An attacker extracted 24.15 million USDC from Arbitrum-based platform AFX Trade by using hot-validator signatures to authorize a massive withdrawal, according to the original report. Security firms traced the exploit to compromised keys tied to the external bridge the project operated, not to any vulnerability in the layer-2 network’s core infrastructure.
Arbitrum quickly confirmed that its native bridge remained untouched. The distinction matters because custom bridges—built by individual teams to connect Ethereum-based applications to L2s—often rely on a smaller validator set, making a key compromise attack more feasible. In this case, the attacker gathered enough valid signatures to move the funds off the platform without triggering standard safety thresholds.
Validator Signature Vulnerability External bridges frequently depend on a multi-sig or proof-of-authority system where a quorum of keys can greenlight transfers. Security researchers noted that the attack vector on AFX Trade points to poor key management practices rather than a smart contract flaw. The funds, denominated in USDC, were withdrawn in a single transaction that observers say would normally require multiple independent approvals.
The incident underscores a pattern that has plagued cross-chain infrastructure for years. Bridges remain the weakest link between networks, and the track record of exploits—from Wormhole to Ronin—has consistently involved governance or validator key compromises. What sets this case apart is the clean isolation from Arbitrum’s own security model, which might shield the broader ecosystem from direct contagion.
While Arbitrum has cemented its place among the top blockchains by developer activity, the proliferation of third-party bridges built atop its scalability framework introduces risks that the core protocol cannot fully mitigate.
What Remains Unknown Details about how the keys were initially compromised are scarce. It is unclear whether the attack originated from a phishing campaign, insider threat, or infrastructure breach. On-chain investigators are tracking the movement of the USDC, but no central issuer or law enforcement agency has yet announced a freeze, and the funds may already be routed through mixers or other obfuscation layers.
The lack of immediate recoverability is likely to weigh on users who parked liquidity on a relatively lesser-known bridge. For traders and liquidity providers inside the Arbitrum DeFi scene, the episode reintroduces a familiar tension: the speed and composability gains of newer bridges often come at the cost of diluted security assumptions.
Broader Impact on Layer-2 Security Narratives AFX Trade’s loss arrives during a period when institutional attention on Ethereum scaling solutions is growing, and security guarantees are becoming a selling point. Arbitrum’s quick separation from the exploit—emphasizing its native bridge’s integrity—suggests that prominent L2 teams are acutely aware of the reputational damage that bridge hacks can inflict, even when they are not technically at fault.
Still, the practical outcome for affected users is the same as in any bridge theft: tokens gone and uncertainty about recourse. The incident does not signal systemic risk for Arbitrum as a network, but it reinforces the caution that DeFi participants must apply when evaluating the custody chains of any application that sits on top of a major rollup.
The next phase of the story will depend on forensic reports and whether the attacker leaves a trace that can tie the wallet activity to a known entity. For now, the exploitation of hot-validator signatures serves as yet another data point in the ongoing struggle to secure cross-chain messaging layers without reintroducing centralization.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
Two major cross-chain bridges suffered security breaches in July 2026, with attackers stealing over $31 million from AFX Trade and VerusCoin in separate but closely timed incidents. Blockchain security firm Blockaid identified and publicized both exploits as they were in progress, increasing concerns about ongoing vulnerabilities in the bridge infrastructure supporting decentralized finance (DeFi).
AFX Trade bridge hacked for $24 million on ArbitrumBlockaid first detected an attack on the Arbitrum-based AFX Trade protocol at 21:30 UTC on July 22. The hacker managed to compromise five hot-validator signatures on AFX’s custody bridge, bypassing the required quorum and executing an unauthorized transfer of $24.15 million in USDC tokens.
Security teams revealed that the stolen USDC was moved to an Ethereum wallet, then swapped out for 12,467.5 ETH. PeckShieldAlert traced the movement of these funds, which remain in the address 0x6276…ebAC.
Blockaid stated it had identified a targeted exploit affecting a bridge operated by AFX on Arbitrum. The incident enabled an attacker to drain approximately $24.15 million in USDC from the protocol in a single operation.
AFX paused bridge operations as soon as the breach was discovered, clarifying that neither its core trading infrastructure nor the wider Arbitrum network was affected. Steven Goldfeder, representing the Arbitrum Foundation, separately confirmed that Arbitrum’s native bridge had not been compromised, attributing the unauthorized withdrawal to a third-party protocol integration.
AFX disclosed that all stolen funds are still located in the attacker’s wallet. Security firm SlowMist reported the wallet address to the Crypto Defense Alliance, an industry network tracking stolen digital assets, while Zellic, which previously audited the bridge’s code, joined the ongoing investigation.
AFX pledged to provide frequent updates as more facts are verified and as recovery efforts continue.
Mini dictionary: Arbitrum is a layer 2 scaling solution for Ethereum that aims to provide faster and cheaper transactions by processing them off the Ethereum main chain and then settling the results back onto the mainnet.
VerusCoin bridge loses $7.5 million in recurring exploitBlockaid also flagged a breach in the VerusCoin Ethereum Bridge, resulting in a further loss of roughly $7.54 million. The attacker manipulated the bridge’s import mechanism to trigger payouts that lacked the necessary asset reserves, siphoning off multiple cryptocurrencies, including ETH, tBTC, USDC, USDT, EURC, MKR, and scrvUSD. The stolen funds were transferred from the bridge contract to a wallet ending in C142D54.
Analysis revealed similarities between this attack and a previous incident on the same bridge in May 2026. Both leveraged an identical vulnerability, but July’s exploit appeared to originate from a different attacker using a new wallet.
Blockaid noted this latest breach exploited the same contract and entry path as the May attack, and described both incidents as sharing an identical bug class, pointing to persistent flaws in validation logic for bridge transfers.
PeckShieldAlert reported that the attacker soon began laundering the stolen assets through Tornado Cash. At the time of the incident, VerusCoin had not yet released any public statements.
The May incident on the VerusCoin bridge involved a manipulation of its cross-chain export process, enabling the attacker to extract $11.58 million for a relatively low transaction fee.
Mini dictionary: VerusCoin is a blockchain platform focused on privacy and interoperability, allowing users to move assets across different chains through its bridging technology.
BridgeDate of ExploitAmount StolenAssets AffectedAFX Trade (Arbitrum)July 22, 2026$24.15 millionUSDCVerusCoin Ethereum BridgeJuly 23, 2026$7.54 millionETH, tBTC, USDC, USDT, EURC, MKR, scrvUSDVerusCoin Ethereum BridgeMay 2026$11.58 millionMultiple currenciesSecurity sector response and ongoing investigationsThese incidents have brought renewed scrutiny to the recurring vulnerabilities affecting cross-chain bridges, which have previously experienced high-profile breaches including those involving Wormhole and Nomad in 2022.
Blockaid indicated that the root causes in the VerusCoin exploits involved missing checks on incoming transfer values, a class of bugs observed previously in the sector. Security firms, including SlowMist and PeckShieldAlert, are actively monitoring the stolen funds and collaborating with exchanges and other ecosystem partners to track suspicious wallet activity.
Neither AFX nor VerusCoin has provided a date for restoring bridge operations. Both investigations remain open, and recovery or remediation plans have not yet been announced as authorities and security teams work to follow the movements of the stolen assets.
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.
AFX Trade, a decentralized exchange running on Arbitrum, just lost $24.15 million in USDC through a bridge attack. And now it’s essentially negotiating with the person who robbed it, offering them roughly $7.2 million to give the rest back.
The white-hat bounty deal, proposed publicly by AFX head of growth Ken C, would let the attacker keep 30% of the stolen funds as a “bounty” in exchange for returning the remaining 70%.
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What actually happened The exploit hit on July 22, 2026, targeting AFX Trade’s custody bridge rather than its smart contracts or Arbitrum’s underlying infrastructure. The attacker compromised off-chain validator signing keys.
Once inside, the attacker drained approximately $24.15 million in USDC from the bridge. They then moved the funds to Ethereum and swapped them for about 12,467 ETH, which was trading at roughly $1,937 per token at the time. AFX suspended its bridge immediately after discovering the breach.
Security firms Blockaid and PeckShield both confirmed the attack and were quick to note that Arbitrum’s native bridge remained completely unaffected.
Part of a much bigger problem AFX wasn’t the only victim that week. The exploit was part of a concentrated wave of attacks on July 22 and 23, which collectively resulted in losses exceeding $35 million across multiple platforms. Zoom out further and July 2026 saw nearly $97 million in total hack-related losses, according to data from Blockaid and PeckShield.
The AFX exploit is particularly instructive because it didn’t involve a smart contract flaw. The contracts worked exactly as designed. The weakness was in the off-chain validator key management. Smart contract audits only cover one layer of security. The operational security of key management, validator selection, and bridge architecture often receives far less scrutiny from users, even though it represents a substantial attack surface.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Circle has signed separate memorandums of understanding with Kakao Group and South Korean fintech operator Toss to explore stablecoin payments, blockchain settlement and digital asset infrastructure in South Korea.
Summary
Circle signed agreements with Kakao Group and Toss to explore stablecoin payment infrastructure in Korea. Kakao plans to assess KRW stablecoins, remittances and merchant settlement using Circle’s blockchain payment technology. Toss will explore USDC-based services, digital wallets and programmable payments while regulations continue developing nationwide. The agreements bring Circle’s USDC and payment technology into discussions with some of Korea’s largest consumer finance platforms. Kakao, Kakao Pay and Kakao Bank will study opportunities around KRW-based digital assets, cross-border payments and tokenized financial services. Toss and Toss Bank will examine similar uses, including digital wallets, overseas payments and programmable onchain transactions.
Kakao Group said its agreement with Circle will combine the KakaoTalk-centered platform ecosystem with Kakao Pay’s payment services, Kakao Bank’s banking capabilities and Circle’s blockchain infrastructure. The companies plan to review payment, settlement and digital asset connectivity as South Korea develops rules for stablecoins and other tokenized financial products.
The initial work will focus on faster payment and settlement systems, according to local reporting. The companies will also assess cross-border remittances, merchant settlement and links between blockchain networks and existing financial systems. Kakao Group said the infrastructure could eventually support services from other Korean companies, although the MOU does not set a launch date or confirm a specific stablecoin issuance model.
Kakao Pay CEO Shin Won-keun, who leads the group’s stablecoin task force, said the companies would “preemptively prepare a Korean digital asset ecosystem with Circle.” Circle executives met Kakao representatives in Pangyo on July 22 before the partnership was announced.
Toss explores USDC and programmable payments Circle also signed a separate MOU with Viva Republica, the operator of Toss, and Toss Bank. The companies will study blockchain-based payments and stablecoin infrastructure, with potential uses covering digital wallets, cross-border settlement and financial services that use USDC.
Toss will review biometric payment tools, USDC-linked financial products and programmable onchain payments. Toss Bank will focus on connecting stablecoin infrastructure with traditional bank accounts and fiat payment networks. The parties also plan to examine compliance, risk management, security and anti-money laundering requirements as Korean rules develop.
The agreement builds on Toss’s broader interest in digital assets. As crypto.news previously reported, the fintech has explored a proprietary blockchain and a possible token while preparing for a Korean stablecoin market. Toss Bank has also been studying blockchain-based payment and settlement models.
Circle expands its South Korea strategy The new agreements follow months of outreach by Circle in South Korea. As crypto.news reported on July 13, the company planned its Current Seoul event to bring banks, exchanges, payment firms and super-app operators together for talks on digital asset regulation and payments. Kakao Pay CEO Shin Won-keun was among the scheduled speakers.
Circle CEO Jeremy Allaire also visited Seoul in April and met executives from Korean banks, exchanges and payment companies. He said Circle did not plan to issue its own won stablecoin. Instead, the company has positioned USDC and its infrastructure as possible links between future KRW-denominated tokens and global payment networks.
That approach is visible in the latest agreements. Circle is not announcing a KRW stablecoin with Kakao or Toss. The companies are studying how local won-based digital assets could work alongside USDC, blockchain settlement systems and existing financial infrastructure.
Any commercial launch will depend on the final product design and regulatory approvals. Circle Chief Commercial Officer Kash Rajaghi said Korea has “a solid foundation for financial innovation.”
Korean firms prepare for stablecoin rules South Korean technology and financial groups have increased work on won-based stablecoins as policymakers prepare a broader legal framework. Kakao Bank has already explored stablecoin development, while Kakao Pay has been building a wider group strategy around KRW-linked digital assets.
Kakao Group said its Circle partnership could support a shared foundation for stablecoin services beyond its own platforms. The group is also reviewing tokenized financial services, which could use stablecoins as a settlement layer when assets move between blockchain networks and traditional financial systems.
