Morning Report | Tether USDT faces a two-year compliance countdown, with about 25% of reserves potentially not meeting standards; Zero One Everything Plan to go public in Hong Kong in 2027, with overseas business revenue accounting for half
July 20 Market Important Events OverviewCompiled by: ChainCatcher
What important events have occurred in the past 24 hours?
Tether USDT faces a two-year compliance countdown, about 25% of reserves may not meet standards
According to ChainCatcher, on the anniversary of the signing of the GENIUS Act, the outlook for Tether USDT in the U.S. market is uncertain. The act has a three-year compliance grace period, with about two years remaining, after which non-compliant stablecoins will not be able to trade on U.S. crypto platforms. According to Tether's latest disclosures, about 25% of USDT reserves are still allocated to assets such as precious metals, loans, and Bitcoin, which do not meet the requirements of the GENIUS Act. The act requires issuers to fully reserve with highly liquid assets such as cash and U.S. Treasury bonds. Tether CEO Ardoino promised compliance last year, and the company has launched the USAT stablecoin for the U.S. market through Anchorage Digital this year, but usage remains low. There are differing opinions in the legal community regarding the compliance timeline for foreign issuers; some lawyers believe that foreign issuers must immediately comply with freezing and seizure orders when the act takes effect (expected next January), but they have about two years to meet the remaining requirements. The policy director at Anchorage Digital stated that institutional users will shift to compliant stablecoins before the 2028 deadline. Currently, federal regulators have not finalized the implementation details of the GENIUS Act, and companies have no specific regulations to follow. Tether has not responded to CoinDesk's request for comments on compliance progress.
Goldman Sachs: U.S. inflation pressures are spreading, Fed Chair Warsh faces rate hike pressure
According to ChainCatcher, Goldman Sachs' latest research report shows that inflation pressures in the U.S. are spreading from a few industries to a broader range, and while current inflation levels have not reached the peak of 2022, the scope of rising prices is expanding, posing greater challenges for Federal Reserve policy. Goldman Sachs economist Jessica Rindels analyzed the extent of inflation diffusion based on the personal consumption expenditures (PCE) price index, which the Fed focuses on, using a six-month annualized change rate. Data shows that compared to the average inflation level from 1990 to 2019, the inflation category pressure index for categories exceeding 3% has reached about "6", while the index was "10" during the peak of inflation in 2022. The report points out that areas such as audio-visual equipment, financial services, healthcare, and transportation have become significant sources of current price increases. Meanwhile, housing rent inflation, which has a high weight in the PCE, is expected to fall below 3% in the fourth quarter of this year, which may become an important factor in alleviating inflation pressure. Goldman Sachs' analysis echoes the recent concerns of new Fed Chair Kevin Warsh about the "diffusion" of inflation. Warsh stated that preventing price increases from spreading to more areas of the economy is a key task for the Fed. However, unlike the more explicit policy communication style of former Chair Powell, Warsh is currently refusing to provide specific guidance on interest rate paths. Nomura's senior U.S. economist Jeremy Schwartz stated that the Fed is reducing its forward guidance to the market, and this policy uncertainty has increased worries on Wall Street. Meanwhile, hawkish voices within the Fed are rising. Dallas Fed President Logan has expressed support for moderate rate hikes, believing that the current economic resilience does not match inflation risks.
U.S. Senator: CLARITY Act will ensure that customers' crypto assets remain theirs in the event of an exchange bankruptcy
According to ChainCatcher, U.S. Senator Cynthia Lummis stated that the CLARITY Act will change how customer crypto assets are handled when digital asset platforms enter bankruptcy, ensuring that customer assets remain the property of the customers and are not included in the company's bankruptcy estate. The act requires regulated digital asset intermediaries to treat customer cash and digital assets as customer property and to isolate them from company property. The act also generally prohibits brokers, dealers, and exchanges from using customer assets for their own or others' benefit without authorization. The bankruptcies of Celsius and Voyager have raised disputes over customer deposit ownership. In January 2023, U.S. bankruptcy judge Martin Glenn ruled that the cryptocurrency deposited in Celsius Earn accounts became company property based on the terms of use, involving about 600,000 Earn accounts and approximately $4.2 billion in assets. Lummis stated that the CLARITY Act also aims to provide regulatory certainty for developers, strengthen investor protection, and enhance market integrity. The act will clarify the responsibilities of the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) in different areas of the crypto market and has been passed by the House but has not yet passed the Senate.
