Today's news highlights:
Trump announces the dismissal of Federal Reserve Board member Cook.
Former Kuaishou e-commerce head Feng Dian involved in 140 million embezzlement, sentenced for money laundering through Bitcoin and surrendered over 90 BTC.
Bitlayer announced the BTR token economics: 40% for ecosystem incentives, 7.75% for node incentives.
The list of the top ten cryptocurrency and Bitcoin billionaires for 2025 has been released, including CZ, the former CFO of Tether, the CEO of Coinbase, and others.
WLFI has launched a token unlocking feature, allowing users to claim 20% starting September 1.
Pantera Capital plans to raise $1.25 billion to acquire a listed company to transform into a Solana investment and rename it 'Solana Co'.
B Strategy will establish a BNB fund company with the support of YZi Labs, targeting a $1 billion financing.
Deribit: Approximately $15 billion worth of Bitcoin and Ethereum options will expire this Friday.
Policy & Regulation
Trump announces the dismissal of Federal Reserve Board member Cook.
US President Trump announced the immediate dismissal of Federal Reserve Board member Lisa D. Cook based on Article II of the US Constitution and the amended Federal Reserve Act of 1913. The dismissal was due to allegations of providing false information in mortgage agreements. According to a criminal referral report submitted by the Federal Housing Finance Agency on August 15, Cook had stated in two documents that properties in Michigan and Georgia were her primary residences, which was deemed fraudulent and raised potential criminal issues. This incident raised questions about her integrity and capability as a financial regulator.
Trump threatens to impose tariffs on countries implementing 'digital taxes, digital service legislation, or digital market regulations'.
US President Trump stated on social media that he will take strong measures against countries implementing digital taxes, digital service legislation, or digital market regulations. He accused these policies of aiming to harm or discriminate against US tech companies while giving preferential treatment to large Chinese tech firms. Trump warned that if these discriminatory policies are not rescinded, he will impose additional tariffs on export goods from the relevant countries and restrict the export of US technology and chips. He emphasized that US tech companies are no longer the world's 'piggy bank' or 'doormat' and called for countries to respect the US and its tech companies, or face consequences.
Project Dynamics
Bitlayer announced the BTR token economics: 40% for ecosystem incentives, 7.75% for node incentives.
According to Bitlayer's official news, the initial public offering (TGE) of the BTR token is about to launch. BTR is the governance token of the Bitlayer ecosystem, with a fixed total supply of 1 billion tokens and an initial circulation of 261.6 million tokens (accounting for 26.16% of the total). The tokens will be minted on the Bitlayer network and distributed via the Ethereum mainnet and BNB Smart Chain to achieve cross-chain compatibility. The uses of the BTR token include staking and node voting, on-chain governance, and fee distribution mechanisms. The token distribution plan is as follows: 40% for ecosystem incentives, 20.25% for investors and advisors, 12% for the core team, 11% for public distribution, 7.75% for node incentives, 6% for the treasury, and 3% for liquidity. Previously, Binance Alpha and Binance Contracts will launch Bitlayer (BTR) on August 27.
Stader (SD) will launch on Bithumb's KRW trading market.
According to Bithumb's announcement, Stader (SD) will officially launch on the KRW trading market on August 26, 2025. The supported network is Ethereum, and deposits from other networks are not yet supported.
Orderly's proposal intends to allocate up to 60% of net transaction fees for ORDER token buybacks and adjust the reward mechanism.
According to Orderly community proposal #2, the project plans to allocate up to 60% of net transaction fees for periodic buybacks of the ORDER token, divided into two parts: 50% rewarded to stakers in the form of esORDER (3-month linear unlocking), and 50% deposited into the community governance wallet, with its use (such as destruction, liquidity guidance, or incentives) to be decided through governance. Additionally, the existing USDC-based staking reward system will be replaced, allowing stakers to receive existing USDC funds while retaining their rights. At the same time, the VALOR mechanism will be adjusted to be linked to esORDER rewards, ensuring that staker rights are preserved during the transition.
Users holding at least 200 Binance Alpha points can claim airdrops of 1600 TOWN tokens.
