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South Korea Confirms Crypto Taxation for 2027, Russia Bans Mining in Moscow Until 2032, Binance Secures a Philippine Sandbox License, Uzbekistan Launches a Tax-Free Mining Zone, and Emirates Adds Crypto Payments for UAE Customers. For the complete article and weekly curated reports, subscribe to our Substack:

Ray Dalio: AI will change the world but related stocks could still drop 80%
On July 17, 2026, in an interview with My First Million, Ray Dalio stated that during a bubble period, even the most successful companies could see their stock prices plunge by about 80%. He believes that while the emergence of major new technologies brings excitement and reasons to invest, promising technological prospects do not guarantee excellent stock returns due to high valuations and incoming competitors.
According to his "bubble gauge," the current market is at 75% of the extreme levels seen in 1929 and 2000. Ray Dalio believes that the pricking of a bubble typically occurs when investors need to convert wealth into cash, frequently triggered by tightening monetary policies or wealth taxes.

According to The Block, citing DefiLlama data, DEX spot trading volume rose to about 24% of CEX volume in July 2026, the highest level since the series began in 2019. The ratio stayed below 10% for most of 2024, accelerated in 2025 and remained mostly between 18% and 21% in 2026 before setting a new record in July.

According to Yonhap News Agency, South Korea’s five major won-based crypto exchanges sent 2.7625 trillion won in stablecoins to overseas platforms in June 2026, while receiving 2.2022 trillion won, resulting in net outflows of 560.3 billion won, or about $367 million. Stablecoins have recorded net outflows from South Korea for 18 consecutive months since January 2025. The funds are believed to be used mainly for crypto and stock derivatives, RWA products, DeFi and staking services unavailable on domestic exchanges.

According @EmberCN, addresses linked to Trump Media (NASDAQ: DJT) transferred 2,628 BTC, worth approximately $165 million, to Crypto com. The company was previously estimated to have acquired 11,542 BTC at an average price of about $118,500. Related addresses have transferred out roughly 7,281 BTC this year and currently hold around 4,261 BTC. EmberCN estimates combined realized and unrealized losses at approximately $555 million. Transfers to an exchange do not necessarily indicate a sale.

Galaxy Research said its Bitcoin on-chain analysis identified three suspected attack waves targeting addresses generated by Coldcard, involving 4,585 addresses and a total of 1,367.05 BTC worth about $88.6 million. The first two waves shared similar transaction patterns and may have been carried out by the same operator, although this has not been proven. The third differed substantially and could reflect either revised tooling by the same attacker or a separate actor targeting the same vulnerable key space. Galaxy stressed that the analysis is based solely on blockchain data and has not confirmed whether the affected addresses were generated with insufficient randomness.

