The Verus Ethereum Bridge has been targeted by a major security breach for the second time in just over two months, resulting in the theft of approximately $7.54 million in various crypto assets. The incident occurred on July 23 when attackers exploited a vulnerability, once again raising concerns about the security of cross-chain protocols in decentralized finance (DeFi).
Attacker Drains Bridge’s Ethereum ReservesThe breach allowed the attacker to abuse the bridge’s submitImports function, which triggered Ethereum-side payouts without equivalent assets being locked on the Verus blockchain. This vulnerability enabled the unauthorized extraction of funds from the bridge’s reserves.
Blockchain security firm Blockaid and independent researcher exvulsec both confirmed and investigated the exploit. According to on-chain data, roughly 1,137 ETH, as well as tBTC, USDC, USDT, EURC, MKR, and scrvUSD, were drained from the bridge reserves at around 03:45 UTC. The stolen assets were quickly swapped through decentralized exchanges, then consolidated into nearly 3,916 ETH before parts of the funds were routed through Tornado Cash.
Mini dictionary: Tornado Cash, a decentralized non-custodial privacy solution on Ethereum, is designed to break the on-chain link between source and destination addresses, making transaction tracing more difficult.
AssetAmount stolenEstimated valueETH1,137Included in $7.54M totaltBTCUnknownUSDCUnknownUSDTUnknownEURCUnknownMKRUnknownscrvUSDUnknown Investigators noted that by exploiting the same contract, function entry point, and vulnerability as a previous May breach, the attacker bypassed standard cross-chain verification and triggered unbacked payouts, draining several digital assets from Verus’ Ethereum bridge reserves.
Recurring Security Flaws and Recent HistoryThe latest breach revived scrutiny over Verus’ handling of a previous exploit in May, which resulted in an $11.58 million loss. Experts stated that this attack exploited the exact vulnerability from the earlier incident, indicating that core issues may have remained unaddressed. Blockaid observed that while this latest event involved a different attacker wallet, the method and targeted contract remained unchanged.
Following the May attack, the same attacker returned 4,052 ETH—about 75% of the stolen funds—after reaching an agreement with Verus. Despite that partial restitution, the repetition of the exploit has heightened doubts regarding the bridge’s security remediation process.
Experts pointed out that the repeated vulnerability likely resulted from an incomplete technical fix after the earlier breach, leaving Verus exposed to additional attacks. There is growing pressure for the protocol team to publish a thorough incident report and technical breakdown.
Ongoing Investigations and Broader RisksThe Verus incident is one of several recent DeFi bridge attacks highlighted by on-chain monitoring services. Lookonchain reported that combined losses from incidents involving Verus, AFX Trade, and B² Network have climbed to approximately $35.55 million.
Mini dictionary: Lookonchain is an on-chain analytics platform known for monitoring blockchain transactions and identifying patterns related to hacks, large movements, and abnormal activities.
Security analysts explained that bridge protocols are increasingly targeted due to logical flaws in cross-chain messaging mechanisms, which, if exploited, can allow fund withdrawals without equivalent collateralization.
Next Steps for Verus and UsersAmid the investigation, Verus halted all bridge operations but has not announced a compensation plan or released a detailed technical report. The absence of a clear official explanation has drawn criticism from the user community.
Observers expect the Verus team to prioritize closing the technical vulnerability, improve their validation process, and offer a roadmap to locate and potentially recover missing assets. Until these steps are made public, scrutiny around trust and transparency in the protocol will likely continue.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
A wallet tied to the $285 million Drift Protocol exploit moved 23,095.1 Ether, worth about $44.4 million, into Tornado Cash after roughly three months of inactivity.
Summary
Drift’s exploiter deposited 23,095 ETH into Tornado Cash after remaining inactive for three months. ZachXBT declined further tracking, citing resources required to monitor and freeze a nine-figure DPRK theft. Drift previously announced a recovery bounty program with Arkham and Bybit, contrary to online claims. The same address sent 0.85 ETH to wallets labeled as Bybit deposit addresses, according to Etherscan records and monitoring attributed to PeckShield.
Transfers began on July 23 and continued into July 24, on-chain records show. Researcher JL, known as 0xJaelle, flagged the movement and tagged ZachXBT. The investigator replied that he did not plan to keep following the funds without institutional support.
Drift exploiter empties an Ethereum wallet The Etherscan address labeled “Drift Exploiter 4” processed hundreds of transactions during the movement. Records show repeated deposits of 100 ETH, 10 ETH and 1 ETH into the Tornado Cash router. Four other transfers totaling 0.85 ETH went to addresses labeled as Bybit deposits.
Onchain Lens first reported that the attacker had resumed activity and was sending 100 ETH batches into the mixer several times per minute. The wallet had remained largely inactive since the April attack.
Tornado Cash pools deposits and permits later withdrawals through different addresses. That can weaken the direct public link between sending and receiving wallets. Investigators may still use timing, transaction patterns and exchange activity, but the process requires more data and staff.
The movement covers only part of the original theft. Drift’s April recovery update valued stolen assets at $295.7 million across JLP, USDC, Bitcoin-linked tokens, SOL, WETH and other assets. The protocol said much of the converted value remained across four flagged Ethereum wallets.
ZachXBT cites cost of tracking North Korea-linked funds ZachXBT wrote, “Sorry I currently do not have any plans to track these funds further.” He said monitoring a nine-figure North Korea-linked exploit and working toward possible freezes would require resources beyond one independent investigator.
He described the task as “difficult for a team and not feasible for a single person.” ZachXBT also said Drift was not a donor or client. His response on X drew attention to the cost of investigations that continue for months.
The comments do not show that no organization is watching the wallets. Drift has said it works with law enforcement, Mandiant and blockchain intelligence firms. Etherscan continues to label the address, while exchanges can review deposits connected to flagged wallets.
Elsewhere, ZachXBT criticized Circle after about $232 million in stolen USDC crossed from Solana to Ethereum during the April attack. The funds moved through Circle’s cross-chain system before the attacker converted much of the value into ETH.
Drift had announced a recovery bounty program JL later said it was surprising that Drift had not created a recovery bounty. Drift’s public record shows that it had announced plans for one. On April 16, the protocol said it was developing a bounty program with support from Arkham and Bybit.
However, the update did not provide a final reward amount, eligibility rules or payment schedule. It remains unclear whether the program became fully active, whether it covered continuing wallet monitoring, or whether independent researchers could claim payment for later tracing work.
Drift also created a user recovery plan separate from stolen-fund tracking. Tether proposed up to $127.5 million in support. Drift plans to issue recovery tokens and fund redemptions through remaining assets, partner capital and future exchange revenue.
The protocol’s June investigation update said Mandiant attributed the attack to UNC6862, a North Korean threat group. Drift said the attackers used social engineering and compromised operational access rather than a smart contract flaw. As crypto.news reported, the attackers emptied key vaults within about 12 minutes.
Recovery continues as the trail becomes harder to follow Drift has focused on rebuilding its platform and funding user claims while forensic teams pursue the stolen assets. Its recovery framework states that recovered funds will enter the user recovery pool. The protocol also plans stronger signing controls for critical transactions.
The April attack affected other Solana projects. As previously reported, yield platform Carrot decided to shut down after losses linked to Drift erased most of its deposited value.
The Tornado Cash deposits do not prove that the attacker converted the ETH into usable cash. The deposits remain public, and investigators may still identify later withdrawals. However, they remove a simple wallet-to-wallet trail and make the next phase harder.
Neither Drift nor Solana had publicly responded to ZachXBT’s comments at the time of writing. Bybit had not announced whether it reviewed the small deposits shown on Etherscan. The remaining stolen funds and the status of Drift’s planned bounty program remain unresolved.
Morgan Stanley expects the Federal Reserve to hold steady next week
Morgan Stanley strategists said in a report that recent data indicates the Federal Reserve will hold steady at its July policy meeting and likely maintain interest rates unchanged for the rest of the year. They wrote: “The Fed is losing patience with inflation above its target. The trajectory of inflation in the coming months is critical—we expect inflation to cool as anticipated—otherwise the Fed may pivot to raising rates later this year.” Currently, money markets have priced in expectations of nearly two Fed rate hikes by the end of the year. However, the slowing inflation trend may prompt the Fed to hold rates steady this year, keeping the federal funds rate in the 3.50% to 3.75% range. “We expect the downward trend in inflation will keep the Fed on hold this year.”
12 minutes ago
Elon Musk: AI could surpass human intelligence within 5 years, and the importance of currency may decline in 10 years.
Tesla and SpaceX founder Elon Musk told *The Economist* in a 90-minute interview that artificial intelligence (AI) could surpass human intelligence within the next five years, and predicted that AI and robots would push the world into an "era of high prosperity" in roughly a decade. Musk argued that once AI systems and robots have sufficiently advanced digital intelligence and production capacity, the global economy could approach a state of "infinite supply", making human work no longer a necessity for survival and gradually reducing the importance of currency. He noted that with enough robots in the future, society would have a "quasi-infinite economy" where AI can produce more goods and services than humanity can consume. He even predicted that by around 2036, the traditional monetary system would likely see its importance decline significantly. On future economic operation models, Musk said governments may maintain social function by distributing funds directly to the public, adding that AI-driven productivity gains could lead to deflation rather than inflation. However, Musk acknowledged that issues including corporate profit models, government fiscal sources, and social transformation mean the AI era’s economic structure could differ drastically from traditional economic laws. Additionally, Musk discussed the integration of AI and space development, stating that future AI computing could be supported by space-deployed data centers, and reiterating his long-term plan for human exploration of Mars. During the interview, Musk also reflected on his prior involvement with the Trump administration’s Department of Government Efficiency (DOGE). He admitted to investing too much energy in politics, saying he "got sidetracked" in some areas, and noted that if given the choice again, he would likely devote more time to his own companies.
12 minutes ago
A whale’s $30 million tech stock trading plan: AMD plans to close short positions and go long, while Micron and SanDisk will wait for a rebound to open short positions.
According to Hyperinsight monitoring, as of press time, the largest single order related to tech stocks on Hyperliquid has been placed by an intraday swing whale (0x4e2), who holds a total of 209 orders worth approximately $30.679 million. The trading plan includes: "Close AMD short at low levels, add short positions on storage stocks during rebounds": - AMD stop-loss to close short: Currently holds ~$6.051 million in AMD short positions, with an unrealized loss of ~$74,000. A buy order worth $4.012 million has been placed at $542.4 to $544.6, planning to reduce about two-thirds of the short positions first. - AMD reverse to long: Another buy order worth $16.444 million is placed at $531 to $541. The strategy is to close the short position when the price drops to ~$540.48, then reverse to long; if fully filled, the final long position is estimated at ~$14.659 million, with an average price of ~$537.7. - MU add short on rebound: A sell order worth $8.187 million is placed at $1012 to $1080. If fully filled, MU's short position is estimated to expand to ~$7.76 million based on the current mark price, with an average price of ~$1038.3. - SNDK add short on rebound: A sell order worth $2.036 million is placed at $1675 to $1849. If fully filled, SNDK's short position is estimated to expand to ~$1.946 million based on the current mark price, with an average price of ~$1700.7. No triggerable stop-loss orders have been observed so far, and there are no take-profit buy orders for MU and SNDK. The overall strategy is: close AMD short when it falls below the break-even point, then reverse to long; add short positions in the storage sector during rebounds. Previous update: The "US stock market big winner" just pocketed $6.57 million. What are the next take-profit and swing trading levels for the new $58 million order?
