In brief AFX Trade, a perpetuals exchange on Arbitrum, was drained of about $24 million in an exploit that hit a USDC bridge the protocol itself operates. The exchange said the breach was isolated to that bridge and the exact attack vector is still under investigation; on-chain trackers say the funds were swapped for 12,468 ETH. AFX has halted the bridge and publicly offered the attacker a deal—return 70% of the funds and keep the rest as a "white hat bounty." AFX Trade, a decentralized perpetuals exchange on Arbitrum that settles in the stablecoin USDC, was drained of $24.15 million on Wednesday in an exploit that hit a bridge the protocol operates, security firm Blockaid said.
In a tweet, AFX said the exact attack vector remains under investigation. The on-chain money trail shows that the attacker bridged the stolen USDC to Ethereum and swapped it for 12,468 ETH, now sitting in a single wallet, PeckShield said.
AFX is aware of an incident involving the AFX-operated USDC custody bridge on Arbitrum.
Upon detecting the incident, we immediately suspended bridge operations and initiated our incident response procedures. Our engineering and security teams are actively investigating the root…
— AFX Trade (@AFX_XYZ) July 23, 2026
Arbitrum moved fast to put distance between itself and the protocol. Co-founder Steven Goldfeder said the network's native bridge "has not been hacked or exploited in any way," and that the transaction came from a third-party protocol. A breach of Arbitrum's own bridge would ripple across the entire layer-2; a compromised app sitting on top of it is a contained failure.
AFX suspended bridge operations and said the damage looked "isolated to the AFX-operated custody bridge," noting that neither its trading infrastructure and mainnet, nor the Arbitrum network itself, had been compromised.
The firm added that it was working with ecosystem partners and security firms to trace the stolen assets. Hours later, AFX's head of growth, Ken C, offered the attacker a way out: return 70% of the haul and keep the other 30% as a "white hat bounty." Such public pleas have become a recurring feature of crypto exploits—Solana's Drift Protocol tried the same after its $285 million hack in April.
The theft extends a brutal year for DeFi, which has lost more than $840 million to hacks in 2026. It lands close to home, too, with fellow Arbitrum perpetuals venue Ostium drained of $18 million through a compromised oracle key just a week earlier.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief AFX Trade, a perpetuals exchange on Arbitrum, was drained of about $24 million in an exploit that hit a USDC bridge the protocol itself operates. The exchange said the breach was isolated to that bridge and the exact attack vector is still under investigation; on-chain trackers say the funds were swapped for 12,468 ETH. AFX has halted the bridge and publicly offered the attacker a deal—return 70% of the funds and keep the rest as a "white hat bounty." AFX Trade, a decentralized perpetuals exchange on Arbitrum that settles in the stablecoin USDC, was drained of $24.15 million on Wednesday in an exploit that hit a bridge the protocol operates, security firm Blockaid said.
In a tweet, AFX said the exact attack vector remains under investigation. The on-chain money trail shows that the attacker bridged the stolen USDC to Ethereum and swapped it for 12,468 ETH, now sitting in a single wallet, PeckShield said.
AFX is aware of an incident involving the AFX-operated USDC custody bridge on Arbitrum.
Upon detecting the incident, we immediately suspended bridge operations and initiated our incident response procedures. Our engineering and security teams are actively investigating the root…
— AFX Trade (@AFX_XYZ) July 23, 2026
Arbitrum moved fast to put distance between itself and the protocol. Co-founder Steven Goldfeder said the network's native bridge "has not been hacked or exploited in any way," and that the transaction came from a third-party protocol. A breach of Arbitrum's own bridge would ripple across the entire layer-2; a compromised app sitting on top of it is a contained failure.
AFX suspended bridge operations and said the damage looked "isolated to the AFX-operated custody bridge," noting that neither its trading infrastructure and mainnet, nor the Arbitrum network itself, had been compromised.
The firm added that it was working with ecosystem partners and security firms to trace the stolen assets. Hours later, AFX's head of growth, Ken C, offered the attacker a way out: return 70% of the haul and keep the other 30% as a "white hat bounty." Such public pleas have become a recurring feature of crypto exploits—Solana's Drift Protocol tried the same after its $285 million hack in April.
The theft extends a brutal year for DeFi, which has lost more than $840 million to hacks in 2026. It lands close to home, too, with fellow Arbitrum perpetuals venue Ostium drained of $18 million through a compromised oracle key just a week earlier.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
An attacker drained nearly all of AFX Trade’s funds by compromising the signing keys to a bridge the Arbitrum protocol operates, in another off-chain crypto exploit.
Original Image Credits: Pixel-Shot / Shutterstock.com
Posted July 23, 2026 at 6:25 am EST.
AFX Trade, a decentralized perpetuals exchange that runs on Arbitrum and settles in the stablecoin USDC, was drained of roughly $24.15 million on Wednesday after an attacker exploited a bridge it operates.
The exploit was not a smart contract failure. Five of the AFX’s custody bridge’s hot-validator signatures approved the withdrawal, clearing the roughly two-thirds quorum the bridge requires, according to Legalblock security chief Vladimir S.. After a 200-second dispute window, the contract released the funds as designed. The attacker then bridged the stolen USDC to Ethereum and swapped it for about 12,467 ETH, now sitting in a single wallet, according to PeckShield.
This story is an excerpt from the Unchained Daily newsletter.
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Steven Goldfeder, co-founder of Offchain Labs, which builds Arbitrum, said the native Arbitrum bridge “has not been hacked or exploited in any way.”
The loss fits the pattern that has defined crypto security in 2026: attackers targeting private keys and other off-chain components rather than the code itself. It echoes the roughly $285 million Drift Protocol loss in April, in which attackers spent months working toward privileged access, and it lands just a week after an oracle attack drained $18 million from Arbitrum-based Ostium.
Arbitrum protocols have been targeted repeatedly this year. In April, the network’s Security Council took the unusual step of freezing $71 million in ETH tied to the Kelp DAO bridge exploit, raising questions about how far a supposedly decentralized network’s emergency powers should reach. This time, the attacker’s move to Ethereum may put the funds further out of reach.
Related Listen: Why Any DeFi Protocol ‘Lives and Dies by Its Oracle’ and How to Strengthen Them
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
AFX Trade, a decentralized perpetuals exchange operating on the Arbitrum blockchain and settling trades in USDC, suffered a major exploit on Wednesday. An attacker managed to drain approximately $24.15 million by targeting the platform’s custody bridge.
Details of the BreachAFX Trade is known for offering perpetual trading services managed via smart contracts, allowing traders to gain leveraged exposure to various cryptocurrency assets. The exploited bridge serves as a component for moving funds between Arbitrum and Ethereum, facilitating cross-chain access for its users.
Rather than exploiting a flaw in a smart contract, the attacker utilized hot-validator signatures tied to the custody bridge. According to Vladimir S., security chief at Legalblock, five validator signatures approved the withdrawal, surpassing the two-thirds approval threshold required by the bridge protocol. After a 200-second dispute window elapsed without challenge, the contract released the funds as intended.
PeckShield, a blockchain security firm, reported that the attacker transferred the stolen USDC to Ethereum and swapped it for roughly 12,467 ETH, which remains consolidated in a single wallet.
Mini dictionary: Hot-validator signatures, digital signatures generated by bridge validators tasked with approving transactions; “hot” implies continuous online access, which potentially exposes keys to greater risk compared to “cold” offline storage. The security of such bridges relies on multi-signature schemes, where compromise of a quorum can lead to asset loss.
Bridge Security and ResponseSteven Goldfeder, co-founder of Offchain Labs, the developer behind Arbitrum, clarified that the native Arbitrum bridge remained secure and had not suffered any breach or exploit.
Steven Goldfeder, co-founder of Offchain Labs, emphasized that the incident affected an external bridge whose validators approved the withdrawal, and not the core Arbitrum infrastructure.
Security experts pointed out that this exploit continues the trend seen throughout 2026, where attackers opt to compromise off-chain elements like private keys and signature authorities, rather than directly targeting smart contract vulnerabilities.
Recent Security Challenges for Arbitrum ProtocolsEarlier in April, Drift Protocol lost around $285 million after attackers gradually gained privileged access. Just last week, an oracle attack drained $18 million from Ostium, another Arbitrum-based protocol. These incidents highlight the evolving tactics of attackers seeking to exploit the weakest links in DeFi’s security architecture.
In response to recent exploits, the Arbitrum Security Council, a body responsible for safeguarding network integrity, took the rare step of freezing $71 million in ETH related to the Kelp DAO bridge compromise. This action led to debate about the extent of emergency powers in networks that market themselves as decentralized.
In the AFX Trade case, the attacker quickly bridged funds to Ethereum and swapped the proceeds, potentially making asset recovery even more challenging and further distancing the funds from protocol control.
ProtocolDate of ExploitMethodLoss (USD)AFX TradeJune 2026Bridge validator compromise$24.15 millionDrift ProtocolApril 2026Privileged access (private key)$285 millionOstiumMay 2026Oracle manipulation$18 millionRecent events have led to renewed scrutiny of cross-chain infrastructure’s security, and the ability of DeFi networks to respond to increasingly sophisticated attack vectors.
Repeated incidents have fueled ongoing debate about the trade-offs between decentralization and emergency protocol intervention as Arbitrum-based platforms seek to balance user security with network autonomy.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The European-founded, MiCA-licensed fintech Ramp Network expands its full wallet product to its home market, giving EU users a self-custodial, everyday crypto account with a built-in rewards program.
Ramp Network, a global crypto infrastructure company founded in Europe and licensed under MiCAR by the Central Bank of Ireland, today announced that its Multichain Wallet and Rewards program is now available across all European Union countries.
The launch brings Ramp Network’s self-custodial everyday crypto account to its home market, enabling EU users to buy, sell, hold, and send Bitcoin, Ethereum, and other supported assets across multiple chains, all within the Ramp Network app, with one identity verification and no third-party handoffs.
EU users can now manage major crypto assets in one unified wallet experience while retaining ownership of their funds. The Ramp Network Wallet is self-custodial, passkey-secured, and gives users access to exportable private keys, combining the simplicity of a mainstream fintech app with the ownership model of a self-custodial wallet.
The EU launch also includes Ramp Network Rewards, a missions-based program that pays users real USDC for completing actions in the app. Available missions include activities such as buying and selling crypto and sending to contacts. The swap mission is excluded in the EU, as cross-chain swaps are not available in the EU at launch.
“We are a European company, and the EU is our home market. We’re proud to bring our best wallet experience home, an everyday crypto account where users can hold major assets self-custodially and earn real USDC for using the app,” said Przemek Kowalczyk, CEO and Co-Founder of Ramp Network. “One app, every chain, your keys, now in Europe.”
Ramp Network’s regulated services in the EU — buying and selling crypto — are provided by Ramp Swaps (Ireland) Limited trading as Ramp Network, regulated by the Central Bank of Ireland. The self-custodial wallet is a separate service that does not require authorisation by the Central Bank of Ireland.
