateral pool across perpetuals and other derivatives positions. John Palmer, Kraken’s global head of derivatives, said the setup reduced the need for traders to divide capital and positions among separate platforms.

Perpetual futures differ from dated futures because they do not have a fixed expiration. Recurring funding payments between long and short traders are used to keep the contract price close to the value of its reference asset.

Although the format is common on offshore exchanges and decentralized platforms, U.S. access has historically been limited by federal derivatives rules. Bitnomial’s involvement would give American traders access through a supervised exchange, but it would not open Hyperliquid’s full selection of onchain markets to them.

CFTC review will determine the permitted structure The CFTC would serve as the main federal regulator for the proposed crypto derivatives because Bitnomial operates under the Commodity Exchange Act. Depending on the final structure and referenced assets, regulators would need to determine how the contracts are classified and whether their listing process meets applicable exchange requirements.

Hyperliquid-linked groups are already engaging U.S. regulators on related questions. In an Aug. 24 comment letter, the Hyperliquid Policy Center asked the SEC and CFTC to recognize qualifying cash-settled equity perpetuals as security futures.

The group argued that regulators should first examine how a derivative is structured and traded before using its underlying asset to divide oversight. Under its proposal, futures-like perpetual contracts tied to individual stocks would come under the security futures framework jointly administered by the SEC and CFTC.

HIP-3 markets using Hyperliquid infrastructure processed more than $480 billion in cumulative notional volume during their first 10 months, according to the policy center. Positions on the markets use central limit order books and continuous margin, while funding payments help align perpetual contract prices with their reference assets.

The proposed Payward arrangement concerns selected crypto contracts rather than unrestricted access to HIP-3 or the rest of Hyperliquid. Bloomberg did not report that the SEC is involved in the discussions, and neither Payward nor Hyperliquid has published the proposed contract list.

U.S. regulators would also expect the regulated venue and its intermediaries to apply customer identification, anti-money laundering, and sanctions controls. Such requirements differ from the permissionless access model used by decentralized trading protocols.

HYPE extends its August rally after the report HYPE traded at about $84.50 when checked, rising roughly 3% over 24 hours after recovering from an earlier decline. The token had gained more than 60% since the start of August, though available reports did not establish that expectations of U.S. access caused the entire monthly advance.

Hyperliquid processes more than $4 billion in daily trading volume, according to figures cited in the original report. Any Bitnomial offering would cover only a selected portion of Hyperliquid-linked markets, while the companies have not disclosed whether revenue from the U.S. contracts would flow to the protocol or affect HYPE’s existing token-buyback system.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Meme coin MOO, paired with Micron stock on Long.xyz, has broken through the $18 million market cap mark, surging over 330% in a single day.

According to GMGN market data, the meme coin MOO, paired with Micron stock on Long.xyz, has exceeded $18 million in market capitalization, currently trading at $18.27 million, with a daily gain of over 330%. BlockBeats Note: Stock Meme is an emerging concept merging traditional meme coins with tokenized U.S. equities: instead of pairing with USDT or ETH, meme coins are directly paired with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL, etc.). This model preserves meme coins’ high volatility and community-driven speculative traits, while tapping into the popularity and narratives of real stocks. A portion of transaction fees is often redirected to the community treasury to accumulate the corresponding U.S. stock tokens, forming a dual-driven model of "sentiment-fueled speculation + real asset anchoring".

14 minutes ago

Robinhood Chain’s DEX 24-hour trading volume exceeds $900 million for the first time.

Crypto analyst Adam’s data shows that the 24-hour trading volume of decentralized exchanges (DEX) on Robinhood Chain has topped $900 million for the first time. The meme token launchpad recorded a record-high trading volume of $438 million yesterday, while real-world asset (RWA) trading volume also exceeded $200 million for the first time.

14 minutes ago

Tensions between the US and Iran remain elevated, with the two major global crude oil benchmarks rising nearly 1% intraday.

According to Bitget market data, WTI crude oil has climbed above $86 per barrel, with an intraday increase of 0.73%. Brent crude oil touched $91 per barrel, up 0.75% on the day.

14 minutes ago

FOMO Co-founder: The platform is growing rapidly, adding 30 new users every minute.

Fomo co-founder @seyong announced on X that the platform has seen rapid growth recently, adding 30 new users every minute. Additional data shows that in the week ending August 24, the weekly trading volume of the social trading app neared $1.3 billion. The daily active user counts of Fomo and Pump are close to those of Polymarket, Hyperliquid, and Phantom, ranging from 60,000 to 100,000 respectively.

14 minutes ago

1.5TB reduced to 214GB: Tencent releases extreme quantized version of Hy4 preview

Beating AI News: Just after the Hy4 preview went open-source, Tencent has released an extreme quantized version of its Hunyuan model. The original model weights are nearly 1.5TB, while the new GGUF version is only around 214GB, drastically lowering the local deployment barrier for this 770B MoE model. Tencent did not uniformly quantize the entire model to 1.25-bit; instead, it applied different quantization levels based on each layer’s sensitivity to precision: non-critical layers are compressed to as low as ~1.31-bit, while sensitive layers retain 2-bit or higher precision, resulting in an average of ~2.38 bits per weight (bpw). In four benchmarks provided by Tencent, the quantized version only dropped 0.2 to 1.6 points compared to the BF16 original. After compression, Tencent also tested heterogeneous device joint inference with prima.cpp. A setup consisting of an RTX 4090 laptop and a 4-A4000 server, with only 80GB of total VRAM and 64GB of RAM, achieved an inference speed of 1.02 tokens per second—roughly 6 times faster than running the model offloaded on the laptop alone. Multiple devices with different configurations can also jointly share the model inference workload.

14 minutes ago

Meme coin MOO, paired with Micron stock on Long.xyz, has broken through the $18 million market cap mark, surging over 330% in a single day.

According to GMGN market data, the meme coin MOO, paired with Micron stock on Long.xyz, has exceeded $18 million in market capitalization, currently trading at $18.27 million, with a daily gain of over 330%. BlockBeats Note: Stock Meme is an emerging concept merging traditional meme coins with tokenized U.S. equities: instead of pairing with USDT or ETH, meme coins are directly paired with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL, etc.). This model preserves meme coins’ high volatility and community-driven speculative traits, while tapping into the popularity and narratives of real stocks. A portion of transaction fees is often redirected to the community treasury to accumulate the corresponding U.S. stock tokens, forming a dual-driven model of "sentiment-fueled speculation + real asset anchoring".

