CoinPhoton

Binance Tests Employees With Simulated Phishing Attacks
Binance conducts monthly simulated phishing attacks against its employees and may dismiss staff who repeatedly fail the tests, according to chief security officer Jimmy Su.
The exercises are run by the exchange’s internal red team, which poses as recruiters, conference organizers or potential business partners to test whether employees disclose information or install malicious software.
Workers who fail must complete additional security training, while repeated failures can affect performance ratings and, in severe cases, lead to termination.
Binance has conducted the program for three to four years as social engineering becomes a leading source of crypto security breaches. AMLBot estimated that such tactics were involved in 65% of industry security incidents in 2025.
The exchange says the tests have significantly improved employee security awareness and reduced vulnerability to attacks involving fake job offers, malicious meeting software and fraudulent partnership proposals.

Wise to Reapply for U.S. Trust Charter Under GENIUS Act
Wise plans to revise its U.S. licensing strategy after the Office of the Comptroller of the Currency rejected its application for a national trust bank charter.
The OCC cited weaknesses in Wise’s anti-money laundering and counter-terrorist financing controls, along with broader illicit-finance risks.
Wise said it will submit a new application under the GENIUS Act framework, which establishes rules for payment stablecoin providers in the United States. Analysts at William Blair said the move is unlikely to change Wise’s broader position on stablecoins, as the company remains focused on reducing cross-border payment costs regardless of the technology used.
The rejection comes despite the OCC approving similar trust charters for several digital asset companies, including Circle, Ripple, Crypto.com and Coinbase.

Dango to Shut Down as Crypto Platform Closures Accelerate
Layer-1 blockchain Dango will halt trading on its perpetual DEX on Wednesday and shut down its network entirely on Aug. 13.
The project said it could no longer see a viable path to sustainable commercial success. Founder Larry Liu cited cash shortages, legal challenges, team departures and difficult market conditions.
Dango launched its mainnet in January after raising $3.6 million in 2024. Its perpetual exchange went live in April but suffered a roughly $410,000 exploit only days later. The funds were eventually returned in exchange for a bug bounty.
The platform also struggled to compete with larger rivals. Dango held less than $391,000 in perpetual open interest, compared with more than $11 billion on Hyperliquid.
Dango joins BitMEX, Odos Protocol and Satori Finance in a recent wave of crypto shutdowns, highlighting growing pressure on smaller platforms as liquidity concentrates among market leaders and operating costs rise.

Fidelity Urges Senate to Pass CLARITY Act
Fidelity has called on the U.S. Senate to approve the CLARITY Act, arguing that clearer digital asset rules would strengthen investor confidence, give market participants greater certainty and reinforce U.S. leadership in global crypto markets.
The asset management giant joins Coinbase and several major industry groups pushing lawmakers to bring the bill to a full Senate vote.
The CLARITY Act would establish a federal market structure framework for digital assets. It requires 60 Senate votes to pass, while Republicans currently hold 52 seats.
Although Republicans released updated bill text this week, some Democrats said its ethics provisions remain insufficient to address potential conflicts of interest and corruption concerns.
Fidelity reported $7.1 trillion in managed assets in its 2025 annual report, making its support a significant endorsement from the traditional financial sector.

North Korea Reportedly Arrests Former State Hackers
North Korean authorities have reportedly arrested former state cyber operators and IT specialists accused of hacking the country’s own financial institutions.
According to South Korean outlet Daily NK, the group allegedly breached the internal systems of North Korea’s central bank and Foreign Trade Bank, converted stolen state funds into cryptocurrency and laundered the assets through brokers based in China.
The report has not been independently verified. Information from North Korea is difficult to confirm because of the country’s strict controls on access and communication.
The case would be highly unusual if confirmed, as North Korea is widely accused of using state-backed hackers to steal cryptocurrency from foreign companies, rather than targeting its own banks.

