It was billed as cryptocurrency’s big moment, President Donald Trump’s first legislative victory in his drive to make the US the “crypto capital of the world.”
Surrounded by lawmakers and industry executives in the East Room of the White House, Trump signed the Genius Act into law a year ago this month, celebrating it as a step toward bringing digital assets into the mainstream of American finance.
By providing the first set of federal rules for a type of crypto known as stablecoins, the legislation aimed to inspire public confidence in a $300 billion marketplace. It promised protections against fraud by forcing companies to open their books. And it gave Congress a chance to follow through on attempts to address one of crypto’s most longstanding concerns — the persistent use of stablecoins among criminals, terrorists and sanctions evaders — by bringing companies under the watch of US regulators, whether they’re based in the US or not.
But in interviews and a court filing, an inside account of the negotiations surrounding the law has emerged: In the months before and after Trump took office, his advisers Howard Lutnick and Bo Hines worked behind the scenes to loosen those safeguards and shape the law in ways that benefited the world’s dominant stablecoin issuer, Tether. Among Trump’s advisers, Lutnick and Hines played the most formative roles in a legislative process that ultimately included measures favorable to Tether, according to people familiar with the discussions. The people, like dozens of others who provided details of negotiations surrounding the Genius Act for this story — crypto industry executives, lobbyists and current and former US government officials — requested anonymity because they weren’t authorized to discuss the talks.
US President Donald Trump signed the Genius Act in the White House on July 18, 2025. He hailed the bill as a “giant step to cement American dominance of global finance and crypto technology.” Photographer: Al Drago/BloombergBefore Lutnick became Trump’s commerce secretary, he was chairman and chief executive officer of the Wall Street investment bank Cantor Fitzgerald, which manages Tether’s assets. From that position, he acted as a crisis manager throughout 2024, countering bad publicity about Tether and seeking to influence lawmakers on legislation the company opposed, according to congressional lobbying records, allegations contained in a federal court filing and one person who was briefed on those efforts.
After Trump took office, Hines was the closer. The then-29-year-old White House aide, a North Carolina entrepreneur and crypto investor who ran unsuccessful congressional campaigns as a Republican in 2022 and 2024, became the administration’s self-described “bully” on the bill. As negotiations neared the finish line, Hines said that a provision Tether wanted was a “red line” for the White House, according to three other people familiar with the matter.
This account of how the legislation took shape shows the previously unreported steps that first Lutnick, then Hines took that benefited Tether, which controls about 60% of the global stablecoin market. And it sheds new light on the ways that the administration’s policymaking has aligned with its appointees’ financial interests. Both Hines and Lutnick have received significant benefits from the company.
Over an 18-month period that began in 2024 and ended shortly after the passage of the Genius Act, Tether executives:
Sold the rights to a multibillion-dollar stake in their company to Lutnick’s financial services firm in April 2024 for $600 million, a price that Tether’s chairman described to a business associate as “bloody cheap.”
Invested $775 million in December 2024 in Rumble Inc., a money-losing technology company that has a partnership agreement with the unprofitable firm that runs Trump’s Truth Social platform and counts several Trump associates as investors.
Hired Hines for an executive position in August 2025, roughly one month after the bill was signed.
Made a loan to a trust benefiting Lutnick’s children as they were purchasing their father’s multibillion-dollar business interests in October 2025.
As part of a federal ethics agreement required of cabinet appointees, Lutnick had pledged to sell his stake in Cantor Fitzgerald and to recuse himself from matters that might present a conflict of interest. A spokesperson for the Commerce Department did not answer detailed questions for this story but said Lutnick complied with the terms of that agreement; divested from his holdings, including Tether; and “was not involved in any matters relating to the Genius Act’s stablecoin provisions.”
Hines didn’t respond to detailed requests for comment. Neither did the White House.
Tether said in a statement that the company “strongly rejects any suggestion that its engagement with policymakers regarding stablecoin legislation was improper” and that it regularly interacts with regulators, legislators and law enforcement officials “lawfully, transparently, and alongside a broad range of market participants.” The company also said the Genius Act provides no “special advantages to Tether,” arguing that the new US regulatory plans will “apply across the industry to any issuer seeking to operate under the framework.”
The bill drew intense lobbying from all corners of finance, including crypto exchanges, credit card companies and community banks. But Tether is by far the industry’s dominant issuer — its biggest competitor is half its size — and it had the most at stake during the 2025 discussions.
Since the law was signed, Tether, which operates from El Salvador, has continued to grow. It launched a new US token to reach American consumers and comply with the rules. Yet its core product remains the world’s most widely used stablecoin — and a go-to currency for terrorists, North Korean hackers and sanctioned entities in both Iran and Russia, according to reports compiled by industry researchers and government officials. Under the Genius Act’s provisions, that coin, known as USDT, may never be subject to regulation by US authorities.
The Genius Act’s final form contained provisions that benefited Tether and differed from federal lawmakers’ previous attempts to regulate stablecoins, which offer users convenience and pseudo-anonymity — meaning their actual identities are hidden even though their alphanumeric wallet addresses remain permanently public on the blockchain.
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In 2023 and 2024, members of Congress proposed bipartisan legislation that aimed to push foreign companies such as Tether to submit to US regulatory scrutiny — including anti-money-laundering rules — if they wanted to sell stablecoins in the US.
The Genius Act relaxed that requirement. A provision that critics call the “reciprocity loophole” would allow Tether’s USDT to be regulated by El Salvador, where the company is building a new headquarters, if the US Treasury secretary determines the Salvadoran regulatory scheme is comparable to the US approach. Rules governing such determinations are still being drafted.
Another change limited stablecoin issuers’ responsibility for ensuring that their tokens aren’t misused by criminals, terrorists or sanctions evaders. That language, known as the “defi loophole,” means that companies like Tether aren’t responsible for tracking their products on secondary markets known as decentralized finance, or “defi,” platforms. Unlike those who buy tokens through banks or exchanges, such users can trade directly on the blockchain without identifying who they are or how they intend to use the funds.
The legislation also created a three-year grace period for selling stablecoins in the US before their issuers have to comply with its terms. As lawmakers negotiated the bill’s final details, some Democrats proposed a tighter time frame, 18 months, but Tether wanted three years, according to people familiar with its position. At that point, Hines stepped in.
In negotiations, he told people that Tether was important to the White House and Republicans should stand firm. Keeping the three-year grace period was a “red line,” Hines said, according to three people familiar with his conversations.
Bo Hines, whom Trump named executive director of the Presidential Council of Advisers for Digital Assets, took a leadership role in pushing the Genius Act through Congress. Photographer: Tierney L. Cross/BloombergSome financial experts warn that these provisions may undermine US attempts to fight money laundering by criminals and sanctioned entities while complicating Trump’s stated goal of making the US the world’s leader in digital currencies.
Timothy Massad, a former assistant secretary at the US Treasury Department during President Barack Obama’s administration, said the failure to close these so-called loopholes might put US crypto companies at a competitive disadvantage by allowing foreign issuers to sidestep costly anti-money-laundering regulations. It could also weaken the dollar, he said.
“If we want the dollar to remain the strong reserve currency of the world, we shouldn’t enable terrorists and sanctioned individuals and criminals to move dollars anonymously,” said Massad, who also served as chairman of the Commodity Futures Trading Commission from 2014 to 2017.
Every form of currency is vulnerable to misuse for illicit transactions. But since it introduced USDT in 2014, Tether has faced regular questions about the scrutiny it brings to its customers. In response, the company had argued that its location overseas meant it could resist what it described as US regulatory overreach. But that position evolved over time, and in December 2023, Tether announced a policy of voluntarily freezing wallets of any people or entities sanctioned by the US Treasury.
Investigators continued to find evidence that USDT was being used for such activities as the fentanyl trade in Mexico and Russian sanctions evasion. A January 2024 UN report called USDT “a preferred choice” for crypto money launderers in Southeast Asia. That year, President Joe Biden’s National Security Council debated whether to ban Tether from selling its token in the US, according to two people familiar with the talks, who asked not to be named to discuss a sensitive matter.
Ultimately, that proposal was disregarded after law enforcement officials argued that they could track illicit finance through USDT transactions. Over time, federal law enforcement officials have praised Tether for becoming more helpful in freezing tokens used by bad actors.
“The company has built one of the most effective law enforcement cooperation programs in global finance,” Tether’s spokesman said in response to questions. The company said it’s committed to deterring financial crime, and the Genius Act will strengthen such efforts.
Even so, throughout the debates over the Genius Act — and since then — USDT has remained a frequent choice for illicit users.
Throughout 2025, the sanctioned Central Bank of Iran purchased $507 million of Tether’s USDT, according to Elliptic, a blockchain analytics firm widely used by leading digital assets companies and traditional banks. That July, the same month Trump signed the act, Elliptic found that almost $2.5 billion worth of Tether’s USDT was received by wallets linked to Russian companies that, according to the Treasury Department, provide “cross-border settlement platforms for sanctions evasion.”
This year alone, more than $4 billion worth of the token was used in illicit marketplaces favored by Chinese scam networks — which perpetrate crimes including crypto cons known as pig butchering, impersonation frauds and sextortion — according to data by Elliptic.
And in the US, federal prosecutors across the country have filed scores of claims since July 2025 seeking to seize at least $172 million worth of USDT that they said was used unlawfully, according to court records.
Tether has more than twice as many tokens in circulation as its biggest competitor, Circle Internet Group Inc., but has fewer than half as many employees and uses contractors to conduct some of its analysis of suspicious transactions. Tether declined to answer specific questions about the size of its compliance department. But the company said it “works directly and regularly with over 340 law enforcement agencies across 67 jurisdictions to identify, freeze, and help recover assets linked to illicit activity.”
“This is not theoretical compliance but measurable, operational cooperation that no financial institution, including many traditional banks, can match,” said the company spokesman.
Lutnick’s CampaignsWhen Lutnick’s firm, Cantor Fitzgerald, began managing Tether’s reserves in 2021, the investment banker had already known Trump for decades. By that time, Trump was a one-term president, seeking a return to the White House. Tether was a hugely profitable company with an image problem. In 2024, Lutnick campaigned hard for them both.
Despite the importance of assuring buyers that its tokens are backed by safe assets, Tether has never published an independent audit detailing its reserves. In 2021, the company and a related exchange paid $61 million to settle claims brought by federal regulators and New York State (where it is banned from operating) that Tether misled investors about its reserves. Tether acknowledged no wrongdoing in the settlements. As written, the Genius Act will require stablecoin issuers to publish annual audits. Tether announced this year that it had hired an auditor, though it hasn’t disclosed any plans for releasing an audit.
Howard Lutnick, who was chairman and chief executive officer of Cantor Fitzgerald at the time, at the opening day of the World Economic Forum in Davos, Switzerland, in January 2024. Source: BloombergAmid questions about Tether’s reserves, Lutnick came to the company’s public defense. In January 2024, he traveled to the World Economic Forum in Davos, Switzerland, and declared on Bloomberg TV: “They have the money they say they have.”
The following month, Lutnick traveled to El Salvador, where he met with Tether’s chairman, Giancarlo Devasini, and the country’s crypto-friendly President Nayib Bukele, the self-styled “world’s coolest dictator.” Last year, Tether announced plans to relocate its headquarters to the country’s capital, San Salvador.
And in April 2024, Cantor Fitzgerald acquired the right to a 5% stake in Tether through a $600 million convertible bond — a transaction that wasn’t publicly reported until November, after Trump won the presidency. The price was a remarkable discount, based on Tether’s own accounting: In 2024, it reported profit of about $13 billion, which suggests the company was worth at least $130 billion, according to a benchmark of publicly listed financial firms. At that level, Cantor’s $600 million stake was worth more than $6 billion on paper.
Devasini called the price Cantor paid “bloody cheap,” according to Cory Klippsten, a Bitcoin entrepreneur who met with Tether executives and Lutnick in 2024.
Klippsten was involved in a business partnership with Tether that ultimately broke down, and the sides wound up in litigation. In court filings, Klippsten has accused Tether executives of poaching his employees, code and other trade secrets and reneging on a deal; Tether has accused Klippsten of improperly using Tether’s investment as collateral in a separate transaction. As part of the litigation, Klippsten is seeking to depose Lutnick and review documents about Cantor Fitzgerald’s relationship with Tether. An attorney for Lutnick said in court that the commerce secretary had no role in the dispute and that the request is meant to “harass and embarrass” Lutnick.
In a March court filing, Klippsten said he had taken contemporaneous notes detailing his conversations with Devasini. He recounted some of those notes in filings — including the “bloody cheap” remark. The filing describes Cantor’s convertible bond as “implicit compensation for acting as Tether’s advocate in Washington and the media.”
