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Bitcoin Falls Below $62,500 After Volatile Fed Week
Bitcoin fell below $62,500 for the first time in more than two weeks after another failed attempt to hold above $65,000, ending a volatile week dominated by inflation data, central-bank decisions and Middle East developments.
$BTC initially rallied to $67,000 after U.S. inflation figures came in better than expected, before closing last week near $64,000. It later climbed to around $65,600 following signs of de-escalation in the Middle East but dropped below $63,000 as bearish sentiment returned.
The Federal Reserve’s decision to leave interest rates unchanged helped bitcoin recover toward $65,500 on Friday. However, the rally quickly faded, even after the Bank of Japan also maintained its policy settings.
Bitcoin subsequently slid below $62,500, while several altcoins posted steeper losses. RAIN fell by double digits, and $ZEC
, $XLM
and $HYPE
declined by as much as 8%.
The total cryptocurrency market capitalization stood at approximately $2.28 trillion, with bitcoin dominance at 55.3%. BTC traded near $62,700, ether at $1,858 and XRP at $1.06.
Other major developments during the week included New York’s lawsuit against prediction-market platform Kalshi, Ethereum’s 11th anniversary, continued debate over the CLARITY Act and Strategy’s decision to pause bitcoin purchases for a fifth consecutive week while increasing its cash reserve to $3.75 billion.
Bitcoin fell below $62,500 for the first time in more than two weeks after another failed attempt to hold above $65,000, ending a volatile week dominated by inflation data, central-bank decisions and Middle East developments.
$BTC initially rallied to $67,000 after U.S. inflation figures came in better than expected, before closing last week near $64,000. It later climbed to around $65,600 following signs of de-escalation in the Middle East but dropped below $63,000 as bearish sentiment returned.
The Federal Reserve’s decision to leave interest rates unchanged helped bitcoin recover toward $65,500 on Friday. However, the rally quickly faded, even after the Bank of Japan also maintained its policy settings.
Bitcoin subsequently slid below $62,500, while several altcoins posted steeper losses. RAIN fell by double digits, and $ZEC
, $XLM
and $HYPE
declined by as much as 8%.
The total cryptocurrency market capitalization stood at approximately $2.28 trillion, with bitcoin dominance at 55.3%. BTC traded near $62,700, ether at $1,858 and XRP at $1.06.
Other major developments during the week included New York’s lawsuit against prediction-market platform Kalshi, Ethereum’s 11th anniversary, continued debate over the CLARITY Act and Strategy’s decision to pause bitcoin purchases for a fifth consecutive week while increasing its cash reserve to $3.75 billion.
Traders Hedge Against Bitcoin Falling to $60,000 in August
Crypto traders are turning more cautious ahead of August, with the $60,000 bitcoin put becoming the largest position on Deribit, carrying about $1.17 billion in notional open interest.
Put options provide protection against price declines. The shift follows bitcoin’s recent drop below $60,000 and subsequent recovery to around $63,000–$64,000.
Bullish positioning had dominated before the Federal Reserve meeting, with $70,000 and $72,000 call options each holding roughly $2.5 billion in open interest. After bitcoin failed to rally toward those levels, many of the contracts were closed during Friday’s $10 billion bitcoin and ether options expiry.
Open interest in the $70,000 call has since fallen to $943 million, while the $72,000 call declined to $888 million.
Historical seasonality is also contributing to the bearish outlook. Bitcoin gained about 8.9% in July, close to its historical median July return of 8.61%. However, positive Julys have typically been followed by weaker Augusts, with the month producing a median return of negative 7.51% since 2013.
The options positioning suggests traders are increasingly seeking downside protection as bitcoin enters a historically difficult month.
Crypto traders are turning more cautious ahead of August, with the $60,000 bitcoin put becoming the largest position on Deribit, carrying about $1.17 billion in notional open interest.
Put options provide protection against price declines. The shift follows bitcoin’s recent drop below $60,000 and subsequent recovery to around $63,000–$64,000.
Bullish positioning had dominated before the Federal Reserve meeting, with $70,000 and $72,000 call options each holding roughly $2.5 billion in open interest. After bitcoin failed to rally toward those levels, many of the contracts were closed during Friday’s $10 billion bitcoin and ether options expiry.
Open interest in the $70,000 call has since fallen to $943 million, while the $72,000 call declined to $888 million.
Historical seasonality is also contributing to the bearish outlook. Bitcoin gained about 8.9% in July, close to its historical median July return of 8.61%. However, positive Julys have typically been followed by weaker Augusts, with the month producing a median return of negative 7.51% since 2013.
The options positioning suggests traders are increasingly seeking downside protection as bitcoin enters a historically difficult month.
Circle Secures New York Trust Charter for Custody Services
Circle has received a limited purpose trust charter from the New York Department of Financial Services, allowing the USDC issuer to provide fiduciary, digital-asset custody and asset-management services under New York banking law.
