Shiba Inu is trading on a downside trajectory, showing a decent decrease in its price over the last 24 hours, but its exchange activity is printing a different signal.
Amid the ongoing downtrend facing the broad crypto market, onchain data from crypto analytics platform CryptoQuant suggests that Shiba Inu is still in demand.
Shiba Inu bulls take overPer the data, the Shiba Inu exchange netflow has declined by over 3% over the last day, sitting at -145,196,700,000 SHIB as of the time of writing.
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The negative balance in the Shiba Inu exchange flow projects a bullish outlook as it shows that the amount of SHIB tokens sent to exchanges for sell-off purposes is substantially lower than the amount of tokens moved out of exchanges to private wallets to hold.
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While this comes after multiple days of extreme caution, it appears that bulls are gradually dominating the Shiba Inu spot market and buy activity is increasingly outweighing the sell-off pressure facing the market.
Shiba Inu loses track of a positive JulyFollowing the recent market downturn, Shiba Inu is currently sitting at a 1.74% loss for its July return, sparking concerns among traders about whether the token will deliver the anticipated July gains.
Although Shiba Inu has dropped by 0.98% over the last day, trading at $0.000004130 as of the time of writing, its exchange activity suggests that it could be preparing for a bullish price reversal.
Hence, the asset could reclaim its path to a positive monthly close, positioning it for greater upside momentum as confidence returns to the market.
Shiba Inu, a popular meme-based cryptocurrency, is experiencing downward price pressure in July after losing momentum early in the month. The token recorded a decline of 0.98% over the last 24 hours, trading at $0.000004130 as of the latest available data.
Exchange netflow signals accumulationDespite the price drop, onchain analytics tell a more nuanced story. According to data from CryptoQuant, Shiba Inu’s exchange netflow decreased by more than 3% in the past day, resulting in a negative balance of -145,196,700,000 SHIB.
A negative exchange netflow generally indicates that more tokens are being withdrawn from exchanges than deposited. This is often interpreted as a bullish indicator, as it suggests that investors are moving assets to private wallets to hold rather than preparing to sell.
The shift comes after several days marked by caution among traders. Some analysts suggest that renewed accumulation hints at growing optimism, with buy activity on spot markets starting to overtake selling pressure.
Mini dictionary: CryptoQuant, a blockchain analytics platform, provides data-driven insights on cryptocurrency market trends, including real-time exchange flows, onchain metrics, and investor behavior.
Shiba Inu’s exchange netflow fell by more than 3% in the last 24 hours to -145,196,700,000 SHIB, signaling that accumulation is again outpacing sell-offs as more tokens move from exchanges to private wallets.
July performance remains negativeWhile exchange data may hint at potential bullish momentum ahead, Shiba Inu’s return for July currently stands at a loss of 1.74%. The subdued performance has raised doubts among some traders regarding the likelihood of positive monthly gains.
IndicatorCurrent ValueChangePrice$0.000004130-0.98% (24h)Exchange netflow-145,196,700,000 SHIB-3% (24h)July return-1.74%N/AMarket observers note that, should accumulation trends persist and selling ease further, Shiba Inu could reverse its recent losses and aim for a positive close to the month.
Outlook improves as sentiment shiftsThe overall sentiment in the market remains cautious, but increasing withdrawals from exchanges and early signs of buying pressure have fueled hopes that a trend reversal may be underway.
If confidence among buyers continues to build, Shiba Inu may attempt to recover lost ground and repeat previous gains seen in stronger market conditions.
The recent negative netflow hints that Shiba Inu is seeing renewed interest from holders, potentially setting the stage for a price rebound should market sentiment continue to improve.
As the month progresses, traders and investors will be watching for further onchain confirmation of this shift and for any signs that positive momentum can be sustained.
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.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Not significant in quantity terms, but notable as a trend in itself, an on-chain maneuver has been recorded in the Shiba Inu market, as a large investor broke an eight-month silence to begin quietly and systematically buying SHIB tokens, data by Arkham confirms.
While most retail SHIB holders are realizing losses en masse due to the absence of explosive growth, this wallet is selectively taking advantage of the deep market discount by using the biggest liquidity pool for the token — Binance.
Strategic buyers target multi-year Shiba Inu coin lowsAccording to data from TradingView, by the end of July 2025, the SHIB price had compressed to multi-year lows near $0.000004142, effectively returning to the key support zones of late 2022 and completely losing the speculative momentum seen in early 2024.
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The wallet's behavior clearly reflects a strategy of absorbing the local bottom. In this context, the current status of the portfolio indicates that the address has accumulated more than 50.25 billion SHIB tokens, which make up the absolute majority of its holdings and are worth approximately $209,200.
Anonymous Shiba Inu coin buyer breaks 8-month silence on Binance, Source: ArkhamAt the same time, the nature of the transactions and the history of transfers from Binance hot wallets completely refute the hypothesis of an accidental purchase, confirming that the large player is systematically withdrawing SHIB into personal custody after a prolonged pause.
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The next direction for the coin now depends on whether its price can hold the current historical threshold of $0.0000041. For the accumulation to develop into a full-scale trend reversal, buyers need to form a dense order wall in the Binance order book and prevent a breakdown below this level, which could automatically trigger retail traders' stop-loss orders.
The main indicator of an imminent move will be a breakout from the current narrow volatility range. This would require large exchange volume to accompany the withdrawal of tokens to cold wallets, confirming a phase of full-scale accumulation and preparing the ground for Shiba Inu coin's first attempt in two years to challenge local price resistance.
A significant on-chain transaction has emerged in the Shiba Inu market, as a major investor reactivated their wallet to accumulate SHIB tokens for the first time in eight months, according to blockchain analytics firm Arkham.
Large investor activity draws attention amid market downturnWhile retail investors in Shiba Inu have largely been forced to realize losses due to the continued lack of substantial growth, data reveals a different approach from this particular wallet. Instead of selling, the account has been gradually increasing its SHIB position, taking advantage of discounted prices offered via the largest liquidity pool for SHIB on Binance.
Arkham data indicates the wallet strategically accumulated more than 50.25 billion SHIB tokens, valued at approximately $209,200, making SHIB the primary asset in its portfolio. The transactions mainly originated from Binance hot wallets and consistently moved tokens into the investor’s personal custody.
Arkham reported that the investor consistently withdrew SHIB from Binance, contradicting the notion of a random purchase and instead pointing to a deliberate and ongoing accumulation strategy.
The purchases follow a period of silence by the wallet stretching over eight months, highlighting a renewed appetite for SHIB at current levels. This turn comes at a time when Shiba Inu’s price dropped to multi-year lows, returning to support levels last seen in late 2022.
Mini dictionary: Arkham is a blockchain analytics company that provides real-time data on wallet activity, giving investors and researchers detailed information on large transactions and on-chain movements.
Market outlook: Shiba Inu at critical supportTradingView data shows that by the end of July 2025, Shiba Inu’s price had fallen to $0.000004142. This marked a retreat to the coin’s established support region from 2022 and the near erasure of momentum gained in early 2024.
With SHIB prices languishing at these historical support levels, further direction is expected to depend on whether large buyers can maintain a strong buy wall in Binance’s order book. A breakdown beneath the current support of $0.0000041 may trigger widespread stop-loss selling from retail traders, risking a deeper decline.
Analysts highlight that a decisive move may require a burst of trading volume on exchanges, combined with continued withdrawals of tokens to cold storage. Such actions would suggest robust accumulation and could create conditions for SHIB to attempt a breakout against local resistance—its first in two years.
MetricCurrent ValueLast SeenSHIB price$0.000004142End of July 2025Main support levelNear $0.0000041Late 2022Tokens accumulated by whale50.25 billion SHIBEight months after last purchaseToken value (approx.)$209,200July 2025If prices remain stable at current thresholds and accumulation continues, the Shiba Inu market may witness its most significant trend reversal attempt since 2022.
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.
DeFi has plenty of capital, but too much of it sits idle, fragmented or locked into single-purpose positions. The next step is not simply more TVL - it is liquidity that can actually work when and where demand appears.
DeFi does not lack liquidity. That may sound strange when users still face price impact, fragmented routes and pools that cannot handle larger trades efficiently. But the problem is not always the amount of capital sitting in DeFi. It is how that capital is used.
Huge amounts of liquidity are deposited in pools without doing meaningful work. Assets have been deposited on-chain, but are not consistently helping execution or earning fees.
At the same time, liquidity providers often have to divide one wallet balance across different protocols, pairs, price ranges and strategies. Once those tokens are deposited, they leave the wallet and become committed to individual pools or positions until the LP withdraws and reallocates them, or until the agreed lock period ends.
So the real question is no longer: how much liquidity is locked? It is: how much liquidity is actually usable?
Passive pools made DeFi openThe first major liquidity model in DeFi was simple: users deposit tokens into a pool, traders swap against that pool and liquidity providers earn fees.
This changed crypto markets. Anyone could provide liquidity. Anyone could trade. There was no need for a centralized order book or a traditional market maker.
The strength was openness. But the weakness was efficiency. In many pools, most capital is not close enough to the active trading range to be used often. It exists in the pool, but does not process many swaps. For liquidity providers, this creates a difficult reality: capital can be allocated, locked in a pool and still barely work.
Concentrated liquidity improved efficiency, but added complexityConcentrated liquidity tried to solve that problem. Instead of spreading liquidity across a broad price curve, LPs place capital in selected price ranges. When trades happen inside that range, capital works harder and can earn more fees.
This was an important improvement. But it shifted more responsibility to LPs. Now they need to think about ranges, price movement, volatility and rebalancing. If the market moves outside the selected range, the position may stop earning fees. The liquidity is still deposited, but it is no longer useful for current trading.
To cover more possible price movement, LPs may split their balance across several ranges. That gives them more positions, but each position is backed by only part of the original balance.
Concentrated liquidity therefore makes capital more targeted, but it can also make liquidity more fragmented and management more demanding.
Stable pools work well until the relationship breaksStable pools are built for assets expected to trade close to the same value: stablecoins, wrapped assets or similar tokens.
When the relationship holds, these pools can offer deep liquidity and low slippage. But the strength of the model is also its weakness. If one asset depegs or loses market confidence, the pool can become one-sided. LPs may end up holding more of the weaker asset. What looked like a low-volatility strategy can quickly become concentrated exposure to the token everyone else is trying to sell.
Stable pools solve a specific problem well. However, they do not solve the wider issue of idle and fragmented liquidity across DeFi. Capital is still deposited into an individual pool and committed to that pool’s specific purpose.
Managed strategies reduce manual workManaged LP strategies and vaults try to make liquidity provision easier. Instead of choosing ranges or managing positions manually, LPs deposit into a strategy that handles part of the work for them.
This can be useful. It reduces complexity and gives users access to more advanced liquidity management. But capital is still committed to one strategy. If that strategy is not capturing much flow, the capital may still sit underused. If better opportunities appear elsewhere, the LP often has to withdraw, move funds and reallocate them through additional transactions.
The interface becomes easier. The structural problem remains: liquidity is still locked into separate boxes.
Market makers help, but cannot cover everythingProfessional market makers use inventory, pricing systems and risk management to quote trades. In intent-based systems, professional participants can compete to fill orders and source liquidity from different venues.
This can improve execution, especially where public pools are too shallow. But market-maker liquidity depends on inventory and risk appetite. It may not cover every asset, every chain or every market condition. During volatility, spreads can widen and available liquidity can shrink.
Market makers are important. But they are not a full answer to DeFi’s liquidity problem.
Fragmentation is the root issueDEX trackers now count tens of millions of liquidity pools across hundreds of networks — the vast majority of them shallow or inactive.
For LPs, that creates a structural constraint: one deposited balance normally cannot back several opportunities at the same time. To participate across pools, ranges or strategies, assets must be divided into separate deposits. Once capital is split, efficiency can fall.
A simple example:
An LP provides liquidity for the same pair across three venues. One pool gets 80% of the trading volume that month. The other two share the remaining 20%.
If the LP split capital evenly, only one third of the balance sat where most fees were generated. The rest was technically allocated, but mostly watching from the sidelines.
The total deposit did not change. The fee capture did. This is why DeFi needs liquidity models that do not force LPs to divide one wallet balance before knowing where demand will appear.
TVL is not enoughFor years, DeFi measured success through TVL: total value locked. TVL is easy to understand. It tells you how much capital is deposited in a protocol. But it does not tell you how much of that capital is useful.
A pool can have high TVL and still contribute little to real execution. A strategy can hold large deposits while most liquidity sits away from actual demand. A network can look liquid on paper while routing still struggles in practice.
TVL also reflects a model in which tokens are transferred into pools and contracts. That capital may be locked, but locking it does not guarantee that it is active.
That is why DeFi needs a shift from TVL to useful liquidity. The better question is: How much capital can actually be applied when trades happen?
This is the logic behind TVU - Total Value Unlocked, - a metric 1inch introduced to capture exactly this shift. The focus moves from capital that is merely deposited to capital that remains available and can support execution across more than one position.
Why LPs feel the cost firstLiquidity inefficiency affects the whole market, but LPs often feel it first. They provide the capital. They take the risk. Yet a large share of that capital may not earn meaningful fees.
The problem becomes worse once impermanent loss is included. Impermanent loss occurs when the relative price of pooled assets changes after deposit: the LP can end up with less value than if they had simply held the tokens, even after fees. Concentrated positions can amplify this effect, since capital is exposed to price movement within a narrow band. Some LPs also face more advanced risks, such as Just-in-Time liquidity (see below).
LPs can also face unnecessary friction when they want to move capital. Tokens deposited into one pool cannot support another position unless the LP withdraws them, pays gas and reallocates them elsewhere.
This shows a larger point. LPs do not just need access to pools. They need structures that help liquidity stay active across more opportunities, remain under their control and move only when it is actually needed.
JIT liquidity weakens long-term LP economicsNot every liquidity problem comes from idle capital. Some arise because liquidity can be strategically timed.
One example is Just-in-Time (JIT) liquidity. Instead of providing liquidity continuously, sophisticated bots can detect a large pending swap, add liquidity immediately before it executes and remove it immediately afterward. The goal is to capture a share of the trading fees without keeping capital in the pool for longer than necessary.
For long-term LPs, this creates another source of inefficiency. They supply liquidity over extended periods, but some of the fees generated by large swaps can be captured by short-lived liquidity that appears only for those transactions.