Stalled LegislationMembers of Congress had developed their own concerns. In late 2023, Republican Senator Cynthia Lummis of Wyoming co-signed a letter urging the Justice Department to determine whether Tether was “providing material support and resources” to terrorism organizations, including Hamas, during the deadly attacks that October in Israel. In April 2024, Lummis and Democratic Senator Kirsten Gillibrand of New York introduced a bill that could have required any stablecoin issuer doing business in the US to submit to US anti-money-laundering restrictions and disclosure requirements.
At the time, Lummis made clear that to enter the US market, Tether would have to comply with US rules. “So Tether, if it chooses to remain offshore, if it’s happier with a different regulator, that’s a business choice for them,” she told CoinDesk shortly after announcing the new legislation. “But if they want the US Good Housekeeping seal of approval on their product, and we hope they will, that they’ll come into compliance in the US.”
That July, Lutnick took another opportunity to defend Tether at the 2024 Bitcoin conference in Nashville, where Trump gave the keynote address. “We would never, ever be associated with a company that has anything to do with jihad,” Lutnick said, his voice rising in anger as he reminded the audience that more than 650 Cantor employees, including his brother, had died in the Sept. 11, 2001, terror attack on the World Trade Center. “And it disgusts me.”
Trump speaks at the Bitcoin 2024 conference in Nashville, in July 2024. Photographer: Brett Carlsen/BloombergAfter that speech, Trump — who had pivoted from crypto skeptic to crypto supporter in 2024 as he and his family members prepared to invest in the industry — invited Lutnick to join him on his campaign plane and asked him to be co-chairman of his transition committee. They flew to Minnesota, where Lutnick warmed up the crowd on stage before then-Senator JD Vance of Ohio, another vocal crypto advocate, spoke.
Trump’s surging candidacy buoyed the mood among Tether executives, according to Klippsten. “They have HOPE right now,” his notes say. “They could fly to NYC. Go on CNBC. That’s what Trump is offering them.”
Lutnick traveled in 2024 to Washington, where Cantor Fitzgerald’s lobbyists were engaging with members of Congress on stablecoin bills circulating in the House and Senate. He had a meeting with North Carolina Representative Patrick McHenry, then-chairman of the House Financial Services Committee, to discuss how a new law would affect a foreign company like Tether, according to a person familiar with the talks. McHenry didn’t respond to requests for comment. Lutnick also met with Lummis in September, although a spokesperson for the senator said the discussion focused on a potential Trump transition team and only briefly touched on her concerns about Tether and financial crimes.
The spokesperson said that Lummis “was never urged to back off of her support” for her bill, “nor was she pressured in any manner by Secretary Lutnick or those around him to make changes.”
One of Klippsten’s notes, recounted in a court filing, says that Devasini, Tether’s chairman, told him: “According to Howard, he managed to kill every bill about stablecoins, crypto, etc. There’s still some days before Congress comes to a halt. Howard says don’t expect anything upsetting.”
The bills went nowhere. The next year, both Lummis and Gillibrand voted for the Genius Act, including its provision allowing for “reciprocal” regulation by foreign countries. A spokesman for Gillibrand declined to comment on her vote. A spokesperson for Lummis said it’s not unusual for senators to “vote for something that doesn’t perfectly reflect their preferred way of regulating.” This year, Lummis is leading Senate discussions on a bill that would establish a regulatory framework for the rest of the crypto industry, beyond stablecoins.
After Trump’s November 2024 victory, Cantor helped arrange a new investment for Tether that put the stablecoin issuer more firmly into Trump’s business orbit. Around Christmas, the company invested $775 million in Rumble, the conservative video streaming company that hosts Trump’s Truth Social media platform and provides it with cloud infrastructure and advertising services.
The investment came at an unusual time; Rumble had run up $338 million in losses that year. The company, which bills itself as a “freedom-first” alternative to livestreaming and video content, counted several Trump allies who eventually joined his second administration among its investors: Vice President Vance; former FBI Deputy Director Dan Bongino; and former White House special adviser for AI and crypto David Sacks.
Tether’s investment set off a temporary spike in Rumble’s share price, and it closed on Dec. 26 at $16.27, a 126% gain since the day of the announcement. Rumble, which has rebranded itself as RUM Group Inc., devoted almost 68% of Tether’s investment, $525 million, to share buybacks from “certain members of key management.” Since then, Tether has gradually increased its equity stake in Rumble; it now amounts to roughly $875 million.
“Tether’s investment in Rumble reflects our shared values of decentralization, transparency and fundamental right to free expression,” Tether’s chief executive officer, Paolo Ardoino, said at the time. The company said roughly $250 million of its infusion would go for “growth initiatives,” including a crypto payments platform.
As Trump’s second administration took shape, the White House handed responsibility for shepherding stablecoin legislation to a former college football player whose introduction to cryptocurrency came when he played in the 2014 Bitcoin St. Petersburg Bowl.
‘Hi, Bo!’As a Washington newcomer, Bo Hines didn’t have a resume to match the crypto industry leaders and congressional staffers he met with regularly. But at 6-foot-1 and 205 pounds, he had other attributes welcome in Trump’s White House: a camera-ready jaw line, a staunch belief in the MAGA agenda and a documented refusal to accept the results of the 2020 presidential election. Also, during the fall of 2024, a business he operated with his father donated $1 million in billboard advertising to a political action committee supporting Trump’s campaign.
As the president’s choice to head the new administration’s council on digital assets, Hines worked on a range of issues, from establishing a federal stockpile of digital currencies to recommending new guidelines for regulation of crypto. A top priority was the Genius Act.
By early February 2025, the bill was circulating in Washington. Later that month, as crypto executives and lawmakers gathered at Washington’s Willard Hotel to discuss the bill, a surprise visitor showed up, according to two people who attended: Tether’s Ardoino. He told his fellow attendees that his company was serious about deterring money laundering, the people said.
In March, Ardoino posted photos of himself at the US Capitol and the White House. He told the New York Times that he’d been careful not to speak with Lutnick after Lutnick’s February confirmation as commerce secretary, to avoid any conflicts of interest.
That same month, Tether hired a Washington lobbyist who’d been representing Cantor Fitzgerald on stablecoin-related issues since 2024: Jeff Miller. Miller served in leadership roles for both of Trump’s inauguration committees, and his firm had become one of Washington’s most successful during Trump’s first term. Throughout 2025, Miller Strategies was paid $570,000 — with $480,000 from Cantor and $90,000 from Tether. “It’s very important that our voice is properly heard,” Ardoino told Bloomberg TV.
Hines, meanwhile, settled into his job. He argued that lawmakers had no right to oppose the president’s wishes, said people familiar with the matter, and pressured them to reach speedy agreements. He also began signaling that he considered concerns about the illicit use of digital tokens to be overblown. “You’re a pretty dumb criminal if you want to use digital assets to do something nefarious because that can be traced publicly in many cases,” he said during an April interview with Bitcoin Magazine.
The earliest drafts of the Genius Act troubled Tether’s competitors and Democratic lawmakers because it walked back restrictions that had been written into the 2024 versions of stablecoin legislation.
In May, a group of Democrats — including those seen as moderates on crypto — revolted, temporarily blocking the measure from advancing. In a closed-door meeting with other Democrats, two people familiar with the matter said, Senator Chuck Schumer of New York implored his colleagues to review records the Biden administration’s National Security Council had compiled about Tether’s practices and make certain the Genius Act provided strong enough safeguards to deter money laundering by US adversaries.
That month, Massachusetts Senator Elizabeth Warren urged other Democrats to reject the latest version of the bill, which she said loosened the rules to further benefit Tether.
Senator Elizabeth Warren questioned the Genius Act’s provisions. Source: Senator Elizabeth Warren/YouTubeHines brushed such concerns aside, according to people familiar with the discussions. He often invoked Trump, saying that the president wanted a deal done soon. Republican legislative leaders pressed on with the bill.
A late hurdle was the timing of the bill’s provisions. During private negotiations, Hines insisted that Republicans refuse to drop the three-year grace period — even though Democrats were seeking to cut it in half. In meetings, he said that Tether wanted three years, said three people familiar with the matter.
Ultimately, Hines prevailed. The July bill signing ceremony brought many of the bill’s important supporters together at the White House.
“Where’s Bo Hines?” Trump asked from the dais, scanning until he spotted him in the front row. “Hi, Bo! And Bo was a great football player, right? Bo was a great football player, one of the better players in college football so I know you from that also.” (Hines was a standout receiver for the North Carolina State Wolfpack in 2014; he subsequently transferred to Yale University, where shoulder injuries hampered his football career.)
Hines stood to a round of applause and sat down. To his immediate right, also in the front row, was Tether’s CEO, Ardoino. One month later, Tether announced that it was hiring Hines as an adviser. Soon thereafter, he was promoted to chief executive of Tether’s new US product called USAT. This new token accounts for just a fraction of Tether’s business, with roughly $186 million of them in circulation. Hines told a crypto conference last year that he expects both USAT and USDT to meet Genius Act standards.
Also seated in the signing ceremony’s front row, between Hines and Vice President Vance, was Lutnick. Trump called on him to stand for applause, praising his work on tariff negotiations. “You have done a great job, Howard,” the president said.
Three months later, Lutnick completed the sale of Cantor Fitzgerald to trusts benefiting his children. The day after it closed, a document was filed in New York that showed Tether had loaned one of those trusts an undisclosed sum of money.
Lutnick has declined to reveal what his children paid for his holdings or whether the loan they received from Tether was used to finance the transaction. That year, Tether had been speaking to investors about a $500 billion capital raise. At that valuation, Cantor Fitzgerald’s potential 5% stake in the company would have been worth $25 billion on paper.
(Updates to say in 15th paragraph that Tether's statement came directly from the company.)
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How did Tether — the largest stablecoin issuer in the world — go from fighting stablecoin regulation to supporting the Genius Act? That’s the subject of a new Bloomberg News investigation into how Trump insiders helped to loosen safeguards and shape the process that led to the law in ways that benefitted the company.
It was billed as cryptocurrency’s big moment, President Donald Trump’s first legislative victory in his drive to make the US the “crypto capital of the world.”
Surrounded by lawmakers and industry executives in the East Room of the White House, Trump signed the Genius Act into law a year ago this month, celebrating it as a step toward bringing digital assets into the mainstream of American finance.
By providing the first set of federal rules for a type of crypto known as stablecoins, the legislation aimed to inspire public confidence in a $300 billion marketplace. It promised protections against ...
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President Donald Trump’s advisers Howard Lutnick and Bo Hines allegedly worked behind the scenes before and after Trump’s return to office to weaken parts of the GENIUS Act and shape provisions that favored Tether, the largest stablecoin issuer, Bloomberg reported Wednesday, citing interviews and a court filing.
The report also relies on anonymous crypto industry executives, lobbyists, and current and former US officials who said the pair were among the administration’s most influential voices on the bill.
Preferred provisions survived despite Democratic opposition Earlier bipartisan efforts in 2023 and 2024, led by Senators Cynthia Lummis and Kirsten Gillibrand, sought to impose strict anti-money-laundering requirements on foreign stablecoin issuers like Tether.
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According to the report, Lutnick, then still running Cantor Fitzgerald, which manages Tether’s reserves, lobbied against these measures throughout 2024, while publicly defending the company’s reserve claims. A court filing alleges Tether’s chairman told an associate that Lutnick had effectively blocked the legislation.
After Trump’s inauguration, negotiations over the GENIUS Act drew objections from Senate Democrats, including Elizabeth Warren and Chuck Schumer, who argued the bill had been weakened relative to earlier drafts and could allow continued misuse of stablecoins by sanctioned actors.
Hines, then leading the administration’s digital asset efforts, was said to have downplayed objections and pushed for rapid passage of the bill.
During negotiations, he reportedly argued that Tether’s preferred three-year compliance grace period, rather than the Democrats’ proposed 18-month timeline, was non-negotiable for the White House.
The final version signed by Trump kept that provision, as well as measures allowing foreign regulatory recognition and reducing issuer accountability on decentralized platforms.
The report notes that both advisers had financial or professional ties to Tether that emerged before or shortly after the law’s passage, including Cantor’s discounted stake purchase, a Tether investment in a Trump-linked media company, Hines’ subsequent hiring by Tether, and a company loan to a trust benefiting Lutnick’s family.
Tether and the White House have defended the process as lawful and standard, while critics cited in the piece, including a former Treasury official, warn the resulting loopholes could undercut US anti-money-laundering enforcement and the dollar’s role in global finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A vulnerability in Zilliqa’s Ledger app, present since 2019, lets attackers rebuild a signer’s private key from data already public on the blockchain.
Original Image Credit: Roderart / commons.wikimedia.org
Posted July 22, 2026 at 3:57 pm EST.
