Crypto Pulse Media

Stablecoins threaten to pull cheap deposits off bank balance sheets, putting pressure on the funding banks use to support lending.
anks defend themselves against stablecoins by saying they are building tokenized deposits to modernize payments, with programmable money and around-the-clock settlement.
Tolkachev said that, to whoever is holding them, a tokenized deposit, a reserve-backed stablecoin, and an overcollateralized synthetic dollar look identical.
In the case of a tokenized deposit, the $100 million sits on one bank's balance sheet. The bank earns the return by lending it out, and the holder carries that bank's credit risk, though the position still counts as an insured deposit.
In a reserve-backed stablecoin, the money moves into the issuer's reserves, and the issuer earns the yield on those reserves. The holder carries the issuer's operational and reserve risk with no claim on the upside, since the GENIUS Act bars issuers from paying that yield to holders. No deposit insurance sits behind the position.
In an overcollateralized synthetic dollar, the token is backed by more collateral than its face value, held apart from the issuer. The return depends on how that collateral is managed, and the holder's protection comes from the size of the overcollateralization and the separation between custody and the issuer itself.
The Dallas Fed said in July that a deposit token stays a commercial-bank deposit, remains on the issuing bank's balance sheet, settles at par, and sits inside the same supervisory framework as any other deposit.
Tolkachev also argued that, if stablecoins pull deposits away from banks, the first effect is higher funding costs, and it shows up before anyone notices deposits leaving. A bank that loses cheap, sticky deposit funding has to replace it with pricier wholesale money to keep lending at the same level, compressing margins before lending itself gets cut back.
Wells Fargo announced plans in early August to launch tokenized deposits for corporate and commercial clients this fall, starting with USD-to-GBP transactions before expanding further in 2027.
The bear case has even a modest 1% to 3% move out of US commercial-bank deposits, worth roughly $195 billion to $586 billion against the current $19.5 trillion deposit base. That capital moves into stablecoins faster than tokenized deposits can hold the line.
Under that path, funding costs rise first, margins compress, and loan repricing follows. The market is starting to treat stablecoins as a genuine threat to the liability side of bank balance sheets, well beyond their current reputation as a payments product alone.
Banks are building tokenized deposits because stablecoins proved what a programmable dollar can do for customers. The fight now underway is over which side of the transaction gets to keep the money while it waits.
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Strategy's $1.59 billion discretionary pool can fund Bitcoin, buybacks, debt or reserve growth, leaving MSTR holders financing the choice.
trategy, the Bitcoin treasury company formerly known as MicroStrategy, raised $2.0065 billion by selling common shares from Aug. 17 through Aug. 23 and bought no Bitcoin. The transaction left its $1.59 billion USD Cash balance at the center of a wider capital-allocation contest.
The company sold 18,261,118 shares of MSTR, its common stock, then used $136.4 million to repurchase 1,431,212 shares of STRC, a variable-rate preferred stock. It transferred another $300 million to its separately designated USD Reserve. The remainder, $1.5701 billion, went into USD Cash, according to Strategy's Aug. 24 filing.
Strategy reported ending balances of $5.10 billion in the reserve and $1.59 billion in USD Cash. Those balances included expected proceeds from ATM shares that had not yet settled. The company held 840,447 BTC after making no Bitcoin purchase or sale during the week, with an aggregate cost of $63.36 billion and an average cost of $75,385 per coin.
The two dollar accounts serve different purposes. The USD Reserve remains designated for preferred dividends and interest on outstanding debt. USD Cash is flexible: Strategy may use it to acquire Bitcoin, cover those obligations, repurchase MSTR or preferred stock, repay, repurchase or redeem convertible notes, increase the reserve, or pursue similar Bitcoin Treasury Company purposes.
The flexibility came with a measurable common-share cost. Strategy's share dashboard reported 415.929 million basic shares outstanding on Aug. 23. Subtracting the 18.261 million shares issued during the week produces an implied pre-week basic count of 397.668 million, meaning the issuance increased that count by about 4.59%. The calculation uses reported and rounded share totals and is not a GAAP diluted-earnings measure. The filed sale totals also imply average net proceeds of about $109.88 per share.
MSTR holders are financing several potential uses at once. Strategy retained $516.6 million of preferred-security repurchase authorization and $1 billion of MSTR repurchase authorization after the latest transactions. Neither authorization commits USD Cash, but both compete with Bitcoin and debt actions as possible uses.
STRC offers one visible test. Its Aug. 25 close of $97.15 and after-hours quote of $97.10 placed it about 2.9% below its $100 stated amount. In recent remarks reported by CryptoSlate, management used STRC prices of $95 or $90 as examples of levels that could warrant support and said it would consider MSTR repurchases at a sufficiently deep discount to net asset value. Those were guideposts, not binding rules.
The next deployment will show which use management prioritizes: Bitcoin, discounted preferred or common shares, convertible debt, or additional protection for dollar obligations. Until then, the $1.59 billion is optionality rather than a Bitcoin order waiting to be filled.
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Repository history places the official protection in 0.21.0, leaving earlier standard releases exposed unless separately patched.
ND, a Lightning Network node implementation, has disclosed a channel-close flaw that can put an entire channel balance at risk in the reproduced maximum-loss scenario. Operators using standard releases below 0.21.0 should treat their nodes as lacking the official fix unless they were independently patched.
The Aug. 13 disclosure describes how a malicious channel peer could combine a one-block Bitcoin reorganization with an old, revoked commitment transaction after a cooperative close. Bastien Teinturier, who published the disclosure, said no affected users were known.
