Latest Crypto News & Market Updates

Coldcard exploit sparks call for independent audits: Kraken CSO

Coldcards five-year seed-generation flaw has renewed calls for independent testing of hardware wallet firmware after suspected attacks have drained nearly $90 million worth of Bitcoin from thousands of wallets.　　Kraken chief security officer Nick Percoco said in a post on X on Sunday that the incident should serve as a warning for the hardware wallet industry, arguing that manufacturers should not be the only parties verifying how wallet seed phrases are generated.　　https://t.co/cIjpnVnMDM　　— Nick Percoco (@c7five) August 2, 2026　　He said production firmware should undergo independent testing to confirm that the approved source of randomness is the one actually used when creating wallet secrets.　　According to Galaxy Researchs latest blockchain analysis, suspected attackers have now swept more than 1,800 BTC from over 5,200 potential victim addresses across four observed attack waves, although the firm has stressed that those figures are on-chain estimates rather than confirmed losses. Coinkite has not verified every affected wallet, and blockchain data alone cannot determine whether a single actor carried out all of the attacks.　　Coldcard flaw escaped review for more than five years　　Coinkite disclosed on Thursday that the vulnerability dates back to March 2021, when the company migrated part of its firmware while integrating a new cryptographic library.　　Instead of using

08-03Industry

Japanese Yen jumps as US-Japan confirm joint intervention, hint further action

The USD/JPY pair tumbles to near 156.45 during the early European trading hours on Monday. The Japanese Yen (JPY) climbs amid speculation that Japanese authorities may have intervened to prop up the currency again after coordinated action between the US and Japan last week.　　Japan‘s Finance Minister Satsuki Katayama said on Monday that Japan and the United States (US) conducted coordinated Yen-buying intervention and will not hesitate to take further action, per Reuters. Katayama confirmed a rare bilateral action to halt the ‌JPY’s slide to fresh 40-year lows.　　Meanwhile, US Treasury Secretary Scott Bessent said that Washington wouldnt hesitate to step into the market again. US President Donald Trump said on Sunday the US was helping Japan prop up the JPY as a sign of friendship and to help the world economy.　　“It seems likely that authorities would intervene further in the coming days if the yen begins to unwind the recent move, as was the case in May of this year,” Goldman Sachs Group Inc. strategists including Kamakshya Trivedi wrote in a note. “We continue to think intervention is an effective tool for authorities to buy some time before fundamental factors turn more positive.”　　Uncertainty in the Middle East remains high despite hopes

08-03Industry

CoinDesk Wins a Polk Award, One of Journalism's Top Prizes, for Explosive FTX Coverage

“This is an important milestone, not only for CoinDesk, but for crypto media generally,” said, CoinDesk‘s chief content officer. “Despite all that Ian and Tracy’s incredible reporting exposed – and the fallout that it triggered – the crypto industry will continue to have a significant impact on the world. Its vital that it be covered with the kind of probing, well-informed, professional journalism embodied by these two reporters and their attentive, dedicated editors.”　　The industry-shaking Nov. 2 story from Allison, a senior reporter, resulted from a source‘s tip that Sam Bankman-Fried’s closely held trading firm, Alameda Research, was on shakier financial footing than was generally known. Allison got to work finding evidence and nailed it by obtaining the companys balance sheet, which was not a public document.　　It showed that a significant portion of Alameda‘s billions of dollars in assets was secretly made up of FTT, a sort of digital Monopoly money issued by Bankman-Fried’s better-known FTX crypto exchange.　　The resulting story raised concerns about the stability of Alameda and FTX, and called into question Bankman-Frieds image as a white knight capable of backstopping struggling companies and as an “adult in the room” in a field notorious for fly-by-night outfits and scammers. The

08-03Industry

Why a DeFi platform ditched its consumer app to become the secret backend for tech giants