This highlights another limitation of shared liquidity pools. They do not just fragment capital - they can also create opportunities for sophisticated participants to extract value from liquidity providers. As DeFi evolves, improving capital efficiency will also mean designing liquidity infrastructure that is more resistant to these kinds of strategies.
Current liquidity models have failed to fully solve a core issue: liquidity remains fragmented, underused and often locked into single-purpose structures.
The next model should change that assumption. It should let one balance support multiple positions instead of forcing LPs to pre-split capital. It should reduce idle liquidity. It should allow tokens to remain under the user’s control until they are actually needed for execution. It should help developers access useful liquidity without rebuilding the same infrastructure again and again. Most importantly, it should make existing capital work harder.
Explore 1inch to follow the next stage of DeFi liquidity infrastructure.
Lido’s Core Upgrade is officially heading to mainnet. The Lido DAO approved the sweeping protocol overhaul on or around July 23, 2026, after clearing every required governance hurdle, including a clean pass through Dual Governance with no vetoes from any stakeholder.
For context, Dual Governance is Lido’s highest-level approval mechanism, designed so that even a well-organized dissenting faction can pump the brakes on a proposal.
What actually changed The Core Upgrade bundles two major components: the Community Staking Module updated to version 3, and the brand-new Curated Module v2.
The Community Staking Module, or CSM, is Lido’s permissionless entry point for node operators. Version 3 pushes that flexibility further, making it easier for new operators to participate at scale.
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Curated Module v2 introduces bond-based security mechanisms, which means node operators post collateral as a performance guarantee rather than relying solely on governance-managed reputation. The practical effect is less governance overhead per operator.
Together, the two modules are designed to improve scalability, tighten security, and reduce governance friction.
Existing stakers do not need to do anything. The upgrade operates entirely at the protocol layer, meaning stETH holders wake up on mainnet deployment day with the same holdings and no migration steps required.
The road to mainnet The upgrade did not arrive overnight. Lido ran the components through thorough testnet phases before the DAO vote opened, and multiple independent security audits assessed the smart contracts and governance logic specifically.
Lido has been a dominant player in Ethereum’s liquid staking landscape since liquid staking became a category worth talking about. Its stETH token, which represents a staker’s ETH position plus accruing rewards, became one of the most widely integrated assets in DeFi. That deep integration means upgrades to Lido’s core infrastructure have downstream effects across a substantial portion of the Ethereum ecosystem, not just for direct Lido users.
The bond-based security model in Curated Module v2 changes the economic incentives for node operators. When operators have skin in the game through posted collateral, the protocol’s alignment with good validator behavior becomes structural rather than reputational.
What it means for the market For stETH holders, the most immediate takeaway is that Lido’s infrastructure is getting more robust without requiring any action on their part.
Lido controls a significant share of the total staked ETH on Ethereum. Upgrades that make the protocol more secure and scalable directly affect confidence in stETH as a collateral asset across lending protocols, liquidity pools, and structured products that have integrated it.
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Raydium, one of the top 10 most influential DeFi protocols according to Fortune, debuted Permissioned AMMs yesterday, July 23. Permissioned AMMs introduce a new framework that enables issuers of KYC-gated and regulated assets to launch directly on Raydium, accessing Solana’s deepest liquidity while maintaining compliant secondary markets. Superstate became the first partner to integrate the infrastructure, bringing tokenized equities into Raydium’s liquidity ecosystem.
The launch marks another step in the race to build infrastructure for regulated assets on public blockchains. As tokenized stocks, funds, and real-world assets gain attention, protocols are adapting traditional DeFi tools to meet compliance requirements.
Raydium Adds Compliance Controls to AMM Trading Traditional AMMs allow anyone with a wallet to provide liquidity or trade assets. That model works well for crypto-native tokens but creates challenges for regulated assets that require investor verification and transfer restrictions.
Raydium’s Permissioned AMMs add an access-control layer to its existing liquidity infrastructure. Instead of allowing any wallet to interact with a pool, the system verifies whether a wallet meets issuer-defined eligibility requirements before allowing trades.
The framework combines 3 core components:
Issuer-managed KYC, where asset issuers determine which participants qualify.
Programmatic enforcement, where smart contracts restrict pool interactions to approved wallets.
Immutable smart contracts, which provide transparent and verifiable execution.
Eligible investors can trade only with verified counterparties, while issuers maintain control over participant access.
Superstate Brings Tokenized Equities to Raydium Superstate became the first service partner to integrate Raydium’s Permissioned AMMs. The company operates Opening Bell, a platform designed to issue publicly registered tokenized equities directly on blockchains.
Unlike synthetic products that track stock prices without representing direct ownership, Superstate focuses on natively tokenized securities where the token represents the underlying security.
Superstate has developed infrastructure that tracks ownership changes across DeFi environments, including automated market makers and lending protocols. The company has also worked with protocols such as Uniswap, Orca, Aave, Morpho, and Kamino to support regulated asset activity onchain.
Through Raydium’s integration, approved investors can trade tokenized equities through Permissioned AMMs while Superstate manages ownership records and compliance requirements.
Raydium Joins a Broader Shift Toward Permissioned DeFi Raydium is not the only major DEX moving toward compliance-focused infrastructure.
On May 27, Orca launched permissioned pools on Solana in partnership with gold tokenization firm Streamex. Orca’s system uses Solana token extensions to enforce transfer restrictions and connect investor eligibility with onchain activity.
Uniswap Labs also announced Permissioned Pools yesterday, July 23. The feature introduces a hook standard for Uniswap v4 that allows pools to verify approved wallets directly through smart contracts rather than relying on frontend restrictions or offchain checks.
These launches highlight a broader industry trend: regulated assets require more than a place to trade. Issuers need infrastructure that combines blockchain transparency with controls required by securities markets.
Tokenized Assets Target a Trillion-Dollar Market The push toward compliant onchain markets comes as interest in tokenization continues to grow. In its Big Ideas 2026 report, Ark Invest estimated that the global market for tokenized assets could grow from $19 billion to $11 trillion by 2030, representing around 1.38% of all financial assets.
Solana has also seen rapid growth in its real-world asset ecosystem. The network recently became the blockchain with the highest number of RWA holders, reaching 311,000 holders, $3.5 billion in RWA value, and more than 2,500 types of tokenized assets.
Read More on SolanaFloor Mubadala Capital to Launch $75M Tokenized Fund on Solana via Kaio
Are the Trenches Back?: 62K Dormant Wallets Return as Memecoins Capture $2B in Volume
Share postIn BriefTrust Wallet AI is now available to all users on app version 26.28.4 and above. Ask questions, read your portfolio, and assemble on-chain actions — right inside your wallet, fully self-custodial.
Trust Wallet AI is now live for Trust Wallet users.
You can ask it what's moving in the market, check how your portfolio has been performing, get answers to any crypto question, and assemble transactions you choose — swaps, buys, sends — without leaving the app. It knows your actual holdings across chains, so answers are relevant to you, not generic.
This is the AI built into Trust Wallet. It's been running for a group of early users since earlier this year. Today it's available to everyone.
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What Trust Wallet AI Can Do Ask it anything about your portfolio or the market. Ask "how am I doing this month?" and it will give you a read of your holdings. Ask "what's moving today?" and it will surface what's relevant. Ask about a token — "tell me more about BNB," "what are the risks with this token?" — and it goes deeper.
It can also help you act. Tell it you want to swap ETH for USDC, or send BNB, or buy a token. It will assemble the transaction you choose for your review and show it to you. Nothing executes until you confirm. Your assets never move without your approval.
It can surface risk signals too — look-alike tokens, low-liquidity assets, potential honeypots — as a prompt to do your own research before signing. Not a guarantee. Trust Wallet AI provides information only. It does not recommend, advise on, or tell you what to do with any asset.
Lives Right in Your Wallet Because Trust Wallet AI has access to your real portfolio data across chains, it can give context-aware answers, surfacing personalized information relevant to your holdings. That's the difference between a generic crypto chatbot and something that actually knows where you stand.
Your keys and assets stay with you throughout. Trust Wallet AI can read your holdings and assemble actions, but it operates on a strictly read-and-prepare basis. It cannot and will not move your assets autonomously. Every on-chain action requires your confirmation.
To generate output, Trust Wallet AI sends your message, the token you are viewing, and your wallet address and balance to our AI infrastructure provider. This data is never used to train AI models.
How to Find Trust Wallet AI
Open Trust Wallet (version 26.28.4 or above required).
Tap on Trust Wallet AI on the homepage, or on any of the asset detail pages.
Type a question to get started.
A note on AI output: Trust Wallet AI can be wrong. Like any AI, it can make mistakes or surface inaccurate information. Always verify anything important before acting on it. Trust Wallet AI output is not financial advice.
Disclaimer: Trust Wallet AI is an artificial intelligence feature built into the Trust Wallet app. It is provided for informational and convenience purposes only and does not constitute financial, investment, tax, or legal advice. Trust Wallet AI provides information only. It does not recommend, endorse, or advise on buying, selling, or holding any asset, does not assess whether anything is suitable for you, and does not tell you what to do. All decisions are yours. To generate outputs, Trust Wallet AI shares your message, the token you are viewing, and your wallet address and balance with our AI infrastructure provider; this data is never used to train AI models. Outputs may be inaccurate, incomplete, or outdated and should not be relied on as the sole basis for any decision. Risk signals such as look-alike tokens, low liquidity, or potential honeypots are informational flags only, not a guarantee of safety and the absence of a flag does not mean an asset or transaction is safe. Market and portfolio data may be sourced from third parties and may be delayed or inaccurate. Every transaction requires your explicit review and confirmation, and Trust Wallet AI has no access to your private keys and cannot move your assets. Availability may vary by jurisdiction and is subject to change. You are solely responsible for independently verifying any information provided to you including token identity, contract addresses, and transaction details before signing or confirming any transaction. Subject to our Terms of Service https://trustwallet.com/terms-of-service and Privacy Policy https://trustwallet.com/privacy-notice.
FAQ What is Trust Wallet AI? Trust Wallet AI is the AI built into Trust Wallet (available on app version 26.28.4 and above). You can ask it about the market, your portfolio, and individual tokens, and use it to assemble on-chain actions you choose like swaps, buys, and sends — all without leaving the app. It's not a separate product; it lives inside your wallet and can see your actual holdings. Trust Wallet AI provides information only — it does not recommend, advise on, or tell you what to do with any asset.
Does Trust Wallet AI trade for me? Will it move my money? No. Trust Wallet AI only assembles actions, it never executes them on its own. Any transaction has to be reviewed and confirmed by you before anything happens. Your assets do not move unless you approve it.
Is it safe? Can Trust Wallet AI access my private keys? No. Your private keys and assets stay self-custodial with you at all times. Trust Wallet AI cannot access your keys, and it cannot move your assets. The AI can read your portfolio data to give you relevant answers and assemble transactions for your review. Nothing more.
Is Trust Wallet AI giving me financial advice? No. Trust Wallet AI output is for informational purposes only. It can be inaccurate, and it is not financial advice. Do not make financial decisions based solely on what Trust Wallet AI tells you.
Can Trust Wallet AI make mistakes? Yes, occasionally. Trust Wallet AI is designed to be as accurate as possible, but like all AI assistants, it may sometimes return information that is outdated, incomplete, or incorrect. We recommend verifying critical details independently — especially token identity and transaction parameters — before signing or confirming any transaction. Trust Wallet AI's responses are informational only and do not constitute financial advice.
What can I actually ask Trust Wallet AI? A few things people use it for:
Market reads — "what's moving today?", "how has BTC been performing?"
Portfolio — "how am I doing this month?", "what's my biggest position?"
Token research — "tell me more about BNB", "what are the risks with this token?"
Transaction prep — "I want to swap ETH for USDC", "help me send BNB"
What-if scenarios — "how would my portfolio look if I added $500 of ETH?"
What does "assemble transactions" mean exactly? When you ask Trust Wallet AI to help you execute an on-chain action, it assembles the transaction you choose and presents it for your review — the details, the amounts, the destination. You see exactly what will happen before anything is signed. You confirm, or you don't. The AI has no ability to sign or broadcast a transaction independently.
How do I find Trust Wallet AI in the app?
Open Trust Wallet.
Locate Trust Wallet AI on the app homepage, or on the asset detail pages.
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Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
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A wallet tied to the $285 million Drift Protocol exploit moved 23,095.1 Ether, worth about $44.4 million, into Tornado Cash after roughly three months of inactivity.
Summary
Drift’s exploiter deposited 23,095 ETH into Tornado Cash after remaining inactive for three months. ZachXBT declined further tracking, citing resources required to monitor and freeze a nine-figure DPRK theft. Drift previously announced a recovery bounty program with Arkham and Bybit, contrary to online claims. The same address sent 0.85 ETH to wallets labeled as Bybit deposit addresses, according to Etherscan records and monitoring attributed to PeckShield.
Transfers began on July 23 and continued into July 24, on-chain records show. Researcher JL, known as 0xJaelle, flagged the movement and tagged ZachXBT. The investigator replied that he did not plan to keep following the funds without institutional support.
Drift exploiter empties an Ethereum wallet The Etherscan address labeled “Drift Exploiter 4” processed hundreds of transactions during the movement. Records show repeated deposits of 100 ETH, 10 ETH and 1 ETH into the Tornado Cash router. Four other transfers totaling 0.85 ETH went to addresses labeled as Bybit deposits.
Onchain Lens first reported that the attacker had resumed activity and was sending 100 ETH batches into the mixer several times per minute. The wallet had remained largely inactive since the April attack.
Tornado Cash pools deposits and permits later withdrawals through different addresses. That can weaken the direct public link between sending and receiving wallets. Investigators may still use timing, transaction patterns and exchange activity, but the process requires more data and staff.
The movement covers only part of the original theft. Drift’s April recovery update valued stolen assets at $295.7 million across JLP, USDC, Bitcoin-linked tokens, SOL, WETH and other assets. The protocol said much of the converted value remained across four flagged Ethereum wallets.
ZachXBT cites cost of tracking North Korea-linked funds ZachXBT wrote, “Sorry I currently do not have any plans to track these funds further.” He said monitoring a nine-figure North Korea-linked exploit and working toward possible freezes would require resources beyond one independent investigator.
He described the task as “difficult for a team and not feasible for a single person.” ZachXBT also said Drift was not a donor or client. His response on X drew attention to the cost of investigations that continue for months.
The comments do not show that no organization is watching the wallets. Drift has said it works with law enforcement, Mandiant and blockchain intelligence firms. Etherscan continues to label the address, while exchanges can review deposits connected to flagged wallets.