The Multichain Wallet is now available across all EU countries. Cross-chain swaps and additional EU features are currently in development.
About Ramp Network
Ramp Network is a global fintech company making it easy for anyone to buy, sell, send, swap*, pay, and save with stablecoins and crypto. Founded in 2017, the company combines a self-custodial wallet app with trusted on- and off-ramp infrastructure, empowering millions worldwide to securely manage digital assets. Built for global access, Ramp Network is available in 150+ countries and continues to expand local services every day.
* Geo restrictions apply. For EU customers: Ramp Swaps (Ireland) Limited trading as Ramp Network is regulated by the Central Bank of Ireland.
Using Top up, Buy, or Sell:
Warning: If you invest in this product, you may lose some or all of the money you invest.
Warning: The value of your investment may go down as well as up.
Using a self-custodial wallet:
Warning: The provision of this service does not require licensing, registration or authorisation by the Central Bank of Ireland, and as a result is not covered by Central Bank of Ireland rules designed to protect consumers or by a statutory compensation scheme.
[PRESS RELEASE – Dublin, Ireland, July 23rd, 2026]
The European-founded, MiCA-licensed fintech Ramp Network expands its full wallet product to its home market, giving EU users a self-custodial, everyday crypto account with a built-in rewards program.
Ramp Network, a global crypto infrastructure company founded in Europe and licensed under MiCA by the Central Bank of Ireland, today announced that its Multichain Wallet and Rewards program is now available across all European Union countries.
The launch brings Ramp Network’s self-custodial everyday crypto account to its home market, enabling EU users to buy, sell, hold, and send Bitcoin, Ethereum, and other supported assets across multiple chains, all within the Ramp Network app, with one identity verification and no third-party handoffs.
EU users can now manage major crypto assets in one unified wallet experience while retaining ownership of their funds. The Ramp Network Wallet is self-custodial, passkey-secured, and gives users access to exportable private keys, combining the simplicity of a mainstream fintech app with the ownership model of a self-custodial wallet.
The EU launch also includes Ramp Network Rewards, a missions-based program that pays users real USDC for completing actions in the app. Available missions include activities such as buying and selling crypto and sending to contacts. The swap mission is excluded in the EU, as cross-chain swaps are not available in the EU at launch.
“We are a European company, and the EU is our home market. We’re proud to bring our best wallet experience home, an everyday crypto account where users can hold major assets self-custodially and earn real USDC for using the app,” said Przemek Kowalczyk, CEO and Co-Founder of Ramp Network. “One app, every chain, your keys, now in Europe.”
Ramp Network’s regulated services in the EU — buying and selling crypto — are provided by Ramp Swaps (Ireland) Limited trading as Ramp Network, regulated by the Central Bank of Ireland. The self-custodial wallet is a separate service that does not require authorisation by the Central Bank of Ireland.
The Multichain Wallet is now available across all EU countries. Cross-chain swaps and additional EU features are currently in development.
About Ramp Network
Ramp Network is a global fintech company making it easy for anyone to buy, sell, send, swap*, pay, and save with stablecoins and crypto. Founded in 2017, the company combines a self-custodial wallet app with trusted on- and off-ramp infrastructure, empowering millions worldwide to securely manage digital assets. Built for global access, Ramp Network is available in 150+ countries and continues to expand local services every day.
* Geo restrictions apply. For EU customers: Ramp Swaps (Ireland) Limited trading as Ramp Network is regulated by the Central Bank of Ireland.
Using Top up, Buy, or Sell:
Warning: If you invest in this product, you may lose some or all of the money you invest.
Warning: The value of your investment may go down as well as up.
Using a self-custodial wallet:
Warning: The provision of this service does not require licensing, registration or authorisation by the Central Bank of Ireland, and as a result is not covered by Central Bank of Ireland rules designed to protect consumers or by a statutory compensation scheme.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
PANews reported on July 23 that Gate officially released its 2026 H1 wealth management report. The report shows that the crypto market was under pressure in the first half, with BTC and ETH falling approximately 33.1% and 47.1% respectively, as risk appetite continued to decline. Against this backdrop, user demand for steady returns and high-liquidity assets continued to rise.
The total position size of Gate Savings remained stable at 2 billion USDT, with funds gradually tilting toward flexible allocation, further strengthening demand for liquidity management. Meanwhile, the GUSD minting rate stabilized, with funds primarily flowing to on-chain earning scenarios, continuing to deliver the value of a yield-bearing stable asset. In advanced wealth management, Gate Dual Investment maintained its industry-leading position, with the Low-Buy strategy’s 0-day tenor achieving an APY of up to 295%, significantly higher than the market average of 166%. Gate Quantitative Fund continued its steady performance, with Interstellar Hedge (USDT) achieving a cumulative return of 18.7%. In terms of asset allocation, Gate’s equity holdings continued to optimize. With the launch of Korean stocks, the allocation to Korean stocks rose rapidly, accounting for about 75% of total equity holdings at the end of June. The top ten holdings were mainly concentrated in semiconductors and technology growth assets, with SK Hynix ranking first by position size.
Additionally, Gate GUSD minting offers an annualized rate of 3.8%, enabling users to participate in Launchpool, Pre-IPOs, and other diverse ecosystem activities. For USDT Flexible Savings, VIP users can enjoy a 4.0% annualized yield.
Going forward, Gate will continue to improve its wealth management system covering conservative savings, yield enhancement, and multi-asset allocation, providing users with different risk appetites with more flexible and efficient asset appreciation solutions, helping users achieve long-term value growth amid market cycle changes.
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.
Bitget has moved into the top tier of TradFi-linked crypto trading after generating nearly $70 billion in TradFi perpetual volume in Q2 2026. The TokenInsight report shows a clear shift: tokenized stocks, commodities and real-world assets are no longer side experiments for exchanges. They are becoming a serious battleground for liquidity, market share and product depth.
In brief Bitget generated nearly $70 billion in TradFi perpetual volume in Q2 2026. TokenInsight ranked Bitget second in the segment and top three across commodity and equity perpetuals. The result strengthens Bitget’s Universal Exchange strategy as crypto and traditional finance converge. Bitget gains ground in TradFi perpetuals Bitget ranked second in Q2 TradFi perpetual trading volume, with nearly $70 billion processed during the quarter. That performance strengthens the exchange’s push beyond crypto and places it among the most active venues in this fast-growing segment.
The broader market is changing quickly. TokenInsight found that TradFi perpetual volume rose from $52 billion in January to $268 billion in June. That jump shows how fast crypto exchanges are moving into products tied to traditional financial markets.
Equity perpetuals were the main growth driver. Traders are no longer looking only at bitcoin, ether or classic altcoin contracts. They now want exposure to tokenized stocks, IPO-linked products, commodities and other real-world assets through crypto-style infrastructure.
TradFi products are becoming exchange weapons The strongest message from the report is not only Bitget’s volume. It is the strategic role of TradFi perpetuals. What looked like a niche product a few quarters ago is now becoming a competitive weapon for major centralized exchanges.
Bitget’s TradFi perpetuals accounted for 8.61% of its total derivatives volume. That is the second-highest penetration rate among major centralized exchanges tracked by TokenInsight. In plain terms, TradFi products are not just decoration on the platform. They are starting to matter inside the trading mix.
This shift fits Bitget’s Universal Exchange strategy. The idea is simple: users should not need one platform for crypto, another for equities, another for commodities and another for market data. Bitget wants to put these products inside one trading environment.
That model also explains why products such as Stocks 2.0 became important in Q2. Tokenized equities give exchanges a direct path into traditional market exposure without fully copying the old brokerage model.
Bitget benefits from the multi-asset shift The TokenInsight report also shows that the wider exchange industry is under pressure. Total crypto exchange volume declined to $16.5 trillion in Q2. Derivatives activity fell, while spot trading recovered from $3.3 trillion to $4.5 trillion.
That mixed environment makes Bitget’s TradFi growth more notable. The exchange did not simply ride a broad market boom. It gained ground in a segment that expanded while the overall market remained uneven. Bitget also maintained a top-three position across both commodity and equity perpetual markets. That matters because it suggests broader product strength, not a one-off spike in a single category.
Its futures open interest market share rose from 7.81% in Q1 to 8.58% in Q2. That gain may look small at first glance, but in a crowded derivatives market, every fraction of share reflects user retention, liquidity depth and stronger positioning.
Tokenized markets are no longer optional For Bitget, the message is clear. The future of exchange competition will not be decided only by who lists the most crypto tokens. It will also depend on who can connect digital assets with traditional financial exposure in a clean, liquid and efficient way.
The exchange is building that bridge through tokenized stocks, commodities, IPO products and unified account tools. Its recent Unified Account launch fits the same logic: capital should move across asset classes without being trapped in separate boxes.
Still, the opportunity comes with pressure. TradFi perpetuals are complex products. They require strong liquidity, transparent risk controls and careful user education. If exchanges turn tokenized finance into excessive leverage without proper safeguards, regulators will not stay quiet.
Bitget’s advantage is timing. The market is already moving toward multi-asset trading, and users are increasingly comfortable with crypto platforms offering exposure to real-world markets. But execution will decide how durable this lead becomes.
The nearly $70 billion figure is therefore more than a headline. It signals that Bitget is no longer only competing inside crypto. It is trying to become a serious venue for hybrid finance, where tokenized equities, commodities and digital assets meet in one trading stack. If this trend continues, TradFi perpetuals could become one of the next major growth engines for Bitget.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Grayscale’s filing for a proposed Worldcoin ETF has revealed that the 100 largest wallets control roughly 90% of the circulating WLD supply.
Summary
Grayscale’s proposed Worldcoin ETF filing says the largest 100 wallets hold about 90% of the circulating WLD supply. The filing states that governance remains largely under the World Foundation while World Chain continues to rely on centralized infrastructure. The disclosures come days after Grayscale sought SEC approval to launch a spot Worldcoin ETF that would hold WLD directly. According to a recent SEC registration statement filed by Grayscale for its proposed Grayscale Worldcoin ETF, the largest 100 wallets held approximately 90% of all WLD in circulation as of the filing date. The disclosure appeared in the fund’s risk factors, where the asset manager outlined ownership concentration and governance risks tied to the token that would back the proposed exchange-traded fund.
The filing comes only days after Grayscale sought approval to list the product on Nasdaq under the ticker GWLD, offering investors direct exposure to Worldcoin through a traditional brokerage account instead of requiring them to purchase and store the token themselves.
If approved, the trust would hold WLD directly, use the CoinDesk Worldcoin Benchmark Rate to determine its net asset value, and rely on BitGo Bank & Trust as custodian, while The Bank of New York Mellon would serve as administrator and transfer agent.
The ownership data disclosed by Grayscale differs from Worldcoin’s original vision for token distribution.
Worldcoin’s whitepaper said most WLD tokens would eventually be claimed by individuals who verified themselves as unique humans through the project’s identity system. Grayscale instead warned that a relatively small group of early adopters currently controls a substantial share of the tokens already released.