Layer-1 network Zilliqa has suspended all native transactions after disclosing a vulnerability in its Ledger app that lets attackers reconstruct a user’s private key from information already recorded on the blockchain. The flaw affects every version of the app released since 2019, and the team says active exploitation was observed on July 19.
The bug sits in how the app generates Schnorr signatures for native, non-EVM Zilliqa transactions. “The vulnerability causes signatures to be generated with predictably weakened ephemeral nonces, from which an attacker can recover the signer’s private key,” Zilliqa said in a Wednesday post. Because the weakness leaks through signatures that are permanently public on-chain, any account that has broadcast about five or more native transactions signed with the Ledger app should be treated as compromised, regardless of any later software patch, Zilliqa said.
The disclosure follows a warning earlier in the week. Zilliqa on Monday asked exchanges to pause ZIL deposits and withdrawals after identifying a breach that resulted in the theft of an undisclosed amount of the token from a cold wallet. Major South Korean exchange Upbit has since designated ZIL a cautionary asset across its won and bitcoin markets, keeping deposits and withdrawals frozen and warning that trading support could be terminated if the issue is not resolved.
ZIL traded above $0.0024 on Wednesday, down roughly 19% over the week.
Zilliqa said protective measures are in place to prevent further losses and that a coordinated remediation plan is being finalized, including a corrected version of the app published in coordination with Ledger. Users who moved ZIL through EVM-compatible tooling are not affected.
For now, Zilliqa is telling anyone holding a potentially exposed key to wait for instructions before taking any action.
Related Listen: The Chopping Block: Zcash Infinite Mint Bug + AI Hackers vs Formal Verification + NEAR’s Agent Vision
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.
Zilliqa has suspended native ZIL transactions after disclosing a critical flaw in its Ledger application that can allow attackers to recover private keys from public transaction signatures.
Summary
Zilliqa halted native transactions after a Ledger app flaw exposed private keys from public signatures. Accounts signing roughly five native transactions with Ledger devices should be treated as compromised permanently. Upbit flagged ZIL as cautionary while EVM transactions and Zilliqa software development kits remain unaffected. The bug affected every released version of the app from 2019 through 2026 and applies to native, non-EVM transactions signed with Ledger devices.
The network said it observed onchain activity consistent with active exploitation on July 19 and confirmed the root cause on July 21. Zilliqa has prepared a corrected Ledger app build, but the fix cannot protect keys exposed through earlier signatures. Native transactions remained suspended in the latest official update while the team finalized a coordinated recovery plan.
Zilliqa Ledger bug weakened transaction signatures The flaw affected how the Zilliqa Ledger app generated Schnorr signatures for native transactions. Each signature needs a fresh random number, known as a nonce, to protect the private key. Zilliqa said the app generated enough random data but copied the wrong 32 bytes into the signing process. The mistake left the highest 64 bits of every nonce fixed at zero.
The reduced randomness allowed attackers to compare several public signatures from the same account and reconstruct its private key. Zilliqa said accounts that broadcast roughly five or more affected native transactions should be treated as compromised. The project said the recovery process can take seconds on ordinary hardware once enough signatures are available.
Because the signatures remain permanently recorded onchain, updating the Ledger app cannot repair an already exposed key. Zilliqa said affected keys must be retired. It also warned against simply moving funds when transactions restart because an attacker holding the recovered key could try to send a competing transaction.
Native transactions stop while EVM users remain unaffected Zilliqa suspended native transactions after identifying the flaw, blocking further native transfers while the team develops a method to protect affected balances. The project asked Ledger users who signed native transactions to wait for official instructions.
“Users who have signed native Zilliqa transactions with a Ledger device should await official guidance before taking any action,” Zilliqa noted.
The issue does not affect EVM transactions, according to Zilliqa. The project also said its software development kits, including zilliqa-js, gozilliqa-sdk and pyzil, generate nonces correctly. Users who only transact through EVM-compatible tools therefore sit outside the affected signing path.
Nonce-Generation Vulnerability in the Zilliqa Ledger App: A critical vulnerability has been identified in the Zilliqa Ledger application affecting the generation of Schnorr signatures for native (non-EVM) Zilliqa transactions. The vulnerability causes signatures to be generated… https://t.co/sudV7WA3TV
— Zilliqa (@zilliqa) July 22, 2026 Zilliqa credited KuCoin with helping trace the problem. The exchange recovered affected private keys from public signatures, helped confirm active exploitation and assisted in identifying the faulty nonce-generation process. Zilliqa said the cooperation helped it introduce protective measures while preparing a broader recovery plan.
Upbit places ZIL under caution after disclosure South Korean exchange Upbit placed ZIL under cautionary status after the vulnerability became public. The designation covers its KRW and BTC markets, while ZIL deposits and withdrawals remain suspended. Trading support could face further review if the issue is not resolved through the exchange’s monitoring process.
The exchange action comes while Zilliqa works on securing balances controlled by keys that may already be recoverable. A corrected Ledger build has been prepared, but the project has not yet published its full recovery procedure or announced when native transactions will resume.
As crypto.news reported on July 20, Zilliqa had already asked exchanges to pause ZIL deposits and withdrawals after an exchange partner reported a cold-wallet theft. At that stage, the project had not disclosed the stolen amount, affected exchange or attack method. Zilliqa has not publicly stated whether that earlier theft was caused by the Ledger flaw.
Bug follows earlier Zilliqa network disruptions The Ledger vulnerability differs from earlier Zilliqa outages because it affects private-key security rather than block production or node synchronization. Still, the disclosure follows several technical disruptions that affected the network in previous years.
Moreover, Zilliqa announced a permanent fix in September 2024 after a bug halted block production. The network later suffered another outage in January 2025 linked to node synchronization problems before restoring full service. Zilliqa has not connected those incidents to the Ledger app flaw.
The current issue also sits outside Ledger hardware itself. Zilliqa described the problem as a defect in its own Ledger application’s native signing code. The corrected build restores full-width nonce generation and should prevent new weak signatures once released.
For affected users, the old transaction history remains the main risk. Public signatures cannot be removed from the blockchain. Zilliqa said users who signed about five or more native transactions with a Ledger device should consider their keys compromised and wait for recovery instructions. The network has not announced a date for restoring native transactions.
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.
S&P Dow Jones Indices and Pantera Capital have introduced a new digital asset index focused on tracking blockchain networks and protocols based on protocol revenue. This approach marks a shift from traditional crypto benchmarks that rely on market capitalization or token prices.
Protocol revenue as the key metricThe index is derived from the S&P Cryptocurrency Broad Digital Asset Index and screens assets for minimum levels of protocol revenue, market capitalization, and liquidity. Once assets meet these requirements, eligible networks are ranked by their total protocol revenue over the previous two quarters. The final composition is then weighted by adjusted market capitalization, with a maximum allocation of 35% for the largest holding and up to 20% for most other constituents. The index undergoes quarterly rebalancing.
S&P Dow Jones Indices and Pantera Capital stated that the benchmark targets institutional investors and could be utilized as the basis for investment products or as a reference point for actively managed portfolios. According to S&P, the index’s rules-based structure is designed to differentiate established blockchain activity from more speculative digital assets.
The index’s methodology prioritizes blockchain networks with substantial protocol revenue, aiming to give investors exposure to projects generating meaningful economic activity rather than just speculative value.
Constituents and methodologyAt launch, the index consisted of 18 digital assets, with Ether (ETH), BNB (BNB), Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) as the largest holdings. Bitcoin (BTC) and XRP (XRP), which rank prominently in the broader S&P Cryptocurrency Broad Digital Asset Index, were excluded due to the protocol revenue selection criteria.
Mini dictionary: S&P Dow Jones Indices is a major global index provider, best known for benchmarks like the S&P 500, while Pantera Capital is a prominent blockchain investment firm focused on crypto startups and digital asset strategies.
IndexConstituentsLargest HoldingsWeighting MethodS&P Digital Asset Index18 tokensETH, BNB, SOL, TRX, HYPEAdjusted market cap, max 35%S&P Cryptocurrency Broad Digital Asset IndexWider selectionIncludes BTC, XRPMarket capitalizationRecent trends in digital asset benchmarksThe launch expands S&P Dow Jones Indices’ broader efforts in the crypto space. In October, the index provider rolled out the S&P Digital Markets 50 Index, which blends 15 cryptocurrencies with 35 public companies involved in the crypto sector.
This latest index is part of a growing movement in the industry to create institutional-grade benchmarks for digital assets. As traditional financial institutions continue to expand their crypto offerings and tokenized assets become more popular, demand for reliable metrics has increased.
Earlier this year, Hashdex introduced the Nasdaq Crypto Index US ETF, the country’s first multi-asset spot crypto ETF. Franklin Templeton followed with its own index fund, providing exposure to Bitcoin and Ether through a capitalization-weighted approach.
In April, MarketVector Indexes and Coinbase Asset Management released the Coinbase Store of Value Index. This new benchmark combines Bitcoin and tokenized gold, using an inverse-volatility weighting to capture diversified exposure.
Matt Hougan, chief investment officer at Bitwise, highlighted in December that crypto index funds are expected to see significant growth in 2026. Hougan argued that as the asset class matures and becomes more complex, diversified index offerings are likely to become more attractive for investors who want exposure to digital assets without attempting to pick individual winners.
With the fast-paced evolution of blockchain networks and uncertainty over long-term leaders, diversified index products may appeal to investors seeking broader market exposure.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Circle, the company behind the USDC stablecoin, signed a memorandum of understanding with Kakao Group on July 23 to jointly explore blockchain-based payment systems and digital asset technologies in South Korea.
The deal pairs one of the world’s largest stablecoin issuers with the tech conglomerate that essentially runs South Korea’s digital life. Kakao operates everything from the country’s dominant messaging app to its own banking platform, making it a gateway to tens of millions of Korean consumers.
Why Kakao matters For anyone unfamiliar with the Korean tech ecosystem, think of Kakao as a hybrid of WhatsApp, Venmo, and a mid-size bank, all rolled into one corporate umbrella. KakaoTalk, its messaging platform, is used by virtually every smartphone owner in the country. KakaoBank is one of the largest digital banks in Asia.
The MOU is focused on exploration rather than a finished product launch. No specific products or timelines have been disclosed.
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Circle’s broader Korea playbook This isn’t Circle’s first move on the Korean peninsula. In May 2025, the company signed a separate MOU with Hana Bank, one of South Korea’s major financial institutions. That partnership expanded to include Hana Card, with the stated goal of driving USDC adoption for cross-border remittances and treasury services.
Circle has been clear that it has no plans to issue a Korean won-denominated stablecoin. The company is betting that USDC, as a dollar-pegged asset, serves a different and complementary role to whatever local stablecoin products emerge.
KakaoBank reached the development stage for a KRW-pegged stablecoin by late November 2025. So even within this new partnership, the two sides may end up operating parallel stablecoin strategies rather than a single unified one.
Kakao’s blockchain evolution Kakao launched its own blockchain, Klaytn, back in 2019. That chain went through a significant transformation in 2024, merging into a new high-performance Layer-1 blockchain called Kaia.
Circle went public in 2025, and the IPO generated notable interest among Korean retail investors.
What this means for investors South Korea’s cross-border remittance market is substantial, and stablecoins have a genuine cost advantage over traditional wire transfers. Tether’s USDT has historically dominated Asian markets, but Circle’s strategy of embedding USDC directly into regulated financial institutions could chip away at that lead in jurisdictions where compliance matters to partners.
The risk side of the ledger isn’t empty. South Korea banned ICOs in 2017, introduced strict exchange registration requirements, and has periodically spooked markets with regulatory signals.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The exploit targeted a bridge operated by derivatives exchange AFX and emptied nearly all of the USDC locked in the contract, according to security firm Blockaid. Arbitrum co-founder Steven Goldfeder said the network's native bridge was not affected.
AFX Trade, a derivatives exchange that settles trades in USDC, was exploited for approximately $24.15 million on July 22 after an attacker targeted a bridge the protocol operates on Arbitrum, according to security firm Blockaid.
Blockaid said it detected the exploit at 21:30 UTC and published the transaction on Arbiscan. "The exploit was specific to a bridge that AFX operates," the firm wrote, adding that it is working with the Arbitrum team "to respond to the incident, to engage with the affected protocol, and to help them contain the stolen funds."
The attacker moved the funds to Ethereum and swapped them for 12,467 ETH at an average price of $1,937, according to onchain analytics account Lookonchain, which linked to the exploiter's address on Arkham.
AFX had not published a statement on its X account as of the time of writing. The Defiant reached out to AFX for comment.
Arbitrum Says Native Bridge UnaffectedSteven Goldfeder, co-founder of Arbitrum developer Offchain Labs, said the exploit did not compromise Arbitrum's own infrastructure.