CEO Jeremy Allaire said obtaining the charter had been a longstanding goal because of the regulatory clarity it provides.
The approval follows Circle’s recent authorization from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. Unlike traditional commercial banks, national trust banks can offer custody and fiduciary services but cannot accept consumer deposits or issue loans.
Circle said the new regulatory structure would strengthen oversight of USDC reserves and support custody services for institutional customers.
Other crypto companies holding New York limited purpose trust charters include Coinbase, MoonPay, BitGo and Paxos. Circle was also the first company to receive a New York BitLicense nearly six years ago.
USDC currently has a market capitalization of more than $71.8 billion, making it the world’s second-largest stablecoin.
Circle has received a limited purpose trust charter from the New York Department of Financial Services, allowing the USDC issuer to provide fiduciary, digital-asset custody and asset-management services under New York banking law.
CEO Jeremy Allaire said obtaining the charter had been a longstanding goal because of the regulatory clarity it provides.
The approval follows Circle’s recent authorization from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. Unlike traditional commercial banks, national trust banks can offer custody and fiduciary services but cannot accept consumer deposits or issue loans.
Circle said the new regulatory structure would strengthen oversight of USDC reserves and support custody services for institutional customers.
Other crypto companies holding New York limited purpose trust charters include Coinbase, MoonPay, BitGo and Paxos. Circle was also the first company to receive a New York BitLicense nearly six years ago.
USDC currently has a market capitalization of more than $71.8 billion, making it the world’s second-largest stablecoin.
Bank of Italy Finds Stablecoin Remittances Are Not Always Cheaper or Faster
A Bank of Italy study found that stablecoin remittances do not consistently outperform traditional payment services on cost or settlement speed, as most expenses and delays come from converting between fiat currencies and digital assets rather than blockchain fees.
Researchers conducted 200 USDC transfers across 10 payment corridors connecting Italy with Brazil, Argentina, Japan, the United Arab Emirates and South Africa. Total costs ranged from 0.3% to nearly 9%, depending on the route.
Stablecoin transfers were cheaper than the World Bank’s 6.65% global average remittance cost in most corridors. However, they beat Wise in only three of the seven corridors where direct comparisons were possible.
Settlement took less than 20 minutes in countries with instant domestic payment systems but extended to one or two business days where local banking infrastructure was slower. Blockchain transaction fees represented only a small portion of total costs, while exchange fees and currency conversion accounted for most of the expense.
The researchers said stablecoins would become substantially more useful if recipients could spend them directly on goods, rent or school fees without first converting them into local currency.
The report also concluded that regulation affects efficiency. Strict bans may push users toward offshore or unregulated platforms, while overly complex rules can make stablecoin payments harder for ordinary users.
A Bank of Italy study found that stablecoin remittances do not consistently outperform traditional payment services on cost or settlement speed, as most expenses and delays come from converting between fiat currencies and digital assets rather than blockchain fees.
Researchers conducted 200 USDC transfers across 10 payment corridors connecting Italy with Brazil, Argentina, Japan, the United Arab Emirates and South Africa. Total costs ranged from 0.3% to nearly 9%, depending on the route.
Stablecoin transfers were cheaper than the World Bank’s 6.65% global average remittance cost in most corridors. However, they beat Wise in only three of the seven corridors where direct comparisons were possible.
Settlement took less than 20 minutes in countries with instant domestic payment systems but extended to one or two business days where local banking infrastructure was slower. Blockchain transaction fees represented only a small portion of total costs, while exchange fees and currency conversion accounted for most of the expense.
The researchers said stablecoins would become substantially more useful if recipients could spend them directly on goods, rent or school fees without first converting them into local currency.
The report also concluded that regulation affects efficiency. Strict bans may push users toward offshore or unregulated platforms, while overly complex rules can make stablecoin payments harder for ordinary users.
FTX Begins Fifth Creditor Payout, Distributing $900 Million
The FTX Recovery Trust has started its fifth creditor distribution, releasing approximately $900 million to users affected by the crypto exchange’s 2022 collapse.
Former FTX customer Sunil Kavuri said he received his repayment through Kraken after the exchange released funds transferred by the trust. BitGo and Payoneer are also serving as distribution agents.
With the latest round, the trust is estimated to have returned roughly $11 billion to customers and creditors who were unable to access their assets following FTX’s bankruptcy.
FTX’s collapse led to criminal cases against several former executives over the misuse of customer funds. Former CEO Sam Bankman-Fried and former FTX Digital Markets co-CEO Ryan Salame remain in federal prison, while former Alameda Research CEO Caroline Ellison was released in January after serving more than a year.
Separately, a bankruptcy judge rejected part of the FTX trust’s case against Binance and former CEO Changpeng Zhao. However, the trust can continue pursuing its effort to recover $1.76 billion allegedly used by FTX to repurchase Binance’s stake in the company.