The registration statement adds that it is “reasonably likely” that early holders own a significant portion of the circulating supply, making WLD more concentrated than its long-term distribution goals suggest.
One of the largest addresses identified in public blockchain data belongs to the bridge connecting Ethereum and World Chain, meaning part of the concentrated holdings may represent assets deposited by multiple users rather than a single owner. Even so, Grayscale’s filing presents the overall concentration level as a material risk for prospective investors.
Filing outlines governance and decentralization risks Beyond token ownership, the filing also describes several parts of the World Network that remain under centralized control.
According to Grayscale, governance of the network continues to be substantially guided by the World Foundation despite previous plans to decentralize decision-making over time. The filing states that WLD may eventually be used for governance, although the mechanisms required to support that transition remain new and untested at scale.
The disclosure contrasts with earlier statements from the project, which had promoted proof-of-personhood as a foundation for one-person-one-vote governance. Grayscale’s prospectus says governance has not yet reached that stage and continues to rely largely on the World Foundation.
The filing also identifies operational risks linked to the blockchain itself. World Chain currently depends on a centralized sequencer, while upgrade functions remain under the coordinated control of a limited group associated with the World Foundation, Tools for Humanity, and Optimism, the Ethereum layer-2 infrastructure supporting the network.
Grayscale further states that the Orb devices used to verify users are still manufactured and distributed mainly by or under the direction of Tools for Humanity. The filing also notes that the World Foundation continues to exercise significant influence over the protocol, the WLD treasury, and ecosystem grants.
ETF proposal arrives after recent ecosystem developments The governance disclosures accompany Grayscale’s broader proposal to launch the first U.S. exchange-traded fund holding WLD directly.
Under the proposed structure, the trust would function as a passive investment vehicle without leverage or derivatives. Authorized participants would create and redeem shares in blocks of 10,000, known as baskets, either by delivering WLD directly or through cash transactions facilitated by liquidity providers. Grayscale has not yet disclosed the management fee, seed investment, or the number of WLD represented by each share, leaving those details for future amendments.
The SEC filing does not guarantee regulatory approval, and Nasdaq cannot list the product unless regulators approve the registration process.
The proposed ETF follows several developments that have increased attention on Worldcoin during recent months. In June, Robinhood added WLD to its trading platform, giving the token access to a larger retail audience.
Despite the listing, WLD fell nearly 15% on the day as traders focused instead on allegations reported by third parties involving Sam Altman and entities connected to the Worldcoin ecosystem, alongside continuing criticism of the project’s biometric identity verification system and token distribution model.
Duan Yongping: He most probably will not sell his Bubble Mart stocks within the next 10 years.
Renowned investor Duan Yongping today responded to a community user’s question about whether he would reduce his position in Pop Mart to purchase SpaceX, stating: “I’ve only just started buying Pop Mart! I guess I most likely won’t sell it within 10 years. AI cannot be ignored, and I’m working hard to understand it.”
10 minutes ago
Galaxy Digital Seeks $3.5 Billion in Debt Financing to Support Data Center Projects
According to Bloomberg, people with knowledge of the matter have disclosed that Galaxy Digital Inc. plans to launch its inaugural high-yield bond offering worth approximately $3.5 billion to fund data center projects tied to CoreWeave Inc. This development signals that financing for artificial intelligence infrastructure is further pushing the U.S. credit market into higher-risk segments. The sources noted Galaxy Digital is marketing the bond to investors at a yield of roughly 9%. Morgan Stanley and Goldman Sachs are acting as underwriters for the issuance, with pricing expected to be finalized on Thursday. Since the relevant details have not yet been made public, the sources spoke on condition of anonymity.
10 minutes ago
Tesla down nearly 5% in pre-market trading.
According to market data from BIT (bit.com), Tesla (TSLA.O) fell nearly 5% in pre-market trading as its quarterly profit missed expectations and free cash flow turned negative for the first time in over two years.
10 minutes ago
Alphabet falls more than 3% in pre-market trading.
According to market data from BIT (bit.com), Alphabet (GOOG.O) dropped over 3% in pre-market trading after the company announced its Q2 results and raised its fiscal year capital expenditure forecast.
10 minutes ago
China's Ministry of Commerce: Will accelerate the revision and issuance of regulations on foreign investors' mergers and acquisitions of domestic enterprises.
According to a report from Securities Times, Meng Huating, Director of the Foreign Investment Administration Department of China's Ministry of Commerce, stated at a press conference that in the second half of the year, China will continue to focus on the goal of stabilizing and improving the quality of foreign capital utilization, further shaping new advantages for attracting foreign investment, and advancing key tasks including expanding new increments, stabilizing existing stock, and enhancing quality. Regarding expanding new increments, China will continue to pursue high-level opening-up, steadily and orderly deepen opening-up pilot programs in sectors such as value-added telecommunications, biotechnology, wholly foreign-owned hospitals, and vocational skill training institutions, support Beijing in upgrading its national comprehensive service industry demonstration zone, and accelerate the revision and release of regulations on foreign investors' mergers and acquisitions of domestic enterprises.
10 minutes ago
US Secretary of State: It appears Iran is not ready to reach an agreement, and they will pay the price.
US Secretary of State Rubio said Iran does not appear ready to strike a deal, and will pay a cost that grows each night until it comes to its senses. He also expressed hope that the Houthi forces will cease their attacks, noting that the Houthis have been misled by Iran. (Jinshi)
Yemen’s Houthis attacked Saudi oil tankers in the Red Sea and intercepted multiple commercial vessels amid escalating US-Iran war. Oil prices have climbed further due to disruptions in the Red Sea and the Strait of Hormuz, causing Bitcoin and XRP to pare gains.
Yemen’s Iran-Aligned Houthis Disrupt Oil Supply in Red Sea Yemen’s armed forces hit two Saudi oil tankers in the Red Sea using ballistic missiles, cruise missiles, and drones, IRNA News Agency reported on July 23. The attacks also intercepted multiple commercial vessels, according to a formal statement by spokesperson Yahya Saree.
Saudi authorities confirmed a Saudi-owned commercial vessel was targeted in the Red Sea, causing a fire on the ship. All crew members are safe. Authorities claim such attacks constitute a violation of international laws and norms.
Houthi leaders in Yemen have declared a naval blockade against Saudi Arabia, effective immediately. US stock futures, Bitcoin and XRP are dropping amid risks of further supply disruptions.
The attacks coincided with Saudi Arabia signing a nuclear deal with the US. The 30-year agreement aims to strengthen bilateral cooperation on nuclear energy.
Saudi Arabia and United States Sign Agreement on Cooperation in Peaceful Uses of Nuclear Energy. pic.twitter.com/FSJWIqmXwS
— وزارة الطاقة (@MoEnergy_Saudi) July 22, 2026
Meanwhile, U.S. Central Command (CENTCOM) forces completed another round of strikes against Iran for the 12th consecutive night. President Trump threatened to bomb bridges or power plants every time Iran shoots at a ship in the Strait of Hormuz
U.S forces struck Iranian military targets including maritime capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense systems. The strikes further degrade Iran’s ability to attack civilian mariners and commercial vessels.
Bitcoin and XRP Slips amid Rising Oil Prices, US Treasury Yields Two-chokepoint risk for global oil supply caused oil prices to spike above $88 per barrel today. Oil prices are now up more than 31% since July-start, with no signs of an end to the US-Iran war.
Meanwhile, the US dollar index (DXY) slipped below 101.71 amid inflation concerns from surging energy costs. The 10Y Treasury Yield is approaching 4.70% and a fresh 52-week high, triggering selloffs in Bitcoin price. This puts the 10Y Treasury Yield up over 70 basis points since the US-Iran war began, with markets continuing to brace for an energy shock.
30-Year Treasury Yield closing in on its highest level since the run-up to the Global Financial Crisis 🚨 🚨 pic.twitter.com/8EeHCTctVb
— Barchart (@Barchart) July 22, 2026
Bitcoin fell more than 1% amid Yemen’s attacks in the Red Sea. The price is currently trading near $65,600, with a 24-hour low and high of $65,514 and $66,401, respectively.
Furthermore, trading volume has decreased by 9% in the last 24 hours, indicating a drop in interest among traders. Investors await US economic events and the Fed rate decision for cues on market direction.
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Navigating these volatile macro environments requires a dedicated suite of the best crypto research tools to analyze blockchain transaction volume and market sentiment.
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BitMEX to shut down after 11 years in crypto derivativesBitMEX announced it will shut down operations on Sept. 23, 2026, after owner HDR Global Trading Limited decided to close the crypto exchange.
BitMEX, one of the pioneers of cryptocurrency derivatives trading, announced it will shut down operations after owner and operator HDR Global Trading Limited decided to close the company following a strategic review.
The company announced Thursday that it will stop operations on Sept. 23, 2026, and advised users to close positions and withdraw funds during the transition period.
“We want to reassure you that your assets remain fully safe and under your control during this transition period,” BitMEX said in a statement to users.
BitMEX said its platform helped popularize perpetual swap contracts, a type of crypto derivatives product that allows traders to speculate on asset prices without expiration dates. The company also said it has maintained a record of no customer funds lost to hacks during its 11 years of operation.
BitMEX did not disclose further details about the factors behind HDR Global Trading Limited’s decision to close the exchange following its strategic review. The exchange declined to comment further and HDR Global Trading was not reachable for comment.
The closure comes as the crypto derivatives market navigates a shifting competitive landscape. Centralized exchange (CEX) perpetual futures volume fell 10% to $12.7 trillion in the second quarter of 2026, according to CoinGecko’s latest Crypto Industry Report, while decentralized alternatives such as Hyperliquid rose to become the second-largest perpetuals exchange by open interest, behind Binance.
This is a developing story and will be updated as more information becomes available.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
BitMEX to shut down after 11 years in crypto derivativesBitMEX announced it will shut down operations on Sept. 23, 2026, after owner HDR Global Trading Limited decided to close the crypto exchange.
BitMEX, one of the pioneers of cryptocurrency derivatives trading, announced it will shut down operations after owner and operator HDR Global Trading Limited decided to close the company following a strategic review.
The company announced Thursday that it will stop operations on Sept. 23, 2026, and advised users to close positions and withdraw funds during the transition period.
“We want to reassure you that your assets remain fully safe and under your control during this transition period,” BitMEX said in a statement to users.
BitMEX said its platform helped popularize perpetual swap contracts, a type of crypto derivatives product that allows traders to speculate on asset prices without expiration dates. The company also said it has maintained a record of no customer funds lost to hacks during its 11 years of operation.
BitMEX did not disclose further details about the factors behind HDR Global Trading Limited’s decision to close the exchange following its strategic review. The exchange declined to comment further and HDR Global Trading was not reachable for comment.
The closure comes as the crypto derivatives market navigates a shifting competitive landscape. Centralized exchange (CEX) perpetual futures volume fell 10% to $12.7 trillion in the second quarter of 2026, according to CoinGecko’s latest Crypto Industry Report, while decentralized alternatives such as Hyperliquid rose to become the second-largest perpetuals exchange by open interest, behind Binance.
