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Xiaomi unveiled three in-house Xring chips on Monday, one of which will debut next month in the Xiaomi 18 Fold. The company is focusing on furthering its goal of designing its own silicon rather than buying it from Qualcomm and Media. Xiaomi has launched three in-house chips, with the main one being the 3nm Xring O3 phone processor made by TSMC (NYSE: TSM).
Xiaomi says the processor logged 5,228,014 points on AnTuTu, making it the first time a mobile system-on-chip has passed the five-million mark. The company claims Xring O3’s 10-core CPU offers a 60% performance boost over its earlier chip. The new 16-core GPU gives 85% better graphics performance, and power efficiency is up 64%. The O3 is also the world’s first mobile processor to support LPDDR6 memory, with speeds up to 113.8 GB/s. For AI tasks, the chip delivers 200 TOPS of tensor performance, and its neural engine is 45% faster than before. Notably, these benchmark scores are the company’s own claims.
Xiaomi set to roll out three Xring chips
The chip was developed in 459 days and will first ship in the Xiaomi 18 Fold and the Pad 9 Pro Max in China this September. The second chip is the Xring O100, a 6nm AI accelerator that uses a special design to stack the processor and memory together until it reaches 1.22 TB/s of bandwidth. This design helps cut delays when the chip handles AI tasks. Xiaomi wants this chip to run AI models inside phones, cars, and robots. It is set for commercial use in 2027.
The third chip, the Xring D100, is for self-driving cars. Xiaomi calls it China’s first high-compute smart-driving processor made with a 3nm process. It has a 20-core CPU and a 16-core NPU that supports up to 160GB of memory and can run large AI models with up to 200 billion parameters. Validation for this chip is complete, but the car version will not arrive until 2027. Xiaomi has not said how fast this chip is in TOPS or which car will get it first.
Currently, Xiaomi’s electric vehicles use chips from Nvidia (NASDAQ: NVDA). Xiaomi restarted its chip development program in 2021 and has since invested more than 21 billion yuan ($3.1 billion). The company now has a team of nearly 3,000 engineers working on chips. Devices using the earlier Xring O1 chip have passed one million in shipments. But only about 150,000 of those were phones sold since May 2025. The target for the new foldable phone is between 200,000 and 300,000 units.
Most of Xiaomi’s phones will still use chips from Qualcomm (NASDAQ: QCOM) and MediaTek (TWSE: 2454), but an in-house chip will give Xiaomi more leverage in talks with its suppliers. Huawei, on the other hand, was forced to make its own Kirin chips because U.S. sanctions cut it off from Qualcomm. Xiaomi faces no such restriction but is choosing to design silicon anyway. The company recently posted a 2.6 billion yuan operating loss on its newer businesses, including electric vehicles and AI, in the three months to June 2026. Nio, Li Auto, Xpeng and BYD are already running their own in-house driving silicon.
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Washington, D.C., August 24, 2026 — The Digital Sovereignty Alliance (DSA), a nonprofit organization dedicated to advancing clear and ethical public policy, research, and education surrounding emerging technologies, today announced the completion of its inaugural Digital Asset Case Study Course at St. Andrew’s Episcopal School.
Developed by DSA in collaboration with Professor Charles C.Y. Wang, Tandon Family Professor of Business Administration at Harvard Business School, and Giveback Backpack, the four-session program introduced high school students to real-world questions at the intersection of technology, markets, governance, and public policy.
The program concluded on Saturday, August 22, with a case study class on Axie Infinity and Sky Mavis co-founder Jeff Zirlin. Students examined the company’s business model and evolution while considering broader questions surrounding digital ownership, community-driven economies, leadership, and the challenges confronting businesses operating at the frontier of Web3.
Professor Wang, a leading scholar in accounting, digital assets, and capital markets, brought the case method into the high school classroom, giving students an opportunity to examine complex decisions through discussion, analysis, and debate. Rather than delivering traditional lectures, he challenged students to take positions, defend their reasoning, question one another’s assumptions, and work through the ambiguity inherent in real business decisions.
The four-session program explored digital assets, capital markets, trust, leadership, and the future of business in a Web3 world. Students examined cases involving Alibaba, Coinbase, and Wells Fargo, gaining exposure to different questions surrounding technology, finance, governance, leadership, and emerging business models.
Over the course of the program, students progressed from analyzing individual companies to considering broader questions about how technology can reshape markets, institutions, and business models. The case-based format gave students the opportunity to approach these questions not simply as observers, but as active participants in the discussion.
“Students learn best when they have the chance to apply ideas to the real world,” said Adrian Wall, Managing Director of DSA. “This program gave students the opportunity to move beyond learning about digital assets in the abstract. That is the lasting value of this program: equipping the next generation to engage critically and confidently with technologies that will increasingly influence business, public policy, and society.”
With the completion of the four-session program, DSA introduced students to a practical framework for thinking about some of the defining business and technology questions of the digital economy. The initiative is part of DSA’s broader educational mission to equip young people with the critical-thinking skills needed to understand emerging technologies and engage thoughtfully with the opportunities and challenges they present.
About Digital Sovereignty Alliance
The Digital Sovereignty Alliance (DSA) is a nonprofit social welfare organization committed to advocating for public policies that support ethical innovation in decentralized technologies, blockchain, cryptocurrency, Web3, and artificial intelligence. DSA conducts research, organizes educational events, and promotes policies that prioritize public welfare and digital sovereignty.
Media contact
Maghan Lusk
PR@dsaf.org
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Meta Superintelligence Labs has hired Luke Metz, an early ChatGPT researcher at OpenAI, as competition for artificial intelligence specialists intensifies.
Reports placed Metz under Alexandr Wang, Scale AI’s former leader and Meta’s AI chief.
Rapid moves connect three leading laboratories
Metz describes himself as a researcher from the original OpenAI team behind the low-key research preview that became ChatGPT. He previously worked at Google Brain.
Axios reported Metz left OpenAI in 2024 to join Thinking Machines Lab, founded by former OpenAI technology chief Mira Murati.
His tenure there was brief. Fortune reported in January 2026 that Metz would return to OpenAI with co-founder Barret Zoph and founding member Sam Schoenholz. Simo said Zoph would report to her, while Metz and Schoenholz would report to Zoph.
Metz is now moving again after several former Thinking Machines colleagues joined Meta.
Meta commits billions to recruitment
Meta invested $14.3 billion for a 49 percent stake in Scale AI and selected Wang to lead Meta Superintelligence Labs. Five members of Murati’s founding team joined Meta, while three returned to OpenAI and another moved to Elon Musk’s xAI.