Elsewhere, ZachXBT criticized Circle after about $232 million in stolen USDC crossed from Solana to Ethereum during the April attack. The funds moved through Circle’s cross-chain system before the attacker converted much of the value into ETH.
Drift had announced a recovery bounty program JL later said it was surprising that Drift had not created a recovery bounty. Drift’s public record shows that it had announced plans for one. On April 16, the protocol said it was developing a bounty program with support from Arkham and Bybit.
However, the update did not provide a final reward amount, eligibility rules or payment schedule. It remains unclear whether the program became fully active, whether it covered continuing wallet monitoring, or whether independent researchers could claim payment for later tracing work.
Drift also created a user recovery plan separate from stolen-fund tracking. Tether proposed up to $127.5 million in support. Drift plans to issue recovery tokens and fund redemptions through remaining assets, partner capital and future exchange revenue.
The protocol’s June investigation update said Mandiant attributed the attack to UNC6862, a North Korean threat group. Drift said the attackers used social engineering and compromised operational access rather than a smart contract flaw. As crypto.news reported, the attackers emptied key vaults within about 12 minutes.
Recovery continues as the trail becomes harder to follow Drift has focused on rebuilding its platform and funding user claims while forensic teams pursue the stolen assets. Its recovery framework states that recovered funds will enter the user recovery pool. The protocol also plans stronger signing controls for critical transactions.
The April attack affected other Solana projects. As previously reported, yield platform Carrot decided to shut down after losses linked to Drift erased most of its deposited value.
The Tornado Cash deposits do not prove that the attacker converted the ETH into usable cash. The deposits remain public, and investigators may still identify later withdrawals. However, they remove a simple wallet-to-wallet trail and make the next phase harder.
Neither Drift nor Solana had publicly responded to ZachXBT’s comments at the time of writing. Bybit had not announced whether it reviewed the small deposits shown on Etherscan. The remaining stolen funds and the status of Drift’s planned bounty program remain unresolved.
Banxa Brings Fiat On-Ramp Access to Arbitrum's USDCArbitrum has announced that users can now purchase $USDC directly on the Arbitrum network through Banxa, the regulated fiat-to-crypto payment gateway. The integration covers bank transfers, debit and credit cards, and local payment methods, broadening the ways users can fund positions on one of Ethereum's most active Layer 2 networks.
The move lowers a practical barrier for new and existing users. Rather than acquiring USDC on a centralised exchange and bridging it across, buyers can now land the asset directly on Arbitrum in a single step. Circle launched USDC natively on Arbitrum One in June 2023, adding support for its Cross-Chain Transfer Protocol, which enabled direct minting and burning of USDC between Ethereum and Arbitrum One. As of March 2025, there was over $3.5 billion of USDC in circulation on Arbitrum.
Banxa's Global Payment ReachBanxa is available in more than 180 countries, with support for over 30 fiat currencies and local payment methods worldwide. The company operates as a fiat-to-crypto payment gateway primarily serving crypto exchanges, wallets, and other blockchain platforms that require compliant and secure fiat on-ramps, with a focus on regulatory compliance, fraud prevention, and user verification.
The Arbitrum integration adds to a growing list of blockchain networks where Banxa has established a presence, which already includes Ethereum, Base, Solana, Polygon, Avalanche, and others. Purchase eligibility for $USDC on Arbitrum is subject to applicable order conditions, and availability may vary by region.
For the Arbitrum ecosystem, the partnership represents a more direct path from fiat to on-chain activity, particularly for users in markets where access to centralised exchanges is limited or where local payment rails are preferred over card-based options.
Sources:
Arbitrum Docs: USDC on Arbitrum One
USDC.com: How to Get USDC on Arbitrum
Banxa: On-Ramp and Off-Ramp Solutions
PANews July 24 news, according to official sources, the Gate stock copy trading feature has officially launched. After updating the Gate App, users can access the "Copy Trading > Stocks" entry to follow traders and replicate real stock positions in real time, covering U.S. stocks, Hong Kong stocks, Korean stocks, and all-category ETFs, encompassing 12,500 stocks and ETF targets. The product adopts a proportional copy trading and fractional share trading mechanism, allowing participation with as little as 0.01 shares; it also introduces an HWM high-water mark profit-sharing mechanism, where lead traders only receive new profit shares after the cumulative net profit of copy trading users breaks through the historical high.
In conjunction with this product debut, Gate is launching a stock copy trading launch event from July 24, 2026 14:00 to August 13, 14:00 (UTC+8), with a total prize pool of 70,000 USDT. Lead traders who apply to become stock lead traders during the event period, complete lead trades, or participate in trading volume rankings will have the chance to receive their first lead trading reward and share an exclusive trader prize pool. Copy trading users who try stock copy trading for the first time and complete the specified trading volume can enjoy loss subsidies; those who cumulatively follow different lead traders or join the copy trading sprint competition can also receive corresponding rewards.
This launch combines Gate's real stock market access capabilities with the copy trading mechanism, lowering the barrier for users to participate in multi-market stock and ETF trading; the accompanying event simultaneously incentivizes trader onboarding and optimizes user experience, driving the startup and active growth of the stock copy trading ecosystem.
PANews, July 24 – According to an official announcement, Gate IPO Access’s second phase project, Jersey Mike’s (JMKE), will open for indication of interest subscriptions on July 27, 2026, at 10:00 (UTC+8). Users can participate using USDT or GUSD, with the opportunity to obtain corresponding stock shares and trade them through Gate’s stock section after listing. This subscription period will run until July 29, 2026, at 10:00 (UTC+8), with a reference subscription price of $21–$25 per share. The minimum investment is 100 USDT or 100 GUSD, and the maximum is 500,000 USDT or 500,000 GUSD, with no additional handling fees. Regarding subscription quotas, the USDT and GUSD subscription pools each account for 50%, and the platform will calculate the allotment ratio based on users’ average hourly locked amount during the subscription period.
This subscription is an “indication of interest” subscription. The final allotment results will be comprehensively determined based on the actual IPO offering situation, the allotment quota obtained by the platform, and user participation. Stocks successfully allotted are expected to be distributed to users’ Gate stock accounts on July 30, 2026, and can be traded through Gate’s stock section after listing. These stocks have no lock-up period and support 100% unlocking.
Currently, Gate has built a comprehensive trading system covering global stock markets, supporting over 12,500 stocks and ETF trading instruments, and has deployed products such as gStocks tokenized securities, Pre-IPOs, and IPO Access, covering diverse scenarios including pre-IPO opportunity capture, public market trading, and tokenized securities investment. Going forward, Gate will continue to improve its multi-asset trading infrastructure, providing users with a more open and efficient one-stop global investment service.
Mubadala Capital has launched tokenized access to an evergreen private market strategy through UAE-based infrastructure provider KAIO.
Summary
Mubadala Capital’s tokenized private markets strategy attracted about $75 million across Solana, Base and Sui. Coinbase will add undisclosed fund exposure to its balance sheet, moving beyond infrastructure support alone. KAIO limits access to qualified investors while handling regulated issuance, administration and multichain fund distribution. The offering is available on Base, Solana and Sui and has attracted about $75 million from traditional and digital-asset investors.
Coinbase will take an undisclosed position in the product and place the exposure on its balance sheet. The exchange is acting as an investor rather than only a network or service provider. Access remains limited to qualified institutional and accredited investors.
Mubadala private markets strategy moves onchain The product is tied to the Mubadala Capital Alternative Solutions Fund, an evergreen strategy with exposure to private equity, direct investments and credit. KAIO handles the tokenized structure, investor access and onchain administration across the three networks.
Mubadala Capital is the alternative asset management subsidiary of Abu Dhabi’s Mubadala Investment Company. Its official website says the platform manages, advises and administers more than $600 billion through its businesses and partnerships. Its alternative investment operations report about $60 billion in assets under management.
The launch follows an official partnership announced in December 2025. Mubadala Capital and KAIO said they would explore regulated digital access to private market investments for eligible investors. They said the structure would retain governance, regulatory controls and investment oversight.
Max Franzetti, head of Mubadala Capital Solutions, said, “Bringing it onchain extends that access to a new class of qualified investors.” The companies did not disclose minimum investments, fees, redemption terms or the number of participating investors.
Coinbase adds the fund to its balance sheet Coinbase’s role goes beyond providing Base as one settlement network. The company said it would add exposure to the tokenized offering to its balance sheet. It did not disclose the value, timing or accounting treatment.
Brett Tejpaul, head of Coinbase Institutional, linked the purchase to growing use of regulated tokenized assets. The transaction gives Coinbase economic exposure to a sovereign-backed private markets product while it continues building services for onchain funds.
Coinbase Asset Management launched the CUSHY tokenized credit strategy in April. That product targets public digital credit, private asset-backed lending and tokenization-related returns across Ethereum, Solana and Base. The Mubadala position adds a separate private markets asset to Coinbase’s holdings.
Coinbase’s involvement does not make the product available to retail users. The fund keeps the eligibility requirements attached to private investments. Transfers must follow KAIO’s compliance controls and rules set by the fund and its regulated providers.
KAIO distributes the product across three networks KAIO provides infrastructure for regulated issuance and management of tokenized funds. Its platform documentation says the system supports compliance and lifecycle management while allowing tokenized assets to move across public networks. Deployment on Base, Solana and Sui gives approved investors several network options.
Tokenization can shorten administrative steps and provide faster ownership updates. It may also allow approved fund interests to interact with digital custody, collateral and settlement systems. However, a blockchain token does not remove lockups, valuation limits or transfer rules tied to private assets.
KAIO previously supported onchain products linked to BlackRock, Brevan Howard, Hamilton Lane and Nomura’s Laser Digital. As previously reported, Tether led an $8 million KAIO funding round in April, bringing total funding to $19 million.
The firm later launched its KAIO governance token and foundation. Crypto.news reported that KAIO had about $100 million in tokenized fund value then. The Mubadala launch adds a sovereign-backed manager and about $75 million in announced commitments.
Solana tokenization activity continues to grow Solana promoted the launch as the arrival of Mubadala Capital’s Alternative Solutions Fund on its network. Base and Sui also host the structure, so it is not exclusive to Solana. KAIO has not published how the $75 million is divided across the chains.
Institutional fund launches on Solana have increased during 2026.State Street and Galaxy launched the SWEEP tokenized cash management fund on Solana in May. Securitize later brought an AAA-rated collateralized loan obligation fund to the network, with Ethena planning a $250 million allocation.
The Mubadala product differs from tokenized Treasury and cash funds because it gives eligible investors exposure to an evergreen private markets strategy. Private assets usually have longer holding periods and less frequent pricing than cash-equivalent products.
The companies have not announced retail access or open secondary trading. They also have not said whether the tokens can serve as collateral in outside applications. The launch provides regulated, multichain access to qualified investors while Coinbase tests the product as a corporate balance-sheet asset at this early stage.
Euro area 1-year CPI expectations have fallen to 3% from an estimated 3.2%, according to a report by First Squawk. This decline in expectations could suggest a cooler short-term inflation outlook, particularly as the European Central Bank (ECB) had noted higher inflation expectations earlier in the year. The ECB’s June 2026 projections had forecasted average headline inflation at 3.0% for 2026. The actual headline HICP inflation for June was 2.8%, a decrease from May’s 3.2%, indicating a potential alignment with the ECB’s inflation targets over time.
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Key Takeaways The 1-year CPI expectations drop to 3% appears consistent with a potential easing of inflation pressures in the euro area. June’s HICP inflation of 2.8%, below May’s 3.2%, suggests alignment with ECB’s projections. Market pricing appears to support a decrease in the likelihood of higher Core CPI MoM outcomes for July 2026. What to Watch Observers will be keeping an eye on upcoming data releases to assess if these lowered CPI expectations impact broader economic forecasts. Key actors such as the ECB and economic forecasters like Goldman Sachs and Deutsche Bank could adjust their projections based on this development. Markets will look for further indications from official statements or data releases, such as those from the BLS, that could confirm or contradict the current inflation trajectory in the euro area.
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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Well-known trader: Bitcoin’s 'protective' buy wall reappears on Binance
Well-known trader Killa (@KillaXBT) posted screenshots describing the situation as "textbook-like". Binance’s plunge protection team is back. Typically, when large bid orders start clustering just below the price, market makers and algorithms tend to temporarily front-run them. The screenshots show multiple horizontal lines appearing below Bitcoin’s current price starting around $62,000, with the densest, most prominent buy orders forming from roughly $58,000 downwards. As of press time, Bitcoin is trading at $64,803.44 according to HTX data, with a 0.46% drop over the past hour. After Bitcoin plunged below $60,000 on June 6, large buy orders emerged below BTC’s market price on Binance, an event Killa referred to as the "plunge protection team" returning. Killa, a BTC-focused quantitative trader, previously predicted the peak of this bull run in May 2025 and boasts over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688 and shifted to long positions during the broad market sell-off on June 5.
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Fu Peng: Global assets, including the underlying fundamentals of major cryptocurrencies, are tied to liquidity. The current tightening of funding conditions is triggering a "liquidity squeeze" market.
Fu Peng, the newly appointed chief economist of Xinhuo Group, shared his views yesterday, noting that global assets—including the fundamentals of mainstream cryptocurrencies—are tied to liquidity. The current shift from loose to tight liquidity has triggered a "shrinking circle" market trend, with funds flowing into high-certainty core assets. Fu Peng believes the AI industry has reached a critical inflection point, moving from the capital-burning hardware infrastructure phase to value validation. Major players like Google have seen their free cash flow drop to zero, and capital markets no longer endorse the logic of mere capital expenditure expansion. “The AI industrial chain is divided into upstream, midstream, and downstream segments, each with its own independent industry lifecycle, and clear sector rotation shifts and allocation windows. Never treat AI as a 'faith' to hold blindly long-term; turning the AI sector into pure concept speculation will definitely lead to pitfalls.” “The full AI industry cycle spans roughly 20 to 25 years, with the first 10 years already completed. The first decade’s core focus was upstream hardware infrastructure, while the next decade’s will be end-user applications. However, a cycle gap exists currently, and the next 10 to 18 months will be the industry transition window. During this window, do not go all-in; strictly follow industry cycle rules for allocation to avoid volatility risks.” On the other hand, the crypto market will follow liquidity contraction. After the winnowing process, core assets such as Bitcoin and Ethereum will stabilize, while junk coin speculation will become ineffective. Investors need to allocate in stages according to industry cycles and be wary of leverage risks.