This is a developing story and will be updated as more information becomes available.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Crypto derivatives exchange BitMEX will cease operations on Sept. 23, 2026, after its parent company, HDR Global Trading Limited, decided to close the platform following a strategic review of its business and the digital asset industry, according to an announcement published on Thursday.
Effective immediately, the exchange has stopped accepting new user registrations.
“BitMEX invented the 100x leverage perpetual swap, the most traded product in the crypto industry – now adopted by thousands of people and exchanges,” the team stated. “This legacy reflects our commitment to bringing innovative and sophisticated risk management tools for all users. And we continue to take pride in our robust security posture, which, unlike many of our peers, has resulted in BitMEX experiencing zero funds lost to hacks during its entire operating history of over 11 years.”
The exchange said trading will continue until the shutdown process advances, but new restrictions will begin on Aug. 26. From that date, traders will only be permitted to reduce existing positions, with no new positions allowed.
BitMEX will gradually force close outstanding positions ahead of the Sept. 23 deadline to ensure an orderly market wind-down, while any positions remaining at the official closure time will be automatically closed. The company added that illiquid contracts could be settled early in accordance with its existing settlement procedures.
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Following the exchange’s closure, users will retain access to their accounts solely for viewing balances, transaction history, and withdrawing remaining assets.
BitMEX also confirmed it has unstaked all BMEX tokens held in staking, making them immediately available to holders.
Customers who fail to withdraw funds before the closure deadline and have completed KYC verification will face ongoing custody charges of at least $50 or 1% annually, billed monthly, with the possibility of higher fees in the future after prior notice.
The exchange also cautioned users about phishing attacks exploiting the shutdown announcement, noting that enhanced withdrawal reviews and blockchain confirmation delays may temporarily slow withdrawals.
A decade-long rise Founded by Arthur Hayes, Benjamin Delo, and Samuel Reed in 2014, BitMEX provides trading in perpetual swaps, futures, and other crypto-based financial products. The exchange has become one of the industry’s best-known derivatives platforms by helping make perpetual futures a mainstream crypto trading product.
In early 2025, BitMEX was said to be seeking a buyer after hiring Broadhaven Capital Partners to manage a potential sale, per CoinDesk.
The reported sale process came amid increased merger and acquisition activity across the crypto derivatives market and followed years after the exchange’s AML-related legal troubles.
BitMEX underwent a major executive shakeup last month, with CEO Stephan Lutz, CFO Ina Steiner, and Chief Growth Officer Raphael Polansky leaving the exchange. Peter Wilkinson, previously the company’s COO and Global General Counsel, was appointed CEO.
The closure will mark the end of a major era in crypto derivatives trading.
One of the pioneers of cryptocurrency derivatives trading and the creator of the 100x perpetual swap will permanently cease operations on September 23 after deciding to wind down the business.
The company has been active for more than 11 years, making the decision even more painful for the broader cryptocurrency industry.
Closing Down The statement just published by BitMEX stated that the exchange will cease operations on September 23 this year at 04:00 UTC. Its parent company, HDR Global Trading Limited, said the move came after a strategic and detailed review of both the business and the crypto industry as a whole.
The trading platform has halted new account registrations and has urged existing users to close all open positions and withdraw their assets before the deadline.
BitMEX saw the light of day in 2014 and helped shape the modern crypto derivatives market. It introduced 100x leveraged perpetual swaps, a product that later became the industry standard and was eventually adopted by essentially every major crypto derivatives competitor. At its peak, BitMEX ranked among the world’s largest crypto exchanges, attracting professional traders with deep liquidity and advanced trading tools.
The statement further outlined the platform’s highly impressive security record, stating that no customers’ funds were ever lost to a hack throughout its near-decade-long existence.
What Went Wrong Despite its growth in its initial years, US authorities went after the company’s founders in 2020 for violating anti-money laundering laws by operating the exchange without implementing adequate Know-Your-Customer (KYC) procedures. It later settled with the US, while the former CEO Arthur Hayes and other execs pleaded guilty to Bank Secrecy Act violations.
Although it remained open for years after resolving those cases, several competitors had emerged and taken a big chunk of its former market share.
BitMEX said trading will remain operational over the following months, but it will impose restrictions gradually as the shutdown approaches. After August 26, users will no longer be able to open new positions and will only be permitted to reduce existing ones. Customers will retain access to their accounts after the shutdown date (September 23) only to view balances, transaction history, and withdraw remaining assets.
BitMEX will permanently close its cryptocurrency exchange on September 23, 2026, ending more than 11 years of operations. The company said the decision followed a strategic review of its business and the broader crypto industry, marking the end of one of the earliest crypto derivatives platforms.
BitMEX announced that all exchange services will cease at 04:00 UTC on September 23, 2026. The platform has already stopped accepting new account registrations, and users are being urged to close their positions and withdraw their funds before the deadline.
Why Is BitMEX Closing?BitMEX said its board, HDR Global Trading Limited, decided to shut down the exchange after reviewing the company’s future and changing conditions across the crypto industry.
The company did not cite financial difficulties or regulatory action as the reason for the closure. Instead, it described the move as the outcome of a broader strategic assessment.
“Following a strategic review of the business and the broader crypto industry, the board… has decided to close the exchange.”
BitMEX acknowledged the decision was difficult.
“This comes with a heavy heart for all of us at the company and has not been taken lightly.”
Launched in 2014, BitMEX became one of the most influential crypto derivatives exchanges. It introduced the 100x leveraged perpetual swap, a product that later became widely adopted across the industry. The company also highlighted that it had operated for more than 11 years without losing customer funds to a hack.
What Happens Next?The exchange will continue operating normally until late August before gradually winding down trading.
August 26: New Positions RestrictedStarting August 26 at 04:00 UTC, users will no longer be able to open new positions. They will only be allowed to reduce or close existing trades.
During the wind-down period, BitMEX said it may force-close open positions to ensure an orderly market shutdown.
Any positions still open when the exchange closes on September 23 will be automatically liquidated.
The company also said contracts with limited liquidity may undergo early settlement, with users receiving advance notice.
What Users Should DoBitMEX is advising customers to:
Close all open trading positions.Withdraw all crypto assets before September 23.Watch for phishing scams claiming to offer faster withdrawals.After the exchange closes, users will still be able to log in to view account balances and transaction history and withdraw remaining assets. The company also confirmed that all previously staked BMEX tokens have already been unstaked and credited back to user accounts.
Fees for Funds Left on the PlatformUsers who complete KYC but leave assets on BitMEX after the closure date will face an ongoing custody fee.
The exchange said it will charge the higher of:
$50 per month (or equivalent), or1% per year on the remaining account balance,with the fee applied monthly. BitMEX also warned that these charges could increase in the future if users continue leaving assets on the platform after the closure.
Withdrawal Delays PossibleBitMEX said it expects withdrawal requests to increase as the closure date approaches and warned that additional security checks could slow processing times. The exchange noted that blockchain confirmation times, particularly on Bitcoin, may also cause delays. However, it stressed that customer assets remain fully backed, citing its proof of reserves and liabilities.
Story Ends Here
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23 July 2026 | 11:42 BitMEX is shutting down the exchange that helped turn perpetual swaps into one of crypto’s dominant trading products.
Key Takeaways New positions stop on August 26, when the platform becomes reduce-only. BitMEX may force-close remaining positions between those two dates. Balances left after September 23 will incur a fee of $50 or 1% a year, billed monthly. The platform announced on July 23, 2026 that it will close on September 23 at 04:00 UTC, following what its board described as a strategic review of the business and the wider crypto industry. New account registrations have already stopped.
The closure is not being presented as a hack, insolvency event or sudden loss of customer funds. BitMEX says its assets exceed liabilities and that users will retain access to their accounts and withdrawals after trading ends. That does not mean traders should wait until September.
The more practical deadline arrives on August 26, when the exchange will stop accepting new positions and move into an orderly wind-down. From that point, traders will only be able to reduce exposure, while BitMEX may begin closing positions before the final shutdown.
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 Real Trading Deadline Is August 26 The exchange will continue operating normally until August 26 at 04:00 UTC. After that point, users will no longer be able to increase an existing position or open a new one.
BitMEX plans to force-close positions during the period between August 26 and September 23. Any position still open when the final closure time arrives will be closed immediately. Contracts with limited liquidity may be settled earlier, so traders cannot assume every position will remain available until the published shutdown date.
Date What Changes What Users Should Know July 23, 2026 New registrations stop Existing users can continue trading and withdrawing August 26, 2026 The platform becomes reduce-only No new positions can be opened and forced closures may begin September 23, 2026 Exchange services end at 04:00 UTC Any remaining open positions will be closed After September 23 Accounts become withdrawal-only Balances remain accessible, but account fees begin applying August 26 is therefore the last day on which users retain normal control over how and when they exit. September 23 is the final backstop, not a target date for closing positions.
Why Leaving Funds Behind Creates Extra Costs KYC-verified users who leave assets on the platform after September 23 will be charged the greater of $50 equivalent or 1% per year on the remaining balance, billed monthly. BitMEX also reserves the right to increase that fee later after providing advance notice.
The fee creates a clear incentive to withdraw before the shutdown even though customer balances will not become immediately inaccessible. Withdrawal processing may also slow as demand rises. BitMEX says additional security reviews will be applied and some blockchains may face network-related delays, and a withdrawal marked as “Processing” will remain queued until an address becomes available to broadcast it.
BMEX holders should find their previously staked tokens available in their accounts because the exchange has already unstaked all BMEX held through the platform.
The company is also warning users about phishing attempts. Exchange wind-downs are a known window for impersonation, because attackers can predict both the urgency users feel and the exact action they have been told to take. There is no priority or accelerated withdrawal service, so any message promising faster access is fraudulent by definition. Account access should be handled through the official BitMEX closure announcement and platform rather than links received through email, social media or direct messages.
The Exchange That Made Perpetual Swaps Mainstream BitMEX was created by Arthur Hayes, Ben Delo and Samuel Reed in 2014, when crypto derivatives were still a small and technically difficult corner of the market.
The founders developed the platform without major outside funding and launched live trading on November 24, 2014. The name stood for Bitcoin Mercantile Exchange, reflecting its original focus on Bitcoin-settled derivatives rather than conventional spot trading.
Its defining product arrived in May 2016. XBTUSD gave traders leveraged exposure to Bitcoin without a contract expiry date. Periodic funding payments between long and short traders kept the contract aligned with the underlying spot market.
That structure solved a problem found in traditional futures. Traders no longer needed to close an expiring contract and open a new one to maintain exposure. The position could remain active indefinitely as long as the trader maintained enough margin and continued paying or receiving funding.
BitMEX paired that design with leverage of up to 100 times, making the platform famous for both its innovation and the speed at which positions could be liquidated. Perpetual swaps later became standard products across centralized and decentralized crypto exchanges.