Reported compensation has also reached exceptional levels. Thinking Machines co-founder Andrew Tulloch reportedly accepted a $1.5 billion package covering six years at Meta. The Next Web said the figure, if accurate, would make him technology’s most expensive individual hire.
OpenAI chief Sam Altman said Meta offered $100 million bonuses to its employees. Meta reported second-quarter 2026 revenue of $60.8 billion, representing 28% annual growth, according to its investor filing.
Hiring surge fails to expand workforce
Recruiter Sam Jones analyzed LinkedIn Talent Insights data through August 2026 and found Meta hired 778 research scientists during the year. However, 785 researchers departed, producing a net decline of seven.
Jones measured Meta’s attrition rate at 19 percent, the highest among four frontier laboratories examined. Meta also had 1,838 open research positions when the research was conducted.
Jones described the imbalance by saying, “Meta ran the most expensive treadmill in the industry — 778 on, 785 off — proving that in this market, hiring is the easy half.”
Researchers left Meta for Microsoft AI, Nvidia and OpenAI while Meta recruited talent from Amazon, Scale AI and universities. OpenAI hired Ruoming Pang, who had overseen AI infrastructure for Meta Superintelligence Labs, according to a February report from The Information cited by Reuters.
That move came seven months after Meta recruited Pang from Apple with compensation Bloomberg valued above $200 million.
Meta released Muse Spark on April 8 as the first model from its recently established laboratory. The model supports Meta AI across Facebook, Instagram, WhatsApp, and Ray-Ban eyewear. Meta’s research workforce remains near its earlier size.
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Binance Blockchain Week 2026 returns to Asia, landing in Bangkok at the Queen Sirikit National Convention Center on November 28 and 29.
Co-CEOs Richard Teng and Yi He headline a roster that also includes Eowyn Chen, Catherine Chen, and APAC head SB Seker.
Thailand’s growing receptiveness is a contributing factor for its choice as host, with digital assets added under the Derivatives Act and capital gains tax waived on licensed platform trades until the end of 2029.
Binance has announced that its flagship event, Binance Blockchain Week 2026, is coming back to Asia, with all roads leading to Bankgok, Thailand.
The organizers say that the event will be held between November 28 and 29 at the Queen Sirikit National Convention Center.
Last year, the event was held in Dubai, United Arab Emirates, between December 4 and 5 and saw the debates between CZ and Bitcoin skeptic Peter Schiff go viral.
Binance co-CEO Richard Teng, Brad Garlinghouse, the CEO of Ripple, and Michael Saylor of Strategy were among the speakers at the event, with Saylor making a case for Bitcoin in his speech.
There were also conversations that touched on institutional adoption, the place of regulation and AI and crypto, which have been a recurring theme in 2026.
Binance Blockchain Week has been held across various cities across Europe and Asia, with Istanbul, Paris, and Singapore hosting the event in the past.
What is Binance doing in Bangkok, and who will be there?
According to Binance, the event is the pinnacle of more than 1,500 events the company has run worldwide. The organizers are expecting thousands of builders, institutional investors, fintech leaders, and policymakers over the two days.
The speakers confirmed so far include Teng, his co-CEO, Yi He, along with Eowyn Chen, Binance interim chief marketing officer.
Other speakers on the roster are SB Seker, head of APAC, Binance; Catherine Chen, head of Binance VIP and Institutional; and Thomas Gregory, the company’s vice president of payments and fiat. Early bird tickets are on sale for $19.
Why Thailand, and why this moment?
Thailand put some laws in place to distinguish digital assets and put some restrictions in place; however, it is getting more receptive to digital assets based on recent developments. In February, the country’s cabinet approved a Finance Ministry proposal to expand the assets permitted under the Derivatives Act to include digital assets.
Thailand’s Securities and Exchange Commission (SEC) said that change would strengthen recognition of crypto as an investment class.
Some analysts believe that the reform could eventually allow futures, options, and other structured contracts tied to digital assets. Separate ETF rules tied to that framework are expected to take effect in the third quarter of the year.
Blockchain analytics platform Elliptic described Thailand’s 2026 to 2028 strategic plan as placing digital assets at the center of its capital market strategy. This is eight years after the country’s original licensing decree created a supervised environment for exchanges and custodians.
The Finance Ministry has also waived capital gains tax on digital assets traded through licensed platforms until the end of 2029.
In the announcement, SB Seker said, “The most interesting thing happening in Asia isn’t just the scale of adoption, it’s that we’re seeing workable models for how crypto operates under clear regulation.”
Seker added, “Different jurisdictions are moving at different speeds, testing different approaches, and BBW Bangkok 2026 provides a venue to examine what supports consumer protection, market integrity, and infrastructure that works at scale.”
What does the EVOLVE theme reveal about where Binance is taking the business?
The event’s agenda points to Bitcoin’s institutional footprint, stablecoins as payment rails, tokenized stocks, AI integration, and cross-border payments, among others, themes that track products Binance has already shipped this year. This also includes gold and silver options that were recently launched in July through its Abu Dhabi-regulated Nest Exchange.
Exchanges reportedly processed $1.32 trillion in perpetual futures tied to traditional assets in the first five months of 2026, up from $104.21 billion for all of 2025, and Binance holds the largest share of that volume at 35.9%, according to CoinGecko data.
“This event will showcase how Binance is evolving from a trading platform into a financial superapp connecting both worlds,” Teng said.
Yi He added that the company’s next wave of adoption, which it calls Road to 3 Billion, depends on products that deliver utility in daily life, whether in cross-border payments, tokenized securities or digital portfolios.
She added, “At BBW Bangkok 2026, we’ll examine the trends driving adoption and explore what the industry needs to do to make digital assets more accessible, trusted, and relevant to a broader audience—while delivering the sophistication institutional players demand.”
The post Binance Blockchain Week heads to Bangkok as exchange advances financial superapp pitch first appeared on Coinfea.

Phantom Sui support will end on September 24, allowing users several weeks to convert SUI or access holdings elsewhere.
The decision removes a major gateway to Sui, which Phantom added on January 29, 2025. The Sui Foundation said Phantom then served 15 million monthly active users.
Sui activity has weakened since that launch. DefiLlama data places total value locked at $470.38 million, down from more than $2 billion.
SUI trades near $0.83, giving the token a market capitalization of about $3.4 billion. That price remains well below its January 2025 record of $5.36.
Users Can Convert SUI or Change Wallets
Phantom outlined two migration routes on its help page. Users can convert SUI into wrapped SUI on Solana before support ends.