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Over the past seven days, Hyperliquid has repurchased and burned 130,900 HYPE tokens, valued at $7.65 million.
According to Onchain Lens monitoring, Hyperliquid repurchased and burned 130,900 HYPE tokens over the past seven days, valued at roughly $7.65 million, with an average repurchase price of $58.45. A total of 130,900 HYPE tokens were removed from circulation this week.
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The updated draft of the U.S. CLARITY Act will reduce users’ risk of being classified as general unsecured creditors.
U.S. Senator Cynthia Lummis has released an updated draft of the CLARITY Act, which would require digital commodity exchanges, brokers, and dealers to segregate customer assets and prohibit using customer funds and assets as the platforms’ own property. The draft also proposes classifying digital commodities and other assets held by platforms for customers as "customer property" in bankruptcy liquidation proceedings, reducing users’ risk of being categorized as general unsecured creditors.
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BlackRock’s Bitcoin ETF has deposited 3,126 bitcoins worth $203 million into Coinbase Prime.
According to monitoring by Onchain Lens, BlackRock’s Bitcoin ETF deposited 3,126 Bitcoin into Coinbase Prime over the past hour, valued at $203 million.
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Bank of America Strategist: Market Ignoring Risks, Warn of Backlash from AI Investments
US Bank (BofA) European Equity Strategist Sebastian Raedler recently issued a stark warning: current stock market pricing logic is entirely predicated on an "everything is perfect" assumption. This extreme optimism has not only pushed market valuations to elevated levels but also left investors’ risk exposures completely unprotected. Raedler pointed out that the market’s expectations for core metrics including profit margins and five-year forward earnings growth have surged to all-time highs. In stark contrast, the "risk premium"—a gauge of market risk aversion—has dropped to a 20-year low. Raedler advised investors to decisively exit cyclical sectors with high valuations and fragile fundamentals, shifting instead to high-quality defensive stocks that have been long overlooked by the market. He specifically highlighted the healthcare and consumer staples sectors.
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.
BlackRock, Coinbase and others launch $15 million Bitcoin Quantum Defense Fund.
BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy have formed the Bitcoin Security Consortium, pledging a combined $15 million over three years to fund Bitcoin security research and open-source development focused on quantum computing defense. The consortium does not hold or allocate funds; each member will directly select developers and researchers to support. It noted that it will not guide Bitcoin development or take positions on protocol changes. Mike Schmidt of Brink, a nonprofit developer funding organization, will coordinate the work on a volunteer basis. Currently, no quantum computer exists that can crack Bitcoin’s cryptography. Approximately 6.9 million BTC, worth $450 billion, are held in addresses that could be affected if such quantum computers emerge. Fixing this issue will require coordination among wallets, exchanges, miners, and users. Relevant efforts include proposals like BIP 360, which designs a new output type to limit public key exposure and pairs with post-quantum signature schemes. Robert Mitchnick, head of digital assets at BlackRock, stated that Core developers do important work, and the organization will provide additional funding for Bitcoin’s long-term security.
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BlackRock’s Bitcoin ETF has deposited 3,126 bitcoins worth $203 million into Coinbase Prime.
According to monitoring by Onchain Lens, BlackRock’s Bitcoin ETF deposited 3,126 Bitcoin into Coinbase Prime over the past hour, valued at $203 million.
7 minutes ago
Bank of America Strategist: Market Ignoring Risks, Warn of Backlash from AI Investments
US Bank (BofA) European Equity Strategist Sebastian Raedler recently issued a stark warning: current stock market pricing logic is entirely predicated on an "everything is perfect" assumption. This extreme optimism has not only pushed market valuations to elevated levels but also left investors’ risk exposures completely unprotected. Raedler pointed out that the market’s expectations for core metrics including profit margins and five-year forward earnings growth have surged to all-time highs. In stark contrast, the "risk premium"—a gauge of market risk aversion—has dropped to a 20-year low. Raedler advised investors to decisively exit cyclical sectors with high valuations and fragile fundamentals, shifting instead to high-quality defensive stocks that have been long overlooked by the market. He specifically highlighted the healthcare and consumer staples sectors.
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The EU’s 21st round of sanctions against Russia has expanded to cover 14 crypto-related platforms.
The European Union (EU) has expanded its sanctions against Russia, targeting the A7 cross-border payment network and its newly established African links, as well as the A7A5 stablecoin used for evading sanctions. The latest sanctions package extends transaction bans to 14 crypto-related platforms in countries including Georgia, the United Arab Emirates, and Panama, and introduces a tool to fully prohibit Russia from using crypto asset services. Beyond digital asset measures, the EU has imposed asset freezes and transaction bans on 94 banks and major financial institutions, and extended transaction bans to another 33 Russian credit and financial institutions.
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Glassnode: Defensive positions in Bitcoin options are being unwound, and demand for bearish hedging is weakening.
Glassnode released Bitcoin options market data showing that the Bitcoin put/call open interest ratio has dropped sharply from around 0.76 at the end of June to 0.52, indicating that defensive positions are being unwound, while BTC price remains stable near $67,000. At-the-money (ATM; BlockBeats note: An at-the-money option refers to an option whose strike price is closest to the current price of the underlying asset) implied volatility remains compressed: 34.3% for 1-month tenors and 40.8% for 6-month tenors, with the term structure sloping upward, signaling that short-term event risks are being underestimated by the market. The short-term 25-delta skew has plummeted to around 4%, reflecting weakened recent demand for bearish hedging, though medium- and long-term skew still holds at a defensive premium level of 11-12%.
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Whale 0x446B sells 8,010 $ETH ($15.11M) after 8 months inactivity, realizes $10.8M loss
Whale 0x446B sold 8,010 $ETH($15.11M) 2 hours ago after 8 months of inactivity, incurring a loss of $10.8M (-37%).
BitMEX has been hit with a proposed class action lawsuit in the United States accusing the cryptocurrency derivatives exchange of engineering customer liquidations that allegedly allowed it to retain hundreds of Bitcoin before its planned September shutdown.
Summary
BitMEX has been sued in a proposed class action alleging it engineered customer liquidations to retain hundreds of Bitcoin. The plaintiffs are seeking the return of 622.66 BTC along with compensatory and punitive damages on behalf of eligible US traders. The lawsuit was filed on the same day BitMEX confirmed it will shut down its exchange operations in September. Court filings in the U.S. District Court for the Southern District of New York show that BKX Services Inc. and trader David Namdar filed the complaint on Thursday, alleging they lost a combined 622.66 BTC through forced liquidations on BitMEX. BKX claims losses of at least 305.81 BTC, while Namdar alleges losses exceeding 316.85 BTC.
Filed on the same day BitMEX confirmed it would wind down its exchange business, the lawsuit revives allegations that have circulated around the platform’s liquidation system for years. The plaintiffs argue that the exchange’s internal trading operations gave it an unfair advantage over customers during periods of market stress.
Plaintiffs seek return of Bitcoin According to the complaint, BitMEX offered leveraged trading of up to 100 times customers’ collateral but allegedly liquidated positions before all available collateral had been exhausted. The filing claims customers often lost their positions while the remaining Bitcoin collateral was still worth substantially more than the trading losses.
The plaintiffs allege the excess Bitcoin was transferred into BitMEX’s insurance fund instead of being returned to users, allowing the exchange to benefit financially from forced liquidations. They further claim an internal trading desk had access to non-public customer information and was able to continue trading during server outages that prevented ordinary users from managing or closing their own positions.
“BitMEX deliberately developed a system that profited from the liquidations,” the plaintiffs alleged in the complaint.
Alongside the return of the allegedly withheld Bitcoin, BKX Services and Namdar are seeking compensatory and punitive damages. The proposed class action also seeks to represent U.S. customers who traded Bitcoin perpetual swap products in transactions dating back to July 23, 2018.
The filing also points to an earlier class action brought in 2020 by Brett Messieh and other traders, who made similar allegations under the Commodity Exchange Act. Court records cited in the complaint show that case was voluntarily dismissed without prejudice on June 30, 2025, allowing similar claims to be brought again.
Lawsuit coincides with exchange closure The legal action arrives as BitMEX prepares to end more than a decade of exchange operations.
Earlier on Thursday, HDR Global Trading, the owner and operator of BitMEX, announced that it had decided to close the cryptocurrency derivatives platform following a strategic review of both the business and the digital asset industry. The company said exchange operations will end at 04:00 UTC on Sept. 23.
BitMEX has already stopped accepting new account registrations. Beginning Aug. 26, traders will no longer be able to open new positions and will only be permitted to reduce existing ones. During the weeks leading up to the closure, the exchange said it will progressively close outstanding positions, while any remaining open positions at the final deadline will be liquidated automatically.
The company also said contracts with limited liquidity may be settled early under its existing settlement procedures, with advance notice provided to affected users where necessary.
Although trading services will end in September, BitMEX said customers will continue to have access to their accounts for withdrawals and to review wallet balances and transaction history. Users who leave funds on the platform after the shutdown will be charged either the equivalent of $50 per month or 1% annually, whichever is higher, with fees deducted monthly from verified accounts.
BitMEX also warned customers to remain alert for phishing campaigns attempting to exploit news of the shutdown. It said no priority withdrawal service exists and cautioned users against anyone claiming they could accelerate withdrawals. The company added that increased withdrawal requests and Bitcoin network confirmation times could occasionally delay processing during the wind-down period.
Separately, BitMEX said its reserves remain higher than customer liabilities and pointed users to its proof of reserves and liabilities data as evidence that customer assets remain fully backed.
Exchange closes after months of restructuring The closure follows several months of internal changes at the exchange.
Earlier this month, BitMEX replaced chief executive Stephan Lutz as part of a management restructuring that also saw chief financial officer Ina Steiner and chief growth officer Raphael Polansky leave the company. Former chief operating officer and global general counsel Peter Wilkinson was subsequently appointed chief executive.
The leadership overhaul came while reports indicated the exchange had been exploring a potential sale. BitMEX has not announced a transaction since those reports emerged.
The company has undergone several executive changes since 2020, when founders Arthur Hayes, Ben Delo and Samuel Reed stepped down after U.S. authorities accused the exchange of failing to implement adequate anti-money laundering controls. BitMEX later pleaded guilty to those charges.
Alexander Höptner became chief executive in 2021 before Lutz took over during the cryptocurrency market downturn in 2022.
Founded in 2014, BitMEX became one of the earliest cryptocurrency derivatives exchanges and introduced the 100x leveraged perpetual swap, a product that later became widely adopted across the industry. In announcing its closure, the company said it had operated for more than 11 years without losing customer funds to hacks and thanked users for supporting the platform throughout its history.
The exchange’s shutdown announcement was followed by a sharp decline in its BMEX utility token, which fell by roughly 90% after the closure plans became public.
Key Takeaways BitMEX’s permanent closure is scheduled for September 23, 2026, concluding over a decade of operation In July 2026 alone, the platform removed 65 derivatives contracts and trading pairs from its offerings The exchange has immediately suspended new user registrations Account holders must retrieve their assets before the closure date to avoid $50 monthly charges or a 1% yearly fee The platform that introduced 100x leverage perpetual contracts gradually lost market dominance to competitors The cryptocurrency derivatives platform BitMEX, credited with creating the perpetual swap contract, will permanently cease operations on September 23, 2026. All account holders have been instructed to liquidate their positions and transfer their assets off the platform promptly.
Dear BitMEX Users,
Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.
The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations… pic.twitter.com/oWuqlh547f
— BitMEX (@BitMEX) July 23, 2026
The decision to wind down operations comes after HDR Global Trading Limited, the exchange’s parent entity, conducted a comprehensive strategic assessment. The company has not disclosed detailed reasons for the closure beyond citing this internal review and current cryptocurrency market conditions.
Established in 2014 by co-founders Arthur Hayes, Ben Delo, and Samuel Reed, BitMEX once commanded the crypto derivatives landscape. The platform reached its zenith in 2019, processing more than $1 trillion in yearly trade volume and capturing approximately 57% of worldwide crypto derivatives trading.
At its height in July 2018, the platform recorded daily volumes exceeding $8 billion, with more than 1 million Bitcoin changing hands in a 24-hour period.
Accelerated Product Removals Throughout July The exchange has been swiftly reducing its available trading products. July 2026 saw the removal of 65 derivative instruments and trading pairs — a dramatic increase from only 19 delistings during the January-June period.
Platform representatives attributed these removals to “inadequate trading volume.” The accelerated timeline of product eliminations clearly demonstrates diminishing user engagement across the exchange.
Trading activity will persist for several more weeks, but August 26 marks the cutoff for initiating new positions. Any contracts still open at that time will be automatically closed ahead of the final September shutdown.
Penalties for Unclaimed Assets Account holders who fail to withdraw their holdings by the shutdown date will incur automatic charges. BitMEX will impose either a $50 monthly account maintenance charge or a 1% annual levy on dormant balances — depending on which fee structure is relevant.
According to the company’s proof of reserves documentation, all user obligations are completely backed by customer holdings. Users are advised to begin withdrawal processes early, as Bitcoin blockchain congestion may result in processing delays.
The Decline of a Market Leader The platform that pioneered the perpetual contract format gradually surrendered its market position as both established centralized competitors and emerging decentralized protocols attracted liquidity providers, professional market makers, and institutional participants.
Legal and compliance challenges contributed significantly to the platform’s decline. In 2020, authorities charged the exchange with insufficient anti-money laundering protocols, to which the company eventually entered a guilty plea. Hayes, Delo, and Reed stepped down from their positions after facing criminal prosecution from United States regulators.
This announcement arrives approximately three weeks after the departure of BitMEX’s chief executive officer, chief financial officer, and head of growth. An industry restructuring consultant informed Cointelegraph that medium-sized trading venues like BitMEX encounter systemic challenges as trading activity consolidates at major platforms while regulatory compliance expenses escalate.
Notably, throughout its 11 years of operation, BitMEX preserved an unblemished security record, never experiencing user fund losses from security breaches or smart-contract vulnerabilities.
The crypto market ended the week higher even as U.S. equities slipped.
Summary
Bitcoin gained 4.16% as total crypto capitalization rose 2.30% to $2.22 trillion during the week. CLARITY Act passage odds improved despite resistance over ethics, enforcement powers and political conflict concerns. Bridge attacks drained AFX and Allbridge while BitMEX scheduled its September exchange shutdown for users. CoinMarketCap’s six-part recap placed total crypto capitalization at $2.22 trillion, up 2.30%, with Bitcoin gaining 4.16% and Ether rising 2.98%. The S&P 500 lost 0.53%, while the Nasdaq Composite barely moved. Altcoins also posted selective gains during the week.