14 minutes ago

Robinhood Chain’s DEX 24-hour trading volume exceeds $900 million for the first time.

Crypto analyst Adam’s data shows that the 24-hour trading volume of decentralized exchanges (DEX) on Robinhood Chain has topped $900 million for the first time. The meme token launchpad recorded a record-high trading volume of $438 million yesterday, while real-world asset (RWA) trading volume also exceeded $200 million for the first time.

14 minutes ago

Tensions between the US and Iran remain elevated, with the two major global crude oil benchmarks rising nearly 1% intraday.

According to Bitget market data, WTI crude oil has climbed above $86 per barrel, with an intraday increase of 0.73%. Brent crude oil touched $91 per barrel, up 0.75% on the day.

14 minutes ago

FOMO Co-founder: The platform is growing rapidly, adding 30 new users every minute.

Fomo co-founder @seyong announced on X that the platform has seen rapid growth recently, adding 30 new users every minute. Additional data shows that in the week ending August 24, the weekly trading volume of the social trading app neared $1.3 billion. The daily active user counts of Fomo and Pump are close to those of Polymarket, Hyperliquid, and Phantom, ranging from 60,000 to 100,000 respectively.

14 minutes ago

1.5TB reduced to 214GB: Tencent releases extreme quantized version of Hy4 preview

Beating AI News: Just after the Hy4 preview went open-source, Tencent has released an extreme quantized version of its Hunyuan model. The original model weights are nearly 1.5TB, while the new GGUF version is only around 214GB, drastically lowering the local deployment barrier for this 770B MoE model. Tencent did not uniformly quantize the entire model to 1.25-bit; instead, it applied different quantization levels based on each layer’s sensitivity to precision: non-critical layers are compressed to as low as ~1.31-bit, while sensitive layers retain 2-bit or higher precision, resulting in an average of ~2.38 bits per weight (bpw). In four benchmarks provided by Tencent, the quantized version only dropped 0.2 to 1.6 points compared to the BF16 original. After compression, Tencent also tested heterogeneous device joint inference with prima.cpp. A setup consisting of an RTX 4090 laptop and a 4-A4000 server, with only 80GB of total VRAM and 64GB of RAM, achieved an inference speed of 1.02 tokens per second—roughly 6 times faster than running the model offloaded on the laptop alone. Multiple devices with different configurations can also jointly share the model inference workload.

14 minutes ago

Meme coin MOO, paired with Micron stock on Long.xyz, has broken through the $18 million market cap mark, surging over 330% in a single day.

According to GMGN market data, the meme coin MOO, paired with Micron stock on Long.xyz, has exceeded $18 million in market capitalization, currently trading at $18.27 million, with a daily gain of over 330%. BlockBeats Note: Stock Meme is an emerging concept merging traditional meme coins with tokenized U.S. equities: instead of pairing with USDT or ETH, meme coins are directly paired with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL, etc.). This model preserves meme coins’ high volatility and community-driven speculative traits, while tapping into the popularity and narratives of real stocks. A portion of transaction fees is often redirected to the community treasury to accumulate the corresponding U.S. stock tokens, forming a dual-driven model of "sentiment-fueled speculation + real asset anchoring".

14 minutes ago

Robinhood Chain’s DEX 24-hour trading volume exceeds $900 million for the first time.

Crypto analyst Adam’s data shows that the 24-hour trading volume of decentralized exchanges (DEX) on Robinhood Chain has topped $900 million for the first time. The meme token launchpad recorded a record-high trading volume of $438 million yesterday, while real-world asset (RWA) trading volume also exceeded $200 million for the first time.

14 minutes ago

Tensions between the US and Iran remain elevated, with the two major global crude oil benchmarks rising nearly 1% intraday.

According to Bitget market data, WTI crude oil has climbed above $86 per barrel, with an intraday increase of 0.73%. Brent crude oil touched $91 per barrel, up 0.75% on the day.

14 minutes ago

1.5TB reduced to 214GB: Tencent releases extreme quantized version of Hy4 preview

Beating AI News: Just after the Hy4 preview went open-source, Tencent has released an extreme quantized version of its Hunyuan model. The original model weights are nearly 1.5TB, while the new GGUF version is only around 214GB, drastically lowering the local deployment barrier for this 770B MoE model. Tencent did not uniformly quantize the entire model to 1.25-bit; instead, it applied different quantization levels based on each layer’s sensitivity to precision: non-critical layers are compressed to as low as ~1.31-bit, while sensitive layers retain 2-bit or higher precision, resulting in an average of ~2.38 bits per weight (bpw). In four benchmarks provided by Tencent, the quantized version only dropped 0.2 to 1.6 points compared to the BF16 original. After compression, Tencent also tested heterogeneous device joint inference with prima.cpp. A setup consisting of an RTX 4090 laptop and a 4-A4000 server, with only 80GB of total VRAM and 64GB of RAM, achieved an inference speed of 1.02 tokens per second—roughly 6 times faster than running the model offloaded on the laptop alone. Multiple devices with different configurations can also jointly share the model inference workload.

14 minutes ago

Japan's 10-year government bond yield rises to 3% for the first time in 30 years.

Japan’s 10-year government bond yield climbed to the 3% level for the first time since September 1996.

14 minutes ago

The X-Agent AI MCP Hackathon 2026 will kick off on September 2, featuring two tracks competing for USDT and X-Points prizes.

X-Agent has announced that the X-Agent AI MCP Hackathon 2026 will officially launch on September 2, inviting global developers and teams to submit practical, verifiable Agent and MCP applications. The online global event is supported by OlaXBT and features two tracks: 1. The Open Innovation Track encourages participants to build any practical API-driven Agent or MCP capabilities, focusing on areas including AI, crypto assets, data, automation, and Agent infrastructure. 2. The OlaXBT × X-Agent Trading Challenge grants participating teams access to OlaXBT Nexus MCP, enabling them to develop trading strategies, run backtests, analyze performance, and utilize market data to validate strategies and build related Agent or MCP applications. Total rewards consist of USDT and X-Points. Each track’s first-place team will receive 500 USDT, while the top five teams in each track will split X-Points—tokens eligible for participating in the airdrop of X-Agent’s $XAGT. Winning and selected projects will also gain access to support such as MCP standardization, ecosystem exposure, market integration, and paid call commercialization. The registration and development period runs from September 2 to September 19. Technical review and judging will take place between September 20 and October 1, with the winner list expected to be announced from October 2 to 4. Participants must submit projects via the official GitHub repository. For registration and event details, please refer to the original link.