Phantom will waive its fee for that cross-chain conversion until September 24. Network and exchange charges still apply during transactions.
The wallet will also add no fees for swaps into SOL, ETH, or USDC. Users wanting to retain SUI can instead import their recovery phrase into a compatible wallet.
Phantom recommends Slush, the Sui Foundation’s preferred wallet. The same address and balances should appear automatically after users enter their phrase.
Assets remain recorded on the Sui blockchain rather than inside Phantom. Consequently, holders can recover them later using the same “login,” without a deadline.
Phantom warned that it never initiates contact or requests seed phrases. Any unsolicited migration assistance should therefore be treated as fraudulent.
Sui Partnership Ends During Wider Chain Reductions
The 2025 integration made Sui Phantom’s fourth supported Layer 1, alongside Solana, Bitcoin, and Ethereum. Phantom also supported Coinbase’s Layer 2 network Base.
The Sui Foundation called Sui “the only Move-based chain and the third Layer 1 fully supported on the platform.”
Phantom chief executive Brandon Millman said Sui’s “focus on scalability and its superior user experience aligns perfectly with Phantom’s goal of making crypto accessible for everyone.”
However, SUI dropped more than 4% when integration launched. Cryptopolitan reported that the token had already fallen over 20% during the preceding ten sessions.
Both organizations now describe the separation as mutual. Phantom’s X post said they may “explore other collaborations in the future.”
The wallet is also ending Monad support on August 26. Its help page provides identical migration instructions for users.
That parallel withdrawal indicates a wider reduction in Phantom’s multichain lineup rather than a decision affecting Sui alone.
A March 2026 Bank for International Settlements working paper said permissionless blockchains continue fragmenting markets. New low-fee networks can draw users from established chains and weaken network effects.
Losing Phantom reduces Sui’s retail access while on-chain activity remains lower. Circle still lists Sui among networks supported through its stablecoin infrastructure.
Sui’s DeFi TVL has fallen from roughly $2 billion earlier in 2026 to below $1 billion by July, according to DeFiLlama data cited in market reports. Phantom said it will end Sui network support on September 24.
Metric Peak / earlier 2026 Latest reported Sui DeFi TVL ~$2B <$1B Change — At least ~50% below $2B Phantom support Active Ends Sept. 24, 2026 SUI ETF — U.S. spot SUI products already trading
The current evidence establishes the two developments, but doesn’t establish causation.
Phantom and Sui have decided to end Sui support on Phantom on September 24, and leave open the opportunity to explore other collaborations in the future. Your funds remain safe and fully under your control. Before 9/24, you can move your wallet to another app that supports Sui,…
— Phantom (@phantom) August 24, 2026
The post Phantom Sui Support Ends September 24 as Network Activity Weakens first appeared on Coinfea.

Term Labs confirmed that a governance attack drained approximately $8.5 million from several lending vaults operated through Term Finance.
The attacker secured decisive governance influence with tokens worth only a few dollars. Vault users had not converted their shares.
Term Finance provides decentralized, fixed-rate loans backed by ETH. Its developer cited predictable lending costs and experience from former Citibank and Morgan Stanley quantitative professionals.
The company said that several vaults were affected, although the total impact remained under assessment. Early evidence indicated the attacker followed governance rules rather than exploiting malicious code.
Governance structure enabled control
Term Finance offered lending vaults resembling Morpho’s. Depositors could supply funds, earn passive income, and receive share tokens representing their positions.
We are aware of a governance exploit impacting Term vaults. We will share more details once it has been further investigated.
— Term Labs (@term_labs) August 23, 2026
The protocol used Aragon governance and let depositors wrap vault shares into separate governance tokens. Users had to complete this conversion manually, and many never did.
The attacker completed the conversion and obtained 100 percent of governance power across four of the five affected vaults. Despite holding governance tokens valued at only several dollars, the individual gained authority over reserves worth millions.
A proposal submitted on August 17 contained actions that voters could not immediately see. Following a six-day waiting period, the attacker changed vault parameters and drained five USDC lending vaults.
Stolen ETH and DAI remain visible
Blockchain data showed that the attacking wallets initially received 2 ETH through Tornado Cash. Similar funding methods have previously appeared in exploits attributed to DPRK-linked hackers.
After withdrawing the assets, the exploiter consolidated them within one identified wallet. That address held approximately $1.6 million in DAI and around $6.9 million in ETH.
The stolen assets had not been mixed or transferred further. That behavior differed from other incidents where attackers began obscuring funds within an hour.
Term Finance held more than $25 million in total value locked on August 23. It also reported $3.92 million in active loans, supported by larger collateral balances across its vaults.
The lending vaults collectively contained $12.25 million before the incident. Consequently, the $8.5 million loss removed most of the protocol’s available lending capacity.
Low participation increases governance risk
The Term Labs incident followed recent attacks involving Maya Protocol and The Sandbox, where a separate mint exploit occurred. Governance attacks became more visible during 2026 as limited user participation weakened oversight across several Web3 protocols.
Many decentralized organizations connect voting authority to specific token holdings. Whales, team allocations, or aggressive purchasers can therefore acquire enough influence to target reserves, treasuries, and protocol vaults.
Proposal activity and voter understanding also vary among decentralized organizations. When users remain inactive or overlook proposals, one participant can advance favorable changes and approve them through concentrated voting power.
The post Term Labs Governance Exploit Drains $8.5 Million first appeared on Coinfea.

Arthur Hayes said on August 22 that Flop Labs has not launched a token, presale, or memecoin, rejecting assets using the FLOP name. Any FLOP token trading now is not connected to the project.
Hayes said he would announce the airdrop “in a few months.” The project remains a paper concept, with a “massive airdrop” scheduled for the fourth quarter of 2026. Network genesis is targeted for early 2027.
Hayes returned to lead Flop Labs
Hayes announced four days before the warning his return as Flop Labs’ chief executive. He described FLOP as “food for your AI agent,” presenting it as a currency for autonomous software.
AI agents would use FLOP to purchase computing power, inference services, and memory storage. Miners would provide computing resources for AI tasks, earning block rewards and transaction fees. Validators would confirm that tasks were completed correctly and store memories for AI agents.
Hayes has described FLOP as the missing payment system for the “agentic economy.” In June, he identified debt linked to data center construction as the AI risk. He estimated that $1.5 trillion had been borrowed for AI infrastructure since November 2022.