Circle has taken a similar infrastructure-led approach elsewhere in Asia.The company recently partnered with Japan’s JCB to test USDC for corporate treasury transfers and merchant payments. The Korean agreements extend that regional strategy into platforms with large domestic payment and banking networks.
For now, both partnerships remain exploratory. Kakao Group, Toss and Circle have not announced a launch date for a KRW stablecoin or a live consumer payment product. Their agreements instead create a framework to test business models, technical connections and regulatory requirements as South Korea’s digital asset rules take shape.
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TLDR: USDC expansion in South Korea now includes Kakao and Toss, giving Circle access to major wallet, banking, payment, and consumer platforms. Kakao will assess remittances, merchant settlement, digital asset links, and possible connections between KRW tokens and Circle infrastructure. Toss will study USDC wallets, programmable payments, biometric authentication, overseas transfers, and settlement links with traditional bank accounts. Both memorandums remain exploratory, with commercial services dependent on technical testing, compliance controls, product design, and regulatory approval. Circle has accelerated its USDC expansion in South Korea through separate agreements with Kakao Group and Toss. The memorandums, signed July 23, focus on blockchain payment infrastructure and regulated stablecoin services. Kakao will assess payments, merchant settlement, remittances, and digital asset links across its major platforms. Toss will study USDC wallets, programmable payments, biometric tools, and connections to bank accounts.
Both deals remain exploratory and set no launch date. Still, they place Circle beside two consumer finance networks with nationwide reach. The move also extends Circle’s broader outreach to Korean banks, exchanges, payment companies, digital asset platforms, and merchants.
Circle 🤝 Kakao Group
Circle and Kakao Group have signed an MOU to explore blockchain-based payment infrastructure and digital asset technologies in Korea.
Together, we’ll assess opportunities for USDC and Circle’s global payment rails across payments, settlement, and digital… pic.twitter.com/MmZRd19iIH
— Circle (@circle) July 23, 2026
USDC Expansion in South Korea Reaches Kakao Ecosystem Kakao Group will combine Circle’s blockchain infrastructure with services operated by Kakao, Kakao Pay, and KakaoBank. The companies will review payment rails, settlement tools, cross-border transfers, and links between digital assets and traditional finance.
Kakao Pay has more than 40 million registered users, according to local reporting. That scale gives the partnership access to one of South Korea’s largest digital wallet networks. KakaoTalk also anchors the group’s wider consumer ecosystem, while KakaoBank provides regulated banking capabilities.
The agreement may support merchant settlement and remittance services using stablecoin payments. It could also connect future won-denominated digital assets with USDC and global blockchain settlement systems. Circle has said it does not plan to issue its own Korean won stablecoin.
Instead, Circle is positioning USDC as a bridge for international transfers and tokenized financial services. This approach allows local firms to develop KRW products while using Circle’s infrastructure for global liquidity and settlement.
The USDC expansion in South Korea also fits Kakao’s existing blockchain work. Kakao previously launched Klaytn, which later merged into the Kaia network. Yet the new memorandum does not confirm that Kaia will support any planned service.
No commercial product, issuance structure, or rollout schedule has been announced. Kakao and Circle will first assess technical requirements, business models, security standards, and regulatory conditions.
Kakao and Toss Map Stablecoin Payments Across Finance Toss and Toss Bank will examine a broader set of consumer and banking services. Their work covers USDC wallets, programmable payments, biometric authentication, overseas transfers, and bank-linked settlement.
Programmable payments can execute transactions after predefined conditions are met. Toss may test these functions for consumer services, while Toss Bank studies connections with conventional accounts and fiat networks.
The partnership gives the USDC expansion in South Korea another route into a major digital finance platform. Toss operates payment, banking, investment, and insurance services through a widely used mobile application.
Circle’s discussions with Toss also include compliance, anti-money laundering controls, risk management, and cybersecurity. Those areas remain central as South Korean policymakers develop stablecoin and digital asset rules.
Circle has expanded its Korean outreach during 2026. It signed agreements with Upbit and Bithumb in April to support USDC adoption and related technology work. The two exchanges account for most daily cryptocurrency trading volume in the country.
The USDC expansion in South Korea therefore spans exchanges, wallets, banks, and payment applications. Circle is building technical relationships before regulators finalize rules for won-based tokens and blockchain settlement.
Circle reported a USDC supply of $74.4 billion on July 23. The Kakao and Toss memorandums do not guarantee live services. Any launch will depend on product design and regulatory approval.
AFX Trade, a decentralized perpetuals exchange built on Arbitrum, got cleaned out to the tune of $24.15 million on July 22. The attacker compromised validator signing keys for the platform’s bridge, drained USDC from the protocol, bridged it all to Ethereum, and promptly swapped it for approximately 12,467 ETH at an average price of around $1,937 per token.
The platform’s response? A public offer to let the hacker keep 30% of the stolen funds, roughly $7.2 million, if they return the remaining 70%.
What happened and how the exploit worked The attack targeted a third-party bridge operated by AFX Trade, not Arbitrum’s native bridge infrastructure. Arbitrum itself wasn’t breached, and its core bridging mechanism remains intact. The vulnerability lived in the layer AFX maintained on top of it.
The attacker gained access to validator signing keys for the AFX-operated bridge, which meant they could move funds out without restriction. The $24.15 million in USDC was bridged from Arbitrum to Ethereum and converted into ETH.
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The exploit follows a familiar playbook. A similar attack hit the Verus-Ethereum bridge back in May 2026, using a comparable method to drain funds.
Security firm Blockaid flagged the AFX Trade exploit as part of a broader cluster of attacks it labeled “Hackers Day.” Total losses from hacks during July 2026 have reached nearly $97 million.
The 30% bounty gambit AFX Trade’s decision to publicly offer the attacker a 30% bounty is increasingly standard practice in crypto exploits. The logic is straightforward: recovering 70% of stolen funds is better than recovering nothing, and on-chain forensics make it increasingly difficult to launder large sums without eventually being identified.
A growing pattern of bridge exploits Bridge attacks have been the single most lucrative attack vector in DeFi for several years running. The reason is structural: bridges hold large pools of locked assets and rely on validator sets or multisig arrangements that create concentrated points of failure.
The AFX Trade incident fits neatly into this pattern. A third-party bridge, maintained by the protocol team rather than the underlying Layer 2 network, proved to be the weak link.
The nearly $97 million in total July 2026 hack losses, as tracked by Blockaid, suggests the problem is getting worse, not better.
What this means for investors For traders using perpetual DEXs on Layer 2 networks, the AFX Trade exploit is a concrete reminder to evaluate the infrastructure underneath the trading interface. The exchange itself might have solid smart contracts for its perps engine, but if the bridge it relies on has centralized validator keys, none of that matters when the keys get compromised.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Arbitrum ekosisteminde faaliyet gösteren merkeziyetsiz sürekli vadeli işlem platformu AFX Trade, yaklaşık 24,15 milyon dolarlık siber saldırının hedefi oldu. Güvenlik şirketlerinin paylaştığı verilere göre saldırganlar, protokolün köprü doğrulama anahtarlarını ele geçirerek milyonlarca dolarlık USDC’yi kendi cüzdanlarına aktarmayı başardı. Olayın ardından Arbitrum’un yerel köprüsünün saldırıdan etkilenmediği açıklanırken, yaşanan ihlalin zincir dışı güvenlik açıklarından kaynaklandığı belirtildi.
Saldırı Akıllı Sözleşmelerden Değil, Doğrulama Anahtarlarından Kaynaklandı Blokzincir analizlerine göre saldırgan, köprü sisteminde kullanılan doğrulayıcı (validator) imzalama anahtarlarını ele geçirerek yaklaşık 24,15 milyon USDC’nin çekilmesini onayladı. Uzmanlar, akıllı sözleşmelerde herhangi bir güvenlik açığı bulunmadığını vurgularken, sorunun zincir dışında saklanan özel doğrulayıcı anahtarlarının ele geçirilmesinden kaynaklandığını ifade etti. Akıllı sözleşme yalnızca geçerli imzaları doğruladığı için işlemi normal bir çekim olarak kabul etti.
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Arbitrum’un geliştiricisi Offchain Labs’ın kurucu ortaklarından Steven Goldfeder, saldırının Arbitrum ağının yerel köprüsüyle ilgili olmadığını açıkladı. Goldfeder, yaşanan olayın tamamen üçüncü taraf bir protokolden kaynaklandığını ve Arbitrum’un resmi köprü altyapısının herhangi bir güvenlik ihlaline uğramadığını belirtti. Bu açıklama, olayın tüm Arbitrum ağı yerine yalnızca AFX Trade’in kullandığı köprü mekanizmasını etkilediğini gösteriyor.
Saldırgan Yeterli Sayıda İmzaya Ulaştı Blockaid’e göre saldırgan, köprünün kullandığı sıcak doğrulayıcı (hot validator) anahtarlarından yeterli sayıda imzayı ele geçirerek yaklaşık 24,15 milyon USDC’nin transferini onayladı. Bu nedenle saldırının, köprü kodundan değil doğrulayıcı anahtarlarının ele geçirilmesinden kaynaklandığı belirtildi.
Arbitrum CEO’su Steven Goldfeder ise olayın Arbitrum’un yerel köprüsüyle ilgili olmadığını, saldırının üçüncü taraf bir protokolden kaynaklandığını açıkladı. Goldfeder, incelemelerin ilgili ekiple koordinasyon içinde sürdüğünü ifade etti.
Zincir üstü verilere göre saldırgan, çaldığı USDC’leri Ethereum ağına taşıyarak yaklaşık 12.467 ETH’ye dönüştürdü.
Varlıklarının Büyük Bölümü Kaybedildi Saldırı öncesinde işlem hacminde önemli artış yaşayan AFX Trade’in toplam kilitli varlıklarının (TVL) büyük kısmının saldırıda boşaltıldığı bildirildi. Yaklaşık 24 milyon dolarlık kayıp, protokolde bulunan varlıkların neredeyse tamamına karşılık geliyor. Bu durum, saldırganın protokoldeki likiditenin en yüksek olduğu dönemi hedef aldığını gösteriyor. AFX Trade’e yönelik yaklaşık 24 milyon dolarlık saldırı, DeFi sektöründe güvenlik risklerinin yalnızca akıllı sözleşmelerle sınırlı olmadığını bir kez daha ortaya koydu. Uzmanlara göre zincir dışı doğrulama anahtarlarının korunması, merkeziyetsiz finans protokolleri için kritik önem taşıyor. Olayın Arbitrum ağının yerel köprüsünü etkilememesi ekosistem açısından olumlu değerlendirilse de, üçüncü taraf protokollerin güvenlik altyapısının güçlendirilmesi gerektiği vurgulanıyor.
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Attackers used an AFX-powered bridge within Arbitrum and stole around $24.15 million worth of USDC and converted it into Ether. This brought the total losses due to hacks in July to around $97 million, surpassing that of June. A new and significant hack on a bridge system is just another problem in the string of problems affecting the crypto world this month. AFX Trade, which runs on Arbitrum, lost $24.15 million worth of USDC. Attackers exploited AFX’s bridge, and several blockchain security firms detected the attack almost immediately. They have been tracking the transaction of the hacked money on various blockchain networks. Offchain Labs confirmed that attackers exploited AFX’s bridge without compromising Arbitrum’s native bridge.
Blockaid detected an exploit at 2026-07-22 21:30 UTC targeting @AFX_XYZ, a protocol on @arbitrum. The exploit was specific to a bridge that AFX operates. Approximately 24.15M USDC has been drained thus far from the protocol.
Our team has been working with the incredible folks on… https://t.co/0Qd9ve5gPB
— Blockaid (@blockaid_) July 22, 2026 The breach was spotted by blockchain security firm Blockaid at around 21:30 UTC on July 22, after which they began working together with Arbitrum on their investigation. The hacker moved the stolen money to the Ethereum blockchain shortly after hacking the system. As a result, according to PeckShield security experts, the hacker converted the hacked money into roughly 12,467.5 ETH, moving the entire amount into one single wallet address.
Arbitrum Confirms Safety of Its Native Bridge The hack caused significant concern across the Arbitrum community, since bridge hacks often sow doubt about blockchain technology itself. Steven Goldfeder, co-founder of Offchain Labs, stated clearly that hackers managed to compromise a bridge created by AFX, but not the official Arbitrum bridge. Goldfeder said that there was no attack or compromise of the native Arbitrum bridge. This clarification was very important for distinguishing the problem associated with the protocol from the safety of the Arbitrum blockchain network.
We're aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way.