"We're aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way," Goldfeder wrote. "We will coordinate with the third party team and will report more details when we have them."
Nearly All Bridge Deposits DrainedThe AFX bridge contract on Arbitrum held about $24.2 million in USDC before the attack, according to DefiLlama, meaning the exploit drained nearly all of the funds locked in the contract. Deposits in the bridge had grown from about $19.3 million in mid-June.
AFX, short for Anti-Fragile Exchange, describes itself as a sovereign Layer 1 blockchain built for decentralized derivatives, offering USDC-margined perpetuals with up to 100x leverage on crypto assets, equities, ETFs and commodities, according to its website. User deposits enter the protocol through the Arbitrum-based bridge contract that was targeted in the attack.
The attack follows a string of exploits targeting protocols on Arbitrum in July. On July 15, perpetuals exchange Ostium halted trading after an attacker manipulated its oracle system to drain up to $18 million in USDC from its liquidity vault.
Markets showed little immediate reaction. ETH was trading at about $1,928, roughly flat over 24 hours, while ARB was down 0.3% at $0.0806, according to CoinGecko. ARB set an all-time low of $0.0705 on June 26.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, The next billion people entering crypto won't look like the last billion. Different countries, different starting points, different reasons for showing up - and different assets on their radar. We want to hear your take. Who are they, and what are they buying? Join our latest community challenge on the Binance Angels X account and Binance Discord, create a post on the topic below for a chance to win a share of 500 USDC token vouchers! Activity Period: 2026-07-22 09:00 (UTC) to 2026-07-28 23:59 (UTC) How to Participate: During the Activity Period, complete all of the following steps to be eligible: Follow the Binance Angels X account.Repost this post with your take on "What the world's next billion investors look like - and what they're buying." Ground it in something real: a region, a generation, a trend, an asset class.Go to this Binance Discord channel and share:Your X post link; andYour X account username. Reward Structure: The best 20 posts will be selected at Binance’s sole discretion, and eligible winners will share a prize pool of 500 USDC token vouchers equally. The posts will be selected based on creativity, Binance brand relevance, and accuracy as per Binance's discretion. Activity Rules: Each user is allowed to submit a maximum of 1 submission for the whole campaign in the Binance Discord channel.Copied, hateful, or offensive content is not allowed and will not be counted as eligible for this Activity. Terms & Conditions: This campaign is not available for users in the EEA region. These terms and conditions (“Promotion Terms”) govern users’ participation in the promotion above (“Promotion”). By participating in this Promotion, users agree to these Promotion Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Promotion Terms, and any other incorporated terms, the provisions of these Promotion Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only users who complete identity verification during the Activity Period can qualify for rewards in the Promotion. The products or features referred to above may not be available in your region. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance services in each country from which the services are accessed.Only users in eligible countries are able to participate in this activity. Rewards will be distributed on 2026-08-15 on Binance Rewards Hub. Eligible users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub. The validity period for the token voucher is set at 30 days from the day of distribution. Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments. There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-23
Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
37 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.
37 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.
37 minutes ago
The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
37 minutes ago
Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
37 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.
37 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.
37 minutes ago
The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
37 minutes ago
Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
AFX suffered a $24.15 million USDC loss after an attacker targeted a cross-chain bridge linked to the trading protocol on July 22.
Summary
AFX’s cross-chain bridge lost $24.15 million USDC while Arbitrum’s native bridge remained unaffected during attack. The exploiter moved stolen USDC to Ethereum and converted the proceeds into 12,467.5 ETH afterward. Security firms are tracing the stolen funds as AFX and Arbitrum teams investigate the breach. The incident triggered an investigation by Blockaid and the Arbitrum team, while on-chain trackers followed the stolen funds to Ethereum.
The attack did not affect Arbitrum’s native bridge. AFX operates its own sovereign Layer 1 for perpetual trading but accepts USDC deposits through Arbitrum. The affected infrastructure was a third-party bridge operated by AFX rather than Arbitrum’s core bridge.
AFX bridge loses $24.15 million USDC Blockaid said it detected the exploit at 9:30 p.m. UTC on July 22. The firm said the attack targeted a bridge operated by AFX and drained about 24.15 million USDC. An Arbiscan record shows a successful transfer of 24,150,000 USDC from the bridge contract to the recipient address at 9:30:25 p.m. UTC.
Blockaid detected an exploit at 2026-07-22 21:30 UTC targeting @AFX_XYZ, a protocol on @arbitrum. The exploit was specific to a bridge that AFX operates. Approximately 24.15M USDC has been drained thus far from the protocol.
Our team has been working with the incredible folks on… https://t.co/0Qd9ve5gPB
— Blockaid (@blockaid_) July 22, 2026 The security firm said it was working with the Arbitrum team to respond, contact the affected protocol and help contain the stolen funds. Based on the public updates reviewed at publication time, no recovery had been confirmed.
AFX had also not published a verified technical postmortem explaining how the attacker gained authorization to withdraw the funds. The protocol had not announced a recovery plan.
Offchain Labs co-founder Steven Goldfeder confirmed that the suspicious transaction came from a third-party protocol. He also separated the AFX incident from Arbitrum’s own bridge infrastructure.
“We’re aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third-party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way,” Goldfeder said.
He added that the team would coordinate with the third-party protocol and share more details when available.
AFX uses Arbitrum as a route for USDC deposits while running its trading system on a dedicated Layer 1. AFX describes itself as a decentralized derivatives platform built around a sovereign execution environment. A recent protocol post also said users could deposit USDC from Arbitrum before accessing its perpetual markets.
Exploiter converts stolen USDC into ETH PeckShield said the attacker moved the stolen USDC from Arbitrum to Ethereum and converted the proceeds into 12,467.5 ETH. Lookonchain separately reported that the exploiter bought about 12,467 ETH at an average price near $1,937 per ETH after moving the funds.
The conversion moved the stolen value from a U.S. dollar-pegged stablecoin into Ether, exposing the holdings to ETH price movements. Security teams continued tracing the funds after the swap. At publication time, the reviewed sources did not confirm that Circle had frozen the USDC before conversion or that any of the ETH had been recovered.
The attack adds to several bridge-related security incidents this year. As crypto.news previously reported, Stake DAO closed its vsdCRV bridge after an unauthorized mint on Arbitrum in May. The project said it secured the token’s mainnet backing and contained the incident to the affected bridge.
Earlier in April, a larger exploit hit Kelp DAO’s LayerZero-powered bridge. Attackers drained roughly 116,500 rsETH worth about $292 million. Arbitrum later froze more than 30,000 ETH linked to that attacker after the funds moved onto Arbitrum One.
Investigation focuses on AFX-operated infrastructure The investigation now centers on the AFX-operated bridge and the authorization process behind the 24.15 million USDC withdrawal. The confirmed transaction shows that the bridge contract finalized the transfer, but public statements do not yet establish the verified root cause. A full postmortem may determine whether the incident involved compromised validator credentials, faulty access controls or another weakness.
The main confirmed point is that the exploit affected infrastructure operated by AFX rather than Arbitrum’s native bridge. Blockaid and Offchain Labs both made that separation clear in their initial responses. The Arbitrum network continued operating, and reviewed reports showed no loss from its native bridge.
The incident also places attention on AFX’s deposit infrastructure. The protocol has promoted USDC deposits from Arbitrum as an entry route into its trading platform. Any changes to deposits, withdrawals or bridge operations will depend on the protocol’s response and the ongoing investigation.
The case remains developing. The confirmed loss stands at about $24.15 million in USDC, while on-chain trackers have traced the stolen value into roughly 12,467 ETH on Ethereum. Further updates are expected from AFX, Blockaid and the Arbitrum team as they review the breach and track the attacker’s funds.
As the final beats faded on Tomorrowland’s first weekend, the most unlikely headliner wasn’t a DJ—it was a crypto exchange. KuCoin closed its debut at the Belgian mega-festival with a branded Celestia Stage, aiming to fuse trust, music, and community into a single marketing push.
According to the press release, the sponsorship marked a weekend of live sets, interactive experiences, and an on-the-ground effort to link the KuCoin brand with the festival’s famously loyal audience. The activation leaned heavily on the idea that crypto can be a cultural force, not just a trading interface.
Music, Branding, and a Stage Called Celestia Large-scale festival sponsorships have become a staple for exchanges trying to shed their niche reputation. FTX famously embedded itself at Miami events before its collapse, while Crypto.com owns the naming rights to a major Los Angeles arena. KuCoin is following a similar playbook, but with a twist: it’s putting the concept of trust at the center of a party.
Tomorrowland’s audience skews young, digitally native, and globally connected—exactly the demographic crypto platforms want. The Celestia Stage wasn’t just a venue; it was a container for a message that KuCoin is more than a place to trade tokens. Whether festivalgoers internalized that message is another matter. A weekend of music doesn’t erase years of user skepticism that built up as the exchange navigated a complex global regulatory map.
Regulatory Baggage Brings Its Own Beat KuCoin has never been as legally exposed as some of its peers, but it hasn’t escaped scrutiny either. New York’s attorney general sued the exchange in 2023 for allegedly operating without the proper licenses, and KuCoin has since restricted access for US-based users. While the platform’s global volume remains substantial, the regulatory shadow makes high-profile branding exercises look like attempts to project stability more than anything else.
The sponsorship arrives as the broader industry remains under a microscope, with US senators just days away from a pivotal vote on a crypto market structure bill that banks are actively trying to kill. That fight, unfolding far from festival grounds, is a reminder that the regulatory climate can change faster than a DJ can drop a beat. For KuCoin, any misstep could turn a feel-good festival moment into expensive legal turbulence.
What a Festival Can’t Fix There’s a difference between building a brand and building trust. Sponsoring a stage may lift name recognition, but it doesn’t automatically make users feel safer about storing funds on an exchange with a history of regulatory friction. The real test will be whether KuCoin can translate high-decibel marketing into sustained user growth without stumbling into another compliance trap.
For now, Tomorrowland gave the exchange a glossy highlight reel. But the beats that mattered most may have been the ones nobody danced to—the quiet hum of legal risk that never really leaves the room.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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.
27 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.
27 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.
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The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
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Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
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.
27 minutes ago
The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
27 minutes ago
Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
Hedera Hashgraph’s native token HBAR is trading at $0.06981 as the network tests a key resistance level that could trigger a bullish breakout if buying pressure continues. Over the past 24 hours, HBAR has risen 3.78%, reaching a market capitalization of $3.05 billion and recording a trading volume of $68.6 million.
Resistance test fuels bullish expectationsTechnical analysis from ZAYK Charts shows that HBAR is currently approaching a crucial resistance trendline that has previously capped rallies. This level is seen as decisive for determining the short-term direction of the token.
Analysts suggest that should HBAR decisively move above this resistance, renewed bullish momentum could result in further gains. A clear breakout could pave the way for a targeted move toward $0.84, representing potential upside of 20% to 30% from recent levels.
Traders are monitoring whether sustained buying activity can propel HBAR beyond this trendline, which would validate the bullish scenario and attract additional investor interest.
Market participants state that rising trading volumes and positive sentiment are crucial at this stage. The ability to maintain higher volumes would likely signal renewed confidence in HBAR’s outlook as it seeks to confirm a breakout.
MetricCurrent ValueHBAR Price$0.06981Market Cap$3.05 billion24h Trading Volume$68.6 millionPotential Upside Target$0.84Network developments support growthHedera is reinforcing its blockchain ecosystem by integrating features such as rapid transaction finalization, predictably low fees, and high throughput. The network’s full compatibility with the Ethereum Virtual Machine (EVM) allows developers to implement and execute smart contracts using standard Ethereum-based tools like Solidity.
The Hedera Smart Contract Service enables existing Ethereum projects to port their applications to Hedera without significant changes in workflows, making blockchain migration more seamless for developers and enterprises.
This broader compatibility is seen as a catalyst for decentralized finance (DeFi), enterprise solutions, and Web3 applications, as projects are able to leverage Hedera’s high-performance infrastructure while maintaining development familiarity.
Mini dictionary: Hedera is a public distributed ledger platform designed to offer fast, fair, and secure applications through its proprietary Hashgraph consensus algorithm. EVM, or Ethereum Virtual Machine, is a computation engine that enables smart contract execution on blockchains compatible with Ethereum’s architecture.
Market outlook and whale accumulationRising optimism around HBAR’s technical setup follows recent positive momentum in the broader crypto market, with Bitcoin also showing upward movement. Analysts point to an increase in whale accumulation as another bullish factor supporting Hedera’s current trajectory.
A successful breakout above resistance could accelerate investor inflows as confidence builds, especially among Ethereum developers who can now leverage Hedera’s infrastructure.