BitMart to Shut Down After BMX Token Plunges 70%
Crypto exchange BitMart will close its trading platform after its native BMX token collapsed and users reported withdrawal delays.
The exchange has stopped accepting new registrations and deposits. Futures trading is now reduce-only, while spot markets no longer allow new orders. All trading services will end on Aug. 26, with the platform scheduled to cease operations entirely on Jan. 31, 2027.
BMX fell nearly 70% from about $0.31 to below $0.10. At the same time, several users reported that USDT withdrawals had remained pending for hours.
Arkham data showed BitMart-linked wallets holding around $71 million in assets, down from roughly $102 million on July 6. A large portion consisted of WFI tokens, while tracked USDT holdings were only about $91,000.
BitMart said some withdrawals may take longer because of additional compliance and security reviews. The shutdown follows similar closure announcements from BitMEX and Dango, adding to signs of consolidation across the crypto exchange industry.

Ether ETFs Outpace Bitcoin Funds as BTC Trading Volume Hits 2024 Low
U.S. spot bitcoin ETFs recorded about $8.05 billion in trading volume during the week ending Friday, their lowest total for a full five-session week since October 2024.
The funds attracted just $33.8 million in net inflows. Nearly $500 million of inflows recorded during the first three sessions was largely erased by $465.3 million in withdrawals on Thursday and Friday.
BlackRock’s IBIT posted approximately $95.5 million in weekly outflows, while Grayscale’s Bitcoin Mini Trust and the ARK 21Shares Bitcoin ETF attracted $85.8 million and $78.1 million, respectively.
Meanwhile, U.S. spot ether ETFs drew $103.9 million, more than three times the bitcoin funds’ total, outperforming them for a second consecutive week. BlackRock’s ETHA accounted for roughly $96.3 million of the inflows.
Over the past three weeks, ether ETFs have attracted $293.8 million, nearly matching bitcoin ETFs’ $306.9 million despite holding only about one-eighth as much in net assets.
Both categories remain in net outflows for 2026, with bitcoin ETFs down approximately $5.23 billion and ether ETFs down $1.15 billion.

Robinhood Eyes Crypto.com Prediction Markets Integration
Robinhood is reportedly in talks to add Crypto.com’s event contracts to its prediction markets hub, potentially increasing competition with existing partner Kalshi.
The proposed deal would allow Robinhood users to trade Crypto.com’s yes-or-no contracts directly within the brokerage app. However, discussions are still ongoing and may not result in an agreement.
Robinhood currently sources prediction contracts from Kalshi, ForecastEx and Rothera, a regulated exchange in which it invested in 2025. Adding Crypto.com would support a hybrid strategy that combines Robinhood-affiliated infrastructure with products from external venues.
Crypto.com launched its standalone U.S. prediction market platform, OG, in February through its CFTC-registered derivatives business. The company said weekly activity had increased roughly 40-fold over the previous six months.
The potential partnership comes as major financial and crypto platforms compete to control more of the fast-growing prediction market sector, including exchange and clearing infrastructure.

Why BitMEX Is Shutting Down — and Which Exchanges Could Be Next
BitMEX will close permanently on September 23, 2026, after 11 years in operation. The shutdown appears to be the result of three long-term pressures rather than a sudden financial collapse.
First, BitMEX lost the derivatives market it helped create. Once the dominant platform for leveraged crypto trading, its market share reportedly fell below 0.01%, with daily volume dropping to roughly $400,000 as traders moved to larger and more liquid competitors.
Second, years of regulatory and legal problems made the business harder to operate or sell. BitMEX and its founders faced major US enforcement actions over anti-money laundering failures, resulting in hundreds of millions of dollars in settlements and fines. Reports also suggest the company had searched for a buyer since 2025 without completing a deal.
Third, its large insurance fund may have complicated any potential sale. The fund still holds about 3,694 BTC and $30.8 million in USDT, worth nearly $270 million, despite the exchange’s sharply reduced trading activity. Questions remain over who ultimately controls those assets and how they will be distributed after closure.
BitMEX’s exit could be a warning for smaller exchanges that rely heavily on high-leverage derivatives but lack sufficient liquidity, diversified revenue and regulatory clarity. Platforms with declining volumes, unresolved legal exposure, limited cash reserves or no realistic acquisition path may face the greatest pressure.
The next closures are therefore more likely to involve small offshore derivatives exchanges rather than major platforms such as Binance, Coinbase or Kraken. These operators are increasingly being squeezed by dominant centralized exchanges, regulated competitors and fast-growing onchain platforms such as Hyperliquid.