We will coordinate with the third…
— Steven Goldfeder (@sgoldfed) July 22, 2026 Bridge Hacks Keep On Leading To Losses For Cryptocurrencies This latest hack is one in many that has made the security situation in the decentralized finance community very difficult this month. Before the AFX hack, DefiLlama reported 13 cryptocurrency hacks in July, resulting in a total loss of around $72.6 million. The AFX bridge hack is the 14th one to take place in July, bringing the total July losses to about $97 million.
This loss has already surpassed the $75.32 million lost in June in various cryptocurrency hacks. This recent hack also highlights the ongoing pattern of hackers targeting bridges between blockchains rather than attacking the protocol directly. Investigations have begun for the Ethereum that was stolen, waiting to see if recovery becomes possible at all.
The AFX Trade Bridge exploit has sent shockwaves across the DeFi space. On July 22, 2026, an attacker drained exactly $24.15 million in USDC from a custody bridge operated by AFX Trade on Arbitrum.
Security firm Blockaid detected the breach at approximately 21:30 UTC, confirming that the attack was specific to an AFX Trade bridge exploit and did not touch Arbitrum’s native bridge.
Inside the $24.15M Raid on AFX’s Arbitrum Bridge AFX Trade runs a decentralized perpetual futures protocol on a sovereign Layer-1 chain. It routes USDC deposits through Arbitrum via a custom custody bridge, and that bridge became the target.
On-chain data shows that at 21:30:25 UTC, the attacker triggered a successful withdrawal of exactly 24,150,000 USDC from the bridge contract.
Preliminary on-chain analysis suggests the attacker may have compromised validator hot keys, meeting the 5-of-7 signature quorum required to authorize the withdrawal.
After the drain, the attacker bridged the stolen USDC to Ethereum via Circle’s CCTP and swapped it for 12,467 ETH at an average price of roughly $1,937 per ETH.
AFX Trade(@AFX_XYZ) was exploited for $24.15M!
The exploiter bridged 24.15M $USDC to #Ethereum and bought 12,467 $ETH at an average price of $1,937.https://t.co/m5i1x1EOlz pic.twitter.com/XWD4dWLlJc
— Lookonchain (@lookonchain) July 23, 2026
The conversion into ETH exposed the stolen value to price risk and complicated recovery efforts.
This incident is not isolated. Just one day before the AFX breach, attackers hit the Wanchain-Cardano Bridge and walked away with $13M, proof that cross-chain infrastructure keeps drawing fire in 2026.
Offchain Labs co-founder Steven Goldfeder was quick to separate AFX’s incident from Arbitrum’s core infrastructure.
“We can confirm that the transaction in question originated from a third-party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way,” Goldfeder stated on X.
We're aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way.
We will coordinate with the third…
— Steven Goldfeder (@sgoldfed) July 22, 2026
AFX immediately suspended bridge operations after the breach.
Security Is Not a Feature, It Is the Product BloFin CEO Matt responded to the AFX Trade bridge exploit with a blunt industry warning: X: “24M drained from a protocol-run bridge on Arbitrum today. The canonical bridge held; the custom one didn’t… in this industry, security isn’t a feature you add later. It IS the product.”
24M drained from a protocol-run bridge on Arbitrum today. The canonical bridge held, the custom one didn’t.
Every cycle we relearn the same thing: in this industry, security isn’t a feature you add later. It IS the product. Yield, speed, UX, none of it matters if user funds… https://t.co/8UCi73NOE0
— Matt (@BloFin_CEO) July 23, 2026
Bridge exploits have become a defining threat of 2026. A flash loan exploit hit Summer.fi Vaults in July. Also, a Private Keys Hack Drained the Humanity Protocol in a similar custody-key scenario earlier this year.
The KelpDAO incident in April saw attackers drain roughly $292 million via a LayerZero-powered bridge, a case CoinGape reported showed North Korea’s Lazarus Group was blamed for the KelpDAO LayerZero exploit.
AFX has issued a white-hat bounty offer, return 70% of the funds and keep 30%. The protocol has enlisted SlowMist, Zellic, and the Crypto Defense Alliance to assist in the investigation, per their official update.
We are continuing to work closely with leading blockchain security partners as the investigation progresses. According to SlowMist, the stolen funds remain in the attacker's address and have been reported to the Crypto Defense Alliance (CDA), a collaborative network that includes…
— AFX Trade (@AFX_XYZ) July 23, 2026
AFX has confirmed no recovery at the time of writing. This incident sends a direct custody warning to investors in perp DEXs.
The investigation into the AFX Trade bridge exploit continues. Users should monitor official AFX channels for updates on deposits, withdrawals, and any recovery plan.
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AFX Trade, a decentralized perpetuals exchange operating on the Arbitrum blockchain and settling trades in USDC, suffered a major exploit on Wednesday. An attacker managed to drain approximately $24.15 million by targeting the platform’s custody bridge.
Details of the BreachAFX Trade is known for offering perpetual trading services managed via smart contracts, allowing traders to gain leveraged exposure to various cryptocurrency assets. The exploited bridge serves as a component for moving funds between Arbitrum and Ethereum, facilitating cross-chain access for its users.
Rather than exploiting a flaw in a smart contract, the attacker utilized hot-validator signatures tied to the custody bridge. According to Vladimir S., security chief at Legalblock, five validator signatures approved the withdrawal, surpassing the two-thirds approval threshold required by the bridge protocol. After a 200-second dispute window elapsed without challenge, the contract released the funds as intended.
PeckShield, a blockchain security firm, reported that the attacker transferred the stolen USDC to Ethereum and swapped it for roughly 12,467 ETH, which remains consolidated in a single wallet.
Mini dictionary: Hot-validator signatures, digital signatures generated by bridge validators tasked with approving transactions; “hot” implies continuous online access, which potentially exposes keys to greater risk compared to “cold” offline storage. The security of such bridges relies on multi-signature schemes, where compromise of a quorum can lead to asset loss.
Bridge Security and ResponseSteven Goldfeder, co-founder of Offchain Labs, the developer behind Arbitrum, clarified that the native Arbitrum bridge remained secure and had not suffered any breach or exploit.
Steven Goldfeder, co-founder of Offchain Labs, emphasized that the incident affected an external bridge whose validators approved the withdrawal, and not the core Arbitrum infrastructure.
Security experts pointed out that this exploit continues the trend seen throughout 2026, where attackers opt to compromise off-chain elements like private keys and signature authorities, rather than directly targeting smart contract vulnerabilities.
Recent Security Challenges for Arbitrum ProtocolsEarlier in April, Drift Protocol lost around $285 million after attackers gradually gained privileged access. Just last week, an oracle attack drained $18 million from Ostium, another Arbitrum-based protocol. These incidents highlight the evolving tactics of attackers seeking to exploit the weakest links in DeFi’s security architecture.
In response to recent exploits, the Arbitrum Security Council, a body responsible for safeguarding network integrity, took the rare step of freezing $71 million in ETH related to the Kelp DAO bridge compromise. This action led to debate about the extent of emergency powers in networks that market themselves as decentralized.
In the AFX Trade case, the attacker quickly bridged funds to Ethereum and swapped the proceeds, potentially making asset recovery even more challenging and further distancing the funds from protocol control.
ProtocolDate of ExploitMethodLoss (USD)AFX TradeJune 2026Bridge validator compromise$24.15 millionDrift ProtocolApril 2026Privileged access (private key)$285 millionOstiumMay 2026Oracle manipulation$18 millionRecent events have led to renewed scrutiny of cross-chain infrastructure’s security, and the ability of DeFi networks to respond to increasingly sophisticated attack vectors.
Repeated incidents have fueled ongoing debate about the trade-offs between decentralization and emergency protocol intervention as Arbitrum-based platforms seek to balance user security with network autonomy.
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.
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.
Circle, the company behind the USDC stablecoin, signed a memorandum of understanding with Kakao Group on July 23 to jointly explore blockchain-based payment systems and digital asset technologies in South Korea.
The deal pairs one of the world’s largest stablecoin issuers with the tech conglomerate that essentially runs South Korea’s digital life. Kakao operates everything from the country’s dominant messaging app to its own banking platform, making it a gateway to tens of millions of Korean consumers.
Why Kakao matters For anyone unfamiliar with the Korean tech ecosystem, think of Kakao as a hybrid of WhatsApp, Venmo, and a mid-size bank, all rolled into one corporate umbrella. KakaoTalk, its messaging platform, is used by virtually every smartphone owner in the country. KakaoBank is one of the largest digital banks in Asia.
The MOU is focused on exploration rather than a finished product launch. No specific products or timelines have been disclosed.
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Circle’s broader Korea playbook This isn’t Circle’s first move on the Korean peninsula. In May 2025, the company signed a separate MOU with Hana Bank, one of South Korea’s major financial institutions. That partnership expanded to include Hana Card, with the stated goal of driving USDC adoption for cross-border remittances and treasury services.
Circle has been clear that it has no plans to issue a Korean won-denominated stablecoin. The company is betting that USDC, as a dollar-pegged asset, serves a different and complementary role to whatever local stablecoin products emerge.
KakaoBank reached the development stage for a KRW-pegged stablecoin by late November 2025. So even within this new partnership, the two sides may end up operating parallel stablecoin strategies rather than a single unified one.
Kakao’s blockchain evolution Kakao launched its own blockchain, Klaytn, back in 2019. That chain went through a significant transformation in 2024, merging into a new high-performance Layer-1 blockchain called Kaia.
Circle went public in 2025, and the IPO generated notable interest among Korean retail investors.
What this means for investors South Korea’s cross-border remittance market is substantial, and stablecoins have a genuine cost advantage over traditional wire transfers. Tether’s USDT has historically dominated Asian markets, but Circle’s strategy of embedding USDC directly into regulated financial institutions could chip away at that lead in jurisdictions where compliance matters to partners.
The risk side of the ledger isn’t empty. South Korea banned ICOs in 2017, introduced strict exchange registration requirements, and has periodically spooked markets with regulatory signals.
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.
The exploit targeted a bridge operated by derivatives exchange AFX and emptied nearly all of the USDC locked in the contract, according to security firm Blockaid. Arbitrum co-founder Steven Goldfeder said the network's native bridge was not affected.
AFX Trade, a derivatives exchange that settles trades in USDC, was exploited for approximately $24.15 million on July 22 after an attacker targeted a bridge the protocol operates on Arbitrum, according to security firm Blockaid.
Blockaid said it detected the exploit at 21:30 UTC and published the transaction on Arbiscan. "The exploit was specific to a bridge that AFX operates," the firm wrote, adding that it is working with the Arbitrum team "to respond to the incident, to engage with the affected protocol, and to help them contain the stolen funds."
The attacker moved the funds to Ethereum and swapped them for 12,467 ETH at an average price of $1,937, according to onchain analytics account Lookonchain, which linked to the exploiter's address on Arkham.
AFX had not published a statement on its X account as of the time of writing. The Defiant reached out to AFX for comment.
Arbitrum Says Native Bridge UnaffectedSteven Goldfeder, co-founder of Arbitrum developer Offchain Labs, said the exploit did not compromise Arbitrum's own infrastructure.
"We're aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way," Goldfeder wrote. "We will coordinate with the third party team and will report more details when we have them."
Nearly All Bridge Deposits DrainedThe AFX bridge contract on Arbitrum held about $24.2 million in USDC before the attack, according to DefiLlama, meaning the exploit drained nearly all of the funds locked in the contract. Deposits in the bridge had grown from about $19.3 million in mid-June.
AFX, short for Anti-Fragile Exchange, describes itself as a sovereign Layer 1 blockchain built for decentralized derivatives, offering USDC-margined perpetuals with up to 100x leverage on crypto assets, equities, ETFs and commodities, according to its website. User deposits enter the protocol through the Arbitrum-based bridge contract that was targeted in the attack.
The attack follows a string of exploits targeting protocols on Arbitrum in July. On July 15, perpetuals exchange Ostium halted trading after an attacker manipulated its oracle system to drain up to $18 million in USDC from its liquidity vault.
Markets showed little immediate reaction. ETH was trading at about $1,928, roughly flat over 24 hours, while ARB was down 0.3% at $0.0806, according to CoinGecko. ARB set an all-time low of $0.0705 on June 26.