Russian State Duma to conduct final review of crypto regulation bill on Tuesday
According to ChainCatcher, the Russian State Duma will conduct the second and third readings of the cryptocurrency regulation bill on Tuesday. The bill, titled "Digital Currency and Digital Rights," includes investor rules and regulations related to cross-border payments. The bill proposes restrictions for non-qualified investors, including a limit of 300,000 rubles (approximately $3,800) per year for purchasing cryptocurrencies through a single intermediary and a limit of 100,000 rubles for overseas transfers. Qualified investors will have a purchase limit of 3 million rubles and an overseas transfer limit of 1 million rubles. If the bill is approved, Russia will establish a legal framework for crypto activities, covering rules for investors and cross-border trade operations. The main provisions of the bill are expected to take effect on September 1 and will allow companies supplying goods to Russia to use crypto assets.
U.S. 30-year Treasury auction yield hits highest level since 2007, potentially putting pressure on risk assets like Bitcoin
According to ChainCatcher, data from Kobeissi Letter shows that the yield on the latest auction of U.S. 30-year Treasuries has risen to 5.06%, the highest level since 2007, pushing long-term U.S. Treasury yields back above 5%. In comparison, the yield on Treasuries of the same duration was about 2% at the beginning of 2022. Analysts believe that rising long-term yields indicate an increase in the risk-free rate of return, which will raise the discount rate for risk assets, creating structural pressure on high-risk assets like Bitcoin. The current risk-free rate above 5% has raised the threshold for speculative capital allocation, while the rising debt financing costs due to expanding fiscal deficits have also sent risk-averse signals to the market in the short term. Additionally, the surge in investment in AI infrastructure is further intensifying competition for funds. Large tech companies continue to issue bonds to finance AI development, competing with the U.S. government for market funds, further driving up long-term rates. The market is focused on the 5.2% level, which was the peak in May of this year; if yields break above this level, it may indicate that long-term rates will continue to rise, tightening the financial environment further.
01.ai plans to go public in Hong Kong in 2027, with overseas business revenue accounting for half
According to ChainCatcher, Bloomberg reports that AI startup 01.ai, founded by AI expert Kai-Fu Lee, plans to conduct an initial public offering (IPO) in Hong Kong after the end of the fiscal year 2027 and seeks Pre-IPO financing during its first annual performance announcement. To comply with the Hong Kong Stock Exchange's listing regulations for specialized technology companies, 01.ai is currently adjusting its overseas holding structure to pave the way for its future listing in Hong Kong. Founded in 2023, the company has achieved a valuation of over $1 billion within just eight months after receiving investments from institutions like Alibaba Cloud. The company has completed a strategic business transformation, shifting from early-stage self-developed large language models to building AI infrastructure services for enterprises, primarily fine-tuning and customizing domestic open-source models such as DeepSeek, Alibaba Qianwen, and Zhizhu GLM. Kai-Fu Lee revealed that about 50% of 01.ai's business revenue currently comes from overseas markets.
Korean National Tax Service officials propose amending the Criminal Procedure Act to strengthen rules for seizing personal virtual assets
According to ChainCatcher, Digital Asset reports that officials from the Korean National Tax Service have proposed legislative amendments to the Criminal Procedure Act to allow for the seizure of personal virtual assets. Personal ownership of digital assets refers to situations where the private key is held directly by individuals without the need to entrust a third party for custody or disposal. In June of this year, four individuals, including Zhang Xiyuan, head of the National Tax Service's investigation team, published a paper titled "Limitations and Legislative Review of Self-Protecting Virtual Asset Seizure Execution" in the journal "Criminal Policy Research" of the Korean Institute of Criminology and Justice. The paper explains that separate regulations must be established for the requirements and procedures for transferring to public wallets or obtaining control. The paper first points out that when a suspect or owner holds access means such as private keys, the search warrant must clearly specify the type and quantity of digital assets to be seized; verified addresses; addresses to be transferred; transfer methods; and storage methods after transfer. Additionally, due to the risks of theft associated with transferring assets to wallets managed by a single entity, the paper proposes a method for transferring to a joint address managed by the court and investigative agencies.
Capital Economics: U.S. Treasury yield curve may invert
According to ChainCatcher, Capital Economics states that the yield spread between 10-year and 2-year U.S. Treasuries will narrow further in the coming months, and the ongoing escalation of tensions in the Strait of Hormuz may lead to a complete inversion of the yield curve. This difference is caused by expectations of short-term real interest rates rising more than long-term real interest rates, with the Fed expected to raise rates by 75 basis points over the next year.