With HBAR positioned at a major technical juncture and the network offering full EVM compatibility, developers are increasingly able to create DeFi, enterprise, and Web3 projects on Hedera using existing Ethereum processes.
If current trade volume remains strong and the resistance level is surpassed, analysts anticipate potential for a sustained upward movement, which could signal a broader bullish phase for both HBAR and the network’s ecosystem.
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.
Bitcoin (BTC) edges below $66,000 on Thursday, extending the previous day's losses. Hedera (HBAR) and Lido DAO (LDO) sustain bullish momentum, testing the breakout of a crucial resistance zone to extend their rally.
CoinMarketCap’s Fear and Greed Index at 39 stalls below the neutral territory, indicating that sellers remain dominant.
Fear and Greed Index. Source: CoinMarketCapBitcoin could retest its 50-day EMABitcoin is edging lower toward the 50-day Exponential Moving Average (EMA) at $65,167, but maintains a constructive near-term tone. From a technical perspective, BTC remains capped below the key resistance level at $67,516. A decisive close above this could reinstate a recovery toward the 200-day EMA at $74,214.
Momentum indicators support this bias, with the Relative Strength Index (RSI) at 58 holding a broadly upward trend and the Moving Average Convergence Divergence (MACD) and its signal line staying above zero, suggesting ongoing bullish pressure rather than exhaustion.
BTC/USDT daily price chart.On the downside, initial support is located at the 50-day EMA at $65,167, and holding above this moving average would keep the broader bullish bias intact. However, a sustained break below it would expose a deeper corrective phase toward $60,000.
Hedera and Lido DAO face headwindsHedera shows early signs of bullish bias in the near term as price tests the 50-day EMA at $0.0745, which sits well below the 200-day EMA at $0.0958. A breakout of the 50-day EMA at $0.0745 could extend the rally toward the R1 Pivot level at $0.0888.
Despite this capped structure, momentum has improved: the RSI has firmed to around 56, while the MACD and signal line rise with the histogram expanding, suggesting that downside pressure is easing.
HBAR/USDT daily price chart.Looking down, the S1 Pivot level at $0.0593 emerges as the next crucial support level if price reverts from the 50-day EMA.
Lido DAO hovers below $0.4000 at press time on Thursday, extending a bullish recovery above the 50-day EMA at $0.3188. Price is now pressing into the lower edge of a broader resistance area, with the 200-day EMA at $0.4095 capping the advance ahead of the 78.6% retracement from $0.4700 to $0.2341 at $0.4195.
A sustained breakout above the 200-day EMA at $0.4095 could extend the rally toward the previous swing high at $0.4700, followed by the $0.5000 psychological threshold.
The RSI is near 75, in overbought territory, and a positive MACD and signal line suggest strong upside momentum that is increasingly stretched.
LDO/USDT daily price chart.On the downside, immediate support is located at the prior breakout zone around the 50% Fibonacci retracement at $0.3317, followed by the 50-day EMA at $0.3188.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Balance Coin, an algorithmic stablecoin designed to maintain a fixed value of $1, plummeted by approximately 99% on Wednesday after a major security breach. The attack resulted in the loss of $912,000 from the project’s treasury, wiping out nearly its entire $3.5 million nominal value.
Algorithmic stablecoin loses peg after exploitBalance Coin (BLC) is a stablecoin built on an algorithmic model and aimed at consistently trading close to the US dollar. Before the incident, BLC was trading at around $0.9954. However, by early Wednesday, its price had plunged to between $0.0014 and $0.0025, according to several tracking services.
This sharp decline followed a targeted exploit that manipulated the project’s BTCB price oracle. By late Wednesday, BLC had lost nearly all of its market value.
Security flaw exploited via distorted oracleThe Balance Protocol operates a lending and minting system reminiscent of MakerDAO, allowing users to lock up assets such as Bitcoin Cash (BCH), Binance-pegged Bitcoin (BTCB), and USDT in order to mint new BLC tokens. When collateral falls below a required threshold, the protocol automatically liquidates the position and sells the collateral.
SlowMist, a blockchain security firm, traced the exploit to the protocol’s Median Oracle, which supplies BTCB price data. The attacker set an abnormally low price for BTCB using the Spotter contract’s ‘poke’ function, then triggered liquidations through the Dog module. SlowMist noted the Spotter module lacked safeguards such as a time-weighted average price, deviation bounds checking, or a liquidation delay.
SlowMist observed that the protocol’s absence of critical security features allowed an attacker to liquidate secure vaults by submitting a manipulated price, collecting the collateral in a single transaction.
Without these protections, the system quickly became vulnerable, making previously safe vaults suddenly appear insolvent and allowing the thief to claim the locked assets.
Mini dictionary: Oracle, a mechanism that provides external data (such as asset prices) to smart contracts, playing a crucial role in decentralized finance platforms’ operations.
Attacker mints tokens and converts to real assetsThe exploitation did not stop with liquidations. Using a compromised GemJoin contract, the attacker minted around 4.5 million BLC tokens from a null address and promptly swapped them on PancakeSwap V2 for BSC-USD and BTCB, turning freshly created BLC into tangible cryptocurrencies.
A second similar transaction occurred two hours later, minting an additional 5,900 BLC. The sudden influx of unbacked tokens disrupted BLC’s peg in real time, as the mechanism intended to hold its dollar value was turned against the system itself.
Mini dictionary: PancakeSwap, a decentralized exchange protocol on the BNB Chain that allows swapping of BEP-20 tokens without intermediaries.
Security audit limitations and repeated BNB Chain attacks42DAO, the team behind Balance Coin, had previously relied on a CertiK audit of its minting contract as a symbol of security. CertiK is a well-known blockchain security auditor. However, these audits generally focus on bugs such as coding or access control issues, and often treat oracle-price feeds as trusted inputs, overlooking the risk of manipulated data feeds.
Despite Oracle manipulation being highlighted by OWASP’s 2026 Smart Contract Top 10, such attacks typically fall outside standard audit scopes. Balance Coin’s system lacked a time-weighted average price feed, deviation bounds checking, and did not implement a liquidation delay similar to the one-hour Oracle Safety Module used by MakerDAO.
While the system underwent a legitimate audit, its lack of key security measures made it vulnerable to manipulation through the price oracle, which was not considered within the standard audit’s scope.
Security FeatureImplemented by Balance CoinImplemented by MakerDAOTime-weighted average price feedNoYesDeviation bounds checkingNoYesLiquidation delay (Oracle Safety Module)NoYes (1 hour)The Balance Coin incident is the third significant DeFi exploit on BNB Chain in the past two months. In late May, around $7.3 million was stolen from DxScale’s legacy liquidity lockers, and in early June, TesseraDAO suffered a $2.5 million loss due to an admin-key compromise. In all three incidents, affected teams remained silent following the attacks.
Recent analyst commentary points out that attackers are increasingly targeting vulnerabilities in governance structures and data oracles, rather than searching for coding bugs.
Growing instability in algorithmic stablecoins has become more evident after prominent failures including the collapse of Terra’s UST in 2022, as well as repeated depegs affecting Ethena’s USDe and Abracadabra’s MIM.
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.
Aave v4 has officially entered the big leagues, hitting a new milestone with $300 million in deposits across Ethereum and Avalanche as of mid-July 2026. This surge underscores the protocol’s accelerating adoption and market appeal in a competitive DeFi landscape.
The Details For those keeping score at home, the $300 million in deposits is complemented by $100 million in active loans, demonstrating robust user engagement and capital flow. This deposit base has ballooned by 50% over the past month alone—a clear indication that the rollout strategy following Aave v4’s Ethereum launch is paying off.
After initially setting up shop on Ethereum’s mainnet on March 30, 2026, Aave expanded its reach by crossing over to Avalanche on July 15, 2026. The protocol’s move into Avalanche territory marks a deliberate effort to tap into a broader DeFi ecosystem, aligning with Aave’s longstanding multi-chain strategy.
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Background Aave, originally known for pioneering decentralized finance lending, has been on a relentless path of innovation. The v4 upgrade isn’t merely an incremental change; it’s a reimagining of what a lending protocol can be. With features like the Reinvestment Module and hub-and-spoke architecture, this latest version aims to enhance capital efficiency and user experience.
This commitment to innovation is embodied in the activity seen beyond financial metrics. Developer engagement, a key indicator of a protocol’s health, has surged. From May to July 2026, the number of core developers grew from around 10 to 15, mirroring the uptick in GitHub output and pointing to an increasingly vibrant development community.
What This Means for Investors For investors with a keen eye on DeFi, Aave v4’s performance could signify larger shifts underway. The nearly 8% rise in the AAVE token price, from $88 to $96, post-announcement, suggests market participants are buying into the platform’s promise. It signals a vote of confidence in Aave’s capability to not only advance technologically but also sustain momentum in the DeFi space.
Moreover, Aave is doubling down on its multi-chain integration strategy. This move could attract projects focused on tokenized real-world assets, a burgeoning aspect of the DeFi arena that could lead to an influx of liquidity. Given the current trajectory, Aave might soon find itself at the epicenter of transformative developments in decentralized finance.
As Aave continues to harness its robust feature set and attract developer talent, traders should keep a close watch on its developments. The platform’s trajectory could lead to increased transaction volumes and smart contract deployments, translating into impactful market trends and investment opportunities.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
U.S. spot Solana ETFs recorded $5.83 million in net inflows on July 21, marking their highest daily inflows in 14 days. Bitwise’s Solana Staking ETF ($BSOL) accounted for all $5.83 million in net inflows during the session, while the other U.S. spot Solana ETFs recorded no net flows.
The latest figures extend a July recovery after Solana ETFs posted their first negative month in June. The funds recorded $786,580 in net outflows that month, ending their previous run of positive monthly flows.
July has reversed that trend so far. U.S. spot Solana ETFs have attracted $13.07 million in net inflows so far this month, bringing cumulative historical net inflows to $1.146 billion.
Grayscale Plans Regular Cash Payouts From SOL Staking Rewards Grayscale is also preparing to change how investors receive staking rewards from its Solana and Ethereum exchange-traded products. In Form 8-K filings with the U.S. Securities and Exchange Commission, Grayscale said it plans to amend the trust agreements governing the Grayscale Solana Staking ETF ($GSOL) and Grayscale Ethereum Staking ETF ($ETHE) around August 7.
Under the proposed framework, each trust would convert staking rewards into cash at least quarterly and distribute the net proceeds to shareholders. This structure would give traditional investors access to staking yield without requiring them to hold crypto directly, select validators, or manage staking operations.
Grayscale cautioned that payout amounts will vary based on staking rewards, network conditions, assets staked, and trust expenses. The trusts may also deduct certain costs, including portions of staking rewards paid to the sponsor for facilitating staking activities.
Grayscale enabled staking for its $ETH and $SOL products on October 6, 2025, becoming the first U.S. crypto fund issuer to add staking to spot crypto ETPs. It made its first $ETHE staking distribution on January 5, paying approximately $0.08 per share.
As of July 21, $GSOL reports gross staking rewards of 6.10%, compared with 2.69% for $ETHE. $GSOL currently holds $102.2 million in net assets, while ETHE held $1.22 billion.
Grayscale said the amendments aim to maintain compliance with IRS rules that allow the funds to earn staking rewards without losing their current tax treatment. It has given shareholders 20 days’ notice and plans to provide additional details after the changes take effect.
T. Rowe Price Adds $SOL to Active Multi-Token ETF Institutional access to Solana is also expanding beyond single-asset ETFs. T. Rowe Price, which manages $1.89 trillion in assets, launched the T. Rowe Price Active Crypto ETF ($TKNZ) on NYSE Arca on July 16. The firm describes $TKNZ as the industry’s first actively managed multi-token spot exchange-traded product.
The fund can invest across an eligible universe that includes Bitcoin, Ethereum, $BNB, $XRP, Solana, Hyperliquid, and other crypto assets. Unlike single-token or passively managed products, $TKNZ uses active management to adjust exposure around market trends, momentum, and rotations between crypto assets.
$TKNZ carries a 0.75% management fee after a fee waiver effective through May 31, 2027.The launch expands T. Rowe Price’s active exchange-traded lineup to 34 products and marks its first offering focused on digital assets.
As Solana and other networks deepen regulatory engagement and expand real-world asset infrastructure, their growing presence in regulated investment products could provide another route for institutional capital to gain exposure.
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Morgan Stanley is making headway in the crypto investment landscape. The financial giant has filed the final paperwork with the SEC for its Solana (MSOL) and Ethereum (MSSE) staking ETFs. This filing represents a pivotal step toward listing these products on the NYSE Arca, and it’s a sign Morgan Stanley is serious about capturing a slice of the burgeoning crypto market.