12 minutes ago
JPMorgan Chase raises Intel's price target from $45 to $85.
JPMorgan Chase raised its price target on Intel (INTC.O) from $45 to $85, following the chipmaker’s release of an unexpectedly strong revenue forecast that signals surging data center spending is fueling its long-awaited recovery. Intel projected third-quarter sales of $15.8 billion to $16.8 billion; even the lower end of this range comfortably exceeds the average analyst estimate of $15.1 billion. The outlook underscores Intel’s growth momentum among data center customers, who are urgently in need of chips to meet artificial intelligence computing demands. Last quarter, sales in this segment surged 59%—more than double Intel’s overall revenue growth rate.
12 minutes ago
$285M Drift Protocol exploiter deposits $44.4M $ETH into Tornado Cash
The Drift Protocol exploiter who stole $285M has deposited 23,095 $ETH ($44.4M) into #TornadoCash today. The exploiter still holds 107,165 $ETH ($201M).
12 minutes ago
Tech stocks continue to slump, forcing bulls out as 3 whales cut losses on $7.26 million worth of long positions.
According to Hyperinsight monitoring, as of press time, SK Hynix, Google, and the Nasdaq 100 have declined roughly 5.8%, 4.2%, and 1.9% respectively. Within the noon hour, three whales sold their existing long positions, totaling around $7.2637 million in trading volume and generating realized losses of approximately $79,800: The address starting with 0x960 liquidated 167.0 Nasdaq 100 long positions, with a trading volume of ~$4.729 million and a loss of ~$46,000; the address starting with 0x943 liquidated 1248.3 SKHX long positions, with a trading volume of ~$1.502 million and a loss of ~$18,000, then immediately shorted SKHX worth $225,700; the address starting with 0x61c liquidated 3262.0 GOOGL long positions, with a trading volume of ~$1.032 million and a loss of ~$14,000. Only the GOOGL trade is confirmed to have been triggered by a $317 stop-loss order, while the rest were voluntarily closed at a loss.
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.
Morgan Stanley expects the Federal Reserve to hold steady next week
Morgan Stanley strategists said in a report that recent data indicates the Federal Reserve will hold steady at its July policy meeting and likely maintain interest rates unchanged for the rest of the year. They wrote: “The Fed is losing patience with inflation above its target. The trajectory of inflation in the coming months is critical—we expect inflation to cool as anticipated—otherwise the Fed may pivot to raising rates later this year.” Currently, money markets have priced in expectations of nearly two Fed rate hikes by the end of the year. However, the slowing inflation trend may prompt the Fed to hold rates steady this year, keeping the federal funds rate in the 3.50% to 3.75% range. “We expect the downward trend in inflation will keep the Fed on hold this year.”
12 minutes ago
Elon Musk: AI could surpass human intelligence within 5 years, and the importance of currency may decline in 10 years.
Tesla and SpaceX founder Elon Musk told *The Economist* in a 90-minute interview that artificial intelligence (AI) could surpass human intelligence within the next five years, and predicted that AI and robots would push the world into an "era of high prosperity" in roughly a decade. Musk argued that once AI systems and robots have sufficiently advanced digital intelligence and production capacity, the global economy could approach a state of "infinite supply", making human work no longer a necessity for survival and gradually reducing the importance of currency. He noted that with enough robots in the future, society would have a "quasi-infinite economy" where AI can produce more goods and services than humanity can consume. He even predicted that by around 2036, the traditional monetary system would likely see its importance decline significantly. On future economic operation models, Musk said governments may maintain social function by distributing funds directly to the public, adding that AI-driven productivity gains could lead to deflation rather than inflation. However, Musk acknowledged that issues including corporate profit models, government fiscal sources, and social transformation mean the AI era’s economic structure could differ drastically from traditional economic laws. Additionally, Musk discussed the integration of AI and space development, stating that future AI computing could be supported by space-deployed data centers, and reiterating his long-term plan for human exploration of Mars. During the interview, Musk also reflected on his prior involvement with the Trump administration’s Department of Government Efficiency (DOGE). He admitted to investing too much energy in politics, saying he "got sidetracked" in some areas, and noted that if given the choice again, he would likely devote more time to his own companies.
12 minutes ago
A whale’s $30 million tech stock trading plan: AMD plans to close short positions and go long, while Micron and SanDisk will wait for a rebound to open short positions.
According to Hyperinsight monitoring, as of press time, the largest single order related to tech stocks on Hyperliquid has been placed by an intraday swing whale (0x4e2), who holds a total of 209 orders worth approximately $30.679 million. The trading plan includes: "Close AMD short at low levels, add short positions on storage stocks during rebounds": - AMD stop-loss to close short: Currently holds ~$6.051 million in AMD short positions, with an unrealized loss of ~$74,000. A buy order worth $4.012 million has been placed at $542.4 to $544.6, planning to reduce about two-thirds of the short positions first. - AMD reverse to long: Another buy order worth $16.444 million is placed at $531 to $541. The strategy is to close the short position when the price drops to ~$540.48, then reverse to long; if fully filled, the final long position is estimated at ~$14.659 million, with an average price of ~$537.7. - MU add short on rebound: A sell order worth $8.187 million is placed at $1012 to $1080. If fully filled, MU's short position is estimated to expand to ~$7.76 million based on the current mark price, with an average price of ~$1038.3. - SNDK add short on rebound: A sell order worth $2.036 million is placed at $1675 to $1849. If fully filled, SNDK's short position is estimated to expand to ~$1.946 million based on the current mark price, with an average price of ~$1700.7. No triggerable stop-loss orders have been observed so far, and there are no take-profit buy orders for MU and SNDK. The overall strategy is: close AMD short when it falls below the break-even point, then reverse to long; add short positions in the storage sector during rebounds. Previous update: The "US stock market big winner" just pocketed $6.57 million. What are the next take-profit and swing trading levels for the new $58 million order?
12 minutes ago
JPMorgan Chase raises Intel's price target from $45 to $85.
JPMorgan Chase raised its price target on Intel (INTC.O) from $45 to $85, following the chipmaker’s release of an unexpectedly strong revenue forecast that signals surging data center spending is fueling its long-awaited recovery. Intel projected third-quarter sales of $15.8 billion to $16.8 billion; even the lower end of this range comfortably exceeds the average analyst estimate of $15.1 billion. The outlook underscores Intel’s growth momentum among data center customers, who are urgently in need of chips to meet artificial intelligence computing demands. Last quarter, sales in this segment surged 59%—more than double Intel’s overall revenue growth rate.
12 minutes ago
Tech stocks continue to slump, forcing bulls out as 3 whales cut losses on $7.26 million worth of long positions.
According to Hyperinsight monitoring, as of press time, SK Hynix, Google, and the Nasdaq 100 have declined roughly 5.8%, 4.2%, and 1.9% respectively. Within the noon hour, three whales sold their existing long positions, totaling around $7.2637 million in trading volume and generating realized losses of approximately $79,800: The address starting with 0x960 liquidated 167.0 Nasdaq 100 long positions, with a trading volume of ~$4.729 million and a loss of ~$46,000; the address starting with 0x943 liquidated 1248.3 SKHX long positions, with a trading volume of ~$1.502 million and a loss of ~$18,000, then immediately shorted SKHX worth $225,700; the address starting with 0x61c liquidated 3262.0 GOOGL long positions, with a trading volume of ~$1.032 million and a loss of ~$14,000. Only the GOOGL trade is confirmed to have been triggered by a $317 stop-loss order, while the rest were voluntarily closed at a loss.
12 minutes ago
Due to the #oil price surge, loracle.hl(@loraclexyz) was fully liquidated on 104,848 $CL($9.68M), losing $680K. But h...
Due to the #oil price surge, loracle.hl(@loraclexyz) was fully liquidated on 104,848 $CL($9.68M), losing $680K. But he didn't give up. He opened another short on #oil and now holds a 33,500 $CL($3.07M) short position.
Robinhood CEO’s official Twitter account posts suspicious messages, suspected of being hacked.
Robinhood CEO Vlad Tenev’s X account was reportedly hacked, leading to an abnormal post published in the early morning that announced the launch of Robinhood Chain’s so-called "official" mascot token Vladhood (VLAD), along with the token’s contract address. The token’s contract page was later flagged as "SCAM" in the Robinhood Chain block explorer, alerting users to potential fraud risks. The post has since been removed.
2 hours ago
AMD saw a short-term drop of more than 5%, while Helios has entered full-scale production and is nearing shipment.
According to market data from BIT (bit.com), AMD (AMD.O) shares have fallen to an intraday low, currently down 4.72%, after earlier rising 0.66%. AMD CEO Lisa Su just announced the launch of the Helios AI server full rack, noting that Helios has entered full-scale production and will begin shipping soon; the MI450 AI accelerator will become the industry's highest-performance AI accelerator.
2 hours ago
SpaceX has released the live stream page for its 13th Starship flight, with today’s launch probability currently reported at 64%.
According to PolyBeats' monitoring, SpaceX has just released the official live stream page for its 13th Starship flight test, which lists the live stream start time as 6:14 AM (UTC+8) on the 24th. On prediction market Polymarket, the "yes" probability for the question "Will SpaceX launch Starship today (local time 23rd)?" is currently at 64%, while the probability of a launch this month stands at 91%. Starship Flight 13 previously aborted automatically roughly 1 second before clearing the launch pad on the morning of July 17. The U.S. Federal Aviation Administration (FAA), in its latest operational plan released today, continues to list SpaceX’s 13th Starship flight test as a scheduled task for the day. Flight 13 is now targeted for launch as early as 17:45 local time in Texas, or 06:45 Beijing time on July 24, with a 90-minute launch window extending to 08:15 Beijing time. Real-time data from Next Spaceflight shows all 19 launch preparation conditions—including rocket testing, stacking, airspace notices, and maritime warnings—have been completed, with no new technical faults or delay announcements reported to date. --------------------------------- Be among the first to glimpse the future. Follow @PolyBeats_Bot See tomorrow, today. Follow @PolyBeatsEN
2 hours ago
Citrini’s view: Bullish on AMD, bearish on NVIDIA. Coding AI is eroding NVIDIA’s competitive moat from the software side, marking the end of its CUDA moat.