Zhao Changpeng: AI cannot solve inflation problems, Bitcoin has unique value storage properties
According to ChainCatcher, Binance founder CZ recently stated on social media that artificial intelligence (AI) and Bitcoin (BTC) serve different functions; AI drives productivity improvements, while Bitcoin is used to combat inflation and protect wealth. CZ stated, "AI is great, but it cannot protect you from inflation; Bitcoin can." CZ believes that the market often views AI and Bitcoin as two hot investment themes, but the two are fundamentally different. AI is a technology that enhances corporate efficiency and economic productivity, while Bitcoin is a digital asset with a fixed supply. He pointed out that the AI industry is rapidly developing, with global companies continuously investing billions of dollars in AI software, data centers, chips, and other infrastructure, driving transformations in various industries such as healthcare, finance, and manufacturing. However, AI companies can issue more shares and finance expansion, and investment value still depends on corporate performance and market competition. In contrast, Bitcoin's total supply is fixed at 21 million, and holders possess an undilutable scarce asset. CZ believes this characteristic gives Bitcoin long-term value storage properties, providing protection when fiat currency purchasing power declines due to inflation. CZ has previously stated that the AI boom may attract some funds that would have originally flowed into the Bitcoin market. As AI companies like OpenAI and Anthropic gain more capital attention, some investors may sell other assets to allocate to AI-related investments. However, CZ believes that AI and Bitcoin are not in competition; rather, they should be viewed as complementary assets: AI drives technological advancement and productivity improvements, while Bitcoin provides a means of value storage that is unaffected by supply expansion.
Allbridge suffers a flash loan attack with losses of about $1.65 million, cross-chain protocol has been paused
According to ChainCatcher, Decrypt reports that the cross-chain bridge protocol Allbridge has paused its Core protocol due to a flash loan attack, with attackers stealing approximately $1.65 million in assets from the Solana stablecoin liquidity pool. According to blockchain security firms PeckShield and CertiK, the attackers borrowed $1.12 million in flash loan funds through the Solana lending protocol Kamino, then manipulated the price mechanism within the Allbridge pool through multiple stablecoin exchange operations to exchange assets at a low price and transferred the funds cross-chain to an Ethereum address. During the attack, the attackers exchanged several thousand dollars of USDT for about $2.24 million in USDC, then bridged the funds to Ethereum and further dispersed them. It is currently unclear whether some of the funds can still be recovered. Allbridge stated that the team has paused the Core protocol for security reasons and has requested affected liquidity providers to withdraw their funds immediately. Due to the attack causing an imbalance in the liquidity pool, some traders profited from arbitrage opportunities, and Allbridge has called on relevant users to return their profits, stating that the funds will be used to compensate affected LPs. The team stated that there is currently no further risk to user funds and will release a detailed incident analysis report after completing the investigation, while planning to relaunch the Core protocol after removing the liquidity pool. This is the second time Allbridge has suffered a similar flash loan attack. In April 2023, the protocol's BNB Chain liquidity pool lost about $573,000 due to a similar vulnerability, and the project team later stated that they had recovered most of the funds and adjusted the liquidity calculation mechanism.
AI security startup Neo completes $100 million financing, a16z and Bessemer Venture Partners lead the investment
According to ChainCatcher, GlobeNewswire reports that AI security startup Neo has announced the completion of $100 million in financing, with this round led by venture capital firms Andreessen Horowitz (a16z) and Bessemer Venture Partners, with Craft Ventures and Merlin Ventures participating. The company positions itself as an "Agentic Software Control" firm, dedicated to building a real-time control layer for enterprises, helping security operations teams (SecOps) manage and protect rapidly proliferating AI agents, AI applications, browsers, identity systems, and intelligent capabilities in traditional software. The new funds will be used to expand engineering and marketing teams and accelerate the acquisition of enterprise customers.