SummarySpark shelved its consumer app indefinitely and pivoted to B2B2C, supplying yield to firms like Robinhood rather than competing with them for users.Robinhood Earns $200 million vault runs on Morpho, with Spark as one of three collateral sources. MacPherson calls it proof the infrastructure model works.Revenue fell from $80 million to $20 million in the bear market. OTC lending at $260 million outstanding is the fastest-growing line, targeting $1 billion by year-end.　　The stablecoin market is fragmenting, and onchain capital allocator Spark is betting it can capitalize on the split.　　Fintechs, exchanges and banking groups are increasingly launching their own dollar-linked tokens. Each issuer wants to keep users, reserves and transaction activity inside its own network as competition ramps up.　　The stablecoin landscape “is about to fragment more and more,” Sam MacPherson, CEO of Phoenix Labs, said in an interview with CoinDesk.　　PayPal has PYUSD, Circle has USDC, and Tether has USDT. Robinhood has joined the Global Dollar (USDG) consortium and is building its own chain, while OpenUSD (OUSD) is another large consortium that includes Stripe and Coinbase.　　Beyond these giants, there are hundreds of other stablecoins, including Ethenas USDe, World Liberty Financials USD1 and Skys USDS.　　The result is liquidity scattered across an expanding number

08-03Industry

Suspected 4th Coldcard attack wave sweeps 448 Bitcoin: Galaxys Thorn

Update (Aug. 3 at 4:19 am UTC): This article has been updated with the latest estimated number of affected addresses and Bitcoin from Galaxys Alex Thorn.　　Coldcard users are being warned of a new wave of coordinated thefts targeting their Bitcoin hardware wallets, coming just days after the first wave of attacks on Thursday.　　In an X post on Monday, Galaxy research head Alex Thorn flagged hundreds of transactions impacting 709 potential victim addresses, moving around 448.7 Bitcoin (BTC).　　Thorn said the activity averaged 13.8 sweeps per block, around 45 times the rate observed in a pre-incident control window. Most transfers have seen a fresh destination created for each victim rather than converging on a central collection wallet.　　Some funds have already been swept into second hop addresses, he said.　　Related: Coldcard Bitcoin loss estimate rises to $70M after Galaxy analysis　　“These are LIKELY Coldcard victims — they match the shape of coldcard vulnerable utxos and the elevated transaction pattern gives me high confidence they are another wave of attacks,” said Thorn.　　The researcher said there are similar transactions in the mempool waiting to be confirmed. Affected users who control the relevant keys may be able to broadcast a conflicting transaction with a higher fee to move

08-03Industry

Coldcard‘s 5-year flaw reveals hardware wallet testing gap: Kraken’s security chief

Coldcards five-year seed-generation flaw has exposed a broader weakness in how hardware wallets are independently tested, according to Kraken chief security officer Nick Percoco.　　In an X post on Sunday, Percoco said the incident should be a “wake-up call” for hardware-wallet makers, calling for independent testing to verify that the approved source of randomness is the one actually used by production firmware.　　“Consumers are asked to trust a manufacturers implementation of the single most critical function in the system, with no independent verification that the approved entropy path is the one actually executing,” said Percoco.　　His comments follow an ongoing attack that is believed to exploit weak seed phrases generated by affected Coldcard devices. As of Sunday, over 4,500 addresses have been impacted, draining nearly $90 million in Bitcoin.　　Coldcard RNG flaw remained undetected for five years　　On Thursday, Coinkite disclosed a software flaw that has existed since March 2021, when Coldcard changed its seed-generation process as it integrated a new cryptographic library.　　The migration inadvertently routed wallet creation to a weaker MicroPython generator that existed in the codebase, rather than Coldcards intended true random number generator (TRNG).　　“The bulk of randomness on the COLDCARD was coming from a PRNG that I didnt know was actually in

08-03Industry

Kalshi and Polymarket's combined volume reaches all-time high in July, surpassing $50 billion

Quick TakePolymarket, Polymarket US, and Kalshi saw their total volume reach $50.6 billion in July, marking a 7.7% growth month-over-month.Notably, Polymarket US‘s volume rose 54% while the main Polymarket platform’s volume fell 26% compared to June.　　Kalshi and Polymarket saw their combined trading volume soar to a new all-time high in July as prediction markets continued to gain steam around the World Cup.　　According to The Blocks data dashboard, Kalshi, Polymarket, and Polymarket US posted $50.59 billion in combined monthly trading volume in July, marking a 7.8% increase from Junes $46.95 billion monthly volume.　　Kalshi remained in the lead, and recorded $37.7 billion in the past month. This marks a 14% month-over-month growth.　　Notably, the monthly data indicates a shift in volume between Polymarket and Polymarket US. While Polymarkets monthly volume contracted 26% to $7.9 billion, the U.S. platform saw its volume rise 54% to $5 billion. The combined volume of Polymarket and Polymarket US decreased from $14 billion to $12.9 billion.　　The U.S. platform, regulated by the Commodity Futures Trading Commission, dropped its initial waitlist restrictions in May, opening the platform to all U.S. users. This allowed U.S. traders who had previously bypassed regional blocks to participate legitimately on the platform.　　Earlier this year, Rutgers