Citrini analyst Jukan, citing recent core views from DeepSeek founder Liang Wenfeng, pointed out that AI-driven code generation and high-level programming languages like TileLang are rapidly lowering entry barriers to the CUDA ecosystem. While DeepSeek uses NVIDIA GPUs to train its V3 model, it has significantly reduced its reliance on NVIDIA’s software ecosystem via its self-developed compiler and TileLang environment. Earlier, Liang projected that porting TileLang and DeepSeek’s compiler to Huawei chips would largely resolve China’s chip ecosystem issues in about a year, with production capacity being the only remaining bottleneck. Liang quantified the China-U.S. chip gap: hardware efficiency is roughly four times lower, and there is a roughly two-year time lag. He also revealed that DeepSeek is working closely with Huawei, expecting to obtain around 16,000 Huawei AI chips, and the Huawei 950 SuperNode can replace the workloads of NVIDIA’s GB200/GB300. Analyst Jukan characterized this as "the end of CUDA’s moat" and holds a highly bearish outlook on NVIDIA. Jukan added that this line of reasoning is precisely one reason for being bullish on AMD: advances in coding AI will also naturally accelerate the development of the ROCm ecosystem, helping narrow its gap with CUDA. When AMD recently invested in Anthropic, it announced it would actively use Claude Code for chip design and software engineering. Overall, advances in AI programming tools are systematically eroding NVIDIA’s competitive barriers from the software side. China’s chip ecosystem issues will be rapidly resolved thanks to code generation capabilities, while AMD will benefit from ROCm’s accelerated growth. The CUDA moat NVIDIA relies on to retain developer loyalty is facing a two-pronged attack, and catching up in hardware efficiency and production capacity is only a matter of time.
2 hours ago
AMD: AI Accelerator Market to Reach $1.4 Trillion by 2030
AMD CEO Lisa Su stated that the AI accelerator market is projected to reach $1.4 trillion by 2030. AI accelerators are specialized hardware designed for AI computing tasks such as matrix operations in deep learning, capable of processing massive parallel workloads with far higher efficiency and energy efficiency than traditional CPUs. Mainstream types include NVIDIA GPUs and custom ASICs from vendors like Broadcom, which serve as the core computing backbone driving large model training and inference.
2 hours ago
Data: Approximately 75% of BMEX tokens have never been claimed or put into circulation, with only 8% allocated at the time of listing.
On-chain visualization analytics platform Bubblemaps noted that after BitMEX announced it would officially cease operations in September, its platform token BMEX plummeted by roughly 95% today. However, per the token economics model released in 2021, 92% of BMEX tokens are locked in vesting contracts, with only 8% allocated at launch — 5% via airdrop and 3% for product and liquidity purposes. On-chain data shows the only token withdrawal occurred on November 2, 2022, when the product and liquidity address received 63.75 million BMEX. Meanwhile, approximately 75% of tokens originally earmarked for employee incentives, ecosystem growth, and long-term reserves have never been withdrawn and have never entered circulation. Bubblemaps added that this is not necessarily a violation, but per the publicly disclosed allocation plan, these large portions of tokens have indeed never been actually distributed. BlockBeats previously reported that notably, the platform’s current handling of BMEX tokens is very limited, with no additional compensation or special arrangements. The only action explicitly mentioned in BitMEX’s official shutdown announcement today is that the platform has immediately unstaked all staked BMEX tokens and returned them directly to holders’ accounts. Per BitMEX’s earlier announcement, BMEX is a pure platform utility token, not equity, debt, or an asset with promised returns. The official disclaimer states that BMEX is only used for features such as trading fee discounts and staking rewards on the BitMEX platform, does not constitute an investment, and the platform assumes no refund or exchange liability.
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.
Following BitMEX's announcement of its shutdown, the BMEX token plummeted by 92%, with its market cap falling to just $480,000.
According to HTX market data, after BitMEX announced today that it will officially shut down on September 23, its native token BMEX plummeted by 92% to $0.005, with a market capitalization of just $480,000. Notably, the platform’s current handling of BMEX tokens is extremely limited, with no additional compensation or special arrangements. The only clear action specified in BitMEX’s official shutdown announcement today is that the platform has immediately un-staked all staked BMEX and returned them directly to holders’ accounts. Per BitMEX’s prior notice, BMEX is a purely platform utility token, not equity, debt, or an asset with promised returns. The official disclaimer states that BMEX is only used on the BitMEX platform for features such as fee discounts and staking rewards, does not constitute an investment, and the platform assumes no responsibility for refunds or exchanges.
6 minutes ago
Layer1 project Vanar announces it will migrate its infrastructure to Base, with a 1:1 token migration for the VANRY token.
Layer 1 project Vanar has announced it will migrate its infrastructure to Base. Existing VANRY token holders can complete token migration at a 1:1 ratio, with their holding amounts remaining unchanged. Meanwhile, the total supply of VANRY will increase from 2.4 billion to 10 billion tokens, of which approximately 62% will stay locked during the migration. Upon completion of the migration, Vanarchain validator staking will be halted.
6 minutes ago
Binance Alpha conducts the third round of TRUTH airdrop distribution, with a point threshold of 256 points.
Binance Alpha is conducting its third round of Swarm Network (TRUTH) airdrop distribution. Users holding at least 256 Alpha points are eligible to claim 2,501 TRUTH tokens on a first-come, first-served basis. If the entire reward pool is not fully distributed, the point threshold will automatically decrease by 5 points every 5 minutes.
6 minutes ago
Changxin Technology will list on the STAR Market of the Shanghai Stock Exchange on July 27, with its current Pre-IPO price quoted at around 45.54 yuan.
Changxin Technology announced that its shares will be listed on the Shanghai Stock Exchange's STAR Market on July 27, 2026. According to Hyperinsight's monitoring, the Pre-IPO contract price of CXMT (Changxin Memory, with Changxin Technology as its listing entity) on Hyperliquid is currently quoted at $6.73, equivalent to approximately 45.54 yuan per share in RMB.
6 minutes ago
Citigroup cuts Coinbase's price target to $235
Citigroup has cut its price target for Coinbase (COIN) from $400 per share to $235. According to market data from BIT (bit.com), Coinbase (COIN) posted a 0.29% pre-market gain, trading at $166.6.
6 minutes ago
Citrini Analyst: Don't Underestimate Yangtze Memory's Competitiveness, NAND Flash Will Remain in Persistent Shortage
Citrini analyst Jukan stated in a social media post: "Don’t underestimate the competitiveness of Yangtze Memory Technologies (YMTC). The NAND flash market remains supply-tight, and this shortage will persist. It is reported that NVIDIA’s CMX cabinets are currently severely impacted by the NAND supply shortage, unable to even ship with full configurations. Some customers preparing to purchase CMX cabinets have reportedly been asked to source part of the NAND themselves to complete the full unit setup. I am not a NAND bear. Yangtze Memory still relies heavily on the consumer market, and its competitiveness should not be overlooked, but this does not mean it will push the NAND market back into oversupply."
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.
Following BitMEX's announcement of its shutdown, the BMEX token plummeted by 92%, with its market cap falling to just $480,000.
According to HTX market data, after BitMEX announced today that it will officially shut down on September 23, its native token BMEX plummeted by 92% to $0.005, with a market capitalization of just $480,000. Notably, the platform’s current handling of BMEX tokens is extremely limited, with no additional compensation or special arrangements. The only clear action specified in BitMEX’s official shutdown announcement today is that the platform has immediately un-staked all staked BMEX and returned them directly to holders’ accounts. Per BitMEX’s prior notice, BMEX is a purely platform utility token, not equity, debt, or an asset with promised returns. The official disclaimer states that BMEX is only used on the BitMEX platform for features such as fee discounts and staking rewards, does not constitute an investment, and the platform assumes no responsibility for refunds or exchanges.
6 minutes ago
Layer1 project Vanar announces it will migrate its infrastructure to Base, with a 1:1 token migration for the VANRY token.
Layer 1 project Vanar has announced it will migrate its infrastructure to Base. Existing VANRY token holders can complete token migration at a 1:1 ratio, with their holding amounts remaining unchanged. Meanwhile, the total supply of VANRY will increase from 2.4 billion to 10 billion tokens, of which approximately 62% will stay locked during the migration. Upon completion of the migration, Vanarchain validator staking will be halted.
6 minutes ago
Binance Alpha conducts the third round of TRUTH airdrop distribution, with a point threshold of 256 points.
Binance Alpha is conducting its third round of Swarm Network (TRUTH) airdrop distribution. Users holding at least 256 Alpha points are eligible to claim 2,501 TRUTH tokens on a first-come, first-served basis. If the entire reward pool is not fully distributed, the point threshold will automatically decrease by 5 points every 5 minutes.
6 minutes ago
Changxin Technology will list on the STAR Market of the Shanghai Stock Exchange on July 27, with its current Pre-IPO price quoted at around 45.54 yuan.
Changxin Technology announced that its shares will be listed on the Shanghai Stock Exchange's STAR Market on July 27, 2026. According to Hyperinsight's monitoring, the Pre-IPO contract price of CXMT (Changxin Memory, with Changxin Technology as its listing entity) on Hyperliquid is currently quoted at $6.73, equivalent to approximately 45.54 yuan per share in RMB.
6 minutes ago
Citigroup cuts Coinbase's price target to $235
Citigroup has cut its price target for Coinbase (COIN) from $400 per share to $235. According to market data from BIT (bit.com), Coinbase (COIN) posted a 0.29% pre-market gain, trading at $166.6.
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Citrini Analyst: Don't Underestimate Yangtze Memory's Competitiveness, NAND Flash Will Remain in Persistent Shortage
Citrini analyst Jukan stated in a social media post: "Don’t underestimate the competitiveness of Yangtze Memory Technologies (YMTC). The NAND flash market remains supply-tight, and this shortage will persist. It is reported that NVIDIA’s CMX cabinets are currently severely impacted by the NAND supply shortage, unable to even ship with full configurations. Some customers preparing to purchase CMX cabinets have reportedly been asked to source part of the NAND themselves to complete the full unit setup. I am not a NAND bear. Yangtze Memory still relies heavily on the consumer market, and its competitiveness should not be overlooked, but this does not mean it will push the NAND market back into oversupply."
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.
The CLARITY Act adds, for the first time, provisions restricting the president and government officials from profiting through crypto assets.
According to CNBC, the new CLARITY Act under consideration by the U.S. Senate would ban the president and other federal officials from issuing or sponsoring cryptocurrencies and other digital assets. Republican lawmakers updated the bill’s text on Wednesday, adding for the first time provisions restricting the president from profiting from crypto assets, with the rules applying to both the president and other federal officials. The CLARITY Act is designed to be the U.S.’s first comprehensive piece of legislation regulating the digital asset market, and remains pending in the Senate.
23 minutes ago
The revised CLARITY Act has been officially released, prohibiting the president and government officials from issuing or sponsoring crypto assets for profit.
Crypto journalist Eleanor Terrett reported that U.S. Senate Republicans have released a revised version of the CLARITY Act following a briefing call with industry stakeholders. The ethics framework in the revised bill was developed by the White House in consultation with Republican Senators Cynthia Lummis and Bernie Moreno, and has not yet secured Democratic backing. The new text would bar U.S. officials—including the president, vice president, members of Congress, federal judges—and their spouses from earning compensation during their terms via issuing or sponsoring digital assets; these provisions are set to expire on January 20, 2029. Covered officials must sell their crypto assets and investments in crypto firms, or place them in blind trusts over which they have no control, with sales of crypto assets exceeding $1,000 requiring disclosure. The U.S. Department of Justice would be granted civil enforcement authority for ethics violations, including prosecuting trading platforms that knowingly operate banned tokens. However, Democrats oppose granting the DOJ sole enforcement power without extending authority to state attorneys general, and the relevant provisions could still be adjusted in the coming days. The revised bill retains the BRCA and Keep Your Coins Act, clarifying that non-custodial software developers and blockchain infrastructure providers will not be classified as money transmitters solely for maintaining decentralized networks, while safeguarding individuals’ right to self-custody of crypto assets. Stablecoin provisions remain unchanged: interest on idle payment stablecoin balances is banned, but rewards tied to actual activities like trading or staking are permitted.