1. Pump fun Reportedly Conducts Layoffs Before PUMP Unlock; At Least One Ex-Employee Loses Seven-Figure Token Allocation link
Solana ecosystem meme coin launch platform Pump Fun laid off some staff in early April, around two months ahead of the first PUMP token unlock. At least one former employee missed out on token grants worth over $1 million at current prices. Pump Fun co-founder Noah Tweedale said in an internal meeting that the company had “expanded too quickly.” Former employees also claimed another round of cuts occurred in mid-July, with more than 40 people dismissed across two months, though the figure has not been independently verified. The Pump Fun co-founder did not respond to requests for comment.
2. Uniswap Launches Token Launch Aggregator “Launches”, With Robinhood Chain Supported at Launch link
Uniswap announced the launch of a new beta feature called “Launches,” a new tab within the Uniswap Web App designed to aggregate and showcase leading Uniswap token launch platforms. Many launchpad builders including Bankr, Pons and Long have selected Uniswap as their trading infrastructure. The feature initially rolled out on Robinhood Chain for token launch exploration, with additional networks to be integrated later.
Uniswap also partnered with decentralized lending protocol Morpho to launch the Earn yield product. Users can deposit USDC, USDT and ETH into three Gauntlet-managed Morpho vaults directly within the Uniswap web app and wallet to earn interest by supplying capital to Morpho’s lending markets. Uniswap stated the product operates on a non-custodial model; users retain full control of their assets and may deposit or withdraw funds at any time.
3. Aave Founder Stani: Zapper Engineering Team Acquired; Aave Pro Set to Launch Soon link
Aave founder Stani Kulechov posted on X welcoming the Zapper team, noting that users who like Zapper will also embrace the upcoming Aave Pro. Aave has fully acquired Zapper’s entire engineering team and will continue refining related products and services.
Stani Kulechov also stated that the protocol will phase out 50 low-utilization asset reserves and gradually shut deployments on Sonic, Scroll, zkSync, Metis, Soneium and Aptos, alongside delisting 21 expired Pendle PTs. The changes cover approximately $98.1 million in deposits and $15.6 million in debt, aimed at reducing economic and technical risks. Aave had previously begun winding down presence on some low-activity networks.
Stani Kulechov said recent delistings and network reductions should not be overinterpreted as a stance against any L1 or L2. The core goal is simply to shrink Aave’s operational, technical and economic exposure so resources can focus on higher-impact priorities: scaling existing high-value markets and expanding securities finance. He emphasized that L2s remain critical for user experience on Ethereum, citing Aave App’s Stable Vaults using L2s as a ledger layer to bring mainstream users into DeFi, while networks such as Avalanche play an important role in onboarding real-world assets (RWA) via institutional business.
4. 1inch Opens Aqua to All Users; Shared Liquidity Enables Multiple Positions From a Single Balance link
1inch announced the opening of Aqua, its self-custodial shared liquidity layer, to all users. Users can deploy the same wallet balance across multiple trading pairs and liquidity positions without pre-depositing assets into pools; tokens are only transferred from the wallet when trades execute. Aqua initially supports 13 EVM networks including Ethereum, Arbitrum, Base, Robinhood Chain and BNB Chain, and incorporates verified counterparties plus JIT fee-frontrunning protection.
5. Hyperliquid, PumpFun and Ethena Generate Nearly 80% of App Revenue; Crypto Industry Consolidation May Accelerate link
Lorenzo Valente, researcher at ARK Invest, said the crypto industry is undergoing a deeper consolidation than prior bear markets, with capital allocation growing more concentrated. Teams and trading platforms lacking genuine product-market fit are exiting. Revenue concentration is high across applications, infrastructure and L1 layers. Hyperliquid and PumpFun together account for 67% of total application revenue; adding Ethena brings the top three projects to nearly 80%. He expects more mergers, bankruptcy filings, project shutdowns and talent acquisitions in the coming months.
6. Research Finds 31 Unknown Vulnerabilities in x402 Payment Providers, Covering 99% of Relevant Transactions link
A study published on July 21 found 31 previously unknown vulnerabilities across 15 major x402 payment providers, covering 99% of relevant transactions during the research period. Researchers confirmed two flaws enabling “free shopping” and identified high-risk paths including asset theft, denial of service and gas misuse, though they did not prove vulnerabilities exist in all x402 payments or within Coinbase itself. Coinbase, PayAI and Mogami have acknowledged some of the issues and initiated fixes. The study recommends merchants deliver services only after on-chain settlement is confirmed.
7. Storj Labs Files for U.S. Chapter 11 Restructuring; Business Operations to Continue link
Storj Labs, parent company of decentralized cloud storage project Storj, announced that it has voluntarily filed for Chapter 11 bankruptcy reorganization in the United States to resolve legacy debt while continuing operations. The firm stated that business will proceed normally during restructuring with no disruption to customer service, and intends for the reorganized company to be jointly owned by management, the community, STORJ token holders and investors. Founded in 2014, Storj operates a decentralized storage network where users supply cloud storage to global clients by sharing unused hard drive space, with STORJ tokens used for incentives and payments.
8. Metronome msUSD Breaks Peg by 11%; Synthetic Asset Module Triggers msETH/msUSD Under-Collateralization link
Blockaid, a blockchain security firm, stated that Metronome DAO’s synthetic dollar msUSD traded roughly 11% below its peg on Ethereum, Base and Optimism. Metronome DAO later released a post-mortem noting undercollateralization for msETH and msUSD. The issue stemmed from uncollateralized circulating supply created by the synthetic asset swap module, leaving some synthetic assets without adequate backing. At the time of the report, the gap between circulating synthetic assets and corresponding debt positions stood at approximately 6,367 msETH and 4.57 million msUSD. Metronome attributed the root cause to delayed Chainlink oracle updates during synthetic asset swaps, allowing price slippage to accumulate and generate uncollateralized supply. The team said it established defensive positions using treasury funds, raised trading fees and upgraded contract mechanics, and advised liquidity providers to take no immediate action.
9. Ondo Finance Evaluates Potential Acquisitions Worth $250 Million to $500 Million, Targeting Wealth Tech Firms link
Ondo Finance is considering an acquisition valued between $250 million and $500 million, with potential targets spanning wealth technology and related sectors, though no formal advisors have been retained. Ondo responded that it continuously evaluates market opportunities in ordinary course and is not negotiating with any counterparty at this stage. Founded in 2021, Ondo Finance primarily offers on-chain financial products such as tokenized US Treasury bonds and equities, with assets under its products exceeding $2.5 billion.
10. Nansen CEO: AI Trading Agents May Outperform Human Traders Within Two Years link
Alex Svanevik, co-founder and CEO of on-chain analytics platform Nansen, said the number of AI trading agents could surpass human traders within roughly two years. Nansen is shifting from an analytics platform toward on-chain trade execution. Since launching direct trading functionality, the platform has recorded over $500 million in cumulative volume. Around 10 of its top 15 perpetual contracts by volume are non-crypto assets including SpaceX, the S&P 500, gold and crude oil. The agents remain in backtesting and simulation; in one test, the system generated only $23 in profit while incurring roughly $700 in inference costs.
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MARA CEO: Bitcoin Has Missed Its Chance to Become a Payment Method
Fred Thiel, CEO of MARA, one of the world’s largest listed Bitcoin miners, said in a July 23 interview with Natalie Brunell that Bitcoin’s opportunity to serve as a payment method has passed. In commercial settings with thousands of transactions per second and thin margins, even small price fluctuations can alter the value received. He expects AI-related crypto payments to rely mainly on stablecoins. However, Bitcoin remains a useful store of value for keeping assets outside centralized control and transferring them quickly worldwide.

