Fears of AI-driven DeFi hack epidemic overstated for now — but not for long

A wave of high profile crypto hacks in April that many suspected had been orchestrated using sophisticated AI tools to identify smart contract exploits, led to fears that every DeFi protocol was suddenly at risk.  In May, Manuel Aráoz, founder of the blockchain security platform OpenZeppelin, declared “all of DeFi unsafe” following $630 million in crypto losses from exploits in April.  But even as the industry braced for the scenario of DeFi protocols falling like dominoes to agentic AI, the stream of attacks seemed to ebb.  That led Dragonfly managing partner Haseeb Qureshi to declare recently that fears of a DeFi “hackpocalypse” were a “false alarm.” He pointed out that even including Aprils big hacks, the year to date has seen “a lower rate of hacked $ per month” and that the “median hack size by year is also declining.”  So whos right? Are the fears of an AI driven hacking epidemic totally overblown, or is this just the lull before the storm?  “I think the ‘hackpocalypse’ narrative is overstated if it suggests AI has already replaced compromised keys, weak infrastructure and human error as the main causes of Web3 losses,” Stephen Ajayi, Hackens leading offensive security engineer, tells Magazine.  But he adds that doesnt mean

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Robinhood CEOs X account hacked in apparent memecoin scam

One or more hackers took over Robinhood CEO Vlad Tenevs X account on Thursday after a post appeared promoting a fake memecoin based on the company called “VLAD” and included what appeared to be a malicious token contract address.  The post attracted more than 175,000 views in less than 20 minutes before users identified it as a scam and warned others not to interact with the token.  Source: Vlad Tenev  Robinhood had not confirmed the hack at the time of publication. While the company has expanded aggressively into digital assets, including tokenized stocks, crypto staking, perpetual futures and Robinhood Chain, it has never launched a memecoin.  The compromise was reported by onchain data provider Onchain Lens. Robinhood Chain‘s blockchain explorer has since labeled the token’s contract address as a scam.  Hacks and scams continue to plague the crypto industry, with attackers increasingly shifting toward phishing campaigns, according to Nominis. That trend comes even as the total value stolen through crypto scams has declined in recent months.

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Ondo clears FINRA hurdle as ONDO price tests resistance near $0.42

Ondo Finance has secured FINRA authorizations covering tokenized NMS stocks, exchange-traded funds, mutual funds, index funds and IPO securities for U.S. investors.  SummaryOasis Pro secured FINRA permissions for tokenized stocks, funds and IPO securities in the U.S.The framework supports stablecoin settlement and access through brokers, advisers and retirement accounts.ONDO faces resistance near $0.42 while holding above all four major moving averages.  Ondo Finance announced on July 23 that its SEC-registered broker-dealer subsidiary, Oasis Pro Markets, had received the permissions needed to launch regulated tokenized securities services under SEC and FINRA oversight.  Ondo Finances SEC-registered broker-dealer subsidiary, Oasis Pro Markets, has secured regulatory authorization to offer tokenized equities and funds to U.S. investors under SEC and FINRA oversight.  According to the company, the authorizations cover over-the-counter retail transactions, underwritten primary offerings, private placements and other securities activities. Oasis Pro Markets can also operate a venue where U.S. issuers conduct primary offerings and eligible retail and institutional investors trade the resulting assets in secondary markets.  The approved framework supports settlement in fiat currencies or selected stablecoins, including transfers made directly between blockchain wallets, Ondo said. Supported products include National Market System equities, ETFs, mutual funds, index funds and securities issued through initial public offerings.  You might also like:  Cathie

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Ripple targets $2 trillion payment network with Notabene deal

Ripple has invested an undisclosed amount in Notabene to bring RLUSD payments to an institutional network processing more than $2 trillion in annualized transaction volume.  Notabene announced the strategic investment in a press release, adding that the two companies will work together to expand regulated stablecoin payments for businesses. Under the agreement, Notabene will integrate Ripple USD, commonly known as RLUSD, into Notabene Flow, its business-to-business stablecoin payment platform.  Once integrated, RLUSD could become available across one of the largest networks connecting regulated digital asset companies. Notabene described the collaboration as a route for institutions to use the stablecoin while meeting payment authorization and compliance requirements.  Alongside the RLUSD integration, Ripple and Notabene will examine how trusted payment authorization could support Ripple Payments. According to Notabene, its infrastructure gives regulated institutions the information needed to identify counterparties, understand payment purposes and approve transactions without adding unnecessary friction.  “The partnership is set to accelerate adoption of compliant stablecoin payments while creating a pathway for RLUSD to be integrated across one of the worlds largest institutional payment networks for digital assets,” Notabene stated.  Notabene gives RLUSD access to regulated payment counterparties  Notabene co-founder and CEO Pelle Braendgaard identified uncertainty over transaction details as a central problem for companies

