Crypto Industry News & Market Trends

FlightAware drops Kalshi lawsuit over a market niche that data shows it never took off

According to a Fortune article in July, Kalshi decided to pause flight cancellation contracts, after social media users expressed concerns over malicious actors causing flight cancellations to collect payouts. And according to Kalshi data, retail participation in the niche aviation series has been modest. For the U.S. flight cancellation bet currently open until Aug. 14, the data reveals only 31,412 total contracts traded, representing $1,842.48 in aggregate dollar volume and only 1,120 contracts held in open interest. The low liquidity here stands in stark contrast with Kalshis $148 billion in volume this year alone, that same data shows.　　The filing does not state whether the companies reached an agreement or whether Kalshi changed its markets or their settlement source.　　Kalshi and FlightAware were contacted via email for comment but neither responded immediately.　　FlightAware had accused Kalshi of using its flight data and a trademark without permission to run bets on airline cancellations. The flight tracking firm was seeking damages and an injunction over contracts that allowed users to trade on the percentage of flights canceled nationally or at specific airports.　　Kalshi had denied violating FlightAware‘s license or infringing its trademark, according to the original complaint. It said its references to FlightAware constituted nominative fair

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Binance, RedotPay clash over fate of Singapore lawsuit

Binance and RedotPay are disputing whether a Singapore case related to their nearly $473 million Hong Kong legal battle is coming to an end.　　The stablecoin payments card issuer told Cointelegraph on Tuesday that it expects Binance to discontinue the Singapore proceedings following a hearing on Aug. 7. “RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” a spokesperson for RedotPay said, adding that the parties would try to agree on costs.　　However, Binance said it has no plans to abandon its claims. “Reports that Binance will be withdrawing its Singapore claims are false,” a Binance spokesperson told Cointelegraph, adding that the company “is not abandoning its claims and has informed both the court and RedotPay accordingly.”　　The disagreement marks the latest development in a broader legal fight between Binance-affiliated companies and RedotPay, which includes a separate Hong Kong case seeking nearly $473 million in damages.　　Singapore case part of broader legal fight　　Binance-linked legal action against RedotPay first made headlines on Aug. 5, when Bloomberg reported that Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore had filed a petition in Hong Kong against RedotPays co-founders.　　The Hong Kong plaintiffs allege RedotPay diverted more than 470,000 Binance Card users by

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Binance rejects claim it will withdraw Singapore case against RedotPay

Binance and RedotPay have given conflicting accounts of whether Singapore proceedings linked to their nearly $473 million legal dispute are being discontinued following an Aug. 7 court hearing.　　Cointelegraph reported on Tuesday that RedotPay expects Binance to discontinue the Singapore case, while Binance denied that it intends to abandon its claims and said it has informed both the court and RedotPay of its position.　　The disagreement concerns proceedings brought by Binance-linked Chaintecs Consulting Singapore against RedotPay affiliates and runs alongside a Hong Kong case in which three Binance-affiliated companies are seeking about $472.8 million in damages.　　RedotPay told the publication that it expects the Singapore proceedings to be discontinued after the Aug. 7 hearing and plans to seek its legal costs from the claimant.　　“RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” a company spokesperson said, adding that the parties would first try to reach an agreement over the amount.　　Binance rejected RedotPays account of the case. “Reports that Binance will be withdrawing its Singapore claims are false,” a spokesperson said.　　The exchange added that it “is not abandoning its claims and has informed both the court and RedotPay accordingly.”　　Binance says its Singapore claims remain active　　The Singapore proceedings

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Fidelity plans Ethereum staking for $898M FETH fund