Before the fix, LND could forget a cooperatively closed channel after the closing transaction received its first on-chain confirmation. That removed the channel state the node needed to respond safely if Bitcoin later reorganized that block out of the chain.
Before the fix, LND could forget a cooperatively closed channel after the closing transaction received its first on-chain confirmation. That removed the channel state the node needed to respond safely if Bitcoin later reorganized that block out of the chain.
The attack requires more than an ordinary one-block reorganization. A malicious peer must first participate in the cooperative close, wait for one confirmation, and then take advantage of a reorganization that removes the closing transaction. The peer must also possess and publish an earlier revoked commitment, an outdated channel balance state that should trigger punishment.
An affected LND node can then fail to broadcast the penalty transactions designed to punish publication of that revoked state. Under the reproduced scenario, the loss can reach the channel's full balance. That figure is a maximum loss condition, not evidence that the vulnerability was exploited in the wild.
Pull request #10331 merged into the project's master branch on Jan. 16, 2026. A backport to the 0.20.x branch was later reverted, and a subsequent documentation change said the improved cooperative-close confirmation logic had actually landed in 0.21.0. The project's 0.21.0 release notes also associate the reorganization-safe close logic with that release line.
Operators therefore should not rely on the disclosure's 0.20.0 cutoff. Standard releases below 0.21.0 should be treated as lacking the official fix unless independently patched.
LND's security policy recommends the latest minor release of the newest major line an operator can support. As of Aug. 25, the project's latest official package was lnd v0.21.2-beta, released Aug. 13.
The fix makes LND retain close state while waiting for multiple confirmations and react to reorganization notifications instead of considering the channel resolved after one block.
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XRP has rebounded from below $1 as ETF demand strengthens, while large holders move more than 1.4 billion tokens onto Binance.
XRP is on course for its strongest monthly gain in more than a year after recovering from below $1, even as a fresh pullback and heavy whale activity test the durability of the rally.
This price performance contrasts with the fact that XRP is on track for a roughly 32% gain in August, per CryptoRank's data. This would mark its best monthly performance since July 2025, when it advanced about 35%.
The recovery has been accompanied by stronger demand for US spot exchange-traded funds and rising stablecoin activity on the XRP Ledger.
Large holders, however, have also moved billions of XRP through Binance in recent weeks, creating competing signals over whether whales are accumulating or preparing to sell into the rebound.
The haul was the products' largest daily inflow since May 11, when they attracted $25.8 million, and extended their run of positive flows to nine consecutive trading sessions.
XRP funds had already accumulated more than $1.47 billion of net inflows by late June even as the token slid toward $1, showing that ETF purchases alone have not historically been sufficient to establish a price floor.
Dollar-denominated activity on the XRP Ledger (XRPL) has also accelerated during the recovery, with Ripple's RLUSD stablecoin crossing $2 billion in circulating supply last week.
Evernorth, the largest public company holding XRP, said its analysis of ledger data last week showed RLUSD outstanding on XRPL had increased 39% since May 20 to about $934 million. Over roughly the same period, total stablecoin supply across platforms had contracted about 6% from its May peak, representing a decline of approximately $20 billion.
Large exchange withdrawals can reduce immediately available sell-side supply and are often associated with accumulation or movement into longer-term custody. Without net-flow and wallet-level evidence, however, the simultaneous surge in deposits makes the direction of overall whale positioning less clear.
The scale of the activity shows how rapidly large-holder behavior has changed as XRP recovered from below $1.
ETF investors have continued adding exposure, RLUSD supply on XRPL is approaching $1 billion, and whales are withdrawing unusually large amounts from Binance.
At the same time, the 460 million XRP daily inflow spike and 1.451 billion XRP accumulated deposits show that substantial supply has also been moving toward the exchange.
That two-way positioning leaves XRP approaching the final days of its strongest month since July 2025, with fresh demand still entering the market, but with large holders increasingly active on both sides of the trade.
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The ABA wants direct stablecoin redemptions to trigger account opening and identity checks before issuers return dollars.
he American Bankers Association is pressing US regulators to require anyone who buys or redeems a payment stablecoin directly with its issuer to open an account and complete customer identification.
The Blockchain Association accepts identity checks for direct primary-market account customers but says an optional one-off redemption or a redemption routed through another regulated intermediary should not automatically make the underlying holder an issuer customer.
The Federal Reserve's public index lists the ABA comment as posted that day and the Blockchain Association comment as posted Aug. 24, alongside other R-1885 responses.
The agencies' eventual choice will determine whether asking an issuer for dollars always opens an account or whether some holders can redeem without establishing that relationship.
Directly issuing or redeeming payment stablecoins are among the activities the proposal says can establish an account. Token ownership alone is not enough, and a third-party transaction that interacts only with an issuer's smart contract would not automatically make every user an issuer customer.
A self-custody holder can acquire stablecoins through an exchange, a payment, or a peer-to-peer transfer without dealing with the issuer. The next step can take two forms: the holder can seek dollars directly from the issuer, or an exchange or other intermediary can aggregate tokens and redeem on its customers' behalf.
The agencies expressly ask whether a direct redemption by a holder with no prior issuer relationship creates an account. They do not answer that question in the proposal, leaving commenters to argue over who should complete the issuer's CIP and when.
Those controls may apply to transactions or wallet activity without defining every token holder as an issuer account customer. In the other direction, completing CIP at redemption establishes the account customer's identity.