08-03Industry

CLARITY Act faces Wednesday deadline for Friday vote

The CLARITY Act was absent from the U.S. Senate‘s published schedule for Monday, Aug. 3, leaving lawmakers with only days to begin floor proceedings before the chamber’s summer break.　　The official Monday schedule lists a 5:30 p.m. vote on cloture for the motion to proceed to H.R. 6500, a vehicle for a continuing resolution. It includes no scheduled action on H.R. 3633, the Digital Asset Market Clarity Act. The Senates cloture ledger, updated through July 31, also records the July 30 filing for H.R. 6500 but no CLARITY Act petition.　　The absence does not formally block the crypto market-structure legislation. However, it leaves Senate leaders without a publicly confirmed vehicle or procedural timetable before the Senate begins its tentative state work period on Aug. 10. That break is scheduled to run through Sept. 11.　　CLARITY Act Absent from Mondays Senate Schedule, Facing a Critical 72-Hour Window Before Recess　　Mondays Senate schedule lists only a vote on a spending bill, with no action on the CLARITY Act. If an ordinary cloture motion is filed on Wednesday, Aug. 5, the Senate could hold a… pic.twitter.com/Y9J8Xd8WKT　　— Wu Blockchain (@WuBlockchain) August 3, 2026　　CLARITY Act needs a Wednesday filing for Friday action　　Under the Senate‘s ordinary Rule XXII process, a

08-03Industry

Coldcard exploit sparks Bitcoin flight, ‘bullish’ crypto consolidation: Hodlers Digest, August 2

Cold storage fears after Coldcard users lose $90M in Bitcoin　　After $90 million in Bitcoin was drained from Coldcard wallet users, small hodlers desperately sought refuge on centralized exchanges and via alternative custody methods.　　Bitcoin transfers below 1 BTC climbed to their highest daily level since 2022 on Friday, with 39,600 BTC moved, according to data shared by CryptoQuant head of research Julio Moreno on Saturday.　　The figure was just 300 BTC below the 39,900 BTC transferred on Nov. 16, 2022, days after FTX filed for bankruptcy.　　Galaxy Research, the research arm of crypto investment company Galaxy Digital, reported Saturday that the third wave of attacks on users of the hardware wallet on the weekend brought estimated losses to 1,367 BTC ($88.6 million) across 4,585 addresses.　　Alex Thorn, Galaxy Digitals head of firmwide research, warned in an X post on Sunday that the attack was still ongoing and urged users to move funds from Coldcard-generated addresses immediately if they had not already done so. The exploit reportedly targets a flaw in the Coldcard seed generation process, that did not employ a genuinely random number generator.Source: Alex Thorn　　Clarity Act clock running out: No vote, or ‘no’ vote？　　President Donald Trump is considering a revised ethics proposal for

08-03Industry

A tiny cluster of Solana bots unlocked a 3x trading advantage by routing through one proprietary protocol

New research into automated trading on Solana found a nearly threefold difference in positive wrapped SOL outcomes inside one small group of bots. Transactions that invoked HumidiFi, which the paper classifies as a proprietary automated market maker, recorded a positive WSOL balance change about 62.3% of the time. Other transactions in the same 12-address group did so at a 21.01% rate.　　The comparison covered 244,733 HumidiFi-invoking transactions, including 152,502 with a positive WSOL balance change, and 218,678 other transactions, including 45,949 with a positive change. The rate ratio was about 2.97.　　The edge appeared in one narrow cluster　　The ASE 2026-accepted paper examined 200 addresses associated with two trading-oriented bot services on the Solana network. The researchers selected the top 100 addresses linked to Trojan and the top 100 linked to SolanaMevBot, then collected their transactions from Oct. 1 to Nov. 1, 2025. They grouped 158 addresses into four clusters using measures such as transaction intensity, execution success, fees, and asset breadth, while treating 42 addresses as noise.　　The paper also studied 586 public bot repositories, but that software sample was built separately and cannot be connected to the 200 on-chain addresses. Its authors published a replication package through Zenodo.　　Transaction-pattern reviews and service labels

08-03Industry

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