Today's News Highlights
Vitalik: If decentralization is just a slogan, Ethereum will face risks
Arthur Hayes: The market may trade sideways or slightly down before Powell's speech at the end of August. In a pessimistic scenario, BTC may test the $90,000 to $95,000 range
Ripple subsidiary Standard Custody applies for Federal Reserve master account
PayPal co-founder and other tech billionaires plan to establish Erebor Bank to serve crypto and AI startups. Erebor plans to include stablecoins in its balance sheet
Jupiter's token launchpad Jupiter Studio is officially launched
Binance Wallet Exclusive TGE Round 28 will launch Palio(PAL)
OpenAI denies authorizing Robinhood to launch related tokenized stocks
Binance releases Alpha airdrop performance data for June, with LA, AB, and SAHARA being the top 3 in airdrop returns
Regulation & Macro
The U.S. House of Representatives will hold a final vote on the "Big and Beautiful Act" at 8 p.m. tonight
U.S. House Speaker Johnson said that the final vote on the "Big and Beautiful Act" will be held at 8 a.m. today (20:00 Beijing time).
The U.S. Department of Justice cracked down on a $14.6 billion healthcare fraud case, and $245 million in cryptocurrency, cash, etc. were seized
The U.S. Department of Justice announced the busting of the largest healthcare fraud case in history, indicting 324 defendants involving more than $14.6 billion in false claims. The action also seized more than $245 million in cash, cryptocurrency, luxury cars and other assets, while the U.S. Centers for Medicare & Medicaid Services (CMS) prevented more than $4 billion in fraudulent payments by suspending or revoking the billing privileges of 205 providers. The "Operation Gold" case involved in the case accounted for $10.6 billion in fraud and was related to organized crime in Russia, Estonia and Kazakhstan.
US Treasury Secretary: The Fed may cut interest rates in September or "sooner"
According to Cailian News Agency, U.S. Treasury Secretary Scott Bessernt said on Tuesday that since the tariffs implemented by President Trump have so far only triggered mild inflation, he believes that the Fed may cut interest rates in September or "sooner". He made the above remarks on Fox News' (Ingraham Perspective) program, and his superior, President Trump, is increasing pressure on the Federal Reserve and Chairman Powell, demanding that interest rates be lowered by as much as 3 percentage points.
U.S. ADP employment fell by 33,000 in June, the largest drop since March 2023
According to Jinshi reports, U.S. ADP employment fell by 33,000 in June, the largest drop since March 2023.
Later news, traders increase bets on at least two rate cuts by the Fed before the end of 2025.
Hungarian Central Bank rules out possibility of including any crypto assets
According to Zhitong Finance, Hungarian central bank official Kurari said that the central bank is evaluating international reserve strategies and ruled out the possibility of including any crypto assets.
International Monetary Fund rejects Pakistan's bitcoin mining energy plan
According to Cryptonews, the International Monetary Fund (IMF) has rejected Pakistan's plan to provide preferential electricity prices for cryptocurrency mining. The Secretary of the Pakistani Ministry of Power told the Senate Committee on Power that the IMF believes the plan could exacerbate the burden on the power system and cause market distortions. The Pakistani government is currently renegotiating the electricity subsidy plan with international institutions. The Senate Committee on Power also discussed technical solutions to combat electricity theft and requested the power sector to submit detailed responses to relevant issues before the next meeting.
Project dynamics
Swiss bank AMINA supports Ripple's stablecoin RLUSD custody and trading
Swiss bank AMINA announced the launch of custody and trading services for Ripple's stablecoin RLUSD, becoming the first global bank to support the stablecoin. Previous news, Ripple applied for a U.S. banking license after Circle, and its subsidiary Standard Custody applied for a Federal Reserve master account.
Jupiter's token launchpad Jupiter Studio is officially launched
Jupiter's token launchpad Jupiter Studio is officially launched. Users can quickly launch tokens through preset templates, or choose advanced custom options, including supporting initial minting of USDC, SOL or JUP, setting market caps, and flexible token vesting schedules. 50% exchange fee revenue, LP unlock mechanism after graduation, anti-sniper protection mechanism, and up to 80% token vesting and unlock plan.
