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This Week in Review | Bitcoin Hits New All-Time High; PUMP's Public Sale Raises $500 Million in 12 Minutes
BlockBeats will compile the industry's key news content of the week (7.7-7.13) in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Key News Recap
This Week's Market Recap: Significant Rebound as Bitcoin Nears $120,000 and Ethereum Surpasses $3,000
On July 11, Bitcoin surpassed $118,000, hitting a new all-time high with a 6.25% 24-hour gain; ETH crossed the $3,000 mark for the first time since February, with a 24-hour gain of 8.8%. At the same time, altcoins saw a general uptrend, with BANANAS31 hitting a new high, and multiple tokens like MAGIC, ENA, and PENGU rising over 20%. The cryptocurrency's total market cap exceeded $3.7 trillion, with a 1.2% 24-hour increase. Read more: "Bitcoin Nears $120,000: Who Is Driving the New Round of Growth?", "ETH Returns to $3,000: Mainnet Meme Players Are Already Making a Fortune"
PUMP Completes Token Sale, Raises $500 Million in Just 12 Minutes, with Over 200 Addresses Applying for Over $1 Million
On July 9, the official announcement from pump.fun stated the launch of the pump.fun native token PUMP public sale, aiming to raise $6 billion at a $40 billion valuation. The maximum token supply of PUMP is set at 1 trillion, with 33% to be sold through an ICO, 24% reserved for community and ecosystem plans, and 20% allocated to the project team, among others. In this ICO, 18% was privately sold to institutional investors, and 15% was publicly sold with the same terms: a token price of $0.004 each.
On the 12th, the PUMP token sale, valued at $500 million, was completed in just 12 minutes. According to the official website, 12.5% of the tokens were sold in this public sale, raising $500 million, which deviates from the initial plan of selling 15% of the tokens to raise $6 billion. As of now, pump.fun has not publicly disclosed the specific reason for this discrepancy. According to @Adam_Tehc data, 202 addresses applied in the presale for amounts totaling $1 million, 138 addresses applied for $50 to $100 million, and the majority of users with amounts under $1,000 numbered 5,758. It is worth noting that Pump.fun's competitor, BONK, continues its upward trend, with GP surging over 72.5% in the past 24 hours, hitting a new all-time high. Read more: "Pump.fun Token Launch: Is This a Turning Point or the Endgame for the Meme Track?", "$UESSLESS Hits Another High: Is the Bonk Ecosystem the Biggest Winner of the Pump Token Launch?"
GMX Hack: Approximately $42 Million in Assets Stolen, Hacker Returns 90% of Funds and Starts "Cleaning" Remaining Funds
On July 9, according to on-chain analyst Cinder, the perpetual trading platform GMX was hacked for approximately $42 million in assets, with the hacker address initially receiving funds from Tornado. On the same day, GMX left a message for the hacker on-chain, acknowledging its own vulnerability and stating willingness to provide a 10% white-hat bounty. If the remaining 90% of the funds were returned within 48 hours, no further legal action would be taken. On the 11th, the GMX hacker left a message saying they would return the funds. Subsequently, the hacker returned stolen crypto assets worth $40.5 million, including 10,000 ETH and 10.5 million FRAX. At the same time, the hacker kept nearly $5 million in profit due to the increase in ETH price as a white-hat bounty. They currently hold 1,700 ETH, valued at approximately $5.12 million. According to on-chain analyst Ai Yi's monitoring, these 1,700 ETH have begun to be "cleaned" through a mixer. Read more
BR Plunges by Half This Wednesday, Accounting for 65% of Alpha's Daily Trading Volume; Official Announces Airdrop of Up to 200 USDT to Affected Users as Compensation
On July 9, BR experienced a sudden drop of over 53%. According to Binance Alpha's related data panel, on July 8, Binance Alpha's trading volume reached $433 million, with BR trading volume reaching $282 million, accounting for 65.12% of Alpha's daily trading volume. On-chain analyst Ai Yi observed that before the price plunge, BR liquidity exceeded $60 million, and within a short 100 seconds, 26 addresses withdrew $47.59 million in liquidity, accompanied by large sell-offs at the million-dollar level by 3 addresses and at the $500,000 level by 13 addresses, causing a liquidity crisis and instant price collapse. On the 10th, the Bedrock team announced that they would distribute a special airdrop to affected Alpha Trading users, with a maximum of 200 USDT per wallet. Read more
Ethereum Foundation Releases Article Outlining Ecosystem's Future Development Strategy
On July 10, the Ethereum Foundation published a blog post titled "The Future of EF Ecosystem Development," outlining two main vision goals of the Ethereum Foundation: to maximize the number of individuals using Ethereum and enable them to benefit from the underlying value of Ethereum; and to maximize the resilience of Ethereum's technology and social infrastructure. The Foundation will concentrate on four key areas, including establishing four new teams focused on ecosystem acceleration covering enterprise relations, developer growth, application research, and founder support. The Foundation will also intensify ecosystem expansion efforts, continue to provide grant support, and focus on addressing global adoption barriers. Related reading: "After Ethereum Returns to $3000, How Will the Foundation Restructure Teams and Ecosystem Planning?"
