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BTC $78,887.19 +0.34%
ETH $2,494.60 +0.82%
BNB $751.11 -0.24%
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SOL $103.95 +0.90%
TRX $0.3385 +0.46%
DOGE $0.0900 +0.41%
ADA $0.2188 +0.54%
BCH $258.27 -0.36%
LINK $12.47 -1.53%
HYPE $85.63 +1.66%
AAVE $128.93 -2.05%
SUI $0.8133 -0.87%
XLM $0.1889 -0.79%
ZEC $1,214.00 +7.80%

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first_img Thailand's SEC proposes allowing retail investors to trade regulated overseas crypto derivatives

The Securities and Exchange Commission of Thailand (SEC) has proposed allowing intermediaries to provide certain digital asset derivatives traded overseas to retail investors. According to the proposal, eligible products must be similar to crypto derivatives traded domestically in Thailand, including aspects such as underlying assets, duration, leverage, and settlement methods. At the same time, these products must be traded on exchanges that adopt central counterparty clearing and are supervised by regulatory bodies belonging to specific international regulatory or exchange organizations.Crypto derivatives that do not meet the above conditions will only be available to institutional investors. The Thai SEC stated that institutional investors are better equipped to assess and manage complex and high-risk products. Current rules only allow intermediaries to provide relevant investment services to retail and high-net-worth clients when overseas derivatives are similar to domestic trading products, while overseas crypto derivatives, due to their varying structures and risk levels, require targeted regulations.This consultation is the latest initiative by Thailand to incorporate crypto-related products into the regulated capital market. The Thai SEC officially designated cryptocurrencies and digital tokens as permissible derivative underlying assets in a notice issued on March 5 and is discussing potential contract specifications with the Thailand Futures Exchange. The consultation will continue until September 30, and the Thai SEC has not yet announced the proposed implementation date for the revisions.

first_img Galaxy launches crypto asset collateralized credit lines for retail customers

On August 25, Galaxy launched the GalaxyOne Crypto Portfolio Line of Credit (PLOC) product for eligible U.S. customers. Users can pledge BTC, ETH, and SOL (including staked SOL) to borrow cash within a single revolving credit limit, without having to sell any crypto assets. The product has no initiation fees, features a variable annual interest rate of 8.99%, and a 50% initial loan-to-value ratio, meaning that $100,000 in pledged assets can borrow approximately $50,000.Galaxy stated that the value of the pledged assets will be continuously monitored, and warnings will be issued in advance if the assets decline; withdrawals are typically credited instantly, and funds can be used on the platform or withdrawn as USD and USDC stablecoins. The staked crypto assets will not be re-pledged or lent out, and staked SOL can continue to earn rewards while being used as collateral. Zac Prince, Managing Director of GalaxyOne, stated that with Galaxy's institutional infrastructure, they are able to launch this product with competitive rates, security, and flexibility.This product is offered by GalaxyOne Lending LLC in 40 states, excluding California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada, and South Dakota. This move is seen as an attempt to restart retail crypto lending on a regulated track after the collapses of Celsius, BlockFi, and Voyager in 2022, contrasting with the model of freezing customer funds and forced liquidations that year.

first_img Tomasz Tunguz: AI infrastructure exhibits a long tail effect, with bottlenecks gradually transmitting and driving up costs

Venture capitalist Tomasz Tunguz pointed out that the narrative of AI infrastructure resembles a slow relay race, with bottlenecks sequentially transmitting from GPUs to memory, CPUs, and storage, each link freezing the supply chain of the next for years and locking in higher baseline costs. At the beginning of 2023, the GPU shock caused H100 rental prices to exceed $9 per hour, and server shipments fell by 22%; subsequently, manufacturers shifted capacity to HBM, leading to an 80% quarterly increase in enterprise SSD prices and over a 60% rise in DRAM.By the end of 2025, the workload of intelligent agents will push the CPU to GPU ratio to about 1:1, with the average price of server CPUs rising by 27% year-on-year; in 2026, nearline HDD annual capacity will be sold out. The construction cost of data centers has risen to about $20 billion per gigawatt, with orders for long-cycle equipment such as transformers and turbines scheduled as far out as 2029 to 2031.Tunguz referred to this as the long whip effect in the hardware sector: years of manufacturing delays amplify downstream demand shocks upstream, and when pressure is relieved at a certain bottleneck, it will be delayed in transmitting to the next link, with transformers scheduled for delivery in 2027 to 2028, NAND wafer fabs, and turbine production lines potentially facing the risk of overcapacity.