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.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, The next billion people entering crypto won't look like the last billion. Different countries, different starting points, different reasons for showing up - and different assets on their radar. We want to hear your take. Who are they, and what are they buying? Join our latest community challenge on the Binance Angels X account and Binance Discord, create a post on the topic below for a chance to win a share of 500 USDC token vouchers! Activity Period: 2026-07-22 09:00 (UTC) to 2026-07-28 23:59 (UTC) How to Participate: During the Activity Period, complete all of the following steps to be eligible: Follow the Binance Angels X account.Repost this post with your take on "What the world's next billion investors look like - and what they're buying." Ground it in something real: a region, a generation, a trend, an asset class.Go to this Binance Discord channel and share:Your X post link; andYour X account username. Reward Structure: The best 20 posts will be selected at Binance’s sole discretion, and eligible winners will share a prize pool of 500 USDC token vouchers equally. The posts will be selected based on creativity, Binance brand relevance, and accuracy as per Binance's discretion. Activity Rules: Each user is allowed to submit a maximum of 1 submission for the whole campaign in the Binance Discord channel.Copied, hateful, or offensive content is not allowed and will not be counted as eligible for this Activity. Terms & Conditions: This campaign is not available for users in the EEA region. These terms and conditions (“Promotion Terms”) govern users’ participation in the promotion above (“Promotion”). By participating in this Promotion, users agree to these Promotion Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Promotion Terms, and any other incorporated terms, the provisions of these Promotion Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only users who complete identity verification during the Activity Period can qualify for rewards in the Promotion. The products or features referred to above may not be available in your region. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance services in each country from which the services are accessed.Only users in eligible countries are able to participate in this activity. Rewards will be distributed on 2026-08-15 on Binance Rewards Hub. Eligible users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub. The validity period for the token voucher is set at 30 days from the day of distribution. Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments. There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-23
Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
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The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
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Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
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Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
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Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
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The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
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Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
AFX suffered a $24.15 million USDC loss after an attacker targeted a cross-chain bridge linked to the trading protocol on July 22.
Summary
AFX’s cross-chain bridge lost $24.15 million USDC while Arbitrum’s native bridge remained unaffected during attack. The exploiter moved stolen USDC to Ethereum and converted the proceeds into 12,467.5 ETH afterward. Security firms are tracing the stolen funds as AFX and Arbitrum teams investigate the breach. The incident triggered an investigation by Blockaid and the Arbitrum team, while on-chain trackers followed the stolen funds to Ethereum.
The attack did not affect Arbitrum’s native bridge. AFX operates its own sovereign Layer 1 for perpetual trading but accepts USDC deposits through Arbitrum. The affected infrastructure was a third-party bridge operated by AFX rather than Arbitrum’s core bridge.
AFX bridge loses $24.15 million USDC Blockaid said it detected the exploit at 9:30 p.m. UTC on July 22. The firm said the attack targeted a bridge operated by AFX and drained about 24.15 million USDC. An Arbiscan record shows a successful transfer of 24,150,000 USDC from the bridge contract to the recipient address at 9:30:25 p.m. UTC.
Blockaid detected an exploit at 2026-07-22 21:30 UTC targeting @AFX_XYZ, a protocol on @arbitrum. The exploit was specific to a bridge that AFX operates. Approximately 24.15M USDC has been drained thus far from the protocol.
Our team has been working with the incredible folks on… https://t.co/0Qd9ve5gPB
— Blockaid (@blockaid_) July 22, 2026 The security firm said it was working with the Arbitrum team to respond, contact the affected protocol and help contain the stolen funds. Based on the public updates reviewed at publication time, no recovery had been confirmed.
AFX had also not published a verified technical postmortem explaining how the attacker gained authorization to withdraw the funds. The protocol had not announced a recovery plan.
Offchain Labs co-founder Steven Goldfeder confirmed that the suspicious transaction came from a third-party protocol. He also separated the AFX incident from Arbitrum’s own bridge infrastructure.
“We’re aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third-party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way,” Goldfeder said.
He added that the team would coordinate with the third-party protocol and share more details when available.
AFX uses Arbitrum as a route for USDC deposits while running its trading system on a dedicated Layer 1. AFX describes itself as a decentralized derivatives platform built around a sovereign execution environment. A recent protocol post also said users could deposit USDC from Arbitrum before accessing its perpetual markets.
Exploiter converts stolen USDC into ETH PeckShield said the attacker moved the stolen USDC from Arbitrum to Ethereum and converted the proceeds into 12,467.5 ETH. Lookonchain separately reported that the exploiter bought about 12,467 ETH at an average price near $1,937 per ETH after moving the funds.
The conversion moved the stolen value from a U.S. dollar-pegged stablecoin into Ether, exposing the holdings to ETH price movements. Security teams continued tracing the funds after the swap. At publication time, the reviewed sources did not confirm that Circle had frozen the USDC before conversion or that any of the ETH had been recovered.
The attack adds to several bridge-related security incidents this year. As crypto.news previously reported, Stake DAO closed its vsdCRV bridge after an unauthorized mint on Arbitrum in May. The project said it secured the token’s mainnet backing and contained the incident to the affected bridge.
Earlier in April, a larger exploit hit Kelp DAO’s LayerZero-powered bridge. Attackers drained roughly 116,500 rsETH worth about $292 million. Arbitrum later froze more than 30,000 ETH linked to that attacker after the funds moved onto Arbitrum One.
Investigation focuses on AFX-operated infrastructure The investigation now centers on the AFX-operated bridge and the authorization process behind the 24.15 million USDC withdrawal. The confirmed transaction shows that the bridge contract finalized the transfer, but public statements do not yet establish the verified root cause. A full postmortem may determine whether the incident involved compromised validator credentials, faulty access controls or another weakness.
The main confirmed point is that the exploit affected infrastructure operated by AFX rather than Arbitrum’s native bridge. Blockaid and Offchain Labs both made that separation clear in their initial responses. The Arbitrum network continued operating, and reviewed reports showed no loss from its native bridge.
The incident also places attention on AFX’s deposit infrastructure. The protocol has promoted USDC deposits from Arbitrum as an entry route into its trading platform. Any changes to deposits, withdrawals or bridge operations will depend on the protocol’s response and the ongoing investigation.
The case remains developing. The confirmed loss stands at about $24.15 million in USDC, while on-chain trackers have traced the stolen value into roughly 12,467 ETH on Ethereum. Further updates are expected from AFX, Blockaid and the Arbitrum team as they review the breach and track the attacker’s funds.
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.
Hong Hao: The correction in AI stocks is far from complete, and the rotation of capital from overheated sectors to undervalued sectors has not yet ended.
Renowned economist Hong Hao recently stated that the current pullback in AI sector stocks is a mid-cycle correction, not the end of the trend. Judging from South Korea’s KOSPI index, the overall sector correction is far from complete. Stock prices have already overpriced fundamentals in advance; technical adjustments will continue, with sharp short-term volatility and a temporarily downward-biased trend. Hong Hao believes market capital is rotating from overheated new tech sectors like AI and semiconductors to previously neglected old economy/traditional tech sectors—internet giants including Tencent, Alibaba, and Meituan have already posted notable gains. Logically, if one is bullish on AI’s productivity-boosting effect, one should also be optimistic about the old economy (as economic growth will ultimately drive consumption), expecting a broad-based rally rather than narrow speculation.
4 minutes ago
Kimi employees hit back at the White House’s allegations: Distilling a cutting-edge model in 15 days? That would require applying for a Guinness World Record!
U.S. White House Office of Science and Technology Policy Director Michael Kratsios claimed in a post that Moonshot AI (branded as Kimi) referenced Anthropic’s Fable while developing its K3 model, and built an internal platform for large-scale distillation of U.S.-based models. In a direct reposted response, Moonshot AI team member Randy Xia noted that Fable was only released on July 1, while K3 launched on July 15. Based on this timeline, Moonshot completed model research, distillation, training, and deployment in just 15 days. He quipped, “We trained a brand new cutting-edge model in only 15 days — that’s practically a Guinness World Record!”
4 minutes ago
South Korean President will meet with executives from multiple global AI giants in the US to strengthen cooperation.
South Korean President Lee Jae-myung will hold meetings with executives from multiple global AI giants in San Francisco during his visit to the U.S. this week, aiming to strengthen South Korea’s position in the global artificial intelligence sector and advance substantive cooperation. It is reported that Lee will meet separately with Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman, Anthropic CEO Dario Amodei, and Broadcom CEO Hock Tan. Additionally, he will attend the San Francisco AI Summit and witness the signing of cooperation agreements between South Korean enterprises and the tech giants. Executives from South Korea’s Samsung Electronics (chief Lee Jae-yong), SK Group, Hyundai Motor, Naver, and other local firms will also hold meetings with the aforementioned AI leaders. Analysts note that Lee’s initiative will strengthen South Korea’s role in the global AI industrial chain, particularly in areas including high-bandwidth memory (HBM), GPUs, AI infrastructure, and generative AI services. The summit will send a strong signal to the market, boosting confidence in AI infrastructure investment, especially amid the current tech stock correction. (The Korea Times)
4 minutes ago
Samsung plans to natively support stablecoins in Samsung Wallet.
Samsung Electronics announced at Galaxy Unpacked 2026 that Samsung Wallet will support stablecoins in the future, integrating payments, rewards, and digital assets into the Galaxy ecosystem. The tech giant noted it is poised to become one of the first major smartphone makers to natively support stablecoins. Samsung also unveiled the Samsung Galaxy Card, co-developed with Barclays and Visa, which will launch first in the U.S.
4 minutes ago
Japan plans to launch a Bitcoin ETF in 2028, with individual funds likely to become the main source of inflows.
According to a report by the Nikkei, Japan is expected to launch a Bitcoin ETF as early as 2028. With the revised Financial Instruments and Exchange Act bringing crypto assets under the regulatory scope of financial products, Japan’s Financial Services Agency (FSA) plans to adjust rules related to investment trusts to allow funds and ETFs to hold crypto assets as their primary investment target, with multiple asset management firms already considering participation. Interest in crypto assets among Japanese institutional investors is on the rise: a survey by Nomura Holdings and Laser Digital shows that around 79% of institutional investors and family offices plan to invest in crypto assets over the next three years. However, unlike U.S. Bitcoin ETFs which are driven primarily by institutional capital, Japan’s institutional investor base is relatively small, and household financial assets in the country have a high cash proportion, meaning funds from individual investors are likely to be the main source of inflows. Analysts project that Japan’s Bitcoin ETF could attract up to 3 trillion yen in inflows by fiscal 2028.
4 minutes ago
Tesla’s Q2 Bitcoin holdings remain unchanged at 11,509, with the company confirming an impairment loss of $112 million.
Tesla’s Q2 financial report shows the company neither increased nor decreased its Bitcoin holdings, continuing to hold 11,509 BTC. Due to Bitcoin’s roughly 14% decline during the quarter, the automaker recorded a $112 million after-tax impairment loss on its digital assets. As a result, Tesla has not traded Bitcoin since 2022.
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.
Getting paid to borrow money sounds like a financial fever dream. Sats Terminal just made it real on Starknet.
The BTC lending platform announced its integration with Starknet on July 22, enabling users to borrow USDC against their Bitcoin collateral through the Vesu lending protocol at a net APR of approximately -2.04% at a 50% loan-to-value ratio. In English: borrowers walk away with more money than they owe in interest, courtesy of STRK token rewards that more than cover the borrowing costs.
How negative interest actually works Negative APRs aren’t magic. They’re subsidized. Starknet has allocated at least 100 million STRK tokens toward its rewards program, and those incentives are what make the economics work for borrowers.
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Here’s the math on a concrete example. A borrower putting up 1 BTC as collateral can expect to earn roughly $1,997 annually from STRK rewards while paying approximately $1,344 in interest. That nets out to about $653 in the borrower’s pocket, just for taking out a loan.
The maximum loan-to-value ratio through Vesu can stretch up to 86%, though the juiciest negative rates come at the more conservative 50% LTV tier.
The integration runs through Vesu, a lending protocol on Starknet that positions itself as capital-efficient. Sats Terminal acts as the front-end interface, connecting Bitcoin holders to USDC liquidity without requiring them to sell their underlying BTC position. The loans are non-custodial, meaning users maintain control of their assets throughout the process.
Sats Terminal’s growing footprint The platform has onboarded over 100,000 unique wallets since its inception. Its backers include yzilabs, Coinbase Ventures, and Draper VC. Tim Draper himself highlighted the platform back in January 2026.
Co-founder Stanislav Havryliuk and his team have been building toward this kind of cross-chain integration. Moving onto Starknet, a ZK-rollup scaling solution originally designed for Ethereum, represents a bet that Bitcoin-native users want access to DeFi infrastructure beyond the Bitcoin network itself.
What this means for investors Negative rates funded by token rewards only work as long as the reward tokens maintain their value and the incentive programs keep running. STRK rewards that generate $1,997 annually today could generate significantly less if the token price drops or if Starknet decides to redirect those 100 million tokens elsewhere.