Circle Enters Strategic Partnership with OKX, OKX to Support Instant 1:1 Exchange Service between USD and USDC
On July 9, according to official sources, stablecoin USDC issuer Circle Internet Group (NYSE code: CRCL) and OKX announced a strategic partnership, aiming to enhance bidirectional exchange liquidity between the US dollar and the USDC stablecoin. This collaboration will allow OKX's global 60 million users to enjoy a 1:1 instant exchange service between USD and USDC across its product lines. Related reading: "Stablecoin Battle Upgraded: Circle Teams Up with Exchange Platform to Build USDC 'Shadow Alliance'"
Trump Poised for First Major Legislative Victory on Cryptocurrency Policy Next Week
On July 11, reports indicate that Trump is poised for his first major legislative victory on cryptocurrency policy next week. The U.S. House of Representatives is expected to vote early next week on the "GENIUS Bill" proposed by the Senate. The bill aims to establish the first U.S. regulatory framework for so-called "stablecoins" pegged to the US dollar. The bill was passed in a bipartisan manner in the Senate last month and is poised to be the first significant cryptocurrency regulatory measure adopted by the U.S. Congress. Trump's signing of this stablecoin bill could provide a significant boost to the long-elusive mainstream entry of the cryptocurrency industry.
SEC Accelerates Development of Cryptocurrency ETF Common Listing Standard, Altcoin ETF "Floodgates" Set to Open
On July 9, as the U.S. Securities and Exchange Commission considers expediting approval of a uniform listing framework, the altcoin cryptocurrency ETF "floodgates" are set to open. Earlier, according to crypto journalist Eleanor Terrett, the U.S. Securities and Exchange Commission is cooperating with various exchanges to develop a common listing standard for cryptocurrency ETFs, which is currently in its early stages. If a cryptocurrency meets the standard, the issuer can skip the 19b-4 process and directly submit an S-1 filing, awaiting 75 days for the exchange to list it. This approach can save issuers and the SEC a significant amount of paperwork and consultation time. Related reading: "U.S. SEC Mulls Fast Track, SOL, XRP, ETF About to 'Open the Floodgates'?"
「ETH Reserve Strategy」Sharplink Gaming Acquires 10,000 ETH from Ethereum Foundation; Proceeds Will Be Used for Core Operations and Activities
On July 11, the 「ETH Reserve Strategy」 Sharplink Gaming announced the direct acquisition of 10,000 ETH from the Ethereum Foundation at an average buy-in price of $2,572.37. The transaction was completed on July 10, 2025. The Ethereum Foundation confirmed the transaction on the same day, stating that the proceeds from the ETH sale would be used for core operations and activities. In response to this news, SBET's pre-market stock price surged over 10%. Related reading: "ETH Reserve Company Becomes New Darling of the Stock Market, Digging Deep into the Backers of 4 Star Companies"
Linea Project Lead: Announcement to Be Released Later This Month Will Be Related to TGE
On July 12, Linea Project Lead Declan Fox took to social media to announce that they are prepared to fulfill the LINEA plan unveiled in Bangkok and will release a detailed announcement later this month. When community members inquired about its relation to TGE, Declan Fox replied "Yes" to confirm.
BubbleMart's First Investor, Ma Gang: Fond of Bitcoin, Key Lies in the Pursuit of the Fundamental Issue
On July 7, Ma Gang, the first investor of BubbleMart, recently stated on a podcast that Bitcoin has been a very important experience in his career. He recalled that at a university alumni forum, the host once asked him why he was fond of Bitcoin, while many industry "bigwigs" such as chief economists failed to notice. Ma Gang said, "When we studied monetary and banking, economics, etc., courses that every finance student would take, looking at Bitcoin from this perspective is actually very simple, of course, it is certainly also a lot of interdisciplinary knowledge, cognitive does not require you to have a doctoral degree. I think the pursuit, questioning, and persistence of the fundamental issue is very rare and important. What it is is most important."
Shanghai SASAC Holds Central Group Study Meeting on Development Trends and Response Strategies Regarding Cryptocurrency and Stablecoin
On July 10, the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) Party Committee held a central group study meeting on the development trends and response strategies regarding cryptocurrency and stablecoin. He Qing, Secretary and Director of the SASAC Party Committee, emphasized the need to fully implement the spirit of the Seventh Plenary Session of the Twelfth Municipal Party Committee, adhere to innovation-driven development, maintain a keen sense of new technologies, and strengthen research and exploration of digital currency. Insisting on the integration of production and numbers, explore the application of blockchain technology in areas such as cross-border trade, supply chain finance, asset digitization, and better play the important role of state-owned assets and enterprises in technology innovation, industrial control, and security support, making new and greater contributions to the construction of Shanghai's "Five Centers."