14 minutes ago

Table of contents

Wallets linked to North Korea’s Lazarus Group have sold more than $30 million in bitcoin on the Hyperliquid derivatives platform over the past three weeks, according to blockchain data reviewed exclusively by the analytics firm Arkham, according to a CoinDesk report published August 31, 2026. The finding places a sanctioned, state-backed hacking group at the center of the largest decentralized perpetual futures venue at the same moment the Trump administration is working to bring that platform into the regulated U.S. financial system.

The analysis identified Lazarus-linked wallets moving tens of millions on Hyperliquid and converting proceeds into ether and Solana before routing them to centralized exchanges including Kraken, LBank and KuCoin. The wallets were first flagged by the on-chain investigator ZachXBT in 2024, extending a pattern in which North Korean actors use decentralized venues to convert and move stolen digital assets.

How the Funds Moved Through Hyperliquid Arkham’s review, conducted at CoinDesk’s request, found that proceeds from the bitcoin sales were used to acquire ether and Solana, which were subsequently transferred to the centralized exchanges. CoinDesk has not established the identities of the accounts receiving the funds at those exchanges, or whether the platforms were aware of the funds’ origins before they arrived. Hyperliquid did not respond to a request for comment by publication time. Kraken said its compliance program is designed to identify and block assets associated with sanctioned wallets before they enter the platform, while LBank pointed to its use of industry-standard monitoring tools and KuCoin noted that public on-chain data alone does not reflect the risk-control actions a centralized platform may take after assets arrive.

The Onshoring Push Collides With Sanctions Risk The activity surfaces as the White House explores how to bring Hyperliquid into the United States under regulatory oversight. President Trump said earlier this month that Commodity Futures Trading Commission Chairman Mike Selig was working on a pathway to bring the platform into the country in a fully compliant and legal fashion, and Bloomberg reported that Kraken parent Payward is in advanced talks with Hyperliquid Labs to offer its perpetual futures to U.S. traders. Bringing the venue onshore would require navigating derivatives rules, customer protections and market surveillance, along with the sanctions and anti-money-laundering risks that arise when users trade directly from wallets without know-your-customer checks. The tension echoes a wider policy dispute in which CME Group and ICE have urged officials to scrutinize the platform, even as a separate push has asked the CFTC to permit Hyperliquid’s perpetual products in the U.S.

A Recurring Pattern at the DeFi Venue This is not the first time North Korea-linked wallets have appeared on Hyperliquid. In December 2024, MetaMask security researcher Taylor Monahan identified wallets suspected of being controlled by North Korean hackers that had been trading on the platform since at least October of that year, a disclosure that contributed to roughly $250 million of net outflows in a single day. Filings for proposed investment products tied to the platform’s HYPE token have since flagged sanctions exposure as a risk, including a Bitwise exchange-traded fund filing that said the network could potentially be used by sanctioned actors. The case also fits a broader trend in which crypto platforms have lost billions of dollars to hacks since 2025, with North Korea emerging as the most aggressive state actor in the space.

What Still Remains Unsettled Several questions remain open. CoinDesk has not yet identified who controls the accounts that received funds at the centralized exchanges, and Hyperliquid has not commented on the activity. The value received by sanctioned entities jumped 694% during 2025, according to Chainalysis, underscoring how quickly state-backed activity has grown even as North Korean hackers have been tied to breaches at thousands of companies. For Hyperliquid, which has processed more than $5 trillion in cumulative perpetual futures volume and holds roughly $13.3 billion in open interest according to DefiLlama, the outcome will depend on how regulators weigh its growth against the compliance risks created by its permissionless structure.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

TLDR: Lazarus Group wallets moved over $30M through Hyperliquid’s HyperUnit as of August 31. ZachXBT linked the same wallets to $61M in stolen funds back in 2024. Funds reached KuCoin, LBank, Kraken, and unlabeled Tron-based services after bridging. Kraken parent Payward is in talks with Hyperliquid Labs for regulated US access. Lazarus Group-linked wallets have moved more than $30 million through Hyperliquid, blockchain researcher Emmett Gallic reported.

The OFAC-sanctioned North Korean hacking group routed the funds through the platform’s HyperUnit service as recently as August 31.

The disclosure arrives while U.S. policymakers and Kraken’s parent company pursue a regulated pathway for Hyperliquid to enter American markets.

The timing places sanctioned wallet activity alongside efforts to bring the exchange under formal U.S. oversight.

Sanctioned Wallets Active on Hyperliquid Gallic identified the wallets as belonging to the Lazarus Group, a hacking collective sanctioned by the U.S. Treasury’s Office of Foreign Assets Control.

The addresses funneled Bitcoin into Hyperliquid before converting it into Ethereum and Solana. Funds were then bridged across Tron, Solana and Ethereum networks.

The same wallet cluster was previously flagged by researcher ZachXBT in 2024. That earlier investigation linked the addresses to $61 million in stolen funds. The 2024 identification gives the current activity added weight, since the wallets were already under watch.

From Hyperliquid, the converted assets moved to several centralized exchanges. Recipients included KuCoin, LBank and Kraken, plus a number of unlabeled Tron-based services. Distributing funds across multiple platforms is a common method used to obscure the destination of illicit proceeds.

Gallic posted the findings on X, stating the addresses had been actively moving funds through Hyperliquid as recently as the day before his post. He cited ZachXBT’s 2024 identification as the basis for attributing the wallets to the Lazarus Group.

Regulated U.S. Entry Advances in Parallel The wallet movements surfaced as Hyperliquid pursues formal access to U.S. markets. President Donald Trump said in August that CFTC Chairman Mike Selig was working on a compliant pathway for Hyperliquid. The announcement signaled direct federal engagement with the platform’s U.S. prospects.

Separately, Kraken parent company Payward is reportedly in advanced talks with Hyperliquid Labs. The discussions center on letting U.S. users trade a subset of Hyperliquid-linked perpetual futures.