Later news, the Jupiter Core Working Group (CWG) will be dissolved and all 4.5 million JUP will be returned to the DAO.
PayPal co-founder and other tech billionaires plan to establish Erebor Bank to serve crypto and AI startups. Erebor plans to include stablecoins in its balance sheet
According to (Financial Times) reports, PayPal co-founder Peter Thiel and other tech billionaires plan to establish a bank called Erebor, focusing on serving startups in areas such as cryptocurrency, artificial intelligence, manufacturing, and defense technology. Erebor has applied for a national bank charter with the U.S. Office of the Comptroller of the Currency. The bank aims to fill the market void left by the collapse of Silicon Valley Bank (SVB). It is reported that SVB used to provide services to cryptocurrency companies, including BlockFi, Circle, and Avalanche, as well as other venture capital-backed startups, but went bankrupt in 2023 due to financial investment errors. Erebor is led by Palmer Luckey, co-founder of defense technology company Anduril, and is supported by Palantir co-founder Joe Lonsdale and Thiel's Founder Fund. The two co-CEOs are Owen Rapaport, co-founder of software company Argus, and former Circle consultant Jacob Hirshman. Erebor plans to include stablecoins on its balance sheet, but has not yet specified which ones.
Previous news, (Financial Times) reported that Silicon Valley tycoons are planning to open a bank to support cryptocurrency companies.
Dmall's stock price once soared nearly 90%, has allocated BTC and plans to apply for a Hong Kong stablecoin license
The stock price of Hong Kong-listed company Dmall (02586) once soared nearly 90%, and as of press time, it rose 45.38% to HK$13. According to Financial World reports, Dmall is preparing to apply for a stablecoin license in Hong Kong. Tang Yifan, vice president and chief financial officer of the company, said that virtual assets entering the Web3 field bring huge opportunities, and the penetration rate of cryptocurrencies in global business continues to increase and has become an important part of diversified investment. Dmall is optimistic about cryptocurrencies in the long term, has allocated Bitcoin, and is actively promoting stablecoin and cryptocurrency strategies, while recruiting talents from leading companies in the industry such as Amber Exchange and Crypto.com. In addition, in February of this year, Dmall and HashKey Group signed a strategic cooperation agreement, and the two parties will cooperate deeply in the fields of digital asset trading, Web3 technology development, and blockchain ecosystem construction.
Ripple subsidiary Standard Custody applies for Federal Reserve master account
Ripple submitted a federal banking license application to the U.S. Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple will be subject to OCC regulation, and its stablecoin RLUSD will also be included in the regulatory scope. In addition, Ripple plans to provide more crypto services through this banking license. At the same time, Ripple's subsidiary Standard Custody & Trust Company also applied for a Federal Reserve master account this week, which will enable Ripple to directly store RLUSD reserves in the Federal Reserve. It is worth mentioning that Circle also submitted a federal banking license application to the OCC this Monday, planning to act as its reserve custodian and hold crypto assets for institutional clients.
Vitalik: If decentralization is just a slogan, Ethereum will face risks
According to CoinDesk, Ethereum co-founder Vitalik Buterin warned at the EthCC conference in France that Ethereum will face a survival crisis if decentralization remains only a slogan. He proposed three core test standards: 1. Exit test (whether user assets are safe after the project party disappears); 2. Internal attack test (the system's ability to resist internal wrongdoing); 3. Trusted computing base test (the amount of code trust required to protect user assets). Buterin pointed out that most Layer2 networks and DeFi projects currently rely on tamperable backdoors or centralized front ends, and privacy solutions often expose user transaction history due to reliance on third-party logins. He emphasized that privacy should be set as a default function and the code trust base should be streamlined. On the tenth anniversary of the Ethereum mainnet launch, he warned that if true decentralization guarantees cannot be achieved, Ethereum may repeat the fleeting fate of other technologies.