Wuxi Municipal Party Committee: Exploring the Practical Path of Stablecoin Empowering Foreign Trade Development
On July 7, according to the Wuxi Release Official Account, Du Xiaogang, Secretary of the Wuxi Municipal Party Committee in Jiangsu Province, chaired a special meeting on the city's key reform tasks, mentioning the need to promote innovative development models. It was emphasized to formulate classified stable foreign trade policy measures, refine the successful experiences of enterprises in advantageous sub-sectors such as biomedicine in their "going global" efforts, explore the practical path of stablecoin empowering foreign trade development, continuously expand the growth space of digital trade, green trade, and service trade, and improve the development level of cross-border e-commerce, intermediate goods trade, and offshore trade.
21st Century Business Herald Researches Stablecoin Transactions in Yiwu: Most Merchants Say They Have Not Heard of Stablecoins, Only a Few Support Stablecoin Payments
On July 8, according to the 21st Century Business Herald, there have been recent market reports that there are cases in Yiwu where stablecoins are accepted as payment for foreign trade goods. Reporters from the publication visited Yiwu to conduct on-site research on the use of stablecoins. When asked whether they can accept stablecoin payments, most merchants said they have not heard of stablecoins and do not understand them; only a few merchants support stablecoin payments. A previous report indicated that, in Yiwu, local stablecoins have become an important tool for cross-border payments. Blockchain analysis company Chainalysis estimated that as early as 2023, the on-chain stablecoin flow in the Yiwu market had exceeded $10 billion.
Toncoin's Collaboration with UAE for Providing 10-Year Gold Visa to TON Stakers Met with UAE's Denial
On July 6, according to market reports, Toncoin collaborated with the UAE to provide 10-year gold visas to TON stakers. The related page indicated that TON stakers only need to pay a one-time fee of $35,000 to obtain a 10-year gold visa. The next day, a joint statement was issued by the UAE Federal Authority for Identity and Citizenship, Customs and Port Security, Securities and Commodities Authority, and the Virtual Asset Regulatory Authority refuting the news circulating on certain websites and social media platforms about the UAE granting gold visas to cryptocurrency investors. They clarified that the issuance of gold visas is based on a clear framework and standards officially approved, which do not encompass cryptocurrency investors. The UAE Virtual Asset Regulatory Authority also clarified that the TON company has not obtained a license or regulation from VARA.
FTX Creditor Representative: Expected FTX Claim Total $11 Billion, Restricted Jurisdiction Claim Total $470 Million
On July 7, FTX creditor representative Sunil updated the FTX claim distribution information on Platform X, stating that the total amount of claims in restricted jurisdictions is $470 million, with Chinese investors being the largest group of FTX creditors, holding $380 million in claim rights (accounting for 82% of the restricted claims). Claims with incomplete KYC (Bahamas) total $290 million, and the total amount of disputed claims is $660 million, with a total of $1.4 billion waiting for claim resolution solutions, and a projected total allowable claim amount of $11 billion. Related Reading: "When FTX Chinese Creditors Are Discriminated Against, How Can They Reclaim $3.8 Billion?"
NVIDIA Becomes the First Company to Surpass $4 Trillion Market Cap
On July 9th, NVIDIA (NVDA.O) rose over 2.5%, surpassing a $4 trillion market cap and becoming the first company to do so.
Source: Payment Company Stripe May Be Planning to Launch an L1 Blockchain
On July 7th, according to User X @ayyyeandy, "There are rumors that payment service provider Stripe is planning to launch an L1 blockchain instead of opting for an L2 network like Robinhood. There is currently no official confirmation, but I have heard this news from multiple sources (including offline and DMs). It's currently Robinhood vs. Coinbase, and soon Stripe will join this battle." Related Read: "Payment Giant Stripe to Launch L1 Blockchain — What Changes Will It Bring to the Market?"
Trump Touts Economic Achievements: Cryptocurrency 'Mooning,' U.S. Stocks Hit All-Time High
On July 10th, Trump posted on Truth Social boasting about economic achievements: "Tech stocks, industrial stocks, and the Nasdaq index hit all-time highs! Cryptocurrency 'mooning.' Since Trump tariffs, NVIDIA's stock has risen by 47%. The U.S. is imposing tariffs on billions of dollars. The country is now 'back.' Great honor! The Fed should quickly lower interest rates to reflect this strength. America should be 'top of the list.' No inflation!!"