23 minutes ago
Report: Crypto industry contributes $55 billion to U.S. economy, directly employs 34,000 people
The US National Cryptocurrency Association released a report stating that the US crypto industry directly employs 34,000 people; when including jobs supported by supplier industries and consumer spending of related workers, total employment in the sector is roughly 232,000. The report projects that by 2026, the industry will contribute over $55 billion to US GDP, with around $31 billion flowing to workers as labor income. Of the 232,000 supported jobs, approximately 75,000 come from supplier industries, and another 123,000 are driven by household spending of related employees. These figures are based on multiplier effects from input-output models and do not represent direct hires by crypto firms. Among the 34,000 direct roles, software, blockchain, and data engineering positions are the most numerous, at about 10,100. Regionally, California and New York support 57,649 and 53,766 jobs respectively, totaling over 111,000; Texas accounts for roughly 26,536 jobs. The 12 US heartland states defined in the report collectively support around 17,000 jobs. The report was commissioned and funded by the National Cryptocurrency Association, with analysis conducted by Pragmatic Policy Group. Its estimates are based on the US Bureau of Economic Analysis’ 2024 input-output tables and $23.22 billion in crypto industry revenue data, with model assumptions incorporated into occupational structure and industry mapping.
23 minutes ago
The development company behind Pump.fun is hiring a Growth Marketing Lead, offering a base annual salary of up to $1 million.
Baton Corporation, the developer behind Pump.fun, is hiring a Head of Growth Marketing, with a base annual salary of $400,000 to $1,000,000 plus performance-based incentives. Pump.fun founder Alon noted that the platform has grown to become one of the largest in the crypto industry with almost no paid marketing. The company’s next goal is to transition Pump.fun from a crypto-native product to the mainstream market, targeting an application with hundreds of millions of users. The role requires candidates to have hands-on experience in consumer app growth, a proven track record managing multi-million dollar marketing budgets, and familiarity with strategies including digital advertising, user-generated content (UGC), and short-form video clips.
23 minutes ago
灰度：若美联储不再加息，比特币或已触底
Zach Pandl, head of research at Grayscale, wrote in a post that the market currently holds two main views on when Bitcoin’s bear market will end: one is adherence to the "four-year cycle" theory, and the other is viewing Bitcoin as a mature asset driven by macroeconomic factors. The "four-year cycle" theory holds that halving events remain the core driver of Bitcoin’s price cycles. Historically, Bitcoin has typically bottomed roughly one year after a cycle peak and about 2.5 years after a halving, with an average cumulative drawdown of around 80%. Based on this pattern, Bitcoin could still decline further in the current cycle and form a bottom in September or October. The other view argues that Bitcoin’s price will, like other major assets, be more influenced by economic growth, real interest rates, and changes in Federal Reserve policy going forward. Past Bitcoin bear markets have typically coincided with slowing economic growth or rising real interest rates, and this current downturn has unfolded against a backdrop of rising rate hike expectations and climbing real interest rates. Pandl noted he leans more toward the macro-driven view. If the Fed stops raising interest rates and economic growth remains stable, Bitcoin’s price may have already bottomed.
23 minutes ago
Analyst: Bitcoin shows signs of recovery, but its uptrend remains unconfirmed.
Bloomberg senior ETF analyst Eric Balchunas wrote that since the 250th anniversary of U.S. Independence, Bitcoin has risen around 8% cumulatively, outperforming most assets. Meanwhile, inflows into Bitcoin spot ETFs have started to rebound, with net inflows of roughly $750 million in the past week. Balchunas noted that it is still hard to fully believe this rally has established a stable trend, but it is not unexpected that Bitcoin has rebounded after its prior pullback, adding that its future trajectory remains to be seen. Early Bitcoin holders have been continuously selling assets over the past nine months, which has been weighing on prices; if these holders cease selling, Bitcoin could rally.
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.
On-chain detective ZachXBT published a post stating that cross-chain bridge project TeleSwap was allegedly hit by an attack of more than $735,000 on July 15, 2026. As of now, five days after the incident, the project team has not publicly disclosed any information regarding the event. ZachXBT noted that shortly after suspicious funds flowed out, TeleSwap’s Bitcoin hot wallet ceased processing transactions. Approximately two hours ago, the attacker transferred the stolen funds to Tornado Cash. According to his disclosure, the addresses linked to the stolen funds include: bc1pz95zv3qhpmt52yezs84a5zrddrk5jsxm8a60rln5kzlk06e87a3q8pf79l0x2448cbaee50a67030692b7519a954e5550dc27180xfc5048fbba2f74ed482ffcd7663601f818c5bb470xf8706a51f8df01a71f408e50c901dd14916a12c7. TeleSwap’s Bitcoin hot wallet address is: bc1q5wnpn4k99wc587maaaa6eqnx27g4r6mduxg2s5. To date, TeleSwap has not issued an official statement on the incident, and the cause of the attack and the status of fund recovery remain unconfirmed.
Relevant content
Native Markets Discontinues USDH, Will Continue to Support 1:1 Redemptions and Exchanges in the Coming Months
According to official announcements, Native Markets has announced that the USDH official website has been sunset. Over the coming months, users will still be able to redeem and exchange USDH for U.S. dollar assets at a 1:1 ratio via the redemption page provided by the Bridge. Native Markets stated that the final exit procedures for USDH and related information will continue to be made available through the USDH official website.
1 hours ago
Hackers Attack Kenya's Presidential Official Website, Demand 5 Bitcoin Ransom
Kenya's government is investigating the hacking incident targeting President William Ruto's official website. On July 18, attackers briefly altered the president's official site page and demanded a ransom of 5 BTC, threatening to leak undisclosed data if not paid. Kenya's Cabinet Secretary for Information, Communication and Digital Economy stated that the government has activated its cybersecurity response mechanism and is conducting a forensic investigation in collaboration with relevant agencies. There is currently no evidence indicating unauthorized access to or leakage of sensitive data, and government digital services remain operational.
1 hours ago
Bitcoin mining firm LM Funding rebrands as PowerCompute, shifting focus to AI computing power infrastructure.
Bitcoin mining company LM Funding America (NASDAQ: LMFA) announced it will rebrand to PowerCompute Inc. and adopt a new stock ticker "PWCM" effective July 22. The company stated that the rename marks its strategic transformation, as it leverages its existing 26 megawatts (MW) of owned power infrastructure to expand into high-performance computing (HPC) and artificial intelligence (AI) infrastructure businesses. Currently, the firm operates two facilities in Oklahoma and Mississippi, U.S., with 26 MW of power capacity, and plans to provide infrastructure services to AI computing clients. It will also continue holding Bitcoin assets as part of its balance sheet.
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U.S. Strategic Petroleum Reserve stocks have fallen to their lowest level since 1983.
U.S. Strategic Petroleum Reserve (SPR) crude oil inventories fell by approximately 5.1 million barrels last week, dropping to 311.4 million barrels, the lowest level since 1983.
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Morgan Stanley: As memory shortage intensifies, DRAM prices may rise by at least 25% quarter-on-quarter in the third quarter.
Morgan Stanley analyst Joseph Moore noted that following discussions with multiple data center procurement personnel last week, the current tight memory supply shows no signs of easing. DRAM and other memory products are expected to rise by at least 25% on a comparable basis from the second quarter to the third quarter, a figure higher than previous forecasts from Morgan Stanley and third-party institutions. Moore added that the memory shortage could further deteriorate in 2027 and 2028, as AI demand is consuming massive DRAM capacity, squeezing supplies for other sectors such as PCs and smartphones. Morgan Stanley further holds that the current market is not only grappling with surging memory demand driven by AI, but insufficient memory supply itself is emerging as a key bottleneck limiting AI expansion.
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The US military said it has forced seven commercial vessels to divert course and disabled one to restrict access to Iranian ports.
U.S. Central Command said that as of July 20, U.S. military forces have forced seven commercial vessels to alter their routes and disabled one merchant ship to prevent vessels from entering or leaving Iranian ports. (Jinshi)
Compromised oracle credentials let false market prices pass Ostium’s verifier as legitimate reports. Eight payouts to one wallet helped confirm the final loss of 23,752,746 USDC from the protocol’s OLP vault. Trader collateral stayed isolated, but open positions remain frozen until a secure relaunch is ready. Most stolen USDC became 12,084 ETH before entering Tornado Cash, making recovery efforts more difficult. Ostium has confirmed that its July 15 security breach drained 23,752,746 USDC from the protocol’s liquidity-provider vault. According to the report, the attacker compromised offchain pricing infrastructure and submitted false reports that appeared legitimate to the platform.
An update on where things stand:
What happened
On July 15, Ostium’s LP (liquidity provider) vault was exploited for 23,752,746 USDC. Based on our ongoing investigation, the attacker compromised off-chain infrastructure related to the system that feeds prices into the protocol.…
— Ostium (@Ostium) July 19, 2026
Those reports enabled positions to open and close at fabricated profits paid from the Ostium Liquidity Pool. Trading remains suspended while the Arbitrum-based platform strengthens safeguards and prepares a restart.
How Compromised Credentials Converted Fake Prices Into USDC Ostium offers perpetual contracts linked to stocks, commodities, currencies, indices, and cryptocurrencies, with transactions settling in USDC on Arbitrum. To support these markets, external systems supply the prices used for entries, exits, liquidations, and profit calculations.
Meanwhile, liquidity providers deposit USDC into the OLP vault, which covers profitable trader positions. As a result, the vault became the payout source when fabricated gains passed through the protocol’s settlement process.
Galaxy Research traced eight payments to a single wallet, including transfers worth approximately $11.86 million, $4.49 million, and $3.59 million. Further payouts of $2.7 million and $1.08 million also supported Ostium’s final loss calculation of nearly $23.75 million.
However, the exploit did not depend on market volatility or a direct failure within the core trading contracts. Instead, the attacker obtained credentials connected to two privileged components in the platform’s pricing system.
According to Galaxy, Ostium’s verifier checked whether each price report carried a signature from an approved oracle signer. Nevertheless, the system did not independently confirm whether the submitted price accurately reflected the wider market.
The attacker reportedly controlled both an authorized signer credential and a registered PriceUpKeep forwarder. Together, those privileges allowed future-dated price reports to pass the protocol’s checks before repeated position cycles generated artificial gains.
🚨 Blockaid detected an @Ostium Vault exploit on Arbitrum.
An attacker used a registered PriceUpKeep forwarder and future-dated authorized oracle reports to create artificial trade profit, triggering a ~$18M USDC payout from the vault.
More details in 🧵
— Blockaid (@blockaid_) July 15, 2026
Consequently, the contracts continued operating according to their programmed rules, but they relied on compromised data. In effect, legitimate credentials made false market information appear valid, converting manipulated prices into real USDC payouts.