The Product Outgrew the Platform That Popularized It BitMEX is closing during a period when perpetual trading itself remains enormous.
According to CoinGecko’s 2025 crypto industry report, perpetual trading volume across the ten largest centralized exchanges reached a record $86.2 trillion during the year, up 47.4% from 2024.
That contrast is the larger story. The market BitMEX helped create did not disappear. Activity migrated across a much larger group of centralized exchanges and, increasingly, onchain perpetual platforms such as Hyperliquid, whose fee engine has generated more than $1.2 billion in cumulative trading fees.
BitMEX itself does not publish quarterly revenue, profit or audited operating results, so the closure cannot be tied to a specific public earnings figure. Its available platform data offers only a partial view.
At the time the shutdown was announced, the official market page listed 58 coins and 99 contracts, with approximately $142 million in 24-hour trading volume. A tenth-anniversary update published in November 2024 had cited daily volume above $610 million.
Those figures are not directly comparable with audited quarterly results. Daily volume changes sharply with market conditions, and neither number reveals revenue, expenses or profitability. They do show that BitMEX remained active, but no longer occupied the singular position it held during the earlier Bitcoin derivatives market.
Security Was One Part of the Legacy BitMEX says it did not lose customer funds to a hack during nearly 12 years of operation. The platform built its custody model around cold storage and multisignature approvals, placing security ahead of rapid automated withdrawals.
That record matters during the wind-down because the closure announcement is not accompanied by a reported asset shortfall. BitMEX says customer assets exceed liabilities and directs users to its Proof of Reserves and Liabilities page.
Users should still withdraw rather than treat that assurance as a reason to leave balances indefinitely. After September 23, BitMEX will be a custodian processing withdrawals, not a functioning exchange. The fees and possible processing delays make an early exit more practical.
The Regulatory History Cannot Be Ignored BitMEX’s influence was accompanied by one of the industry’s most consequential enforcement cases.
In 2021, a federal court ordered the BitMEX entities to pay a $100 million civil penalty after the Commodity Futures Trading Commission found that the platform had operated without required registration and adequate anti-money-laundering controls.
The exchange later pleaded guilty to violating the Bank Secrecy Act. In January 2025, a federal judge imposed another $100 million criminal fine and two years of probation.
BitMEX subsequently described itself as a remediated and compliant business. Its closure notice does not attribute the decision to those proceedings, and it would be inaccurate to present the regulatory cases as the confirmed cause of the shutdown. They remain part of the exchange’s history, alongside the perpetual swap, high leverage and its security record.
What BitMEX Users Should Do Now The closure provides enough time for an orderly exit, but waiting offers little advantage.
Review every open position. Contracts may be closed by BitMEX from August 26 onward, with limited-liquidity products potentially settled earlier. Download account records. Transaction history will remain available, but exporting records before the shutdown reduces dependence on a platform no longer providing normal services. Withdraw through official channels. Users should verify addresses carefully and avoid links promising faster processing. Do not leave small balances forgotten. The minimum $50-equivalent account fee could be significant relative to a modest remaining balance. Allow time for network delays. A withdrawal requested close to the deadline may take longer during periods of unusually high demand. BitMEX will not vanish on September 23. Users will retain a route to their remaining assets, but the platform that made leveraged Bitcoin perpetuals a global product will stop functioning as an exchange.
The contract it pioneered will continue trading across the industry. BitMEX itself will not.
Source review: Based on BitMEX’s official closure announcement and platform data, CFTC and Department of Justice enforcement records, and CoinGecko’s 2025 annual crypto industry report, checked July 23, 2026.
This article is provided for informational purposes only and does not constitute financial or investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
In brief Crypto derivatives exchange BitMEX said Thursday it will shut down on September 23, 2026, and has already stopped new account registrations. The company cited a strategic review of the business and the wider crypto industry as being behind the decision. BitMEX urged users to close positions and withdraw funds before the deadline. BitMEX, one of crypto's oldest derivatives venues, is shutting down.
The platform will cease operations on September 23 at 04:00 UTC, its operator, HDR Global Trading, said Thursday, pinning the decision on a “strategic review of the business and the broader industry.” New account sign-ups have already been halted. The move, BitMEX said, "comes with a heavy heart."
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
Users have two months to get out. Trading continues as normal until August 26, when BitMEX will bar new positions and let traders only reduce existing ones. From there it will force-close open positions to wind the market down in an orderly fashion, and any left open at the deadline will be closed automatically. Even after the shutdown, the company said, users can still log in to withdraw balances—though those who leave funds parked will eventually be charged a monthly account fee.
Founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX built a template much of the industry still runs on. In May 2016 it launched the perpetual swap—a no-expiry futures contract offering up to 100x leverage. Crypto perps have since gone on to reach volumes of $61.7 trillion in 2025, per CryptoQuant, up $13.8 trillion on the previous year. BitMEX noted it had gone more than 11 years without losing user funds to a hack—a pointed claim in a year defined by nine-figure exploits.
Its later history was rockier. BitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act over lax anti-money-laundering controls, and paid $100 million in penalties. In March 2025, U.S. President Donald Trump pardoned Hayes and his co-founders, wiping out the criminal case that had shadowed the exchange for years. BitMEX told users to trade on "the many excellent platforms that have followed in our footsteps."
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Crypto derivatives exchange BitMEX said Thursday it will shut down on September 23, 2026, and has already stopped new account registrations. The company cited a strategic review of the business and the wider crypto industry as being behind the decision. BitMEX urged users to close positions and withdraw funds before the deadline. BitMEX, one of crypto's oldest derivatives venues, is shutting down.
The platform will cease operations on September 23 at 04:00 UTC, its operator, HDR Global Trading, said Thursday, pinning the decision on a “strategic review of the business and the broader industry.” New account sign-ups have already been halted. The move, BitMEX said, "comes with a heavy heart."
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
Users have two months to get out. Trading continues as normal until August 26, when BitMEX will bar new positions and let traders only reduce existing ones. From there it will force-close open positions to wind the market down in an orderly fashion, and any left open at the deadline will be closed automatically. Even after the shutdown, the company said, users can still log in to withdraw balances—though those who leave funds parked will eventually be charged a monthly account fee.
Founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX built a template much of the industry still runs on. In May 2016 it launched the perpetual swap—a no-expiry futures contract offering up to 100x leverage. Crypto perps have since gone on to reach volumes of $61.7 trillion in 2025, per CryptoQuant, up $13.8 trillion on the previous year. BitMEX noted it had gone more than 11 years without losing user funds to a hack—a pointed claim in a year defined by nine-figure exploits.
Its later history was rockier. BitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act over lax anti-money-laundering controls, and paid $100 million in penalties. In March 2025, U.S. President Donald Trump pardoned Hayes and his co-founders, wiping out the criminal case that had shadowed the exchange for years. BitMEX told users to trade on "the many excellent platforms that have followed in our footsteps."
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
TL;DR BitMEX will permanently close on September 23 and has stopped accepting new user registrations. The exchange introduced the crypto industry’s first perpetual swap in 2016. Regulatory actions against its founders and rising competition contributed to its decline. Users have until the shutdown date to close positions and withdraw their assets. BitMEX, one of the earliest cryptocurrency derivatives exchanges, will permanently cease operations on September 23, bringing an end to a platform that helped reshape the digital asset trading industry. The exchange said it has already stopped accepting new user registrations, while all trading activity will end at 04:00 UTC on the shutdown date.
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
Founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, BitMEX revolutionized crypto trading by introducing the industry’s first perpetual swap contract. The product, which allows traders to speculate on cryptocurrency prices without an expiry date, has since become the dominant derivatives instrument across the digital asset market and was later adopted by nearly every major crypto exchange.
The closure marks the end of a platform that once dominated Bitcoin derivatives trading before fierce competition and mounting regulatory pressure eroded its market position.
BitMEX, Pioneer of Perpetual Futures Loses Ground BitMEX was widely regarded as the market leader during the early years of crypto derivatives, attracting professional traders with leverage of up to 100x and innovative risk management systems.
Its perpetual swap product fundamentally changed how traders accessed leveraged exposure to cryptocurrencies, becoming one of the industry’s most successful financial innovations. Today, perpetual futures account for the overwhelming majority of crypto derivatives volume globally, with exchanges such as Binance, Bybit, OKX, and Hyperliquid building large businesses around the model BitMEX pioneered.
However, its dominance gradually faded as competitors introduced similar products while expanding into spot trading, staking, and broader digital asset services. Rival exchanges also benefited from larger international user bases and more aggressive product development, steadily capturing market share from the once-dominant platform.
In recent months, BitMEX had already begun streamlining its offerings, announcing the delisting of multiple low-liquidity perpetual contracts and derivatives products as trading activity declined.
Regulatory Troubles Reshaped the Exchange BitMEX’s decline accelerated following legal action by U.S. authorities in 2020.
Federal prosecutors charged co-founders Arthur Hayes, Ben Delo, and Samuel Reed with violating the Bank Secrecy Act by operating the exchange without implementing adequate anti-money laundering controls. The founders eventually stepped away from executive roles as the legal proceedings unfolded, with Hayes even dumping his altcoin holdings, marking a major turning point for the business.
The exchange later introduced mandatory Know Your Customer (KYC) requirements and strengthened its compliance framework, but by then much of its trading volume had migrated to rival platforms.
Industry reports also indicated that BitMEX explored a potential sale in 2025, although no acquisition was ultimately announced.
BitMex Customers Given Deadline to Withdraw Assets BitMEX said new account registrations have already been disabled as part of its wind-down process.
Existing users have roughly two months to close open positions, withdraw assets, and complete any remaining account activities before the exchange permanently shuts its doors on September 23.
The company has not indicated that customer funds are at risk, and previous platform announcements show it continued operating normally while gradually reducing product offerings ahead of the closure.
The shutdown closes one of the most significant chapters in crypto trading history. While BitMEX no longer commands the influence it once did, its introduction of perpetual futures permanently changed how digital asset derivatives are traded and continues to shape products offered across the global cryptocurrency market.
BitMEX will permanently shut down its exchange on Sept. 23, ending an 11-year run for the platform that introduced the 100x leverage perpetual swap.
The exchange had been looking for a buyer since February 2025, when it retained Broadhaven Capital Partners to run a sale process. The board of HDR Global Trading Limited, the exchange's owner and operator, reached the decision after a strategic review of the business and the wider crypto industry, according to a Thursday announcement. New account registrations stopped immediately.
Arthur Hayes co-founded BitMEX in 2014 with a stated mission of opening professional-grade crypto derivatives to retail traders. The perpetual swap the exchange built has since become the most traded product in crypto, adopted across thousands of venues.
BitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act over an inadequate anti-money laundering program, and was hit with an additional $100 million fine in January 2025. President Donald Trump pardoned the co-founders in March 2025.