SEC Issues Security Tokenization Statement
On July 10th, the U.S. SEC issued a statement on security tokenization, stating that blockchain technology has opened up a new model for issuing and trading securities in a 'tokenized' form. Tokenization has the potential to promote capital formation and enhance investors' ability to use their assets as collateral. However, despite the significant potential of blockchain technology, it does not possess 'magic' to alter the nature of the underlying asset. Tokenized securities remain securities. Therefore, market participants must carefully consider and comply with relevant provisions of federal securities laws when trading such instruments.
Jack Dorsey Launches Decentralized Chat App bitchat, Supporting Offline Encrypted Communication
On July 7th, Twitter co-founder Jack Dorsey launched the decentralized peer-to-peer chat app bitchat. The app runs on a Bluetooth Low Energy (BLE) mesh network, supporting ephemeral encrypted message transmission, fully offline chat, and communication resilience in censorship-resistant and disconnected environments. Messages can be relayed through node hops, reaching distances of over 300 meters. Related Read: "Review of bitchat: Twitter Founder's New Work, Is This the 'twttr' Moment of the Encryption Communication Industry?"
Tether to End Support for USDT on EOS, Algorand Networks on September 1
On July 11, according to an official announcement, Tether will end support for USDT on Omni, Bitcoin Cash SLP, Kusama, EOS, and Algorand on September 1, 2025. The announcement states that this move is part of an effort to optimize infrastructure, align with community usage trends, and refocus resources on broader initiatives on more efficient, actively developed blockchains.
Web3 Job Market Research: 36.6% of Job Seekers Come from Top Chinese Universities, Fresh Graduate Acceptance Rate at "Big-Tech" Companies Below 0.28%
On July 9, a research study by Deloitte BlockBeats revealed that among respondents participating in a Web3 job-seeking survey, nearly 80% come from top Chinese universities and regular Tier-1 universities, with 7.3% having overseas educational backgrounds. Looking at their major backgrounds, these highly educated job seekers have various choices. Among those participating in the Web3 job-seeking survey, 46.34% are from computer science and information technology-related majors, and 21.95% are from finance and business backgrounds. According to Bitget's campus recruitment data, their 2025 campus recruitment program received over ten thousand resumes, with only 28 recent graduates eventually being hired, entering core business modules such as technology, product, regional growth, global branding, and global operations, covering almost the entire chain of the crypto business. Related reading: "2025 Web3 Job Market Report: 1 in 10,000 Applicants Hired, How Can You Succeed?"
Kinto Network Suffers Attack: Coin Price Plummets Over 90%, Losses Around $1.55 Million
On July 10, the native token K of the Arbitrum ecosystem's modular exchange platform, Kinto, experienced a severe collapse, with the price plummeting from around $8 to about $0.7, a decrease of over 90%. Kinto subsequently confirmed a vulnerability in the network that affected the on-chain deployment of the K token on Arbitrum. On the 11th, Kinto co-founder Ramon Recuero posted about the attack, stating that the hacker exploited a flaw that allowed unlimited minting of K tokens on Arbitrum, minting 110,000 K tokens and initiating an attack to deplete the Morpho Vault and Uniswap v4 pools. The total loss was around $1.55 million in ETH and USDC, leading to fluctuations in the K token price. Currently, the Kinto team is in contact with relevant authorities to trace the stolen funds. Related reading: "Kinto Crisis Revelation: When Smart Contract Vulnerabilities Meet a Bull Market, How Should Investors Hedge?"
Cookie DAO Announces New Staking and MAF Rules and COOKIE Token Burn Mechanism
On July 11, the AI Agent Index Platform project Cookie DAO announced new staking and MAF rules as well as a COOKIE token burn mechanism, where COOKIE stakers can now earn Snaps rewards. 10-20% of the rewards pool for the Cookie Snaps event will be allocated to COOKIE stakers. COOKIE staking will now only generate Cookie points, and staking rewards are set to stop. When COOKIE is locked in the MAF pool, 10% of the locked COOKIE tokens will be burned before unlocking. Read more: "Cookie Dao Updates Incentive Model: Airdrops Tied to Staking Rewards, Value Capture Enters a New Phase?"
Ethena Labs Announces Coinbase International as USDe Underlying Asset Hedge Platform
On July 10, Ethena Labs announced Coinbase International as the latest hedge platform for the USDe underlying asset. "Coinbase International's unclosed contract has recently exceeded $1 billion, providing important liquidity that can hedge the USDe underlying asset through attractive financing rate setups."
YZi Labs Announces Strategic Investment in Blockchain Infrastructure Platform Aspecta
On July 10, according to official sources, YZi Labs announced a strategic investment in the blockchain infrastructure platform Aspecta, providing price discovery and lifecycle liquidity for illiquid assets (such as pre-issued stocks, locked tokens, private equity, risk-weighted assets, etc.). Read more: "Yzi Labs Strategic Investment in Aspecta: Using 'AI+Blockchain' to Solve the Illiquid Asset Challenge"
YZi Labs Announces Support for 10X Capital to Establish 'BNB Reserve Company'
On July 10, YZi Labs announced support for leading investment firm 10X Capital to establish the 'BNB Reserve Company,' focused on digital assets and digital asset reserves. This is a U.S.-based enterprise dedicated to managing digital assets in the BNB Chain ecosystem through independent operation. The BNB Reserve Company plans to list on major U.S. stock exchanges, aiming to provide U.S. investors with exposure to the world's fourth-largest digital asset, BNB's growth, and will focus on the development of the BNB Chain ecosystem.