Trading Stays Frozen as Investigators Track the Funds Although the liquidity vault suffered major losses, Ostium said trader collateral remained protected in a separate, isolated contract. Open positions remain frozen, and users cannot adjust their margins during the shutdown.
When trading eventually resumes, the protocol will value positions using the reopening price rather than prices recorded during the suspension. This approach reduces the impact of market movements that traders could not respond to while the platform remained unavailable.
Ostium said it paused trading and froze the affected contracts within 60 minutes of the first malicious transaction. Since then, the platform has worked with Mandiant, zeroShadow, Collisionless, SEAL 911, law enforcement, exchanges, bridges, and stablecoin issuers.
Meanwhile, investigators continue tracing the stolen assets and reviewing the infrastructure needed for a secure relaunch. Ostium has also promised to provide users with at least 24 hours’ notice before trading contracts are reopened.
The funds, however, have already moved through several stages. Lookonchain reported that the attacker exchanged 23.75 million USDC for approximately 12,084 ETH at an average price of about $1,966.
Most of the ether later entered Tornado Cash, which obscures links between deposits and subsequent withdrawals. As a result, recovering the stolen assets has become more difficult for investigators and participating service providers.
The attack affected a platform that had reported more than $50 billion in cumulative trading volume across 75 supported markets. Ostium also raised $24 million in December 2025, bringing its total disclosed funding to $27.8 million.
Ultimately, the incident shows how compromised offchain infrastructure can weaken otherwise functional onchain contracts. Ostium’s recovery will therefore depend on stronger credential controls, independent price verification, and tighter operational safeguards.
A trader bought BRIAN at its peak yesterday, now facing an unrealized loss of nearly 90%.
On-chain analyst Ai Yi (handle @ai_9684xtpa) reports that a trader purchased $179,000 worth of BRIAN at an average price of $0.01311 at yesterday’s peak, and is now facing an unrealized loss of $159,000, with their assets having shrunk by 88.7%.
4 minutes ago
Kuwait Petroleum Corporation says key oil facilities were attacked by Iran.
According to Kuwait News Agency, Kuwait Petroleum Corporation stated that key oil facilities were attacked by Iran, resulting in multiple injuries and heavy losses.
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Iran's Revolutionary Guard Corps: Two Iranian missiles successfully breached the defense line of multiple "Patriot" missiles.
Iran's Revolutionary Guard stated that two Iranian missiles successfully breached the defense of multiple "Patriot" missiles. At least two Iranian ballistic missiles struck an air base in Jordan. Although the number of ballistic missiles Iran launched was relatively small, the success rate of its attacks has steadily increased over the past few days.
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Michael Saylor: Enterprise adoption is essential for Bitcoin to become a global monetary network.
Michael Saylor, founder of MicroStrategy, stated in a post that the corporate organizational structure allows people to collaborate around a shared mission within a legal framework, while operating with higher efficiency, transparency, credibility, scale, resilience, and sustainability. For Bitcoin to become a global monetary network, corporate adoption is not only necessary, but also an inevitable and welcome development trend.
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Apple and the U.S. Department of Justice launch preliminary settlement negotiations over the antitrust lawsuit.
According to a Bloomberg report citing people familiar with the matter, Apple Inc. and the U.S. Department of Justice (DOJ) are in preliminary settlement negotiations over an antitrust lawsuit filed in 2024 that accuses Apple of violating U.S. antitrust laws. The sources said the two sides are currently in active discussions, though there is no guarantee a final settlement agreement will be reached. As of now, no trial date has been set for the case.
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Israeli military says US will deploy additional aerial refueling tankers to Israeli air force bases.
According to CCTV News, local time on the 18th, Israeli military sources said the U.S. is set to deploy dozens of additional aerial refueling tankers to Israeli military air bases instead of Tel Aviv’s Ben Gurion International Airport. The Israeli military stated that the move aims to minimize disruptions to civilian air transport. Earlier, Israel’s Ministry of Transport had capped the number of U.S. military tankers stationed at Ben Gurion International Airport at 20 to ease interference with civilian flights during the summer peak travel season. The Israeli military added that the decision to deploy the tankers at Israeli air bases was made by the U.S., and was coordinated with the Israeli military to allow the Israeli Air Force to prepare in advance.
ZachXBT says an old iPhone beats any hardware wallet for storing crypto. Tornado Cash developer Roman Storm agrees, but says one missing feature breaks the whole iPhone wallet plan.
That feature is the BIP39 passphrase. It is a secret extra word that hides your real wallet behind an empty one.
The One Feature the iPhone Wallet Plan Is MissingThe on-chain investigator’s frustration has a track record behind it. Bybit lost $1.5 billion in February 2025 after attackers tricked its signers into approving a bad transaction. The keys stayed safe. The money is still left.
“All hardware wallets are complete garbage and I do not advise using them for important tasks like signing transactions or storing funds. Much better to have a separate iPhone with its only purpose being to use as your hardware wallet,” ZachXBT noted.
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Storm liked the idea. However, his reply comes with a warning.
“I’d agree – if there were actually a mobile app with BIP39 passphrase support.”
Here is why that matters. Your seed phrase is 12 or 24 words, usually written on paper. Add a passphrase, and those same words open a completely different wallet.
So a thief who finds the paper sees an empty account. One UK holder lost roughly $172 million after his Trezor recovery phrase appeared on home CCTV. A passphrase would have made that recording worthless.
The threat is growing, too. Chainalysis logged 158,000 personal wallet compromises in 2025, nearly triple 2022’s count. Those attacks hit 80,000 victims for $713 million. Moreover, one seed phrase vulnerability alone drained $3.1 million this month.
Hardware Wallets Have It. Mobile Wallets Don’tStorm listed the split. Trezor, Ledger, Coldcard, Keystone, and BitBox all support passphrases. Meanwhile, MetaMask has ignored requests since 2021. Trust Wallet skips it, too. Rabby only offers it on desktop, leaving AirGap Vault as the lone mobile option.
His fix is simple. Mobile wallets should support passphrases and air-gapped signing, so the phone never connects to the internet. Trail of Bits research backs the same principle of capping losses when keys leak.
There is a downside, though. Casa co-founder Jameson Lopp warned in an interview that people often lose their passphrases and lock themselves out forever.
The threat is not just thieves. Hong Kong can already force travelers to unlock phones and wallets at the border.
Trezor Pushes Back on the Phone-as-Vault PlanTrezor is not conceding the point. Like Storm, Danny Sanders, the company’s chief commercial officer, praised ZachXBT’s detective work but rejected the swap.
Sanders argued that phones are general-purpose devices with too many doors. Zero-click exploits are a documented reality, he noted.
Love ZachXBT's detective work, but of course I kindly disagree here 🙃.
A dedicated iPhone is an interesting hot wallet upgrade, but it's still a general-purpose device. And assuming everyone can execute this setup really well is a big generalisation.
Why an iPhone can't… https://t.co/Qtp1y15krY
— Danny @Trezor (@Dantoshi) July 16, 2026 A hardware wallet also acts as an independent second screen. If a phone is compromised, nothing separates checks from what you sign.
He added that creating seed words on a phone risks iCloud backups and clipboard leaks. Even the battery works against the plan. An iPhone stored for years can degrade, and reviving it needs Apple’s activation servers and an Apple ID.
Storm, who awaits a retrial in his Tornado Cash case, put the ball in wallet makers’ court. If MetaMask or Trust Wallet adds the field, millions of old phones could become real crypto vaults.
Blockchain security firm PeckShield now puts the drain on Arbitrum perpetuals protocol Ostium at roughly $24M, above the up-to-$18M first estimated.
The exploiter who drained Ostium, a real-world-asset perpetuals protocol on Arbitrum, has moved 10,540 ETH into Tornado Cash, blockchain security firm PeckShield said in a post on Thursday.
PeckShield reported that Ostium's public OLP vault "has been drained of ~$24M $USDC." The firm said the exploiter swapped the stolen stablecoins for 12.08K ETH and had "deposited 10,540 $ETH to #TornadoCash so far," indicating laundering was still underway.
The $24 million figure is higher than the up-to-$18 million loss reported when the exploit first surfaced. The revised total from PeckShield reflects continued tracing of the drained funds rather than a separate incident.
PeckShield said the exploiter "originally funded Wallet 0x321D...8bfD9 with 1 ETH from #ChangeNow and 1 ETH from #Bybit." ChangeNow is a non-custodial exchange service and Bybit is a centralized exchange.
A diagram accompanying the post traces USDC amounts of 26.4 million and 23.4 million to the attacker's deployed wallet, a swap into 12,086 ETH, and 10,540 ETH sent onward to Tornado Cash. A second image, a blockchain explorer table, shows a series of 100 ETH deposit transactions leaving an intermediary address and an inbound transfer of 784.66 ETH from an address labeled "Ostium Exploiter 3."
Ostium's total value locked stood at $37.80 million, all on Arbitrum, according to DefiLlama datay.
The Defiant previously reported that Ostium halted trading after an oracle exploit drained the vault.
Morgan Stanley forecasts that the growth rate of storage prices will peak in Q4 this year.
Morgan Stanley forecasts that the year-on-year growth rate of DRAM contract prices will peak in the fourth quarter of 2026, after which it may decline sharply. It will be difficult to replicate the previous scenario of a four-fold annual increase, and the valuations of storage companies (12-month forward price-to-book ratio) are awaiting revaluation.
12 minutes ago
Alpaca closes $135 million funding round led by Peak XV.
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DeepSeek Valued at Over 350 Billion Yuan
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12 minutes ago
Bank of America raises JPMorgan Chase’s price target to $420, noting the stock still has upside potential after its strong earnings report.
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12 minutes ago
Iran secretly ordered the Houthi armed group to blockade the Bab el-Mandeb Strait if the U.S. attacks Iran's power facilities.
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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.
Bank of America Market Survey: Majority of investors do not believe the AI bull market has peaked, with the rally set to continue in the second half of the year.
Bank of America (BofA)’s latest investor survey reveals market sentiment toward AI capital expenditure is growing more nuanced. Most investors do not think the AI spending boom has peaked, and still expect this wave of expenditure to continue in the second half of the year. At the same time, concerns are rising over hyperscalers’ excessive spending pace, debt pressure and credit risks. The survey shows investors are not broadly betting on the end of the AI cycle. Instead, the market still believes large platforms including Microsoft, Amazon, Alphabet and Meta will keep expanding investments in data centers, GPUs and power infrastructure. The problem is that the pace of capital expenditure growth has become so fast that some investors are starting to worry about free cash flow, share repurchase capacity and balance sheet flexibility. Per BofA’s survey methodology, AI has evolved from a pure growth story to a capital discipline issue. Over the past two years, the market rewarded companies for heavy AI investments; now, investors are starting to question the return periods of these investments, depreciation pressures, and whether cloud providers will be forced into overbuilding amid competition.
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Nubia officially unveils its first AI agent smartphone, the NaviX Ultra.
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The U.S. imposes a 25% tariff on certain Brazilian goods.
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1 seconds ago
Three new wallets withdrew 30,000 ETH from Coinbase Prime, worth approximately $57.66 million.