Past trading activity draws scrutiny
The warning about unauthorized FLOP tokens comes as Hayes faces questions about his trading record. In June, his family office, Maelstrom, was accused of transferring $1.92 million in CARDS tokens to a market maker shortly after he publicly promoted the project.
On-chain investigator ZachXBT had documented Hayes closing positions in HYPE, NEAR, Zcash, and Worldcoin within two weeks of endorsing those tokens. Hayes answered the criticism by saying he “sold to a willing seller at a price.”
Hayes has repeatedly promised a “100% fair” FLOP launch without a presale or venture capital allocation. However, Flop Labs has not published a whitepaper, tokenomics schedule, contract address, blockchain selection, test network, or verification materials supporting that commitment.
Project documents remain unavailable
The absence of public documentation has increased scrutiny of the fair-launch proposal, particularly because rewards are expected to flow toward key opinion leaders. The planned sequence is unusual because the airdrop is scheduled before the underlying network’s targeted launch.
When questioned about the missing whitepaper, Hayes said the team was “still speaking with interested parties.” He added that informational graphics would begin appearing, starting with details about tokenomics.
For now, Hayes has emphasized that no legitimate FLOP token is publicly available. Investors cannot verify the proposed asset through a contract, audit, whitepaper, or functioning network. The authentic airdrop remains planned for late 2026, while the network is expected to begin operating in early 2027.
Separately, Maelstrom has announced plans to shut down by September. BitMEX plans to close its exchange on September 23, 2026.
The post Arthur Hayes Rejects Fake FLOP Tokens as Official Airdrop Remains Months Away first appeared on Coinfea.

HumidiFi, one of the most active decentralized exchanges on Solana, has suspended trading on its platform after it disclosed a security incident against its network. The exchange maintains that the damage was confined to its own funds and no customer or third-party assets were affected.
HimidiFi revealed on its official X account that a portion of its internal network has been affected and said the team was still investigating. It told followers that the impact of the attack was limited to its own funds and that no customer or outside assets had been touched. Trading is currently suspended on the platform, but beyond that, the company did not reveal much about the incident. They have also not officially named the event a hack or put a dollar figure on any loss.
HumidiFi says investigation remains ongoing
DefiLlama data shows that HumidiFi handled around $213.79 million in trades in the last day, with its 30-day volume reaching about $2.468 billion. Meanwhile, WET, the exchange’s native token, saw its own 24-hour trading volume jump nearly 192% to about $5.49 million even as its price dropped 8.66% to $0.07173. The token now sits about 78% below its December 10, 2025, all-time high of $0.336.
Before this attack, HumidiFi organized a token sale on Jupiter that quickly collapsed after a bad actor bought nearly all of the available tokens using automated wallets. Bubblemaps reported that at least 1,100 wallets of the roughly 1,530 that participated in the sale had identical funding and timing patterns. HumidiFi completely canceled the sale, writing, “The sniper is not getting shit,” in its statement, which was posted on its X account at the time.
However, Cryptopolitan reported the event had still pulled in $1.39 million in USDC before it was canceled. Following the cancellation, the team promised to organize fresh tokens and a pro-rata airdrop for legitimate buyers. Cryptopolitan reported the growing regularity of probes into digital asset projects during Q2 of 2026, which closed as the quarter with the most incident reports on record. Roughly 83 separate security incidents occurred through June 22, and about $775 million in losses, per DefiLlama data.
The post HumidiFi says users’ funds are unaffected in latest network incident first appeared on Coinfea.

Official Trump (TRUMP) rallied above $3, at one point adding over 80% to its price. TRUMP rallied during Asian trading hours, wiping out more than $30M in liquidations. The TRUMP token rallied above $3 before dropping slightly to return to $2.94.
The meme token is still down by over 90% from its highs, but the recent rally showed the asset was quick to respond to any news of new crypto activities from the TRUMP family. TRUMP trading volumes also reached a three-month peak above $1.79B, spiking immediately after a long period of depressed activity. The main driver of the rally was a short squeeze, causing $8.59M of short liquidations on Binance. TRUMP went through $30M in total liquidations over the past 24 hours, becoming one of the leading tokens to undergo a short squeeze. The TRUMP rally also followed the rapid BTC recovery above $79,000, followed by a quick slide. This raises the question of whether the TRUMP rally is sustainable beyond the wave of short liquidations.
TRUMP sees rally as liquidations hit traders
The main driver of the pump on Asian markets was a rumor of a new Trump family coin launching on Robinhood. At the time of the biggest price changes, the rally was unconfirmed and only mentioned on social media. Some traders chose to short TRUMP, expecting the new launch to drain any excess liquidity from the meme token. However, the wave of short positions caused different market reactions, as most of those positions were liquidated.
As TRUMP moved above $3, most of the existing short positions were liquidated, with almost no remaining liquidity up to $3.50. This positioning may mean the TRUMP rally is over. However, traders would be more cautious in setting up new short positions. The meme token rally showed the TRUMP brand was among the more resilient in the crypto space, and capable of making short-term reversals. TRUMP also rallied despite the recent claims of Justin Sun of achieving legal victory over World Liberty Fi for his frozen assets.
Sun also did not harm the brand after his recent exposure of USD1 as an asset that could be frozen and clawed back from user wallets. Following the TRUMP rally, the World Liberty Fi token WLFI also expanded to a one-month peak of 0.07, before correcting to its usual range of $0.06. The recent market volatility caused rapid recoveries for multiple assets, but also showed signs of a rapidly reversing trend. This would make the TRUMP and WLFI rallies unsustainable.
There are also no confirmations that either WLFI or TRUMP would have a new ‘use case’, or that holders would receive any additional allocations in the case of a new coin launch. Despite the setback, the TRUMP meme token open interest is back to $172M, the highest level since April. The presence of newly built short and long positions may lead to more active trading and price fluctuations. At the same time, traders are still monitoring social media and on-chain data to intercept any new asset launches or see a confirmation of a new Trump family asset.
The post Trump memecoin rises 80% as liquidations hit $30M first appeared on Coinfea.

India has ordered Google to shut down hundreds of accounts on Firebase, the tech giant’s app-building platform, after multiple fake banking apps and phishing sites were traced back to the service.
The Cyber Crime Coordination Center (I4C) in India sent Google at least three notices in August, naming at least 57 websites and databases in total that all run on Firebase. These sent notices claimed the links were being used as tools for spreading malware and pulling financial data off victims’ devices. Of these 57 websites and databases, seven were phishing pages built to closely resemble login screens of major Indian banks, including the State Bank of India, ICICI Bank, and Axis Bank.