The details The road to these filings began in January 2026 when Morgan Stanley submitted initial registration statements for its spot Ethereum and Solana ETFs. Spot products, for the uninitiated, hold the actual underlying assets—in this case, Solana and Ethereum. This means investors can expect the ETFs to mimic the performance of these tokens more closely than many existing derivative-based products.
In June 2026, the firm made significant amendments to the ETFs. They introduced a competitive 0.14% annual unitary sponsor fee, the lowest in its category, making these ETFs highly attractive to fee-sensitive investors. What’s more, 95% of the staking rewards are pledged to be passed directly to shareholders. For those less familiar, staking rewards are earnings on locked cryptocurrencies that validate transactions on their respective blockchains.
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Then came the July 2026 filings. These solidified the operational groundwork by appointing Coinbase Prime and BNY Mellon as custodians, ensuring the safekeeping of assets. The paperwork reviewed throughout July shows Morgan Stanley poised to introduce these innovative staking ETFs to a broader market, aligning with final registration steps required for exchange trading.
Background We aren’t new to Morgan Stanley’s digital asset endeavors. The financial titan first delved into crypto with Bitcoin ETF offerings prior to this move. Expanding its repertoire to include Ethereum and Solana showcases not just growing confidence in crypto investments but also a strategic embrace of on-chain yield mechanisms.
The company has navigated multiple regulatory amendments over 2026, underscoring its dedication to meeting compliance and leveraging its stature to bring legitimacy to these digital assets. In a world where institutional investors often shy away from crypto due to regulatory uncertainties and volatility, Morgan Stanley seems to be pushing the envelope.
What this means for investors Morgan Stanley’s spot ETFs for Solana and Ethereum could mark a significant shift in the crypto market dynamics. They do more than just offer exposure to crypto price movements; they integrate on-chain rewards through staking. For institutional investors, this could serve as the gateway product that balances exposure with yield potential—delivering both capital appreciation and income.
Additionally, the low 0.14% fee could set new industry benchmarks, pressuring other firms to reassess their pricing models. Investors might see a domino effect here, with other financial giants adopting similar structures to keep up.
The possibility of adding staking yield to ETFs provides an attractive value proposition, especially for income-focused investors seeking yield in a low-interest-rate environment. These products, if successfully listed, could elevate the market capitalization of Solana and Ethereum by drawing in fresh capital, ultimately fostering a richer and more diverse digital asset ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Glassnode, a blockchain analytics company known for monitoring network performance, has reported a significant concentration of Solana validator activity in Europe during the current epoch. Data from the firm’s latency dashboard reveals that European nodes are responsible for 67% of the blocks produced in this period, with production notably centered around Frankfurt.
European validators dominate current Solana epochGlassnode’s latency dashboard tracks the geographic distribution and performance of Solana validators, highlighting that block leadership rotates rapidly, every 1.6 seconds. During this cycle, 67% of produced blocks are generated by validators located in Europe, especially in the Frankfurt area.
The analytics firm emphasized the importance of proximity to network leaders due to Solana’s fast-paced block production schedule. According to Glassnode, latency from Frankfurt averages 72 milliseconds, compared to approximately 140 milliseconds from the U.S. East Coast.
Solana, an open-source public blockchain focused on fast and inexpensive transactions, operates on a system where validators temporarily become the network’s leader. These validators propose new blocks in quick succession, which means network participants such as traders, decentralized application operators, and infrastructure providers often seek connections with the lowest possible latency. Optimizing latency is vital for transaction propagation and can be particularly valuable when network demand is high.
Mini dictionary: Solana epoch, a defined period in Solana’s blockchain timeline during which specific validator assignments are active. At the end of each epoch, roles may be reassigned based on the protocol’s rules and staking outcomes.
Solana’s rapid leader rotation every 1.6 seconds, paired with the current validator distribution, means that Frankfurt-based nodes deliver the lowest latency at 72 milliseconds, as reported by Glassnode.
RegionBlock Production ShareAverage Latency to LeaderEurope (Frankfurt)67%72 msU.S. East CoastNot specified140 msImplications of validator geography on network performanceSolana employs a proof-of-stake architecture, which is inherently different from proof-of-work models such as Bitcoin. In this system, validator geography can influence how quickly transactions are distributed and confirmed, as leader nodes temporarily control block production.
Despite the high proportion of block production from Europe in this epoch, Glassnode stated that temporary validator clustering does not demonstrate centralization of network ownership or control. Validator assignments shift with each epoch, leading to changing geographic patterns over time.
This flexible distribution ensures that the system’s governance and security remain protected while achieving high transaction throughput.
A temporary concentration of validators in a specific region reflects the current active validator schedule for the epoch and does not signal lasting centralization.
Benefits for developers and institutional usersThe current validator distribution is particularly relevant for organizations operating latency-sensitive applications, such as decentralized exchanges, infrastructure providers, and market makers. These participants rely on quick and reliable transaction execution, which is closely linked to network latency and validator proximity.
Retail participants may not notice significant differences in performance; however, optimal infrastructure helps maintain Solana’s standing as one of the fastest large-scale public blockchains available.
Glassnode’s dashboard enables developers to refine RPC routing and improve responsiveness, helping users and institutions gain more consistent network access without requiring protocol-level changes.
Growing focus on infrastructure monitoringGlassnode’s focus on latency and validator distribution demonstrates a growing industry trend toward operational transparency beyond token price movements. With more institutional users and decentralized applications entering the ecosystem, efficient infrastructure and up-to-date metrics around validator activity become crucial.
Currently, there are no regulatory updates or ETF announcements tied to Solana’s validator distribution. The data instead serves to inform market participants and operators about real-time network dynamics, supporting better strategic and infrastructure decisions.
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.
Governance in DeFi is only as credible as the rules behind it. Hey Anon, the AI-driven DeFi agent launchpad, spelled those rules out clearly on July 22, announcing the eligibility criteria that will determine who gets a say in its upcoming DAO vote scheduled for July 23, 2026.
The criteria are specific: ANON token holders qualify to vote if their tokens are staked on Sonic, Base, Ethereum, or Solana, or locked in Kava contracts. Silo deposits and liquidity provider positions on Solana are explicitly excluded from the count.
What qualifies and what does not Kava contracts are included in the eligible set, with one carve-out. Silo deposits on Kava do not qualify, drawing the same logic as LP exclusions.
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The ANON token has a total supply of 20.8 million, with vesting schedules that run through 2029. That relatively tight supply, combined with staking requirements for governance participation, means the pool of eligible voters is deliberately concentrated among long-term aligned holders.
Anon DAO’s governance arc This is not Hey Anon’s first DAO vote. The project ran its initial governance vote in January 2025, establishing the multi-chain framework that tomorrow’s vote builds on.
The project currently integrates with over 18 blockchain networks and 25 DeFi protocols. Developers working within the ecosystem have access to Automate, a TypeScript framework that facilitates protocol integration.
ANON is positioned as the primary governance token for Anon DAO, giving holders influence over platform development decisions and broader ecosystem resource allocation. The token also unlocks discounted access to services within the platform.
What this means for ANON holders The most immediate implication is behavioral. If you hold ANON in an LP position or in a Silo deposit, tomorrow’s vote does not include you.
What to watch after July 23 is whether the vote outcome shapes the next eligibility revision. With vesting schedules running to 2029, the composition of the eligible voter base will shift as more tokens unlock.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A Solana memecoin built around a man in a deadpan cat suit has gone from two weeks of near-silence to one of the more eye-catching single-day moves in the trench. $KET, traded via @ket_on_solana, surged roughly 700% in 24 hours on @Pumpfun, tagging a $14 million market cap high before cooling to around $8.4 million, approximately a third below the peak.
The Numbers Behind the Move The price action came with real activity on both sides of the order book. The session recorded 20,040 buys against 18,986 sells, with buy volume edging sells only marginally. That kind of balance matters in a space where one-sided tapes tend to collapse fast. The token's audit profile is cleaner than many comparable launches: 3,652 holders, the top 10 wallets controlling 31.6% of supply, and the @ket_on_solana developer wallet sitting at zero, a detail that removes one of the more common red flags traders watch for in early-stage Solana tokens.
$KET has also cleared a meaningful structural milestone by graduating to PumpSwap. PumpSwap is a Solana AMM designed to complete the Pump.fun token lifecycle by moving assets from bonding curve trading into post-graduation liquidity pools. At graduation, the liquidity from the bonding curve gets locked into a PumpSwap pool, with LP tokens burned, meaning that specific liquidity can never be pulled, which prevents rug pulls on the migration liquidity. For a token still finding its footing, that structural lock matters.
Context and Risk The broader backdrop is worth keeping in mind. Pump.fun is a no-code Solana platform that lets anyone launch memecoins easily, making token creation fast, low-cost, and accessible to first-time users. That accessibility cuts both ways. Most memecoin buyers lose money, and the data is not close. Research firm Solidus Labs examined Pump.fun tokens launched before April 2025 that had at least five trades, and found 98.6% collapsed below $1,000 in remaining liquidity, the signature of a pump-and-dump that left late buyers holding nothing.
The $KET pitch has not changed with the price. It remains a man in a deadpan cat suit telling you not to be one. Whether the community behind that concept has the durability to hold attention beyond a single session is the only question that will matter from here. NFA.
Sources:
PumpSwap Review 2026: Pump.fun's Solana AMM, Bonding Curve Graduation, and Trader Risk (CryptoAdventure)
Solana Memecoins and Pump.fun Explained: Launches, Graduations, and the Real Odds (BloFin Academy)
Pump.fun Graduation Explained: How It Works (Sol Token Creator)
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Adventurers — in Mirandus: Eternal Night, survival is a nightly struggle against the Fog. But true royalty doesn’t just endure the dark; they carve a kingdom out of it. Meet one of the most prestigious high-tier Land Deeds in all of Mirandus: the Town of the Prince — a Legendary Land Deed and a lavish refuge from the perils of the wild, the crown jewel for elite players ready to anchor an unmatched stronghold.
🏯 Stronghold Specifications
Sweeping Safe Zone: casts light across a 3-hex radius, carving a permanent safe zone out of the Fog of War and suppressing enemy spawns across your territory. Steady Recovery: anyone resting within your borders regenerates +3 HP and +3 Energy every 5 seconds. True Respawn Point: a permanent beacon of safety where fallen Echoes return. Colossal Infrastructure: 20 Building Slots, 20 Shop Slots, and 20 Housing Slots — a 700-HP stronghold built to weather the night. Town Services: Global Store, Party Management, Cemetery, Hunting Board, Town Storage, and Crafting. 🛠️ Strategic Placement
To claim this royal ground you’ll need a secured expanse: the Town of the Prince can be placed where the local Threat Level is 20 or below. Once anchored, Deed Owners publish high-value custom quests, set bounties, harvest resources, and collect land taxes on every player-to-player shop sale within their domain.
🏗️ Build Your Town: Buildings Are Live
Your Town of the Prince is more than walls — it’s a settlement waiting to be raised. 25 Building NFTs across 8 trades can be placed in your domain right now, from humble stands to Legendary landmarks:
• Archery — Stand, Medium, Large (Uncommon → Epic)
• Bakery — Stand, Medium, Large (Uncommon → Epic)
• Brewery — Medium, Large (Uncommon → Epic)
• Butchery — Medium, Large (Uncommon → Epic)
• Cemetery — Medium, Large, Grand (Common → Rare)
• Barn — Medium, Large (Common → Rare)
⚠️ Placement First, Function Next
Buildings can currently be placed in your town — stake out your layout and shape your skyline now. Their full services will come online in a follow-up update.
🌒 Coming Soon to Eternal Night
• Zone Threat — the danger of the land surrounding your settlement will begin to matter.
• Degradation & Repair — settlements left unattended will decay under rising Threat, and owners will be able to repair them.
• Building Functionality — the trades above will open their doors with full services.
🌾 Coming Next: The Village of the Farmer
A brand-new Land Deed is on the way. The Village of the Farmer opens a fresh place to put down roots in Mirandus Eternal Night — stake out a settlement of your own. Full details coming soon.
After Aster DEX listed eCash perpetual futures with 5x leverage and 2.5x trading points, eCash [XEC] pumped 55% to $0.00001.
Market speculation soared, with derivatives volume on Aster surging 85% to $4.5 million, while overall volume surpassed $7 million.
Source: X Shortly after the price pump, the altcoin retraced to $0.000006. After this drop, buyers returned with strength and defended higher levels, and XEC’s downside trend reversed, hiking to $0.0000087.
As of this writing, eCash was trading around $0.0000078, after rising 14.7% on the daily charts. Over the same period, its trading volume climbed 106% to $36.8 million while the market rose 13% to $158 million.
eCash traders stage a strong comeback After eCash recently retraced following a major rally, traders returned across the market, seeking to reenergize it.