The June proposal does seek comment on whether CIP obligations should extend further into secondary-market activity, so future expansion has not been ruled out.
For now, regulators are focused on the redemption boundary. The ABA would place the identity burden at the issuer every time a holder deals with it directly, while the Blockchain Association would keep issuer CIP tied to primary-market accounts and allow one-off or intermediary-routed cash-outs without automatically onboarding every underlying holder.
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Moonwell live data showed 100.43% utilization and negative liquidity while non-liquidated suppliers lacked a clear published recovery path.
ecentralized lending protocol Moonwell has proposed no cbETH repayment in its latest reserve round, even as the Base market for Coinbase Wrapped Staked ETH carries a $1.77 million net shortfall.
The allocation, published by risk service provider Anthias Labs on Aug. 24, would leave 2.8095 cbETH of listed reserves unused months after a February oracle error created the bad debt.
Moonwell's live Base markets API showed the imbalance was still present at 11:28 UTC on Aug. 25. It reported $1.93 million supplied and $1.94 million borrowed, with negative $8,223.63 liquidity and 100.43% utilization in its cbETH market calculation.
One non-liquidated supplier said a 1.05 cbETH position with no borrowing or liquidation history showed about 0.0000000001 cbETH available to withdraw. A second participant reported a similar problem on Aug. 25, although the two complaints cannot establish how many suppliers were affected.
Anthias Labs said reserve repayments would stay within each mToken market. When reserves are insufficient, the plan would allocate them pro rata among eligible borrowers, omit actions at or below $1,000, and cap repayments at the lowest of reserves, available cash, or current borrower debt.
The cbETH row lists $1,768,665.13 of gross bad debt, a $1,768,664.86 net shortfall, and $7,360.83 of reserves, but the report does not say whether the $1,000 cutoff, available cash, or another consideration produced the $0 allocation.
Moonwell's help material says withdrawals depend on available liquidity, so the API reading and two public complaints point to an unresolved liquidity question.
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Sui assets stay onchain after Sept. 24, but access shifts to swaps, Slush imports and Ledger connections.
hantom will remove Sui from its wallet interface on Sept. 24, one month after announcing that it and Sui had decided to end the integration. After the transition, Phantom will no longer display Sui balances, support Sui sends or swaps, or connect to decentralized applications.
The assets will remain on the Sui blockchain, tied to the credentials that authorize the account. Phantom's transition guide says users can restore access through a compatible wallet even after the cutoff. Sept. 24 ends access through Phantom; it does not end ownership or later access to the funds.
That separation turns a product sunset into a test of power in a self-custodial market. A wallet provider cannot erase a user's coins, but it can withdraw the screen, transaction tools and app connections through which people use a chain.
Those functions made Phantom a distribution surface for Sui as well as a place to display balances. The interface brought the network into an app used across several chains; the same interface can now remove Sui from view.
Phantom's Aug. 24 announcement said the wallet and Sui had jointly decided to end support while leaving open the possibility of other collaborations. The announcement and operational guide give no reason for the split.
The scale of the immediate impact is also unknown. Sui's launch post cited 15 million monthly active users for Phantom as a whole, up from seven million in a December 2024 integration announcement. Those figures describe Phantom's total user base, not the number of people who held or used Sui through the wallet. The shutdown materials provide no affected-user count.
Phantom's options divide users by what they want to keep and how their account is secured. People who want to remain inside Phantom can swap out of native SUI. Recovery-phrase users who want to keep native Sui exposure can import the same account into Slush. Ledger users have a separate connection path that keeps keys inside the hardware wallet.
The episode separates two controls that crypto products often bundle together. Users control the credentials that authorize transactions. Wallet providers control which networks, balances, swaps and app connections their software makes easy to reach.
Sui continues operating onchain and Phantom holds no custody of the assets. Yet after Sept. 24, a Sui holder who opens Phantom may see no Sui network, no balance and no way to transact through that product. Existing Sui dapp connections through Phantom will stop, requiring users to reconnect with the wallet where their credentials are available.
Wallet support can therefore shape discovery and routine access to a blockchain even when the ledger remains permissionless and ownership remains with the user. That is distribution power at the interface layer.
The unknowns set a firm boundary around the conclusion. Phantom and Sui have disclosed neither the reason for ending support nor the number of affected users. The evidence establishes an interface-power story while leaving any economic, market or security cause unproven.
Sept. 24 marks the end of Phantom's Sui support. Users who miss the date keep their Sui and can restore access through a compatible wallet later. What disappears is the convenience and distribution Phantom supplied, showing how consequential the wallet layer can become.
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Socket confirmed 40 malicious IDs, and exposed crypto wallet secrets still require migration after the add-ons are removed.
oftware supply-chain security firm Socket found 40 Firefox add-on identities with confirmed malicious behavior, including draining crypto, including nine that had previously distributed sports-score tools under the same IDs.
Anyone whose recovery phrase, private key, or wallet keyring reached one of the malicious versions must treat that wallet as compromised because uninstalling the add-on cannot revoke an exposed secret
The Aug. 19 report linked 77 identities to what Socket provisionally calls the “Offside Wallet Theft Factory,” with 40 containing confirmed malicious behavior. The other 37 were deceptive or suspicious sports-score shells whose analyzed versions contained no confirmed theft payload.