Regulated exchange and clearinghouse Bitnomial would support the structure, subject to regulatory approval.

Coin Bureau reported that HYPE rose nearly 50%, climbing from $57 to $84, following news of the U.S. talks. The account referenced Bloomberg’s report that Payward, which holds CFTC licensing, could bring on-chain perpetual futures to American traders for the first time.

🚨HUGE: $HYPE surges nearly 50% from $57 to $84 as Hyperliquid reportedly advances talks to enter the US market.

Kraken's parent company Payward, which holds CFTC licensing, is in discussions to bring on-chain perpetual futures to American traders for the first time, per… https://t.co/tagav8tmFy pic.twitter.com/VVDAHbcmMa

— Coin Bureau (@coinbureau) August 31, 2026

A “Kraken HIP-3 test DEX” was also reportedly spotted on Hyperliquid’s testnet two weeks earlier. The test deployment included permission controls that could support U.S. compliance needs. Coin Bureau noted HYPE gained another 5% following the Bloomberg report on the talks.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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After one of its strongest rallies in recent months, Hyperliquid (HYPE) is approaching the $100 mark, but its latest technical indicators suggest that significant buying pressure will be required for the asset to enter triple digits. The token briefly touched $87 before retreating and is currently trading at approximately $80.83.

HYPE: Momentum Slows Near ResistanceIn mid-August, HYPE was trading below $60. It then surged more than 40%, setting a new local peak that highlighted the magnitude of the rally. The daily chart now shows HYPE well above its key trend indicators. The 20-day exponential moving average stands at about $71.67, the 50-day and 100-day moving averages are near $63.21 and $61.97 respectively, and the 200-day sits at $54.66. This configuration indicates an overall bullish structure rather than a reversal against a broader bearish trend.

For HYPE to reach $100, momentum will need to sustain another 24% advance from its current price. The area between $85 and $87 presents a notable barrier, with selling pressure evident as the asset faced multiple upper wicks at this level, slowing recent attempts to break out further. A daily close above $87 would make $90 the next psychological milestone.

Momentum indicators show mixed signals. The RSI, which recently moved above 70 and now sits around 65, reflects a cooling momentum. While this suggests some consolidation, it also signals that the strong impulse driving the breakout is moderating.

A similar pattern emerges in trading volumes. Activity surged when HYPE moved from $60 to $70, but volume has steadily declined as the price consolidated between $80 and $85. A confirmed breakout above $87 would likely require renewed volume.

On the downside, immediate support lies between $78 and $80. A deeper pullback might see HYPE test the 20-day EMA near $71.67 without necessarily ending the prevailing uptrend.

IndicatorCurrent ValuePrice$80.8320-day EMA$71.6750-day MA$63.21100-day MA$61.97200-day MA$54.66RSI65HYPE’s momentum has cooled since its breakout, with the RSI dropping back from overbought territory and volume waning, suggesting further gains depend on renewed buying activity.

XRP Tests Major Support at 200-Day AverageRipple’s XRP has surrendered much of its August gains and now tests a crucial long-term technical level—the 200-day moving average at $1.35. The asset is currently trading close to $1.37, with the difference so slight that this area effectively functions as a test of support.

XRP only recently reclaimed this key average during a sharp move from $1.00, which pushed the price to $1.70 before sellers stepped in. Successfully holding $1.35 may strengthen the bullish narrative, signaling that the 200-day average has reversed from resistance to support.

Intraday price action shows some early buying interest as XRP briefly dipped to $1.34 before rebounding to above $1.36. However, the recent loss of momentum is evident in technical indicators. After peaking above 80 during the rally, the RSI has dropped to 61, indicating that overbought conditions have subsided and that buyers could respond if demand recovers.

Trading volumes remain in decline since the correction began, after surging with the initial breakout. Should $1.35 continue to hold, XRP could attempt to climb to $1.40 and then face resistance between $1.45 and $1.50. A strong move above $1.50 would once again bring the previous highs into focus.

If XRP closes decisively below $1.35, a more bearish scenario could quickly unfold. The next meaningful support would then be the 100-day moving average at $1.21, with the 20-day EMA around $1.27 acting as an intermediate level.

XRP is testing its 200-day moving average at $1.35, a key level that recently switched from resistance to support after a surge from $1.00. Buyers are active, but falling momentum and shrinking volume suggest the outcome remains uncertain.

Solana Defends $100 as Buyers Step InSolana (SOL) holds firm near the $100 level following its rapid August rally. The project, known for its high-throughput blockchain platform, has attracted buyers each time the price dips toward this psychological threshold, making $100 both a support and a pivot for market sentiment.

SOL touched $110 during its most recent advance and currently trades at about $102.70. The token gained roughly 45% in less than two weeks after rising from $75, although momentum has eased as the price corrects from recent highs. Buyers have prevented a daily close below $100 during the pullback from $110.

The latest session saw SOL rebound to $102 after an intraday dip to roughly $100.90, with this defense particularly significant due to limited technical support below $100. At $90, a confluence of major support exists, where the 200-day moving average and the 20-day EMA (currently at $90.28 and $90.80, respectively) converge.

If $100 fails, SOL could quickly slide toward this next cluster of support. However, Solana continues to hold above the psychological floor, with the daily RSI cooling to approximately 69 after previously entering overbought territory. Decreasing volume further reflects a moderation in trading activity as the rally consolidates.

Should buyers regain momentum, the immediate resistance is at $105, followed by the recent peak range of $109 to $110. A close above $110 could pave the way for targets in the $115 to $120 area. Alternatively, a loss of $100 would make a retreat towards $95 and the broader $90 support range more likely as SOL consolidates gains from its steep rally.

Mini dictionary: Solana, a high-speed, decentralized blockchain platform known for its scalable architecture and fast transaction processing, is popular among both decentralized application developers and DeFi participants due to its low transaction fees and efficient throughput.

BeInCrypto is attending TOKEN2049 Singapore as an official media partner, and this year we are bringing The NewsDesk to the main venue. Our team will be at Marina Bay Sands for both days of the conference, October 7-8, interviewing executives and industry leaders from across digital assets and finance.

About TOKEN2049 Singapore 2026  TOKEN2049 Singapore is expected to bring together more than 25,000 attendees, 7,000 companies, 300 speakers and 500 exhibitors across 160+ countries, with more than 60% of attendees holding C-level positions. 