Speculators especially showed increased appetite. According to Coinalyze data, Daily Perpetuals Buy Sell Volume climbed to 174.6 billion compared to 172 billion in sell volume.
Source: Coinalyze As a result, the buy-sell delta rose to 2.6 billion. At the same time, the market held a positive net buying of 77.5 billion.
A positive delta and net buying suggested that more capital flowed into opening new positions. Likewise, the Derivatives Volume rose 4% to $1.4 million while Open Interest jumped 2% to $2.8 million.
Source: CoinGlass The rising OI and volume confirmed the earlier observation that traders deployed capital to open new positions. The same market behavior was observed on the spot side.
According to Coinglass data, the Spot Netflow turned negative after six consecutive days of negative flows. After the Aster listing, the altcoin’s Netflow skyrocketed to an ATH of $927k, reflecting intense profit realization.
Source: CoinGlass Thus, after the rebound, holders rushed to cash out after staying underwater for a prolonged period. Now, this selling pressure has cooled down, and holders are less incentivized to sell.
At press time, Netflow was -$50k, suggesting eCash flowed out of exchanges, a clear sign of rising accumulation.
Historically, such market demand has strengthened upside momentum, setting the path for more gains on price charts.
Can XEC’s upside hold, or is it merely a speculative bubble? eCash rebounded after the Aster listing of perps futures, and the market is still riding on the wave. Traders have remained extremely active across the market.
Source: TradingView As a result, XEC’s +DI of the Directional Movement Index (DMI) climbed to 41, while the ADX rose to 46. The rising ADX and +DI indicated strong upward momentum and the likelihood of its continuation.
Currently, eCash is testing the 200-day EMA at $0.000008. If XEC closes above it, the altcoin could reclaim $0.00001 again.
However, if $0.000008 fails to hold, a pullback to $0.000006 will most likely follow.
Final Summary eCash [XEC] surged 14.7%, successfully holding $0.000006 support to reclaim $0.0000087. eCash rebounded amid a cool-down in profit realization and renewed speculative activity across the market.
US military carries out strikes against Iran for the 12th consecutive night, saying it has destroyed missiles, drones and maritime combat facilities.
U.S. Central Command said that as of 22:30 ET on July 22 (10:30 Beijing time on July 23), U.S. military forces have launched a new round of strikes against Iran for the 12th consecutive night. The targets of this operation include Iran's maritime combat capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense assets. The U.S. side stated that the strikes further weakened Iran's ability to attack civilian crew members and merchant ships. (Jinshi)
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SpaceX’s token has continued to slump after breaking its issue price, with addresses holding heavy long positions suffering an additional massive loss of $1.23 million.
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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「巨鲸追踪」谷歌财报前做多千万头寸巨鲸，认亏74万美元清仓
According to Hyperinsight’s monitoring, the GOOGL bull address (0xC8b) disclosed last night continued to add to its position after the report. From 10 PM on July 22 to 4 AM today, it opened a total of 38,800 GOOGL long contracts, worth approximately $13.5578 million, at an average price of $349.28; it added about $2.8978 million to its position since the disclosure. After Alphabet’s earnings report was released, the whale began reducing its position at 5:43 AM today and closed all the aforementioned long positions 2 hours ago at $330.29, posting a loss of $737,000. Alphabet’s Q2 revenue rose 24% year-over-year, while Google Cloud revenue jumped 82% YoY; however, the company raised its full-year capital expenditure guidance from $180-$190 billion to $195-$205 billion, leading its stock to briefly turn negative in after-hours trading. As of press time, GOOGL contracts on Hyperliquid are trading at $334.27, down 4.34% on the day. The whale previously booked a profit of about $1.7178 million from its prior MU long positions. Currently, its only position has shifted back to MU: it holds 24,600 long contracts with 3x leverage, worth approximately $23.9561 million, at an average entry price of $977.60, with an unrealized loss of about $97,900 and a liquidation price of $354.91.
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Upbit will list o1 Exchange (O) trading pairs against KRW, Bitcoin, and USDT.
According to official announcements, Upbit will list o1 Exchange (O) trading pairs against the Korean won (KRW), Bitcoin, and USDT, with the launch scheduled for 3 PM local time on July 23.
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Institutional buying demand for Bitcoin has dropped to a low, while spot Bitcoin ETFs have recorded a net outflow of $2.1 billion over the past 30 days.
CryptoQuant analyst Darkfost noted in a post that spot Bitcoin ETFs saw a net outflow of approximately $2.1 billion over the past 30 days. New demand from Strategy and other Bitcoin treasury firms has stayed near zero for several consecutive weeks. He estimated that monthly demand from such treasury companies peaked at around $6.6 billion in August 2025, when BTC traded at roughly $115,000. Now, with BTC at about $65,000, this related demand has largely vanished.
Dogecoin price trades near $0.073, its lowest area since November 2023, days after a whale bought 200 million DOGE worth $14 million. Elon Musk added fuel by liking a Doge meme for the first time in months.
The Dogecoin price has fallen about 90% from its 2021 record and has spent 19 months in a downtrend. Derivatives traders now position for a reversal, while ETF investors stay on the sidelines.
Dogecoin 1-Year Price Chart. Source: BeInCryptoWhales Accumulate as Musk Breaks His SilenceOn July 19, an unidentified whale purchased 200 million DOGE, worth roughly $14 million, through Robinhood. Futures volume jumped 114% to about $740 million, and open interest climbed above $1.1 billion.
Moreover, the weekly TD Sequential indicator has flashed consecutive buy signals. Historically, this setup has appeared near major bottoms across crypto assets, though it does not guarantee a reversal.
Speculation about the buyer intensified after Elon Musk liked a reply featuring the Swole Doge meme. According to Whale Insider, it was his first Doge-related like in months.
However, no wallet data links Musk to the purchase, and the claim remains unverified.
The accumulation stands out because meme coin dominance recently fell to a two-year low, with capital rotating into utility tokens.
Dogecoin Price: Sport ETF Flows Have FlatlinedThe institutional side tells a different story. Glassnode data shows US spot Dogecoin ETF inflows peaked near $2.5 million per day in early January, when DOGE traded around $0.15.
Since then, inflows have shrunk and become sporadic. Early July brought an outflow of roughly $871,000, the second largest in the products’ history. In contrast to the whale activity, net flows have sat at zero for about two weeks.
DOGE US spot ETF net flows. Source: GlassnodeThe two funds hold a combined $20 million in assets, barely above their launch levels. Therefore, the current bid comes from whales and leveraged traders rather than regulated funds. Meme coins have also absorbed heavy selling on Binance since Bitcoin’s October peak.
A Full Retrace to November 2023 LevelsThe weekly chart shows how deep the reset runs. DOGE has retraced the entire rally from its December 2024 cycle top at $0.485, returning to its November 2023 base.
Price is now testing the $0.056 to $0.07 support zone that launched the previous bull run. Meanwhile, DOGE presses against the descending trendline drawn from the cycle high. A weekly close above it would mark the first trendline break in 19 months.
DOGE weekly chart. Source: TradingviewIf buyers reclaim momentum, the 0.786 Fibonacci retracement at $0.1476 becomes the first major target. The golden pocket near $0.2197 follows. Weekly volume keeps contracting, a pattern also visible in SHIB and other meme coins at multi-year lows.
Dogecoin Price Prediction and the $0.07 Line in the SandThe daily chart confirms stabilization rather than reversal. DOGE has traded between $0.070 and $0.075 since late June, sitting on the top of the weekly support band.
The Relative Strength Index (RSI) has recovered to the neutral zone after deeply oversold readings in June. However, declining volume shows low participation, so any breakout attempt needs a clear volume expansion to be credible.
DOGE daily chart. Source: TradingviewThe resistance ladder starts at $0.082, about 12% above the current price. The $0.089 to $0.09 zone follows, then the psychological $0.10 level, roughly 37% higher.
Reclaiming the $0.1154 swing high, a 58% move, would signal a genuine trend reversal, as noted in a previous DOGE analysis.
On the downside, losing $0.07 could open a slide toward the 1.0 Fibonacci level at $0.0556, about 24% below. Whale accumulation and rising open interest could accelerate either move. Either the trendline finally breaks, or DOGE revisits prices last seen in 2023.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Following a merger of Ethereum’s [ETH] Layer 1 (L1) and Layer 2 (L2) into one holistic roadmap, the scaling upgrades seem to be working. For instance, Pectra Upgrade expanded L2 blob throughput, while Fusaka Upgrade increased data availability by 8x.
That is not just heresy. It is backed by the recent on-chain data. Here are the details:
Peak usage meets minimal cost—what does it mean? Overlaying the cost of transactions with the number of activities on the blockchain is a powerful tool for assessing whether the scaling upgrades are working.
The weekly transaction count on Ethereum is at an all-time high of 1.8 million, and at one point, it reached 21 million. This indicated peak usage of the network. It represented a surge of 15% in monthly transaction count.
On the other hand, the median transaction fee was at an all-time low (ATL) of $0.008. This divergence in cost from transaction count suggested Ethereum’s scaling upgrades were working.
Source: Token Terminal To confirm this hypothesis that Ethereum’s scaling upgrades were working, we need to look into activity on L2s.
Other supporting datasets For instance, total blob fees have reached 1.492 million ETH as per Dune Analytics. This shows the adoption of proto-danksharding, an upgrade that saves transaction costs through temporary space-saving data blobs.
It indicates scaling demand has shifted to L2 while settlement remains on the Ethereum mainnet.
Transactions on L2s have also spiked immensely since late June, led by Robinhood Chain. It tops the monthly change in the number of transactions at 30,922% and accounts for 13.9% of all transactions by L2s.
However, the majority of L2 transactions are done on Base, about 248.3 million, which accounts for 29.1%. Base Chain’s transactions have increased by 13.4%, behind Arbitrum One [ARB] and Optimism [OP], at 22.2% and 19.2%, respectively.
Source: Token Terminal Similarly, the Total Value Locked (TVL) of L2s is growing, showing that scaling in the ecosystem is expanding. For L2s, the total is $37.41 billion, almost half of the total TVL on the ETH mainnet.
For instance, Base Chain has the highest TVL, which rose to around $11.86 billion, up 1.04%. It is followed by Arbitrum One, ZKsync, and OP Mainnet, all of which are up except for ZKsync.
Source: L2BEAT Lastly, the number of monthly active users on Ethereum has increased by 2.9%, to around 8.3 million. As such, it meant Ethereum was not only processing more transactions cheaply but also attracting new users and securing more capital.
Final Summary Ethereum’s weekly transaction count peaks at 18M while fees remain at ATL, a sign that ecosystem scaling upgrades are working. The increase in Blob fees, transactions, and TVL of L2s indicates a holistic upgrade across the whole Ethereum ecosystem.
Injective, a notable player in the crypto space, has just wrapped up a significant technical transition: the migration of its INJ token from Ethereum’s ERC-20 standard to a native version on its own blockchain, the Injective EVM. This shift, completed by July 22, 2026, marks a major step for the platform’s ecosystem, with Coinbase leading the charge in supporting this new format over its predecessor.
The transition, which started on July 20, allowed Coinbase users to experience a seamless 1:1 conversion of their holdings. Post-migration, you can now trade directly on the native Injective network, effectively making the ERC-20 version a relic of the past. Coinbase’s decision to end its support for ERC-20 INJ deposits and withdrawals emphasizes this new chapter for the token.
What’s the big deal with the migration? This isn’t just a switch for tech’s sake. The move to the native Injective EVM chain means better access to decentralized finance (DeFi) applications and increased liquidity for users. If you’ve ever been frustrated with cross-chain compatibility and transaction times, this development might just make your day.
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Injective has been laying the groundwork for this since its native EVM launched back in November 2025. The migration aligns with a series of strategic moves, including a partnership with Robinhood, which could make Injective’s offerings accessible to a broader audience. These were highlighted at the Injective Summit in Washington, D.C., last month.
Why investors should be paying attention Let’s talk money. For investors, the implications are clear: streamlined technology often paves the way for an increase in user engagement and transaction volume. This could positively affect INJ’s market performance, injecting a jolt of enthusiasm into its price trajectory.
The combined support from platforms like Coinbase and Robinhood offers a nod of credibility and could attract more institutional interest. So, expect the usual suspects in the market—like improved liquidity and heightened trading activity—to play their part in shaping INJ’s future.
Optimists in the market view this as a chance for Injective to increase its footprint. With enhanced technical capabilities and more robust user engagement, the blockchain aims to stand out in an increasingly crowded DeFi space.