The FTX Recovery Trust has started its fifth creditor distribution, releasing approximately $900 million to users affected by the crypto exchange’s 2022 collapse.
Former FTX customer Sunil Kavuri said he received his repayment through Kraken after the exchange released funds transferred by the trust. BitGo and Payoneer are also serving as distribution agents.
With the latest round, the trust is estimated to have returned roughly $11 billion to customers and creditors who were unable to access their assets following FTX’s bankruptcy.
FTX’s collapse led to criminal cases against several former executives over the misuse of customer funds. Former CEO Sam Bankman-Fried and former FTX Digital Markets co-CEO Ryan Salame remain in federal prison, while former Alameda Research CEO Caroline Ellison was released in January after serving more than a year.
Separately, a bankruptcy judge rejected part of the FTX trust’s case against Binance and former CEO Changpeng Zhao. However, the trust can continue pursuing its effort to recover $1.76 billion allegedly used by FTX to repurchase Binance’s stake in the company.
U.S. Sanctions Iran-Linked Bitcoin Insurance Scheme for Hormuz Shipping
The U.S. Treasury has sanctioned two Iranian maritime insurance entities accused of forcing commercial vessels to purchase coverage to pass through the Strait of Hormuz and directing the proceeds to Iran’s Islamic Revolutionary Guard Corps.
The Office of Foreign Assets Control designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe. Treasury described the operation as an extortion scheme rather than legitimate insurance because it covered risks, including vessel seizures, that were largely created by Iran itself.
Hormuz Safe allegedly accepted bitcoin and other digital assets as part of an effort to bypass Western sanctions. The platform was developed by Iran’s Ministry of Economy, while its policies were approved by an IRGC-backed authority responsible for the strait.
The sanctions prohibit U.S. persons from dealing with the two companies. Foreign firms that conduct transactions with them may also face secondary sanctions, regardless of whether payments are made through banks or cryptocurrencies.
Treasury Secretary Scott Bessent said Iran was seeking new sources of revenue as its economy deteriorated. The Strait of Hormuz remains a critical global energy route, with recent conflict and reduced shipping traffic contributing to elevated oil prices.
The U.S. Treasury has sanctioned two Iranian maritime insurance entities accused of forcing commercial vessels to purchase coverage to pass through the Strait of Hormuz and directing the proceeds to Iran’s Islamic Revolutionary Guard Corps.
The Office of Foreign Assets Control designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe. Treasury described the operation as an extortion scheme rather than legitimate insurance because it covered risks, including vessel seizures, that were largely created by Iran itself.
Hormuz Safe allegedly accepted bitcoin and other digital assets as part of an effort to bypass Western sanctions. The platform was developed by Iran’s Ministry of Economy, while its policies were approved by an IRGC-backed authority responsible for the strait.
The sanctions prohibit U.S. persons from dealing with the two companies. Foreign firms that conduct transactions with them may also face secondary sanctions, regardless of whether payments are made through banks or cryptocurrencies.
Treasury Secretary Scott Bessent said Iran was seeking new sources of revenue as its economy deteriorated. The Strait of Hormuz remains a critical global energy route, with recent conflict and reduced shipping traffic contributing to elevated oil prices.
IBM CEO Sees Quantum Computing Reaching Commercial Scale by 2029
IBM CEO Arvind Krishna expects quantum computing to begin making a meaningful contribution to the company’s revenue and profit by 2028 or 2029, signaling that the technology may be moving beyond research toward commercial adoption.
Krishna said quantum computers could eventually solve certain problems faster and more cheaply than conventional systems, particularly in molecular simulation, materials science, logistics optimization, cryptography and drug discovery.
IBM has already used quantum systems to study material properties that classical computers struggled to model. The company believes such advances could support the development of better batteries, new materials, fusion-energy technology and medicines.
Investment in the sector is also accelerating. IBM recently announced plans for a standalone quantum-chip foundry supported by a $1 billion U.S. government commitment and an additional $1 billion investment from the company.
Krishna estimated that quantum computing could create $1 trillion in economic value by the end of the 2030s. IBM is competing with Alphabet, IonQ, Rigetti and several startups to develop commercially useful, fault-tolerant machines.
The technology has also attracted attention from the cryptocurrency industry because sufficiently powerful quantum computers could eventually threaten the encryption protecting Bitcoin wallets and blockchain networks. However, most researchers believe that risk remains years away and that networks will have time to adopt quantum-resistant cryptography.
IBM CEO Arvind Krishna expects quantum computing to begin making a meaningful contribution to the company’s revenue and profit by 2028 or 2029, signaling that the technology may be moving beyond research toward commercial adoption.