Alongside the broader Singapore programme, 1,000 side events will be featured throughout the week. Other major gatherings taking place in Singapore that week include Digital Asset Summit Asia, Sui Basecamp, the Network State Conference, the Milken Institute Asia Summit, and the Forbes Global CEO Conference, all against the backdrop of the Formula 1 Singapore Grand Prix.

This year’s agenda features tracks on institutional capital integration, with traditional financial leaders such as Nasdaq’s Adena Friedman and Franklin Templeton’s Jenny Johnson discussing capital flows and regulatory developments. At the same time, industry leaders including Binance CEO Richard Teng, Hyperliquid Labs CEO Jeff Yan, and Polymarket founder Shayne Coplan will explore exchange liquidity, on-chain derivatives, and decentralised prediction markets. 

The speaker’s lineup also features other financial heavyweights such as Joseph Lubin, Co-founder of Consensys, Vlad Tenev, CEO of Robinhood, and Amy Oldenburg from Morgan Stanley, among others.

BeInCrypto NewsDesk at TOKEN2049 Singapore Our NewsDesk will be located at the main venue in Marina Bay Sands where our journalists will be speaking to industry leaders and covering all the latest announcements and product launches as it happens.

Follow BeInCrypto for coverage across both days, and check token2049.com for the full speaker lineup and agenda as more of the programme is announced.

BeInCrypto is part of the BeInNews Group, an independent media group covering the convergence of finance and digital assets. We help professionals act with confidence in a complex and fast-changing industry through our newsroom, research reports, events, expert councils and multimedia studio.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Circle surges more than 6%, now trading at $92.67

According to market data from BIT (bit.com), Circle’s shares rose more than 6% intraday, currently trading at $92.67. Earlier reports noted that Hyperliquid is in discussions with Kraken’s parent company to enter the U.S. market.

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ByteDance's New Stock Guru Takes Over: US Stock Assets Surge 23-Fold in 7 Years, Core Strategy "Buy Early and Hold Steadfast"

The central figure behind the viral story "ByteDance Employee Makes 23x Gains Trading US Stocks", Dexter Yang, posted that over the more than 7 years since he joined ByteDance on January 14, 2019, ByteDance options have appreciated 4.5 to 5 times at the repurchase price, yielding an annualized return of 22% to 24%; based on the company's market valuation (USD 600 billion to USD 1 trillion), they have risen 8 to 13 times, with an annualized return of 31% to 40%. His personal US stock assets have surged 23 times over the same period, delivering an annualized return of 51%. If such returns are not attainable, excelling at work at ByteDance and earning more options is the optimal investment. Career development mirrors investing: it requires taking risks, entering early, staying committed, and achieving exponential growth through compound interest from personal growth and sector accumulation—essentially, it's about "buy and hold". Earlier, Leto Bao, a former ByteDance employee nicknamed "ByteDance Stock Trading Guy", reaped massive profits by capitalizing on the AI storage sector via US stock investments. Online reports claim he earned approximately RMB 30 million and subsequently resigned.

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Viewpoint: Bitcoin’s rebound momentum remains strong, with institutional allocations and speculative leverage rising in tandem.

Glassnode noted in a report that Bitcoin is currently trading around $78,600, having largely held onto the strong rally it launched from the $64,000 zone at the end of August after earlier breaking above $80,000. The broader digital asset market still shows strong institutional demand, though activity in spot and derivatives trading has cooled in some segments. Meanwhile, price momentum has clearly exceeded the upper bound of its statistical range. The secondary market’s trading volume and spot Cumulative Volume Delta (CVD) indicate that the balance of buying power in the market may be shifting, while retail participation has also weakened. Traditional finance capital continues to flow into regulated crypto investment products. U.S. spot Bitcoin ETF holdings remain profitable and have maintained weekly net inflows. At the same time, short-term, price-sensitive capital is entering the market, coinciding with high options open interest and a rapid narrowing of volatility spreads—signaling that market participants may be underestimating short-term volatility risks. On-chain data also reflects a pattern of "active settlement but weakening user participation": entity-adjusted transaction volumes are significantly above normal levels, while daily active addresses and total fee revenue have declined slightly. Overall, the Bitcoin market is in a transition phase from a strong rally to structural divergence. Sustained institutional capital allocation and a rebound in on-chain valuations are providing market support, though speculative leverage is rising and signs of short-term capital selling have begun to emerge. The market’s fundamentals remain solid, but short-term volatility and correction risks are on the rise.

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Iran's Revolutionary Guards: An MQ-9 drone was shot down east of the Strait of Hormuz.

The Iranian Revolutionary Guard Corps stated that an MQ-9 drone was shot down east of the Strait of Hormuz.

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Telegram Founder: Gram Wallet Is Ready, Now Open to Select Users

Telegram founder Pavel Durov announced in a post on his personal channel that Telegram’s Gram wallet is now ready for use and currently available to a select group of users. It will be gradually rolled out to over 1 billion users in the coming weeks. Durov thanked the validators who approved the core smart contract, noting this means future wallet upgrades will not require cumbersome wallet migrations. This is just one of many innovations Telegram has developed to enhance the usability of non-custodial wallets.

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PayBox integrates with Grok, enabling users to complete payments and on-chain transactions via AI agents through conversation.

According to official announcements, PayBox has rolled out payment and wallet features tailored for Grok users, enabling them to leverage natural language conversations to have AI agents handle transactions, shopping, and payments. PayBox is a payment vault and non-custodial wallet that supports AI agents in securely executing transactions on the Solana blockchain, its ecosystem, and the open internet. To use the service, users can connect PayBox to Grok: after completing authorization, they can call relevant payment functions through conversation. The connection process involves navigating to Grok’s Connectors page, selecting "New Connector" and "Custom", naming the connector PayBox, filling in PayBox’s MCP server address to finalize the addition, then logging in and authorizing to start transacting.

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Hyperliquid Labs is in advanced talks with Kraken parent Payward to bring some of its perpetual futures to US traders through regulated digital asset exchange Bitnomial.

The proposed arrangement would allow registered Bitnomial users to trade a subset of futures linked to crypto tokens built on Hyperliquid technology, according to a Bloomberg report.