Anticipating the next moves While it’s too early to build castles in the sky about INJ’s potential valuation jumps, aligning strategic improvements with increased adoption often spells good news. As traders transition from the old ERC-20 standard, any uptick in liquidity could have investors hitting the buy button.
Naturally, there are risks. Technological transitions come with their own set of challenges and uncertainties. Yet, the early signs from the migration suggest that Injective is on a solid path toward cementing its position as a DeFi leader.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
When it comes to bridging the gap between crypto and tangible assets, Shukyee Ma has become somewhat of a superstar. As the Chief Strategy Officer for Plume Network, Ma will take the stage at Money Frontier 2026, a summit seeking to spotlight actionable developments in the blockchain arena. Her slot on the agenda focuses on integrating real-world assets into on-chain financial products, a key part of Plume Network’s strategy.
Plume’s Plans for the Summit Money Frontier 2026 will unfold over two days—July 27 and 28—in the bustling hub of Hong Kong. Unlike events that concentrate on market trends, this summit emphasizes the real-world applications of blockchain tech. It’s fitting, then, that Ma is discussing how Plume Network, a Layer-1 blockchain known for its focus on Real World Asset Finance (RWAfi), is pioneering the conversion of tangible assets into digitized ones for the crypto-savvy.
Shukyee Ma isn’t new to this. Before joining Plume Network, she co-founded Polyhedra and has shared her insights at prominent industry gatherings like Solana Breakpoint and Devcon SEA. Under her strategy, Plume Network successfully raised $20 million in Series A funding in December 2024, an initiative that pushed its total funding to approximately $30 million. This wave of financial backing underscores market confidence in Plume’s vision.
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Adding to its list of achievements, Plume recently integrated its nBASIS RWA yield vault into Binance Wallet, enabling over 5 million users to access institutional-grade yields. Collaborations with 14 tokenized funds from WisdomTree and plans to tokenize parts of Japan’s massive equity market further cement Plume’s foothold in the RWA space.
The Market Implications But what does all this mean for the crypto market? The activities orchestrated by Ma and her team at Plume are indications of the growing appetite for tokenized assets among institutional players. A text from the financial markets playbook, perhaps: if you build a bridge, investors will cross it. The burgeoning tokenized RWA market, now estimated to have grown to around $25-27 billion, offers a fertile ground for investment opportunities.
By enhancing liquidity and accessibility, Plume Network, through its partnerships and integrations like the one with Binance Wallet, is simplifying the path to on-chain investments for traders accustomed to traditional finance methods. While this rush to tokenize can increase volatility—crypto’s middle name, some would say—it can also invite a broader demographic, seeking newer frontiers in asset yield and diversification strategies.
What Investors Should Watch Still, it’s not all sunshine and rainbows. As tokenization continues to evolve, regulatory factors loom large over its adoption trajectory. The ability of networks like Plume to navigate potential regulations while pushing their tokenization agendas will prove crucial. It’s summits like Money Frontier that provide the platform for achieving this, by fostering discussions that could pave the way for mutual understanding between stakeholders from the crypto and traditional financial sectors.
Those with skin in the game should maintain awareness of ongoing policy discussions that could impact these developments. The involvement of seasoned entities and the excitement of successful funding rounds like Plume’s exemplify an ecosystem that’s eager yet cautious, as it ventures into territories where digital meets everyday finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
TLDRCPSS Completes Largest Securitization TransactionAuto Finance Platform Supports Growth StrategyCPSS Strengthens Funding Through Structured FinancingGet 3 Free Stock Ebooks CPSS closes record $716.88 million securitization backed by auto loans Consumer Portfolio Services completes 60th securitization since 2011 CPSS expands funding access with largest asset-backed notes offering Consumer Portfolio Services launches $716.88 million 2026-C deal CPSS strengthens securitization history with major auto finance transaction Consumer Portfolio Services closed at $12.08 after completing its largest securitization transaction in company history. The auto finance company finalized a $716.88 million senior subordinate asset-backed notes offering on July 22, 2026. The deal strengthens its long-term funding strategy through another major securitization backed by automobile receivables.
The transaction represents Consumer Portfolio Services’ third term securitization of 2026. It marks the company’s 60th senior subordinate securitization since 2011. The latest offering highlights the company’s continued use of capital markets to support automobile financing activities.
The securities were issued through CPS Auto Receivables Trust 2026-C and received support from $734.51 million in automobile receivables. The offering included multiple note classes with different interest structures. The transaction was sold through a private offering to qualified institutional buyers.
Consumer Portfolio Services, Inc., CPSS
CPSS Completes Largest Securitization Transaction Consumer Portfolio Services structured the latest offering with five classes of asset-backed notes. The classes included A through E securities with interest rates ranging from 4.52% to 7.65%. The weighted average coupon across the notes reached approximately 5.90%.
The senior notes received high credit ratings from Standard & Poor’s and DBRS Morningstar. These ratings reflected the transaction structure, historical receivable performance, and Consumer Portfolio Services’ servicing experience. The offering maintained strong credit support across its senior securities.
The company achieved another milestone with its 43rd consecutive securitization receiving triple A ratings on the senior class. This continued performance demonstrates the company’s established securitization process. The transaction adds another funding source for its automobile lending operations.
Auto Finance Platform Supports Growth Strategy Consumer Portfolio Services operates as a specialty finance company focused on indirect automobile financing. The company provides loans to customers with limited credit histories or previous credit challenges. It purchases retail installment contracts from automobile dealerships and manages those contracts throughout their lifecycle.
The company primarily finances contract purchases through securitization markets. Therefore, successful transactions remain an important part of its funding model. The latest 2026-C offering expands the company’s ability to access structured financing solutions.
The transaction included initial credit enhancement measures to support note protection. These measures included a 1.00% cash deposit based on the original receivable pool balance. The structure included 2.40% overcollateralization.
CPSS Strengthens Funding Through Structured Financing The 2026-C transaction agreements include provisions to increase overcollateralization levels over time. The structure allows accelerated principal payments until reaching specific targets. These targets include the lower amount between 7.70% of the original pool balance or 19.10% of the outstanding pool balance.
Consumer Portfolio Services continues building its securitization record through repeated access to capital markets. The company has completed numerous transactions since beginning its senior subordinate program in 2011. The latest offering adds another significant milestone to its financing history.
Founded as an independent specialty finance provider, Consumer Portfolio Services focuses on automobile lending solutions. The company purchases vehicle-backed contracts and provides financing services through dealer relationships. With the completion of the 2026-C securitization, CPSS continues expanding its established funding framework.
Sandy Kaul, @FTDA_US head of digital assets and innovation at Franklin Templeton, argues that autonomous AI agents represent a structural shift in how economic activity flows, and that legacy payment infrastructure is not built to keep up.
Why Traditional Payment Rails Fall Short The core problem is one of economics. Standard card networks charge roughly 2% to 3% plus a flat fee per payment, making tiny machine-to-machine transactions commercially unviable. Card networks also settle in one to three business days, a timeline that is simply incompatible with software agents transacting in seconds at near-zero cost. Legacy payment rails with high fees and slow settlement times do not work for micropayments. AI agents also face a more fundamental barrier: they cannot open bank accounts or access financial services that carry strict KYC requirements.
Kaul's argument is that blockchain networks fill that gap directly. Blockchains can settle sub-cent transactions in seconds and automatically record them, making them the natural infrastructure for an agent-driven economy. She singles out @solana, @Aptos, and @BNBCHAIN as networks already suited to that role. Those networks settle transactions in seconds, faster than the one-to-three business-day settlement time of the Visa network.
Early Data Confirms the Pattern The activity is already showing up in on-chain data. The x402 protocol, incubated by Coinbase and Cloudflare and now stewarded by the Linux Foundation, has processed roughly $15 million in adjusted volume across 109.6 million transactions since its May 2025 launch. On x402, the average payment is a fraction of a cent, and a fixed card fee on a transaction that small would cost far more than the payment itself.
A joint report from Visa and Artemis, titled "Agentic Payments from the Ground Up," frames the moment as an inflection point. The report found that AI agents are initiating a foundational change in commerce, but current infrastructure gaps are limiting mainstream adoption. The volume figures are still modest by any macro standard, but the transaction frequency tells a different story. Tiny money, enormous frequency.
For investors, Kaul's broader point is a strategic one. Estimates suggest agentic commerce could reach $3 to $5 trillion by 2030, and the playbook of buying shares in AI-aligned companies may not capture that opportunity the same way exposure to the underlying blockchain rails could.
Sources:
Franklin Templeton: Agentic AI, The Killer Use Case for Blockchain and Crypto
Visa and Artemis: Agentic Payments from the Ground Up
CoinTelegraph: Agentic AI is Next Killer Use Case for Blockchain, Franklin Templeton
The Arbitrum Foundation has proposed a $43 million operating budget for 2027, opening another debate over how major DAOs fund growth, operations, and ecosystem support without draining their treasuries too aggressively.
The proposal is currently in the Arbitrum governance forum for delegate feedback. It has not been finalized, which is an important distinction.
The request is designed to cover operational, administrative, and growth initiatives for the Foundation through 2027. But because Arbitrum is one of the largest Layer 2 ecosystems, any major budget request naturally draws attention from DAO participants.
The bigger story is not just the number. It is the question behind it: how much should a major crypto foundation spend to keep its ecosystem competitive?
TL;DR The Arbitrum Foundation is seeking $43 million for 2027 operations. The proposal is still under delegate discussion and has not been finalized. The debate highlights growing pressure on DAOs to balance treasury discipline with ecosystem growth. DAO Budgets Are Getting More Serious Crypto governance used to focus heavily on token launches, grants, and technical upgrades.
Now, large DAOs increasingly face ordinary but difficult budgeting questions. They need to pay teams, fund ecosystem work, support developers, manage legal and administrative costs, sponsor growth programs, and communicate with users and partners.
That is not as exciting as a new protocol launch, but it is essential.
Arbitrum is a major Layer 2 network with a large ecosystem of DeFi apps, infrastructure providers, developers, and users. The Foundation plays a role in supporting that ecosystem. But every dollar requested from governance or tied to DAO resources needs to be justified.
A $43 million budget request gives delegates something concrete to evaluate.
They will want to know what the money funds, how spending is measured, what outcomes are expected, and whether the Foundation’s budget is aligned with Arbitrum’s long-term goals.
That scrutiny is healthy.
Growth Costs Money, But Treasuries Are Not Infinite The difficult part for any DAO is that growth requires spending, but treasury assets are not unlimited.
If a DAO spends too little, it may fall behind competitors. Developers may move to other ecosystems. Apps may launch elsewhere. Users may follow incentives to rival chains. Infrastructure may weaken.
If a DAO spends too much, tokenholders may worry about waste, weak oversight, or unnecessary dilution of treasury resources.
Arbitrum sits in a competitive Layer 2 market. It competes with Base, Optimism, zkSync, Starknet, Polygon, and other scaling ecosystems for builders, liquidity, users, and institutional attention.
That competition is expensive.
Ecosystems need developer relations, grants, marketing, enterprise outreach, security work, integrations, and governance support. A Foundation budget is one way to coordinate those functions, but the DAO still needs visibility into how funds are used.
Delegate Feedback Will Matter Because the proposal is still in the forum stage, the next step is delegate review.
Delegates may support the broad idea while pushing for more detail. They may ask for clearer reporting, milestone-based releases, spending caps, audits, or category-level transparency.
That is often where governance becomes useful.
The forum process gives tokenholders and delegates a chance to refine the budget before it moves further. It can also reveal whether the Foundation has enough trust from the community to secure continued funding at the requested level.
Arbitrum’s governance has already seen major debates over treasury use in previous cycles. That history makes budget clarity even more important.
The Foundation needs enough flexibility to operate effectively, but the DAO needs enough oversight to feel comfortable approving large allocations.
Arbitrum’s 2027 Plan Comes At A Competitive Moment The timing matters.
Layer 2 networks are moving from early adoption into a more mature competition phase. Fees are lower, app ecosystems are deeper, and users are more comfortable bridging between chains. That means network loyalty is not guaranteed.
Arbitrum needs to keep proving it can attract serious DeFi, gaming, infrastructure, and institutional activity.
A 2027 budget is partly about keeping that machine running.
But the market will judge Arbitrum not by the budget request itself, but by what the spending produces. More developers, stronger apps, deeper liquidity, better tooling, and sustained user activity would support the case. Weak results would make future funding harder to defend.
For now, the proposal gives the Arbitrum community a clear governance question to work through.
How much should the ecosystem spend to stay competitive, and what level of transparency should come with that spending?
That is no longer a side issue for DAOs. It is becoming one of the main tests of whether decentralized networks can manage themselves at scale.
This article is based on the Arbitrum governance forum proposal for continued Foundation funding.
This article was written by the News Desk and edited by Samuel Rae.