Krishna said quantum computers could eventually solve certain problems faster and more cheaply than conventional systems, particularly in molecular simulation, materials science, logistics optimization, cryptography and drug discovery.
IBM has already used quantum systems to study material properties that classical computers struggled to model. The company believes such advances could support the development of better batteries, new materials, fusion-energy technology and medicines.
Investment in the sector is also accelerating. IBM recently announced plans for a standalone quantum-chip foundry supported by a $1 billion U.S. government commitment and an additional $1 billion investment from the company.
Krishna estimated that quantum computing could create $1 trillion in economic value by the end of the 2030s. IBM is competing with Alphabet, IonQ, Rigetti and several startups to develop commercially useful, fault-tolerant machines.
The technology has also attracted attention from the cryptocurrency industry because sufficiently powerful quantum computers could eventually threaten the encryption protecting Bitcoin wallets and blockchain networks. However, most researchers believe that risk remains years away and that networks will have time to adopt quantum-resistant cryptography.
Rising Real Yields, Not Inflation, May Be Weighing on Bitcoin
U.S. Treasury yields have climbed sharply since the start of the Iran war, but market data suggests the move is being driven more by rising real interest rates than inflation expectations.
The five-year breakeven inflation rate derived from Treasury Inflation-Protected Securities has fallen to around 2.2% and has trended lower since May. Over the same period, the five-year nominal Treasury yield rose 33 basis points, reflecting an estimated 84-basis-point increase in real yields that was partly offset by a 51-basis-point decline in expected inflation.
The shift challenges the widely held view that higher oil and energy prices are the main cause of the bond sell-off. Thirty-year Treasury yields have reached their highest level since 2007, while markets are pricing a 63% probability of a Federal Reserve rate increase in September.
Higher real yields are generally negative for non-yielding assets such as Bitcoin because government bonds become more attractive on an inflation-adjusted basis. Treasury returns have also reportedly surpassed those available from crypto cash-and-carry trades for the first time since 2019.
Possible drivers include foreign central banks selling Treasury reserves to support their currencies, weaker economic growth caused by sustained energy prices and heavy borrowing demand from governments and AI companies.
The impact on crypto depends on the cause, but recession-related credit tightening and increased competition for investment capital would likely reduce liquidity and create further pressure on Bitcoin and other risk assets.
U.S. Treasury yields have climbed sharply since the start of the Iran war, but market data suggests the move is being driven more by rising real interest rates than inflation expectations.
The five-year breakeven inflation rate derived from Treasury Inflation-Protected Securities has fallen to around 2.2% and has trended lower since May. Over the same period, the five-year nominal Treasury yield rose 33 basis points, reflecting an estimated 84-basis-point increase in real yields that was partly offset by a 51-basis-point decline in expected inflation.
The shift challenges the widely held view that higher oil and energy prices are the main cause of the bond sell-off. Thirty-year Treasury yields have reached their highest level since 2007, while markets are pricing a 63% probability of a Federal Reserve rate increase in September.
Higher real yields are generally negative for non-yielding assets such as Bitcoin because government bonds become more attractive on an inflation-adjusted basis. Treasury returns have also reportedly surpassed those available from crypto cash-and-carry trades for the first time since 2019.
Possible drivers include foreign central banks selling Treasury reserves to support their currencies, weaker economic growth caused by sustained energy prices and heavy borrowing demand from governments and AI companies.
The impact on crypto depends on the cause, but recession-related credit tightening and increased competition for investment capital would likely reduce liquidity and create further pressure on Bitcoin and other risk assets.
Проверено
Pump.fun Reportedly Fired Employees Before Multimillion-Dollar Token Vesting
Solana-based memecoin platform Pump.fun reportedly laid off employees just two months before they were scheduled to begin receiving PUMP token allocations potentially worth millions of dollars.
According to Sandmark, the workers were dismissed in April after co-founder Noah Tweedale said the company had expanded too quickly. The total number of affected employees was not disclosed.
Employment agreements signed in 2025 reportedly granted workers PUMP tokens under a vesting schedule, with 25% of their allocations due to unlock in June 2026. At least one employee was reportedly entitled to tokens valued in the seven-figure range.
The timing of the layoffs has raised questions over whether the dismissed employees will retain any rights to their token packages.
Pump.fun has also faced lawsuits alleging that its platform operated as a rigged system for investors and engaged in problematic maximal extractable value practices.
PUMP was trading at approximately $0.002113 at the time of the report, up 7.5% over the previous 24 hours.
$PUMP
Solana-based memecoin platform Pump.fun reportedly laid off employees just two months before they were scheduled to begin receiving PUMP token allocations potentially worth millions of dollars.
According to Sandmark, the workers were dismissed in April after co-founder Noah Tweedale said the company had expanded too quickly. The total number of affected employees was not disclosed.