The 40 malicious identities used distinct attack paths. Seven were remote-controlled phishing loaders, 15 captured recovery phrases, private keys, or other crypto wallet secrets, 13 modified clones of Rabby wallet software sent serialized keyrings away before local encryption, and five collected credentials and clipboard data.
A recovery phrase or private key can restore a wallet elsewhere, and a serialized keyring similarly exposes the wallet’s account state before encryption can protect it.
Anyone who entered one of those secrets, or used an affected build that transmitted its keyring, should move remaining assets to a fresh crypto wallet created from a new recovery phrase.
Users exposed only to the credential-and-clipboard group should change affected passwords, terminate active sessions where possible, and verify copied destination addresses. Wallet keys need rotation when wallet-secret or keyring exposure occurred.long
Mozilla says it uses automated risk indicators and human review to identify malicious wallet add-ons, and advises users to install only extensions linked from the wallet provider’s official site.
Socket documented theft capability and exfiltration infrastructure, but did not identify confirmed victims, attributable transactions, or a campaign loss total.
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Soluna says it needs more financing flexibility as Dorothy 3 and other AI infrastructure projects move forward.
oluna Holdings is asking shareholders to substantially expand its ability to issue stock as the data-center developer tries to finance a 6.3-gigawatt pipeline that remains overwhelmingly unbuilt.
An SEC filing showed that Soluna shareholders will vote at the company’s Oct. 16 annual meeting on whether to increase its authorized common stock to 1 billion shares from 375 million.
Investors will also consider a separate proposal allowing Soluna to issue more than 20% of its outstanding shares under a standby equity agreement with YA II PN. The company had 246.7 million shares outstanding as of Aug. 21.
Neither vote would immediately issue shares or guarantee that Soluna raises the full amount, but approval would give management significantly more room to use equity to fund expansion.
Soluna has said its projects require substantial capital and identified the YA facility and other equity programs among its financing options. Additional share issuance could dilute existing investors’ earnings per share and voting power.
The structure limits Soluna’s need to fund the mining hardware itself, though the 28 MW sits within Kati 1’s existing capacity rather than expanding the company’s overall pipeline.
Soluna currently operates about 192 MW and has another 14 MW under construction. Roughly 1.6 GW of its 6.3 GW pipeline remains in planning and development, while another 4.5 GW is still in assessment.
The October votes therefore ask shareholders to give management significantly greater equity-financing flexibility as Soluna tries to turn projects such as Dorothy 3 and its broader development pipeline into revenue-producing infrastructure.
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The possible charge excludes statutory interest, while the miner's current cash and protest deadline remain undisclosed.
rypto miner Sphere 3D said it could face approximately $2.2 million in supplemental US tariffs, before interest, on Bitcoin miners purchased in 2022 by a subsidiary it now owns.
The company said in an Aug. 24 filing that US Customs and Border Protection treated the equipment as Chinese-origin goods.
The filing stated seller-provided import documents included a certificate of origin and a certificate of manufacture certifying the miners were not of Chinese origin. It called CBP's allegation meritless, said it plans to protest, and said the amount payable remains uncertain.
The filing does not disclose CBP's origin analysis, the subsidiary or seller involved, the miner models or entries, the country Sphere 3D claims, the procedural trigger, or the certificates themselves. It also does not quantify statutory interest or say whether Sphere 3D has accrued, paid, or bonded any amount.
Sphere 3D's June 30 balance sheet, its first after completing the Cathedra Bitcoin combination, showed over $2.8 million in cash, $0.2 million in working capital, and roughly $5.9 million in current liabilities. The company also held 20.5 BTC valued at nearly $1.2 million.
The possible $2.2 million charge before interest equaled about 77% of that cash balance and roughly 11 times the reported working capital. The company subsequently received $1.7 million of additional proceeds through its at-the-market equity program.
The June 30 filing also showed over $9 million in first-half operating cash use, nearly $5.3 million in proceeds from Bitcoin sales, and over $2.4 million in net financing proceeds. Management said recurring losses and negative operating cash flow created substantial doubt about the company's ability to continue without more funding.
Sphere 3D said it plans to protest the tariff claim. Federal customs rules generally give importers 180 days after the relevant liquidation, reliquidation, or other protestable CBP decision. The public record does not show its specific deadline because the company did not disclose the notice or its procedural trigger.
No public evidence connects those shipments, that vendor, or those models to the 2026 dispute.
The company also remains Sphere 3D and continues to trade as ANY. Its approved name change to DarkHorse Technologies and proposed DRK ticker remain pending.
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DRep support is 25.3 points short and SPO support is 39.0 points short before the Sept. 1 expiry.
ardano’s vote to seat four elected Constitutional Committee members is now in its final week, and both voter groups remain far from the required marks. If support does not catch up before Sept. 1, committee-backed governance could hit a continuity break.
The proposal would bring in four elected members before four incumbents leave. If it fails, only three seats stay active, two fewer than the committee’s current minimum, leaving committee-required actions unable to clear ratification.
A live CardanoScan reading on Aug. 25 showed support from delegated representatives, or DReps, at 41.7% against a 67% threshold. Stake pool operator support stood at 12.0%, compared with the 51% required. Intersect identifies the Sept. 1 expiry as epoch 653. The action needs both groups to clear their respective bars before it expires.
The dated readings show support rising. Exact point-to-point arithmetic remains inappropriate because the Aug. 17 baseline came from GovTool and the latest reading came from CardanoScan. Cardano’s governance system uses role-specific active-stake calculations, leaving the two displays best understood as separate measurements.