Binance Alpha becomes the first trading platform to list Alttown (TOWN), with trading starting at 15:00 (Beijing time) on August 26, 2025. During the event, users holding at least 200 Binance Alpha points can claim airdrops of 1600 TOWN tokens, requiring 15 Alpha points to claim the airdrop.
Hong Kong-listed company Ruihe Digital will launch cryptocurrency business and initiate Bitcoin cloud mining.
According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company Ruihe Digital has released a voluntary announcement to expand its revenue sources through cryptocurrency business, disclosing that the company plans to conduct cryptocurrency business through services provided by Bitmain, specifically in the form of cloud mining services and Bitcoin mining rewards distributed periodically, with Bitcoin mining being an independent business segment of Ruihe Digital.
Former e-commerce head of Kuaishou Feng Dian involved in 140 million embezzlement, sentenced for money laundering through Bitcoin and surrendered over 90 BTC.
According to (Financial Story Collection), former Kuaishou e-commerce service provider operation center general manager Feng Dian colluded with suppliers to embezzle company subsidy funds, with the amount involved reaching 140 million yuan, creating a new record for corruption in large companies. Feng Dian's group defrauded subsidies through false applications and used overseas virtual currency trading platforms to launder funds back into renminbi. Ultimately, Feng Dian and six others were sentenced for embezzlement and surrendered over 90 BTC.
The Aave v4 codebase has officially introduced DAO service providers, and the founder stated that Aave v4 is about to go live.
According to Emilio (Aave's Vice President of Engineering), the Aave v4 codebase has officially introduced all DAO service providers, marking an important milestone in the protocol's development. Aave founder Stani.eth also stated that Aave v4 is about to go live. Related reading: Detailed explanation of Aave V4: How the lending leader builds a moat again?
Market news: Acting CFTC Chair Caroline Pham will join MoonPay after the confirmation of the new chair.
According to Forbes reporter Eleanor Terrett, there are rumors that CFTC acting chair Caroline D. Pham will join crypto payment company MoonPay after the confirmation of the new chair. MoonPay declined to comment on the rumor, and a CFTC spokesperson did not deny the news, only stating that Pham had mentioned in May that she would return to the private sector after the new chair's confirmation, but is still committed to executing the president's cryptocurrency-related agenda.
The list of the top ten cryptocurrency and Bitcoin billionaires for 2025 has been released, including CZ, the former CFO of Tether, the CEO of Coinbase, and others.
According to the latest reports, the 2025 wealth list in the cryptocurrency field reveals the richest individuals in the industry, including Bitcoin supporters, exchange founders, and stablecoin-related figures. The wealth of these billionaires is mainly driven by token prices, exchange valuations, and market sentiment. Here are the top ten and their asset situations: Zhao Changpeng: Founder of Binance, owns 90% of Binance shares, with a net worth estimated at $65.2 billion. Giancarlo Devasini: Former CFO of Tether and Bitfinex, holds a large amount of BTC and Tether assets, with a net worth estimated at $22.4 billion. Brian Armstrong: CEO of Coinbase, holds ETH, BTC, and LTC, with a net worth estimated at $17.2 billion. Chris Larsen: Co-founder of Ripple, with XRP and Ripple shares, has a net worth estimated at $10.1 billion. Michael Saylor: Founder of Strategy (formerly MicroStrategy), holds a large amount of BTC, with a net worth estimated at $9.8 billion. Jean-Louis van der Velde: Head of Bitfinex, holds a large amount of BTC, with a net worth estimated at $9.5 billion. Paolo Ardoino: Executive at Tether and Bitfinex, with a net worth estimated at $9.5 billion. Justin Sun: Founder of TRON, holds TRX and other crypto assets, with a net worth estimated at $8.5 billion. Stuart Hoegner: Legal advisor at Tether and Bitfinex, with a net worth estimated at $6.2 billion. Michael Novogratz: Founder of Galaxy Digital Holdings, with a net worth estimated at $6 billion. Notably, the list does not include the anonymous Bitcoin founder Satoshi Nakamoto, whose holdings of approximately 1.1 million BTC are currently valued at over $110 billion. The above data is based on snapshots from Forbes and Bloomberg in the summer of 2025.