OpenAI denies authorizing Robinhood to launch related tokenized stocks
OpenAI stated on the social media platform X that the so-called "OpenAI tokens" launched by Robinhood have not been authorized or supported by cooperation. OpenAI emphasized: "These tokens are not OpenAI equity, we have not cooperated with Robinhood, and we do not approve of this behavior. Any transfer of OpenAI equity requires our approval, but we have not approved it."
Warning: Dozens of fake wallet plugins flood the Firefox store, stealing cryptocurrency
According to BleepingComputer, security company Koi discovered more than 40 fake cryptocurrency wallet extensions in the official Firefox browser plugin store, imitating mainstream wallets such as MetaMask and Coinbase Wallet. These malicious plugins steal input content of more than 30 characters (mainly for mnemonic words) by implanting event listening code, and return the data to the attacker's server. The investigation shows that this phishing activity has continued since at least April 2025, and the group behind it is suspected to be a Russian-speaking hacker organization. Researchers remind users to check the developer information and the authenticity of the download volume when installing wallet extensions.
Belgian KBC Bank will launch Bitcoin and Ethereum trading services for retail customers
According to Cointelegraph, KBC, one of Belgium's largest banks, plans to offer Bitcoin and Ethereum investment services to retail customers through its investment platform Bolero, and is expected to obtain regulatory approval this fall. A bank spokesperson said that it will focus on investor education, asset security and compliant operations to create a safe investment environment. If successfully implemented, KBC will become the first mainstream bank in Belgium to launch cryptocurrency services to retail customers.
REX-OSPREY Solana Staking ETF officially launched, with a trading volume of $33 million on its first day
According to data provided by Bloomberg ETF analyst Eric Balchunas, the first Solana staking ETF (ie REX-OSPREY SOLANA ETF) SSK had a trading volume of $33 million yesterday, which is far better than Solana futures ETF and XRP futures ETF and the average performance of ordinary ETFs, but still lower than the trading volume of Bitcoin and Ethereum spot ETFs. Previous news, REX-OSPREY SOLANA ETF has been officially launched.
Previous news, Anchorage Digital has been appointed as the exclusive custody and staking service provider for the REX-Osprey SOL spot ETF.
Bitcoin Layer2 network BOB has launched its testnet ahead of schedule, and the mainnet will be launched in Q4
According to CoinDesk, Bitcoin Layer2 network BOB has launched its testnet ahead of schedule, with the mainnet planned for Q4 2025. The project is built using the BitVM computing paradigm and aims to support DeFi services through Bitcoin's native assets (non-wrapped form). Its cross-chain bridge technology allows BTC to be freely transferred between the Rollup and the mainnet. Alexei Zamyatin, co-founder of BOB, emphasized that the solution is fundamentally different from wrapped asset models such as Stacks, similar to how ETH maintains its native properties in Ethereum Rollups. The testnet is supported by institutions such as Lombard, Amber Group, and RockawayX, which will participate in BitVM bridge verification.
ZachXBT: At least 345 to 920 positions in crypto projects have been infiltrated by North Korean IT personnel since this year
Crypto detective ZachXBT stated on the X platform that his investigation found that since January 1, 2025, more than $16.58 million in payments have flowed to North Korean IT personnel employed as developers by various projects and companies, averaging $2.76 million per month. Based on a remuneration of $3,000-$8,000 per person per month, this equates to at least 345 to 920 positions being infiltrated. In the six clusters he monitored, one cluster successfully tracked 8 North Korean IT workers serving in more than 12 projects, and the funds from the payment address flowed to two aggregation addresses. There are other suspicious circumstances in the cluster, such as refusing to meet offline but claiming to be in the same city, recommending each other for positions, abnormal IP addresses, changing user names, deleting accounts, paying with the same address, and failing KYC checks.
