Crypto

🛡️ No credible proof US hacked Chinese Bitcoin wallets for $13B theft.

• No credible evidence supports claims that the US government hacked Chinese Bitcoin wallets to steal $13 billion. Investigations attribute the 2020 LuBian exploit to weak wallet security flaws, not state actors.
• Open-source forensics reveal the exploit stemmed from weak random-number generation, enabling brute-force attacks on vulnerable wallets. The stolen coins later came under US custody through legal forfeiture actions.
• While Chinese authorities allege US involvement, technical analyses and DOJ filings show no proof of state-sponsored hacking. The case highlights the importance of robust crypto security and transparent investigations.

🏦 Threshold Network upgrades tBTC bridge, linking institutional Bitcoin with DeFi.

• Threshold Network upgraded its tBTC bridge, enabling over $400B institutional Bitcoin to enter DeFi seamlessly. This innovation links insured custody with decentralized finance, enhancing access.
• Institutions like ETFs and hedge funds can now deploy Bitcoin in DeFi without moving assets from regulated storage. The upgrade supports multiple blockchains, offering instant minting and redemption of tokenized BTC.
• This advancement boosts Bitcoin's DeFi presence, unlocking liquidity and yield opportunities. With over $640M TVL, Threshold Network strengthens Bitcoin’s role in DeFi, fostering growth and institutional adoption.

💳 Jack Dorsey’s Block enables Bitcoin payments for 4 million Square merchants.

• Jack Dorsey’s Block has enabled Bitcoin payments for 4 million Square merchants, allowing instant BTC transactions via the Lightning Network at all Square point-of-sale terminals.
• This integration supports zero-fee Bitcoin payments until 2027, with options for auto-conversion between BTC and USD, empowering merchants to build BTC treasuries easily.
• Block’s move boosts Bitcoin’s mainstream adoption by turning millions of retail locations into Bitcoin payment hubs, making crypto a practical everyday currency for commerce.

🔥 Uniswap fee switch proposal sparks 50% rally in UNI token price.

• Uniswap’s new “fee switch” proposal ignited a 50% surge in UNI token price, reflecting strong community optimism. The plan aims to activate protocol fees to benefit UNI holders.
• The proposal redirects a portion of swap fees to burn UNI tokens, reducing supply and increasing token value. Holders can burn tokens to withdraw crypto from a special “token jar.”
• This governance upgrade marks a milestone for Uniswap Labs, enabling greater value creation and participation in governance, boosting confidence in UNI’s long-term growth potential.

🧩 Ethereum scaling advances with zk appchain and PeerDAS’s blob boost.

• Ethereum’s scaling progress is accelerating with zk appchains like Lighter, enabling high throughput by posting compressed state diffs and zk proofs, boosting transaction speeds dramatically.
• PeerDAS upgrade will increase Ethereum’s blob capacity by 8x, enabling rollups to scale TPS significantly and paving the way for over 1 million transactions per second across the ecosystem.
• Innovations like zkSync’s Atlas upgrade and vertical scaling efforts promise even greater performance, positioning Ethereum as a robust, scalable network for global commerce and culture.

💼 Coinbase launches new digital token sales platform to reboot ICO model.

• Coinbase has launched a new digital token sales platform to modernize the ICO model, offering investors early access to tokens with a fair, regulated allocation process.
• The platform features a one-week purchase window and equitable distribution, replacing first-come, first-served sales to enhance investor protection and fairness.
• Using USDC for purchases, the platform limits token sales by project teams for six months post-sale, aiming to build trust and support sustainable token launches monthly.

💥 Mistrial declared for ‘MEV Brothers’ accused of $25M Ethereum exploit.

• The trial of the “MEV Brothers,” accused of exploiting $25M in Ethereum using MEV bots, ended in a mistrial due to a deadlocked jury after three weeks of proceedings. This outcome highlights the complexity of legal issues around blockchain exploits.
• The brothers were charged with fraud and money laundering, accused of manipulating transactions in seconds. Their defense argued their actions were within Ethereum’s designed system, sparking debate on what constitutes fraud in crypto.
• The mistrial has renewed discussions in the crypto community about MEV’s role and legality. Experts suggest protocol changes rather than prosecution, encouraging constructive efforts to improve Ethereum’s ecosystem positively.

🧠 SoftBank sells entire $5.8B Nvidia stake to double down on OpenAI bet.

• SoftBank sold its entire $5.8B Nvidia stake, exiting the AI chipmaker to fund a $40 billion investment in OpenAI, signaling a major shift in focus towards AI innovation and future growth.
• The Japanese firm’s Vision Fund saw a $23.4 billion gain this quarter, largely from OpenAI’s valuation surge, doubling SoftBank’s net income and reinforcing confidence in AI’s transformative potential.
• To support the OpenAI bet, SoftBank also sold part of its T-Mobile stake and issued bonds and loans, emphasizing its commitment to advancing AI and robotics for humanity’s benefit.