India wary about rise of apps designed to steal from citizens
Officials in India also described the others as collection points for stolen information like credit card numbers and one-time passwords. According to an August 17 notice, scammers wrote Android malware camouflaged as real banking apps and went after cardholders specifically. The bait was regular financial temptation, including a new credit card, a reward to redeem, and a higher credit limit.
A victim who fell for the malware scam installed what looked like a bank’s app. Once on the phone, the software quietly forwarded data to a Firebase database controlled by the scammers. This gave the scammers a route into other apps on the device and, potentially, into the victim’s money. Officials in India also identified one scheme built around PM-KISAN, the federal program that pays small farmers directly.
Fake sites promised to help recipients claim their money and told them to download an app to collect these funds. That app also siphoned user data straight to the attackers. India had over 242 billion transactions occur via its real-time payments system from January 2026 to March 2026. This huge foundation gives fraudsters the chance to acquire a massive pool of targets within the country.
Firebase is used by millions of developers globally, as it is quite easily accessible. Criminals have also taken advantage of this, moving onto the platform from other free tools over the past year due to its free tier and database features. The Indian government’s standard response to such fraudulent schemes has simply been to track down the scam websites and disable them. However, the new steps point to a more expansive approach aimed at the infrastructure supporting the schemes.
The post India urges Google to remove Firebase accounts with ties to bank fraud first appeared on Coinfea.

South Korean lawmakers have proposed a bill that would allow the Financial Intelligence Unit (FIU) to pursue unregistered crypto operators and refer them to prosecutors. The South Korean police have abandoned almost every case the FIU has passed on to them.
The measure was introduced on Thursday by Rep. Eom Tae-young of the People Power Party and nine others. It amends the Act on Reporting and Using Specified Financial Transaction Information by inserting a new provision, Article 15-4. According to the legislative tracking portal of South Korea, the bill was referred on August 21 to the political affairs committee of the National Assembly, which oversees the Financial Services Commission. The bill still has to go through committee review and a floor vote. Wording can change along the way, and bills filed by individual legislators often die unpassed when an Assembly term ends.
Lawmakers want FIU to take charge of these offences
Under the proposal, anyone could report a suspected violation directly to the FIU. The unit could then investigate the allegation, analyze it, file a complaint, request a criminal investigation, or pass the information to investigators. The FIU is part of the Financial Services Commission (FSC) and operates the registration regime that crypto firms serving Korean customers must join. As of June, it had 28 registered providers and said it had referred 40 suspected illegal operators to investigative authorities.
Between August 2022 and August 2025, the FIU referred 25 unregistered virtual asset service providers to police for investigation. But police suspended investigations or preliminary inquiries in 23 cases. Most of these firms and their people were said to be located overseas, making them difficult to access using the current process. Today, the FIU can flag a suspected unregistered operator, but has to lean on police and other agencies to pursue it.
The bill’s statement of reasons contends that reliance on inter-agency cooperation and formal investigation requests makes a fast response difficult. It warns that unregistered venues, which it calls “private coin exchange offices,” can be used for money laundering, illegal currency exchange, and illegal overseas remittance. South Korea’s Cabinet approved an amendment on August 11 that removes the 1 million won reporting threshold for crypto transfers.
Registration provisions became effective on August 20, and the full Travel Rule expansion will follow in February 2027, per a past Cryptopolitan report. The package also introduced a 200% debt-ratio cap on exchange operators and stricter vetting of shareholders. The FIU only permitted two new virtual asset service providers in 2025. That’s down from four the year before. According to previous coverage by Cryptopolitan, the average time it took to get approved went up from 11 months to 16 months. Suspicious transaction reports rose to 36,684 last year in South Korea, and about 90% of them were linked to illegal cross-border remittance arrangements.
The post FIU set to prosecute unregistered crypto firms first appeared on Coinfea.

The SEC has charged two former Wall Street investment bankers with fraud on Friday following their stock trades in South Jersey Industries before the company’s February 24, 2022 takeover announcement. According to the lawsuit, Mr. Satsky, aged 59, was one of the heads of an energy and utility banking unit at the New York bank, while working on South Jersey’s business and being a lead banker for that deal.
Mr. Wolfe, his 55-year-old friend and former colleague, was alleged to have traded about 2.2 million shares, making a profit of $18.5 million when the stock rose about 40% on the news. The purchases ran through the last two months of 2021 at a cost of at least $53 million, according to the complaint, filed as case 1:26-cv-07132 in the Southern District of New York. Infrastructure Investments Fund agreed to take South Jersey private at $36 a share in a deal valued at $8.1 billion. The two men spoke about a possible acquisition on several occasions, the SEC says, including at a nationally televised college basketball game they attended with their wives.
SEC claimed the suspects allegedly tried to hide their actions
Wolfe traded through eight entities the agency has named as relief defendants, among them Evergreen Capital, Evergreen Financial, Empire Property Management and GAW Holdings. Evergreen manages Wolfe family assets. He and Satsky both left Credit Suisse for Bank of America in 2012. The complaint alleges that the two individuals attempted to hide their actions, and it explains how the issue came to light.
After the announcement, a financial regulator prompted the bank to run an internal inquiry into trading in South Jersey shares. Bank of America terminated Satsky in March 2025. The U.S. Attorney’s office in Manhattan has been investigating the very same transaction for at least since the spring of last year, and still there have been no criminal charges filed. Satsky’s lawyer, Robert Anello, said his client “strongly denies the SEC’s allegations” and gave Wolfe no material nonpublic information about the company.
Reed Brodsky, Wolfe’s attorney, said his client emphatically denies the accusations and contends that the SEC ignored the testimony and evidence that showed Wolfe purchased the stock based on his “own independent investment thesis.” This case is one that the SEC, under Paul Atkins, has said it will continue to bring while retreating on other issues. As Cryptopolitan reported this month, the agency’s back-to-basics approach targets insider trading, market manipulation, fiduciary breaches and accounting fraud, and it recently built a Financial Reporting and Accounting Unit inside the Enforcement Division.
According to Cornerstone Research, enforcement actions were reduced by about 60 percent after the arrival of Atkins in office in April 2025, whereby the financial penalties for crypto enforcement were reduced to $142 million in 2025, less than 3 percent of the previous year’s total. The charges against Satsky and Wolfe fall under Section 10(b) of the Exchange Act and Rule 10b-5. The SEC seeks permanent injunctions, civil penalties and officer-and-director bars against both, disgorgement and prejudgment interest from Wolfe, and a conduct-based injunction against Satsky.