Kingkey Financial International invests $12 million to subscribe to Amber International shares and enters the institutional crypto service field
According to Zhitong Finance, Hong Kong-listed company Kingkey Financial International (01468) announced on June 30, 2025 (after the trading session) that it had signed a subscription agreement with Amber International Holding Limited. According to the agreement, Kingkey Financial International will subscribe for 5.7416 million Class A ordinary shares issued by Amber International at a price of approximately US$12 million, with a subscription price of US$2.09 per share. The announcement pointed out that this subscription is a strategic financial investment and an important step in the group's diversified investment portfolio, aiming to enter the field of institutional encryption services, which is consistent with the content of previous announcements exploring digital assets.
Coinbase has acquired token management platform Liquifi
According to Fortune magazine, crypto exchange Coinbase announced the acquisition of token management platform Liquifi, its fourth acquisition completed in 2025. Aklil Ibssa, head of corporate development at Coinbase, declined to disclose the specific terms of the deal. Liquifi has received a $5 million seed round led by Dragonfly, and its clients include well-known projects such as the Uniswap Foundation and OP Labs, mainly providing token vesting, tax management and other services. Aklil Ibssa, head of corporate development at Coinbase, said that the acquisition will improve its full-cycle service capabilities from token creation to listing.
Italian banking group Banca Sell will test custody services for digital assets such as stablecoins
According to Bloomberg, Italian banking group Banca Sella Holding SpA is conducting an internal pilot project to test custody services for digital assets such as stablecoins. The person said that Sella has been cooperating with technology provider Fireblocks to carry out this pilot. They also said that the banking group currently only allows a limited number of professional employees to hold digital assets internally, and may promote this service to customers in the future.
North Korean hackers use fake Zoom updates to spread macOS malware "NimDoor" targeting crypto companies
According to The Block, cybersecurity company SentinelLabs recently discovered that North Korean hacker organizations are using a new "NimDoor" macOS backdoor program to attack cryptocurrency companies. The malware spreads through fake Zoom update packages and can steal browser passwords, Telegram data, and encrypted wallet files. Attackers first contact the target on Telegram, arrange meetings through Calendly, and induce victims to download a poisoned "Zoom update". The backdoor is written in the unpopular programming language Nim and can bypass Apple's security detection. Once installed, it automatically creates a login item to run continuously and downloads subsequent attack modules. Security experts recommend that cryptocurrency companies take three protective measures: block unsigned installation packages, only download updates from the zoom.us domain, and review Telegram contact lists.
Binance Wallet Exclusive TGE Round 28 will launch Palio(PAL)
According to the official announcement, Binance Wallet Exclusive TGE Round 28 will launch Palio(PAL), and TGE details and activity page will be released soon. Subscription time: 4:00 pm to 6:00 pm (UTC+8) on July 7, 2025; Subscription qualification: Eligible users must use Binance Alpha points to participate; An additional 40,000,000 PAL will be used for future events, and specific details will be announced separately.
Binance Alpha announces ICNT airdrop details and thresholds, which will be distributed in two stages
PANews July 3 news, Binance Alpha issued an announcement to update the details of the Impossible Cloud Network (ICNT) airdrop, ICNT airdrop will be issued in two stages: the first stage (first 18 hours): users holding at least 214 Alpha points can claim. The second stage (last 6 hours): users holding at least 140 Alpha points can participate in the second stage airdrop on a first-come, first-served basis until the airdrop pool is exhausted or the event ends. Please note that claiming the airdrop will consume 15 Binance Alpha points. Users need to confirm the claim within 24 hours on the Alpha activity page, otherwise they will be deemed to have given up the airdrop. Pre-check can be done 15 minutes before the start of the rush purchase phase, and face recognition can be exempted within 30 minutes after passing.