Trump's Truth Social to Launch Utility Token, Promote Subscription Service
On July 10, it was reported that Truth Social, the social media platform founded by former U.S. President Donald Trump, recently revealed that the platform will launch a utility token as part of its new loyalty rewards program, tied to its "Patriot Package" subscription plan. The current Patriot Package subscription, which is in the public testing phase, is priced at $9.99 per month and offers the following benefits: access to 12 "high-quality, non-woke" news channels; more on-demand video content; a red checkmark verification on Truth Social; and a Truth+ exclusive badge. Interestingly, the free version of the platform actually provides access to 27 channels — 15 more than the paid version, including Euronews and a Spanish channel.
Trump's Son Invests in Social Media Company Thumzup Holding Cryptocurrency Reserves
On July 10, Donald Trump's son, Donald Trump Jr., purchased shares of a loss-making social media company that is building a Bitcoin reserve, marking the latest investment by the Trump family in the "cryptocurrency as a treasury asset" strategy. Los Angeles-based media company Thumzup stated in a filing on Wednesday that Trump Jr. holds 350,000 shares of the company, which, based on yesterday's closing price of $12.36 per share, are valued at over $4 million.
This Week's Big Fundings: Kuru Labs, Agora, Harmonic
On July 7, Kuru Labs, a DEX project in the Monad ecosystem, completed a $11.5 million Series A funding round, led by Paradigm. Angel investors included 0xDesigner and Viktor Bunin, among others. The company had previously raised approximately $2.2 million in seed funding. Read more: "Raising $11.5 Million, Backed by Monad, Kuru Aims to Script a New Paradigm for On-chain Transactions"
On July 10, stablecoin startup Agora closed a $50 million Series A funding round, with Paradigm leading and Dragonfly participating. Agora reportedly aims to use this funding to advance the development of its native stablecoin, AUSD. Read more: "Agora Bags $50 Million in Funding, Why is Paradigm Investing in 'White-label Stablecoin'?"
On July 11, the Harmonic AI Lab announced the completion of a $100 million Series B financing round, bringing the post-money valuation close to $9 billion. This round was led by venture capital giant Kleiner Perkins, with substantial participation from Paradigm. Other investors include Ribbit Capital, as well as existing shareholders Sequoia Capital, Index Ventures, and Charlie Cheever.
This Week's Top Articles
"Stablecoins, a Cashless Payment Reform for 5 Billion People"
Stablecoins are quietly transforming the global financial ecosystem. From Argentina and Southeast Asia to Africa, millions of people are starting to save, transfer, and pay with stablecoins such as USDT and USDC as a new means to combat inflation and circumvent banking restrictions. In turbulent economies with low banking penetration, stablecoins have become a practical tool, bringing new financial freedom to those without traditional financial access. They have also become a currency substitute in real-life scenarios, redefining the meaning of "money."
"The 2025 of 'Buying Coin' US Stocks: Madness, Premiums, and Arbitrage"
In the summer of 2025, the most prominent figures in the capital markets are not tech giants but the "strategically coin-holding" crypto US stocks, especially MicroStrategy, which has included Bitcoin on its balance sheet. Its stock price has surged over 200% amid Bitcoin's rise, far outperforming traditional tech stocks like Meta and NVIDIA. With strategies around mNAV premiums, volatility arbitrage, convertible bond hedging, and more, professional traders, institutions, and retail investors are actively participating in a game that revolves around crypto asset pricing, shaping a new financial narrative. While premiums fuel speculative frenzy, risks follow, including financing dilution, structural leverage, and policy variables. In this "coin-stock capital game," only companies with true financing capabilities and scale support like MSTR and Metaplanet may survive in the long run, while many followers face collapse risks in a bear market. Bitcoin remains the anchor of this narrative and the ultimate market consensus.
"Bitcoin Mortgages, a New $66 Trillion Blue Ocean"
Bitcoin is gradually entering the mainstream U.S. financial system, from Cantor Fitzgerald's launch of a $2 billion Bitcoin-backed loan program to FHFA Director Bill Pulte's request for Fannie Mae and Freddie Mac to consider including Bitcoin in the range of mortgage collateral, signaling its transition from an alternative investment to a credit-enhancing financial instrument. Introducing Bitcoin into the U.S. real estate system may not only unlock the potential for billions of dollars in financing but also provide financial and political support for GSE privatization, housing credit reform, and digital asset legalization. Despite remaining policy disagreements and market risks, cryptocurrency assets are challenging the traditional credit assessment system, building a new housing finance order based on on-chain assets.