US Flash PMIs Expected to Signal Continued Expansion
S&P Global’s July flash PMI surveys are expected to show continued growth across the US private sector, with manufacturing forecast to rise to 54.5 and services remaining slightly above the 50-point expansion threshold.
Investors will focus closely on input-cost commentary after a sharp increase in oil prices renewed concerns about inflation and potential Federal Reserve rate hikes. Signs that businesses are passing higher costs to consumers could strengthen the US dollar and place further pressure on EUR/USD.
The currency pair remains technically bearish in the near term, with initial support around 1.1370–1.1350 and resistance near its 20-day moving average at 1.1420.

Circle Executive Proposes EU Equivalence Framework for Foreign Stablecoins
Circle’s EU policy chief Patrick Hansen has proposed an “equivalence” framework that could allow stablecoins issued outside Europe to operate under MiCA without creating a separate EU-regulated token.
Under the current system, foreign issuers must establish a licensed European entity to serve EU customers. Hansen argues this excludes much of the market because about 99% of stablecoins are issued outside the bloc.
The proposal could theoretically create a path for Tether’s USDT to return to European exchanges after the company declined to comply with MiCA’s reserve requirements. However, a rapid return appears unlikely because Tether is based in El Salvador and USDT has not been adapted to the new US regulatory framework.
Introducing equivalence would require amendments to MiCA, potentially through the regulatory review launched in May 2026.

Nvidia CEO Defends Open AI Models Against Early Restrictions
Nvidia CEO Jensen Huang used his first post on X to support open-weight AI models and warn US policymakers against imposing premature restrictions that could weaken competition and push innovation overseas.
Huang shared a letter signed by 25 organizations, including Microsoft, Meta and Hugging Face, arguing that downloadable and reusable models are essential to US technological leadership. The signatories also said openness improves safety by allowing more researchers to inspect models, identify vulnerabilities and develop fixes.
The debate has intensified following the release of Moonshot AI’s Kimi K3 and concerns in Washington about advanced Chinese models. OpenAI and Anthropic did not sign the letter and have taken a more cautious position on the national-security risks posed by powerful open models.

CLARITY Act Faces Senate Delay as Ethics Dispute Deepens
The CLARITY Act is unlikely to pass before the Senate’s August recess despite growing support from crypto industry groups and law-enforcement organizations.
The bill previously passed the House with support from 78 Democrats, but it still needs 60 votes in the Senate, where Republicans hold 53 seats. Democratic negotiators say the latest ethics provisions are too weak to address President Donald Trump’s reported crypto profits and potential conflicts of interest.
Critics argue that enforcement would remain largely under Trump’s Justice Department, state authorities would have limited power, and assets launched before an official takes office could be exempt. The proposed restrictions would also expire in 2029.
Senate Majority Leader John Thune said lawmakers may begin considering the bill but are unlikely to complete a final vote before the recess. Galaxy Research has cut its estimated probability of passage in 2026 to 30%, while prediction-market odds have fallen to around 37%.

Intel and AMD Slide Despite Strong AI Developments
Intel shares fell about 11% despite reporting $16.1 billion in quarterly revenue, beating analyst expectations by roughly $1.7 billion and recording its strongest growth in more than 15 years. Its data center and AI division grew 59% to $6.3 billion.
AMD also declined 5.5% after announcing a major Anthropic partnership involving 2 gigawatts of chip capacity and a $5 billion investment.
The simultaneous selloff suggests broader weakness across the semiconductor sector rather than company-specific disappointment. The SOXX chip ETF remains nearly 16% below its June peak, while rising Treasury yields and geopolitical concerns have added pressure to technology stocks.
Social media linked Intel’s decline to Jim Cramer’s bullish comments, but historical research suggests his recommendations typically influence far smaller amounts than the tens of billions of dollars erased from Intel’s market value.

Coinbase Chief People Officer to Leave After Major Layoffs
Coinbase Chief People Officer Lawrence Brock will leave the company on August 17, just 11 weeks after his team oversaw the dismissal of roughly 700 employees, representing about 14% of the workforce.
The May restructuring reduced Coinbase’s headcount from approximately 5,000 to 4,300 and is expected to cost between $50 million and $60 million, primarily in severance payments. Coinbase said the cuts were intended to lower expenses and prepare the company for the “AI era.”
Brock will remain an adviser until November 30 and receive $182,500 for the three-month period. Dominique Baillet is expected to succeed him. Coinbase did not disclose a reason for his departure or connect it to the layoffs.
His exit follows several other senior leadership changes as Coinbase expands beyond crypto into stocks, derivatives and regulated prediction markets.

