Crypto Industry News & Market Trends

Harmony plans pre-attack rollback after exploiter forged 3 trillion ONE tokens

Quick TakeHarmony said nearly all of the forged ONE has been traced, but much of it cannot be safely burned.The exploit allowed the attacker to reuse transactions to create new ONE tokens.　　Harmony plans to roll back its blockchain to a point before last weeks exploit after concluding that more than 3 trillion of the blockchains native ONE tokens were forged.　　The Layer 1 blockchain said in its latest incident update that validators will roll back Shard 0 and Shard 1, the two chains that make up its sharded network, to just before the confirmed forged mint. All blocks and transactions after that point will be discarded.　　Harmony said that it considered alternatives, including a token burn, blacklisting affected wallets or even a ONE token (ONE) migration, but concluded that a rollback was the “fairest and most secure” option.　　“Of the options we studied, one fixed rollback window is the fairest and most secure,” Harmony said. “It applies one rule to everyone, removes the forged state, and carries the lowest risk of another attack or consensus failure.”　　3 trillion forged ONE　　Harmony first confirmed the exploit on Aug. 12 after an unauthorized minting of ONE tokens was discovered. An independent researcher initially identified 4 billion tokens

08-17Industry

U.S. Treasury Department proposes GENIUS Act stablecoin rule

However, the proposal notes, “Treasury believes that the Act evinces a clear intent for payment stablecoins to serve as an effective means of payment and settlement, including across borders, and application of traditional investment rules to payment stablecoins may frustrate that goal.”　　Mondays action is a follow-up to the Treasury advance notice of the rule, which it issued in September of last year on what was meant to be a tight timeline. The public and the growing industry of stablecoin issuers now have 60 days to weigh in with comments, and the department will be expected to take further months to review them before issuing a final rule.　　The proposed rule poses dozens of questions about the best approach to interpreting the law, each of which must be answered before the final sign-off. The industry will pay special attention to how it approaches foreign issuers, such as industry leader Tether. It set a deadline for responses in mid-October.　　The laws one-year target to have its rules implemented passed last month, without the administration meeting the requirement. The next mark is the effective date of the law, which is supposed to come by January 18. Its unlikely that all the rules will be finalized

08-17Industry

BitMart account demands founder explain funds status, Xia calls claims ‘fabricated’

BitMarts official Chinese-language X account has publicly demanded that founder Sheldon Xia explain the whereabouts of user funds and produce a repayment plan by Wednesday.　　The account said in a Monday post that some users remained unable to withdraw funds and that some employees had not received their final salary or compensation, while calling on Xia to disclose BitMarts wallets, assets, liabilities and available reserves, according to a machine translation of the post.　　The post said if Xia does not provide a verifiable asset disclosure and repayment plan by the deadline, it would continue to submit evidence to regulators, law enforcement, lawyers and the media.　　It was unclear who authored Monday‘s post or whether the account remained under the company’s control. Cointelegraph contacted BitMart for comment but did not immediately receive a response.　　BitMart announced on July 26 that it would wind down its exchange as its BMX token plunged and users reported withdrawal delays. The company said trading on the platform will end on Aug. 26 and operations will cease on Jan. 31.　　The exchange has stopped accepting new deposits and registrations as part of the shutdown and warned that some withdrawals could face additional compliance and security reviews.　　Related: BitMart withdrawals appear to slow

08-17Industry

Harmony plans rollback, wiping 109,000 transactions after ONE exploit

Harmony plans to roll back its blockchain to Aug. 11 following an exploit that created forged ONE tokens, discarding more than 109,000 transactions confirmed after its chosen checkpoint.　　The layer-1 network said Monday that validators would revert to blocks recorded at 11:25 pm UTC on Aug. 11. New blocks will be produced from the next heights using replacement databases.　　The discarded window includes 109,126 regular transactions and 315 staking transactions. Harmony said selectively restoring transactions was unsafe because balances, contract states, nonces and other conditions would differ on the replacement chain.　　Harmony was considering a rollback last week after reports that unauthorized ONE had been minted and sent to exchanges.　　It said Monday that investigators had traced nearly all of the forged ONE to wallets or service boundaries and were working with exchanges, bridges and law enforcement. At last look, the token had a market cap of roughly $10.8 million, according to Coingecko data.　　Harmonys plan puts it alongside Ravencoin among networks seeking to reverse already confirmed blockchain activity after an exploit.　　Ravencoin faced a potential three-day blockchain reorganization after a consensus flaw was exploited. Mining pools controlling most of Ravencoins hash rate began building a competing chain that could reverse previously confirmed transactions.　　Ravencoin recent price