Any agreement would still require regulatory approval. Payward has presented the Commodity Futures Trading Commission with a proposal outlining the basic structure of the arrangement, according to the report.

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The talks come just weeks after President Donald Trump said his administration was working to bring Hyperliquid into the US market.

Hyperliquid is currently unavailable to US customers despite becoming one of the largest venues for perpetual futures trading. The platform handles more than $4 billion in daily volume, according to the report.

Under the proposed structure, Payward subsidiary Bitnomial would provide the regulated venue through which eligible US traders could access selected Hyperliquid-linked futures.

That could offer Hyperliquid a path into the US without requiring its decentralized platform itself to operate as a registered US exchange.

Regulators have historically raised concerns around permissionless trading platforms because their structure can complicate oversight related to market manipulation, money laundering, and sanctions compliance.

The CFTC did not comment specifically on the discussions but said the US must keep pace with advances in trading and financial markets to remain a global center for financial innovation.

HYPE rose more than 5% over the past 24 hours, with most of the move coming after news of the talks emerged. The token is now up roughly 230% since the start of the year.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

@HyperliquidX Labs is in advanced discussions with @Payward, the parent company of crypto exchange Kraken, about opening access to its perpetual futures market for US traders, according to a Bloomberg report citing people familiar with the matter.

The Bitnomial Bridge The proposed arrangement would allow US users to trade select crypto-token perpetual futures built on Hyperliquid's technology through Bitnomial, the CFTC-licensed exchange that Payward acquired this year.

Political Backdrop and Market Reaction The talks follow remarks made by President Trump on August 19 that CFTC Chair Michael Selig was working to bring Hyperliquid into the US on a compliant basis.

Any arrangement between Hyperliquid and Payward would still require regulatory sign-off. Representatives of both companies declined to comment on the Bloomberg report. on the news, reflecting market concern about potential competition from a regulated Hyperliquid presence in the US.

Sources:
Payward Completes Acquisition of Bitnomial (BusinessWire)
Hyperliquid Eyes US Perps After CFTC's May 29 Opening (FinanceFeeds)
ICE and Nasdaq Shares Fall on Hyperliquid US Entry Reports (Investing.com)

In brief Hyperliquid is in advanced talks to bring its perpetual futures to US traders through Kraken parent Payward's regulated Bitnomial exchange and clearinghouse, according to Bloomberg The arrangement would solve the core issue keeping the Singapore-based, decentralized platform—which handles over $4 billion in daily volume with no central operator—out of the US. The talks follow Trump's remarks that his administration was working to bring Hyperliquid onshore, and come as the SEC and CFTC push to pull offshore perps trading back onto U.S. platforms. Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Kraken's parent company, Payward, according to a report from Bloomberg.

The talks, reported Monday and attributed to people familiar with the matter, would let U.S.-based traders access a subset of Hyperliquid's crypto-linked perpetual futures through Payward's Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse, Bloomberg reported. Representatives for Payward and Hyperliquid Labs declined to comment to the outlet.

Myriad: Will Hyperliquid flip Solana? Click to make your prediction.A deal would mark the first push into the U.S. market by Singapore-based Hyperliquid Labs, whose fast-growing platform has been off-limits to American customers. It could also offer a template for how other offshore, unregistered venues might enter the country.

Any agreement would still require regulatory sign-off, and Bloomberg reported that Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. Monetary terms weren't known.

The arrangement would address the core obstacle that has kept Hyperliquid out of the U.S. As a decentralized platform handling more than $4 billion in daily volume, Hyperliquid has no central operator, and its permissionless design lets anyone with access trade, Bloomberg noted, a setup regulators worry exposes such venues to manipulation or other criminal activity.

Routing access through Bitnomial's regulated infrastructure would provide the operator and oversight that framework requires.

The report follows President Donald Trump's remarks earlier this month, when he said his administration was working to bring the platform onshore. Trump used a White House gathering to signal that CFTC Chairman Michael Selig was seeking a path for Hyperliquid, comments that sent its HYPE token sharply higher.

The talks also land as the SEC and CFTC press ahead on rules that could pull offshore perpetual futures trading, a market that dwarfs its U.S. counterpart, back onto domestic platforms.

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Singapore-based Hyperliquid Labs is conducting advanced negotiations to make its crypto-linked perpetual futures available to US traders in partnership with Payward, the parent company of Kraken, according to people familiar with the matter cited by Bloomberg.

Path to the US marketThe proposed arrangement would enable American customers to access a select range of Hyperliquid’s perpetual futures products through Bitnomial, a digital asset exchange and clearinghouse operated by Payward and regulated in the United States.

If approved, the deal would open the US market for Hyperliquid, a decentralized trading platform with over $4 billion in daily trading volumes but which is currently inaccessible to American users. Hyperliquid has attracted attention for its permissionless model, allowing users to trade without a central operator—a setup that has raised regulatory concerns.

Payward has already submitted a proposal on the intended structure to the Commodity Futures Trading Commission (CFTC), but financial terms were not disclosed. Any final agreement would still require regulatory approval.

By routing Hyperliquid’s offerings through Bitnomial’s established, regulated infrastructure, the deal aims to provide the centralized oversight US law requires. Such a move could become a blueprint for other offshore platforms that want to enter the US market while adapting to compliance standards.

Mini dictionary: Bitnomial, based in Chicago, is a US-regulated exchange and clearinghouse authorized to offer futures and options on digital assets. Its regulatory status means it must comply with CFTC requirements for trading, risk management, and market surveillance.

Regulatory scrutiny and potential impactRegulators have expressed concern that fully decentralized and permissionless platforms like Hyperliquid could facilitate market manipulation, money laundering, or sanctions evasion. The absence of a central operator has so far prevented these platforms from offering services in the United States’ tightly regulated market.

A collaboration with Bitnomial would allow Hyperliquid’s products to fall under US regulatory oversight, potentially addressing these issues.

PlatformTypeUS Market AccessDaily VolumeHyperliquidDecentralized (Perpetual Futures)No (currently)$4 billion+BitnomialCentralized, RegulatedYesData not specifiedThe discussions also come as the Securities and Exchange Commission (SEC) and the CFTC continue their push to bring offshore crypto derivatives trading, particularly in perpetual futures, within US jurisdiction.