Employment agreements signed in 2025 reportedly granted workers PUMP tokens under a vesting schedule, with 25% of their allocations due to unlock in June 2026. At least one employee was reportedly entitled to tokens valued in the seven-figure range.
The timing of the layoffs has raised questions over whether the dismissed employees will retain any rights to their token packages.
Pump.fun has also faced lawsuits alleging that its platform operated as a rigged system for investors and engaged in problematic maximal extractable value practices.
PUMP was trading at approximately $0.002113 at the time of the report, up 7.5% over the previous 24 hours.
$PUMP
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Uniswap Launches ‘Earn’ With Morpho for Yield on Idle Crypto
Uniswap has launched Earn, a lending product built with Morpho that allows users to earn yield on idle USDC, USDT and ether directly through the Uniswap app.
Deposited assets are allocated across three Morpho vaults curated by risk-management firm Gauntlet and lent to borrowers through Morpho’s markets. Interest paid by borrowers is passed on to depositors as yield.
Uniswap said users retain custody of their assets and can deposit or withdraw at any time. Unlike providing concentrated liquidity, Earn is designed as a simpler lending-based product that does not require users to actively manage trading ranges.
The company said Earn differs from its Spark-powered DualPool product, which combines lending with liquidity provision.
The integration further expands Morpho’s role as lending infrastructure for major crypto companies. Coinbase, Robinhood, Bitwise and Société Générale have also launched or integrated products using the protocol.
Uniswap said it believes the product complies with applicable laws, following recent comments from SEC Commissioner Hester Peirce that some crypto vaults and onchain lending strategies could fall under existing securities regulations depending on their structure.
$UNI $MORPHO
Uniswap has launched Earn, a lending product built with Morpho that allows users to earn yield on idle USDC, USDT and ether directly through the Uniswap app.
Deposited assets are allocated across three Morpho vaults curated by risk-management firm Gauntlet and lent to borrowers through Morpho’s markets. Interest paid by borrowers is passed on to depositors as yield.
Uniswap said users retain custody of their assets and can deposit or withdraw at any time. Unlike providing concentrated liquidity, Earn is designed as a simpler lending-based product that does not require users to actively manage trading ranges.
The company said Earn differs from its Spark-powered DualPool product, which combines lending with liquidity provision.
The integration further expands Morpho’s role as lending infrastructure for major crypto companies. Coinbase, Robinhood, Bitwise and Société Générale have also launched or integrated products using the protocol.
Uniswap said it believes the product complies with applicable laws, following recent comments from SEC Commissioner Hester Peirce that some crypto vaults and onchain lending strategies could fall under existing securities regulations depending on their structure.
$UNI $MORPHO
Analysts Support Strategy’s Shift Toward Larger Cash Reserves
TD Cowen and Benchmark maintained buy ratings on Strategy after the company signaled that it would no longer keep virtually all of its capital in bitcoin.
Executive Chairman Michael Saylor said holding a mix of bitcoin and cash could ultimately allow Strategy to acquire more BTC over time. Management is currently focused on restoring its STRC preferred stock to its $99–$100 par value so it can remain a reliable source of capital for future bitcoin purchases.
Institutional holdings of STRC nearly tripled from $1.1 billion in mid-March to $3.1 billion by July 1, representing about 29% of the security. Strategy also has approximately $975 million remaining under its STRC repurchase authorization.
The company reported an $8.2 billion second-quarter loss, largely caused by unrealized declines in the value of its bitcoin holdings. It paused bitcoin purchases for five consecutive weeks and sold roughly 3,600 BTC while building its dollar reserve.
Strategy last reported holding 843,775 $BTC
. During the quarter, it reduced convertible debt by 18% to $6.7 billion and increased its dollar reserve to as much as $3.75 billion, enough to cover preferred dividends and interest payments for approximately two years.
Benchmark cut its price target from $570 to $435, while TD Cowen maintained a $260 target. Both firms argued that strengthening liquidity and supporting STRC could improve Strategy’s ability to raise capital and resume larger bitcoin purchases.
TD Cowen and Benchmark maintained buy ratings on Strategy after the company signaled that it would no longer keep virtually all of its capital in bitcoin.
Executive Chairman Michael Saylor said holding a mix of bitcoin and cash could ultimately allow Strategy to acquire more BTC over time. Management is currently focused on restoring its STRC preferred stock to its $99–$100 par value so it can remain a reliable source of capital for future bitcoin purchases.
Institutional holdings of STRC nearly tripled from $1.1 billion in mid-March to $3.1 billion by July 1, representing about 29% of the security. Strategy also has approximately $975 million remaining under its STRC repurchase authorization.
The company reported an $8.2 billion second-quarter loss, largely caused by unrealized declines in the value of its bitcoin holdings. It paused bitcoin purchases for five consecutive weeks and sold roughly 3,600 BTC while building its dollar reserve.
