Arise Capitals

A user lost about 550,000 USDC after clicking a Google sponsored ad that led to a fake Hyperliquid website. According to Odaily, the scheme used professional theft-service infrastructure linked to the Inferno network, with Telegram accounts recruiting clients and offering malicious scripts, automated theft, cross-chain withdrawals, and automatic fund splitting. In this case, the phishing group bought ads, set up a counterfeit entry page, and provided the final receiving address, while the backend automatically split the stolen funds after the theft.

Harmony Protocol said it is working with related trading platforms to try to block and freeze funds involved in the incident. According to Odaily, the team is also developing a fix and evaluating rollback options.

Earlier on-chain data analysis indicated that Harmony may have been attacked, with the attacker using an empty-block vulnerability to mint about 4 billion ONE without authorization, or about 26% of the current supply. About 2.8 billion ONE were later transferred to trading platforms, adding selling pressure and pushing down ONE prices. Analysis showed the attacker exploited a supply verification mechanism flaw that prevented the totalSupply interface from reflecting the newly created tokens in time, masking the inflation impact. Harmony said it will provide an update after it has more information, and the incident remains under investigation.

#bitcoin has now erased the full pre #fomc pump within last 12 hours.

Here's why it happened:

1. Front running pump

The first thing to understand is that the rate cut was not a surprise as rate cut odds were at 95%.

Last week, many large traders started positioning early because they expected the Fed to add some form of liquidity support, which resulted in a rally.

So when the Fed actually announced the cut and the $40 billion month in T-bill purchases, the whales started taking profits.

This created the first leg of the sell-off.

2. Future rate cuts uncertainty

Powell’s press conference added a layer of uncertainty.

He said the labor market is weak and inflation is still too high

Also, Fed dot plot showed chances of only 1 cut in 2026 which the market saw as a bearish signal.

After that the US market closed and the real dump started.

3. Oracle earnings

Oracle reported its Q2 earnings after the market close and the numbers weren't good.

They missed the adjusted revenue, and also their CAPEX spending estimates went up.

The stock dropped more than 11%-12% in after market and also took down US stock futures.

The reason everything dump after Oracle's earning is the market thinks AI bubble is reaching its peak.

This fear spread fast across equities and then into crypto as well.

Now all three factors hit the market at the same time:

• The rate cut was fully priced in
• Liquidity trades were already front-run
• Powell did not give a strong easing signal
• Oracle earnings triggered fear about AI and tech demand
• Profit-taking started as soon as uncertainty increased

This combination created a clean dump, not because the Fed was bearish, but because expectations were too high going into the meeting.

But underneath the volatility, the bigger picture did not change.

- The Fed has now cut rates three times in three meetings.
- They will buy $40B in T-bills over the next 30 days.
- T-bill purchases may remain elevated for months.
- Powell said a rate hike is not anyone’s base case.
- The Fed expects solid economic growth next year.
- Job gains were overstated, meaning the labor market is softer than assumed.
- A softer labor market gives the Fed more flexibility to ease again if needed.

Markets dumped today because expectations were ahead of reality, not because the fundamentals turned bearish.

The next year is still going to be much more liquidity friendly than 2025, and the market still hasn't priced in that yet.

$BTC


#BTC

The post India Cracks Down on Binance-linked Crypto Exchange Crypto Exchanges for $85M Tax Evasion  appeared first on Coinpedia Fintech News

India’s GST department has found a massive ₹722.43 crore ($85M) tax evasion by Nest Services, a crypto exchange linked to Binance Group. In addition to this, 17 other crypto exchanges have been charged for evading GST, with a total amount of ₹824.14 crore. Big platforms like WazirX, CoinDCX, and CoinSwitch Kuber are also in the spotlight, with WazirX facing a ₹40.51 crore tax evasion case. This major crackdown highlights the increasing efforts of Indian authorities to ensure crypto exchanges follow tax rules and avoid tax evasion. The investigation is raising concerns about future regulatory changes in the industry.