MemeCore (M) has been launched on Binance Alpha. In the first stage, you need to have more than 214 Alpha points to receive 1000 M tokens
Binance announced that MemeCore (M) has been launched on Binance Alpha and an airdrop event has been launched. Eligible users can receive 1000 M tokens in two stages: the first stage is the first 18 hours of the event, and they must have at least 214 Binance Alpha points; the second stage is the last 6 hours, and they must have at least 140 points, which will be distributed on a first-come, first-served basis until the airdrop pool is distributed or the event ends.
Bithumb adds Humanity Protocol (H) and Mantra (OM) Korean Won trading market
Binance Alpha will launch Infinity Ground (AIN) on July 5
Upbit will launch MOODENG Korean Won, BTC and USDT trading
Coinbase adds Sky (SKY) and USDS (USDS) to its listing roadmap
Institutional Increase
C2 Blockchain plans to acquire 20% equity in McAllen digital infrastructure and increase holdings of 2.286 million DOG tokens
US-listed company C2 Blockchain announced the signing of a letter of intent (LOI) with A.R.T. Digital Holdings Corp., planning to acquire 20% of the equity of the McAllen project for $1 million. The project supports high-density computing applications such as blockchain mining and AI computing, with a computing capacity of 10 MW and scalable to 30 MW. The transaction is expected to be completed within 30 working days after the final agreement is signed. In addition, C2 Blockchain announced an increase of 2.286 million DOG tokens, bringing the total holdings to 5.912 million tokens, further promoting its publicly traded 'vault-backed' meme coin reserve plan.
DeFi Development Corp discloses $112.5 million private placement to fund SOL purchases
According to The Block, Solana ecosystem-listed company DeFi Development Corp (stock code DFDV) disclosed details of a $112.5 million private placement, and the funds will be mainly used to increase its holdings of SOL tokens. The transaction includes a "prepaid forward" stock purchase agreement, allowing investors to hedge risks by establishing short positions. According to the announcement, 75.6 million US dollars of the convertible notes issued by the company will be used for the aforementioned hedging transaction, and the remaining funds will be used for corporate operations and SOL acquisition. The company's holdings at the end of May showed that it held 621,313 SOL (approximately 107 million US dollars), and also obtained a 5 billion US dollar credit line in June.
Listed company Addentax signs $1.3 billion term sheet to purchase 12,000 Bitcoins
According to PRNewswire, Nasdaq-listed apparel manufacturer Addentax Group Corp. announced that it has signed a non-binding term sheet with a major independent Bitcoin holder to purchase up to 12,000 Bitcoins, a significant increase in the potential acquisition size from the initially discussed 8,000 Bitcoins in the company's May 15, 2025 press release. Based on current market prices, the total market value of the proposed acquisition is approximately $1.3 billion. If the transaction is completed, it will be settled through the issuance of newly issued common shares of the company.
Listed company Mogo announced that its board of directors has authorized it to allocate $50 million to Bitcoin
According to Businesswire, digital payment and financial technology company Mogo Inc. (NASDAQ: MOGO) announced that its board of directors has authorized the allocation of up to $50 million to Bitcoin as part of the company's long-term capital preservation and product innovation strategy.
Viewpoint
Arthur Hayes: The market may trade sideways or slightly down before Powell's speech at the end of August. In a pessimistic scenario, BTC may test the $90,000 to $95,000 range
Arthur Hayes pointed out in his latest article that although he is optimistic about the long-term performance of Bitcoin and digital assets, in the short term, the "Big Beautiful Act" of Trump may lead to a temporary contraction of dollar liquidity. He said that the bill will raise the debt ceiling, and the Treasury Department may replenish the Treasury General Account (TGA) balance from 364 billion US dollars to 850 billion US dollars by issuing debt, which may trigger a liquidity contraction of 486 billion US dollars. Hayes predicts that the market may trade sideways or slightly down before Fed Chairman Jerome Powell's speech at the end of August. If the TGA replenishment has a negative impact on dollar liquidity, the price of Bitcoin may test the 90,000 to 95,000 US dollar range; if the impact is limited, Bitcoin may fluctuate in the 100,000 US dollar range, but it is difficult to break through the historical high of 112,000 US dollars. It is expected that by the beginning of September, after the debt ceiling issue is resolved, as the creation of money accelerates, market bulls will regain the advantage. It is expected that Bitcoin may rise 10 times to 1 million US dollars before 2028, and the Nasdaq 100 index may soar to 100,000 points.