"How to Reclaim $380 Million When FTX China Creditors Are Discriminated Against?"
FTX's liquidation trustee has initiated a motion to exclude users from "restricted countries" such as China from compensation, potentially even confiscating their claims and transferring them to a trust account, sparking strong opposition from Chinese creditors. Creditor Will, as a significant victim, has stood up to oppose the motion, pointing out that it violates the principle of equal treatment, suffers from legal application deviations, and is being used by institutions to manipulate panic and engage in lowball acquisitions. He calls on creditors to submit their objections by July 15 to avoid losing their voice and emphasizes that only by preventing the motion from passing can the legal status and initiative of Chinese users' claims be preserved. Currently, the FTX credit market is optimistic about institutions, with a premium of up to 120% and attractive arbitrage opportunities, but original creditors face the risk of being "bought out at a low price," and the rights protection has entered a critical stage.
"Peter Thiel Personally 'Builds Up' Erebor to Become the 'Alternative' of Silicon Valley Banks"
Peter Thiel, along with Oculus co-founder Palmer Luckey and Palantir co-founder Joe Lonsdale, is building a new bank called Erebor, aimed at high-risk technology companies in encryption, AI, national defense, etc., that mainstream banks avoid. The bank has applied for a national bank charter with U.S. regulatory agencies. The project is backed by Founders Fund, continuing Thiel's consistent "Middle-earth naming" and political-financial dual layout. The goal is to establish a compliant yet technology-friendly bank middleware in the financial vacuum left after SVB's closure and is expected to be one of the first institutions to custody stablecoins (such as USDC, RLUSD) with a federal license. Erebor is attempting to build a bridge between traditional banks and emerging technologies through an institutional window, not just managing money, but also serving as an interface for reshaping the financial order.
"Comprehensive Suppression of Pump.fun, What Has LetsBonk Recently Done?"
The meme coin issuance platform battle on Solana has entered a new stage, with LetsBonk.fun comprehensively surpassing its established competitor Pump.fun in core metrics such as market share, trading volume, and protocol revenue, becoming the strongest current on-chain Launchpad. Its key to victory lies in a more consensus-driven mechanism design, founder Tom's high-frequency interactions, and the genuine long-term community fund investment, forming a strong community trust. While Pump.fun has strong revenue and cash reserves, its $4 billion valuation is now being questioned in the face of LetsBonk's rise. The Launchpad competition has entered a new game stage where value and emotion coexist.
Under the promotion of companies like Robinhood, Upexi, and SOL Strategies, the tokenization of US stocks on Solana is rapidly advancing, forming an experiment of integrating traditional finance with Web3 through "coin-equity linkage." Upexi and SOL Strategies have conducted PIPE and convertible bond financing to purchase and stake SOL on a large scale, exploring a new path to building enterprise valuation based on SOL returns. They are also attempting to tokenize company stocks on-chain through the Opening Bell platform, promoting a three-tier capital circulation structure: equity financing, on-chain liquidity, and DeFi amplification. However, tokenized stocks are still limited by whitelist regulatory frameworks and cannot currently be freely used for DeFi collateral. Whether they can stably support valuation premiums in the future depends on the true establishment of the on-chain financial ecosystem and the ongoing performance of SOL assets.
"Foreign KOL Collapses, Is All the Sudden Wealth a 'Conspiracy' We Don't Understand?"
Two well-known crypto KOLs faced a public relations storm over allegations of manipulating meme coins. Lexapro was accused of being involved in the manipulation of multiple projects such as $DEAL and $RICH. After chat logs with the Moonshot team were exposed, Lexapro was questioned for failing to pump the price and blaming the projects, sparking strong community dissatisfaction. On the other hand, veteran KOL GCR was accused by an anonymous account of bribing Binance listing teams and hacking into research institution servers for insider information, but currently, there is no definitive evidence. The incident has triggered players' anger and disillusionment with KOL price manipulation behavior, exposing a structural issue in the crypto world where retail investors are frequently harvested.
Ethereum is reaching a historical inflection point, becoming a "certainty incremental asset" supported by macro policy, institutional funds, technical upgrades, and regulatory changes. The Federal Reserve's shift to easing, approval of an ETH ETF, public companies like SharpLink adding Ethereum to their balance sheets, Pectra advancing L2 scaling, and global stablecoin legislation all indicate that Ethereum is transitioning from "crypto infrastructure" to a "global digital finance equity vehicle." Its staking rewards, deflationary model, and political acceptance are all increasing in sync, with on-chain activity and institutional allocation driving a dual cycle that holds explosive potential over the next 3–18 months.
"18% One-Day Surge: Why Did This Bitcoin Mining Firm Go All In on Ethereum?"