CMC Market Pulse: Crypto Market Seeks Clarity
BTC +4.16%, ETH +2.98%. Market cap climbs to $2.22T as crypto decouples from weak equities. All eyes on the CLARITY Act as a potential market catalyst.
Let's break down this week's top crypto narratives 🧵
1/6 pic.twitter.com/b69e4RUdZG
— CoinMarketCap (@CoinMarketCap) July 24, 2026 CoinMarketCap described the week’s theme as “crypto market seeks clarity.” Liquidations remained contained, with shorts closing earlier and longs later. Funding rates stayed near neutral, suggesting leverage had not reached levels seen during sharper market swings.
Bitcoin leads while policy returns to focus Bitcoin and Ether led the recovery as traders watched the latest U.S. market structure bill. Senator Cynthia Lummis released updated CLARITY Act text on July 22 after Senate Banking and Agriculture committees merged their work. The draft covers regulator duties, developer protections, stablecoin rules, ethics, anti-money laundering controls and law enforcement provisions.
Lummis called the coming weeks the “last real chance” to pass the legislation for years. However, Senator Elizabeth Warren and other Democrats criticized its ethics language and enforcement structure. As crypto.news previously reported, disputes over political conflicts, decentralized finance protections and crime investigations have repeatedly slowed the bill, even as prediction-market estimates for passage rose.
Corporate balance-sheet activity added another signal. Strategy increased its U.S. dollar reserve by $225 million to roughly $3.2 billion after selling common shares, while keeping 843,775 BTC. The reserve supports preferred-stock dividends and debt interest rather than new Bitcoin purchases.
Shutdowns and project changes reshape the sector BitMEX announced that it will close on Sept. 23 at 04:00 UTC after reviewing its business and the wider market. The derivatives platform stopped new registrations and will block new positions from Aug. 26. Users can reduce positions and withdraw assets before the final shutdown.
The closure ends an 11-year run for a platform that helped popularize perpetual swaps and high-leverage crypto derivatives. As crypto.news reported before the announcement, BitMEX replaced senior executives in June while reports of a possible sale continued. The shutdown added pressure to smaller centralized exchanges competing for liquidity and paying higher compliance costs.
Other projects also changed direction. CoinMarketCap’s project update said Hyperliquid outlined permissionless HIP-4 outcome markets requiring 500,000 HYPE in staking support. Pump.fun introduced BOOST Mode for new launches, while ENS DAO activated a two-year security council able to stop transactions considered malicious.
Bridge attacks bring security risks back into view Several cross-chain systems reported attacks. AFX Trade lost about $24.15 million in USDC after attackers obtained enough validator signatures to approve a bridge withdrawal. Arbitrum said the attack did not affect its native bridge. AFX paused operations while investigators reviewed the compromised signing setup.
Allbridge also halted its core bridge after a $1.65 million flash-loan attack on Solana liquidity pools. The attacker manipulated pool balances, withdrew assets at favorable rates and moved proceeds toward Ethereum. Across Protocol faced a separate Solana incident, but the project said the loss affected a Risk Labs-operated relayer rather than customer funds. It later restored Solana deposits.
The incidents returned bridge design and key management to the center of DeFi security. As crypto.news reported in earlier coverage, attacks have continued through 2026, including losses involving Kelp DAO and Axelar routes connected to Secret Network.
Institutional capital and tokenization continue expanding Institutional deals provided a different market narrative. Crypto.com announced a $400 million investment from Citadel Securities at a $20 billion valuation. The company said it will use the funding to expand tokenized securities, derivatives and other asset classes across a planned 24/7 financial platform.
S&P Dow Jones Indices and Pantera Capital also launched the S&P Pantera Digital Asset Index. The benchmark uses a rules-based method focused on productive blockchain assets and companies with measurable use or revenue, rather than relying only on token popularity or price momentum.
Meanwhile, xStocks moved beyond U.S. shares by adding tokenized exposure to Hong Kong-listed equities through Payward and GTN. The companies plan to consider U.K., European and South Korean securities after securing required approvals. Tokenized equity value and trading activity have expanded as exchanges and traditional firms build around-the-clock products.
The week combined a market rebound with unresolved policy talks, security failures and infrastructure investment. Bitcoin and Ether finished higher, but stronger prices did not remove operational risks. The next market test will depend on the CLARITY Act’s Senate path, responses to bridge attacks and whether institutional funding converts into sustained trading and settlement activity. Traders will also watch funding rates and liquidation pressure closely.
BitMEX logo in front of building (CoinDesk)Summary
BitMEX is facing a proposed class-action lawsuit from BKX Services and David Namdar, who allege unfair liquidations and the withholding of collateral.The complaint, which cites 622.66 BTC ($40.7 million) allegedly owed to the plaintiffs, says BitMEX designed a system to retain customer collateral and says an internal desk accessed private user data during server freezes.The lawsuit coincides with BitMEX announcing it will cease operations on Sept. 23, ending its 11-year run as a crypto derivatives exchange.BitMEX, the crypto derivatives exchange that invented the perpetual swap, faces a proposed class action suit alleging theft of bitcoin BTC$64,902.80 and insider trading filed the same day it said it would shut down in three months.
The lawsuit, filed by former tokenization project BKX Services and David Namdar in the U.S. District Court for the Southern District of New York, sees BKX claim it lost at least 305.81 BTC through forced liquidations, while Namdar alleges losses of more than 316.85 BTC — a total of 622.66 BTC ($40.7 million).
The July 23 filing came as BitMEX said it would close on Sept. 23, ending an 11-year run. Similar claims were made in a 2020 class-action case, which was closed in June 2025 without a ruling on the liquidation allegations.
The new complaint alleges BitMEX and co-founders Arthur Hayes, Ben Delo and Samuel Reed designed a system to retain customers’ collateral and transfer the remaining bitcoin to the platform’s insurance fund. It also says an internal trading desk had access to private customer information and could continue trading during server freezes that prevented other users from closing their positions.
BitMEX allowed traders to borrow up to 100 times their collateral to leverage their positions. The plaintiffs allege the platform liquidated their positions while the collateral was still worth roughly twice the losses and withheld the balance.
It names parent company HDR Global Trading, several affiliates and the co-founders as respondents.
The plaintiffs want to represent U.S. customers who bought BitMEX bitcoin swap products from July 23, 2018. They are seeking the return of the bitcoin, compensatory damages and punitive damages. It requires a judge to rule that it can proceed as a class-action suit.
The exchange’s closure followed a strategic review by HDR and a wider management shake-up. BitMEX lost its CEO, chief financial officer and head of growth last month, with general counsel Peter Wilkinson taking over as CEO.
CoinDesk reached out to BitMEX and other defendants for comment, but had not heard back by publication time.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Jul 22, 2026
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
24 July 2026 | 13:20 BitMEX is facing a proposed class-action lawsuit alleging that its liquidation system was designed to take Bitcoin from customers and that an internal trading operation used information unavailable to ordinary users.
Key Takeaways Two customers allege that BitMEX liquidations cost them a combined 622.66 BTC. The proposed class action also claims that an internal trading desk used confidential customer information. BitMEX rejects the allegations and says it will defend the case. A similar case ended in 2025 without a ruling on the underlying liquidation claims. BKX Services Inc. and trader David Namdar filed the complaint in the US District Court for the Southern District of New York on July 23.
The plaintiffs say they lost a combined 622.66 BTC through forced liquidations. BKX claims losses of at least 305.81 BTC, while Namdar alleges that he lost more than 316.85 BTC.
The defendants include BitMEX operator HDR Global Trading Limited, several related companies, co-founders Arthur Hayes, Benjamin Delo and Samuel Reed, and former executive Gregory Dwyer.
The filing opens a civil case but does not establish that any of the allegations are true. The proposed class has not been certified, and the defendants will have an opportunity to challenge the claims.
Why the Liquidation System Is Central to the Case BitMEX became known for offering highly leveraged crypto derivatives, allowing traders to control positions much larger than the collateral deposited into their accounts.
When losses push a leveraged position beyond the exchange’s maintenance threshold, the platform can liquidate it automatically. That process is intended to prevent the account from developing a deficit that the trader cannot cover.
The plaintiffs are not arguing that exchanges have no right to liquidate undercollateralized positions. Their complaint instead claims that BitMEX closed certain trades while the remaining collateral was still worth more than the loss that needed to be covered.
According to the filing, Bitcoin left after those liquidations was transferred into the exchange’s insurance fund rather than returned to the customer. The plaintiffs allege that this arrangement gave BitMEX a financial interest in liquidating additional positions.
They are seeking the return of the Bitcoin they say was improperly retained, along with compensatory and punitive damages. The proposed class would include certain US customers who traded Bitcoin swap products on BitMEX beginning July 23, 2018.
The Complaint Alleges an Internal Trading Advantage The lawsuit also describes an operation it calls the “Insider Trading Desk.”
The plaintiffs allege that the desk could access confidential information about customer positions and liquidation levels. Such data could reveal where a relatively small price movement might trigger a larger group of forced closures.
They also claim that internal trading accounts could remain active during server outages that prevented regular customers from logging in, modifying orders or closing positions.
In this case, “insider trading” is not being used in the conventional stock-market sense of trading company shares with confidential corporate information. The complaint alleges that a proprietary desk traded on BitMEX while holding nonpublic information about other users on the same venue.
The court has not determined whether the alleged desk existed in the form described, accessed customer information or influenced liquidation events.
BitMEX Rejects the Claims BitMEX has denied the accusations.
A company spokesperson told Cointelegraph that the exchange had previously dealt with similar allegations. The spokesperson described the new filing as an opportunistic and baseless claim and said the company would vigorously defend itself.
If the case proceeds, the dispute could turn on technical records showing how the liquidation engine operated, where remaining collateral was transferred and what account permissions were available to any internal trading operation.
BitMEX may first ask the court to dismiss the complaint before the parties reach discovery. A dismissal request would test whether the plaintiffs have presented legally sufficient claims, not necessarily whether every factual allegation is correct.
An Earlier Case Ended Without Resolving Similar Claims The new complaint follows a separate proposed class action filed in 2020 by Brett Messieh, Drew Lee and other BitMEX customers.
That case also raised allegations involving forced liquidations, the exchange’s insurance fund and an internal trading desk with access to customer information.
The action was terminated on June 30, 2025. According to the final court order, the remaining plaintiff was dismissed after failing to respond to repeated instructions asking whether he intended to continue the case. The order also referred to a stipulation filed by the other parties.
The case therefore ended without a trial or a ruling on the truth of the liquidation allegations. Its closure was neither a judicial confirmation of the claims nor a finding that the disputed conduct never occurred.
The Filing Came as BitMEX Began Its Final Wind-Down The complaint was filed on the same day BitMEX announced that its exchange would close after more than 11 years of operation.
Under the official closure timetable, exchange services will end on September 23 at 04:00 UTC. The platform will become reduce-only on August 26, meaning users will no longer be able to open new positions or increase existing exposure.
BitMEX may begin closing positions during the period between those dates. Any positions still open when exchange services end will be force-closed.
Our guide to the BitMEX shutdown deadlines explains the withdrawal process, the reduce-only period and the fees that may apply to balances left on the platform.
The timing puts the lawsuit and the closure in the same news cycle, but the available information does not establish that the complaint caused the exchange to shut down. BitMEX said its board reached the decision after reviewing the business and the wider crypto industry.
BMEX and Open Interest Fell After the Closure News The market response added to the pressure surrounding the exchange.
BitMEX’s BMEX token fell more than 90% after the shutdown announcement, reaching its lowest level since trading began in November 2022. Bitcoin open interest on the exchange had also fallen from almost $3 billion at its 2024 peak to approximately $113 million.
Our analysis of the BMEX decline and contraction in BitMEX open interest shows that derivatives activity had already weakened considerably before the final closure process began.
Those market moves help explain the condition of the platform as it enters its wind-down. They do not provide evidence for or against the claims made in the lawsuit.
CZ Reflects on the Exchange’s Crypto Legacy Binance co-founder Changpeng Zhao, known as CZ, said he was “sad to see BitMEX go” and credited the exchange with helping pioneer 100x crypto perpetual contracts.
His reaction reflects BitMEX’s influence on a product that later became central to crypto derivatives trading. It did not address the new complaint or express a view on the plaintiffs’ allegations.
What Happens Next The defendants can respond to the complaint and may seek to have some or all of the claims dismissed. If the case survives that stage, the plaintiffs would still need to convince the court that their claims are suitable for treatment as a class action.
Discovery could then involve records related to the liquidation engine, the insurance fund, server outages, customer data and internal account permissions. The case could also end through dismissal, settlement or another procedural outcome before reaching trial.
For BitMEX users, the court process does not change the exchange’s operational deadlines. Traders still need to manage open positions before the platform becomes reduce-only and withdraw their assets as BitMEX moves toward its September closure.
This article is provided for informational purposes only and does not constitute financial, investment or legal advice.
Author
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
TL; DR BitMEX faces a class action lawsuit alleging it profited from forced liquidations involving 622.66 BTC in customer losses. The legal challenge comes as the exchange prepares to close operations. The firm set a closure date on September 23 after more than a decade in crypto. BitMEX’s decline reflects broader industry consolidation as early crypto giants face regulation, competition, and operational challenges. BitMEX’s planned shutdown has been followed by a major legal challenge, with the crypto derivatives exchange facing a proposed class action lawsuit accusing the platform of unfair liquidation practices that allegedly cost traders more than 622 BTC.
The lawsuit was filed in the U.S. District Court for the Southern District of New York by BKX Services Inc. and David Namdar on the same day BitMEX announced it would permanently close operations on September 23. The plaintiffs claim the exchange used its trading infrastructure, liquidation system, and internal access to benefit from customer losses during highly leveraged trading events.
According to court documents, BKX alleges losses of approximately 305.81 BTC, while Namdar claims losses exceeding 316.85 BTC, bringing the combined amount at the center of the case to 622.66 BTC.
The legal action adds another layer of uncertainty to the final chapter of BitMEX, a platform that once dominated Bitcoin derivatives trading but has faced regulatory pressure, declining market share, and now renewed accusations over its historical operations.
BitMEX Lawsuit Revives Long-standing Liquidation Allegations The plaintiffs allege that BitMEX’s liquidation mechanism was designed in a way that allowed the exchange to profit from forced closures of customer positions.
