Potential Attack on BtcTurk: $48 Million in Cryptocurrency Assets Suspiciously Transferred
Blockchain security firm Cyvers has identified an unusual transfer of approximately $48 million worth of assets from Turkish cryptocurrency exchange BtcTurk across multiple chains, including ETH, AVAX, ARB, BASE, OP, Mantle, and MATIC. The fact that the majority of the funds were concentrated in two addresses strengthens the possibility of a coordinated attack. Btcturk announced that it has temporarily suspended deposit and withdrawal transactions. It stated that the majority of the assets are held in cold wallets and that users will not be affected.
US PPI Reaches Highest Level in Three Years in July
A sharp increase in service costs pushed the US Producer Price Index (PPI) to its fastest annual increase in three years in July. According to data from the Bureau of Labor Statistics, the PPI remained unchanged in June but rose 0.9% month-on-month in July. On an annual basis, a 3.3% increase was recorded. Excluding food, energy, and trade services, core PPI rose 0.6% monthly and 2.8% annually.
US Treasury Secretary Bessent: Gold Reserves Will Not Be Reevaluated
US Treasury Secretary Bessent stated that it is unlikely that the country’s gold reserves will be reevaluated. Benson said that the sale of Bitcoin assets worth approximately $15-20 billion would be halted and emphasized that gold would continue to be held as a store of value. He also stated that various options were being evaluated, including the sale of shares in Freddie Mac and Fannie Mae.
KULR Technology Increases Net Profit with Bitcoin Revenues
KULR Technology Group reported revenue of $3.97 million in the second quarter, marking a 63% increase year-over-year and reaching its highest quarterly revenue to date. Net profit stood at $8.14 million, supported by the company’s Bitcoin holdings increasing to 1,021 BTC. The company’s Bitcoin yield was reported at 291.2%.
U.S. Banking Sector Calls for Changes to the GENIUS Act
The American Bankers Association and 53 organizations, including financial reform advocates, have called for changes to the stablecoin bill known as the GENIUS Act. The requests include removing the competitive advantage of state-licensed, uninsured institutions and prohibiting stablecoin partners from offering returns. Additionally, the need for steps to regulate the overall structure of the crypto market was emphasized.
SEC Postpones Solana ETF Decision to October
The US Securities and Exchange Commission (SEC) has postponed its decision on Bitwise and 21Shares’ Solana ETF applications until October 16. The SEC stated that it needs more time for further evaluation. The applications had made progress in the approval process following changes made last month.
MicroStrategy Changes Its Name to Strategy Inc.
MicroStrategy, the world’s largest publicly traded Bitcoin holder, changed its legal name to Strategy Inc. as of August 11. The company’s stock symbols will remain the same and there will be no changes to its structure. Known for its Bitcoin-focused strategies, the company continues to offer AI-powered enterprise analytics software.
Gemini Launches Web3 Wallet Without Mnemonics
Gemini has unveiled its smart wallet that does not require a seed phrase and offers gas-free transactions. The wallet features biometric login and social recovery, along with DeFi integration and ENS subdomain support. Direct account linking and on-chain transaction features will be added in the future.
Crypto and Fintech Leaders Call on Trump to Ban Bank Fees
Over 80 crypto and fintech executives wrote a letter to Trump calling for a ban on banks charging fees for customer data access. The letter stated that high “account access” fees prevent consumers from accessing better financial products. Industry leaders such as Gemini, Robinhood, and the Blockchain Association supported the initiative.
Hyperliquid Breaks Record in 24-Hour Trading Volume
Decentralized exchange Hyper liquid set a new record with $29 billion in trading volume and $7.7 million in trading fee revenue in 24 hours. The platform has been attracting attention due to increased demand recently.
Bowmore to Launch Tokenized Whisky on Avalanche
Scottish whisky producer Bowmore plans to offer a limited edition of its whiskies paired with NFTs on the Avalanche blockchain. The first “collector’s series” is expected to be valued at $5,500.
Bitcoin Spot ETFs Record Net Inflows for the Seventh Consecutive Day
Bitcoin spot ETFs extended their upward trend for the seventh consecutive day with a net inflow of $231 million. BlackRock’s IBIT ETF stood out with a single-day inflow of $524 million. The total net asset value reached $153.4 billion, equivalent to 6.54% of Bitcoin’s market value.
Ethereum Spot ETFs See $640 Million in Net Inflows
Ethereum spot ETFs continued their inflow trend on the eighth day, recording a net inflow of 640 million dollars. BlackRock’s ETHA ETF led the way with a single-day inflow of 520 million dollars. The total net asset value reached 29.22 billion dollars, equivalent to 5.34% of Ethereum’s market value.