The 86% maximum LTV deserves attention from a risk perspective. High LTV ratios in volatile markets can lead to cascading liquidations. Conservative borrowers sticking to the 50% tier have meaningful buffer. Those pushing toward the ceiling are betting that Bitcoin’s price won’t move against them fast enough to trigger a margin call.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Brothers Justin and Michael Blau have launched Drip, a pioneering platform that lets AI agents financially reward content creators without turning the subscription model on its head. It’s a fresh way of valuing digital work: micropayments in USDC, the stablecoin many in crypto feel comfortable with.
The nuts and bolts of Drip Drip is diving headfirst into the niche of financial analysis, leveraging agentic payment systems like x402 and MPP. Everything settles on the reliable shoulders of USDC. If you’re wondering about the blockchain furniture, Base and Tempo are the networks putting up the walls.
While many platforms have flirted with the potential of micropayments, Drip isn’t chasing after Solana’s drip.haus, which was all about collectibles. Instead, it’s zeroing in on content. Now, AI’s not just the artist’s worst-kept secret; it’s a paying customer.
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Drip vs. the traditional subscription model Subscriptions have been the bread and butter for many publications, but they’re not universal. Drip doesn’t want to steal that loaf. Instead, it aims to complement it. By acknowledging the emerging significance of AI in content consumption, it’s positioning micropayments as the digital salvation for creators who want more control.
Think Napster meets The Financial Times, with AI thrown into the mix: it’s pay-per-read, not a set-it-and-forget-it monthly charge. Subscriptions are like gym memberships: you might not go every day, but you keep paying. Drip wants to make casual encounters equally lucrative.
Why investors should take note Here’s why this is more than a tempura shrimp tossed into the ocean of digital content. AI technologies are on the rise, and with them, new ways of monetizing information are essential. Investors eyeing the next big thing might want to turn their binoculars toward Drip. It signals a fundamental shift in how content creators can get paid, with AI playing cupid.
Utilizing USDC for micropayments adds a layer of predictability in a volatile market. Stablecoins are the adult at the crypto party, watching over the asset shenanigans. Add to that the potential for Drip to expand beyond financial analysis, and you have a recipe for a disruptive entrée.
The bigger picture: blockchain and AI monetization Drip’s focus on financial content could fuel demand for fleshed-out, quality material, which investors and AI companies are likely to favor. With headlines filled with stories about AI doing everything from driving cars to creating art, Drip gives creators another reason to engage with this technology.
The more AI engages financially, the more appealing it becomes for other platforms to integrate similar systems. In the big digital square dance, Drip wants to lead. This could attract new startups eager to combine AI and blockchain in fresh, revenue-friendly ways.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Flash Trade, a decentralized perpetual trading platform operating on the Solana network, experienced an exploit resulting in the unauthorized withdrawal of $98,000 in USDC. The incident took place on July 22 at 00:21 SGT and was linked to a validation flaw in the MagicBlock software development kit (SDK) used by the platform.
MagicBlock SDK flaw triggers unauthorized withdrawalThe exploit was traced to a vulnerability within the #[ephemeral] Anchor macro in the MagicBlock SDK, which handles callback processes for integrator smart contracts during undelegation requests. The flaw allowed an attacker to bypass undelegation checks by submitting a fabricated account designed to mimic a genuine user deposit.
Within a single transaction, the attacker’s account was used as the buffer for a sibling undelegation instruction. While the system correctly verified that the buffer was a signer owned by the delegation program, it failed to check that the buffer’s seeds matched the correct program-derived address. This oversight provided an opening for the exploit and resulted in the unauthorized withdrawal.
MagicBlock responded by reviewing other integrations that used the affected macro and notifying impacted projects. A patched version of the SDK, 0.16.2, now addresses the missing validation and is being recommended for immediate adoption by all integrators.
Mini dictionary: MagicBlock is a blockchain infrastructure company specializing in software tools and SDKs that enable fast and secure smart contract integration on Solana and other networks.
On July 22 at 00:21 SGT, Flash experienced an attack that resulted in a 98,000 USDC withdrawal from the platform. Flash’s batching and monitoring systems surfaced the activity immediately, and the team paused deposits and withdrawals within minutes.
According to statements from MagicBlock, the company has already worked with affected ecosystem participants to prevent similar incidents and is encouraging early upgrades to the patched SDK version.
Flash Trade reported that its new monitoring and batching systems flagged the unauthorized withdrawal within minutes, allowing the team to react quickly. All trading, deposits, and withdrawals were immediately paused as a precaution while the incident was investigated in coordination with MagicBlock.
Normal trading functions resumed within a few hours, but deposits and withdrawals remained offline for approximately 24 hours during a reconciliation process aimed at confirming all platform balances and ensuring user fund integrity. The team emphasized that this suspension was intentional to guarantee a full and accurate reconciliation.
Flash Trade and MagicBlock have jointly contributed to a reimbursement fund covering the entire affected amount, ensuring that users bear no losses resulting from the exploit.
Both Flash Trade and MagicBlock affirmed that they would fully cover the unauthorized withdrawals, guaranteeing that no user funds would be lost. The prompt response and full reimbursement have drawn praise from the broader Solana community.
Industry reaction and security recommendationsArmani Ferrante, CEO of Backpack, an established digital asset wallet provider, commented publicly on the incident. Ferrante identified the exploit as an example of system design weaknesses in margin trading platforms, suggesting the need for a structural overhaul. He recommended implementing an isolated, formally verified custody contract combined with a 24-hour withdrawal timelock to provide platforms with more time to halt suspicious transactions in the event of a compromise.
Such mechanisms, Ferrante argued, would help contain damage from attacks affecting oracle systems, wallet compromises, and margin manipulation. He recognized Flash Trade’s rapid response, noting the importance of proactive security measures in reducing potential losses.
MagicBlock, following the incident, has pledged ongoing collaboration with blockchain integrators, auditors, and independent security researchers to improve the resilience of their SDK offerings and support the wider ecosystem in mitigating such vulnerabilities moving forward.
PlatformExploit DateAsset AffectedAmount LostUser Funds Covered?Flash TradeJuly 22, 2026USDC$98,000Yes (fully covered)Wanchain Cardano BridgePrevious monthsNIGHT515 millionN/ADisclaimer: 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.
Companies can execute USDC and USDT transactions around the clock via Ramp’s platform.
Ramp eliminates the need for standalone wallets in corporate stablecoin payment processes.
Solana network enables Ramp to facilitate rapid international stablecoin settlements.
Ramp extends integrated stablecoin payment capabilities to over 140 nations.
Ramp has unveiled a new corporate payment solution featuring Solana-integrated stablecoin accounts designed for organizations conducting international business. This offering enables companies to store, transfer, and receive USDC and USDT without requiring independent cryptocurrency infrastructure. By embedding stablecoin functionality directly into corporate financial operations, Ramp facilitates continuous cross-border payment processing.
Ramp Embeds Stablecoin Functionality Into Corporate Financial Systems Ramp unveiled Stablecoin Accounts that enable organizations to maintain USDC and USDT holdings directly within its corporate finance platform. These accounts function in parallel with conventional cash reserves through a unified interface and authorization framework. Financial departments can oversee both traditional currency and blockchain-based transfers without altering current operational procedures.
STABLECOINS ARE NOW ON RAMP.
Your business operates 24/7, but your money only operates Mon-Fri, unavailable on evenings, weekends, & holidays.
Now you can pay vendors faster across borders & move money in USDC or USDT with the approvals & accounting workflows you already use.… pic.twitter.com/3LWphYZRmd
— Ramp (@tryramp) July 21, 2026
The solution eliminates requirements for independent cryptocurrency wallets, exchange platforms, or manual reconciliation tasks. Organizations can initiate transactions using stablecoin reserves, Ramp Checking accounts, or connected banking relationships. The platform automatically logs each transaction within integrated accounting systems utilizing established compliance documentation.
This rollout addresses increasing corporate requirements for expedited international payment mechanisms. Throughout the public testing phase, over 150 organizations implemented these accounts spanning various sectors. Participating entities included companies beyond the cryptocurrency industry, demonstrating widespread corporate appetite for stablecoin-powered payment technology.
Solana Network Enables Accelerated International Stablecoin Transactions Ramp constructed this payment capability on infrastructure accommodating stablecoin deposits through seven blockchain protocols, with Solana among them. This blockchain delivers rapid transaction processing and reduced network fees for digital currency movements. Organizations can therefore finalize international settlements independent of conventional banking timeframes.
Businesses can transmit USDC or USDT directly to suppliers and independent contractors across more than 140 nations. They additionally possess the ability to exchange stablecoin payments into traditional currencies within over 40 regional markets. Organizations no longer face delays associated with banking hours when executing international transfers.
The system also permits companies to compensate suppliers using stablecoins without maintaining digital asset holdings. Ramp transforms funds from connected U.S. dollar accounts into USDC or USDT prior to transaction completion. Organizations obtain blockchain payment capabilities while maintaining operations through established banking relationships.
Ramp Broadens Stablecoin Offerings Amid Rising Corporate Implementation Ramp announced that organizations can accumulate rewards reaching 3.25% on qualifying stablecoin holdings maintained within Stablecoin Accounts. The firm characterized these holdings as digital dollar equivalents supported by cash reserves for transaction processing and treasury operations. It framed the accounts as payment mechanisms rather than speculative instruments.
Over 1,000 organizations currently utilize stablecoins via Ramp for compensating suppliers internationally. The company reports that more than 70% of these transaction volumes take place beyond standard banking hours. This activity underscores growing corporate demand for payment infrastructure functioning outside traditional financial operating windows.
This service expansion represents broader sector initiatives to incorporate stablecoins into conventional corporate finance operations. Ramp constructed the platform using infrastructure supplied by Stripe via Bridge and Privy. As stablecoin utilization increases, Ramp seeks to streamline international transaction processing while minimizing operational complexity for financial teams.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Arbitrum just quietly became one of the most important places to park stablecoins in DeFi. The Ethereum Layer 2 network now hosts between $3.7 billion and $4 billion in stablecoin supply, and Spark Savings has expanded its yield-bearing vaults to capture the vast majority of it.
Spark’s ERC-4626 vaults on Arbitrum now support USDC, USDS, and the recently added USDT0, an omnichain version of Tether. Together, those three stablecoins represent over 90% of Arbitrum’s total stablecoin supply. That means roughly $3 billion or more in stablecoins can now be deposited into yield-generating vaults without users needing to swap tokens or navigate convoluted bridging processes.
What Spark Savings actually does The vaults follow the ERC-4626 standard, which standardizes how deposits, withdrawals, and yield accounting work, making these vaults composable with other protocols. Developers can plug Spark’s vaults into broader DeFi strategies without building custom integrations from scratch.
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Spark initially expanded to Arbitrum in early 2025, supporting USDC and USDS. The addition of USDT0 happened within the last 7-10 days as of mid-July 2026, completing the trifecta of major stablecoins on the network. USDT0 differs from regular USDT in that it’s designed to move natively across multiple chains, eliminating the friction that typically comes with bridging Tether between networks.
The Spark Savings Vaults V2 uses a continuous per-second rate accumulator, meaning there’s no batch processing or epoch-based distribution. Yield grows continuously, and rates are adjusted based on governance decisions.
What this means for investors For stablecoin holders on Arbitrum, three major stablecoins now operate under one vault standard with continuous yield accrual, removing the need to bridge to Ethereum mainnet or search across multiple protocols.
The USDT0 integration is notable because Tether remains the largest stablecoin by market cap globally, and its omnichain variant removes friction around moving USDT between networks without bridge fees or wrapped token complexity.
Concentration risk is the obvious concern. When a single protocol handles yield for over 90% of a network’s stablecoin supply, any smart contract vulnerability or governance misstep could have outsized consequences.
The governance-driven yield adjustment model also introduces uncertainty. Rates are determined by governance votes, which means yield could shift based on political dynamics within the Spark community rather than pure supply and demand.
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.
The cost of the US-Iran war continues to surge, with the United States having invested at least $37.5 billion, and the escalating conflict is weighing on energy markets and global trade.