08-17Industry

Heres what happened in crypto today

Today in crypto, BitMart‘s official account called on the exchange’s founder to produce a repayment plan, Chainalysis sued the US government over an ICE decision to award a contract to TRM Labs and Ethereum developers outlined Hegotá proposals.　　BitMart account demands founder explain funds status, Xia calls claims ‘fabricated’　　BitMarts official Chinese-language X account has publicly demanded that founder Sheldon Xia explain the whereabouts of user funds and produce a repayment plan by Wednesday.　　The account said in a Monday post that some users remained unable to withdraw funds and that some employees had not received their final salary or compensation, while calling on Xia to disclose BitMarts wallets, assets, liabilities and available reserves, according to a machine translation of the post.　　The post said if Xia does not provide a verifiable asset disclosure and repayment plan by the deadline, it would continue to submit evidence to regulators, law enforcement, lawyers and the media.　　It was unclear who authored Monday‘s post or whether the account remained under the company’s control. Cointelegraph contacted BitMart for comment but did not immediately receive a response.　　BitMart announced on July 26 that it would wind down its exchange as its BMX token plunged and users reported withdrawal delays. The company

08-17Industry

Tom Lee's Bitmine now owns 4.8% of Ethereum supply after latest ETH purchase

SummaryBitmine bought another 9,926 ETH last week, bringing its holdings to 5.815 million ETH worth about $11 billion.The Tom Lee-led company now owns about 4.8% of Ethereums total supply, nearing its stated goal of 5%.Lee expects tokenization, AI-agent applications and easing financial conditions to support demand for Ethereum and the broader crypto market.　　Ethereum treasury company Bitmine Immersion added more of the token to its balance sheet, bringing its total holdings up to 5.815 million tokens.　　In an announcement Monday, the company led by Chairman Tom Lee said it bought another 9,926 ETH last week, continuing its streak of weekly buys that began in June 2025 when the company launched.　　Bitmine, which trades under the ticker BMNR, now holds 4.8% of ETHs total supply with its tokens worth about $11 billion at the current price of $1,904.　　Lee said the ETH/BTC ratio has broken above a years-long downward trend, which he sees as a sign that investors are starting to price in growing demand for Ethereum from tokenization and AI-agent applications.　　On the macro front, he expects “easing financial conditions to be a tailwind for crypto,” he said in a statement.　　ETH is up about 1.6% over the past 24 hours while BMNR is trading more

08-17Industry

US Treasury seeks feedback on new GENIUS Act stablecoin rules

The U.S. Treasury has proposed new rules defining when payment stablecoins are issued, offered, or sold in the United States as regulators prepare for key GENIUS Act restrictions beginning in January 2027.　　The U.S. Treasury Department said on Aug. 17 that its Notice of Proposed Rulemaking focuses on Section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, opening another public comment process as the government works through the laws remaining implementation requirements.　　Under the proposal, Treasury would set the boundaries for what qualifies as issuing a payment stablecoin “in the United States,” a distinction that determines when an issuer must obtain a federal or state license under the GENIUS Act.　　The department is also seeking to define when a digital asset company is considered to have offered or sold a payment stablecoin to a person in the United States. Treasury said the definitions are intended to give companies more certainty over when U.S. licensing and distribution restrictions apply.　　Treasury Secretary Scott Bessent said the department was moving to implement the framework established by President Donald Trump and Congress while seeking feedback from companies and other stakeholders.　　Bessent said the rules were intended to provide businesses with “regulatory certainty” while supporting U.S.

