Author: James Wilson
The Verus Ethereum Bridge has suffered another exploit, with an attacker draining about $7.54 million in assets from the same contract hit in May. Summary Verus Ethereum Bridge lost about $7.54 million in a new exploit targeting its import path. Blockaid says the attack resembles May’s exploit, though the root cause remains under active investigation. Three crypto exploits reported Thursday caused combined losses of roughly $35.55 million, according to Lookonchain. Blockchain security firm Blockaid detected the attack on Ethereum on July 23 and said the attacker used the bridge’s import path to trigger payouts that were not backed by matching…
U.S. Securities and Exchange Commission Commissioner Hester Peirce has warned that some crypto vaults and onchain lending strategies may fall under federal securities laws, depending on how operators structure and manage them. Summary Peirce warned crypto vaults may trigger securities laws when managers control investment decisions and strategies. Onchain lending can also fall under SEC rules depending on loan structure, distribution, and management. SEC will assess vaults and lending strategies individually rather than treating all products the same. In a July 22 statement, Peirce said moving financial activity onchain does not remove legal duties when that activity already sits within…
AFX suffered a $24.15 million USDC loss after an attacker targeted a cross-chain bridge linked to the trading protocol on July 22. Summary AFX’s cross-chain bridge lost $24.15 million USDC while Arbitrum’s native bridge remained unaffected during attack. The exploiter moved stolen USDC to Ethereum and converted the proceeds into 12,467.5 ETH afterward. Security firms are tracing the stolen funds as AFX and Arbitrum teams investigate the breach. The incident triggered an investigation by Blockaid and the Arbitrum team, while on-chain trackers followed the stolen funds to Ethereum. The attack did not affect Arbitrum’s native bridge. AFX operates its own…
The UK Treasury has set Q1 2027 for its first tokenized sovereign bond transaction, but the project has remained dependent on finding a workable method to settle its cash leg on-chain. Summary The UK plans to issue its first tokenized sovereign bond by Q1 2027. Missing on-chain cash infrastructure remains the main barrier to institutional settlement. Regulators are exploring stablecoins, tokenized deposits and central bank money for payments. CoinDesk reported that the missing payment mechanism has held back institutional use of digital bonds for almost seven years, even as governments and financial firms have built platforms for issuing tokenized securities.…
S&P Dow Jones Indices and Pantera Capital have launched an 18-asset crypto index that excludes Bitcoin and ranks eligible blockchain networks by the protocol revenue generated during the previous two quarters. Summary S&P and Pantera launched an 18-asset crypto index based on protocol revenue. Bitcoin and XRP failed to qualify under the benchmark’s revenue-focused selection rules. Ether, BNB, Solana, TRON and Hyperliquid hold the five largest positions. According to a joint announcement from the companies, the S&P Pantera Digital Asset Index is designed to measure established network activity instead of relying only on token prices or market capitalization. The benchmark…
Tesla has kept its 11,509 Bitcoin reserve unchanged while recording a $112 million after-tax loss on digital assets during the second quarter. Summary Tesla kept its 11,509 BTC reserve unchanged despite a $112 million after-tax loss. Bitcoin’s second-quarter decline reduced the reported value of Tesla’s digital assets. Tesla’s revenue beat expectations, but adjusted earnings and free cash flow disappointed. Tesla’s second-quarter shareholder update showed that the electric vehicle maker neither bought nor sold Bitcoin during the three months ended June 30. The decision extended a holding pattern that began after the company sold most of its original position in 2022.…
Two securities transfer groups have urged the SEC to prioritize issuer-backed tokenized stocks and ETFs while limiting unaffiliated versions that may not provide shareholders with direct ownership rights. Summary Transfer agents urged the SEC to prioritize issuer-backed tokenized stocks and ETFs. Industry groups warned that third-party tokens may weaken ownership rights and investor protections. Regulated tokenization projects from NYSE, Nasdaq and DTCC continue to expand. Continental Stock Transfer & Trust Company outlined its position in a letter to the SEC’s Crypto Task Force, supporting rules for tokenized securities while calling for tougher treatment of products created without an issuer’s approval.…
Coinbase shares have fallen 4% to about $169 on July 22 as the CLARITY Act’s 2026 passage odds dropped 15 percentage points from the previous day’s peak. Summary Coinbase stock fell 4% as the CLARITY Act’s passage odds dropped to 37%. COIN must reclaim $170.89 to target resistance at $180.70 and $190.51. SUI staking and a $150,000 SEC settlement added company-specific catalysts. Polymarket data places the bill’s chance of passing before the end of 2026 at 37%, down from 52% on July 21, after disagreements emerged over how proposed ethics restrictions should be enforced. Source: Polymarket President Donald Trump had…
The White House has accused Moonshot AI of secretly using Anthropic’s technology to develop Kimi K3, days after the Chinese model took first place on the Frontend Code Arena. Summary Michael Kratsios accused Moonshot AI of using Anthropic’s Fable model to develop Kimi K3. Kimi K3 topped the Frontend Code Arena, intensifying debate over U.S. AI rules and competition. Moonshot has not publicly responded, while the White House has yet to release supporting evidence. Michael Kratsios, director of the White House Office of Science and Technology Policy, alleged in a July 22 X post that the U.S. government had obtained…
Two developers went to prison-facing trials over four words in a 1970s-era framework: what counts as transmitting money. The answer decides whether writing DeFi code is a regulated financial business or protected publishing, and Section 604 of the CLARITY Act is Congress’s attempt to settle it. Summary A money transmitter is a business that accepts currency or value from one person and transmits it to another person or location. Under the Bank Secrecy Act, transmitters are regulated financial institutions with anti-money-laundering duties, and operating one without licenses is a federal crime under Section 1960. The definition was built for Western…