The complaint claims that traders using BitMEX’s high-leverage products could have their positions automatically liquidated even when their remaining collateral allegedly exceeded the losses generated by those liquidations.
The lawsuit further alleges that liquidated assets were transferred into BitMEX’s insurance fund, creating financial benefits for the platform at the expense of users.
A central argument in the filing is that BitMEX’s internal trading operations allegedly had advantages unavailable to ordinary customers. The plaintiffs claim an internal trading desk had access to confidential customer information and could continue operating during periods when users were unable to access the platform due to server freezes.
BitMEX has rejected the accusations, saying the claims are without merit and that the exchange has successfully defended itself against similar allegations in the past.
Crypto Industry Hit With Massive Shakeout BitMEX’s collapse mirrors a broader trend across the crypto sector, where early industry leaders have struggled to maintain dominance as regulations tightened and competition intensified.
The recent bankruptcy filing of former Bitcoin mining giant Poolin highlights a similar pattern. Poolin rose to become the world’s largest Bitcoin mining pool in 2019 before financial pressure forced it into Chapter 11 proceedings years later.
Both cases demonstrate how companies that helped define crypto’s early growth cycle have faced significant challenges adapting to a more mature industry.
For BitMEX, the combination of shrinking market share, legal disputes, and regulatory challenges has transformed the exchange from a market leader into a company preparing for closure.
While the lawsuit does not determine the outcome of BitMEX’s shutdown process, it could complicate the exchange’s final months and potentially influence how remaining liabilities are handled.
BitMEX and its founders, Arthur Hayes, Samuel Reed, and Ben Delo, are facing a new class action lawsuit just one day after the crypto derivatives exchange shut down. The lawsuit alleges the exchange secretly traded against its own users through an internal trading desk, with plaintiffs BKX Services and David Namdar claiming combined losses of 622.66 BTC (about $40.7 million).
BitMEX, Founders Named in New Class ActionThe lawsuit was filed on July 23, 2026, in the U.S. District Court for the Southern District of New York by BKX Services Inc. and David Namdar on behalf of a proposed class of BitMEX users.
The complaint names HDR Global Trading Limited, along with BitMEX co-founders Arthur Hayes, Ben Delo, Samuel Reed, and former executive Gregory Dwyer as defendants. The plaintiffs allege the exchange secretly operated what it calls an “Insider Trading Desk” that traded directly against customers while publicly presenting itself as a neutral marketplace.
According to the complaint, BitMEX allegedly had privileged access to customer orders, including so-called “hidden orders,” giving insiders an unfair trading advantage that ordinary users could not see.
The lawsuit claims customers believed they were trading only against other market participants when, according to the filing, BitMEX itself was allegedly taking the opposite side of trades.
One of the central allegations is that BitMEX allegedly used the internal desk to profit from customer liquidations while generating more trading fees.
According to the filing, the exchange earned more than $1 billion in transaction fees between November 2014 and October 2024, while its flagship XBTUSD perpetual contract processed over $2 trillion in trading volume during that period.
The plaintiffs also claim they suffered significant Bitcoin losses while trading on the platform. BKX Services alleges losses totaling 305.80903296 BTC, while David Namdar claims losses of 316.85578220 BTC through multiple liquidations. The complaint further alleges that customers collectively lost thousands of Bitcoin as a result of the exchange’s alleged conduct.
The lawsuit also revisits the March 13, 2020 market crash, claiming that around $800 million worth of leveraged positions were liquidated while many users were allegedly unable to access the exchange because of system outages.
According to the complaint, the alleged insider trading operation continued functioning during the disruption. The filing argues that these events allowed BitMEX to generate what it describes as “ill-gotten gains” through trading fees, customer liquidations, and its growing Insurance Fund.
Plaintiffs Seek Return of BitcoinThe plaintiffs are asking the court to certify the case as a class action and order BitMEX to return customers’ Bitcoin. They are also seeking compensatory and punitive damages, legal fees, court costs, and interest.
According to the complaint, users would not have traded on BitMEX if they had known about the alleged hidden trading desk.
The lawsuit comes just one day after BitMEX shut down its exchange. It also follows the platform’s 2020 legal troubles, when U.S. regulators charged the company over anti-money laundering and Bank Secrecy Act violations.
This new case shifts the focus to how BitMEX allegedly handled customer trades internally.
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Key TakeawaysUnderground Reserves Near 15-Year BottomRegional Instability Constraining International SupplyMonetary Policy Expectations Under PressureGet 3 Free Stock Ebooks Natural gas prices across Europe reached four-month peaks Friday, with TTF benchmark rising 0.4% Markets are experiencing their fourth consecutive weekly rally — the longest upward trend since May 2025 Equinor cautioned that Europe will likely miss its 80% storage target ahead of winter Current storage capacity stands at approximately 54%, marking the second-weakest level in a decade and a half Military operations in Iran and Houthi disruptions are constraining LNG deliveries via the Strait of Hormuz Wholesale natural gas prices in Europe remained elevated near four-month peaks on Friday, extending their rally into a fourth successive week.
The TTF front-month contract traded on the Dutch exchange, serving as Europe’s primary benchmark, advanced 0.4%, while Britain’s comparable futures contract climbed 0.3%. This week alone has witnessed an approximately 8% increase in gas values, with July’s cumulative surge exceeding 42%.
This represents the longest sustained upward momentum European gas markets have experienced since May of the previous year.
Underground Reserves Near 15-Year Bottom Earlier this week, Equinor, the continent’s leading domestic natural gas provider, announced that storage facilities throughout Europe are currently filled to just 54% of total capacity. This figure falls short of the five-year seasonal norm and represents the second-weakest position recorded over the past fifteen years.
The energy giant’s chief executive stated that the continent is improbable to achieve its objective of replenishing underground reserves to 80% capacity prior to the commencement of the winter heating period. This benchmark exists as a buffer against potential supply disruptions during colder months.
Entering winter with depleted reserves increases market vulnerability to significant price volatility should weather conditions deteriorate.
Regional Instability Constraining International Supply This week marked the thirteenth straight evening of American military operations targeting Iran. President Donald Trump issued warnings to Tehran and its Houthi proxies in Yemen regarding additional military responses should assaults on Red Sea maritime traffic persist.
🇾🇪 Insurance costs for shipping through the southern Red Sea doubled in a single day.
The jump came after Houthi forces hit at least one tanker overnight, with some companies now paying twice what they paid yesterday.
War risk premiums are the fastest signal in this whole… pic.twitter.com/w7OG07YfWT
— Mario Nawfal (@MarioNawfal) July 23, 2026
The ongoing hostilities have disrupted shipping lanes through the Strait of Hormuz, severing a segment of international LNG transportation from Persian Gulf facilities.
With reduced availability from Persian Gulf sources, Asian purchasers have been successfully outcompeting European utilities in securing available LNG shipments. This competitive dynamic is redirecting cargoes away from European regasification facilities during a critically vulnerable period.
Elevated temperatures throughout Europe have simultaneously increased electricity consumption for air conditioning, compounding the strain on natural gas availability.
Monetary Policy Expectations Under Pressure Escalating energy expenses are contributing to intensifying inflationary pressures throughout the European region.
Financial markets are progressively incorporating scenarios where elevated utility costs could postpone anticipated interest rate reductions. Central banking authorities may need to maintain restrictive monetary policies for extended periods if energy-influenced inflation remains persistent.
The convergence of supply interruptions, insufficient storage capacity, and robust demand provides market participants with minimal indication that prices will moderate in the near term.
The TTF futures contract continues trading close to its strongest position since March, and without an imminent resolution to Middle Eastern tensions, the prospect facing European consumers approaching autumn remains precarious.
Fake Token Promoted as Official Robinhood Chain MascotRobinhood CEO Vlad Tenev's (@vladtenev) X account was compromised on Thursday in a scheme to promote a fraudulent memecoin called Vladhood ($VLAD). The bogus post pitched the token as the "official mascot of Robinhood Chain" and falsely claimed it was slated for a listing on the Robinhood app, a hook designed to lend the scheme legitimacy through Tenev's verified profile.
The post attracted more than 175,000 views in under 20 minutes before users began flagging it as a scam. The memecoin was created just minutes before the post went live. It surged to a peak market cap of around $10 million, and according to on-chain monitoring, the attacker generated around 650 ETH in proceeds, worth approximately $1.2 million to $1.3 million.
The blockchain explorer for Robinhood Chain flagged the token's contract address as a "potential scam." The token changed hands roughly 1,868 times since launch.
Tenev Regains Control, Robinhood Warns UsersRobinhood's communications account confirmed the breach, saying: "Our CEO Vlad Tenev's X account was compromised and posted a fake promotion for a meme coin. We're working with X to restore access and the post has been removed." Tenev subsequently regained control of the account, posting "I'm back," and said the company was awaiting details from X to understand how the compromise occurred. He also clarified that Robinhood has not issued any coins or tokens and urged users to stay safe.
While Robinhood has expanded aggressively into digital assets, including tokenized stocks, crypto staking, perpetual futures, and Robinhood Chain, it has never launched a memecoin.
The incident is part of a broader pattern. High-profile accounts on X and other social media platforms have increasingly been hacked to promote memecoin scams. A fake coin named after Coinbase boss Brian Armstrong crashed earlier this month, a reminder of the risks tied to trusting posts from executive accounts.
The hack came as Robinhood's newly launched blockchain has become a hotbed of speculative trading, attracting more than $700 million in assets across stablecoins, tokenized stocks, and memecoins since debuting earlier this month. Early activity on the network has been dominated by speculative memecoins, and the chain has drawn its share of scams and rug pulls as a result.
Sources:
CoinDesk: Robinhood CEO Vlad Tenev's X Account Hacked to Promote Token
The Block: Robinhood CEO's X Account Hacked to Promote Vladhood Memecoin
Yahoo Finance: Robinhood CEO Vlad Tenev Hacked, Exploiter Makes $1.2 Million
Key Takeaways Cybercriminals seized control of Vlad Tenev’s X profile on Thursday and leveraged it to push a fraudulent cryptocurrency known as Vladhood ($VLAD) The malicious message claimed the digital token would receive official listing status on Robinhood’s platform and displayed a crypto wallet identifier Within less than 20 minutes, the fraudulent announcement accumulated more than 175,000 impressions before community members identified it as illegitimate Attackers successfully siphoned approximately 650 Ether, equivalent to $1.2 million to $1.3 million in value The trading platform acknowledged the security breach and stated it is collaborating with X to regain control of the compromised profile The X social media profile belonging to Robinhood’s Chief Executive Officer Vlad Tenev fell victim to a cyberattack on Thursday, with perpetrators using the platform to advertise a counterfeit memecoin in what security analysts believe was a carefully orchestrated cryptocurrency fraud scheme capitalizing on the company’s newly introduced blockchain infrastructure.
I'm back.
We are awaiting details from the @X team to better understand what happened.
In case it wasn't clear, Robinhood has not issued any coins or tokens. Stay safe out there.
— Vlad Tenev (@vladtenev) July 24, 2026
The fraudulent announcement unveiled a digital asset named Vladhood, marketing it as the “official Robinhood chain mascot.” The deceptive message included false information stating the cryptocurrency would receive integration within Robinhood’s mobile application, alongside providing a blockchain wallet identifier for transactions.
The fraudulent statement declared: “Does Robinhood love memes? The answer is yes.”
Within a span of just 20 minutes, the deceptive post generated over 175,000 impressions before vigilant platform users flagged the content as fraudulent and issued warnings discouraging engagement.
Robinhood acknowledged the security incident via its verified corporate communications profile on X. “Heads up: Our CEO Vlad Tenev’s X account was compromised and posted a fake promotion for a meme coin,” the statement disclosed. “We’re working with X to restore access and the post has been removed.”
Timeline of the Security Breach Blockchain analytics service Onchain Lens was among the first entities to document the account compromise. The blockchain explorer associated with Robinhood Chain has subsequently marked the token’s smart contract identifier as fraudulent.
Blockchain surveillance platform MLM calculated that the cybercriminals managed to extract approximately 650 Ether, representing a monetary value between $1.2 million and $1.3 million. This assessment received corroboration from Wu Blockchain’s independent analysis.
A cryptocurrency investigator operating under the pseudonym Jeff pinpointed a wallet identifier suspected of belonging to the criminal organization. Jeff’s research indicates the wallet executed a $126.81 purchase to acquire 47.2 million VLAD tokens, which reportedly held an unrealized gain hovering around $159,000 at the time of analysis.
Momentum Behind Robinhood Chain This security incident occurred during a period of substantial expansion for Robinhood Chain, which debuted earlier this month to considerable market interest.
The blockchain network has successfully accumulated over $700 million in total value locked, encompassing stablecoins, tokenized equity instruments, and memecoins, based on analytics compiled through an Entropy Advisors Dune dashboard.
The platform has surpassed 300,000 daily active wallet addresses and achieved processing volumes approaching 10 million individual transactions within a 24-hour timeframe.
This accelerated adoption trajectory has sparked an influx of newly created memecoins attempting to capitalize on the network’s popularity, simultaneously establishing it as an attractive target for fraudulent operations.
This breach aligns with broader industry trends within the cryptocurrency sector. Social engineering attacks and platform account hijackings have emerged as increasingly prevalent tactics among malicious actors, according to intelligence gathered by cybersecurity firm Nominis.
These attacks continue despite overall reductions in total cryptocurrency value lost to fraudulent schemes during recent reporting periods.
Robinhood has refrained from issuing additional statements beyond its initial confirmation of the security breach and notification regarding post removal.
Ethena’s Coinbase custody wallet transferred 290 million ENA worth $26.41 million to a personal wallet with a history of sending tokens to exchanges. As expected, the transaction revived concerns about another round of market distribution because the receiving address previously moved ENA to Binance and Coinbase.
However, traders did not immediately respond with aggressive selling despite the transaction’s size. Instead, market activity suggested participants waited for confirmation before adjusting their positions.
The transfer also arrived while ENA traded near an important resistance zone, increasing attention on whether buyers could absorb any incoming supply.
As a result, the wallet movement shifted focus towards exchange flows and price structure rather than creating an instant bearish reaction across the market.
Spot outflows offset distribution concerns Despite the large custody transfer, exchange flow data painted a more balanced picture at press time. ENA’s daily spot netflow, for instance, remained negative at -$456.47K, indicating that exchange outflows still exceeded inflows.