The U.S.-Iran conflict continues to escalate, with the U.S. carrying out airstrikes against Iran for the 11th consecutive night, driving rising war costs. U.S. Secretary of Defense Hegseth said that so far, the U.S. government has invested at least $37.5 billion in the war against Iran, and if military operations continue, nearly double that amount may be needed in additional funding over the coming months. According to reports, some U.S. officials previously estimated that if costs including repairs to damaged military bases are factored in, the U.S. total war expenditure may have reached $80 billion to $100 billion. Meanwhile, military operations by both sides continue to expand. U.S. Central Command stated that the latest round of airstrikes targeted Iranian aircraft hangars, drone storage facilities, and other sites, aimed at weakening Iran’s ability to threaten shipping in the Strait of Hormuz. Iran, in turn, announced a new round of attacks on U.S. military facilities in Jordan, Bahrain, and Kuwait. The escalating conflict is also roiling global energy markets. Severe disruptions to shipping in the Strait of Hormuz have pushed oil and gas prices higher, while Iran-backed Houthi forces in Yemen have announced a maritime blockade of Saudi Arabia, further raising risks for Red Sea trade routes and prompting multiple vessels to reroute. Analysts note that as the U.S. faces growing domestic pressure from higher fiscal spending, rising energy prices, and new U.S. military casualties, political pressure on the Trump administration to end the conflict is mounting. U.S. Secretary of State Rubio said the U.S. remains committed to a diplomatic solution, but questioned whether Iran is serious about engaging in negotiations.
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WSJ: The U.S. is pushing to establish global trade rules for the AI era, with competition centered on data flows and source code protection.
According to a Wall Street Journal (WSJ) report, beyond tariff policies, the Trump administration is advancing a longer-term strategic initiative: signing agreements with major trade partners to establish a new generation of global trade rules centered on cross-border data flows, cloud computing, software, and artificial intelligence (AI). The report notes that 43 jurisdictions worldwide have implemented 146 digital trade barriers, including digital services taxes, data localization mandates, restrictions on cross-border data flows, and requirements for companies to surrender source code, technology, and commercial data. The U.S. argues that these rules are eroding the competitiveness of its domestic tech firms and digital economy. Recent agreements the U.S. has reached with countries including Indonesia, Cambodia, and Malaysia include provisions banning forced technology transfers, guaranteeing free cross-border data flows, prohibiting governments from demanding companies submit source code, and maintaining duty-free status for electronic transmissions—seen as an initial framework for digital trade rules in the AI era. Analysts believe that future competition over international rules related to data governance, AI regulation, and digital trade standards will be a key arena in global economic rivalry.
3 minutes ago
WTI crude oil's intraday gains widened to 4%
According to Bitget's market data, WTI crude oil surged 4% intraday, currently trading at $88.42 per barrel. Brent crude oil rose over 2% to $91.17 per barrel.
3 minutes ago
A new wallet withdrew 74,900 HYPE tokens from Galaxy Digital and transferred them to Coinbase.
According to on-chain monitoring, a newly created wallet address 0x448a withdrew 74,900 HYPE tokens from Galaxy Digital, valued at approximately $4.39 million, and subsequently transferred them to Coinbase.
3 minutes ago
OKX continues to upgrade its asset protection system, rolling out large withdrawal protection and night-time withdrawal protection.
According to official announcements, OKX has now launched large withdrawal protection and after-hours withdrawal protection. Large withdrawal protection allows users to independently set a 24-hour cross-channel cumulative withdrawal threshold, with a maximum equivalent of $10 million. After-hours withdrawal protection enables KYC-verified users to set a daily protection period of up to 12 hours, during which operations including on-chain withdrawals, C2C sales, API withdrawals, and Pay top-ups will be blocked. Users can configure these features in the "Security Center" → "Advanced Security Settings" section.
3 minutes ago
Summer Fi attacker transfers most of the stolen funds, leaving approximately $565,000 worth of ETH remaining.
According to monitoring by OnchainLens, following the Summer Fi attack on July 6, the attacker stole approximately 6.017 million DAI, and has since been converting and transferring funds via Tornado Cash. Currently, the remaining funds in the attacker’s wallets include: 11.3 ETH (valued at around $21,600) held in the original wallet, and 282.9 ETH (worth approximately $543,500) in a second wallet.
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.
Ramp has expanded its business payments platform with Solana-powered stablecoin accounts, giving companies a way to hold USDC and USDT while sending cross-border payments around the clock from a single financial workflow.
Summary
Ramp has launched Solana powered stablecoin accounts, allowing businesses to hold USDC and USDT while sending cross border payments at any time. Companies can pay vendors in more than 140 countries with stablecoins or settle in over 40 local currencies through Ramp’s existing financial workflows. The launch adds to Solana’s recent enterprise payment partnerships as institutions and businesses expand stablecoin use for treasury management and global settlements. According to an announcement from Ramp, businesses can now open a Stablecoin Account to store USDC or USDT directly within the company’s financial platform and use those balances for international payments without relying on separate crypto exchanges, wallets, or accounting systems.
STABLECOINS ARE NOW ON RAMP.
Your business operates 24/7, but your money only operates Mon-Fri, unavailable on evenings, weekends, & holidays.
Now you can pay vendors faster across borders & move money in USDC or USDT with the approvals & accounting workflows you already use.… pic.twitter.com/3LWphYZRmd
— Ramp (@tryramp) July 21, 2026 The launch also lets companies pay overseas vendors in stablecoins even if they never hold digital assets themselves. Through Ramp Bill Pay, payments can be funded from a U.S. dollar bank account or Ramp Checking before being converted into USDC or USDT and delivered to a recipient’s wallet.
Ramp said the new feature is designed to fit into existing finance operations instead of requiring businesses to adopt a separate crypto workflow. Stablecoin balances appear alongside cash accounts in the same dashboard, follow existing approval policies, and remain connected to the same accounting integrations already used by customers.
Businesses using the Stablecoin Account can also earn rewards of up to 3.25% on eligible stablecoin balances. Ramp described the balances as digital dollars backed by cash reserves and said they are intended for payments and treasury management rather than investment.
Payments move beyond banking hours Cross-border transfers can now be made at any time without waiting for banking cutoffs or wire processing windows, Ramp said. Companies can send USDC or USDT directly to vendor and contractor wallets in more than 140 countries or convert those funds into fiat currencies for payouts across more than 40 local currencies.
The company said more than 1,000 businesses already use stablecoins to pay vendors through its platform. According to Ramp, more than 70% of the payment volume generated by those users takes place outside traditional banking hours, indicating that businesses continue making payments after banks have closed.
Ramp also included comments from Totalis Chief Executive Officer Pravesh Mansharamani, who said the company’s Stablecoin Account has allowed it to keep treasury assets on-chain. He added that his company views programmable, always-available money as a better fit for modern businesses than conventional banking rails.
The announcement follows growing interest among finance companies in using stablecoins for international settlement, treasury management, and business payments as digital dollar infrastructure continues to expand.
Solana continues adding enterprise payment partners The integration adds another enterprise payments use case for Solana, whose ecosystem has increasingly focused on stablecoin settlement instead of only decentralized finance and trading applications.
Recent initiatives by the Solana Foundation have followed a similar direction. Earlier this month, SBI Holdings and the Solana Foundation announced a strategic partnership to establish SBI Solana Global, a venture that plans to build regulated on-chain financial infrastructure in Japan using Solana as its primary blockchain.
According to the companies, the project will support yen-denominated stablecoins, including JPYSC, while also developing tokenized bonds, commercial paper, investment funds, real estate products, and institutional settlement services. The partners also identified cross-border payments and AI-focused payment systems as future business areas, although product launch dates have not yet been disclosed.
Expansion into enterprise finance has also reached South Korea. In April, Shinhan Card announced a partnership with the Solana Foundation to test stablecoin payments on Solana’s testnet through a proof-of-concept that simulates everyday retail transactions between customers and merchants. The company said the pilot is evaluating transaction performance, non-custodial wallet security, and blockchain payment infrastructure while exploring hybrid finance models that combine traditional financial services with decentralized finance technologies.
Solana has also extended its stablecoin payment infrastructure into artificial intelligence services. Earlier this month, the Solana Foundation and Google Cloud introduced Pay.sh, a payment gateway that allows AI agents to purchase API access using stablecoins on Solana. The platform supports per-request payments for Google Cloud services, including Gemini, BigQuery, and Vertex AI, while using Solana wallets instead of conventional subscriptions or API keys.
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.
Ethereum Improvement Proposal (EIP) 8222 is set to adopt a STARK-based cryptographic scheme to enhance on-chain privacy for institutional stakers.
EIP-8222, an Ethereum Improvement Proposal, proposes to adopt a STARK-based cryptographic scheme to weaken the traceable correlation between staking deposit addresses, validators, and withdrawal credentials, with the goal of enhancing on-chain privacy for institutional stakers. Digital asset bank Sygnum Bank stated that this move could help attract more institutions to participate in staking, though it may also result in higher execution costs, slower asset operation processes, and additional compliance and audit requirements. The proposal remains in the discussion stage, and no launch timeline has been confirmed.
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UK-based crypto treasury firm Satsuma will sell 668 Bitcoin and initiate delisting.
UK-based Bitcoin treasury firm Satsuma’s shareholders have approved the sale of its 668 Bitcoin reserves and initiated delisting procedures. The company will offload all 668 BTC, with delisting expected to be completed by September 14, 2026, and fund payments plus CREST transfers finalized by September 28. Satsuma’s Bitcoin reserve strategy lasted less than a year; it earlier raised $218 million via convertible notes, later selling some Bitcoin to repay holders of unconverted notes. As of April this year, the firm’s stock price had fallen more than 99% from its peak.
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Ark Invest purchased 16,665 shares of Securitize on Tuesday, worth approximately $125,700.
According to market data from BIT (bit.com), Ark Invest, the firm led by Cathie Wood, purchased 16,665 shares of Securitize (ticker: SECZ), BlackRock’s real-world asset (RWA) platform, on Tuesday, for a total value of approximately $125,700. SECZ gained 13.9% that day, closing at $7.54.
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Trump endorses crypto ethics bill: Prohibits federal officials from issuing cryptocurrencies, with the U.S. Department of Justice serving as the lead enforcement agency.
According to multiple sources familiar with the matter, the crypto ethics provision signed by Trump will bar federal officials—including members of Congress, the president, and vice president—from issuing digital assets, and designate the U.S. Department of Justice (DOJ) as the primary enforcement authority for the provision, rather than state attorneys general. This arrangement could become a new point of contention in advancing the CLARITY Act, as Democrats have long argued that states should retain certain enforcement powers. Maryland Democratic Senator Angela Alsobrooks, one of the lead negotiators for the bill, issued a statement earlier Tuesday: “The DOJ enforcing ethics provisions? This is not a serious proposal. If the language stays this way, I will not support the bill.” Her concerns over enforcement powers specifically target Trump’s personal meme coin and his family’s firm, World Liberty Financial. The ethics provision has been the final sticking point for the CLARITY Act after months of legislative hurdles. Patrick Witt, a senior White House advisor for crypto affairs, revealed the details of the ethics language during an industry call on Tuesday afternoon. The White House has not confirmed the exact text, but an official attributed the potential impasse to Democrats in an email: “If Senate Democrats block this historic legislation after the administration has gone to great lengths to accommodate their concerns, industry players should recognize that it is Democrats holding up the bill, as they have never taken legislative outcomes seriously.” Currently, both sides continue negotiations based on the current draft, and it remains unclear whether an agreement can be reached before the Senate adjourns.
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A crypto whale closed out a $35 million long position in MU, booking a profit of $1.71 million.
According to EmberCN's monitoring, a whale went long on Micron Technology worth $35 million yesterday, and closed the position six hours ago, locking in a profit of $1.71 million. The entry price was $918, and the exit price stood at $964.
According to market data from BIT (bit.com), U.S. space stock Rocket Lab (RKLB) closed up 5.14% and gained over 7% in after-hours trading. The company has secured a $266 million contract from the U.S. Air Force to launch 12 suborbital vehicles, with an optional additional 6 launches. The missions will be conducted in Alaska and are scheduled for completion by the end of 2028. Separately, SpaceX rose more than 3%, ending its 7-day consecutive losing streak, and added another 1.3% in after-hours trading. SpaceX will release its Q2 2026 earnings report and hold a live earnings webcast on August 4, with the market currently focused on Starship’s next test flight.
Cardano is weighing a proposal that could allocate 120 million ADA, valued at approximately $19.2 million, to increase its decentralized finance (DeFi) total value locked (TVL) by $200 million over the next year. While the initiative aims to advance Cardano’s DeFi ecosystem, some analysts caution that financial incentives alone may not address the network’s deeper challenges.
Alpha Growth’s PRIME proposal and phased funding safeguardsCrypto commentator Linda recently explored the PRIME proposal, developed by Alpha Growth, which seeks to enhance liquidity, develop DeFi products, and attract longer-term capital beyond short-lived incentive schemes. Cardano currently holds about $90 million in DeFi TVL and $45 million in stablecoins.
