Crypto Industry News & Market Trends

Mirae plans to turn crypto exchange Korbit into something Korea hasn't seen before

Korbit currently holds less than 1% of South Koreas domestic crypto market, far behind giants Upbit and Bithumb. When asked directly about its strategy to compete, Mirae Asset stressed that the goal is not to overtake any other company or exchange, but to promote sustainable growth of the digital assets industry in South Korea.　　“We intend to combine Mirae Assets extensive global investment expertise with Korbits digital asset capabilities to promote the sound and sustainable growth of the digital asset industry in Korea and globally.”　　In other words, Mirae Asset isnt trying to outdo Upbit or Bithumb, but to offer a one-stop shop that brings together institutional investment capabilities, research, education, and digital asset infrastructure under one roof.　　The group also told CoinDesk it would strictly comply with AML, KYC, and fraud-detection standards across all areas, a signal that Digital X is being positioned for institutional clients as much as for retail traders.　　Mirae Assets affiliate Mirae Asset Consulting recently increased its stake in Korbit to 97.15%, completing the acquisition after receiving regulatory approval from South Koreas Fair Trade Commission.　　“The acquisition was carried out through lawful procedures following a thorough review of the relevant laws and regulatory framework. Mirae Asset Consulting was selected as

07-24Industry

DeFi Is a Major Target for Hackers — Your Funds May Flee Faster Than the Project Team Can React

In the first half of 2026, a total of 344 security incidents occurred in the Web3 ecosystem, with cumulative losses amounting to approximately 1.32 billion US dollars. Although this figure represents a 46.8% decline year-on-year compared to the same period last year, excluding the impact of the $1.45 billion loss from Bybit, the scale of losses in the first half of this year actually rose by around 28% year-on-year.　　In other words, there has been no substantial improvement in the overall security environment of the industry.　　In the first quarter alone, Web3 projects lost $464.5 million across 43 incidents, with phishing and social engineering attacks inflicting the heaviest losses. Wallet theft was the costliest attack vector, causing $445 million in losses via 33 incidents in the first half of the year; phishing led to $366 million in losses through 63 incidents.　　The latest case involves DeFi platform Summer. fi (formerly Oasis. app), which was exposed to an attack on July 6,2026, with approximately 6 million US dollars siphoned off. Security firm Blockaid detected that the vulnerability bypassed existing protection measures. In June, crypto platforms lost 75.87 million US dollars in 40 hacking attacks, and the vulnerability of Humanity Protocol was the largest single

07-24Industry

BitMEX hit with 623 BTC lawsuit on day it announces shutdown

BitMEX is facing a class action lawsuit accusing the crypto derivatives platform of fraudulently engineering customer liquidations to seize traders Bitcoin collateral.　　On Thursday, BKX Services Inc. and David Namdar filed the complaint in the US District Court for the Southern District of New York. The plaintiffs allege they lost a combined 622.66 BTC through forced liquidations on BitMEX, with BKX claiming losses of at least 305.81 BTC and Namdar alleging losses exceeding 316.85 BTC.　　The lawsuit revives long-running allegations about the platforms internal trading operations and liquidation engine and comes just as the exchange is preparing to close in September.　　“BitMEX deliberately developed a system that profited from the liquidations,” the plaintiffs alleged. The complaint claimed that an internal trading desk had access to private customer information and could continue trading during server freezes that prevented ordinary users from accessing or closing their positions.　　Cointelegraph reached out to BitMEX for comment but did not receive a response before publication.　　BitMEX users seek Bitcoin return under fraud claims　　According to the filing, BitMEX allowed customers to use leverage of up to 100 times their collateral, then automatically liquidated positions while collateral was still allegedly worth twice the losses incurred.　　The remaining BTC was placed into the platforms