Data: Ethereum spot ETF saw a net inflow of $105 million last week, BlackRock's ETHA leads with a net inflow of $135 million
According to ChainCatcher, data from SoSoValue shows that last week (Eastern Time July 13 to July 17), the Ethereum spot ETF had a net inflow of $105 million. The Ethereum spot ETF with the highest net inflow last week was BlackRock's ETF ETHA, with a weekly net inflow of $135 million, bringing ETHA's historical total net inflow to $11.31 billion. Following that was BlackRock's ETF ETHB, with a weekly net inflow of $3.9599 million, and ETHB's historical total net inflow reached $520 million. The Ethereum spot ETF with the highest net outflow last week was Fidelity's ETF FETH, with a weekly net outflow of $21.5576 million, and FETH's historical total net inflow reached $2.13 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $9.97 billion, with an ETF net asset ratio (market cap relative to total Ethereum market cap) of 4.48%, and the historical cumulative net inflow has reached $11.08 billion.
Data: Bitcoin spot ETF saw a net inflow of $75.67 million last week, BlackRock's IBIT leads with a net inflow of $204 million
According to ChainCatcher, data from SoSoValue shows that last week (Eastern Time July 13 to July 17), the Bitcoin spot ETF had a net inflow of $75.67 million. The Bitcoin spot ETF with the highest net inflow last week was BlackRock's ETF IBIT, with a weekly net inflow of $204 million, bringing IBIT's historical total net inflow to $60.49 billion. Following that was Grayscale's Bitcoin mini trust BTC, with a weekly net inflow of $69.988 million, and BTC's historical total net inflow reached $2.56 billion. The Bitcoin spot ETF with the highest net outflow last week was Fidelity's ETF FBTC, with a weekly net outflow of $181 million, and FBTC's historical total net inflow reached $9.97 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $77.74 billion, with an ETF net asset ratio (market cap relative to total Bitcoin market cap) of 6.04%, and the historical cumulative net inflow has reached $51.35 billion.
Data: Binance and Bybit stablecoins see outflows exceeding $2.3 billion in 30 days, Bitcoin liquidity exhausted, market sentiment pessimistic
According to ChainCatcher, CryptoQuant analyst Darkfost stated that Binance and Bybit have seen a total outflow of over $2.3 billion in stablecoins over the past 30 days, leading to exhausted Bitcoin liquidity. Bitcoin has been testing the critical price level of $60,000 for nearly 165 days; although it briefly broke above $80,000 in May, it failed to maintain or reignite the upward momentum of Bitcoin. One reason for this situation is the lack of new liquidity flowing into the market. Whether directly investing in Bitcoin or the entire crypto market, new demand is hard to realize. Observing the changes in exchange stablecoin reserves, the situation has been particularly poor since the beginning of the year, with a continuous decline reflecting that outflows have significantly exceeded inflows. In just the past 30 days, Binance's stablecoin reserves have decreased by $1.55 billion, while Bybit's reserves have decreased by $786 million. The decline in reserves sends a clear signal: demand and liquidity are shrinking, and investors seem inclined to withdraw stablecoins from exchanges or even exit the market entirely. Therefore, it is this overly pessimistic overall market sentiment that continues to deprive Bitcoin of the resources needed to break through the current consolidation range.
Grayscale: Covered call strategy for Bitcoin may yield an annualized return of about 22% in a sideways market
According to ChainCatcher, Grayscale's research director Zach Pandl stated that if Bitcoin prices have formed a solid bottom but are trading sideways before recovery, a covered call strategy can generate income through Bitcoin volatility while managing spot price exposure. Grayscale assumes a Bitcoin spot price of $65,000 and an implied volatility of 40%, calculating through the end of 2026. Under this assumption, the covered call strategy's annualized return is about 22%, remaining profitable above a breakeven price of about $58,500, and outperforming holding spot Bitcoin when Bitcoin reaches about $72,500 at expiration. Pandl pointed out that option premiums provide income and downside protection, at the cost of giving up some upside potential when Bitcoin rises significantly. If the Bitcoin spot price falls below the breakeven price, the strategy will still incur losses, but the loss will be less than directly going long on spot Bitcoin, with the difference equivalent to the option premium. Grayscale's Grayscale Bitcoin Covered Call ETF is coded BTCC and aims to maximize income generation potential through writing covered calls. The fund does not directly invest in digital assets or initial token offerings but gains indirect exposure to digital assets through derivatives related to exchange-traded products that hold digital assets.
Probability of the Fed maintaining interest rates in July reaches 85.6%
According to ChainCatcher, CME's "FedWatch" shows that the probability of the Fed maintaining interest rates in July is 85.6%, while the probability of a cumulative 25 basis point rate hike is 14.4%. By September, the probability of maintaining interest rates is 38.5%, while the probability of a cumulative 25 basis point rate hike is 53.5%, and the probability of a cumulative 50 basis point rate hike is 7.9%.