Unwind protocol Users have two months to unwind. BitMEX will apply risk limits from Aug. 26 at 04:00 UTC that block new positions and permit reduce-only trades, and the exchange will force close remaining open positions ahead of the shutdown to wind down the market in an orderly fashion. Anything still open at the closure time will be force-closed immediately.
The exchange said it takes no responsibility for trading losses stemming from a user's inability to close positions before the deadline. All staked BMEX tokens have been unstaked and returned to holder accounts.
KYC'd users who fail to withdraw by the closure time will be charged a monthly account fee of $50 equivalent or 1% per annum, whichever is greater, on remaining balances. That fee can rise over time, with advance notice, for accounts that stay funded.
Withdrawals will still function after the closure time, and users will retain login access to view balances and transaction history. BitMEX flagged potential processing delays tied to network conditions, pointing to Bitcoin block confirmation times that can run up to an hour and constrain throughput from its fixed pool of addresses.
The exchange warned users to watch for phishing attempts exploiting the wind-down, and said no expedited or priority withdrawal service exists.
BitMEX said assets exceed liabilities per its Proof of Reserves and Liabilities page, and that it has lost zero customer funds to hacks across its full operating history.
BitMEX did not disclose what the strategic review found, or whether the sale process that began last year produced a bidder.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
One crypto analyst says Hedera’s HBAR is approaching a critical test, with a potential $268 million token release looming in the current quarter. The figure comes from Hedera’s own Treasury Management Report. The latest forecast shows 4.07 billion HBAR scheduled for release in Q3 2026. Around 3.88 billion HBAR is tied to the ecosystem development program. This funding goes primarily to the Hedera Foundation.
The Release Story Is Not That SimpleThe analyst stressed that “released” does not mean sold. According to Hedera’s definition, tokens are considered released when they move from accounts controlled by the Hedera Council to accounts controlled by another party, often the Foundation. Those tokens can still be held for months or quarters.
The analyst also noted that Hedera does not itself define or use the term “circulating supply.” Therefore, the supply figures reported by different trackers may rely on their own definitions.
The latest forecast would represent the second-largest quarterly release in Hedera’s history, behind Q1 2023. However, past forecasts have not always matched actual movements. A projected 4 billion HBAR release in Q2 ultimately saw only 186 million HBAR move. The previous quarter forecast 3.72 billion HBAR, while actual movement was around 383 million.
The analyst says this leaves two possibilities: the Foundation may be deliberately slowing distribution, which could reduce immediate selling pressure. Alternatively, the forecast column may be unreliable.
Treasury Is Nearly SpentIf the latest forecast is completed, around 47.5 billion of the 50 billion pre-mined HBAR would be distributed. This would leave just 2.4 billion, or less than 5%, unreleased. However, the original distribution schedule runs until roughly 2033. Moreover, Hedera only publishes one forecast quarter at a time.
The analyst also challenged claims that a previous HBAR release triggered a 700% rally. HBAR rose from roughly $0.05 to $0.39 between September and December 2024, but the 3.97 billion HBAR release came afterward in Q1 2025, followed by an 83% decline to around $0.0612.
The Bigger Question Is Network RevenueThe analyst’s biggest concern is whether Hedera can eventually fund itself through network fees. Current fees were around $1,354 per day, or roughly $1.5 million annually, against a market capitalization near $3 billion.
Fees are not burned. They are distributed to staking rewards, node rewards and the network treasury. Hedera also raised a major transaction fee from 0.1 to 0.8 in January to improve long-term sustainability.
Overall, the analyst remains open to the bullish case, noting that released tokens are not automatically sold and fees could grow rapidly. But the core takeaway is clear: after eight years of Treasury-funded operations, Hedera must increasingly prove that its network activity can pay the bills itself.
Story Ends Here
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Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
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Pi Network activated Protocol v25 on July 22, its latest major upgrade of 2026, yet PI stalled below $0.10 after a rally carried the token briefly beyond that level.
The result echoed earlier upgrades. Recent protocol releases drew trader interest but failed to produce a lasting price gain.
Pi Coin’s Rally Stalls Amid Protocol Upgrade PI slipped to an all-time low of $0.0705 on July 14. It recovered through the following week, briefly spiking to an intraday high of $0.103 on July 19, but failed to hold the level
Buyers positioned into the July 22 upgrade, a dated catalyst that gave the market a clear event to trade around. Both price and volume increased before the release landed.
Pi coin has since eased back toward $0.0918, unable to reclaim the $0.10 level it briefly tagged.
Pi Network Price Performance. Source: BeInCrypto MarketsVolume tells the same story. Daily volume rose to $33.7 million on July 20, then fell to about $18.5 million on launch day and has been lower since. Buyer interest thinned as the event passed.
Protocol v24 followed a similar pattern in June. PI posted modest gains ahead of the upgrade, only to resume its downtrend.
Why the Pi Network Upgrade Struggles to Move PriceProtocol v25 introduces BN254 cryptography and Poseidon hashing, the building blocks for building modern zero-knowledge applications. The Pi Core Team also shipped a redesigned mining app for its 60 million Pioneers.
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Pi Mainnet Blockchain has now been upgraded to Protocol 25.
Also, the Clarity Act is ready to be passed; Trump has agreed to the ethics requirement in the updated draft which bans all federal officials including the President from issuing or sponsoring digital assets for profit pic.twitter.com/bfuIN4XBsG
— Woody Lightyear 𝛑 (@WoodyLightyearx) July 22, 2026 The improvements are real, yet the price response was muted. The answer lies in broader market forces and PI’s own supply.
Exchange flows show little sign of forced selling. Tracked exchange wallets recorded a net outflow of about 260,000 PI over 24 hours, a minor move against balances near 540 million PI.
The pressure sits further out. According to PiScan, roughly 1.71 billion PI, worth about $157 million, is scheduled to unlock over the next 12 months, with the heaviest single month near 432 million PI in December 2027.
That steady release meets a thin market, capping rallies regardless of upgrade news. The same overhang blunted earlier releases.
Development news drives short-term bounces, while unlock supply sets the ceiling. Whether v25 can convert utility into demand remains the open question for the weeks ahead.
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Crypto hacks stole $763,971,791 across 67 incidents in Q2 2026, with accessibility weaknesses the single biggest point of failure.
The state of crypto hacks in Q2 2026According to a recent report by blockchain security and compliance firm Hacken, Q2 saw crypto hacks rise by 58.3% from Q1’s $482.7 million and netted the highest losses since Q2 2025.
Source: hacken.io
Drift Protocol and KelpDAO suffered the two biggest capital extractions at about $290 million each.
While smart contract bugs accounted for most incidents, their cumulative loss only mounted to just 11% of all losses. Operational and infrastructural failures, including compromised keys and signers, took the bigger pie at 88.3% of all losses.
As for the perpetrators, 75.5% of the funds drained were attributed to Democratic People’s Republic of Korea (DPRK) actors.
Note that Consensys, the company behind Ethereum’s wallet MetaMask, recently acknowledged hiring a software developer linked to North Korea. Realizing this a month later, the individual was fired and his system access revoked. The firm reported the incident to law enforcement while reassuring users that no funds were lost, no data was leaked, and no malicious code was deployed.
The report also documents that Q2 witnessed the first case of AI malicious prompt injection causing an exfiltration of $174,000. Here, the firm notes that failure comes from “inadequate review, missing variants and weak testing.”
The state of regulatory compliance in Q2 2026In terms of regulatory compliance, US crypto regulations under the GENIUS Act will be effective in early 2027.
In the European Union, the grace period for crypto players to pursue a full license expired on July 1. By this time, only about 215 Crypto-Asset Service Providers (CASPs) had acquired Markets in Crypto-Assets Regulation (MiCA) authorization despite 1,200 expressing interest.
Binance, MEXC and HTX (formerly Huobi) are among the most prominent exchanges that were forced to shut down under this rule. Additionally, Circle’s USDC is so far the only MiCA-compliant stablecoin out of the top 10 in terms of market cap.
Nonetheless, Hacken notes that the most trusted counterparties in the future will be the ones that prove safety first, regardless of their existence period, their audits, and total value locked.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
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Ethena [ENA] has made some modest gains to get the week off to a good start. Since making the $0.078 low on Monday, July 20, the altcoin has rallied 13%. In the past 24 hours, its Open Interest has expanded by 7%.
Source: Onchain Lens on X On July 21, Onchain Lens observed a 16 million ENA move, worth around $1.37 million. The wallet withdrew this from their Gnosis multisig wallet to Binance. Transfers to centralized exchanges generally point toward sell pressure.
Ethena holders have experienced profits, as seen on the daily transaction volume in profit metric. A rise in average order size also indicated potential whale interest in ENA, AMBCrypto reported.
ENA operates within a downtrend, but a temporary uptrend was underway The $0.085 target presented has been met and cleared. However, the higher timeframe trend remained bearish.
Source: ENA/USDT on TradingView The local highs at $0.098 and $0.118 are the potential price targets in case of a short-term uptrend. As the Fibonacci retracement levels show, the swing structure on this timeframe was bearish.
A rally could rise to $0.123, but the likelihood of this had been in question as ENA repeatedly failed to breach the $0.085 resistance zone over the past three weeks. The gains at the start of this week were a positive sign.
Source: CoinGlass The liquidation heatmap of the past three months agreed. There were two magnetic zones to keep an eye on. The $0.09 and $0.10 had dense short liquidations that traders should keep an eye on.
Traders’ call to action- Cautiously bullish stance warranted Source: ENA/USDT on TradingView The $0.085 zone was flipped to support. The OBV was making new local highs to indicate increased buying pressure. The RSI showed strong bullish momentum, though a bearish divergence warned of a brief dip toward $0.085.
Such a dip would likely present a short-term buying opportunity. As noted earlier, the $0.098,$0.118, and $0.123 levels are viable targets for ENA in a pullback within its higher timeframe downtrend.
Final Summary The $0.085 local resistance zone was flipped to support, though a short-term RSI bearish divergence could cause a minor price dip. Traders can wait for the current upward move to push toward $0.11-$0.12 before looking to take profits. Bitcoin volatility could hurt this short-term setup.
Coinbase, the Blockchain Association and the DeFi Education Fund urged the Senate to pass the 616-page merged draft, while Sen. Angela Alsobrooks called its DOJ-led ethics enforcement "wild and unserious and stone-cold crazy."
Crypto executives and policy groups called on the Senate to move quickly after Senate Republicans released updated text of the Digital Asset Market Clarity Act on July 22, while key Democrats attacked the draft's approach to policing crypto conflicts of interest among government officials, the dispute most likely to determine whether the bill reaches 60 votes before the August recess.
Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis released the updated text, which merges the versions passed by the Banking and Agriculture Committees into a single bill. The full text runs 616 pages, according to Fox Business alum and Crypto in America host Eleanor Terrett, who reported the release followed stakeholder briefing calls earlier in the day.
"This is another step in my years-long journey to ensure the U.S. leads the way on digital assets," Lummis said in the statement. "The coming weeks are likely the last real chance we will have for years to get this right." She added a commitment "to reaching a deal in the coming days that will allow this legislation to become law."