08-17Industry

Bitmine adds 9,926 ETH, taking total holdings to roughly $11 billion

Quick TakeBitmine acquired 9,926 ETH over the past week, bringing its holdings to 5.815 million tokens, or 4.8% of the 120.7 million ETH supply.The company said it has repurchased 20.8 million shares since July 1 under its previously authorized $4 billion buyback program.　　Bitmine Immersion Technologies (BMNR) has increased its Ethereum treasury to 5,815,164 ETH, representing 4.8% of the second-largest cryptocurrencys supply, the company said Monday.　　The Ethereum treasury is worth roughly $11 billion, positioning Bitmine as the largest corporate ether holder globally and the second-largest corporate crypto treasury overall, trailing only Strategys $58 billion bitcoin position, according to a statement.　　The latest figure marks an increase of 9,926 ETH over the prior week and places Bitmine 96% of the way toward its stated “alchemy of 5%” target, representing 5% of ethers 120.7 million circulating supply.　　Of the total ETH held, over 5 million tokens, valued at $9.6 billion, are staked through the companys MAVAN platform and staking partners. Staked ETH represents 87% of Bitmines total 5.82 million ETH holdings, with the company projecting annualized staking revenues of $250 million.　　Beyond ETH, Bitmine said it held 210 BTC, a $180 million stake in Beast Industries, and a $73 million stake in Eightco Holdings. The company

08-17Industry

Strategy skips Bitcoin purchase after raising $333.7M from MSTR sales

Strategy has raised $333.7 million through common stock sales without buying or selling Bitcoin last week, leaving its holdings unchanged at 840,447 BTC.　　SummaryStrategy raised $333.7 million from MSTR stock sales between Aug. 10 and Aug. 16.The company made no Bitcoin purchases or sales, keeping its holdings at 840,447 BTC.Strategy spent $132.2 million repurchasing STRC shares and $52.4 million on STRC dividends.Another $149.1 million was added to its U.S. dollar reserve, taking the total to $4.80 billion.　　According to a Form 8-K filed with the U.S. Securities and Exchange Commission on Aug. 17, Strategy sold 3.46 million MSTR shares between Aug. 10 and Aug. 16 through its at-the-market offering program.　　The company used $52.4 million of the proceeds to fund twice-monthly dividends on its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC. Another $132.2 million went toward STRC repurchases, while $149.1 million was added to its U.S. dollar reserve.　　Strategy reported no Bitcoin purchases or sales during the seven-day period, a week after it sold Bitcoin to help finance another round of STRC repurchases.　　Strategy uses MSTR proceeds for STRC buybacks　　During the latest reporting period, Strategy repurchased about 1.39 million STRC shares for $132.2 million under its Digital Credit Securities Repurchase Program.　　The company

08-17Industry

'Sometimes He Was Wrong': Adam Back on Bitcoin Creator Satoshi; Ripple in White House Regardless of Clarity Act; Coinbase CEO Drops AI Prediction: Crypto to Power Agents Economy — Morning Crypto Report

TL;DRBlockstream CEO Adam Back said Bitcoin creator Satoshi Nakamoto was often wrong in early technical calls, rejecting theories that Nakamoto planned unlimited block-size growth.The White House holds a closed-door crypto meeting on Aug. 19 with SEC Chair Paul Atkins, CFTC Chair Mike Selig, and executives from Ripple, Coinbase, Gemini, Polymarket, Nasdaq, NYSE, CME and DTCC, bypassing the stalled CLARITY Act.Coinbase CEO Brian Armstrong predicted AI agents will outnumber human wallet holders, pointing to the x402 payment protocol and USDC on Base, which have already processed over $100 million.Bitcoin fell below its 200-week moving average, trading between $62,000 and $65,000, as U.S. spot ETFs saw $389.7 million in net outflows during Aug. 10–14 — the largest weekly withdrawal since early July.Strategy raised $334 million via an MSTR stock sale to defend its 840,447 BTC holdings, while BitMine extended its ETH accumulation streak to 59 consecutive weeks.　　Adam Back reminds crypto community of Satoshis mistakes　　Blockstream CEO Adam Back delivered a harsh reality check to supporters of the theory about Satoshi Nakamotos “true plan.”　　Commenting on a new podcast by Robin Linus — which claimed that Satoshi intended to increase block sizes indefinitely in accordance with Moores Law to push BTC to $1 million —

08-17Industry

...

319321

...

1000