Bitcoin Options Traders Cluster Around $70,000–$72,000
Bitcoin options positioning on Deribit is heavily concentrated at the $70,000 and $72,000 strike prices, which together account for nearly $5 billion, or about 18%, of the exchange’s $28 billion in BTC options open interest.
Calls significantly outnumber puts at both levels, signaling expectations of a moderate Bitcoin rebound. A large share of the positioning comes from bull call spreads that profit if BTC rises toward $72,000 while limiting potential gains above that level.
The bullish trades were partly driven by optimism that the Clarity Act could advance before the Senate’s August recess. However, some positions have recently been unwound as expectations for the bill’s passage weakened.
$BTC

Brazilian Farmers Tokenize Dairy Cows to Secure Credit
Farmers in Paraná, Brazil, have tokenized 10 dairy cows and registered the assets through the B3 stock exchange, raising nearly $20,000 in livestock-backed credit as bank lending conditions tighten.
Cowmed equips each animal with an AI-powered smart collar that continuously tracks its health, behavior and location. The data creates an encrypted digital identity linked to the financing agreement, helping prevent the same cow from being pledged as collateral for multiple loans.
Cowmed already monitors about 100,000 cows across more than 1,000 farms. The company estimates that wider adoption of the model could unlock approximately $77.6 million in new agricultural financing.

Bitcoin Treasury Companies Retreat as Market Downturn Intensifies
Falling share prices, debt burdens and difficult financing conditions are forcing several former Bitcoin accumulators to sell holdings, repay obligations and restructure their businesses.
Satsuma Technology plans to liquidate all 668 BTC and delist from the London Stock Exchange, while Smarter Web Company sold 178 BTC to repay a convertible instrument. Sequans Communications has disposed of most of its treasury to reduce debt and plans to monetize its remaining 658 BTC.
Nakamoto sold Bitcoin to raise working capital, with a large portion of its remaining holdings pledged against a loan. Empery Digital, miners including MARA and Bitdeer, and even Strategy have also sold BTC to fund buybacks, repay debt, support cash reserves or finance dividends.
The trend highlights growing pressure on the digital asset treasury model after Bitcoin fell about 50% from its October 2025 peak, sharply reducing the value of corporate holdings and related equities.

Strategy Introduces Net Metrics for Bitcoin Exposure
Strategy has launched a new market-metrics framework designed to give common shareholders a clearer view of the company’s Bitcoin exposure after accounting for preferred stock and convertible debt.
Its new “Net Reserve” stands at $36.6 billion, based on $55.6 billion in Bitcoin holdings and $3.2 billion in cash, minus $6.8 billion of out-of-the-money convertible debt and $15.5 billion of preferred stock obligations.
The company also revised its net asset value multiple to better show whether issuing additional MSTR shares is accretive to existing investors. Strategy said share issuance adds Bitcoin per share when MSTR trades above a 1.0x net asset value threshold.
Another new metric, BTC Breakeven ARR, is currently 3.22%, meaning Bitcoin would need to appreciate faster than that annual rate for Strategy to cover its interest and preferred-dividend obligations through asset gains alone.

LMAX Explores Nasdaq Listing at Up to $5 Billion Valuation
Institutional trading platform LMAX Group is working with Morgan Stanley and Stifel-owned investment bank KBW to evaluate strategic options, including a sale, SPAC merger or public listing.
A Nasdaq IPO is currently the preferred route and could value the company at up to $5 billion, according to people familiar with the discussions. However, LMAX is reportedly under no pressure to proceed while crypto markets remain weak, as its foreign-exchange business provides more stable revenue.
The London-based company operates regulated trading venues for foreign exchange and digital assets. It has recently expanded into 24/7 trading for traditional and tokenized assets and received a $150 million strategic investment from Ripple to support institutional adoption of the RLUSD stablecoin.