The reading suggested that the broader market continued to withdraw tokens instead of sending them to centralized exchanges for immediate selling. Even though the custody transaction raised fresh concerns, aggregate flow data failed to confirm widespread distribution.
In addition, recent sessions showed negative Netflows dominated most observations despite occasional positive spikes.
That trend reduced immediate exchange supply and softened the bearish implications of the 290 million ENA transfer.
Nevertheless, traders would likely require sustained negative Netflows to preserve that advantage because sustained inflows could quickly strengthen selling pressure.
Source: CoinGlass Can ENA break above resistance next? At the time of writing, Ethena [ENA] was trading at around $0.0913 after extending its recent recovery towards the $0.0955-resistance level. Buyers steadily defended higher lows, allowing price to recover from the $0.0788-support established earlier this month.
Meanwhile, the 14-day RSI climbed to 63.83 while its moving average stood at 52.56, reflecting a hike in buying interest without entering overbought territory.
That improvement suggested that bullish participation increased as the price approached its overhead resistance.
Even so, ENA still traded beneath the stronger $0.1120 resistance. It remains the next major barrier if buyers secure a breakout above $0.0955. Failure to reclaim that level would likely encourage another retest of $0.0788, whereas a confirmed breakout could open the path towards $0.1120.
Source: TradingView Where could ENA’s next volatility emerge? Finally, liquidation data highlighted several leveraged positions surrounding ENA’s press time trading range.
The nearest concentration of short liquidations appeared slightly above $0.093, meaning a successful breakout could force bearish traders to close positions and accelerate buying activity. However, substantial liquidity also clustered below $0.087, creating a downside magnet if the price loses its nearby support.
Those opposing liquidation pockets alluded to leverage being balanced, despite the recent recovery.
Rather than confirming a clear directional bias, the heatmap indicated volatility would likely increase once ENA reaches either liquidity zone.
Traders should probably watch those levels closely because liquidation-driven moves often intensify short-term price swings beyond ordinary spot market activity.
Source: CoinGlass Final Summary ENA held firm despite the large custody transfer as exchange outflows continued to outweigh inflows. Buyers approached the $0.0955-resistance while liquidation zones hinted at higher volatility ahead.
Cameron and Tyler Winklevoss, the co-founders of cryptocurrency exchange Gemini, have donated more than $10 million in Bitcoin ($BTC) to MAGA Inc., the Super PAC aligned with President Donald Trump. The contributions landed weeks after federal regulators moved to unwind a penalty the exchange had fought for years.
Two Contributions, One Day According to MAGA Inc.'s July report to the Federal Election Commission, Gemini Trust Company sent two separate contributions of more than $5 million in Bitcoin on June 19, disclosed in a July FEC filing. The precise breakdown, confirmed by FEC records, shows Cameron's records total $5,006,604.47 and Tyler's total $5,011,860.44. After receiving the Bitcoin, the FEC filing shows that the committee sold the donated Bitcoin through Gemini. Under FEC rules, a political committee selling donated Bitcoin must name the exchange, though the buyer can remain anonymous and does not count as a contributor.
Together, the contributions add up to a $10 million political commitment, one of the most significant crypto donations ever reported to the FEC. The contributions were made in Bitcoin, a relatively novel form of campaign finance that Super PACs are permitted to accept, and MAGA Inc. can deploy the funds for independent expenditures in support of President Donald Trump.
The Regulatory Backdrop The donation was recorded about three weeks after the CFTC filed a joint motion with Gemini in federal court in an attempt to reverse a January 2025 settlement over the company allegedly making false or misleading statements. The CFTC took the rare step of attempting to reverse the $5 million settlement it reached with Gemini in January 2025. In its motion, the CFTC acknowledged the original complaint was largely based on a whistleblower's account "known to be lacking in credibility," calling the exchange a "fraud victim."
CFTC Chair Michael Selig claimed at the time that the agency under former President Joe Biden "politically targeted" the Winklevosses through enforcement actions. Importantly, the donation came 23 days after the CFTC joined Gemini's effort to undo parts of its 2025 judgment, although the filing offers no evidence linking the two events, and the records provide no clear evidence that the donations caused or influenced the CFTC's action.
The Winklevoss brothers have a long track record of supporting Trump politically. In addition to the recent MAGA Inc. contributions, the Winklevoss brothers each donated $1 million to Trump's 2024 election campaign and supported the then-candidate through social media posts. Following Trump taking office in January 2025, the twins attended the signing ceremony for the GENIUS Act stablecoin payments bill and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC in an effort to support the administration's efforts related to crypto policy. Gemini has now emerged as one of the largest crypto-aligned political donors backing the current administration.
Sources:
Cointelegraph: Gemini Sent $10M in Bitcoin to Trump PAC after Joint Motion with CFTC
CNBC: U.S. Regulator Moves to Withdraw $5 Million Penalty Against Winklevoss' Crypto Exchange
Decrypt: CFTC, Gemini File Joint Motion to Reverse $5M Settlement
Gemini Trust Company sent more than $10 million in Bitcoin to MAGA Inc., a super political action committee that supports President Donald Trump.
Summary
Gemini sent two Bitcoin contributions totaling over $10 million to Trump-supporting super PAC MAGA Inc. The donations followed Gemini and CFTC’s joint request to vacate ongoing terms of their settlement. Gemini will not recover its $5 million penalty even if the court grants relief requested. A July Federal Election Commission filing lists two Bitcoin contributions made on June 19, with each valued at more than $5 million. The committee can use the funds for independent spending that supports Trump.
The transfers came about three weeks after Gemini and the U.S. Commodity Futures Trading Commission filed a joint motion in a New York federal court. The parties asked the judge to remove the continuing terms of a January 2025 consent order. Available records do not establish that the donation affected the CFTC’s decision, and neither side has publicly linked the events.
FEC filing records two Bitcoin contributions MAGA Inc. disclosed the payments in its monthly report covering June. The filing identifies Gemini Trust Company as the contributor and records both payments on the same date. By June 30, the super PAC had reported more than $397 million in total receipts, according to reports citing the filing.
The contributions extend the Winklevoss brothers’ political support for Trump and pro-crypto groups. Cameron and Tyler Winklevoss each gave $1 million in Bitcoin to Trump’s 2024 campaign. They later donated $21 million in Bitcoin to the Digital Freedom Fund, a PAC created to support the administration’s crypto policy goals.
CFTC seeks relief from Gemini consent order The CFTC sued Gemini in June 2022. The agency alleged that the exchange made false or misleading statements while seeking approval for a Bitcoin futures product. Gemini settled the case in January 2025 without admitting or denying the findings. The consent order required a $5 million civil penalty and imposed a permanent injunction.
On May 27, 2026, the CFTC joined Gemini’s request for relief from that judgment. The agency said a later review found that the complaint “should not have been filed” under its current enforcement standards. It cited questions about the evidence, a whistleblower’s credibility and staff conduct during the investigation.
However, the motion does not seek repayment of the fine. The CFTC said both sides agreed that the $5 million “will not be returned to Gemini.” The requested relief covers the future-facing parts of the order, including the injunction. As crypto.news reported in May, the regulator said keeping those terms in force would not be equitable. No public ruling had appeared by July 24.
Warren questions the agency’s independence Senator Elizabeth Warren challenged the reversal request in a June 5 letter to CFTC Chair Michael Selig. She tied the matter to concerns about staffing cuts, reduced enforcement and contacts between the regulator and crypto or prediction-market firms. Warren called the developments “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders.”
The letter states Warren’s position and does not prove that Gemini’s political giving shaped the agency’s action. The CFTC said its decision followed a review of the investigation, evidence, litigation tactics and current policy. It also said Gemini had been a fraud victim and that the earlier complaint relied heavily on an account lacking credibility.
Warren renewed her scrutiny on July 22 by asking the Government Accountability Office to examine CFTC staffing cuts and their effect on enforcement. Her office said the workforce had fallen by about 25% since January 2025. The CFTC’s current website lists Selig as its only commissioner, although federal law provides for a five-member commission.
Crypto election spending reaches new records The Gemini contribution arrived during a surge in crypto-linked political spending. As previously reported by crypto.news,Public Citizen estimated that crypto companies had contributed about $189 million during the 2026 U.S. election cycle by late June. The group said this represented about 37% of corporate political contributions tracked during the cycle.
Several large crypto firms have funded PACs supporting candidates from both parties. Fairshake and related committees have received backing from Coinbase, Ripple and other companies. Meanwhile, MAGA Inc. has attracted money from Gemini and other technology or crypto businesses. Super PACs may accept unlimited corporate contributions for independent spending, but they cannot contribute directly to candidates or coordinate communications with them.
The spending comes as Congress considers the CLARITY Act, which could give the CFTC a larger role in digital asset oversight. Lawmakers continue to debate the regulator’s staffing, authority and leadership structure before expanding its duties.
The court has not publicly resolved the Gemini-CFTC motion. The Bitcoin transfer remains a separately disclosed political contribution. Gemini has already paid the $5 million penalty, and the agreement with the CFTC prevents its return even if the judge removes the order’s continuing restrictions.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hong Kong’s Securities and Futures Commission (SFC) fined Victory Securities HK$1.7 million for violating regulatory rules and temporarily revoked the license of its responsible officer.
The Hong Kong Securities and Futures Commission (SFC) announced that Victory Securities Limited was censured and fined HK$1.7 million for violating regulatory requirements in handling a client’s account. Zhao Ziliang, the firm’s responsible officer and core function head, had his license suspended for three months, effective from July 22 to October 21, 2026. The violations were uncovered during the SFC’s investigation into an alleged "pump and dump" scheme. The client opened an account on October 29, 2019, subsequently submitting two sell orders and providing statements purportedly issued by other brokers as proof of shareholdings. Despite the client’s shareholding value being clearly inconsistent with the financial status declared in the account opening documents, Victory Securities failed to conduct sufficient due diligence before executing the orders, nor did it obtain reasonable explanations for the warning signs. Subsequent information revealed the client may have submitted false documents to facilitate one of the transactions, but Victory Securities did not report the relevant fraud or deception to the SFC. The SFC ruled that the firm’s handling fell short of the requirements of the Code of Conduct and relevant anti-money laundering laws and guidelines, with the deficiencies attributed to Zhao Ziliang’s failure to fulfill his duties as a responsible officer and senior management member. In its disciplinary decision, the SFC considered that the incident was an isolated case with no systemic gaps found in Victory Securities’ internal controls; the firm has since improved its policies and procedures and conducted mandatory training, both Victory Securities and Zhao cooperated with the investigation, and Zhao had no prior disciplinary record.
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Hong Kong’s Securities and Futures Commission (SFC) fined Victory Securities HK$1.7 million for violating regulatory rules and temporarily revoked the license of its responsible officer.
The Hong Kong Securities and Futures Commission (SFC) announced that Victory Securities Limited was censured and fined HK$1.7 million for violating regulatory requirements in handling a client’s account. Zhao Ziliang, the firm’s responsible officer and core function head, had his license suspended for three months, effective from July 22 to October 21, 2026. The violations were uncovered during the SFC’s investigation into an alleged "pump and dump" scheme. The client opened an account on October 29, 2019, subsequently submitting two sell orders and providing statements purportedly issued by other brokers as proof of shareholdings. Despite the client’s shareholding value being clearly inconsistent with the financial status declared in the account opening documents, Victory Securities failed to conduct sufficient due diligence before executing the orders, nor did it obtain reasonable explanations for the warning signs. Subsequent information revealed the client may have submitted false documents to facilitate one of the transactions, but Victory Securities did not report the relevant fraud or deception to the SFC. The SFC ruled that the firm’s handling fell short of the requirements of the Code of Conduct and relevant anti-money laundering laws and guidelines, with the deficiencies attributed to Zhao Ziliang’s failure to fulfill his duties as a responsible officer and senior management member. In its disciplinary decision, the SFC considered that the incident was an isolated case with no systemic gaps found in Victory Securities’ internal controls; the firm has since improved its policies and procedures and conducted mandatory training, both Victory Securities and Zhao cooperated with the investigation, and Zhao had no prior disciplinary record.
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The whale who is good at trading $MU just opened a new 3x long on 25,961 $MU($25.2M). The whale has completed 4 long trades on $MU, winning every one and making a $2.28M profit.
9 minutes ago
Hong Kong’s Securities and Futures Commission (SFC) has optimized the regulatory framework for daily leveraged and inverse products to ensure orderly market trading.
The Hong Kong Securities and Futures Commission (SFC) today issued a revised circular, mandating that leveraged and inverse products—whose capacity is highly sensitive to market conditions—adopt a flexible leverage structure. Under this structure, leverage multiples can be adjusted daily within the existing caps: 2x for leveraged products and -2x for inverse products. Accordingly, product providers may lower the target leverage multiples of these products when necessary, giving them greater flexibility to manage the products during periods of high trading volume. The leverage multiples for these products on the next trading day will be disclosed after daily market close. The potential daily adjustment of leverage multiples also helps deepen investors’ understanding that leveraged and inverse products are designed as daily products, reminding investors that these products are not suitable for holding beyond one day.
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The 'Big Short' Michael Burry warns to watch long-term US Treasuries, which are facing multiple pressures including surging AI-related debt and oil prices approaching $100.
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Smart money takes a triple long position on Micron, with the position valued at $25.2 million.
According to Lookonchain's monitoring, a crypto whale has just opened a 3x leveraged long position on 25,961 units of MU, valued at approximately $25.2 million. The whale had previously completed four MU long trades, all profitable, with a total profit of $2.28 million.
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Semiconductor stocks were mixed in U.S. pre-market trading, with Intel rising nearly 5% while most storage and optical communication stocks declined.
According to BIT (bit.com) market data, ahead of Friday’s US pre-market trading, semiconductor stocks were mixed: Intel (INTC) rose 4.76%, Arm (ARM) gained 0.96%, and AMD (AMD) increased 0.41%; SK Hynix (SKHY) fell 2.93%, Micron Technology (MU) dropped 2.16%, Marvell Technology (MRVL) decreased 1.41%, and NVIDIA (NVDA) declined 0.72%. The storage sector saw broad declines: SK Hynix (SKHY) fell 2.93%, SanDisk (SNDK) dropped 2.19%, Micron Technology (MU) decreased 2.16%, Western Digital (WDC) declined 1.68%, and Seagate Technology (STX) fell 1.24%. Most optical communication concept stocks retreated: Nokia (NOK) dropped 2.15%, Astera Labs (ALAB) fell 1.99%, Credo (CRDO) decreased 1.86%, Ciena (CIEN) declined 1.14%, and Applied Optoelectronics (AAOI) fell 0.62%.