Eclipse adjusts its strategic direction and changes its CEO, laying off 65%.
According to Eclipse Labs' official news, the team announced a strategic adjustment after the token generation event (TGE) and will focus on developing breakthrough applications based on its L2 infrastructure. Meanwhile, Sydney will take over as CEO, and the former CEO Litquidity has voluntarily resigned. Additionally, to align with the new strategy, Eclipse has laid off 65% of its staff to enhance execution flexibility.
WLFI has launched a token unlocking feature, allowing users to claim 20% starting September 1.
According to WLFI's official news, the $WLFI unlocking feature is now online, and users can start the token unlocking process through Lockbox. The first unlock will begin at 20:00 Beijing time on September 1, allowing users to claim the initially allocated 20%. The entire process requires signing the Token Unlock Agreement and confirming the operation, with tokens entering the unlocking contract. A wallet balance of 0 is normal.
Stargate announces the termination of STG staking features, with veSTG holders sharing 50% of protocol revenue and the other 50% used for ZRO buybacks.
According to Stargate's official news, LayerZero Foundation has officially completed the full acquisition of Stargate (STG), including the protocol, tokens, and treasury. After the acquisition, STG tokens will be exchangeable at a fixed rate (1 STG = 0.08634 ZRO) for LayerZero's native token ZRO, and the exchange window will remain open long-term. Additionally, StargateDAO will be dissolved, and STG staking features will be terminated, but previously locked STG will be automatically unlocked, allowing users to exchange for ZRO at any time. Meanwhile, all veSTG holders who locked their tokens before August 10 will share 50% of Stargate's revenue for the next six months, with the other 50% used for ZRO buybacks. Previously, Stargate DAO approved LayerZero's acquisition of Stargate (STG).
Pantera Capital plans to raise $1.25 billion to acquire a listed company to transform into a Solana investment and rename it 'Solana Co'.
According to Cointelegraph, crypto fund Pantera Capital plans to raise up to $1.25 billion to acquire a Nasdaq-listed company and rename it 'Solana Co'. The company will focus on accumulating Solana ($SOL) and further laying out the Solana ecosystem. Previously, Sharps Technology announced a private placement of over $400 million to establish a financial strategy for Solana digital assets.
Grayscale submitted the S-1 document for the AVALANCHE ETF.
According to the SEC's official filing, Grayscale submitted the S-1 document for the AVALANCHE ETF.
Canary has submitted the S-1 application for the American-Made Crypto ETF.
Bloomberg ETF analyst Eric Balchunas stated on platform X: 'The newly submitted 'Canary American-Made Crypto ETF' application (S-1 document) - this spot product will only hold cryptocurrencies that were invented entirely in the US, primarily mined in the US, or have their operating centers located in the US, as we previously predicted, due to the success of this category, ETFs are ready to attempt all conceivable combinations.'
Prediction market Kalshi hires crypto KOL John Wang as the head of its crypto business.
According to Bloomberg, prediction market platform Kalshi recently hired crypto field founder turned KOL John Wang as head of its crypto business to deepen its layout in the digital asset field. Before joining Kalshi, Wang provided advisory services to crypto startups and wrote content related to cryptocurrencies and finance on social media platform X. Wang stated that he dropped out of the University of Pennsylvania and founded Armor Labs, which was later acquired by another company.
Online brokerage Webull will once again offer cryptocurrency trading services to US customers.
According to Bloomberg, online brokerage Webull Corp. will once again allow US customers to buy and sell cryptocurrencies on its trading platform, after previously abandoning the service when it attempted to go public in 2023. According to the company, trading will be available to all US customers starting Monday, and it has been providing this service to Brazilian investors since June. It will offer customers over 50 digital assets, including Bitcoin, Ethereum, and Solana. The company expects to expand cryptocurrency trading to other markets in the coming months.
Anchorage Digital establishes a venture capital department to support early on-chain protocols.