Fidelity has moved to add Ethereum staking and quarterly cash distributions to its $898 million Fidelity Ethereum Fund, with the trust allowed to stake as much as 100% of its ETH under normal conditions.　　SummaryFidelity plans to add Ethereum staking and quarterly cash payouts to its $898 million Fidelity Ethereum Fund.FETH could stake up to 100% of its ETH under normal conditions while keeping enough ether available for liquidity needs.The fund would retain 85% of gross staking rewards, with the remaining 15% going to the sponsor, custodians and node operators.Net staking rewards would first cover fund expenses before being distributed to shareholders in quarterly cash payments.　　The U.S. Securities and Exchange Commission filing submitted on Aug. 11 shows that Fidelity amended the funds registration statement to include staking, allowing FETH to earn rewards from ether already held by the trust. Fidelity plans to begin staking as soon as practicable after the prospectus takes effect.　　Under the proposed structure, Fidelity would not have to stake a minimum amount of the funds ETH. While up to 100% could be committed to validators during normal conditions, some ether would remain available when needed for redemptions, fund expenses, distributions, and liquidity management.　　The filing defines normal conditions as

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Bitcoin holds near $64,000 as U.S. inflation data looms, Harmony exploit rattles altcoins

SummaryHarmony confirmed a suspected exploit after an attacker minted roughly 4 billion ONE tokens via empty blocks, equal to about 26% of total supply, sending the token to a record low.The July U.S. CPI print is due at 12:30 UTC and is the main macro event of the day. Brent crude is near $90 a barrel after fresh Houthi attacks on shipping in the Bab el-Mandeb Strait and a US strike on a vessel in the Gulf of Oman overnight, complicating the inflation picture.Bitcoin is up 0.23% since midnight UTC at around $63,979, with Fear and Greed at 38 and total market cap holding at $2.19 trillion.　　Crypto markets were steady on Wednesday as traders absorbed a protocol exploit while waiting for a U.S. inflation report that often sets the tone for risk assets.　　Harmony, a layer-1 blockchain network for DeFi protocols and marketplaces. confirmed it had been hit by an exploit early in the Asian day. An attacker minted some 4 billion ONE tokens through empty blocks, representing about 26% of the tokens circulating supply.　　Around 2.8 billion of the tokens were quickly funneled to exchanges, pushing ONE down as much as 40% to a record low.　　Broader markets were also little changed

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Bitcoin developers could fall behind attackers without top AI models, BPI says

A group of crypto companies and industry organizations has called on frontier AI labs to give Bitcoin and other open-source financial infrastructure developers trusted access to their most capable models as AI-assisted cyber threats become more advanced.　　The Bitcoin Policy Institute said in an open letter published Monday that developers responsible for securing open-source financial systems can be excluded from specialist cyber programs or restricted by safeguards built into publicly available frontier AI models.　　Bitcoin developers seek access to stronger AI security tools　　Under the proposal, AI companies would “establish or expand standing trusted-access programs for qualified defenders of open-source financial infrastructure,” allowing vetted security researchers and maintainers to use capabilities that may otherwise be restricted.　　BPI argued that access has become more important as advanced AI systems gain the ability to examine large codebases, identify potential vulnerabilities and speed up difficult technical work. These capabilities can help legitimate researchers find flaws, but the institute said they can also be used by attackers looking for weaknesses.　　For Bitcoin developers, the letter said the access gap can leave maintainers dependent on less capable open-weight models when frontier systems either refuse security-related requests or remain available only through programs that do not include open-source financial infrastructure.　　The institute

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Bank of England taps Polygon consortium for digital pound trade finance tests

NOBO Finance, Dun & Bradstreet and Polygon Labs have joined Phase 2 of the Bank of Englands Digital Pound Lab to test SME trade finance flows that combine stablecoin payments, digital pound settlement and reusable business identity.　　SummaryNOBO Finance, Dun & Bradstreet and Polygon Labs have joined Phase 2 of the Bank of Englands Digital Pound Lab to test cross border SME trade finance.The consortium will develop a reusable SME credit profile using transaction data, business intelligence and Polygon based smart contract infrastructure.A second workstream will test invoice factoring where exporters receive stablecoin advances while UK importers complete final settlement in digital pounds.The Digital Pound Lab uses no real customers or money and does not mean the Bank of England has decided to issue a digital pound.　　According to a press release shared with crypto.news, the consortium will test two connected workstreams inside the central banks experimental programme, with Polygon Labs providing stablecoin settlement, wallet and smart contract infrastructure through its Open Money Stack.　　The programme does not involve real customers or money, allowing the participants to examine how different forms of digital money and financial data could work together without operating in a live financial environment. NOBO, a UK fintech focused on