Political attention and market responseEarlier in the month, President Donald Trump stated at a White House event that his administration was seeking to bring Hyperliquid’s operations onshore. He said that CFTC Chairman Michael Selig was working to find a regulatory pathway for the platform. These comments triggered a surge in the value of Hyperliquid’s HYPE token.

President Trump highlighted that CFTC Chairman Michael Selig was actively searching for a way to facilitate Hyperliquid’s entry into the US market, propelling the platform’s HYPE token to rapid gains.

Representatives for both Hyperliquid Labs and Payward declined to comment on the ongoing negotiations.

Hyperliquid has faced a potential 10-to-12-month regulatory process to enter the U.S. market even if federal agencies move quickly, according to former SEC senior counsel Ashley Ebersole, after President Donald Trump said regulators were working on a compliant route for the perpetual futures platform.

Summary

Ebersole told crypto.news that bringing Hyperliquid to the U.S. would require more than a single CFTC registration or approval. The CFTC would likely oversee most crypto perpetuals, while securities-linked contracts could fall under SEC jurisdiction. Ebersole estimates that building a regulatory pathway could take 10 to 12 months even if both agencies actively pursue it. Existing law could offer a faster route, but Ebersole said congressional legislation would provide more legal certainty. Any U.S. framework created for Hyperliquid could also give Coinbase, Kraken, and other registered platforms a route to offer similar products. Ashley Ebersole, co-founder and chief legal officer at tx and a former senior counsel at the U.S. Securities and Exchange Commission, told crypto.news that the main obstacle is not simply securing permission for Hyperliquid to operate in the country. U.S. regulators would first have to establish how offshore-style crypto perpetual futures fit within existing securities and derivatives laws.

President Donald Trump brought the issue into focus on Aug. 19 during a White House meeting with crypto and financial industry executives. Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.” Contemporary reports did not identify an approval, regulatory structure, or timetable for such a move.

The comments came as the administration pressed Congress to advance the Digital Asset Market Clarity Act. As previously covered by crypto.news, Trump used the same Aug. 19 meeting to urge lawmakers to pass the legislation, which would establish clearer boundaries between SEC and CFTC oversight of digital assets.

Hyperliquid would need more than CFTC approval Ebersole said U.S. law does not currently provide a straightforward route for offering crypto perpetual futures to American retail customers in the same form commonly available on offshore platforms.

The CFTC would probably have primary jurisdiction over perpetual contracts tied to commodities, including crypto assets that are not securities, according to Ebersole. Contracts based on securities, however, could fall under the SEC’s authority as security-based swaps or other securities-linked products.

“The threshold issue is that U.S. law does not currently provide a straightforward regulatory pathway for offering crypto perpetual futures to U.S. retail customers in the form in which they trade offshore,” Ebersole said.

For Hyperliquid, a compliant structure could involve registration requirements covering the trading venue, clearing, and intermediaries. Ebersole said designated contract market, or DCM, and derivatives clearing organization, or DCO, infrastructure could form part of the process, with separate SEC requirements applying where securities are involved.

Registration would address only part of the problem. According to Ebersole, federal agencies would first need to determine whether Congress has already given them sufficient authority over the products and then establish rules under which perpetuals could legally be offered.

“The harder problem is not simply obtaining a registration; it is that the existing U.S. regulatory architecture was not designed around offshore-style perpetuals, so a lot of regulatory ‘building’ would be needed.”

Regulators could use formal rulemaking, exemptive relief, or a combination of both to create such a pathway, Ebersole added.

Some of that regulatory debate is already underway. In July, the Hyperliquid Policy Center and Phantom asked the CFTC to develop rules tailored to onchain markets instead of applying requirements designed for traditional intermediaries. The groups argued that decentralized software developers and non-custodial wallet providers should not automatically face the same registration obligations as conventional financial firms.

SEC and CFTC jurisdiction would follow the underlying asset Dividing responsibility between the two federal agencies would create another layer of work.

Ebersole compared the issue with the framework established after the Dodd-Frank Act, which divided federal oversight between swaps regulated by the CFTC and security-based swaps overseen by the SEC. In his view, crypto perpetuals could follow a similar principle, with jurisdiction determined by the economic exposure of each contract.

A perpetual based on a security or group of securities would generally involve the SEC, while one tied to a commodity would normally fall under the CFTC’s derivatives authority, he said.

More complicated questions could arise when spot assets and derivatives interact inside the same trading ecosystem. According to Ebersole, such arrangements could create edge cases requiring coordination between both regulators, much as the agencies had to develop detailed jurisdictional boundaries following Dodd-Frank.

The issue has become particularly relevant for equity-linked perpetuals. On Aug. 24, the Hyperliquid Policy Center proposed treating qualifying equity perpetuals as security futures under an existing structure jointly overseen by the SEC and CFTC. The organization said HIP-3 markets had processed more than $480 billion in cumulative notional volume during their first 10 months.

Several days earlier, the Policy Center and trade[XYZ] had also submitted five proposed pillars to the SEC for regulating pre-IPO perpetual contracts. The SEC had published the submission but had not endorsed or approved the proposed products.

A Hyperliquid US pathway could take 10 to 12 months Even with political support, Ebersole expects the administrative process to take considerably longer than the technical work needed to offer the products.

His 10-to-12-month estimate assumes the SEC and CFTC actively decide to establish a route for perpetuals. Regulators would first have to identify their statutory authority, develop a framework, and prepare any required rules or exemptions.

A formal rulemaking process could then require agencies to publish proposals, collect public comments, review those submissions, adopt final measures, and implement the resulting framework.

“The 10-to-12-month estimate assumes a lengthy procedure phase that’s principally about administrative process rather than technological implementation,” Ebersole said.

A faster process is possible if regulators rely substantially on powers and exemptions already available to them.

“Could that happen in six months? Potentially, particularly if the agencies rely heavily on existing authorities or exemptive mechanisms.”

Ebersole cautioned that the longer estimate already assumes regulators want the process to succeed. Litigation, disagreements between the SEC and CFTC, changing political priorities, or a conclusion that Congress must first pass legislation could push any U.S. launch further out.

U.S. traders already have limited exposure to perpetual products under regulated structures. In June, Kalshi filed with the CFTC to list perpetual futures linked to HYPE after rolling out Bitcoin and Ethereum perpetual contracts for U.S. customers.