According to The Block, cryptocurrency custody unicorn Anchorage Digital has established a venture capital department to support early protocol teams. The department, named Anchorage Digital Ventures, will provide funding and strategic support to founding teams building on-chain infrastructure. Anchorage stated that it is particularly interested in teams focused on Bitcoin DeFi, real-world assets, decentralized identity, and other potential infrastructure projects. The company also emphasized that projects addressing institutional adoption pain points are a key focus. The program is now open for applications, and some founders will be invited to participate in a demonstration day held exclusively for invitees during Token2049 in Singapore in October. Anchorage will gradually announce the funded recipients.
Gemini has partnered with Ripple to launch the XRP credit card, providing cash-back rewards for spending.
According to CoinDesk, cryptocurrency exchange Gemini has partnered with Ripple to launch the XRP credit card, providing users with cryptocurrency rewards for various purchases. This card is similar to Gemini's other cash-back cards, issued by WebBank, allowing cardholders to earn up to 4% XRP back on gas, electric vehicle charging, and rideshare purchases, 3% back on dining, 2% back on groceries, and 1% back on other transactions. Gemini stated that they have also partnered with specific merchants to provide up to 10% cash back on eligible purchases. The exchange has also expanded the use of Ripple's RLUSD stablecoin as the base currency for spot trading pairs for US users.
Thomson Reuters heir Taylor Thomson lost $80 million in cryptocurrency after following psychic advice.
According to Cointelegraph, billionaire heir Taylor Thomson lost over $80 million in digital assets after following investment advice related to a psychic. Thomson is a member of the family behind media and financial giant Thomson Reuters, and with the help of her former close friend Ashley Richardson, invested millions of dollars in crypto assets. Both had previously sought advice from psychics, and Richardson later became deeply involved in managing Thomson's crypto asset portfolio, reportedly managing over $140 million in crypto assets across multiple wallets during the bull market of 2021. However, the crypto market downturn in mid-2022 severely impacted the portfolio, and consulting firm Guidepost Solutions estimated that Thomson's losses exceeded $80 million. The firm accused Richardson of executing over 450,000 transactions without proper authorization, exposing Thomson to high-risk strategies. Richardson denied the accusations, claiming she acted on Thomson's instructions and that there was no formal contract between them. In 2023, Thomson sued Richardson and Persistence, and she has since settled with Persistence, while the lawsuit against Richardson is still ongoing.
Binance CEO: Beware of fake customer service phone scams that trick users into modifying API settings, thereby stealing funds.
Binance CEO Richard Teng warns about a new type of scam recently emerging: fake customer service impersonators inducing users to modify API settings over the phone, thereby stealing funds. Scammers disguise as official personnel, asking to adjust API permissions under the pretext of a 'security update', ultimately gaining control of accounts. Binance reminds users that officials will not request passwords or credentials over the phone, and it is recommended to enable two-factor authentication (2FA) and Passkey, enhance API permission management, and verify all communications through official channels. If fraud is suspected, users should immediately contact Binance customer service to revoke API keys and freeze their accounts.
Bitwise has submitted a Bitwise Chainlink ETF application to the SEC.
According to market news, Bitwise has submitted an S-1 application to the SEC for the Bitwise Chainlink ETF.
Binance will open the third batch of subscriptions for the on-chain earning Plasma USDT product, with a total quota of 500 million USDT.
According to the official announcement, Binance Wealth Management will open the third batch of subscriptions for the Binance on-chain earning Plasma USDT product on August 26, 2025, at 19:00 (UTC+8), with a total quota of 500 million USDT. The subscription limit for each user in the final batch has been reduced to 10,000 USDT. Binance may adjust this quota gradually based on market demand and other reasons. The holdings of users who have successfully subscribed will not be affected. No new batches will be opened after this, and the total subscription limit will not be increased.
Institutional accumulation
Bitmine's cryptocurrency and cash holdings increased by $2.2 billion in the past week, reaching $8.8 billion.