Strategy last reported holding 843,775 $BTC
. During the quarter, it reduced convertible debt by 18% to $6.7 billion and increased its dollar reserve to as much as $3.75 billion, enough to cover preferred dividends and interest payments for approximately two years.
Benchmark cut its price target from $570 to $435, while TD Cowen maintained a $260 target. Both firms argued that strengthening liquidity and supporting STRC could improve Strategy’s ability to raise capital and resume larger bitcoin purchases.
George Santos Settles CFTC Manipulation Case Over Kalshi Bet
Former U.S. Rep. George Santos has agreed to pay $35,000 to settle CFTC allegations that he manipulated a Kalshi prediction market tied to whether he would attend the February 2026 State of the Union.
According to the regulator, Santos held positions in the contract while making public statements that significantly moved its price. In one instance, he posted on X about what he should wear to the event while holding a “Yes” position, then sold after the price increased.
The CFTC said Santos also posted updates about traveling to Washington and profited from trading around those statements. The agency concluded that he acted willfully or recklessly by trading in a market whose outcome he could personally influence.
Santos neither admitted nor denied the findings. Under the settlement, he must surrender more than $17,500 in profits, comply with a cease-and-desist order and accept a three-year trading ban.
His attorney said the contract was Santos’ first prediction-market trade and denied any intent to deceive or manipulate. The lawyer argued that Santos initially planned to attend but later switched to a “No” position after winter weather disrupted his travel arrangements.
Former U.S. Rep. George Santos has agreed to pay $35,000 to settle CFTC allegations that he manipulated a Kalshi prediction market tied to whether he would attend the February 2026 State of the Union.
According to the regulator, Santos held positions in the contract while making public statements that significantly moved its price. In one instance, he posted on X about what he should wear to the event while holding a “Yes” position, then sold after the price increased.
The CFTC said Santos also posted updates about traveling to Washington and profited from trading around those statements. The agency concluded that he acted willfully or recklessly by trading in a market whose outcome he could personally influence.
Santos neither admitted nor denied the findings. Under the settlement, he must surrender more than $17,500 in profits, comply with a cease-and-desist order and accept a three-year trading ban.
His attorney said the contract was Santos’ first prediction-market trade and denied any intent to deceive or manipulate. The lawyer argued that Santos initially planned to attend but later switched to a “No” position after winter weather disrupted his travel arrangements.
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Tether’s Excess Reserves Halve as Q2 Profit Weakens
Tether’s excess reserves fell by $4.1 billion in the second quarter, declining from $8.2 billion at the end of Q1 to $4.1 billion.
The USDT issuer reported $1.5 billion in net operating profit for Q2 2026, sharply below the $4.9 billion in net profit recorded a year earlier. Tether emphasized operating profit, which generally excludes unrealized gains and losses from assets such as bitcoin and gold.
Its first-half report showed a negative financial result of $3.2 billion. Combined with the $1 billion profit disclosed for Q1, the figures imply losses of more than $4 billion during the second quarter, although Tether did not explain the full calculation.
The value of Tether’s bitcoin holdings fell from $6.6 billion to $5.8 billion, while its precious-metals portfolio declined from $19.8 billion to $18.8 billion despite the company adding 14 tons of gold. Bitcoin and gold both fell by more than 10% during the quarter.
Tether also reduced its secured-lending exposure by $2.4 billion. CEO Paolo Ardoino said the company remained profitable despite volatile markets, while $USDT ’s user base reached a record of more than 650 million.
Tether’s excess reserves fell by $4.1 billion in the second quarter, declining from $8.2 billion at the end of Q1 to $4.1 billion.
The USDT issuer reported $1.5 billion in net operating profit for Q2 2026, sharply below the $4.9 billion in net profit recorded a year earlier. Tether emphasized operating profit, which generally excludes unrealized gains and losses from assets such as bitcoin and gold.
Its first-half report showed a negative financial result of $3.2 billion. Combined with the $1 billion profit disclosed for Q1, the figures imply losses of more than $4 billion during the second quarter, although Tether did not explain the full calculation.
The value of Tether’s bitcoin holdings fell from $6.6 billion to $5.8 billion, while its precious-metals portfolio declined from $19.8 billion to $18.8 billion despite the company adding 14 tons of gold. Bitcoin and gold both fell by more than 10% during the quarter.
Tether also reduced its secured-lending exposure by $2.4 billion. CEO Paolo Ardoino said the company remained profitable despite volatile markets, while $USDT ’s user base reached a record of more than 650 million.
Coldcard Wallet Vulnerability Linked to $70 Million Bitcoin Theft
Galaxy Research said nearly 1,200 Bitcoin addresses were completely drained of 1,082.65 BTC, worth approximately $70.2 million, during a 41-minute period on July 30. The transactions were linked to a vulnerability affecting seeds generated by certain Coldcard hardware wallets.