The Clarity Act, which cleared the Senate Banking Committee 15-9 in May, would split digital asset oversight between the SEC and the CFTC. Senate Majority Leader John Thune intends to move to floor action in the coming days before the summer recess, his office told CoinDesk.
Coinbase: "Let's Finish This"Coinbase CEO Brian Armstrong posted on X that the bill is "ready for a full Senate floor vote."
"The bill represents a true bipartisan compromise with thousands of hours of work on both sides, and it couldn't come at a better time," Armstrong wrote. "There's no federal framework, so bad actors like FTX can harm U.S. customers and much of the industry has gone offshore totally outside U.S. purview."
He said Stand With Crypto members have sent 950,000 messages to members of Congress, and cited polling he said shows 70% of American voters want comprehensive crypto legislation.
Coinbase Chief Policy Officer Faryar Shirzad thanked Senators Tim Scott, Lummis and John Boozman, writing that "while the industry did not get everything it wanted, this bill is an extraordinary achievement and strikes the right balance." In a thread, Shirzad highlighted 1:1 customer asset segregation rules, federal AML standards, and ethics language that he said covers the president and vice president "for the first time ever."
Blockchain Association CEO Summer Mersinger said in a statement the text "reflects years of work and a major step toward clear rules, strong consumer protections, robust ethics provisions, and continued U.S. leadership in digital assets," adding the group is "reviewing the text closely."
DeFi Developer Protections SurviveThe DeFi Education Fund, which has pressed for developer protections throughout the negotiations, said the Blockchain Regulatory Certainty Act section is unchanged, meaning non-custodial developers won't be treated as money transmitters. Developer protections under the Exchange Act and Commodity Exchange Act remain, as does the self-custody provision known as the Keep Your Coins Act.
The group counted 25 sections related to sanctions and anti-money laundering, including a new Title IX on law enforcement tools added in response to concerns from law enforcement groups.
"At first glance, this title appears to be smart regulation that will provide law enforcement with appropriate tools without overregulating software developers," the group wrote.
Ethics Section Remains the FlashpointAccording to Terrett, the ethics package was negotiated between the White House and GOP Senators Lummis and Bernie Moreno without Democratic sign-off. It bans the president, vice president, members of Congress, federal judges and their spouses from issuing or sponsoring digital assets for compensation while in office, with a sunset date of Jan. 20, 2029. Covered officials would have to sell crypto holdings or place them in a blind trust, and the Department of Justice would get civil enforcement authority, including the ability to sue exchanges that knowingly list prohibited tokens.
Democrats zeroed in on the DOJ's role. Speaking at a briefing event, Maryland Democrat Angela Alsobrooks called the enforcement proposal "wild and unserious and stone-cold crazy," according to Semafor reporter Eleanor Mueller. "We must empower state-level attorneys general. … It's an absolute that we cannot completely rely on the DOJ given what we've seen," Alsobrooks said.
Texas Republican John Cornyn told Mueller he shares some of law enforcement and banks' concerns over the text and is "diving in … to see if they can be addressed," adding it is "premature" to say whether he would vote against the bill: "We're just getting started."
Moreno pushed back on Democratic criticism, writing that "this ethics provision breaks new ground as the most powerful ethics language in US history," and calling for the bill to get a floor vote.
Clock Running DownThe bill needs at least seven Democratic votes to clear the Senate's 60-vote threshold, a math problem that has hung over the effort for weeks. The Senate leaves for its summer recess in roughly two weeks, and the first week of August is widely viewed as the last window for passage this year, with lawmakers focused on midterm elections after September.
The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan.
In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%. He pointed to improving market sentiment and exchange-traded fund (ETF) flows as signs that market conditions could be shifting.
Following the move, the Bitwise CIO stated that the next bull run would be driven by stablecoins, asset tokenization, 24/7 markets, instant settlement and the expansion of institutional interest in decentralized finance (DeFi).
“I expect it will be the biggest cycle yet, for two reasons: It will both be the most real, driven by utility and revenue instead of hype. And it will be tackling a much bigger market than prior cycles (global finance, not just crypto),” Hougan wrote.
He highlighted Hyperliquid (HYPE) and Robinhood (HOOD) as two platforms approaching this convergence from opposite directions.
Hyperliquid brings traditional assets on-chainHougan noted that nearly half of Hyperliquid's trading volume now comes from assets such as Oil, Silver and the S&P 500. The platform is also expanding into spot commodities, prediction markets and options.
The report highlighted Hyperliquid's financial performance as a key reason for the bullish outlook. The platform reportedly surpassed $1 billion in lifetime revenue in June and is on track to generate $800 million in revenue this year.
Hyperliquid also directs 99% of its revenue toward buying HYPE tokens on the open market.
“I think the token could double in price and still be fairly valued,” Hougan stated.
Hougan added that the Hyperliquid model could eventually be replicated by other crypto applications that generate substantial revenues.
“Over time, I believe a new wave of crypto assets will copy HYPE’s tokenomics and introduce exciting ‘next-gen’ token opportunities,” he stated.
Robinhood pushes TradFi onto blockchain railsWhile Hyperliquid represents the crypto-native side of the convergence, Hougan identified Robinhood as an example of a traditional financial company moving in the opposite direction.
The company recently launched Robinhood Chain, a Layer-2 blockchain designed to support tokenized financial assets.
Hougan shared that the platform allows users across 120 countries to trade tokenized stocks around the clock. It also connects with DeFi protocols, allowing users to swap assets, borrow against them and access perpetual futures.
Within two weeks of its launch, Robinhood Chain reportedly accumulated more than $300 million in deposits and processed 3.6 million transactions per day, the report states.
Hougan noted that the early activity could encourage other financial institutions to explore similar blockchain-based infrastructure.
“Every major Robinhood competitor is looking at this and asking, ‘Should we do this too?’” wrote Hougan.
Hougan highlighted that investors should focus on crypto-native financial applications with real revenues and sustainable tokenomics, as well as established financial companies actively building on blockchain rails.
HYPE is trading at $59, down 1% over the past 24 hours at the time of writing. Meanwhile, HOOD is trading at $104.48, down 1.77% as of Wednesday.
VerusCoin's Ethereum bridge was hacked, with around $7.53 million in assets transferred out.
According to CertiK Alert monitoring, a security vulnerability attack has targeted VerusCoin’s Ethereum bridge, with attackers transferring approximately $7.53 million in assets. CertiK noted that the vulnerability likely stems from the bridge contract’s failure to properly verify whether the input amount from the Verus chain side matches the actual payment amount — a similar issue that occurred in an incident back in May.
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F2Pool co-founder Chun Wang has deposited ETH and WBTC worth approximately $15.6 million to Binance.
Per Onchain Lens monitoring, Chun Wang (@satofishi), co-founder of F2Pool, deposited 6,009 ETH (valued at approximately $11.56 million) and 62.31 WBTC (worth around $4.09 million) into Binance, with a total value of roughly $15.6 million. The assets were sourced from withdrawals from Spark Fi, unstaking ETH from Lido Finance, and converting WETH to WBTC via CoW Swap.
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Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
5 minutes ago
Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
5 minutes ago
Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
According to Hyperinsight monitoring, as of press time, SPCX on Hyperliquid is trading at around $116, down 49.6% from its peak of $230 and 14.1% below its IPO price of $135. Today, it hit a low of $114.48, with the underperformance widening to 15.2% at one point. The largest long whale, whose address starts with 0x3527, first opened a position on July 16, nearly seven days ago. Since then, it has been averaging down by adding positions daily without any reduction, accumulating a position of 111,700 units, with a cumulative notional position value of around $14.196 million. Currently, the whale holds a full-position long on SPCX with 20x leverage, at an average price of $127.1, with a position value of approximately $12.958 million. It has an unrealized loss of about $1.238 million, a return of -174.5%, meaning the loss has exceeded the initial margin of this position. Calculated based on margin, the theoretical liquidation line is around $113.06, only about $2.94 away from the current price. However, this address has enabled portfolio margin, with 301,900 HYPE (including roughly 60,000 added recently) included as collateral to jointly support SPCX’s losses. The risk is that when HYPE and SPCX decline simultaneously, both collateral value and position equity shrink, and once the threshold is triggered, the system may liquidate the HYPE collateral. All positions held by this address, including SPCX and CRCL, are long positions, with SPCX accounting for around 72% of the total position value, making it a typical high-leverage one-sided long. No stop-loss or position-reduction orders have been placed in the account, and there are no closed position records since the address first opened a long position seven days ago.
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VerusCoin's Ethereum bridge was hacked, with around $7.53 million in assets transferred out.
According to CertiK Alert monitoring, a security vulnerability attack has targeted VerusCoin’s Ethereum bridge, with attackers transferring approximately $7.53 million in assets. CertiK noted that the vulnerability likely stems from the bridge contract’s failure to properly verify whether the input amount from the Verus chain side matches the actual payment amount — a similar issue that occurred in an incident back in May.
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F2Pool co-founder Chun Wang has deposited ETH and WBTC worth approximately $15.6 million to Binance.
Per Onchain Lens monitoring, Chun Wang (@satofishi), co-founder of F2Pool, deposited 6,009 ETH (valued at approximately $11.56 million) and 62.31 WBTC (worth around $4.09 million) into Binance, with a total value of roughly $15.6 million. The assets were sourced from withdrawals from Spark Fi, unstaking ETH from Lido Finance, and converting WETH to WBTC via CoW Swap.
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Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
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Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
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Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
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Bithumb will list the CHECK/KRW trading pair.
According to official announcements, Bithumb will list the CHECK/KRW trading pair.
The MOVE token is trading more than 99% below its all-time high of $1.45 and hit an all-time low barely two days ago.
Movement Labs has filed for Chapter 11 insolvency protection in the U.S. Bankruptcy Court of Delaware.
This follows months of controversy and a token scandal that left the network dealing with major financial issues.
Movement’s Bankruptcy Timeline In its bankruptcy filing, the company said it has under 1,000 creditors, between $100,000 and $500,000 in assets, and more than $1 million in liabilities. The largest unsecured claim, worth more than $1.6 million, belongs to former co-founder Ruhikesh Manche. Other major creditors are the Delaware Division of Revenue and Anchorage Digital.
The firm’s problems started in December 2024, after it launched its MOVE token. But shortly after its debut on Binance, some $66 million worth of the tokens were dumped onto the market as part of a market-making deal with Rentech. This sudden increase in supply led to its price tumbling and wiped out billions of dollars in value within days.
Binance later banned Rentech for misconduct, accusing it of selling the entire stash just one day after the listing while placing very few buy orders. According to the exchange, the market maker earned a profit of $38 million before it removed it from its platform on March 18.
Movement then launched a token buyback program in response to repurchase MOVE tokens and restore liquidity to the ecosystem. It also contracted Groom Lake to review its deal with Rentech, after which it was discovered that it had ties to the Chinese market maker Web3Port, ultimately leading to the dismissal of Manche over the scandal.