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Ethereum co-founder Vitalik Buterin has published the third part of his cryptographic obfuscation series on Friday. He examined a method called “local mixing” that throws out lattices and elliptic curves in favor of ideas lifted from hash function design.
Buterin had published Part I on June 29, and the second one, which is the diamond iO writeup, was published on July 28. In those publications, he touched on lattice-heavy constructions. With local mixing, Buterin said that it is “a totally different way of doing cryptography.” In his post, he wrote that local mixing has no elliptic curves, no prime factorization, and no lattices anywhere in the design. According to Buterin, the closest relative to local mixing is symmetric cryptography, which is the discipline behind everyday encryption and hashing.
Buterin details the process involved in local mixing
The local mixing process starts with a circuit made of logic gates such as XOR, AND, and NOT that goes through a pipeline that keeps the output identical while it scrubs away any trace of the internal logic. Buterin wrote that local mixing goes through the following original circuit, adding reversibility, hardening, gadgetization, mixing, and finally obfuscation. During mixing, junk gates are scattered through the circuit. The arrangement is then shuffled, and it swaps out small blocks for different gates that compute the same thing.
However, it is not enough on its own, and that is why the other steps are important, as they do most of the work. Reversibility comes first because it makes the rest possible. Buterin explains that a reversible gate can be rewritten as an arbitrary pile of other reversible gates with matching behavior. This is harder to do with an AND or an OR. Buterin still called local mixing a “wild and risky bet,” writing that it sits on “a graveyard of failed attempts at white-box cryptography.”
Meanwhile, he pointed out that the authors of local mixing say that more efforts, along with a willingness to accept higher overhead, could make the idea hold. One proposed shortcut is artificial intelligence, as it could compress the three decades of hash functions needed to mature into a span of a few years. However, it moves away from the lattice-based routes, where the trade-off was security assumptions. Buterin called obfuscation the “final boss of cryptography” in his June publication, and he called it “the final frontier of cryptography” in this latest publication.
He said the most rigorous constructions carry “literally galactic” runtimes, longer than the lifetime of the universe. A program can be turned into an encrypted version that still runs on ordinary inputs using obfuscation. Here, ordinary outputs are returned while hiding their code. When obfuscation is paired with a blockchain, it gets close to a “trustless trusted third party” that enables things like private, collusion-resistant voting with no M-of-N committee to trust.
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Dubai, United Arab Emirates, August 21, 2026 — Bitcoin.com, one of the world’s most widely used cryptocurrency platforms, today announced that its self-custody Bitcoin.com Wallet app now natively supports the TRON network. Users can hold, send, swap, and buy TRX and USDT on TRON directly within the mobile application.
TRON has established itself as one of the most widely used networks for USDT settlement, with USDT-TRC20 accepted for deposits and withdrawals across a broad range of major exchanges and payment services. That breadth of acceptance has made it a common choice for exchange-to-exchange transfers and for dollar-denominated payments in emerging markets, supporting the reliable movement of stablecoins at scale. By integrating TRON natively, Bitcoin.com Wallet users can transact with counterparties who ask for a TRC20 address without leaving the wallet or installing anything new.
“Our users do not think in terms of chains. They think about who they need to pay and what that person asked them for. A very large number of those requests say USDT on TRON, and until now we could not answer them. That is the gap this closes,” said Bitcoin.com CEO Corbin Fraser.
With this launch, Bitcoin.com Wallet users can:
Hold TRX and USDT-TRC20 alongside their existing portfolio.
Send and receive TRX and TRC20 tokens to any TRON address.
Swap between TRX, supported TRC20 tokens, and other supported assets in-app.
Buy TRX and USDT-TRC20 directly with a card or bank transfer.
“With more than $90 billion in USDT circulating on TRON and $23 billion in daily transfer volume, TRON is already a leading network for stablecoin payments,” said Justin Sun, Founder of TRON. “Users want to hold and spend stablecoins on TRON directly from the wallets they use every day. Bitcoin.com Wallet’s integration meets that demand, bringing TRON’s settlement infrastructure into a familiar wallet and making stablecoin payments faster, simpler, and more accessible.”
Bitcoin.com Wallet users can now access TRX and USDT-TRC20 natively, without bridging assets, managing a separate wallet, or leaving the mobile application. TRON’s functionality is now built into a wallet people already use for their everyday crypto activity. The TRON integration is available now on iOS, Android, and web.
About Bitcoin.com
Bitcoin.com is on a mission to increase the freedom and prosperity of people everywhere by providing easy access to Bitcoin, Bitcoin Cash, and other leading cryptocurrencies. Bitcoin.com Wallet is a non-custodial, multi-chain wallet used by millions of people worldwide to hold, send, swap, and buy digital assets.
Media Contact
Graham Stone
media@bitcoin.com
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. Until recently, TRON hosted the largest circulating supply of USD Tether (USDT) stablecoin, which currently exceeds $91 billion. As of August 2026, the TRON blockchain has recorded over 399 million in total user accounts, more than 15 billion in total transactions, and over $28 billion in total value locked (TVL), based on TRONSCAN. Recognized as the global settlement layer for stablecoin transactions and everyday purchases with proven success, TRON is “Moving Trillions, Empowering Billions.”
TRONNetwork | TRONDAO | X | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum
Media Contact
Yeweon Park
press@tron.network
The post Bitcoin.com Wallet Adds Native Support for TRON, Bringing TRX and USDT-TRC20 to Millions of Users first appeared on Coinfea.

Broadcom AI chip financing could reach between $60 billion and $100 billion as the company seeks funding to support AI chip production for Anthropic and other customers.
The proposed transaction reflects the growing role of debt in funding large-scale artificial intelligence infrastructure as demand for advanced computing continues to rise.
Broadcom is reportedly discussing a structure that includes about $30 billion in junior debt. The company may also guarantee part of a senior secured debt tranche valued at roughly $60 billion to $70 billion. Total financing could ultimately reach $100 billion.
A special-purpose vehicle would issue the debt, keeping the financing off Broadcom’s balance sheet. Blackstone and Apollo Global Management are also reported to be discussing participation in the transaction.
AI Infrastructure Debt Expands Across Credit Markets
The financing plan fits a broader trend in which AI infrastructure is increasingly supported by debt rather than corporate cash. Goldman Sachs Research estimates AI-related debt issuance could approach $500 billion in 2026.
Credit strategist Amanda Lynam said, “It’s hard to overstate the importance of this theme in the credit markets, both in terms of its overall scale.”
