Crypto

According to CoinDesk, Bitcoin has topped the $65,000 mark. Key US inflation data will be released this week, with markets closely watching its impact on cryptocurrency trends.

Bitcoin spot ETFs recorded a massive $853 million single-day net inflow, with BlackRock’s iShares Bitcoin Trust (IBIT) capturing the lion’s share. This strong performance reflects sustained institutional confidence in Bitcoin and marks further integration of crypto assets into the traditional financial system.

Core Summary Senate Majority Leader John Thune filed the motion to proceed on the Digital Asset Market Clarity Act early Saturday, after a marathon overnight Senate voting session. While the motion came too late for a vote before the August recess, it sets the bill up for an initial vote almost immediately after the Senate returns in September. Event Details According to CoinDesk, Senate Majority Leader Thune pursued a formal motion to proceed on the crypto market structure legislation. The process is used for setting up debate on a bill that’s set for floor voting but doesn’t have a shot at unanimous approval. ...

Summary US nonfarm payrolls unexpectedly fell by 23,000 in July, far missing the forecast of 80,000 gain. Bitcoin surged past $65,000 following the data release as traders priced out a September Fed rate hike. Details According to The Block, Bitcoin rallied past $65,000 after the jobs data. Analysts note the weak employment figures significantly reduced the probability of a September Fed rate hike, driving capital into risk assets. Meanwhile, Bitcoin miners MARA and CleanSpark reported double-digit revenue drops as they continue pivoting to AI infrastructure. MARA’s net loss widened to $611.3 million while CleanSpark’s was $239.8 million. ...

Summary Prediction market platform Polymarket was found to have a critical price manipulation vulnerability: traders could exploit a five-second window to artificially push prices and extract millions in profits. After months of public warnings from onchain analysts, Polymarket is moving to implement time-weighted average prices. Details According to CoinDesk, the vulnerability stems from Polymarket’s pricing mechanism being too reliant on instantaneous prices, allowing attackers to profit by manipulating prices in extremely short time windows. Onchain security analysts discovered and publicly warned about this issue months ago, but the platform had not taken effective action until now. ...

Summary Russia’s Federal Security Service (FSB) announced a crackdown on unlicensed crypto exchanges allegedly linked to Ukraine, arresting at least 20 individuals connected to a network that scammed Russian citizens. The operation is the latest in Russia’s recent push to strengthen crypto regulation. Details According to CoinDesk, the FSB stated these unlicensed exchanges were suspected of providing fund transfer channels for Ukrainian interests while defrauding Russian citizens of crypto assets. Those arrested include exchange operators, technical staff, and money laundering intermediaries. ...

Core Summary Cryptocurrency exchange Bybit has filed a lawsuit against North Korea’s Lazarus Group hacking organization and the Democratic People’s Republic of Korea, seeking to recover approximately $1.5 billion in losses from an earlier hack this year. A court has granted a preliminary injunction freezing assets linked to the stolen funds, marking one of the largest legal recovery actions in crypto history. Event Details According to CoinDesk, Bybit suffered one of the largest hacks in crypto history earlier this year when attackers used sophisticated social engineering and technical methods to breach the exchange’s hot wallet system, stealing approximately $1.5 billion in crypto assets. After months of investigation, Bybit confirmed the attack was orchestrated by the North Korea state-sponsored Lazarus Group. ...

A Michigan judge denied Coinbase’s bid to block state enforcement of a sports event contract, ruling against the crypto exchange’s attempt to avoid state-level regulation of prediction markets.

Core Summary Tokenized asset giant Ondo Finance is embroiled in an intense battle for control following the death of founder Nathan Allman. Delaware court filings reveal that Allman’s mother is seeking to take over the company and remove current CEO Ian De Bode. The inheritance dispute exposes systemic deficiencies in corporate governance and succession planning within the crypto industry. Event Details According to three Delaware court filings, Ondo Finance’s corporate governance has descended into chaos following the death of founder Nathan Allman in May. Allman’s mother is now seeking control of the company and demanding the removal of current CEO Ian De Bode. ...

Core Summary Leading global crypto market maker Wintermute has officially registered as a broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This move enables Wintermute to legally trade traditional stocks, options, and cryptocurrency ETFs, marking a significant step for crypto market makers into the traditional finance domain. Event Details Wintermute USA, the company’s New York-based subsidiary, has completed broker-dealer registration with both the SEC and FINRA. This license allows Wintermute to offer trading services for stocks, options, and crypto ETFs in the U.S. market. ...