According to Lookonchain’s monitoring, crypto whales continue to accumulate ETH. Approximately 9 hours ago, three newly created wallets withdrew 30,000 ETH from Coinbase Prime, totaling around $57.66 million.
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The U.S. has officially launched a Section 337 investigation into DRAM devices, their downstream products, and components (II), naming Samsung Electronics, Google, NVIDIA, and others as respondents.
The U.S. International Trade Commission (ITC) has voted to launch a Section 337 investigation targeting certain dynamic random-access memory (DRAM) devices, their downstream products, and components (II) (Investigation No. 337-TA-1511). The ITC will set the investigation’s termination date within 45 days of case filing. Unless vetoed by the U.S. Trade Representative (USTR) on policy grounds, the relief orders issued by the ITC in Section 337 cases take effect on the date of issuance and become final 60 days thereafter.
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Bank of Tanzania is currently developing a regulatory framework for crypto assets, which will cover cryptocurrencies and stablecoins.
Tanzania’s central bank Governor Emmanuel Tutuba announced that the bank is accelerating the development of a digital asset regulatory framework, with relevant laws and regulations now in the final drafting stage. The framework will cover supervision of virtual assets including cryptocurrencies and stablecoins. Tutuba noted the initiative aims to strengthen investor protection—especially for young investors participating in the crypto market—while mitigating risks from money laundering, terrorist financing and other illegal activities, and enhancing the central bank’s regulatory oversight over the digital asset market.
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.
WSJ Survey: U.S. Recession Probability Drops to 25%, Down From 33% in April
According to survey data from The Wall Street Journal, the probability of a U.S. economic recession has dropped to 25%, down from 33% in April.
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Commercial shipping traffic through the Hormuz Strait has dropped significantly.
According to reports from China Central Television (CCTV), commercial shipping traffic through the Strait of Hormuz has dropped sharply following Iran’s announcement of the reclosure of the strait. Citing commercial shipping tracking data, Iran stated that only 11 commercial vessels passed through the Strait of Hormuz in the past 24 hours, including 8 oil tankers and 3 cargo ships.
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Polymarket's weekly revenue topped $11 million this week, hitting an all-time high.
According to Defillama data, Polymarket's weekly revenue exceeded $11 million this week, hitting an all-time high, while the protocol's cumulative revenue has surpassed $97 million.
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Robinhood Chain’s DEX trading volume exceeded $877 million over the past 24 hours, ranking second among all blockchains.
According to DefiLlama data, Robinhood Chain’s 24-hour DEX trading volume hit $877.6 million, ranking second among all blockchains—only trailing Solana’s $1.133 billion, while Ethereum’s mainnet came in third with $778 million in trading volume.
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The volume of ETH bridged from Ethereum Mainnet to Robinhood Chain has surged roughly tenfold in a week, surpassing $100 million.
According to Token Terminal data, over the past week, the volume of ETH bridged from Ethereum mainnet (L1) to Robinhood Chain (L2) has surged roughly 10-fold, surpassing $100 million. Robinhood Chain uses ETH as its native gas token, as noted. Token Terminal stated that if adoption of the chain continues to grow, it could become a new, significant source of demand for ETH.
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Binance Wallet has integrated Robinhood Chain.
According to official announcements, Binance Wallet has integrated Robinhood Chain. Users can directly access and trade tokens on Robinhood Chain via the Binance Wallet App and browser extension, delivering a more convenient multi-chain operation experience.
The Hedera network, an open enterprise-scale blockchain ecosystem, has recently experienced a notable security exploit. As a result, the Hedera network has lost a staggering $5.25M amount. As per the data from PeckShieldAlert, the exploiters have already bridged the stolen funds to Ethereum. Specifically, the attacker’s Ethereum wallet was first funded with just 1 $ETH from Tornado Cash, a popular crypto mixing service platform.
Attacker Bridges $5.25M to Ethereum after Hedera Exploit The Hedera network’s exploit has led to a huge loss, and the attacker has already bridged a notable $5.25M to Ethereum. In this respect, the exploiter utilized Tornado Cash to eliminate the trail of the stolen capital after shifting the funds to an Ethereum wallet. At the moment, the wallet reportedly holds approximately 2,360 $ETH.
Apart from that, the wallet also contains 15.58 $WBTC. Cumulatively, these holdings account for a total of $5.25M. The exploit has triggered apprehensions over blockchain security and the movements of assets across chains. The exploiter reportedly bridged the respective funds to Ethereum just following the exploit.
Hedera Yet to Disclose Exact Attack Vector This permitted the attacker to hold the stolen funds within the Ethereum network. Blockchain bridges allow the asset movement between diverse networks, but they can also enable the swift transactions of illegally obtained capital ahead of the start of recovery endeavors. As the exploiter used an Ethereum wallet, it provides the onlookers with clear on-chain records.
At the same time, blockchain analysts and researchers can also monitor the asset transfers in real time. Currently, Hedera has not revealed any extra technical details concerning the exploit, nor has it confirmed the exact attack vector. Overall, the market members will be keenly watching for future updates regarding the exploit from blockchain security entities and Hedera.
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Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Summer.fi's own post-mortem confirms the attacker began laundering the $6M haul through the mixer, calling it a sign of "limited intent to return the funds voluntarily."
The attacker behind the $6 million Summer.fi exploit has begun laundering the stolen funds, moving roughly $1.35 million in DAI through Tornado Cash, the sanctioned crypto mixer, according to Summer.fi's own post-mortem of the July 6 attack.
Summer.fi, the front-end for the Lazy Summer Protocol, said the attacker "swapped a portion of the proceeds and routed them through Tornado Cash... via an intermediary wallet (0x46e0…eBa7)," adding that the move "signals limited intent to return the funds voluntarily."
Laundering TrailOnchain Lens via Odaily, reported the exploiter's wallet received 6.017 million DAI from the attack and has since moved 1.35 million DAI, swapping it for ETH on Uniswap before sending it through the same intermediary wallet into Tornado Cash. The original wallet still holds about 4.67 million DAI, while the intermediary wallet holds 50 ETH, per the report.
The exploit itself drained roughly $6.04 million from two Lazy Summer USDC vaults on Ethereum on July 6, after an attacker manipulated vault share pricing using a stale-valued token position built up over three months, Summer.fi said. The Defiant previously covered the initial exploit.
Summer.fi said its security partners, including SEAL 911, are continuing to trace the funds but that tracing "breaks down" once assets are swapped out of stablecoins and deposited into a mixer. The protocol publicly named the attacker's funder and beneficiary wallet, 0x7BF7…BDCa, "so the community and exchanges can flag associated activity."
Roughly 4.67 million DAI of the original haul remains untouched in the exploiter's primary wallet, leaving open whether further funds will move through Tornado Cash.
The hacker behind the $6.04 million Summer.fi exploit on July 6 has begun laundering stolen funds through Tornado Cash, converting the haul from stablecoins to ETH and sending it through the privacy mixer in chunks.
Approximately 6.017 million DAI, swapped from the originally stolen USDC, was converted into ETH and routed through Tornado Cash in batches of 10 ETH or larger. Tracing firms are actively monitoring the laundering activity, but the use of Tornado Cash complicates recovery efforts considerably.
How the exploit actually worked The attack targeted two USDC vaults within the Lazy Summer Protocol, which Summer.fi serves as a front-end for. The lower-risk vault, LazyVault_LowerRisk_USDC, bore the brunt of the damage at $5.64 million stolen. The higher-risk vault lost a comparatively modest $0.40 million.
The attacker borrowed roughly $65 million in flash loans to execute the operation, but the actual vulnerability was far more mundane.
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The root cause was an incomplete offboarding process for a strategy adapter, known as an Ark, that connected to Silo “Varlamore USDC Growth” tokens. The Ark had been flagged for issues previously and was in the process of being removed, but the offboarding was never fully completed.
The attacker had reportedly been preparing for months, stockpiling overvalued Silo tokens tied to past market events. By pre-positioning these tokens into the still-active but flawed Ark, they were able to manipulate the net asset value calculations of both vaults, essentially tricking the protocol into thinking assets were worth more than they actually were. Then the flash loans did the heavy lifting, amplifying the manipulation into a multi-million-dollar extraction.
Security firms PeckShield and CertiK both flagged the exploit during real-time monitoring.
The fallout for SUMR and Summer.fi Summer.fi moved quickly after the attack, pausing all vault activities to prevent further losses. The protocol’s own post-mortem confirmed that this was an operational failure rather than a fundamental flaw in the smart contract code.
The native SUMR token dropped to approximately $0.00193 following the exploit, a decline of more than 5%.
The fact that the attacker is now actively laundering through Tornado Cash dims recovery prospects further. Once ETH passes through the mixer, connecting it back to the original theft becomes exponentially harder. Tracing firms are still following the money, but the window for meaningful recovery narrows with every batch that gets tumbled.
What this means for DeFi investors The Summer.fi incident demonstrates that the space between “we decided to remove this strategy” and “we actually removed this strategy” can be worth $6 million.
Tornado Cash remains one of the most contentious tools in crypto, sanctioned by the US Treasury’s OFAC in 2022 but still operational on-chain. Every high-profile laundering event that runs through the mixer adds fuel to the regulatory argument for stricter controls on privacy tools, which could ripple out to affect legitimate privacy use cases across the ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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.
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.
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.
The person (or persons) who drained Step Finance of roughly 261,854 SOL tokens has moved to the next phase of every crypto heist playbook: the laundering stage. The exploiter sold a significant chunk of stolen SOL, bridged $21.4 million to Ethereum, purchased ETH, and funneled the proceeds through Tornado Cash.
What happened at Step Finance Step Finance, a DeFi portfolio management platform built on Solana, was hit on January 31 when attackers gained unauthorized access to treasury and fee wallets. The haul came to approximately 261,854 SOL, worth somewhere between $27 million and $30 million at the time of the breach.
The attack vector was compromised executive team devices, likely through phishing or social engineering. The smart contracts worked fine. The people managing them did not.
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Total losses ballooned to around $40 million when accounting for the full impact, with only about $4.7 million recovered through partnerships and features like Token22. That recovery rate, roughly 12% of total losses, is not exactly a victory lap.
By late February, Step Finance ceased operations entirely. Its affiliates, SolanaFloor and Remora Markets, also shut down as the fallout spread. The project announced plans for a buyback based on a pre-hack snapshot of the STEP token.
Following the money across chains The on-chain data, flagged by Arkham Intelligence, paints a clear picture of the attacker’s exit strategy. After sitting on the stolen SOL, the exploiter began selling, converting roughly $21 million worth of tokens before bridging $21.4 million over to Ethereum.
Once on Ethereum, the funds were swapped into ETH and then routed through Tornado Cash. The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash back in 2022, though those sanctions have faced significant legal challenges. The protocol continues to function because it’s a set of smart contracts on Ethereum that nobody can unilaterally shut down.
What investors should watch The $4.7 million recovery represents a fraction of total losses, and the movement of funds through Tornado Cash suggests that further recovery through on-chain means is unlikely without law enforcement intervention. Historically, funds that make it through mixing protocols are rarely clawed back unless the attacker makes an operational mistake later, like cashing out through a centralized exchange with KYC requirements.