Access to Hyperliquid itself remains more restricted. Coinbase added more than 290 Hyperliquid-powered perpetual markets to its Base App on Aug. 19, with leverage reaching as high as 50x on supported contracts, but U.S. users were excluded along with users in the United Kingdom and Canada.

Existing law could provide a faster but less certain route Rather than waiting for Congress, the SEC and CFTC could conclude that their existing statutory powers are sufficient to establish a regulated framework, according to Ebersole. Such an approach could shorten the process, particularly if agencies use exemptions alongside existing derivatives and securities rules.

A legal constraint remains after the U.S. Supreme Court’s 2024 decision in Loper Bright Enterprises v. Raimondo, which ended the Chevron doctrine that had directed courts to defer to reasonable agency interpretations of ambiguous federal statutes.

“An agency cannot create statutory jurisdiction simply by interpreting an ambiguity in its favor,” Ebersole said.

If an SEC or CFTC interpretation were challenged, he said, a court would independently determine whether Congress had actually granted the agency authority over the product. Agency reasoning could still carry persuasive weight, but it would not receive Chevron-style deference simply because the underlying statute was ambiguous.

Congressional action would therefore provide a cleaner legal route, according to Ebersole, because lawmakers could expressly authorize perpetual products, divide responsibility between the SEC and CFTC, and establish the limits of each regulator’s authority.

Legislation carries its own timing problem. Ebersole said the congressional route could take considerably longer and may not result in a law at all.

The question is particularly relevant while the CLARITY Act remains unresolved in Washington. The legislation seeks to establish federal boundaries between digital commodities and securities, with the CFTC receiving additional authority over qualifying digital commodity markets while the SEC retains jurisdiction over securities.

A US perpetuals framework would not be limited to Hyperliquid Any regulatory route created for Hyperliquid would also have consequences for competing U.S. trading platforms, Ebersole said.

Federal regulators could not realistically establish a lawful framework that applied only to one company. Once the SEC and CFTC set requirements for offering crypto perpetuals, other firms meeting the same regulatory standards would have grounds to seek permission to offer comparable products.

“Whatever pathway regulators create for Hyperliquid cannot realistically be Hyperliquid-specific,” Ebersole said.

Coinbase, Kraken, and other appropriately registered platforms would therefore have a strong basis to pursue similar products if regulators establish a workable U.S. framework, according to Ebersole.

“The larger significance of onshoring Hyperliquid is not simply whether one offshore platform can enter the United States. It is whether regulators are prepared to welcome a major product category that has largely developed outside the U.S. to regulated domestic competition.”

Photo: Pixabay / Pexels

North Korean hackers have reportedly moved over $30 million in bitcoin through the decentralized derivatives platform Hyperliquid over the past three weeks. This information, sourced from blockchain analytics firm Arkham and reviewed by CoinDesk, suggests that the hackers have been active on the platform, moving significant amounts of bitcoin. Although Hyperliquid faced scrutiny in December 2024 for its association with North Korean-linked wallets, the company maintained that no breaches or loss of user funds occurred at that time. The ongoing transactions highlight continued vigilance around potentially illicit activities on the platform.

Key Takeaways Recent data suggests that North Korean hackers have been using Hyperliquid to move over $30 million in bitcoin. The platform’s previous scrutiny in 2024 involved similar activities, but no security breaches were reported then. Market activity appears to reflect concerns about Hyperliquid’s security and regulatory standing following the report. What to Watch The reported activities may influence Hyperliquid’s market performance, with market participants likely monitoring for any regulatory actions or platform responses. Observers will be attentive to any official statements from Hyperliquid regarding the security of its platform and potential measures to prevent illicit activity. Further market reactions could be contingent on additional details emerging about the scope and impact of the transactions.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 62.5% — — View market → January 1 2027 4.2% — — View market → January 1 2027 2.8% — — View market → January 1 2027 5.6% — — View market → January 1 2027 2.8% — — View market → January 1 2027 78.5% — — View market → January 1 2027 14% — — View market → January 1 2027 6.5% — — View market →

Crypto projects have spent a record $638 million buying back their own tokens this year, and nearly 90% of it came from just two of them.

Hyperliquid (HYPE) and Pump.fun (PUMP) have both more than doubled since January. The four other projects running repurchase programs range from a 20% gain to a 39% loss.

Crypto Projects Spend $638 Million on Token Buybacks: Did It Work? Allium Labs data puts this year’s repurchases at $638 million. That compares with $545 million during the same period last year and just $366,000 across all of 2024.

Hyperliquid, a decentralized exchange for perpetual futures, leads in buybacks. It routes 99% of of its protocol and trading fees into repurchasing HYPE. 

It has retired $1.3 billion of the token since December 2024. The token set another all-time high last week as a fresh buyback engine went live.

Pump.fun uses half of every dollar it earns to buy back PUMP on the open market and permanently burn the tokens. The project has deployed $442.94 million that way, burning 163.03 billion tokens. That equals 16.3% of the total supply.

Sky Protocol (SKY) has bought about $26 million worth of its SKY tokens, according to Allium. Lido (LDO) also has a program called NEST, which uses a portion of protocol revenue to buy LDO when certain thresholds are met.

Chainlink (LINK) has also conducted token buybacks. Finally, Jupiter (JUP) has spent nearly $14 million on token buybacks so far this year.

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Token Prices Show Mixed Results Despite BuybacksNotably, when it comes to the price, the results diverge. HYPE has gained 217.9% since January 1 and set a record of $86.71 on August 27. PUMP rose 124.5% over the same stretch.

The other tokens delivered far weaker returns. SKY added 20.1%, and JUP gained 9.3%, while LINK fell 7.6% and LDO dropped 39%.

Timing complicates that reading, however. August brought a broader crypto market rally that lifted many tokens, making it harder to isolate the impact of buybacks.

Through July 31, HYPE was the only token showing a major gain, up 106.3% since the start of the year.

Year-To-Date Price Change for HYPE, PUMP, SKY, JUP, LINK, and LDO. Source: BeInCryptoPUMP had risen just 8.2% by then, and LINK was down 33%. August alone added 107.5% to PUMP and 37.9% to LINK.

Thus, the data shows that aggressive buybacks can coincide with strong token performance, but they do not guarantee it. HYPE and PUMP delivered outsized gains alongside substantial repurchases, while LDO and LINK still struggled despite buyback activity.

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