Manufacturer Coinkite initially warned users of Coldcard Mk3 devices running firmware version 4.0.1 or later before expanding the advisory to some Mk4, Mk5 and Coldcard Q versions. Emergency firmware updates have since been released.
Coinkite CEO Rodolfo Novak apologized and accepted responsibility for the firmware bug, acknowledging that the company’s review process failed to detect it. He also suggested that attackers may have used AI-assisted code analysis to uncover the vulnerability.
Galaxy Research said the identified transactions appeared to originate from the same attacker but warned that other affected addresses could still be targeted. Because malicious transfers resemble legitimate owner-authorized transactions onchain, additional thefts may be difficult to identify through the same transaction pattern.
Coinkite urged potentially affected users to update their firmware, generate a completely new seed and transfer their funds to the new wallet. Users should first test the wallet with a small transaction and retain their old backup until the full transfer has been successfully completed.
Galaxy Research said nearly 1,200 Bitcoin addresses were completely drained of 1,082.65 BTC, worth approximately $70.2 million, during a 41-minute period on July 30. The transactions were linked to a vulnerability affecting seeds generated by certain Coldcard hardware wallets.
Manufacturer Coinkite initially warned users of Coldcard Mk3 devices running firmware version 4.0.1 or later before expanding the advisory to some Mk4, Mk5 and Coldcard Q versions. Emergency firmware updates have since been released.
Coinkite CEO Rodolfo Novak apologized and accepted responsibility for the firmware bug, acknowledging that the company’s review process failed to detect it. He also suggested that attackers may have used AI-assisted code analysis to uncover the vulnerability.
Galaxy Research said the identified transactions appeared to originate from the same attacker but warned that other affected addresses could still be targeted. Because malicious transfers resemble legitimate owner-authorized transactions onchain, additional thefts may be difficult to identify through the same transaction pattern.
Coinkite urged potentially affected users to update their firmware, generate a completely new seed and transfer their funds to the new wallet. Users should first test the wallet with a small transaction and retain their old backup until the full transfer has been successfully completed.
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New York Sues Kalshi, Seeks at Least $36 Billion in Damages
New York has sued prediction market platform Kalshi for allegedly operating an illegal gambling business without a state gaming license.
Attorney General Letitia James is seeking to block Kalshi from operating in the state, recover user losses and force the company to surrender proceeds from its event contracts. Court filings indicate compensatory damages could total at least $36 billion, pending a full accounting.
The state argues that Kalshi’s markets on sports, elections and cultural events constitute gambling and have exposed residents, including people under 21, to financial risks while avoiding gaming-related taxes.
Kalshi is also facing legal restrictions in Michigan and Washington, though courts in Minnesota have allowed it to continue operating while litigation proceeds. The company remains the world’s largest prediction market by trading volume.
New York has sued prediction market platform Kalshi for allegedly operating an illegal gambling business without a state gaming license.
Attorney General Letitia James is seeking to block Kalshi from operating in the state, recover user losses and force the company to surrender proceeds from its event contracts. Court filings indicate compensatory damages could total at least $36 billion, pending a full accounting.
The state argues that Kalshi’s markets on sports, elections and cultural events constitute gambling and have exposed residents, including people under 21, to financial risks while avoiding gaming-related taxes.
Kalshi is also facing legal restrictions in Michigan and Washington, though courts in Minnesota have allowed it to continue operating while litigation proceeds. The company remains the world’s largest prediction market by trading volume.
Coldcard Wallet Flaw Linked to Estimated $38 Million Bitcoin Theft
Coinkite said a firmware build error caused Coldcard hardware wallets to generate recovery seeds using a weaker software fallback instead of the intended hardware-based random number generator.
The vulnerability was reportedly exploited to steal about 594 BTC, worth roughly $38 million, from around 500 wallets within 25 minutes. Coinkite believes the attacker may have used AI to identify the flaw in its open-source firmware, although an earlier AI-assisted review conducted by the company failed to detect it.
All current Coldcard models are affected to varying degrees. The older Mk3 model reportedly produced seeds with an effective security level of only about 40 bits, while newer Mk4, Q and Mk5 devices reached roughly 72 bits—still below the intended 128-bit standard.
Coinkite has released emergency firmware updates, but installing them does not secure recovery seeds generated on vulnerable versions. Affected users must create a new seed on patched hardware and transfer their funds to a new wallet.
Coinkite said a firmware build error caused Coldcard hardware wallets to generate recovery seeds using a weaker software fallback instead of the intended hardware-based random number generator.
The vulnerability was reportedly exploited to steal about 594 BTC, worth roughly $38 million, from around 500 wallets within 25 minutes. Coinkite believes the attacker may have used AI to identify the flaw in its open-source firmware, although an earlier AI-assisted review conducted by the company failed to detect it.