According to a press release, the US-listed company Bitmine announced that its cryptocurrency and cash holdings exceeded $8.82 billion. As of 5:30 PM Eastern Time on August 24, the company's cryptocurrency holdings included 1,713,899 ETH, 192 BTC, and $562 million in undistributed cash. BitMine disclosed that its cryptocurrency and cash holdings increased by $2.2 billion in the past week, reaching $8.8 billion (an increase of over 190,500 ETH, from 1.52 million ETH to 1.71 million ETH).
Sharps Technology announced a private placement of over $400 million to establish a financial strategy for Solana digital assets.
According to a press release, Sharps Technology (NASDAQ: STSS/STSSW) announced a private placement of over $400 million to support its digital asset library strategy. Under this strategy, its main holdings will be the native digital asset SOL of the Solana blockchain. The PIPE transaction is expected to be completed around August 28, 2025, but is subject to customary closing conditions. Upon completion, the company plans to use the net proceeds from this issuance primarily to buy SOL on the open market, establish a SOL funding operation department, and for working capital and general corporate purposes. Sharps Technology has signed a non-binding letter of intent (LOI) with the Solana Foundation. Under the terms of the LOI, the Solana Foundation commits to selling $50 million worth of SOL using the proceeds from the company's public issuance at a discount of 15% to the time-weighted average price over 30 days, subject to certain conditions.
B Strategy will establish a BNB fund company with the support of YZi Labs, targeting a $1 billion financing.
According to The Block, digital asset-focused investment company B Strategy announced plans to establish a Nasdaq-listed BNB fund company, targeting $1 billion in fundraising. The press release stated, 'The plan aims to operate through a publicly listed company in the US, not only holding BNB as funds but also hoping to become the 'Berkshire Hathaway of the BNB ecosystem'.' The unnamed BNB fund management company under B Strategy will receive strategic support from YZi Labs. A representative from YZi Labs stated that they will provide financial and ecosystem support for the project and help establish connections with partners. B Strategy also stated that it will leverage its extensive influence in the Asia-Pacific region to obtain liquidity, market intelligence, and distribution, adding that several prominent Asian family offices have joined as cornerstone investors. In addition to operating the BNB treasury, the company will also invest funds and resources for core technology development, provide grants for projects, and support community programs. YZi Labs stated that the company's Nasdaq listing and the $1 billion financing are expected to be completed in a few weeks.
Strategy spent $356.9 million last week to increase its holdings of 3081 BTC.
According to market news, Strategy bought 3,081 BTC between August 18 and August 24, with a total purchase price of $356.9 million.
Heritage Distilling completed a $223.8 million private placement, with over 53.2 million IP tokens held.
According to Businesswire, Nasdaq-listed Heritage Distilling Holding Company announced the completion of a $223.8 million private placement, which received support from Story Foundation and other investors, including a16z crypto, Amber Group, Arrington Capital, dao5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Polychain Capital, Selini Capital, Stix, Syncracy Capital, etc., aimed at supporting the launch of the IP token digital asset financial strategy. This transaction was completed on August 15. As of now, the company holds over 53.2 million Story native tokens IP, which is valued at approximately $320 million based on the price on August 22.
Boya Interactive recently spent approximately 257 million Hong Kong dollars to purchase a total of about 290 Bitcoin.
According to Zhito Finance, Boya Interactive (00434.HK) announced that between August 5 and August 25, 2025, the group conducted a series of transactions in the open market, purchasing a total of approximately 290 Bitcoin for a total price of about 257 million Hong Kong dollars (equivalent to about 32.91 million US dollars), using the company's own funds to buy Bitcoin.
French listed company Sequans launched a $200 million ATM stock plan to support its Bitcoin reserve strategy.
Headquartered in Paris, France, Sequans Communications announced the launch of an 'at the market' (ATM) equity issuance program to support its Bitcoin long-term reserve strategy. The company has submitted a prospectus to the US Securities and Exchange Commission (SEC) and plans to issue up to $200 million in American Depositary Shares, each representing ten shares of common stock. Sequans CEO Georges Karam stated that this plan aims to optimize the company's finances, increase Bitcoin reserves per share, and create long-term value for shareholders. The funds from this plan will primarily be used to continue accumulating Bitcoin, in line with the company's established reserve strategy. The specific timing and scale of the issuance will be determined based on market conditions.