The planned STEP token buyback based on a pre-hack snapshot is worth monitoring, though with the project’s operations ceased and affiliates shut down, the entity executing any buyback may have limited resources to work with.
The attacker’s decision to convert stolen SOL into ETH before laundering signals a practical reality about cross-chain liquidity. Ethereum’s deeper liquidity pools and more established mixing infrastructure make it the preferred destination for laundering large sums, which means that exploits on alternative L1s frequently end up impacting Ethereum’s on-chain analytics landscape as well.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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.
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.
PANews reported on June 26 that L2BEAT researcher @sergeyshemyakov posted on X platform, a suspicious DAO proposal appeared in Tornado Cash on June 25. The target contract of the proposal is unverified, which is highly unusual for Tornado Cash DAO proposals, indicating that the proposal should be considered malicious. The proposal creator's address received funds through Railgun 4 days ago. If the proposal passes and is executed, the governance contract will perform a delegatecall to the target contract. Sergey Shemyakov stated that the Tornado Cash fund pool itself is safe, but the proposal may directly attack the Tornado Cash DAO, which currently holds approximately $23 million worth of TORN tokens.
Oil prices erase all war-related premiums in 11 days, Brent crude falls below pre-war levels, but critical inventory shortages could spark a rebound.
International oil prices have quickly fallen back to pre-US-Iran conflict levels, erasing all gains made during the conflict in just 11 days – a move that has surprised markets widely. Brent Crude dipped as low as $72.06 on Thursday, breaking below the pre-conflict last trading day’s settlement price of $72.48, and has plunged more than 39% from its March peak of $118.35. WTI Crude closed at $71.92, down roughly 36% from its high. This round of decline has far outpaced expectations. The industry had widely estimated that mine clearance in the strait would take time and Gulf production capacity would need months to recover, but actual progress has been much faster. JPMorgan analysts noted that the market rebalanced through a "distinctly different combination of demand loss and inventory drawdown", which is very different from initial assumptions. However, the rapid easing may not be stable. S&P Global data showed that 78 oil tankers transited the Strait of Hormuz on Wednesday, hitting a post-conflict high, but this is still only 57% of pre-conflict levels, with many of these vessels being those trapped earlier and departing in a concentrated manner. TD Securities’ head of commodity strategy warned that the market may have overestimated the pace of supply and inventory recovery, and inventory pressure has become a key variable. U.S. Cushing inventories fell to 19 million barrels last week, about 1 million barrels below the level needed to keep the system stable. TD Securities forecasts that an additional 600 million barrels of global inventory may be drawn down by October; once inventories fall below a critical threshold, oil prices could rebound quickly. For the outlook, Mizuho Securities analysts believe the market is already in an "oversold" state, and expect oil prices to rebound to the $80 range in the coming weeks. Full production recovery in countries like Iraq and Kuwait is not expected until this autumn, when the supply-demand pattern may change again.
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Ansem: Pessimism Hits Extreme Levels, Entering Bitcoin Now Is a Favorable Trading Opportunity
Crypto KOL Ansem has published a post reaffirming Bitcoin’s long-term investment thesis, stating that despite his previous bearish stance, the current price level presents a strong buying opportunity. He noted that Bitcoin’s core narrative as the “hardest currency” remains intact: it cannot be seized by governments, enables instant cross-border transfers, and is insulated from the long-term depreciation of the U.S. dollar, making it an ideal vehicle for long-term wealth storage. Between 2024 and 2025, gold outperforming Bitcoin temporarily dented the “digital gold” narrative, but he believes market confidence will rebound once price momentum picks up. On the macro front, Ansem argues that with the Strait of Hormuz reopening and inflation pressures set to ease, the Federal Reserve’s hawkish stance may have peaked, at which point the Fed and Washington policymakers will have room to cut rates rather than continue hiking. A strong U.S. dollar and rising interest rates have weighed on gold, but if capital from profit-taking in AI stocks flows into real estate, cash, and long-term value storage assets, both gold and Bitcoin will benefit. Institutional investors like Paul Tudor Jones still hold interest in Bitcoin. Earlier, Ansem admitted he was bearish on Bitcoin due to risks in the holdings of Saylor, founder of Strategy, and had previously thought $60,000 would be hard to defend, but he noted he is now reacting to buy-side entry signals. He pointed out that current price action is already pricing in the worst-case scenario of Saylor being forced to sell, and even if he does need to offload, it would not happen for at least six months. He concluded that Bitcoin is currently at the intersection of its long-term historical support levels and what he describes as the most pessimistic market sentiment he has ever seen, making entry in early Q3 a notable trading opportunity.
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Polymarket suffered a vulnerability attack from a third-party vendor, leading to the theft of approximately $3 million, and the platform has pledged full compensation.
Prediction market platform Polymarket disclosed on Thursday that a third-party vendor of its was hacked, with attackers injecting malicious code into the platform’s frontend to steal roughly $3 million in Polymarket’s proprietary stablecoin pUSD from fewer than 15 user accounts. The funds were later converted to ETH and aggregated into a single Ethereum wallet, and as of press time, the assets have not been moved. Polymarket noted that the frontend vulnerability has been identified and patched, with affected users to receive full compensation, though the platform declined to name the specific compromised vendor. This marks Polymarket’s second security incident in two months. Last month, hackers exploited a private key leak to breach an internal wallet used for user deposits and reward distributions, leading to approximately $700,000 in losses. Both incidents were peripheral breaches that did not impact the core protocol, but the consecutive security lapses underscore the potential risks stemming from the platform’s reliance on third-party vendors. Polymarket had recently faced controversy over a Wall Street Journal investigation that alleged it illegally marketed to U.S. users through simulated trades and fake profit videos; the latest security incident has added further pressure on the platform.
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Hashrate metals supply and demand face major shift, countdown to U.S. copper tariff decision.
Last July, the U.S. government unveiled a copper tariff plan. Previously, it imposed a 50% tariff on semi-finished copper products, while refined copper was temporarily exempted, but the plan aims to phase in additional tariffs on refined copper starting in 2027. Whether the plan will take effect will be decided by the end of June. The U.S. Department of Commerce is required to submit its investigation report on Section 232 tariffs before June 30, and will make a final decision based on the findings. As the deadline for the U.S. Section 232 tariff report approaches on June 30, the global market for metals linked to AI computing power will face a new round of volatility. International investment banks including Goldman Sachs analyze that if the U.S. implements the new copper tariff policy, U.S. buyers may launch large-scale stockpiling. Currently, U.S. COMEX copper inventories have exceeded 650,000 tons, hitting a record high. Meanwhile, in the international market, supply tensions for small metals closely tied to the AI computing power industry chain—such as tungsten, tin, tantalum, and indium—are likely to further intensify. (Jinshi)
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ARK Invest added to its holdings in Coinbase, Circle, Bullish, and Robinhood stocks amid market dips.
With crypto-related stocks declining broadly on Thursday, Cathie Wood’s investment firm ARK Invest once again added to its positions at discounted levels, boosting its holdings in stocks of Coinbase, Circle, Bullish, and Robinhood.
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Ansem: Solana has hit its bottom, bullish on SOL/ETH pair trading.
Crypto KOL Ansem has published a bullish view on the SOL/ETH trading pair. Earlier today, Ansem stated: "Solana has hit its bottom — I was the first to call it! Right now, everyone is extremely bearish on SOL, just like when it fell to $8 in 2023. I believe buying SOL at current prices with a holding period of over six months is a solid trade."
SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
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Bithumb was fined for sharing user data overseas without consent.
South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.
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Analyst: SK Hynix’s US listing and fund-raising could trigger a valuation re-rating.
According to Bloomberg, SK Hynix is set to issue American Depositary Receipts (ADRs) on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, making it one of the largest ADR issuances in history. Market participants widely believe the move will significantly expand its global investor base and may drive a valuation re-rating. Multiple asset management firms project that if its valuation converges with Micron Technology’s, its share price could rise by 30% over the next year. One fund manager noted that SK Hynix should trade at a valuation at least on par with Micron, as demand for memory chips is likely to outpace supply for years to come. The listing comes amid an unusually strong boom in the memory chip sector. Shares of Micron, SK Hynix, and Samsung Electronics have all surged over 200% this year, marking their best annual performance in decades. Demand for High Bandwidth Memory (HBM) from AI servers is widely seen as the driver of a structural "memory supercycle".
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Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
The hacker behind the Kelp DAO bridge exploit has moved nearly all unfrozen funds through privacy channels, leaving only a small balance in the original wallets.
Summary
Kelp DAO exploiter has laundered nearly all $220 million, leaving about $1.7M in original wallets. The funds moved through THORChain, Wasabi, Tornado Cash and Umbra, reducing direct tracing options now. Arbitrum’s $71M freeze remains the largest recoverable slice, with court claims now pending against it. The Kelp DAO hacker has laundered about $220 million in unfrozen funds, according to on-chain data cited by Arkham Intelligence. The funds moved through THORChain, Wasabi, Tornado Cash and Umbra, making direct tracking harder for investigators.
Source: Arkham Intelligence The report described the amount moved as “nearly all” of the unfrozen funds. It also said “roughly $1.7 million” remains in the original attacker wallets. That leaves a narrow path for direct recovery of the funds that were not frozen earlier.
Kelp DAO Hacker Has Laundered Nearly All $220M in Unfrozen Funds, Closing the Recovery Window
According to The Defiant, on-chain tracking data shows that the hackers behind the Kelp DAO bridge exploit, identified as North Korean threat group TraderTraitor, have laundered… pic.twitter.com/UlCj44BTa4
— Wu Blockchain (@WuBlockchain) June 2, 2026 Exploit traced to North Korea-linked actors The April attack drained about $292 million from Kelp DAO’s bridge. Chainalysis said the attackers released about 116,500 rsETH against a fake burn event after targeting off-chain bridge infrastructure, not Kelp DAO’s core smart contracts.
LayerZero’s incident report linked the attack to TraderTraitor, a North Korea-linked group also tracked as UNC4899 and part of the wider Lazarus ecosystem. The same wider threat network has been tied to other large crypto attacks this year.
Frozen funds remain the main recovery path A large part of the stolen assets did not move freely after the attack. Arbitrum’s Security Council froze more than 30,000 ETH soon after the exploit, creating the main pool still within reach of a recovery process.
The Defiant reported that the frozen portion is about $71 million. That sum is now tied to legal claims in the U.S., after families with unpaid judgments against North Korea sought control of the funds. The remaining unfrozen funds have largely moved through privacy tools.
Broader hack pattern As previously reported by crypto.news, North Korea-linked Lazarus attacks drained $577 million from Drift Protocol and KelpDAO in April. The same report said those two attacks made up 76% of all crypto theft tracked in 2026 through April.
Moreover, Radiant Capital will wind down operations after failing to recover from a $50 million exploit linked to North Korea-aligned actors, as crypto.news reported. The Radiant case showed how slow recovery, lost funding and laundering through Tornado Cash can leave a protocol with limited options.