All current Coldcard models are affected to varying degrees. The older Mk3 model reportedly produced seeds with an effective security level of only about 40 bits, while newer Mk4, Q and Mk5 devices reached roughly 72 bits—still below the intended 128-bit standard.
Coinkite has released emergency firmware updates, but installing them does not secure recovery seeds generated on vulnerable versions. Affected users must create a new seed on patched hardware and transfer their funds to a new wallet.
Schumer Proposes Independent Anti-Corruption Bureau Over Presidential Conflicts
Senate Democratic Leader Chuck Schumer has introduced a bill to establish an independent Anti-Corruption Bureau with powers to investigate, subpoena, enforce penalties and recover funds linked to corruption in the executive branch.
Schumer said the proposal responds to alleged conflicts of interest involving President Donald Trump and his family’s business activities. Bloomberg Billionaires Index previously estimated that the Trump family generated about $620 million from crypto ventures, including World Liberty Financial, the Trump memecoin, NFTs and a stake in a bitcoin mining company.
The bill would also allow private plaintiffs and state attorneys general to sue to recover money obtained through corruption involving presidents, senior officials and major government contractors.
Concerns over the Trump family’s crypto interests remain a major obstacle in Senate negotiations over the Clarity Act.
Senate Democratic Leader Chuck Schumer has introduced a bill to establish an independent Anti-Corruption Bureau with powers to investigate, subpoena, enforce penalties and recover funds linked to corruption in the executive branch.
Schumer said the proposal responds to alleged conflicts of interest involving President Donald Trump and his family’s business activities. Bloomberg Billionaires Index previously estimated that the Trump family generated about $620 million from crypto ventures, including World Liberty Financial, the Trump memecoin, NFTs and a stake in a bitcoin mining company.
The bill would also allow private plaintiffs and state attorneys general to sue to recover money obtained through corruption involving presidents, senior officials and major government contractors.
Concerns over the Trump family’s crypto interests remain a major obstacle in Senate negotiations over the Clarity Act.
Vietnam: Seven Detained Over Alleged $2.3 Million LIBFX Crypto Fraud
Hanoi police have detained Hoang Gia Tan and six alleged accomplices over a cryptocurrency investment scheme that reportedly defrauded investors of more than 60 billion dong, or about $2.3 million.
Investigators said Tan and a technical team created the LIBFX token in 2019 and promoted it as a foreign-backed project with legal documentation and plans to become a payment method in the forex market.
The group allegedly promised high returns and referral commissions while using fabricated project information to attract investors. Authorities said LIBFX had no genuine business operations and functioned by using funds from new participants to pay earlier investors.
The suspects also promoted the project through social media groups and investment seminars. Police are continuing to investigate and expand the case.
Hanoi police have detained Hoang Gia Tan and six alleged accomplices over a cryptocurrency investment scheme that reportedly defrauded investors of more than 60 billion dong, or about $2.3 million.
Investigators said Tan and a technical team created the LIBFX token in 2019 and promoted it as a foreign-backed project with legal documentation and plans to become a payment method in the forex market.
The group allegedly promised high returns and referral commissions while using fabricated project information to attract investors. Authorities said LIBFX had no genuine business operations and functioned by using funds from new participants to pay earlier investors.
The suspects also promoted the project through social media groups and investment seminars. Police are continuing to investigate and expand the case.
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$AAVE
to Remove 50 Low-Adoption Assets and Exit Six Blockchains
Aave is deprecating 50 underused asset reserves and winding down its lending markets on Sonic, Scroll, zkSync, Metis, Soneium and Aptos.
The overhaul affects about $98.1 million in supplied assets and $15.6 million in outstanding debt. Aave said the affected markets generate too little activity and revenue to justify their oracle, monitoring and risk-management costs.
The protocol will also retire 21 matured Pendle principal tokens and remove several bridged assets whose users have shifted to native versions.
Aave plans to freeze the affected reserves and gradually reduce supply and borrowing limits, allowing users to close positions while minimizing liquidation risks.
The six departing blockchain deployments each generate less than $5,000 in quarterly revenue, according to risk adviser LlamaRisk.
to Remove 50 Low-Adoption Assets and Exit Six Blockchains
Aave is deprecating 50 underused asset reserves and winding down its lending markets on Sonic, Scroll, zkSync, Metis, Soneium and Aptos.
The overhaul affects about $98.1 million in supplied assets and $15.6 million in outstanding debt. Aave said the affected markets generate too little activity and revenue to justify their oracle, monitoring and risk-management costs.
The protocol will also retire 21 matured Pendle principal tokens and remove several bridged assets whose users have shifted to native versions.
Aave plans to freeze the affected reserves and gradually reduce supply and borrowing limits, allowing users to close positions while minimizing liquidation risks.
The six departing blockchain deployments each generate less than $5,000 in quarterly revenue, according to risk adviser LlamaRisk.
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