Exodus plans to lay off 25%, shifting to stablecoin payment infrastructure strategy
According to ChainCatcher, CoinDesk reports that crypto wallet company Exodus Movement (EXOD) announced it will lay off about 25% of its global workforce to reduce operating costs and shift its business towards stablecoin payment and card payment infrastructure. Exodus stated in regulatory filings that this restructuring is part of the company's strategy to build a full-stack payment platform. The company has been integrating the acquired electronic money institution Monavate and crypto payment company Baanx to expand its payment capabilities and global business layout. Exodus expects this layoff will incur pre-tax restructuring costs of $2.5 million to $3.5 million, primarily for employee severance and related costs. Affected employees will receive severance compensation, benefits continuation, and transition support. The company expects that after the restructuring is completed, it can reduce cash operating expenses by $10 million to $13 million annually, with related savings fully realized by 2027. In the market, EXOD rose about 2.2% in pre-market trading on Monday, but its cumulative decline over the past year is still close to 85%. This adjustment reflects that crypto companies are accelerating their transformation towards stablecoin payments and financial infrastructure.
Hut 8 signs a $9.8 billion 15-year lease for AI data center, advancing AI data center expansion
According to ChainCatcher, CoinDesk reports that Bitcoin mining company and AI infrastructure developer Hut 8 (HUT) has signed a second-phase 15-year lease agreement worth approximately $9.8 billion with the same investment-grade tenant for its Beacon Point AI data center campus in Texas, USA. The new agreement will add 352 megawatts of AI computing power based on Nvidia architecture, bringing the total contracted computing power for the tenant in the campus to 704 megawatts and fully commercializing the campus's 1 gigawatt power capacity, raising the total value of the basic contract to about $19.6 billion. As a result, stocks of IREN, Cipher Mining (CIFR), TeraWulf (WULF), and CoinShares Bitcoin Miners ETF (WGMI) rose in early trading.
FATF releases seventh update report on virtual asset standards implementation, calls for filling regulatory gaps
According to ChainCatcher, the Financial Action Task Force (FATF) released its latest report, conducting the seventh special assessment of the implementation of Recommendation 15 (R.15) across global jurisdictions. The report indicates that since the last update in 2025, countries have continued to advance in regulating virtual assets (VA) and virtual asset service providers (VASP), including conducting risk assessments, improving licensing and registration frameworks, implementing travel rules, and strengthening law enforcement actions. However, the report also points out significant gaps, mainly in areas such as the difficulty of effectively translating risk assessment results into mitigation measures, insufficient implementation of licensing and registration frameworks, challenges in identifying VASP activity subjects, and inadequate effectiveness of risk-based supervision and enforcement. In terms of emerging risks, the report highlights the following areas: the "industrialization" trend of organized crime groups using virtual assets to commit fraud is intensifying, the risk of stablecoin abuse is rising, risks associated with non-custodial wallet peer-to-peer (P2P) transactions, offshore VASPs operating outside of regulation, and ongoing challenges in the DeFi space. The FATF calls for the public and private sectors to jointly strengthen the implementation of R.15, enhance risk mitigation capabilities, and deepen domestic, international, and public-private cooperation mechanisms.
Circle President Heath Tarbert sells CRCL stock 10 times within a year, totaling over $30 million
According to ChainCatcher, SEC Form 4 documents show that Circle President and former CFTC Chairman Heath Tarbert has sold CRCL stock a total of 10 times since June 2025, with a total reduction amount of approximately $30.77 million. Publicly disclosed documents indicate that his transactions mainly involve stock sales and option exercises, and he currently holds about 503,000 shares of the company, with no public market buyback records appearing. Previously, Tarbert stated in an interview with FOX Business, in response to CRCL's price drop from about $260 to about $62, that the company is focused on long-term development and stated that if Circle can achieve its mission of building internet financial infrastructure, the stock price will take care of itself in the long run.
Citi downgrades South Korean stock market to neutral while upgrading China to overweight
According to ChainCatcher, Citi has downgraded the South Korean stock market rating from overweight to tactical neutral due to severe fluctuations in chip stocks in recent weeks, as the institution seeks to reduce its exposure to AI themes. The Korea Composite Stock Price Index was one of the best-performing stock markets globally this year, benefiting from the AI trading boom, but has recently suffered severe volatility due to retail enthusiasm for leveraged ETFs on individual stocks and valuation concerns. Citi stated that almost all client discussions are refocusing on the prospects for expanded market performance in the second half of the year, but it remains cautious about fully withdrawing from the tech sector in emerging market allocations. Citi maintains a structurally bullish outlook on AI themes while upgrading China's rating to overweight.