Even on CardanoScan’s latest basis, the remaining gaps were substantial: 25.3 percentage points for DReps and 39.0 points for SPOs. Votes and stake distributions can still change before expiry, so passage remains possible. The size of the deficits and the short deadline leave the outcome highly uncertain.
This vote is the switch that would put four winners from Cardano’s 2026 Constitutional Committee election into their seats. If it times out without approval, the committee drops from seven active members to three, leaving it two seats short of Cardano’s five-member floor.
Paths to restore governance would remain. Intersect has said Info Actions and Update Committee actions stay available in an undersized-committee state, allowing a new committee update to refill seats. CIP-1694’s ratification table exempts motions of no confidence from committee approval.
Intersect says any break in governance continuity could slow the road to the planned Dijkstra hard fork. That leaves the vote with a narrow, practical question. Can DReps and SPOs close two big gaps before the committee loses enough members to jam committee-dependent governance?
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A new federal task force brings crypto firms into preparations for a future when today’s cryptography may no longer be enough
he US Treasury has formally brought digital assets into the financial sector’s preparations for quantum computing threats.
On Aug. 24, the US Treasury launched its Quantum-Readiness Task Force, with one of three workstreams dedicated to digital assets and emerging-technology risks. The other tracks cover broader post-quantum cryptography adoption and third-party vendor readiness.
This creates a government-industry forum for crypto custodians and infrastructure providers to coordinate on a future migration to quantum-safe technology.
The public-private group will bring together government agencies, financial institutions, market infrastructure operators and technology providers to identify critical cryptographic dependencies, improve interoperability and prepare for implementation challenges as existing encryption becomes vulnerable to more powerful quantum computers.
For crypto companies, that could mean examining how cryptography is embedded across custody systems, transaction signing, authentication and third-party infrastructure, and whether those systems can eventually migrate without disrupting customer access or interoperability.
Treasury did not impose a migration deadline on Bitcoin, Ethereum or private digital-asset companies. Changes to blockchain signature systems would still require separate engineering and governance decisions within individual networks.
The order calls for high-value and high-impact federal systems to adopt post-quantum key establishment by Dec. 31, 2030, and post-quantum digital signatures by Dec. 31, 2031. Those deadlines apply to specified federal systems, not private blockchains.
Coinbase’s independent quantum advisory council urged blockchain developers in June to begin technical and governance planning well before quantum computers can attack current cryptography.
Treasury’s move takes that concern beyond industry-led initiatives by putting digital assets inside a broader federal coordination effort for quantum-safe finance.
For now, however, the government has created a coordination framework rather than a private-sector countdown. Any binding migration timetable for crypto firms would require rules or other authorities that specifically apply to them.
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The BitMEX closure limits new positions at 04:00 UTC, with forced closures possible before Sept. 23.
s the BitMEX closure approaches, the derivatives exchange will enter reduce-only mode at 04:00 UTC on Aug. 26. Traders will lose the ability to place new positions, while the exchange may close existing positions during its wind-down.
The BitMEX closure follows a strategic review by the board of HDR Global Trading Limited, BitMEX's owner and operator, which decided to close the exchange. BitMEX said financial distress, a hack and immediate regulatory pressure were not the causes of the decision.
Under the closure timetable and operational FAQ, traders will still be able to reduce existing exposure after the Aug. 26 cutoff. From then until the final closure on Sept. 23, BitMEX says it may force-close positions to support an orderly wind-down. The exchange accepts no responsibility for trading losses caused by users being unable to close positions during that period.
During the BitMEX closure, positions may remain open after Aug. 26, but traders will lose the ability to add exposure and face the possibility that BitMEX intervenes before the mandatory close. The deadline therefore marks the point when users begin surrendering control over execution timing rather than the moment every position closes.
At 04:00 UTC on Sept. 23, BitMEX will immediately force-close every remaining position and end exchange trading. BitMEX says it will use the relevant settlement price or contract index. The resulting funds will go to each user's wallet balance.
After the BitMEX closure, users will retain limited account access after trading stops. They will be able to view wallet balances and transaction history and use withdrawal pages, while the trading interface and other discontinued exchange services will be unavailable.
BitMEX will charge fully verified balances left after Sept. 23 a monthly account fee of 1% per year or $50, whichever is greater. The charge will apply until users withdraw the balance and may increase over time.
A second operational change arrives at 04:00 UTC on Sept. 28. BitMEX will disable API withdrawals, including institutional integrations, so users must withdraw manually through the BitMEX website. The change ends API withdrawal support for integrations including Fireblocks and Copper. Afterward, BitMEX will support USDT, USDC and ETH for withdrawals only on Ethereum.
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The deal limits the cash payment to roughly $344,000 while creating about 7.62 million potential Class A shares.
asdaq-listed StablecoinX's debt restructuring covers $6.879 million of defaulted former-SPAC notes with about $344,000 in cash and two warrant tranches representing approximately 7.62 million potential Class A shares, according to an Aug. 24 regulatory filing.
The deal shifts roughly $6.535 million of near-term repayment pressure away from cash and into a claim on future equity. The warrants do not dilute existing holders unless they are exercised. Under the restructuring agreement, full discharge also remains conditional on delivery of the cash component and issuance of the warrants. The filing confirms the warrant issuance and related waivers, but does not separately document every cash payment.
StablecoinX trades under the ticker USDE and holds Ethena's ENA token as a treasury asset. The obligations arose from its business combination with TLGY Acquisition Corporation, bringing a former-SPAC liability into the capital structure of the Ethena-linked company.