Alpha Growth’s strategy begins with a comprehensive audit covering 20 to 25 DeFi categories. This would be followed by a public gap analysis to identify specific ecosystem weaknesses. Only after these assessments would the actual incentive programs and capital deployment start.
The proposal’s structure includes key safeguards. The transition to the critical third phase, where most funds would be distributed, requires approval from a five-member operating group featuring representatives from Blink Labs, CoinseLion, Midgard Labs, Input Output, and Tweag. If this panel does not agree to proceed, roughly 90 million ADA will remain untouched in the treasury.
Linda highlighted her support for the safeguard: “I personally really, really like that safeguard.”
The preliminary budget allocates $5.6 million to ecosystem grants, $4.3 million for liquidity provider incentives, and $2.4 million for marketing, events, and partnerships. Alpha Growth would receive a $1.7 million fixed management fee, with as much as $4.6 million additionally tied to performance milestones. Remaining funds are designated for audits and compliance expenses.
Budget ItemPlanned AllocationEcosystem grants$5.6 millionLiquidity incentives$4.3 millionMarketing & partnerships$2.4 millionAlpha Growth fixed fee$1.7 millionPerformance-based feeUp to $4.6 millionAudits & complianceRemaining fundsBefore any spending can occur, Cardano governance may need to lift its Net Change Limit—the treasury cap for funding cycles—from 350 million ADA to 500 million ADA. Linda argued that the current ceiling leaves insufficient room to accommodate the proposed initiative.
Mini dictionary: Alpha Growth, a blockchain consulting firm, develops strategies for DeFi project growth and helps optimize liquidity and capital efficiency for emerging crypto ecosystems.
Key adoption barriers and the debate over incentivesAlpha Growth’s analysis points to Cardano’s fragmented and inefficient liquidity as a primary DeFi obstacle. The proposal claims that increasing “organic APR”—returns based on genuine transaction activity rather than external incentives—will help retain capital and users.
Linda, however, expressed skepticism about the effectiveness of such incentives. She noted that despite past campaigns offering high, relatively low-risk yields, Cardano has struggled to achieve broad DeFi adoption. She believes the network needs a unique “killer app” to persuade users to overcome operational hurdles such as new wallets, cross-chain bridges, and unfamiliar DeFi interfaces.
“We don’t just need competitive APRs. We need something that only exists on Cardano”—an application compelling enough to offset onboarding friction, Linda stated.
Additional headwinds include the lack of native USDC stablecoin support; Cardano currently relies on bridged USDCX, which Linda argued may not deliver the trust, liquidity depth, or integrations that users expect. She also cited slower settlement times and less responsive liquidation processes compared to other leading chains.
Alpha Growth’s proposal essentially represents a test case for whether Cardano can cultivate a robust, sustainable DeFi environment. Should efforts fall short of significantly boosting on-chain activity, Linda suggested that Cardano might need to shift focus toward real-world financial infrastructure—a core vision that shaped the project’s initial development.
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.
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.
A recent report indicates that $250 million in USDC liquidity was added to the Solana network. This addition reflects a significant influx of dollar-backed stablecoin resources into the network, consistent with previous large-scale USDC mints on Solana. The increase in liquidity follows a pattern of substantial Circle mints, with notable mints of $1 billion and $3.25 billion occurring earlier this year. These developments are seen as potentially bolstering the Solana ecosystem by providing more liquidity for decentralized finance (DeFi) activities on the network.
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Key Takeaways Markets suggest that the $250 million USDC injection could indicate increased support for the Solana ecosystem. The liquidity boost appears consistent with a trend of large USDC mints on Solana, suggesting potential for enhanced activity. Pricing in related markets appears supportive of scenarios where Solana’s price might see upward pressure due to increased liquidity. What to Watch Market participants may observe whether this liquidity increase leads to heightened activity in Solana-based DeFi platforms. Key actors, such as Solana Labs and Circle, might provide further insights or announcements impacting Solana’s liquidity dynamics. Additionally, watch for any regulatory developments or technological upgrades that could influence Solana’s price trajectory and ecosystem growth.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 9.5% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.8% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.3% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 17.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
With stablecoin supply above $300 billion and payment use reaching an estimated $390 billion in 2025, more than twice the previous year, competition increasingly centres on distribution, liquidity, reserve income, and access to payment networks.
Open USD has brought these commercial forces together through a consortium of more than 140 participants, including Visa, Mastercard, Stripe, Coinbase, and BlackRock. Participating companies will be able to distribute the asset through exchanges, wallets, merchant products, and payment services while receiving a share of reserve earnings.
The model places Open USD against established issuers and smaller competitors seeking partnerships with the same financial companies.
BeInCrypto spoke with Louisa Bai, Head of Stablecoins at Mysten Labs, Marc Boiron, CEO of Polygon Labs, and Kevin Cui, Executive Director and Chief Executive Officer of OSL Group, about stablecoin competition, regional use cases, currency demand, and blockchain settlement.
Open USD Links Distribution With Reserve Income Open USD gives participating companies a financial incentive to support adoption through their own products. Reserve earnings can be returned to consortium members, linking token distribution to commercial revenue.
“OUSD is primarily built to share stablecoin reserves across its partners, including Visa, Stripe, Coinbase, Mastercard, and leading blockchains such as Sui,” said Louisa Bai, Head of Stablecoins at Mysten Labs. “Its partner network and revenue-sharing model could increase competition in a market with deeply entrenched incumbents.”
USDT and USDC retain an advantage built through liquidity, trading pairs, exchange listings, and widespread use across crypto markets.
“Their moat comes from liquidity depth and years of exchange listings,” Bai said. “Mid-sized issuers face the greatest pressure because they lack the liquidity of USDT and USDC and the partner economics offered by OUSD.”
Open USD also depends on cooperation between companies with different commercial priorities. Decisions covering reserves, governance, supported networks, and distribution will require agreement across banks, payment companies, exchanges, and crypto firms.
Its progress will depend on whether shared reserve income produces sustained adoption across participating products.
Visa just announced the launch of the Visa Stablecoin Platform for financial institutions.
The new enterprise system initially supports Open USD and includes a Wallet-as-a-Service offering.
It is currently rolling out for beta testing with select clients. pic.twitter.com/OiKijT8n3l
— BeInCrypto (@beincrypto) July 16, 2026 Different Stablecoins Will Serve Different Products Stablecoin control will remain divided between issuers, payment companies, exchanges, applications, and blockchains.
Issuers manage reserves and redemption, while payment companies control merchant access and customer distribution. Exchanges provide liquidity, and blockchains determine transaction speed, fees, and settlement capacity.
“Different stablecoin assets aimed at different use cases will coexist, together with different forms of control,” Bai said.
PYUSD remains closely connected to PayPal and its consumer products, while Open USD may develop around business payments and merchant settlement. Exchange-backed coins can focus on trading, while bank-supported assets can serve treasury management and institutional transfers.
This division allows stablecoins to develop around specific commercial environments rather than a single dominant operating model.
Regional Demand Splits Between Dollar Access and Local Settlement Stablecoin adoption follows currency stability, remittance costs, regulation, and access to banking. Latin America currently provides some of the strongest examples of stablecoins functioning as everyday money across savings and cross-border payments, according to Marc Boiron, CEO of Polygon Labs.
“Latin America, and it’s not close,” Boiron said. “When a currency loses value overnight and sending money home costs 6% and takes three days, a digital dollar is a household decision.”
Boiron pointed to the Mexico-US and Brazil-US corridors as major sources of current volume. He described the Gulf as an early regulatory leader, Japan as a careful builder of bank-connected products, and the US as a market gaining more room for regulated issuance and payments.
Emerging markets such as Argentina, Brazil, and Pakistan use dollar stablecoins as protection from inflation and currency depreciation.
In Nigeria, Paga plans to use Sui-based stablecoin payments to support international transfers for freelancers and businesses paying overseas suppliers.
Local-currency coins serve a different economic need. Markets with trusted currencies and regulators seeking domestic settlement onchain have stronger incentives to develop assets denominated in yen, dirhams, euros, or other local units.
“A stablecoin inherits the reputation of the currency behind it,” Boiron said.
He expects dollar coins to lead in markets where people seek protection from inflation, while local-currency stablecoins can develop in places such as Japan and the Gulf, where domestic currencies retain public trust.
Business adoption depends on liquidity and reliable fiat conversion, while distribution and licensing determine how easily merchants and exchanges can support a new asset. Boiron said businesses need coins already present in the wallets and payment services they use, backed by issuers acceptable to banks and auditors.
“It comes down to liquidity, distribution, and whether there is a licensed issuer standing behind it,” he said.
Europe follows MiCA rules covering issuance, authorization, reserves, and distribution. Exchanges have restricted several assets, including USDT, while providers adjusted their offerings to European requirements.
The resulting market divides between dollar access in weaker-currency economies and local settlement in regions where domestic units retain trust.
MiCA regulation is now fully in effect across all 27 EU member states. 🇪🇺
The grace period for unauthorized crypto providers is over.
Now, a single license allows companies to operate continent-wide, setting the stage for a major structural shift. pic.twitter.com/6b0Kg4edjE
— BeInCrypto (@beincrypto) July 1, 2026 Dollar Stablecoins Will Retain Their Lead Dollar coins still dominate supply and liquidity, while local-currency assets are developing around domestic settlement and regional trade.
“Non-dollar stablecoins remain concentrated in foreign-exchange trading within DeFi,” Bai said. “Locally denominated assets such as JPYC will continue to develop, while USD is likely to remain dominant in the near term.”
Meanwhile, Cui expects local-currency stablecoins to grow alongside dollar coins as companies adopt them for domestic payments and regional trade.
“Local-currency stablecoins are developing a durable role alongside dollar coins by reducing FX exposure and allowing businesses operating in euros, reais, or yen to retain their own unit of account,” said Kevin Cui, Executive Director and Chief Executive Officer of OSL Group.
Local coins may gain adoption where companies earn and spend in the same currency, while dollar coins continue serving international settlement and savings demand.
Blockchains Provide the Settlement Base Blockchains determine how efficiently stablecoins move between users, companies, and financial applications.
Boiron offered a complementary view of the chain’s role, arguing blockchains create more value by supporting widely used assets across many products than by issuing coins tied to one ecosystem.
“The most valuable stablecoin is the one everyone else already accepts,” Boiron said.
Chains therefore compete through transaction performance, developer tools, and support for several major stablecoins.
“Sui’s role in stablecoin growth is settlement, with fast execution built for the transaction volumes mass adoption requires,” Bai said. “Stablecoins need fast finality, capacity for large user numbers, stable fees, and strong user experience.”
Sui introduced gasless stablecoin transfers in May 2026, allowing users to send supported assets without holding SUI separately for transaction fees. Confidential transfers entered public beta in June, allowing issuers to conceal balances and transaction values while preserving access for compliance and auditing.
Sui also recorded more than six million transactions per second during a July public experiment using programmable tunnels. These offchain payment and state channels process activity away from the main network before settling final results on Sui.
Such features can support payroll, merchant payments, treasury transfers, and institutional settlement.
Open USD shows how stablecoin competition is expanding beyond issuance. Reserve income, distribution partnerships, payment access, and blockchain performance will influence which assets gain adoption.
Dollar coins will retain their advantage in global markets, while local assets develop around domestic payments and regional commerce. The strongest providers will combine reliable reserves with liquidity, distribution, and efficient settlement.
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.
NVIDIA: Major Clients Have Begun Testing Vera Rubin Devices
According to Bloomberg, NVIDIA has announced that its key clients have started testing its Vera Rubin devices. The chipmaker added that its new Vera processor outperforms AMD’s Turin, and that the chips are being delivered on schedule for use in AI data centers.
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Iran's Revolutionary Guard hits U.S. military radar in Kuwait.
According to Iran's Press TV, Iran's Revolutionary Guard hit a U.S. military radar at Kuwait's Al Jaber Base.
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Liang Wenfeng’s Huanfang and Jiuzhang secure the largest share in Changxin Technology’s private placement new share offering, with 113 private equity firms receiving allocations.