Japanese logistics company plans to use JPYC to pay 2,300 partners, potentially becoming the first large-scale corporate application of the yen stablecoin
According to ChainCatcher, Cointelegraph reports that Japanese logistics company AZ-COM Maruwa Holdings plans to use the JPYC stablecoin to pay approximately 2,300 business partners, potentially becoming the first large-scale corporate use case for the yen stablecoin JPYC in Japan. The stablecoin will be used to pay fees and compensation to transportation contractors, including truck drivers. Since JPYC does not charge transfer fees, using the stablecoin can enable faster and more frequent payments. AZ-COM Maruwa is also considering establishing a partnership with JPYC and plans to invest over 1 billion yen (approximately $6.2 million). AZ-COM Maruwa is a medium-sized Japanese logistics company, with major clients including Amazon Japan.
Data: $116 million liquidated across the network in the past 24 hours, with long positions liquidated at $52.92 million and short positions liquidated at $62.70 million
According to ChainCatcher, data from Coinglass shows that $116 million was liquidated across the network in the past 24 hours, with long positions liquidated at $52.92 million and short positions liquidated at $62.70 million. Among them, Bitcoin long positions were liquidated at $7.7408 million, Bitcoin short positions at $13.1856 million, Ethereum long positions at $12.9174 million, and Ethereum short positions at $15.9633 million. Additionally, in the last 24 hours, a total of 69,409 people were liquidated globally, with the largest single liquidation occurring on Binance - ETHUSDT worth $1.1117 million.
Trasia Labs completes $1.75 million seed round financing, laying out Hyperliquid Asian perpetual trading market
According to ChainCatcher, Multicoin Capital, as the sole institutional investor, invested $1.75 million in seed round financing for Trasia Labs, officially entering the Hyperliquid ecosystem. Trasia is a perpetual contract trading platform built natively on Hyperliquid, primarily targeting the Asian market. Trasia was co-founded by former Multicoin Capital partner and former Stepn team chief revenue officer Mable Jiang and Web3 practitioner Edison Chen, and officially launched its first web version on July 17, supporting both Chinese and English, with a mobile app expected to launch in August and an invitation-based Asia Points rewards program already initiated. The platform currently connects to the Hyperliquid native perpetual market in a non-custodial manner and plans to launch its own perpetual contracts based on the HIP-3 protocol, focusing on asset categories that are of high interest to Asian investors, such as AI infrastructure and Pre-IPO. The official statement indicates that over $35 million in HYPE and USDC has been invested to support the growth of the Asian stock perpetual market and related ecosystem.
GENIUS Act has been in effect for a year, U.S. regulators are still formulating stablecoin rules
According to ChainCatcher, U.S. President Donald Trump signed the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," or GENIUS Act, one year ago, marking the first federal regulatory framework for stablecoins in the U.S. The GENIUS Act requires federal regulators to establish governance rules for stablecoins, covering issuer reserves, governance, and operational requirements. Relevant details are still being formulated by agencies such as the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
Cross-chain protocol TeleSwap suffers a vulnerability attack of about $735,000, incident remains undisclosed five days later
According to ChainCatcher, on-chain detective ZachXBT stated that the cross-chain protocol TeleSwap suffered a vulnerability attack of about $735,000 on July 15, and its Bitcoin hot wallet immediately stopped processing transactions after the incident. As of now, five days have passed since the incident, and the project team has not issued any public disclosure regarding the event. ZachXBT noted that about two hours ago, the attacker transferred the stolen funds to Tornado Cash.
Musk acquires mobile power company APR Energy, transaction valued at least $1 billion
According to ChainCatcher, TechRepublic reports that Elon Musk has recently acquired mobile power company APR Energy, with the transaction valued at least $1 billion. According to regulatory documents, Duos Technologies sold its 5% non-voting shares in New APR Energy, gaining a net profit of $50.4 million, estimating the company's overall valuation to exceed $1 billion. APR Energy, headquartered in Jacksonville, Florida, specializes in rapidly deployable gas and diesel generator sets, providing temporary or supplemental power for data centers and other scenarios, with a total generating capacity exceeding 1 GW and capable of completing some project deployments within 15 to 30 days. Analysts suggest that this move may provide options for xAI to expand its computing power infrastructure and reduce reliance on local grids, but it will also bring trade-offs in emissions, compliance, and costs.