10x Research: Bitcoin is attempting to break through the key $110,000 level as the traditional bull market season arrives in July.
According to an analysis by 10x Research, Bitcoin has experienced fund outflows for 98 consecutive days and is currently testing the upper limit of its consolidation range. Despite strong ETF inflows, continuous decreases in exchange balances, and political pressure on the Federal Reserve, the price of Bitcoin has remained relatively stable. With the arrival of the traditional bull market season in July and the upcoming release of labor market data, the market may be brewing a major breakthrough. The report points out that the key factors supporting Bitcoin's rebound since late April not only persist but have also received further support. Bitcoin is currently attempting to break through the key $110,000 level, and low volatility provides investors with a rare opportunity to deploy.
Important data
Crypto business adds $620 million to Trump's wealth, his business empire is no longer limited to real estate
According to Bloomberg, U.S. President Trump's wealth has undergone a significant shift, with cryptocurrency investments adding at least $620 million to his assets. While his net worth appears stable - slipping only slightly from $6.5 billion on Election Day to $6.4 billion today - a closer look reveals that his business empire is shifting from traditional real estate to the more volatile but potentially lucrative world of digital assets.
Binance releases Alpha airdrop performance data for June, with LA, AB, and SAHARA being the top 3 in airdrop returns
Binance released the performance data of the Alpha airdrop projects in June 2025, covering the airdrop income of multiple digital assets. The data shows that some projects have achieved significant returns on the first day of the airdrop and at the historical high (ATH). For example: LA: 160 tokens per user, the first day's income reached 148 US dollars, and the ATH income was as high as 264 US dollars. AB: 9,882 tokens per user, the first day's income was 105 US dollars, and the ATH income was 155 US dollars. SAHARA: 1,000 tokens per user, the first day's income was 95 US dollars, and the ATH income was 147 US dollars. SPK: 2,000 tokens per user, the first day's income was 115 US dollars, and the ATH income was 140 US dollars. In total, the total income of the June airdrop was 2,006 US dollars (the first day) and 2,684 US dollars (ATH) per user.
Analysis: 56 VC-backed tokens have been listed this year, and the FDV of 3 tokens exceeds $1 billion
Crypto analyst @ahboyash posted on the X platform that as of mid-2025, 56 VC-backed tokens have been listed. Among them, 45 tokens had a fully diluted valuation (FDV) of $50 million to $1 billion at the time of listing (accounting for 80% of the total number of projects), 8 tokens had an FDV of less than $50 million, and 3 tokens had an FDV of more than $1 billion (namely Kaito, Story Protocol and Walrus). It is worth noting that venture capital institutions usually invest in seed rounds, at which time the project valuation is generally $20 million to $100 million FDV; after the token generation event (TGE), the venture capital's tokens will be locked for about 3 years, and the valuation may further plummet after the lock-up period + attribution period ends; the transaction price of some projects' tokens has been lower than the valuation of the previous round of financing (that is, investors have already suffered losses).
Jump Crypto-related whale wallet transfers 7499 BTC, worth approximately $816 million, after two years of hibernation
A wallet suspected of being associated with Matrixport withdrew more than 30,000 ETH, worth approximately $78 million, within 24 hours
Bitcoin spot ETF had a total net inflow of $408 million yesterday, with Fidelity ETF FBTC leading with a net inflow of $184 million
MELANIA team unlocks 25 million tokens, worth approximately $5.25 million
Circle newly minted 250 million USDC on Solana this morning
A BTC short position of $250 million of a certain insider trader was liquidated for the most part, and now there are $43.68 million left
Today SharpLink Gaming increased its holdings of 2738 ETH again, while an early whale deposited 4123 ETH into Gemini