Analysis & Insights
Arthur Hayes predicts HYPE token prices may rise 126 times within the next three years.
According to Finance Feeds, BitMEX co-founder Arthur Hayes predicted at the WebX 2025 conference in Tokyo that the native token HYPE of Hyperliquid may rise 126 times within the next three years. Hayes's prediction is based on the increase in stablecoin usage. He stated that Hyperliquid's annual transaction fee revenue could increase from $1.2 billion to $258 billion. Previously, Arthur Hayes indicated that the crypto bull market would last until 2028, and DeFi platforms like Ethena and Hyperliquid are expected to benefit from a significant influx of stablecoin liquidity.
Tom Lee retweets his fund analyst's view: ETH may bottom out at $4,300 and rebound to new highs.
BitMine board chairman Tom Lee retweeted his fund analyst Mark Newton's view that ETH currently has a good risk-reward ratio and is expected to bottom out at $4,300 and begin to rebound to new highs, targeting a price range of $5,100 to $5,400–$5,450.
CryptoQuant analyst: Bitcoin's strong support zone may be between $100,000 and $107,000.
CryptoQuant analyst Axel Adler Jr stated that Bitcoin's recent strong support zone is located between $100,000 and $107,000, where the actual price for short-term holders intersects with the 200-day simple moving average. If it falls below this range, the market may find deeper support at $92,000 to $93,000, reflecting the cost basis for short-term investors holding for 3 to 6 months, which could become the market's second line of defense.
Important Data
Deribit: Approximately $15 billion worth of Bitcoin and Ethereum options will expire this Friday.
According to Deribit's official news, approximately $15 billion worth of Bitcoin and Ethereum options will expire this Friday. Of this, the nominal value of Bitcoin options reaches $11.66 billion, with a Put/Call ratio of 0.88, and the maximum pain price is $116,000. The nominal value of Ethereum options is $3.08 billion, with a Put/Call ratio of 0.74, and the maximum pain price is $3,800.
YGG has conducted a $1 million YGG token buyback.
According to on-chain analyst Yu Jin's monitoring, YGG conducted a $1 million YGG token buyback: they deposited 1 million USDT into Binance early the day before yesterday, and then withdrew 5.873 million YGG from Binance last night, with an average purchase price of $0.17. The buyback funds are likely sourced from their first self-developed game, LOL Land, which generated up to $1 million in revenue in the past 30 days.
CoinShares: Last week, digital asset investment products had a net outflow of $1.43 billion, the highest level since March.
According to CoinShares' latest weekly report, $1.43 billion flowed out of digital asset investment products last week, the largest outflow since March, during which ETP trading volume soared to $38 billion. Bitcoin's outflow reached $1 billion, while Ethereum showed resilience with only $440 million flowing out, driving the inflows for this month to $2.5 billion, while Bitcoin's net outflow was $1 billion. Altcoin liquidity was mixed: XRP (+$25 million), Solana (+$12 million), and Cronos (+$4.4 million) rose, while Sui (-$12.9 million) and Ton (-$1.5 million) fell.
The Ethereum spot ETF had a total net inflow of $444 million yesterday, continuing a three-day net inflow.
Goldman Sachs recently increased its BTC holdings by $194 million, bringing its total holdings to $470 million.
In Q2, the Bitcoin ETF held by institutional investors reached $33.6 billion.
A suspected 'ancient whale' that exchanged BTC for ETH after seven years has staked $1.25 billion worth of ETH on the ETH2 beacon chain.
Huang Licheng continues to increase his positions in ETH, BTC, HYPE, etc., and has incurred nearly $8 million in losses.
Arkham: A certain whale bought $2.55 billion worth of ETH from Hyperunit and staked it all.
Bitmine added 4,871 ETH, bringing total holdings to approximately 1.7188 million ETH.
A total of 6.55 billion WLFI has been transferred to the Lockbox contract, accounting for 6.55% of the total token supply.