For Kelp DAO, the latest laundering update does not close every legal or recovery route. The frozen ETH remains important. However, the unfrozen portion now appears much harder to recover through normal address-by-address tracing. The case adds pressure on bridge operators, DeFi teams and investigators to act before stolen funds enter privacy routes.
The window for tracing and recovering more than $220 million stolen from Kelp DAO’s bridge has all but closed. On-chain tracking data laid out in the original report shows that the North Korean threat group TraderTraitor has now laundered nearly every dollar of previously unfrozen funds, using a chain of privacy-focused platforms. Only around $1.7 million remains in the hackers’ original wallets, effectively ending any realistic prospect of direct, transaction-by-transaction asset recovery.
The speed and scale of the operation underscore a growing structural problem for DeFi bridges. Kelp DAO, an Ethereum-based restaking protocol, was hit by an exploit that exposed users to losses on par with some of the largest cross-chain breaches. The cleaning process moved assets through THORChain, Wasabi, Tornado Cash, and Umbra—a stack of mixing tools and cross-chain liquidity networks that make on-chain tracing extremely difficult. It also raises urgent questions about what, if anything, can still be done to disrupt the flow of funds into the hands of a state-sponsored unit already sanctioned by the U.S. for funding weapons programs.
How the $220 million disappeared The laundering did not rely on a single method. THORChain, a decentralized cross-chain liquidity protocol, let the attackers move assets between blockchains without requiring wrapped tokens or custodial bridges. Wasabi and Umbra added coinjoin-style privacy layers for Bitcoin and Ethereum, while Tornado Cash—already designated by OFAC—was used to break on-chain links further. Such a combination is not new, but the fact that it was executed by a group tied to the Lazarus umbrella shows the operational sophistication that regulated industry participants are up against.
Ethereum remains the most active chain by developer count, as recent activity data confirms, but its open composability is a double-edged sword. The same infrastructure that powers liquid staking and restaking can be exploited when bridge contracts are not airtight. For Kelp DAO users, the near-total movement of unfrozen funds marks a point of finality that few in the community wanted to accept this early.
The North Korea factor and regulatory friction TraderTraitor is one of several aliases linked to North Korean cyber teams that the U.S. Department of the Treasury and the FBI have identified as instrumental in stealing billions in crypto over the past few years. These operations are not ordinary hacks; they are viewed by intelligence agencies as a direct source of hard currency for Pyongyang’s sanctions-evasion apparatus. Every dollar that disappears into these laundering pipelines ends up beyond the reach of civilian recovery efforts and, often, beyond swift law enforcement intervention.
The laundering closes a chapter on traceability just as Washington lawmakers wrestle with the shape of future crypto oversight. A landmark bill that would set new rules for digital asset markets is now under fresh attack from the banking lobby, as reported in the legislative drama unfolding in the Senate. While legislative fights play out over market structure, hacks like the one at Kelp DAO continue to expose the gap between enforcement ambition and on-the-ground capability.
What remains uncertain Despite the closure of the direct tracing window, law enforcement and blockchain intelligence firms retain options, though they are limited. Funds that eventually hit centralized exchanges can be frozen if they are flagged in time, but the combination of THORChain swaps and mixing layers makes that a high-effort, low-probability endeavor. Some portion of the stolen value may already be outside any cooperative jurisdiction.
For DeFi protocols building bridges and restaking layers, the episode is a harsh reminder that recovery design must be baked into the earliest stages of smart contract architecture. Post-exploit freezes and negotiation, as seen in other incidents, did not produce a meaningful outcome here. The industry will be watching whether the remaining $1.7 million can yield any final intelligence—or whether it, too, will slip into the same opaque channels that swallowed the other 99.2 percent of the haul.
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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.
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
4 minutes ago
UBS and TD Cowen sharply raise Arm’s target price, betting on a revaluation of Arm’s AI data center CPU value.
Arm’s stock price pulled back this week alongside the high-valuation AI sector, though some Wall Street analysts say the correction does not alter the company’s long-term standing in AI data centers. UBS sharply raised Arm’s price target from $260 to $470, retaining its Buy rating; TD Cowen lifted its target from $265 to $475, also keeping a Buy recommendation. Both firms share the view that as agentic AI evolves, CPUs could gain greater importance in data center architectures, rather than GPUs continuing to monopolize the investment narrative. TD Cowen believes that over the long term, CPUs could hold a more strategic position in certain AI workloads. UBS, meanwhile, emphasizes that the real debate in the market centers on the revenue potential of Arm’s self-developed or independent CPU business. The bank projects Arm’s CPU-related revenue could reach around $14 billion by 2030, though the company itself has stated this business will not have a material impact on its finances until fiscal 2028. Arm’s strengths lie in low latency and energy efficiency—metrics that major cloud providers are increasingly prioritizing as they expand AI infrastructure. Even with its stock pulling back from recent highs in the short term, analysts still view Arm as one of the key beneficiaries of the server CPU upgrade cycle.
4 minutes ago
Crypto whale who profited over $23.77 million from BAT ICO liquidates 27,586 ETH
According to monitoring by Yu Jing, a whale that earned $23.77 million from participating in the BAT ICO sold 15,000 ETH (valued at roughly $24.29 million) two hours ago. The whale has now fully liquidated all 27,586 ETH it received from selling 35 million BAT on-chain over the past day and a half, converting the proceeds into 44.836 million USDS at an average selling price of $1,625.
4 minutes ago
Sources: Iraqi officials once considered withdrawing from OPEC, but current plans are to remain a member and pursue a higher quota.
A senior Iraqi oil ministry official said that if OPEC quotas are not significantly increased, Iraq will be forced to consider all available options. Sources said Iraqi officials had considered withdrawing from OPEC, but the current plan is to remain a member and push for higher quotas. (Jinshi)
4 minutes ago
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
4 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
4 minutes ago
UBS and TD Cowen sharply raise Arm’s target price, betting on a revaluation of Arm’s AI data center CPU value.
Arm’s stock price pulled back this week alongside the high-valuation AI sector, though some Wall Street analysts say the correction does not alter the company’s long-term standing in AI data centers. UBS sharply raised Arm’s price target from $260 to $470, retaining its Buy rating; TD Cowen lifted its target from $265 to $475, also keeping a Buy recommendation. Both firms share the view that as agentic AI evolves, CPUs could gain greater importance in data center architectures, rather than GPUs continuing to monopolize the investment narrative. TD Cowen believes that over the long term, CPUs could hold a more strategic position in certain AI workloads. UBS, meanwhile, emphasizes that the real debate in the market centers on the revenue potential of Arm’s self-developed or independent CPU business. The bank projects Arm’s CPU-related revenue could reach around $14 billion by 2030, though the company itself has stated this business will not have a material impact on its finances until fiscal 2028. Arm’s strengths lie in low latency and energy efficiency—metrics that major cloud providers are increasingly prioritizing as they expand AI infrastructure. Even with its stock pulling back from recent highs in the short term, analysts still view Arm as one of the key beneficiaries of the server CPU upgrade cycle.
4 minutes ago
Crypto whale who profited over $23.77 million from BAT ICO liquidates 27,586 ETH
According to monitoring by Yu Jing, a whale that earned $23.77 million from participating in the BAT ICO sold 15,000 ETH (valued at roughly $24.29 million) two hours ago. The whale has now fully liquidated all 27,586 ETH it received from selling 35 million BAT on-chain over the past day and a half, converting the proceeds into 44.836 million USDS at an average selling price of $1,625.
4 minutes ago
Sources: Iraqi officials once considered withdrawing from OPEC, but current plans are to remain a member and pursue a higher quota.
A senior Iraqi oil ministry official said that if OPEC quotas are not significantly increased, Iraq will be forced to consider all available options. Sources said Iraqi officials had considered withdrawing from OPEC, but the current plan is to remain a member and push for higher quotas. (Jinshi)
4 minutes ago
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
4 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
The founder of HEX is suspected of transferring another 47,000 ETH to Tornado Cash, worth over $150 million.
PANews reported on November 5th that, according to AiYi, Richard Heart, the founder of HEX and PulseChain, has again transferred 47,200 ETH (approximately $151 million) to the mixing protocol Tornado Cash through four addresses. These addresses currently hold approximately 63,423 ETH, worth about $204 million.
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A-shares close: ChiNext rebounds with volume up 2.84%, over 4200 stocks decline across the market
Ethereum co-founder Vitalik Buterin revealed plans to donate all proceeds from Layer 2 (L2) and related project tokens that he holds. His interest lies in supporting public goods within the Ethereum ecosystem or charitable activities.
Buterin’s recent transactions have come under scrutiny with varied opinions between sales and donations.
Vitalik Buterin Supports GrowthThe Ethereum executive’s remarks stemmed from discussions about founders’ interactions with their projects’ tokens. More precisely, his Ethereum transactions over the past weeks raised concerns about whether he was selling ETH.
Buterin denied keeping proceeds from any sales over the past six years. He said all profits go toward supporting value-adding projects within Ethereum’s ecosystem and beyond.
“BTW the above also applies to L2 tokens or other project tokens I hold (incl not-yet-liquid): all proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g. biomedical R&D),” Buterin explained.
Further, Buterin does not intend to invest in L2s or other projects any time soon, committing to supporting undervalued projects. His chosen approach to empower these projects is through donations.
Indeed, Buterin has made multiple donations recently. BeInCrypto reported that some of them were sent through Multisig wallets, as traced on Etherscan.
Read More: How To Donate Crypto Using The Giving Block
Vitalik Buterin Crypto Holdings. Source: ArkhamAmong Buterin’s most outspoken donations include 100 ETH (valued at $300,000 at the time) in support of the 2077 Collective, a group dedicated to promoting Ethereum adoption. The Russo-Canadian innovator also donated 30 ETH to the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm in May.
Meanwhile, Buterin’s move to sidestep L2 investments should not be considered an action against the increasingly popular scaling solutions. He challenged attacks against Ethereum’s L2s barely a week ago amid allegations from cyber security experts that the network’s Layer-2 solutions can unilaterally seize users’ funds.
“A major nuance: the rules for stage 1 require that only a security council with >= 75% vote threshold can overrule the code, and a quorum blocking (ie. >= 26%) subset needs to be outside the company. OP and ARB both comply with this. So the orgs cannot unilaterally steal funds,” Buterin wrote.
Layer 2 Chains Are Important L2s solve challenges concerning network congestion, particularly during peak periods. They aim to solve high transaction fees, increase speed, and poor user experience, weaknesses associated with Layer 1 (L1) blockchains. L2s also improve scalability, effectively enhancing the network’s capacity to handle more transactions per second while maintaining security.
Data on L2Beat shows that the total value locked in Ethereum L2 networks exceeded $33 billion as of September 6. This marks a 197% increase due to key adjustments over the years.
Read more: Layer 1 vs. Layer 2: What Is the Difference?
Value Locked on L2s, Source: L2BeatThis growth reflects the impact of these scaling solutions in driving adoption. Coin98 Analytics reported that Base L2, an Ethereum scaling solution, recorded the highest total unique addresses among popular blockchain platforms. It added a stark 15.97 million users between August and September.
The surge in unique addresses mirrors the increasing acceptance and recognition of L2 solutions as viable alternatives to traditional blockchain platforms.