Vietnam issues administrative penalties for crypto violations, effective September 1
According to ChainCatcher, Cointelegraph reports that Vietnam issued Decree No. 284/2026/NĐ-CP on July 16, formally establishing an administrative penalty framework for cryptocurrency violations, providing a basis for enforcement in the upcoming regulated crypto market. According to the decree, investors trading on unlicensed platforms face fines of up to 50 million Vietnamese dong (approximately $1,900); unauthorized issuance of crypto assets and serious anti-money laundering (AML) violations may incur fines of up to 200 million Vietnamese dong (approximately $7,700); authorities are also authorized to suspend related activities, revoke licenses, and confiscate assets. The decree will officially take effect on September 1. In the background, Vietnam opened applications for domestic crypto exchange licenses in January this year, and Deputy Finance Minister Nguyen Duc Chi previously stated that the first batch of regulated activities is expected to launch in the third quarter.
Social Capital founder: Bitcoin bulls face two major challenges, liquidity flows to prediction markets and stock markets, energy value elevated by AI
According to ChainCatcher, Social Capital founder Chamath Palihapitiya stated on the X platform that the current crypto market, especially Bitcoin bulls, is facing two major issues: first, marginal liquidity is more inclined to flow to prediction markets and stock markets; second, the marginal energy used for Bitcoin mining, if reallocated to serve AI token-related demands, could see its value increase by 10 to 20 times. Chamath stated that these changes appear to be structural but may also be misjudged. In response, Coinbase CEO Brian Armstrong replied that the first point "seems more like a temporary phenomenon," while the second point may be more enduring, but the power or energy flow used for Bitcoin mining does not directly determine Bitcoin prices, as network difficulty will automatically adjust to maintain the same block production pace when miners exit. He also stated that in the long run, Bitcoin prices reflect more of people's concerns about inflation, and the ongoing trend of democratic governments expanding fiscal deficits shows no signs of ending.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of July 21, 09:30,
The top five popular ETH tokens in the past 24 hours are: ZAMA, UNI, LINK, ADI, ASTEROID
The top five popular Solana tokens in the past 24 hours are: Jimothy, JACOBIAN, ANSEM, BatCat, nice
The top five popular Base tokens in the past 24 hours are: BRIAN, JERRY, SOSO, COBIE, ELSA
What are some noteworthy articles to read in the past 24 hours?
The core of the prediction divergence lies not only in the different models used by various parties but also in their differing assumptions about the future macro environment. Whether spot ETFs can resume inflows, whether Strategy and other digital asset treasury companies will continue to sell BTC, the Fed's policies and the dollar's trends, and whether investor funds will continue to shift to AI assets may all affect the final bottom. Therefore, the range of $40,000 to $46,000 can be seen as a currently more focused second-level support and a benchmark bottom range for some institutions, but it cannot be described as a unified consensus formed by the market.
Robinhood's self-built L2 panoramic analysis: From meme cold start to RWA landing
Our conclusion: The infrastructure calculations have been accounted for. Robinhood retains 90% of chain revenue, controls the order book, earns USDG float, and the cold start has been personally amplified by the CEO through meme trends. The suspense lies in whether this chain will ultimately be an RWA chain or a casino under the guise of a brokerage. Three things will provide answers: (1) Can RWA TVL rise from about 4% to a meaningful level? The leading indicator is whether stock tokens like Arrow can continue to grow; (2) After zero fees and point incentives decline, can Lighter's USDG market maintain real depth? (3) Will Robinhood issue reserve proofs for stock tokens, as the 1:1 custody model against Ondo and Backed presents its weakest side in debt note structures…
Who is capturing value in Web 2.5?
The internet we use is essentially the packets of information data transmitted through a global computer network. While this is good knowledge, if you just want to go online, there's nothing to brag about. No one cares whether the technology supporting these lightning-fast, low-cost transactions is cryptocurrency or something else. Blockchain is gradually becoming commoditized, becoming an interchangeable, intangible, and low-margin component of transactions. Its value is now reflected in the business model of capital circulation, granting people a certain voice in how funds flow and whether they flow.
Risk warning