The notes were held by TLGY Sponsors LLC, CPC Sponsor Opportunities I LP and CPC Sponsor Opportunities I (Parallel) LP. StablecoinX's June-quarter filing said the obligations became repayable when the business combination closed June 25, but had not been repaid or converted and were in default. The holders waived that payment default under an Aug. 5 term sheet before the parties signed definitive agreements Aug. 21.
Under the restructuring, 5% of the note balance is payable in cash, 47.5% is allocated to Tranche A warrants at a $1 issue value and 47.5% to Tranche B warrants at a $0.75 issue value.
Applying those terms to the reported balance produces a cash payment of $343,966 and warrant consideration of $6.535 million. The same calculation yields about 3.27 million Tranche A warrants and 4.36 million Tranche B warrants, or approximately 7.62 million in total. The company did not state that aggregate warrant count, so the figure is CryptoSlate's calculation from the disclosed allocation and issue values.
The 35.61 million figure is a transparent instrument count, not a company-reported or GAAP diluted share count. The restricted stock units were anti-dilutive for earnings-per-share purposes, and cashless warrant exercise can produce fewer shares than the one-warrant, one-share maximum.
The new warrants become exercisable Sept. 20, 30 days after issuance. Tranche A has an $11.50 exercise price and expires June 25, 2031, while Tranche B has a $15 exercise price and expires Aug. 21, 2034. StablecoinX's USDE shares closed Aug. 24 at $6.27, according to Investing.com, below both strike prices. That is a market snapshot rather than a forecast of whether either tranche will be exercised.
The warrants are non-redeemable and include cashless-exercise rights while held by the former sponsors or permitted transferees. Those protections can fall away after other transfers.
StablecoinX reported $18.856 million of cash at June 30. The roughly $344,000 cash component equals about 1.8% of that balance, compared with 36.5% for the full note amount. Its ENA holdings are restricted and exposed to market prices, so they are not a substitute for unrestricted cash.
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Leaving Canada or Australia can trigger tax on unrealized Bitcoin gains, making relocation timing worth millions.
n Canada, Australia, and a handful of other countries, leaving now triggers a tax bill on Bitcoin gains that have never been sold. Both countries treat the moment someone stops being a tax resident as a disposal, calculating the gain at that day's market price whether or not a single coin ever changes hands.
Jeremy Savory, CEO of the relocation firm Millionaire Migrant, said more of his clients in Canada, Australia and the UK now want to move before an expected Bitcoin rally, well before any decision to sell.
Automatic exchange sends transaction data to the jurisdiction where a holder is officially considered tax resident. That is a distinct legal status from simply holding a tax identification number somewhere, and Savory calls conflating the two the biggest misconception among his clients.
Under the CRS and the newer Crypto-Asset Reporting Framework (CARF), the reporting obligation sits with the provider, the bank or exchange itself, so the report follows the person regardless of where the asset itself moves.
The OECD says 76 jurisdictions have committed to CARF, with the first wave already collecting data domestically since Jan. 1 and cross-border exchanges beginning in 2027.
Some of the clearest evidence comes from Canada and Australia, both of which treat departure itself as a taxable event for residents holding appreciated assets. Canada's tax authority generally deems emigrants to have disposed of certain property at fair market value the moment residency ends.
A holder who bought 100 BTC at $20,000 each and left while Bitcoin traded near $78,000 would depart owing tax on over $5.8 million of gain. Wait until Bitcoin hits $120,000 to leave, and that captured gain rises to $10 million, adding more than $4 million to the departure-date tax base on the same position without a single sale.
Most authorities apply a facts-and-circumstances test built around severed ties, home, family and a list of secondary indicators. Where a tax treaty exists, its tie-breaker provisions turn a contestable factual argument into a structured legal one.
If someone who was resident in at least four of the prior seven tax years returns within five complete tax years, those gains come back into charge. There is no relief to spread that liability across the years it built up. Spain has a separate exit-tax regime for certain shareholdings, subject to thresholds and residency conditions.
The bull case is that Bitcoin climbs meaningfully higher before the first CARF exchanges land in 2027. Holders in Canada, Australia and the UK move early enough that departure-date gains lock in near current levels, well below a much higher future price.
The bear case has tax authorities challenging thinly evidenced residency claims once the data trail makes paper residency easier to spot.
Clawback rules catch anyone who returns home too soon, and relocating once a rally has already happened does little on its own. The appreciation that occurred before the move stays inside the origin country's tax net no matter where the holder lives when the gain is eventually realized.
Governments are converging on visibility while leaving what they tax, and when they tax it, entirely up to each jurisdiction. That gap is where Bitcoin holders with large unrealized gains are doing their planninglong.
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Bitcoin’s $75,800 reclaim has opened the door for an altcoin rally as market breadth and risk appetite accelerate.
he altcoin rally added $215 billion in market capitalization between Aug. 19 and Aug. 22, pushing the combined value of coins outside Bitcoin (TOTAL2) up more than 24% and back above $1 trillion, according to CryptoQuant analyst Darkfost.
Darkfost also found that 56% of Binance-listed altcoins have reclaimed their 200-day moving averages, a sharp reversal from the months when 80% to 85% traded below that line.
The Altcoin Season Index sat at 49 as of Aug. 23, well below the 75 threshold typically used to call a confirmed altseason. Bitcoin dominance held near 59.69% the same day, high enough to describe this as a rotation attempt still finding its footing
Bitcoin has climbed from roughly $63,000 to nearly $80,000 over the same stretch, and Glassnode ties the move to aggressive spot buying, stronger ETF inflows, and rising market activity.