Slow Mist Reveals Details of the Allbridge Cross-Chain Bridge Attack: Forged CCTP Messages, Flash Loans, Insufficient Minting Result Verification

The Slow Mist security team disclosed that the cross-chain bridge project Allbridge was attacked on August 19, 2026, resulting in a loss of approximately $190,000. Notably, this attack was not executed instantly; the attacker had begun laying the groundwork nearly a month prior and bypassed the verification mechanism by forging cross-chain messages. According to Slow Mist's analysis, on July 26, the attacker directly called Circle's MessageTransmitterV2.sendMessage function on the Polygon chain, constructing a cross-chain message disguised as a CCTP style message, claiming that a transfer of 1 million USDC existed, but in reality, no USDC destruction operation took place. Subsequently, Circle generated a valid verification proof (attestation) for this complete message according to normal procedures.About 24 days later, on August 19, the attacker waited for the Base Router to receive a real CCTP deposit, increasing the balance to approximately 191,000 USDC, and initiated the attack just 6 seconds later. The attacker utilized the previously forged message and verification proof to call Allbridge's receiveCctpMessage function. Due to the project's lack of critical verification, the system mistakenly recognized the false cross-chain message as a real deposit and recorded a limit of 1 million USDC. The attacker then temporarily borrowed approximately 809,000 USDC through an Aave flash loan, matching the Router balance with the forged amount, and used the internal credit record to call the transfer function, ultimately transferring out approximately 999,000 USDC (after a 0.1% fee). After repaying the flash loan and fees, the attacker netted a profit of about $189,800. The root cause of this vulnerability lies in Allbridge's failure to verify the identities of the sender and receiver of the cross-chain message, as well as not confirming whether USDC was genuinely minted and whether the balance actually increased, instead directly trusting the amounts and message hash data constructed by the attacker. Slow Mist emphasizes that on-chain message verification does not equate to the actual arrival of real assets. Cross-chain protocols not only need to verify the authenticity of messages but must also ensure that the message source is trustworthy, that the receiver is Circle's official TokenMessengerV2, and that asset accounting can only proceed after confirming the actual minting of assets and changes in balance. This incident once again highlights the security risks of cross-chain bridges in the message verification and asset settlement processes.

The rapid rise of Bitcoin has triggered FOMO among retail investors, and analysts warn of short-term pullback risks

According to Forbes, Bitcoin recently rose from $62,900 to $79,500, with a 26% increase within 5 days, following the liquidation of over $3.1 billion in short positions. Trader MARMOT stated that this round of increase is not entirely driven by natural demand but is a typical short squeeze situation. He pointed out that approximately $3.1 billion in short positions were liquidated in the past few days, marking one of the largest liquidation events he has witnessed. At the same time, as Bitcoin rapidly rises, retail investors are chasing the price, leading to a noticeable FOMO sentiment in the market.Geoff Kendrick, head of digital asset research at Standard Chartered Bank, stated that his previous prediction of Bitcoin reaching $100,000 by the end of the year may be underestimated. He believes Bitcoin could retest its historical high of $126,000 and expects the market recovery to accelerate further after October 6.Meanwhile, some market participants believe that the current upward trend carries short-term overheating risks. Trader David Goldstein mentioned that Bitcoin's rise from $64,000 to nearly $80,000 is mainly driven by signals from the U.S. Treasury regarding bond repurchases and a short squeeze of unprecedented scale. He considers $80,000 to be the first significant resistance level, and this round of increase may peak in the $85,000 to $90,000 range, followed by a correction or fluctuations around $70,000 to $75,000.Forecasting platform data shows that market expectations for Bitcoin's future price are heating up. Meanwhile, inflows into U.S. spot Bitcoin ETFs have rebounded, with a cumulative inflow of $1.62 billion over four trading days as of August 21, reversing the previous week's trend of net outflows.However, several traders remind investors to avoid chasing prices due to rapid increases. Crypto Kit noted that just a week ago, the market was waiting for buying opportunities at $45,000 to $50,000, but now that Bitcoin has risen to $77,000, investors suddenly accept the current price, indicating a clear increase in market FOMO sentiment.
2026-08-23
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