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Harmonys ONE dives 40% after an attack appears to mint tokens equal to quarter of supply

SummaryHarmonys ONE token plunged about 40% after an apparent exploit created roughly 4 billion new tokens, increasing the supply by more than a quarter.The Harmony team confirmed the incident, said it is working with exchanges to freeze funds, and is preparing a software patch and possible rollback of the blockchain.The episode follows earlier security and token-creation issues on Harmony, including a 2022 $100 million bridge hack and a 2023 bug that improperly minted about 146.3 million ONE.　　Harmony‘s ONE token fell about 40% in Asian morning hours Wednesday after an apparent exploit created roughly 4 billion new tokens, an amount equal to more than a quarter of the token’s existing supply.　　The company confirmed the attack and told the network operators that help run the Harmony network to install an emergency software update that it said would prevent any further minting. The project is separately working on how to deal with tokens that were already created.　　It also paused its token bridge and asked exchanges to freeze funds traced to four addresses linked to the incident.　　“We are working on a patch and rollback options,” Harmony said, adding that it would provide another update when more information is available.　　We are asking all exchanges to

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XRP bridge exploit update: tx identifies flaw, alerts FBI

Tx said on Aug. 12 that its XRPL bridge was exploited on Aug. 9 after an attacker abused faulty deposit detection logic, draining XRP from the bridge reserve.　　SummaryTx says attackers stole 198,715.88 XRP after exploiting a flaw in bridge deposit verification logic.The XRPL bridge remains halted while developers review security upgrades and possible user remedy options.Attackers converted stolen XRP into ETH before routing funds through THORChain and Tornado Cash afterward.Tx filed an FBI IC3 complaint with transaction records and additional identifying information about attackers.Other bridged assets remain fully backed, while bridged XRP currently lacks complete reserve backing.　　Technical lead Reza Bashash put the stolen amount at 198,715.88 XRP. The bridge remains halted while the team evaluates recovery options and strengthens the affected software, according to its latest post.　　The company said the flaw caused transactions that never delivered XRP to the bridge to be registered as deposits. This allowed unbacked bridged XRP to be minted on the tx chain. The attacker then withdrew real XRP from the reserve wallet against those balances.　　You might also like:　　XRP bridge loses 200,000 XRP after relayer logic flaw　　Tx says destination checks failed in the bridge relayer　　Tx said the vulnerability was in the bridge software rather than the

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Fidelity moves to add staking, quarterly payouts to near $900 million ether ETF

SummaryFidelity plans to add ether staking and cash distributions to its Fidelity Ethereum Fund (FETH), which has $898 million in net assets.The fund would keep 85% of gross staking rewards, with the remaining 15% going to service providers.The move follows similar initiatives from Grayscale and 21Shares, while BlackRock launched a separate staking product.　　Fidelity is preparing to add staking and quarterly cash payouts to its Fidelity Ethereum Fund (FETH), one of the largest spot ether ETFs in the U.S.　　FETH, with $898 million in net assets, could stake as much as 100% of its ether under normal conditions, though Fidelity set no minimum, according to an amended registration statement. The fund would keep some ETH available for redemptions, expenses and other liquidity needs.　　The shift follows an IRS safe harbor bulletin issued in November 2025 that lets qualifying crypto trusts stake assets without losing their grantor-trust tax status. Fidelity would join Grayscale and in adding staking to existing ether funds. BlackRock took a different route by introducing a separate staking product.　　Fidelity would retain 85% of gross staking rewards, while the remaining 15% would go to the fund sponsor, custodians and node operators. Blockdaemon, Figment and Galaxy are named as the trusts node operators.　　Net

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