Per the bankruptcy filing, the first creditor hearing is scheduled for August 20.
You may also like: Crypto Lender BlockFills Enters Chapter 11 with Up to $500M in Liabilities From $141M to $8 in Daily Fees Interestingly, Movement had raised a total of $141.4 million across several funding rounds, including a Series A led by Polychain Capital. On paper, that level of funding should have provided the project with some financial stability, but the network’s on-chain activity tells a different story.
DeFiLlama data shows its daily app revenue has been less than $800 since November 2025. The project’s chain fees have also stayed in the single digits for months, with returns for the last 24 hours at just $8 per the same source.
MOVE hit a new all-time low on July 20, after a stormy few months where it went from about $0.041 in January to $0.01043 two days ago. At the time of writing, it had moved less than 2% from the all-time low, with its new level representing a plunge of over 99% from its all-time high of $1.45, according to CoinGecko data. Meanwhile, the network’s Total Value locked (TVL) sits at roughly $133 million.
Movement was originally made to link blockchains built on its Move programming language with Ethereum. But the layer-2 network announced in June that it would be pivoting toward cross-border payments, remittances, and dollar-saving products.
MVMT Labs, the original research and development company responsible for the foundational technology of the Movement Network, has filed for reorganization under Chapter 11 of the US Bankruptcy Code. The petition was submitted to the US Bankruptcy Court for the District of Delaware in early July 2026.
According to the filing details, the company lists assets in the range of $100,001 to $500,000 and liabilities of up to $10 million. It identifies as many as 299 creditors.
The largest unsecured claim belongs to co-founder Rushikesh “Rushi” Manche, totaling over $1.6 million. Manche retains a 34.25% equity stake and had previously prevailed in Delaware Chancery Court proceedings to secure advancement of legal fees linked to a US Department of Justice investigation arising from events surrounding the project’s token launch.
MVMT Labs played a central role in developing the Movement Network, an Ethereum Layer 2 blockchain that employs the Move programming language (originally designed for Meta’s abandoned stablecoin project).
The firm secured substantial funding, notably a $38 million Series A round led by Polychain Capital, before encountering major setbacks.
The December 2024 launch of the MOVE token encountered severe difficulties due to a market-making agreement that placed control of approximately 66 million tokens—about 5% of total supply—with an entity referred to as Rentech.
Quick liquidation of these tokens after debut caused a steep price collapse and prompted trading suspensions on major exchanges including Binance and Coinbase.
An internal investigation into the circumstances led to Manche’s departure from the company.
Subsequently, MVMT Labs restructured by shifting primary development duties to Move Industries, led by Torab Torabi.
This transition supported the ecosystem’s evolution into a sovereign Layer 1 blockchain focused on financial services for emerging markets.
The Movement Foundation pursued token buybacks and provided investor offramps to promote stability. Move Industries has stated it is not part of the bankruptcy process.
Chapter 11 allows MVMT Labs to operate as a debtor-in-possession while pursuing a court-supervised path to address obligations and potentially restructure for long-term sustainability.
Additional significant claims in the filing include those from the Delaware Division of Corporations (approximately $459,000), Move Industries, Anchorage Digital, and auditing firm Ottersec.
This filing illustrates the challenges facing blockchain development companies amid market volatility, regulatory attention, and execution risks. Observers will monitor the proceedings for their potential effects on the Movement ecosystem and broader adoption of Move-based technologies. The case emphasizes the importance of strong internal controls and transparency in high-stakes crypto projects.
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.
VerusCoin's Ethereum bridge was hacked, with around $7.53 million in assets transferred out.
According to CertiK Alert monitoring, a security vulnerability attack has targeted VerusCoin’s Ethereum bridge, with attackers transferring approximately $7.53 million in assets. CertiK noted that the vulnerability likely stems from the bridge contract’s failure to properly verify whether the input amount from the Verus chain side matches the actual payment amount — a similar issue that occurred in an incident back in May.
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F2Pool co-founder Chun Wang has deposited ETH and WBTC worth approximately $15.6 million to Binance.
Per Onchain Lens monitoring, Chun Wang (@satofishi), co-founder of F2Pool, deposited 6,009 ETH (valued at approximately $11.56 million) and 62.31 WBTC (worth around $4.09 million) into Binance, with a total value of roughly $15.6 million. The assets were sourced from withdrawals from Spark Fi, unstaking ETH from Lido Finance, and converting WETH to WBTC via CoW Swap.
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Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
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Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
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Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
PANews, July 23 – Bitwise Chief Investment Officer Matt Hougan wrote in an analysis that the crypto market is showing signs of a bottom – since July 1, Bitcoin has risen 9% while the Nasdaq has fallen 6%, ETF flows have turned positive, and market sentiment has improved. Hougan believes the next bull market will be driven by the convergence of on-chain finance and traditional finance, with core sectors being stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi.
He suggests paying attention to two types of opportunities: one is crypto-native applications represented by Hyperliquid (HYPE) – with real revenue and a strong token economic model (99% of revenue is used to buy back and burn HYPE), up 146% this year; the other is traditional financial institutions represented by Robinhood (HOOD) – its Layer 2 blockchain, Robinhood Chain, attracted over $300 million in deposits within two weeks of launch, processes an average of 3.6 million transactions per day, and supports users in 120 countries trading tokenized stocks 24/7. Hougan expressed bullishness on mainstream assets such as Bitcoin, Ethereum, and Solana, as well as crypto stocks, while also keeping an eye on institutions making scaled moves in the crypto space, including Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan Chase.
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.
Japan could launch its first Bitcoin exchange-traded fund as early as 2028 as regulators prepare rules that would allow investment trusts and ETFs to hold crypto assets directly.
Summary
Japan could approve its first Bitcoin ETF by 2028 as financial rules continue evolving nationwide. Major Japanese asset managers are preparing crypto funds while regulators work toward broader ETF access. Retail investors may drive demand, with projected Bitcoin ETF inflows reaching ¥3 trillion by 2028. A July 23 Nikkei report said the Financial Services Agency plans to revise investment-fund rules after lawmakers approved amendments that bring crypto assets under the Financial Instruments and Exchange Act framework. The change moves Japan toward treating crypto as a financial investment product rather than regulating it mainly as a payment asset.
Meanwhile, the legal change does not mean a Bitcoin ETF can launch immediately. Japan still needs detailed rules and changes to its investment-trust framework before fund managers can offer products that hold crypto as a primary investment target.
The FSA’s materials confirm that crypto regulation is moving from the Payment Services Act into the Financial Instruments and Exchange Act, alongside new disclosure and market conduct requirements.
As crypto.news reported on July 15, Japan has passed legislation that creates a pathway for domestic crypto ETFs, although individual products will still require regulatory approval. An earlier report said Japan Exchange Group was considering listings as early as 2027, while the latest Nikkei report points to 2028 as a possible launch date.
JPX chief executive Hiroki Yamamichi previously said an ETF “can be done anytime once the legal framework is in place and the tax treatment is clarified.”
Financial groups prepare for Bitcoin ETFs Several of Japan’s largest financial firms are studying products that could enter the market once regulators complete the rules. As previously reported, SBI Securities and Rakuten Securities are preparing crypto investment trusts through their own groups. Nomura, Daiwa, SMBC-linked firms and Asset Management One are also examining possible products.
The planned market could extend beyond Bitcoin ETFs. SBI Global Asset Management has considered funds focused on liquid crypto assets such as Bitcoin and Ethereum. Meanwhile, Osaka Exchange has discussed launching Bitcoin futures in 2028 if spot ETFs become legal. These plans show that traditional financial firms are preparing products before regulators complete the final framework.
Institutional interest is also rising. Nomura Holdings’ 2026 survey found that 79% of respondents who were considering crypto investment over the next three years planned to invest. Among them, 60% expected to allocate between 2% and less than 5% of their portfolios. The survey also found that 65% viewed crypto assets as a way to diversify their investments.
Retail investors could become the main source of demand Japan’s Bitcoin ETF market may develop differently from the U.S. market, where institutional investors have become major participants in spot Bitcoin ETFs. Japan has a smaller pool of institutions making large crypto allocations, while households continue to keep a large share of their financial wealth in cash and deposits. Bank of Japan data has placed the cash and deposit share at around half of household financial assets.
That structure could make individual investors a major source of demand. The July 23 Nikkei report estimated that Japanese Bitcoin ETFs could attract as much as ¥3 trillion by fiscal 2028.
The FSA has also reported more than 14 million domestic crypto accounts, while about 70% of account holders earn less than ¥7 million annually. A regulated ETF could allow investors to gain Bitcoin exposure through securities accounts without directly managing crypto wallets.
The same retail focus is visible among financial groups preparing new products. Rakuten plans to make crypto investment trusts available through smartphone services, while other brokerages are studying products that could fit into existing investment platforms used by individual customers.
Pension interest adds another route for crypto exposure Institutional adoption remains limited, but some Japanese pension managers have begun testing small crypto allocations. The National Business Pension Fund in Okayama, which represents about 1,200 small and medium-sized businesses, plans to allocate about 1% of its assets to crypto-related funds during fiscal 2026.
Aiyu Kiguchi, the fund’s executive director of investment management, explained the diversification strategy by saying, “It’s because its price movements have a low correlation with the U.S. dollar.” The fund manages about ¥21.5 billion and plans to gain exposure through funds managed by major overseas hedge funds rather than buying crypto assets directly.
The move also comes as broader investor interest grows. Nomura’s survey found stronger demand for crypto as a diversification tool, while financial firms continue preparing investment trusts and possible ETFs. Japan Exchange Group has also said asset managers are showing interest in crypto-linked products.
Japan’s next steps will depend on how quickly the FSA completes its investment-trust rules and how exchanges set listing requirements. For now, the regulatory changes, asset-manager preparations and growing investor interest have moved the country closer to a domestic Bitcoin ETF market. The latest reported timeline places the first launch as early as 2028, with retail investors potentially providing a large share of demand.
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.
VerusCoin's Ethereum bridge was hacked, with around $7.53 million in assets transferred out.
According to CertiK Alert monitoring, a security vulnerability attack has targeted VerusCoin’s Ethereum bridge, with attackers transferring approximately $7.53 million in assets. CertiK noted that the vulnerability likely stems from the bridge contract’s failure to properly verify whether the input amount from the Verus chain side matches the actual payment amount — a similar issue that occurred in an incident back in May.
1 seconds ago
F2Pool co-founder Chun Wang has deposited ETH and WBTC worth approximately $15.6 million to Binance.
Per Onchain Lens monitoring, Chun Wang (@satofishi), co-founder of F2Pool, deposited 6,009 ETH (valued at approximately $11.56 million) and 62.31 WBTC (worth around $4.09 million) into Binance, with a total value of roughly $15.6 million. The assets were sourced from withdrawals from Spark Fi, unstaking ETH from Lido Finance, and converting WETH to WBTC via CoW Swap.
1 seconds ago
Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
1 seconds ago
Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
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Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