The scale of these transactions shows how expensive AI infrastructure has become. Even large technology companies are increasingly using external capital to fund the chips, data centers and computing capacity required for advanced AI systems.
Broadcom Custom Chips Support Nvidia Alternatives
Broadcom develops custom silicon for Alphabet and Meta and has supply agreements with Anthropic and OpenAI. These companies are seeking alternatives to Nvidia GPUs as they expand their own AI accelerators and computing systems.
Financing custom chips at this scale could make those projects easier to execute. Nvidia is also using external funding. The company reportedly announced in August that it had arranged financing with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR to secure more than $500 billion in third-party capital.
The competition is therefore increasingly tied to access to large financing pools as well as processor performance. The proposed structure links rising chip demand directly with expanding credit-market capacity.
Broadcom Expands Capacity as AI Revenue Surges
The latest fundraising effort follows a platform Broadcom launched with Apollo and Blackstone in June. That initiative began with a $35 billion transaction designed to expand Anthropic’s computing capacity by more than one gigawatt.
The broader objective is to deliver more than 20 gigawatts of computing capacity to frontier AI laboratories, including Anthropic and OpenAI, by 2028. Bank of America’s Tom Curcuruto said Broadcom’s financing facility could reach $370 billion in senior debt by mid-2029 to fund 20 gigawatts of capacity.
Broadcom’s AI semiconductor revenue reached $10.8 billion in its fiscal second quarter ended May 3, 2026, up 143% from a year earlier. CEO Hock Tan said he expects third-quarter AI revenue to exceed $16 billion, representing growth above 200%. Total quarterly revenue was $22.2 billion.
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Samsung Electronics has asked its equipment suppliers to secure safety certification for tools headed to a second chip plant in Taylor, Texas. Samsung is attempting to fast-track the build schedule despite the factory’s specifications not yet being set.
The company is willing to run to hit a 2030 production date while AI chip demand continues to outstrip supply. Samsung Electronics is asking its equipment suppliers for a SEMI certification, which is a standard industry safety check that equipment must pass before it can be shipped to another country. Suppliers typically start the certification process only after a factory’s specifications are finalized, but Samsung has told several of its tool suppliers to obtain this certification ahead of the launch of the planned second chip plant in Taylor, Texas, to save time for faster installation later.
Samsung wants to hit a 2030 production date
Concrete plans for the factory are expected to become clearer by the end of the year, with production expected by 2030. The first Taylor factory already has Tesla as a major customer. Tesla signed a foundry contract worth about 22.76 trillion Korean won ($14.09 billion) with Samsung last year. The contract revived the Taylor timeline, which had been delayed several times due to weak demand and a lack of customers.
The first factory is set to open this year and will start trial production as early as next month, focusing on 2-nanometer production. The second factory is yet to have a customer of its own. According to industry sources, the second factory’s timeline depends on whether Tesla expands its orders or a new large customer signs up. Samsung’s construction unit, Samsung E&A, is reportedly preparing to send dozens of staff to the Taylor site to support the work.
In an interview, the mayor of Taylor, Jim Buzan, said that Samsung “put in the piers and foundation” for the second plant while it was still building the first. The mayor said Samsung “preplanned it several years back,” and shared that he expects this head start to let Samsung move faster on the second factory than it did on the first. Samsung’s reported figures put its initial minimum Taylor investment at $17 billion, its biggest ever in the United States.
The company has owned the land for its Taylor chip site since 2021, and has it zoned for as many as 10 factories. Around 100 Samsung employees have already moved to Taylor, and the total number of newcomers is likely to reach several hundred once partner company staff arrive. Mayor Buzan said Samsung has not received any of the $4.745 billion in CHIPS and Science Act money awarded to it in 2024.
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Alibaba grew its revenue 9% last quarter, but shares still fell 6% after profit dropped 76% due to a surge in AI spending, the company reported Thursday. Revenue for the quarter ending June 30 reached 268.95 billion yuan ($39.64 billion), up 9% from a year earlier. Net income fell to 10.54 billion yuan ($1.55 billion), equaling a 76% decline.
Non-GAAP net income after removal of share-based pay, investment swings and one-off items still dropped 38% to 20.72 billion yuan ($3.05 billion), while adjusted EBITA fell 30% to 27.33 billion yuan ($4.03 billion). Alibaba’s capital expenditures for Q2 hit 67.68 billion yuan ($9.98 billion), a 75% jump from the same period a year earlier, money the company tied to AI infrastructure. The expenditure drained cash, as free cash flow swung to an outflow of 44.67 billion yuan ($6.58 billion), more than double the 18.82 billion yuan outflow a year earlier.
Alibaba records 75% rise in capital spending
The unit housing Alibaba’s model work, its Qwen consumer app and the QwenWork enterprise agent, its AI Labs and Applications segment, ran an adjusted EBITA loss of 13.86 billion yuan ($2.04 billion). This loss was only 3.22 billion yuan one year ago. Alibaba blamed the higher numbers on higher inference costs from the Qwen app and deeper investment in its AI stack. The AI Cloud and Compute Services segment lifted revenue by 45% to 48.44 billion yuan ($7.14 billion).
Alibaba credited this to an increased adoption of its AI products. Revenue from AI-related products specifically came in at 12.38 billion yuan ($1.82 billion), a 12th straight quarter of triple-digit growth over one year. Unlike the AI applications unit, cloud brought in significant revenue. Its adjusted EBITA rose 133% to 5.63 billion yuan ($830 million). “We delivered a strong quarter, driven by the improving commercialization of our full-stack AI capabilities,” Chief Executive Officer Eddie Wu said in a statement.
Alibaba’s retail engine split in two different directions, with the China Quick Commerce revenue climbing 45% to 53.30 billion yuan, while the larger China E-commerce business slipped 8% to 110.90 billion yuan. Its 88VIP membership tier grew by double digits to about 64 million members as of June 30.
Three months earlier, Alibaba posted adjusted net income of just 86 million yuan and its first operating loss since 2021, all caused by the same AI and quick-commerce bills. The company has told investors it aims to reach $100 billion in combined annual revenue from cloud and AI within five years. The scale of the spending in the just-completed quarter shows what this target will cost before it is achieved.
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Fractile is discussing a $6.5 billion valuation after securing a preliminary chip agreement worth $250 million with Anthropic.
The British chipmaker is seeking about $600 million in new funding at a $6.5 billion pre-money valuation. Additional capital could be raised at another valuation, so the full investment cannot simply be added to calculate a final post-money figure. Anthropic and Fractile have not commented, and the transaction remains unfinished.