Bit Digital announced the liquidation of its Bitcoin holdings and a full transition to Ethereum, sparking significant market attention. Faced with a sharp drop in Bitcoin mining profitability post-halving and high energy consumption, the company is pivoting to embrace a PoS model, staking ETH for more stable returns. It plans to continue accumulating Ethereum on a large scale, with current holdings exceeding 100,000 ETH. This move is not just an adjustment to its survival strategy but also a comprehensive bet on Ethereum's sustainability, revenue model, and ecosystem strategic value, signaling that "ETH Microstrategy" is becoming a new capital narrative for crypto-listed companies.
"Ponzi Scheme Disguised as a Stablecoin: Xingkangjia's $13 Billion Fraud Warning"
The "Xingkangjia" project, touted with headlines of "PetroChina cooperation" and "Dubai Exchange," used the stablecoin USDT as a funding channel and attracted funds in third and fourth-tier cities across the country under the guise of "principal protection high interest." It eventually ended with an inability to withdraw funds, core team members fleeing abroad, and involving funds potentially reaching tens of billions, with over 2 million victims. The project's essence is a combination of a Ponzi scheme, pyramid selling, and cross-border money laundering. The mastermind behind it, Huang Xin, previously impersonated others using fake photos and historical involvement, eventually fleeing through investment immigration. This scam exposes a new risk of stablecoin misuse and once again warns of the dual absence of financial regulation and public vigilance.
Ethereum is undergoing a self-renewal process, with the foundation attempting to revive the spirit of decentralization and technological ideal through leadership changes and funding strategy transformation. The core goal is to secure on-chain privacy and security, strengthen L1 infrastructure, while actively guiding the development of cutting-edge fields such as DeFi, AI, and identity verification. In the future, Ethereum hopes to become a trusted platform for global asset exchange and modular open-source collaboration, achieving true global network governance in a diverse and antifragile structure. Faced with L2 scaling, real-time blockchain challenges, and interoperability issues, the foundation is moving towards a more proactive guidance and technical coordination path.
"Fintech and Crypto, a Founder's 13-Year African Journey"
Elizabeth Rossiello founded AZA Finance and has witnessed and actively promoted the evolution of financial technology and cryptocurrency infrastructure in Africa for thirteen years, from Bitcoin to stablecoins, from remittance pain points to local currency liquidity solutions. She emphasizes that in Africa, "crypto + fintech" is no longer a futuristic concept but a practical infrastructure where stablecoins are widely used in cross-border settlement and hedging against currency devaluation scenarios. Her entrepreneurial journey also illustrates how global Southern enterprises are gaining dominance in the financial landscape. As one of the few female founders, she shares her persistence and breakthroughs in the male-dominated crypto culture.
"What Did Ethereum Builders Discuss at the Cannes EthCC Conference?"
At the recent EthCC conference, tokenization, privacy protection, and mobile-first approaches became the core focus of ecosystem discussions. Privacy is seen as a prerequisite for institutional on-chain presence, with companies like Coinbase and EY proposing solutions that combine technology and compliance; the tokenization trend has expanded from stocks to commodities, especially gold and uranium, indicating a deep integration of on-chain settlement with traditional assets; and at the application layer, mobile design is taking the lead, with wallets and contract transaction tools moving towards a "thumb-first" user experience. Overall, the crypto industry is transitioning from infrastructure debates to designing and integrating solutions for real-world needs.
This was a deep interview with CZ that lasted for hours, starting from his difficult childhood in rural China, recounting his growth, technical background, and career experiences after immigrating to Canada, especially his journey in 2013 into Bitcoin and founding Binance. He admits to missing the Internet wave but firmly seizing the cryptocurrency opportunity and, with a global vision, strong execution, and unwavering belief, making Binance the industry leader. He emphasizes the importance of long-term thinking and the team, maintains trust in the U.S. justice system, and does not shy away from his prison experience, sharing his adaptation and reflections while incarcerated. He has faith in Bitcoin, blockchain, and AI as technologies that will profoundly reshape the global financial structure and hopes to continue contributing to the industry's development in the future.
"H1 2025 Crypto Funding Insight: $37 Billion Total Behind Top VCs"
In the first half of 2025, the cryptocurrency venture capital market saw a significant rebound, with disclosed funding reaching over $37 billion, setting a new high since the 2021 bull market. Major deals such as Binance's $20 billion strategic round and Circle's $11 billion IPO drove the average funding size to $248 million, with funds flowing towards core tracks such as scaling infrastructure, compliance services, and cross-chain protocols, shifting away from speculative applications. AI-related projects attracted around $700 million, indicating their emergence as a new hot trend. Meanwhile, top institutions like a16z and Paradigm continued to lead high-valuation rounds, showing a capital focus on top platforms and infrastructure building.