Over $1.9 billion moved into Bitcoin ETFs last week, the strongest such stretch since BTC last traded above $80,000. Glassnode says market buyers pushed volume delta positive as price cleared $76,000, with buying demand holding at those levels since.
Glassnode's cost-basis work places Bitcoin's True Market Mean, a rough gauge of where the broader active-investor base sits on average, around $75,800. Bitcoin spent recent months trading beneath that line and has now reclaimed it
The bear case has Bitcoin slipping back below its reclaimed structure as spot demand cools. That is a dangerous setup given altcoins already moved 24% in three days, and Darkfost's data already flags the market as short-term overbought.
Glassnode's elevated futures positioning and climbing investor profitability point toward the same risk, since profitable positions tend to get sold.
Bitcoin only needs to stop acting as the stable rail that let traders move further out the risk curve in the first place. The same high-funding altcoins that led the breadth recovery carry more room to unwind than Bitcoin itself once that support gives way.
Whether the altcoin rally holds now depends on whether Bitcoin can hold the ground it just reclaimed.
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Adecoagro visited the Uruguay operation months before launching a smaller renewable-powered pilot with the stablecoin issuer.
ether’s abandoned Bitcoin mining venture in Uruguay, where a former contractor estimated spending reached about $120 million across two sites, is casting a shadow over the stablecoin issuer’s smaller renewable-energy pilot in Brazil
The Uruguay project unraveled after Tether’s local entity, Microfin, and state utility UTE disagreed over the terms governing electricity use, Reuters reported. Microfin understood its contracted allocation as a minimum that could be expanded, while UTE treated it as a maximum.
The dispute was underway by late 2024. Microfin stopped paying power bills in May 2025, notified UTE the following month that it planned to terminate the contracts, and later failed to complete revised terms. UTE disconnected the sites on July 25.
By November, Tether, the USDT issuer, had notified labor authorities that it would cease operations and lay off most staff. Microfin settled the outstanding UTE debt in December.
A former contractor estimated Tether spent roughly $60 million at each of the two sites in Uruguay’s Florida department. The approximately $120 million figure is an estimate of spending, not a confirmed loss disclosed by Tether.
The experience is directly relevant to Tether’s next South American project, which is tied to Adecoagro, a leading producer of sustainable agricultural goods and energy in South America.
Adecoagro representatives visited Tether’s Uruguay mining facility in February 2025 while the agricultural producer and Tether explored using renewable power for cryptocurrency mining. Five months later, the companies announced a memorandum of understanding for a 230 MW pilot in Brazil.
The more than 230 MW cited in the companies’ announcement refers to Adecoagro’s broader renewable generation capacity across South America, not power committed to Bitcoin mining
The disclosures do not show that Tether redesigned the Brazil project because of what happened in Uruguay, nor do they establish that the new venture faces similar problems.
However, they make Brazil the next test of Tether’s regional mining strategy after Uruguay showed that renewable-energy availability alone does not guarantee a workable mining operation. Clear power terms, dependable capacity and sustainable economics proved just as important.
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Bessent’s escalating bond-market response is feeding demand for scarce assets after the first buyback announcement failed to hold yields down.
itcoin price has crossed $80,000 as the US Treasury explored tapping its roughly $1 trillion cash pile to fund an escalating effort to stabilize long-term government debt.
Two senior Treasury officials told CNBC that the Treasury General Account, the federal government's operating account at the Federal Reserve, could help finance expanded bond buybacks. The officials did not specify how much could be used or when. Reuters put the account at about $940 billion as of last Wednesday.
On Aug. 19, the department unexpectedly said it would at least double liquidity-support buybacks for 10- to 30-year securities to $4 billion per operation from $2 billion, effective Sept. 9 through Nov. 4.
The 30-year Treasury yield had climbed as high as 5.337%, its highest since 2007, before falling to about 5.18% after the buyback expansion was announced. By the end of last week, longer-dated yields had largely retraced the decline. The 30-year yield remained around 5.24% on Monday, while the 10-year traded near 4.70%.
Treasury has yet to conduct any of the enlarged purchases, meaning the reversal reflected skepticism over the announcement rather than the failure of completed buybacks. The larger operations begin in September.
He described the operations as an attempt to improve liquidity in parts of the Treasury market strained by thin summer trading and heavy corporate issuance, including borrowing to finance artificial intelligence infrastructure.
The mid-quarter change itself was unusual. Treasury typically uses its quarterly refunding process to communicate changes to debt management, giving investors a predictable schedule. The Aug. 19 announcement came weeks after the latest refunding plans had already been set.
The intervention comes as the underlying financing burden continues to grow. US national debt crossed $40 trillion last week, including about $32.3 trillion held by the public, while higher yields are rapidly increasing federal interest costs.
The private sector is also competing for the same pool of capital. US technology companies have issued about $220 billion of debt this year to finance AI infrastructure, up sharply from 2025, adding another source of supply in a market already absorbing enormous government borrowing.
Cole pointed to the BTC/gold ratio as an early signal during the previous cycle. Bitcoin peaked against gold in December 2024, about 10 months before its dollar-denominated peak in October 2025. The sequence reversed this year, with Bitcoin bottoming against gold in February before reaching its dollar low in July.