The preliminary offline placement results for Changxin Technology show that a total of 2,459 products under 113 private equity firms secured offline placements in the company, with a total of 161 million shares allocated, amounting to 1.436 billion yuan. The announcement notes that offline institutional investors are divided into Category A (public funds, social security funds, pension funds, enterprise annuities, bank wealth management products, insurance companies, QFIIs) and Category B (private equity firms, broker-dealer proprietary trading, trusts, financial companies, etc.). Category A investors, dominated by public funds, received 1.978 billion shares, accounting for 91% of the total offline issuance; while Category B investors, led by private equity firms, secured 196 million shares, making up only 9% of the total offline issuance. Among the private equity placement list, the top ten by number of placement objects are all leading quantitative private equity firms. Shanghai Yanfu has a total of 282 placement objects allocated, ranking first among private equity firms; Century Front, Jiukun Investment, Shanghai Chengqi, and Huanfang Quant have 209, 194, 167, and 153 placement objects respectively; Lingjun Investment, Shanghai Jinde, and Minghong Investment also have over 100 allocated products each, at 107, 105, and 100 respectively. Notably, Liang Wenfeng, founder of DeepSeek and a prominent private equity figure, took the largest share among private equity placements. Public information shows that the actual controllers of two leading 100-billion-yuan private equity firms, Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset Management, are both Liang Wenfeng. This means that through his two private equity firms, Liang Wenfeng has a total of 194 private equity products allocated, with a total of 20.2497 million shares secured, amounting to approximately 175 million yuan. (The Paper)
7 minutes ago
Pump.fun launches BOOST mode, aiming to re-inject permanently locked liquidity into the token market.
Meme coin launch platform pump.fun has announced the launch of its new BOOST mode, set as the default launch mechanism for all new Pump.fun tokens moving forward. The feature is designed to address the long-standing "dead liquidity" problem during token migrations, using a buyback and burn mechanism to re-inject liquidity that was previously permanently locked back into the token market. Pump.fun noted that over $100 million in liquidity is permanently lost annually during token migrations, with these funds no longer available to support market liquidity. Historically, roughly 20% of liquidity remains stuck in liquidity pools (LPs) for every token that completes migration — even after all traders sell their positions, some funds stay locked in the pools permanently. BOOST mode will leverage this trapped liquidity to re-inject into the market via an automatic buyback mechanism within 5 minutes of each token migration completion. Specifically, BOOST will execute buybacks using a post-migration time-weighted average price (TWAP) and automatically burn the purchased tokens. For SOL trading pairs, 17.6 SOL will be injected, while USDC trading pairs will receive $2,516 in funds. The mechanism requires no manual activation from users: all new Pump.fun tokens that complete migration after 10:23 AM Eastern Time (ET) on July 21 will automatically enable the BOOST configuration. Tokens migrated prior to this date or issued via the Mayhem platform do not include the feature. The upgrade aims to improve trading experiences and enhance the long-term utilization efficiency of liquidity within the ecosystem.
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Telegram Founder: Will Integrate a Native Non-Custodial Gram Wallet for All Users
Telegram founder Pavel Durov announced in his personal channel that instant, zero-fee cryptocurrency transactions for its more than 1 billion users are set to become a reality. The platform is adding a native, non-custodial Gram wallet to every Telegram application.
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GRAM surges past $1.5, gaining over 9% in 10 minutes.
According to HTX market data, GRAM has broken through $1.5, currently trading at $1.555, up over 9% in 10 minutes. Earlier reports stated that Telegram’s founder said the team is building native non-custodial Gram wallets into every Telegram application.
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.
NVIDIA: Major Clients Have Begun Testing Vera Rubin Devices
According to Bloomberg, NVIDIA has announced that its key clients have started testing its Vera Rubin devices. The chipmaker added that its new Vera processor outperforms AMD’s Turin, and that the chips are being delivered on schedule for use in AI data centers.
7 minutes ago
Iran's Revolutionary Guard hits U.S. military radar in Kuwait.
According to Iran's Press TV, Iran's Revolutionary Guard hit a U.S. military radar at Kuwait's Al Jaber Base.
7 minutes ago
Liang Wenfeng’s Huanfang and Jiuzhang secure the largest share in Changxin Technology’s private placement new share offering, with 113 private equity firms receiving allocations.
The preliminary offline placement results for Changxin Technology show that a total of 2,459 products under 113 private equity firms secured offline placements in the company, with a total of 161 million shares allocated, amounting to 1.436 billion yuan. The announcement notes that offline institutional investors are divided into Category A (public funds, social security funds, pension funds, enterprise annuities, bank wealth management products, insurance companies, QFIIs) and Category B (private equity firms, broker-dealer proprietary trading, trusts, financial companies, etc.). Category A investors, dominated by public funds, received 1.978 billion shares, accounting for 91% of the total offline issuance; while Category B investors, led by private equity firms, secured 196 million shares, making up only 9% of the total offline issuance. Among the private equity placement list, the top ten by number of placement objects are all leading quantitative private equity firms. Shanghai Yanfu has a total of 282 placement objects allocated, ranking first among private equity firms; Century Front, Jiukun Investment, Shanghai Chengqi, and Huanfang Quant have 209, 194, 167, and 153 placement objects respectively; Lingjun Investment, Shanghai Jinde, and Minghong Investment also have over 100 allocated products each, at 107, 105, and 100 respectively. Notably, Liang Wenfeng, founder of DeepSeek and a prominent private equity figure, took the largest share among private equity placements. Public information shows that the actual controllers of two leading 100-billion-yuan private equity firms, Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset Management, are both Liang Wenfeng. This means that through his two private equity firms, Liang Wenfeng has a total of 194 private equity products allocated, with a total of 20.2497 million shares secured, amounting to approximately 175 million yuan. (The Paper)
7 minutes ago
Pump.fun launches BOOST mode, aiming to re-inject permanently locked liquidity into the token market.
Meme coin launch platform pump.fun has announced the launch of its new BOOST mode, set as the default launch mechanism for all new Pump.fun tokens moving forward. The feature is designed to address the long-standing "dead liquidity" problem during token migrations, using a buyback and burn mechanism to re-inject liquidity that was previously permanently locked back into the token market. Pump.fun noted that over $100 million in liquidity is permanently lost annually during token migrations, with these funds no longer available to support market liquidity. Historically, roughly 20% of liquidity remains stuck in liquidity pools (LPs) for every token that completes migration — even after all traders sell their positions, some funds stay locked in the pools permanently. BOOST mode will leverage this trapped liquidity to re-inject into the market via an automatic buyback mechanism within 5 minutes of each token migration completion. Specifically, BOOST will execute buybacks using a post-migration time-weighted average price (TWAP) and automatically burn the purchased tokens. For SOL trading pairs, 17.6 SOL will be injected, while USDC trading pairs will receive $2,516 in funds. The mechanism requires no manual activation from users: all new Pump.fun tokens that complete migration after 10:23 AM Eastern Time (ET) on July 21 will automatically enable the BOOST configuration. Tokens migrated prior to this date or issued via the Mayhem platform do not include the feature. The upgrade aims to improve trading experiences and enhance the long-term utilization efficiency of liquidity within the ecosystem.
7 minutes ago
Telegram Founder: Will Integrate a Native Non-Custodial Gram Wallet for All Users
Telegram founder Pavel Durov announced in his personal channel that instant, zero-fee cryptocurrency transactions for its more than 1 billion users are set to become a reality. The platform is adding a native, non-custodial Gram wallet to every Telegram application.
7 minutes ago
GRAM surges past $1.5, gaining over 9% in 10 minutes.
According to HTX market data, GRAM has broken through $1.5, currently trading at $1.555, up over 9% in 10 minutes. Earlier reports stated that Telegram’s founder said the team is building native non-custodial Gram wallets into every Telegram application.
This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Disclaimer: This is not available for users in the EEA. Fellow Binancians, Binance is thrilled to launch a Aerodrome (AERO) Trading Tournament where eligible users will have a chance to share a total prize pool of 400,000 USDC in token vouchers! In addition, Binance is introducing an “Sprint Reward” for a limited period – the more you trade, the higher your extra rewards! Promotion Period: 2026-07-21 10:00 (UTC) to 2026-07-28 10:00 (UTC) Join Now Eligibility: All verified new, regular users and all Binance VIP users can participate.Liquidity providers in the Binance Spot Liquidity Provider Program and Binance Brokers are not eligible to participate. Eligible Trading Pair(s) Trading pair(s): AERO/USDT, AERO/USDC How to Participate: Click the [Join Now] button on the landing page to register.Total Trading Volume reaches at least 500 USD equivalent in any of the aforementioned eligible pair(s) on Binance Spot during the Promotion Period. Users who do not meet this threshold will not qualify for any reward under this Trading Volume Tournament. Main Reward Structure: Statistical Period: 2026-07-21 10:00 (UTC) to 2026-07-28 10:00 (UTC)Rankings Based on the Cumulative Trading VolumeReward per Eligible Participant (in USDC Token Vouchers)1st Place12,000 USDC2nd Place10,000 USDC3rd Place8,000 USDC4th Place6,000 USDC5th Place4,000 USDC6th - 20th PlacesAn equal split of 40,000 USDC21st - 50th PlacesAn equal split of 40,000 USDC51st - 200th PlacesAn equal split of 64,000 USDC201st - 1,000th PlacesAn equal split of 56,000 USDCAll Remaining Eligible ParticipantsAn equal split of 80,000 USDC, capped at 5 USDC per user Sprint Reward Structure: Binance is introducing a “Sprint Reward”. For a limited period, users will receive extra rewards based on their ranking by cumulative trading volume. The more one trades during the respective Statistical Periods, the higher the extra rewards can be. Please note that users can earn from both the "Sprint Reward" and the "Main Reward" pools at the same time. Rankings Based on the Cumulative Trading VolumeRound 1 Statistical Period: 2026-07-21 10:00 (UTC) to 2026-07-23 10:00 (UTC)Round 2 Statistical Period: 2026-07-23 10:01 (UTC) to 2026-07-25 10:00 (UTC)Reward per Eligible Participant (in USDC Token Vouchers)1st Place12,000 USDC12,000 USDC2nd Place10,000 USDC10,000 USDC3rd Place8,000 USDC8,000 USDC4th Place6,000 USDC6,000 USDC5th Place4,000 USDC4,000 USDC Promotion Rules: Trading volume of any zero-fee trading pairs is excluded from the final trading volume calculation.Transaction or gas fees will be excluded from the final trading volume calculation for the tournament.All eligible buy and sell orders will be counted towards the cumulative total trading volume.Token vouchers will be distributed to winners by 2026-08-11, and will expire within 21 days after distribution. Users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub.The Spot Trading Volume leaderboard is updated at least once every 24 hours. The Main Reward leaderboard and Sprint Reward leaderboard will be displayed on the separate Sub-Spot landing page respectively. Data sync times vary daily but will always be completed by the end of the day.Only users who have met the minimum qualifying trading volume threshold will be displayed on the leaderboard along with their trading volume. Don’t miss out on this opportunity and share in the rewards now! To view more promotions for new listings on Binance, stay tuned to this page for the latest updates and exclusive opportunities. Guides & Related Materials: How to Spot Trade (App / Web) Terms & Conditions: These terms and conditions (“Activity Terms”) govern users’ participation in the activity above (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Activity Terms, and any other incorporated terms, the provisions of these Activity Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only verified users who complete the aforementioned criteria for the tournament by the end of the Promotion Period may receive rewards.This Trading Volume Tournament is available to verified new, regular and VIP users enabled for Binance Spot Trading, subject to product (and where relevant, deposit methods’) availability in users’ regions, and may be restricted in certain jurisdictions or regions, or to certain users, due to legal and regulatory requirements.Reward Distribution:All token voucher rewards will be distributed to eligible, winning users by 2026-08-11.Users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub. All token voucher rewards will expire within 21 days after distribution. Winning users should claim their vouchers before the expiration date, and no replacement reward will be provided. Learn how to redeem a Binance voucher.Please note that the actual value of rewards received by a user is subject to change due to market fluctuation.Token voucher rewards are subject to additional terms and conditions.Rewards are not negotiable nor transferable.Once the available rewards have been allocated to users, no further rewards will be provided notwithstanding that an eligible user may have completed the missions.A user’s trading volume in this Trading Volume Tournament will be calculated after the user has opted-in and will be based on the trading volume (i) in their master and sub-accounts, and (ii) on all Spot products, including Spot Trading, Spot Copy Trading and Trading Bots. API trades are allowed. Binance’s calculation of a user’s trading volume is final.Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software. Rewards that have already been disqualified will not be returned to the prize pool.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating, or suspending these activities, the eligibility terms and criteria, the selection and number of reward recipients, and the timing of any act to be done, and all participants shall be bound by these amendments.The commencement and operation of the campaign (including the commencement of the Promotion Period) are subject to the successful listing of the relevant token on Binance Spot. If the listing is postponed or cancelled for any reason, the campaign (including the Promotion Period and reward distribution) may be delayed, amended or withdrawn at Binance’s discretion. Binance will not be liable for any loss or inconvenience caused by such changes.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-21 Disclaimer: USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.