Fractile Valuation Rises After Anthropic Agreement
Fractile was valued at about $1 billion in May after raising $220 million from investors including Accel, Founders Fund, and Factorial Funds. The latest proposed valuation is about six times higher, although May used a post-money figure while the discussion uses a pre-money basis.
Fractile has a preliminary agreement with Anthropic to supply roughly $250 million of chips to the Claude developer. Both sides are considering a broader relationship. The chips are expected in 2027, making the agreement forward-looking rather than based on commercial shipments.
The revaluation reflects customer validation and expectations around AI inference demand rather than revenue already generated by deployed products.
Anthropic Expands Its AI Chip Supplier Network
Anthropic said on August 5 that it is building an internal engineering team to develop chips while continuing to use technology from Amazon, Google, Nvidia, and AMD.
In April, Anthropic committed more than $100 billion to AWS technologies over ten years for up to five gigawatts of computing capacity. It has also expanded work with Google and Broadcom for multiple gigawatts of TPUs beginning in 2027.
Anthropic’s annual revenue exceeded $30 billion in early April, reached $47 billion by mid-May, and surpassed $65 billion by late July, according to several sources. That compares with about $9 billion at the end of 2025.
Inference Chip Competition Draws Investor Attention
Fractile focuses on inference, the computing process used by trained AI models to generate responses. The company argues that longer reasoning workloads will make latency, memory bandwidth, and cost increasingly important.
Company Latest reported valuation Latest round Ship/deployment timing Fractile $6.5B pre-money, under discussion ~$600M, under discussion Chips expected to be ready for use in 2027 Etched $21B $700M First customer Jane Street received a rack in July 2026 and is deploying it internally Groq $3.5B $350M LPU infrastructure already deployed; next-generation Groq 3 LPX targeted for H2 2026 OLIX $3.3B $312M First products targeted for H2 2027
Valuation figures reflect the latest reported transactions and are not always stated on identical pre-money or post-money bases.
Fractile founder and CEO Walter Goodwin said in May, “Inference is both the revenue engine of the AI industry and the rate-limiting factor on expanding it.”
Other AI chip companies have also attracted large valuations. Etched was valued at $21 billion after raising $700 million and delivered a rack to Jane Street in July 2026. Groq was valued at $3.5 billion after a $350 million round, while OLIX reached $3.3 billion after raising $312 million.
Fractile and OLIX still target 2027 product availability. Michael Ashley Schulman of Cerity Partners warned, “Semiconductor history is littered with brilliant chips that never became great businesses.”
Fractile’s next test is delivering its chips on schedule and meeting performance and economic targets in 2027.
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Hyperliquid’s US push has received support from Binance founder Changpeng Zhao after President Donald Trump backed efforts to bring the platform into the United States legally.
Zhao said the administration’s approach could benefit more than Hyperliquid. He argued that regulatory frameworks created for one company can influence standards across the digital asset industry.
Content creator Jake Gagain highlighted Zhao’s remarks on X. Zhao said, “This is not just about Hyperliquid. There will be so many Perp DEXs and decentralized services available to U.S. users. This is hugely positive for everyone in the industry.”
Trump Highlights Hyperliquid Compliance Effort
Trump discussed Hyperliquid during a White House gathering with crypto leaders on August 19. He said regulators are working on a compliant path for the platform.
Trump credited Commodity Futures Trading Commission Chairman Michael Selig with leading the initiative. He said, “I understand Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
The meeting included executives from Ripple, Coinbase, Robinhood, Kraken, and Nasdaq. SEC Chairman Paul Atkins and Selig attended.
Zhao later said industry policies cannot be limited to individual companies. He wrote, “Many people miss the bigger picture. Policy cannot be applied to only one company/project. What’s good for one is good for the rest of the industry.”
Hyperliquid Continues Engagement With US Regulators
Hyperliquid has been working with American regulators as it seeks access to the domestic market. The Hyper Foundation finances the Hyperliquid Policy Center, which conducts policy research in Washington, D.C.
The center aims to support regulated access to on-chain perpetual contracts in the United States. Current restrictions remain the main obstacle to Hyperliquid’s domestic operations.
Perpetual contracts are not technically banned in the country. However, their structure remains incompatible with execution and clearing requirements under the Commodity Exchange Act.
Selig discussed a US pathway on the Bankless podcast in June. He said, “We want to create a path to bring these onchain markets into the United States and make sure they comply with some form of regulation.”
Regulators have explored changes involving perpetual-style products. In May, the CFTC approved a spot Bitcoin perpetual contract and said other assets would be considered individually.
Trump Renews Call for CLARITY Act Passage
Trump urged lawmakers to approve the CLARITY Act at the meeting. The legislation has faced repeated delays and setbacks.
He described the proposal as “very powerful, structured legislation” and said it could help the United States remain ahead of China and other countries.
Trump was asked whether the government plans to purchase Bitcoin soon. He referred the question to the Securities and Exchange Commission for guidance.
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SanDisk (SNDK) perp contract on Binance has surpassed two of the largest crypto assets, Bitcoin and Ether, in trading volume. The TradFi asset SNDK attracted more than $7.38 billion in volume over the past 24 hours.
During that period, BTC and ETH saw only $6.11 billion and $4.57 billion, respectively, according to Binance market data. This wasn’t a sudden move, actually. As of August 17, SNDK was the third-biggest perp on Binance, with a 24-hour trading volume of around $3.71 billion. As of then, the stock contract carried $1.73 billion in open interest, 1.86 times SPCX’s $928 million and 3.51 times SKHX’s $493 million.
SDNK flips BTC and ETH in trading volume
SDNK pushed to a high of $1,693 earlier today before settling at $1,641 at the time of writing. The price has risen over 35% from the $1,213 low in less than two weeks. It appears that interest in stock perpetuals is beginning to overshadow that in major altcoins, at least on Binance, based on trading volume. Of all the top 10 traded perpetual contracts on Binance in the last 24 hours, half were TradFi contracts.
Following SNDK are SKHYNIX with $2.48 billion in volume, KORU at $1.84 billion, SOXL at $1.82 billion, and SPCX at $1.35 billion, according to Binance market data at the time of writing. Binance began introducing tokenized stocks in June under the bStock program, which is now the second-largest issuer of tokenized stocks by market cap, per earlier reporting by Cryptopolitan.
On August 13, bStock recorded a market cap of up to $610.6 million, or 22.1% of the entire sector, surpassing xStocks at $601.2 million. Ondo Finance led with $951.8 million and a 34.4% share.
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