He argues that a weaker dollar, continued currency debasement and growing competition for scarce assets in an AI-driven economy could create a stronger backdrop for Bitcoin over the next 12 to 18 months.
Bitwise Europe research head André Dragosch said the firm's crypto sentiment index briefly reached its highest level since late 2024 as funding rates, short liquidations and investor optimism surged. He said a pullback or consolidation now appears likely, although the broader recovery could remain intact.
Bessent has more tools available to support long-dated bonds, including larger buybacks, changes to the maturity mix of government borrowing, and potentially hundreds of billions of dollars sitting in the TGA.
The bond market is still confronting $40 trillion of federal debt, persistent deficits, inflation risk, and record demand for private capital.
For Bitcoin investors, every escalation adds another test of whether those forces can be managed without further weakening confidence in dollars and long-term government debt.
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Withdrawals remain open, but Term Finance has not confirmed the loss or promised to cover any user shortfall.
n-chain fixed-rate lending protocol Term Finance said it permanently shut down its Meta Vaults after a governance exploit, ending new deposits while leaving withdrawals open.
Term's governance documentation describes an opt-out system. Vault liquidity-provider token holders can veto queued parameter changes during a seven-day delay, and the change can become executable without a veto.
A DeFiPrime reconstruction of the on-chain activity said an ETH Meta Vault proposal remained open for six days without a veto. Its first actions on execution set the delay cooldown to zero, removing the second waiting period before the transaction routed 2,841.7435 WETH through a newly added strategy to an attacker-controlled address.
The Ethereum transaction occurred at 06:25 UTC on Aug. 23. A second transaction about 22 minutes later executed five proposals across five USDC vaults and removed 1,679,639.29 USDC, according to the same analysis.
Term has not published a postmortem confirming how the proposer obtained authority to queue those actions or why the veto and delay controls did not stop them.
Yearn said Term's vault contracts use Yearn V3 architecture, but the exploit occurred through Term's custom governance wrapper. It said the attack vector does not apply to standard Yearn vault setups and that standard Yearn vaults were unaffected.
Term similarly said its underlying protocol and direct borrowing and lending markets had not been affected based on its investigation so far, while adding that it was still verifying the scope. That limits the confirmed impact to the vault product rather than every Term market.
The remaining question is what Meta Vault users can recover. Because Term has not confirmed the final accounting, keeping withdrawals open does not by itself establish the liquidity or value available for every withdrawal.
Term said it was coordinating with outside security teams on remediation and recovery. If a shortfall remains, it said it would explore ways to address it. The company did not commit to reimburse depositors or provide a recovery timetable.
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EIP-8390 proposes offchain ZK finality proofs but defines no replacement API or prover incentive and supplies no reproducible GPU benchmark.
newly merged Ethereum proposal would retire the network’s 512-validator sync committee, remove its rewards, and make the current Altair light-client interface obsolete by replacing it with offchain zero-knowledge proofs.
The Draft EIP-8390 estimates that deleting the committee’s reward weight would reduce annual consensus issuance by roughly 33,800 ETH.
Ethereum would give up an in-protocol mechanism that lets lightweight clients follow the beacon chain before the proposed replacement proving service, migration interface, and economic support have been specified.
A sync committee is a 512-validator sample whose messages give light clients a compact way to track Ethereum without processing the full validator set.
The proposal entered the official EIPs repository at 02:04 UTC on Aug. 24, but its Draft status makes it a design for discussion, not an adopted upgrade. It has no activation epoch or Ethereum roadmap commitment, and the document leaves scheduling to client teams.
The draft reports a snapshot of 901,505 validators and 42,328,615 ETH staked. Against its estimate of about 1.082 million ETH in annual consensus issuance, the removed share works out to approximately 33,800 ETH per year.
Altair defines no slashing condition specifically for a validator that signs a malicious sync-committee message. EIP-7657, a separate proposal that sought to add such a penalty, is now marked Stagnant. It warned that applications securing more than 512 times 32 ETH, or 16,384 ETH, should combine the light-client protocol with other protections.
Removing the sample would exchange that accountability problem for a different dependency. Light clients would be expected to verify a zero-knowledge proof of Casper FFG finality across the full validator set.
EIP-8390 would remove its validator duties, network messages, light-client data containers, and several Beacon API endpoints. The proposal says deployed Altair light clients that sync through LightClientUpdate would stop working at the fork.
The affected category includes software that uses the standard Altair update flow. Helios, which can be embedded in wallets and decentralized applications, relies on a consensus endpoint supporting Ethereum’s light-client Beacon API. Lodestar provides a consumer-side light-client package built around that path.
Nimbus exposes a light-client interface for the same update objects, while Datachain’s Ethereum IBC client constructs headers from LightClientUpdate and FinalityUpdate data obtained through Beacon RPC.
EIP-8390 asserts that Casper FFG finality could be proved within one epoch on one GPU and verified in milliseconds, but the draft cites no reproducible implementation, circuit, hardware profile, or benchmark to support that claim.
The EIP does not define the proving service, its client interface, reliability model, operators, or funding. The draft also explicitly adds no in-protocol incentive to produce finality proofs and proposes none, although offchain or public-goods funding could still emerge outside the protocol.
Ethereum would be swapping one imperfect trust mechanism for infrastructure that is not yet part of the specification. The issuance savings are concrete in the proposal’s own numbers, while the replacement’s availability, migration path, and economics remain open.
Moving EIP-8390 toward activation would require a tested interface for light clients, working migrations for current Altair consumers, and public proof production that remains available when users depend on it.
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