07-24Industry

Federal Reserve: Holding rates while watching inflation risks – Commerzbank

Commerzbank‘s Bernd Weidensteiner expects the Federal Reserve to leave the policy rate at 3.50%–3.75% at the upcoming meeting, while debating potential hikes if inflation fails to ease. Weidensteiner’s baseline assumes core Personal Consumption Expenditures (PCE) Price Index slows toward a 2% path, allowing the Fed to avoid further tightening and possibly start cutting rates from mid‑2027, though higher Oil prices pose upside inflation risks.　　Policy on hold, cuts seen in 2027　　“The recent escalation in the Persian Gulf has led to another noticeable rise in oil prices. Even if core inflation remains stable, this could delay the decline in headline inflation during the summer months, increasing the risk of second-round effects.”　　“Even under these favorable assumptions—the monthly increase so far in 2026 has averaged 0.35%—the 2% mark would not be reached until spring 2027.”　　“The Fed is likely to keep its key interest rates unchanged again at its meeting next week. While the debate over a rate hike has gained momentum, the Fed might get lucky and avoid having to raise rates in the second half of the year if the inflation rate falls again.”　　“The Fed will first want to gain more clarity on inflation trends before seriously considering an interest rate hike. It

07-24Industry

Ethereum price rejects $2,000 as tech rout tests $1,850 support

Ethereum price has retreated to $1,880 after failing to clear $2,000, as profit-taking, rising derivatives leverage and a sharp U.S. technology-stock sell-off weakened market sentiment.　　SummaryEthereum price fell toward $1,880 after failing to break the key $2,000 resistance.Spot ETH ETFs logged $26.3 million in inflows despite weaker market sentiment.Holding $1,850 could support a rebound toward $1,950 and eventually $2,060.　　According to data from crypto.news, Ethereum (ETH) price traded near $1,882 at press time, down about 3% over the previous 24 hours after reaching the $1,935–$1,950 region earlier in the week. Sellers emerged below the psychological $2,000 barrier and the 100-day exponential moving average, ending a rally that began near $1,560 in late June.　　Wall Street‘s technology rout added pressure during Thursday’s session. The Magnificent Seven stocks fell 4.8% and erased about $797 billion in market value, their worst day since the tariff-driven sell-off in April 2025. The S&P 500 dropped 1.2%, while the Nasdaq 100 lost 1.9%, according to CoinDesk.　　Alphabet‘s decision to raise its 2026 capital-spending forecast to as much as $205 billion and weaker-than-expected profits at Tesla drove the equity decline. High-beta assets came under pressure as investors questioned whether returns from artificial-intelligence spending could justify the sector’s rising costs.　　Ether absorbed a

07-24Industry

Lockheed Martin (LMT) Stock Surges on Stellar Q2 Results and $230B Record Backlog

Key TakeawaysLockheed Martin exceeded Q2 earnings projections with EPS of $7.94 compared to analyst expectations of $7.09Quarterly revenue climbed 11% year-over-year to $20.06 billion, surpassing the anticipated $19.34 billionNew contracts totaling $65 billion drove the order backlog to an unprecedented $230 billionAnnual EPS forecast increased to $29.95–$30.65 range; revenue projection elevated to $79.75–$81.75 billionShares traded flat at $568.60 in Friday premarket activity following Thursdays rally　　Lockheed Martin (LMT) impressed investors with strong second-quarter results released Thursday, providing substantial evidence of operational momentum.　　Lockheed Martin Corporation, LMT　　The aerospace and defense leader reported GAAP diluted earnings per share of $7.94, significantly exceeding the $7.09 consensus forecast. Quarterly revenue reached $20.06 billion, representing an 11% increase from the same period last year and beating expectations of $19.34 billion.　　Thursdays trading session saw shares jump following the announcement, although LMT remains approximately 17% off its 2026 peak entering Friday. The stock showed no movement in early morning trading, holding steady at $568.60.　　The quarters most impressive metric was the order backlog. Lockheed closed Q2 with an industry-leading $230.4 billion in committed orders — representing a $64 billion increase year-over-year. The firm achieved a remarkable 3.2-to-1 book-to-bill ratio, indicating $3.20 in new business secured for each dollar of recognized

07-24Industry

Goldman Sachs CEO Backs Crypto Bill Despite Stablecoin Reward Opposition

David Solomon backs the CLARITY Act despite disputes over stablecoin rewards and ethics. Banks warn stablecoin rewards could drain deposits and weaken community lending channels. Democrats still seek stronger ethics and consumer safeguards before supporting the bill.　　Goldman Sachs CEO David Solomon has backed the CLARITY Act as US senators remain divided over stablecoin rewards and ethics rules. His support gives the crypto market structure bill a major Wall Street ally while banks continue to challenge parts of the proposal.　　Solomon said that he strongly supports moving the legislation forward. He said clearer market structure rules could help advance innovation in digital assets.　　Stablecoin Rewards Divide Banks and Crypto Firms　　Goldman Sachs CEO acknowledged that the bill was not perfect. He argued that it could create a level playing field, enhance market stability and allow digital-asset markets to develop appropriately.　　His position differs from that of JPMorgan CEO Jamie Dimon and major banking groups. They oppose the bills current stablecoin-reward provisions.　　Banks argue that transaction-based rewards could draw deposits away from regulated lenders. They warn that outflows could weaken community-bank funding and reduce credit for small businesses and agricultural borrowers.　　The Senate draft bans interest-like rewards on idle stablecoin balances. It still permits rewards linked to transaction-based