BNB Chain said it is taking legal action against a former employee who allegedly issued a token without authorization. The employee had previously created a wallet address and generated a token while producing video tutorials, then retained unauthorized access to the wallet’s seed phrase after leaving the company and used it to generate a new private key.
BNB Chain said it learned that the address was being independently used in connection with a new meme token, emphasizing that the token was not created, authorized, promoted, or supported by BNB Chain, and has no affiliation or endorsement from the company. BNB Chain is currently pursuing legal action against the former employee and cooperating with relevant law enforcement authorities.

Tether's latest reserve attestation shows excess reserves fell from a record $8.23 billion at the end of Q1 to $4.11 billion as of June 30, a decline of about 50%. Although Tether reported $1.5 billion in Q2 net operating profit, the report also showed a first-half comprehensive financial result of approximately negative $3.17 billion. Combined with Tether's previously reported Q1 net profit of about $1.04 billion, this implies the company's overall Q2 financial result, including unrealized gains and losses, may have exceeded a $4 billion loss. Tether did not disclose the remaining factors behind the decline.

trade xyz said it has begun distributing compensation for the abnormal pricing incident involving the SK hynix contract (SKHYNIX) on July 27. The platform is calculating eligible liquidation losses on a case-by-case basis using $1,115.50 as the reference price.
Compensation below 10,000 USDC has been transferred in full to affected wallets without requiring any user action. For claims exceeding 10,000 USDC, trade xyz has initially distributed 9,999 USDC, while the remaining amount will be released after enhanced due diligence is completed. Affected users must contact the platform’s support team by August 15.
During the incident, the SKHYNIX mark price briefly plunged from $1,127.90 to $917.25, triggering large-scale liquidations of long positions.

According to Investors com, Strategy’s capital management framework could allow the company to monetize up to about $5 billion in Bitcoin to fund up to $1.25 billion in USD reserves, approximately $1.76 billion in annual preferred dividends and interest payments, and up to $2 billion in common stock and digital credit security buybacks. Strategy has sold about $218.4 million of Bitcoin year to date to fund preferred dividends. As of July 26, it held 843,775 BTC acquired at an average cost of $75,476.

Arthur Hayes: The AI bubble may pop in 2028 (ARCHIVE FOOTAGE)
On June 26, 2026, BitMEX co-founder Arthur Hayes stated in an interview with Bonnie Blockchain that the prime date for the AI bubble to pop will be around 2028. He believes that the market is currently underwriting GPUs with a two-year useful life using a six-year depreciation schedule, and this wave of debt accumulated since 2024 will face a crucible in about two and a half years.
He stated that the underlying economics of building expensive Western data centers will completely evaporate due to competition from equally capable Chinese AI models that cost a tenth of the price, leading to a severe collision between capital costs and actual demand.

According to Bitcoin Magazine Pro, Bitcoin’s hashrate has remained in decline for roughly 287 days, while mining difficulty is now 19.9% below its peak — the third-deepest drawdown of the ASIC mining era. Despite BTC falling about 46% over the past year, some publicly listed miners have gained more than 430%. The report attributes the divergence largely to miners shifting power and data center capacity toward AI and high-performance computing, prompting markets to increasingly value them as AI infrastructure companies rather than leveraged Bitcoin proxies.

Hyperliquid said the initial implementation of permissionless HIP-4 deployments is now live on testnet, allowing developers to launch prediction and other outcome markets. HIP-4 is Hyperliquid’s standard for fully collateralized contracts that settle within a fixed range, supporting prediction markets and option-like products. Additional features, including configurable fees and more testnet market templates, will be introduced gradually.

Tether reported approximately $1.5 billion in net operating profit for the second quarter, driven mainly by U.S. Treasury and repo income. As of June 30, the company held $187.75 billion in assets against $183.64 billion in liabilities, leaving a $4.11 billion reserve buffer. Tether also reduced secured lending by $2.38 billion and added 14 tons of physical gold, bringing total gold holdings to more than 146 tons. USDT issuance stood at about $184.6 billion.

According to a report by Sandmark, Pump fun laid off employees in early April, two months before their PUMP token vesting date. At least one former employee forfeited a token allocation worth more than $1 million. Pump fun co-founder Noah Tweedale told staff during an internal meeting that the company had “expanded too quickly.” Former employees claimed that the platform conducted another round of layoffs in mid-July, bringing the total number of job cuts over two months to more than 40. Sandmark could not independently verify the figure, and Pump fun’s co-founders did not respond to requests for comment.

A Reuters investigation found that unlicensed Dubai-based crypto exchange Shelbit processed at least $4 billion since May 2024 through a network linked to Iranian online gambling, the country’s central bank and sanctioned entities, including wallets associated by Israel with the IRGC. Dubai regulator VARA fined Shelbit on July 24 for continuing unlicensed activities after a January 2025 cease-and-desist order and said the case involved potential AML and terrorism-financing violations.