Against the backdrop of recurrent regulatory crackdowns in the cryptocurrency industry, a political lobbying effort led by Bitcoin executives and lobbyists successfully transformed Donald Trump from a skeptic who once denounced Bitcoin as a scam into a staunch supporter. By promoting NFT projects, hosting private dinners at Mar-a-Lago, committing to accept crypto donations, and posting on Truth Social to endorse Bitcoin mining and stablecoin policies, the industry raised tens of millions of dollars for Trump's campaign and received policy responses like the White House's crypto strategic reserve. Meanwhile, companies like Ripple and Coinbase actively sought influence, attempting to include their own tokens in the national reserve, sparking internal competition and power struggles in the "Trump crypto circle," reflecting power dynamics and realpolitik exchanges in the industry.
Strategy has been accumulating Bitcoin through continuous issuance of common stock, preferred stock, and convertible bonds, among other complex financial instruments. Its so-called "Bitcoin gains" actually rely on introducing new shareholders' funds to support the asset appreciation of old shareholders, constituting a structural Ponzi scheme. While the company maintains a high premium stock price by innovating narratives, beautifying earning metrics, and packaging financial products, it lacks sustainable operational capabilities, masking long-term risks. The Strategy model is now being emulated worldwide by struggling enterprises, giving rise to a wave of "Bitcoin treasury companies" bubbles. However, while this strategy may seem prosperous in a bull market, once in a bear market, debt repayment pressure, asset devaluation, and equity dilution will lead to systemic collapse. Bitcoin may be worthy of belief, but companies turning it into an equity arbitrage tool do not truly embrace the spirit of Bitcoin.
"Zelensky's Outfit Revealed: Prediction Market Turning into Market Manipulation"
Zelensky wearing a suit to the NATO Summit was initially a clear fact, but was vetoed by the UMA oracle in the $200 million Polymarket prediction market, revealing a fatal flaw where human-controlled oracles could be manipulated in the face of significant interests. A few whales holding a large amount of tokens were able to rewrite reality through voting, highlighting how the current decentralized systems of truth determination have been distorted by economic incentives. The article calls for the complete removal of human factors and the introduction of an AI-driven, transparent, auditable, multi-source consensus oracle system to liberate prediction markets from human biases and build a trustworthy mechanism for fact determination in the post-truth era.
In the article, Vitalik mentioned that he initially favored permissive licensing, believing it maximized work dissemination and aligned with the "anti-copyright" concept. However, as open source became mainstream, competition in the crypto space intensified, and technical power gradually concentrated, he shifted his support towards copyleft. Copyleft can more forcibly ensure code's free sharing, drive technological diffusion, and curb monopolistic imbalances caused by economies of scale. Compared to government-driven technology diffusion policies, copyleft provides a more neutral and efficient incentive mechanism.
"Vitalik's Perspective on 'AI 2027': Will Super AI Really Destroy Humanity?"
Although the "AI 2027" report predicts that superhuman AI will be born as early as 2027 and could potentially destroy humanity, Vitalik believes that this doomsday scenario overlooks the symmetric reality of technological development, especially in areas like biodefense, cybersecurity, and information anti-interference. As long as humans (or other AIs) have corresponding defense capabilities, such as stronger detection mechanisms, secure architectures, and information filtering tools, superintelligence does not necessarily possess the capability for a decisive blow. Moreover, slowing down AI evolution, breaking technological centralization, enhancing localized defense, and fostering a multipolar information ecosystem may be more realistic and secure than solely relying on a "benevolent super AI."
"From MyStonks to Backed, Why is the US Stock Market in a Hurry to Tokenize?"
By 2025, driven by technological breakthroughs, global investment demand, and the internationalization of the US dollar, the tokenization of the US stock market has rapidly emerged, with a market cap soaring by nearly 2000%. Platforms such as MyStonks, Backed, and Kraken have taken different paths to advance on-chain US stocks, allowing traditional assets to circulate on-chain for the first time, with features such as 24-hour trading and global accessibility. Tokenization has not only addressed pain points such as high cross-border investment thresholds and limited trading hours but has also provided new applications for stablecoins, introduced real-world asset anchors to DeFi, and propelled the maturity of the blockchain financial ecosystem.
"Aeza Group, Russian Hosting Provider for Hackers and the Dark Web, Faces Comprehensive Sanctions"
The US Treasury Department recently imposed sanctions on the Russian bulletproof hosting provider Aeza Group, citing its long-term provision of infrastructure support to ransomware gangs, information theft tools, and dark web drug markets, with implicated entities including Lumma, RedLine, and the fentanyl distribution platform Blacksprut. On-chain analysis shows fund flows between its cryptocurrency wallets and multiple exchanges and sanctioned entities, highlighting its key role in money laundering and the criminal ecosystem. This action signals that regulatory crackdowns are extending from attackers themselves to the service providers behind them, underscoring the need for enterprises to seriously consider compliance risks and avoid associations with high-risk entities.
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