07-24Industry

Robinhood CEO Vlad Tenevs X Account Hacked to Promote Scam Memecoin

Key highlights:Vlad Tenevs X account promoted a bogus memecoin after a hacking incident.Tenev has since recovered the X account, but victims lost 650 ETH in the scheme.Last week Airbnb CEO Brian Cheskys X account was breached to promote tokenization.　　Robinhood CEO Vlad Tenev is the latest high-profile figure to suffer a security breach on microblogging platform X (formerly Twitter). While Tenev has recovered the X account, attackers seized the opportunity to promote a fraudulent memecoin, netting millions of dollars from unsuspecting investors.　　Vlad Tenev recovers X account as investors bleed millions　　On Thursday, Robinhood‘s communications team confirmed that CEO Vlad Tenev’s X account was hacked. The attackers pitched a Vladhood token (VLAD) to followers as the “official mascot of Robinhood Chain” using Tenevs official X account.　　To lure in victims, the hackers claimed that the token is set for an imminent listing on the Robinhood app. Robinhood Chain block explorer marked the token contract as “SCAM,” but the attacker had generated 650 ETH valued at $1.2 million in proceeds from the VLAD token.Source: Robinhood Chain Explorer　　After nearly 10 hours, Tenev recovered his account and clarified that Robinhood has not issued any cryptocurrency tokens. The CEO confirmed that a postmortem is underway to understand the

07-24Industry

Burnham‘s tax cuts ’sugarcoat the pill – further Sterling downside likely

Both the pound and gilts sold off in Thursday morning London trading before stabilising as the day progressed. Andy Burnham‘s first week as prime minister is drawing to a close, and — as is customary when a new occupant arrives at Number 10 — it hasn’t been a quiet affair.　　Beyond the usual ministerial merry-go-round, the headline-grabbers have been tax cuts to electricity bills and pub rates, and the reversal of Starmers hike to the bus fare cap.　　While encouraging on the surface, these announcements have left investors jittery, given that: a) its unclear how the cuts will be funded, and b) they raise the risk of further tax hikes or additional borrowing down the line.　　At risk of sounding overly cynical, we see an element of sugarcoating the pill here. These are cuts that are cheap to deliver but politically potent – low-cost measures with high visibility, the kind that make for good headlines without denting the public finances much on their own.　　Burnham‘s track record points to fiscal expansion rather than tightening, and we see it as inevitable that this initial round of crowd-pleasing, low-cost tax cuts will be followed by a much heftier bill at the Autumn Budget in a few

07-24Industry

If you invested $10,000 in SpaceX stock at IPO, youd now have this much

By June 16, a mere four days after the initial public offering (IPO), filling ones SpaceX (NASDAQ: SPCX) order at the original $135 or even the original opening price of $150 appeared like the best trade of 2026.　　By press time on July 24, however, the situation had changed dramatically, and there was scarcely a moment in which buying shares of SPCX would have been profitable.　　Specifically, after launching to the all-time high (ATH) of $225.64 by June 16, SpaceX stocks fortunes reversed, and the equity found its latest close at $118.24 and is, at press time in the Friday pre-market, changing hands at $117.98.　　SpaceX stock price chart. Source: Google　　Under the circumstances, had a trader managed to fill a $10,000 IPO order despite the competition, they would have suffered a $1,260.74 loss as their position diminished to $8,739.26.　　For those who succeeded at buying on the morning of June 12, the losses would have amounted to $2,134.67 as their holdings fell from $10,000 to $7,865.33.　　Why SpaceX stock price crashed after June 12 SPCX IPO　　The SpaceX situation can be explained using a combination of factors that find their foundations in the mismatch between the companys original valuation and its revenue and profits – or

07-24Industry

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