The native token of Hyperliquid, HYPE, remains under the spotlight as its price structure signals continued bullish momentum, even amid short-term volatility. Observers have stated that a major support level could determine whether buyers sustain the rally or if the token will correct lower in the near term. Meanwhile, Hyperliquid’s ecosystem is expanding through the launch of new artificial intelligence (AI)-focused decentralized investment offerings via HYPER EVM.
HYPE technical outlook and support levelsAt press time, HYPE is trading at $57.88. The token registered a 24-hour trading volume of $320.77 million and boasts a market capitalization of $14.62 billion. Despite a 2.33% decline on the day, the price structure has shown resilience, suggesting that bullish continuation is still possible if support levels hold.
Technical analyst Wick assessed that HYPE surged from below $50, reaching the $160 resistance zone. However, this move has placed the token at a local peak, a level where profit-taking and corrective selling could emerge. Wick drew parallels to two earlier market moves and identified a likely demand region between $72 and $100, forming part of a recurring rally-correction-recovery pattern seen before.
Wick highlighted that if buyers defend the $72 to $100 support, HYPE could attract new demand and resume gains aiming for targets between $120 and $150.
Below this support, a breakdown could trigger a deeper correction, with the next significant accumulation area identified around $40.
Support LevelUpside TargetDownside Risk$72-$100$120-$150$40Analysts have noted that the overall direction of the token is currently influenced by the broader cryptocurrency market, which has seen downward pressure as Bitcoin begins to retreat.
Ecosystem growth: New AI investment productsBeyond price movements, the Hyperliquid platform continues to innovate. New decentralized investment products focused on artificial intelligence have recently been deployed through HYPER EVM. This blockchain-based protocol now supports “AI agent tokens,” which are backed by baskets of perpetual futures contracts.
These AI agent tokens give users exposure to select AI-driven cryptocurrencies, diversifying investor portfolios and increasing capital efficiency within the DeFi sector. Market data from PerpGame indicated that these products aim to expand user participation and broaden the platform’s reach.
Participants are now able to engage with AI agent tokens collateralized by baskets of perpetual contracts, gaining structured exposure to this emerging asset class.
Mini dictionary: HYPER EVM is a blockchain environment within the Hyperliquid platform that enables smart contracts and supports the launch of decentralized applications, including AI-based investment products.
Market context and outlookDespite active network development and positive expansion in decentralized finance, HYPE has faced additional downward pressure following a general downturn in the crypto market. Bitcoin’s recent slide has contributed to the cautious sentiment surrounding emerging tokens, including HYPE.
The broader market environment is adding volatility to HYPE’s outlook, and its near-term path will depend on whether traders can defend critical support levels and ride the next wave of buying momentum.
Traders are watching closely to see if HYPE can build on its technical structure and ecosystem growth, or if the correction will deepen toward the next accumulation region.
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.
Hong Kong’s Securities and Futures Commission (SFC) fined Victory Securities HK$1.7 million for violating regulatory rules and temporarily revoked the license of its responsible officer.
The Hong Kong Securities and Futures Commission (SFC) announced that Victory Securities Limited was censured and fined HK$1.7 million for violating regulatory requirements in handling a client’s account. Zhao Ziliang, the firm’s responsible officer and core function head, had his license suspended for three months, effective from July 22 to October 21, 2026. The violations were uncovered during the SFC’s investigation into an alleged "pump and dump" scheme. The client opened an account on October 29, 2019, subsequently submitting two sell orders and providing statements purportedly issued by other brokers as proof of shareholdings. Despite the client’s shareholding value being clearly inconsistent with the financial status declared in the account opening documents, Victory Securities failed to conduct sufficient due diligence before executing the orders, nor did it obtain reasonable explanations for the warning signs. Subsequent information revealed the client may have submitted false documents to facilitate one of the transactions, but Victory Securities did not report the relevant fraud or deception to the SFC. The SFC ruled that the firm’s handling fell short of the requirements of the Code of Conduct and relevant anti-money laundering laws and guidelines, with the deficiencies attributed to Zhao Ziliang’s failure to fulfill his duties as a responsible officer and senior management member. In its disciplinary decision, the SFC considered that the incident was an isolated case with no systemic gaps found in Victory Securities’ internal controls; the firm has since improved its policies and procedures and conducted mandatory training, both Victory Securities and Zhao cooperated with the investigation, and Zhao had no prior disciplinary record.
9 minutes ago
$MU whale opens $25.2M 3x long with perfect 4/4 winning record, $2.28M profit
The whale who is good at trading $MU just opened a new 3x long on 25,961 $MU($25.2M). The whale has completed 4 long trades on $MU, winning every one and making a $2.28M profit.
9 minutes ago
Hong Kong’s Securities and Futures Commission (SFC) has optimized the regulatory framework for daily leveraged and inverse products to ensure orderly market trading.
The Hong Kong Securities and Futures Commission (SFC) today issued a revised circular, mandating that leveraged and inverse products—whose capacity is highly sensitive to market conditions—adopt a flexible leverage structure. Under this structure, leverage multiples can be adjusted daily within the existing caps: 2x for leveraged products and -2x for inverse products. Accordingly, product providers may lower the target leverage multiples of these products when necessary, giving them greater flexibility to manage the products during periods of high trading volume. The leverage multiples for these products on the next trading day will be disclosed after daily market close. The potential daily adjustment of leverage multiples also helps deepen investors’ understanding that leveraged and inverse products are designed as daily products, reminding investors that these products are not suitable for holding beyond one day.
9 minutes ago
The 'Big Short' Michael Burry warns to watch long-term US Treasuries, which are facing multiple pressures including surging AI-related debt and oil prices approaching $100.
"The Big Short" prototype Michael Burry posted that people should closely monitor the trend of long-term U.S. Treasuries. Multiple factors are exerting pressure on the U.S. Treasury market, including the rapid expansion of AI-related debt, rising inflation volatility, unstable basis trading conditions, and oil prices rebounding back to nearly $100. He stated that it remains uncertain how long private equity and private credit markets can sustain themselves.
9 minutes ago
Smart money takes a triple long position on Micron, with the position valued at $25.2 million.
According to Lookonchain's monitoring, a crypto whale has just opened a 3x leveraged long position on 25,961 units of MU, valued at approximately $25.2 million. The whale had previously completed four MU long trades, all profitable, with a total profit of $2.28 million.
9 minutes ago
Semiconductor stocks were mixed in U.S. pre-market trading, with Intel rising nearly 5% while most storage and optical communication stocks declined.
According to BIT (bit.com) market data, ahead of Friday’s US pre-market trading, semiconductor stocks were mixed: Intel (INTC) rose 4.76%, Arm (ARM) gained 0.96%, and AMD (AMD) increased 0.41%; SK Hynix (SKHY) fell 2.93%, Micron Technology (MU) dropped 2.16%, Marvell Technology (MRVL) decreased 1.41%, and NVIDIA (NVDA) declined 0.72%. The storage sector saw broad declines: SK Hynix (SKHY) fell 2.93%, SanDisk (SNDK) dropped 2.19%, Micron Technology (MU) decreased 2.16%, Western Digital (WDC) declined 1.68%, and Seagate Technology (STX) fell 1.24%. Most optical communication concept stocks retreated: Nokia (NOK) dropped 2.15%, Astera Labs (ALAB) fell 1.99%, Credo (CRDO) decreased 1.86%, Ciena (CIEN) declined 1.14%, and Applied Optoelectronics (AAOI) fell 0.62%.
Key Takeaways Major institutional players including Multicoin Capital, Selini Capital, and Galaxy Digital have initiated withdrawals totaling approximately $150M in HYPE tokens The token experienced an 8% decline, touching $58 before finding support at $59.19 Pending withdrawals represent nearly 2x the token’s daily spot trading volume of $72.8M Selini Capital’s withdrawal appears connected to the termination of a HIP-3 perpetuals market operated by DreamCash Multicoin’s managing partner Tushar Jain publicly stated the unstaked tokens aren’t intended for immediate sale; withdrawal completion scheduled for July 28 The HYPE token from Hyperliquid experienced a sharp 8% correction from its recent peak this Wednesday following news that three prominent cryptocurrency investment funds have initiated withdrawal processes for approximately $150 million worth of tokens.
Hyperliquid (HYPE) Price The breakdown shows Multicoin Capital controlling $138.78 million in staked HYPE tokens, with approximately $116 million currently pending withdrawal from the staking protocol. Meanwhile, Selini Capital has queued $4.4 million and Galaxy Digital has initiated a $29.4 million HYPE withdrawal request.
On-chain tracking also revealed that a cryptocurrency wallet associated with Multicoin transferred approximately 167,000 HYPE tokens—valued around $11.2 million—to the Coinbase exchange. HYPE’s price momentarily dipped to $57.39 before stabilizing at $59.19, per CoinGecko data. The 24-hour trading activity exceeded $415 million.
Multicoin-linked wallet moves 490K $HYPE (~$29.48M) in 2 days
A wallet likely belonging to Multicoin Capital just moved 93K $HYPE (~$5.48M) to fresh wallets.
New addresses:
• 0xFA2173AD69De51769d75934AcBCF5C2382B1B7F1
• 0x257F1352204A01f59abC5bc60384Bf4c1e5f8B70
This follows… pic.twitter.com/InfWQIXYFF
— Onchain Lens (@OnchainLens) July 23, 2026
Massive Withdrawal Queue Creates Market Imbalance The sheer magnitude of the $150 million withdrawal request represents almost twice the daily spot market activity for HYPE. Data from Block Liquidity indicates that spot market volume reached only $72.8 million during approximately 28 hours preceding Wednesday’s movements. Market participants included 1,463 distinct buyers versus 982 sellers. Wintermute emerged as the dominant net buyer with purchases exceeding $9 million, while the top net seller disposed of $5.2 million worth of tokens.
Over the trailing seven-day period, HYPE has declined approximately 11%, marking it as the weakest performer within the top 10 cryptocurrencies by market capitalization during this timeframe. ETF monitoring platform CoinGlass registered zero inflows on Wednesday, following Tuesday’s $0.7 million outflow. The token’s Futures Open Interest currently stands at $2.5 billion, reflecting a modest 0.5% decrease over 24 hours.
Technical analyst CryptosBatman highlighted on X that HYPE has breached its 50-day moving average following a six-month sustained rally above this threshold. The analyst identified a developing bearish continuation pattern and projected a subsequent price target of $55, derived from the 1.618 Fibonacci extension level—a price point that coincides with an important support zone.
After a 6-month rally above the 50-day MA, $HYPE has broken down from it.
Not just a usual breakdown, but a bearish continuation has formed as well.
The next target based on the 1.618 Fibonacci extension is $55, right at a support level. pic.twitter.com/mhDl4htYSo
— BATMAN ⚡ (@CryptosBatman) July 23, 2026
Understanding the Institutional Exit Strategy Selini Capital’s withdrawal decision appears directly linked to the closure of DreamCash’s HIP-3 CASH perpetuals market. The protocol architecture requires market operators to stake 500,000 HYPE tokens as collateral, which gets returned upon market termination. Market intelligence suggests Selini Capital may liquidate its HYPE holdings through over-the-counter trading desks.
The rationale behind Multicoin’s substantial unstaking remains more ambiguous. The venture firm recently spearheaded a $1.75 million seed funding round for Trasia, an Asian-focused trading infrastructure planning to introduce perpetual contracts for Asian equity markets on the Hyperliquid platform. Managing partner Tushar Jain clarified on X that the unstaked HYPE tokens weren’t earmarked for immediate liquidation.
The critical July 28 unlock deadline will provide definitive answers regarding the ultimate destination of these substantial token positions.
Currently, HYPE trades beneath its 50-day exponential moving average positioned at $62.52. For bullish momentum to return, the token must recapture the $60.72 level and cross back above the 50-day EMA to improve near-term technical sentiment. The Relative Strength Index hovers around 40 while the MACD indicator persists below the zero line, both technical signals suggesting ongoing bearish pressure.
The 200-day EMA at $50.77 continues to hold as a critical long-term support threshold.
A crypto whale has staked 2.93 million $HYPE tokens worth approximately $172 million in a single 24-hour window, according to on-chain analytics firm Lookonchain. The deposits were spread across 19 separate wallets, which analysts believe are controlled by the same holder.
The position was originally accumulated around nine months ago, leaving the whale sitting on an unrealized profit of roughly $44.5 million at current prices.
Why Staking $HYPE Matters The move is notable not just for its size but for what staking actually entails. Hyperliquid uses a delegated proof-of-stake consensus mechanism called HyperBFT, where validators must stake HYPE to participate in consensus and users can delegate their tokens to validators to earn staking rewards while helping secure the network. Stakers earn rewards following a dynamic formula inversely proportional to the square root of total HYPE staked, with rewards accruing every minute and distributed daily with automatic recompounding.
From a supply perspective, the decision to stake rather than sell carries a clear market signal. Staking removes tokens from liquid supply, tightening float, and ties validator economics to the token's price rather than fee revenue alone.
A Pattern of Large-Scale Accumulation This is not an isolated event. On-chain data has shown a consistent pattern of large holders locking up significant positions in recent months. Lookonchain data from June showed that three newly created wallets withdrew a combined 557,406 HYPE from Kraken and staked the tokens, a holding worth about $40.2 million at the time. Separately, Bitwise staked 1.775 million HYPE worth roughly $114 million on Hyperliquid, as reported by Lookonchain, through its Bitwise Hyperliquid ETF, which launched on NYSE Arca in May 2026.
The tokenomics reinforcing these decisions are also notable. Up to 97% of all trading fees generated on the platform are used to buy HYPE from the open market, creating persistent demand pressure that scales with trading volume. HYPE has a fixed maximum supply of 1 billion tokens, and the supply can only decrease over time through burns.
The whale's decision to stake rather than liquidate a position carrying tens of millions in unrealized gains suggests a longer-term conviction on the protocol's trajectory, even as other large holders, including Multicoin Capital, have recently moved to reduce their exposure.
Sources:
Bloomingbit: Hyperliquid Whale Buying Continues as $60 Million in Exchange Withdrawals Emerges
Hyperdash: HYPE Token Tokenomics, Staking and Buybacks
Bitcoin.com: Bitwise Stakes $114 Million in HYPE on Hyperliquid