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BitMEX shutdown gives traders 2 months to withdraw, but active positions face an earlier deadline

BitMEX, the Seychelles-based crypto exchange founded by Arthur Hayes, announced on July 23 that it will shut down at 04:00 UTC on Sept. 23. Customers now have two months to close positions and withdraw funds, and new registrations have already stopped.  The effective trading deadline arrives sooner. Under BitMEXs wind-down timetable, risk limits take effect at 04:00 UTC on Aug. 26, after which users will only be able to reduce positions.  BitMEX may force-close contracts during the wind-down and will immediately close anything still open at the Sept. 23 cutoff. The notice describes no position-transfer mechanism, so any exposure opened elsewhere would be a separate trade.  Customers who miss the closure time will still be able to log in to view balances and records and request withdrawals. However, KYC-verified accounts retaining assets will face a fee charged monthly at the greater of $50 equivalent or 1% per year on the remaining balance.  BitMEX also warned that additional reviews and blockchain constraints could delay withdrawals and said there is no priority service for moving funds.  Where BitMEX flow may move  No public data currently tracks where BitMEX customers are moving, so possible destinations can only be inferred from existing market scale, depth and product availability. A same-day

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Goldman Sachs CEO backs ‘not perfect’ CLARITY Act as vote expected soon

David Solomon, chair and CEO of financial giant Goldman Sachs, has given his support for a “not perfect” cryptocurrency market structure bill under consideration in the US Senate even as many provisions continue to divide lawmakers and his fellow industry leaders.  According to a Thursday Politico report, Solomon said that the Digital Asset Market Clarity (CLARITY) Act was “not perfect” but needed to create a “level playing field to enhance market stability.” Solomon stands out as the head of a major financial company backing the legislation, which many of his peers are opposing by arguing that the bill allows crypto companies to pay users interest or yield on stablecoins outside standard rules for financial institutions.  “The CLARITY Act — like all legislation — is not perfect,” said Solomon, according to Politico. “And there are lots of things that you could debate and argue about. But I think one of the most important things that it does is that it creates a level playing field to enhance market stability and allow these markets to develop appropriately.”  Republican lawmakers released the text of the CLARITY Act on Wednesday ahead of a potential vote in the Senate, including provisions on ethics that have concerned many Democrats

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1.3 Million BTC Support Opens Way for $84,569 Bitcoin Price Target

Bitcoin has broken above $65,500 and, having fully recovered the 13% decline seen at the beginning of July, has entered a clear technical runway toward yearly highs. The catalyst for a potential rally is an abnormal imbalance of forces within the Bitcoin network, where the URPD metric (UTXO Realized Price Distribution) has recorded a sweeping absorption of supply and the formation of the largest hidden support level in history.  The shift occurred near $62,000, where major players, including those operating through ETFs, methodically accumulated Bitcoin within the narrow $61,840–$63,111 range until they completely exhausted available seller liquidity.  Bitcoins UTXO Realized Price Distribution, Source: Ali Martinez  As a result of this absorption, an unprecedented volume cluster formed, with more than 1.3 million BTC changing hands.  Bitcoin price analysis  Why Bitcoin faces no technical resistance above $65,500  Such a powerful block of long-term ownership did more than stop the July decline. It effectively prevented bears from pushing the market lower and turned the area into a rock-solid starting point for a new price impulse.  The main attraction of the current setup is that this large-scale accumulation has left Bitcoin with virtually no technical resistance above. From current spot levels up to $84,569, analyst Ali Martinez has identified a complete

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Peter Schiff warns $100 oil could unleash a July inflation shock

Economist Peter Schiff has warned that Brent crude‘s surge above $100 could reverse June’s 0.4% monthly CPI decline and produce a sharp US inflation rebound in July.  Peter Schiff linked the risk to oils rapid recovery after energy costs helped pull headline inflation below forecasts in June. In a post on X, Schiff noted that crude had already climbed about 30% in July and returned above $90 per barrel when he issued the warning.  “Investors celebrated the June CPI, as a 30% fall in the price of oil led to a larger-than-expected decline. But so far in July, the price of oil is already up 30%, back above $90 per barrel.”  At the time, Schiff estimated that a move to $100 before the end of July would represent a 43% increase from oils recent low. Brent crossed that level hours later as attacks on Saudi tankers created another threat to energy shipments from the Middle East.  “If the price hits $100 by month-end, that will be a 43% rise. July CPI could be a doozy!” Schiff added.  Answering a user who asked whether the increase would produce only a temporary supply shock, Schiff argued that Junes improvement depended heavily on cheaper oil. In his view,

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Swan CEO claims Twenty One serves Tethers US political interests, calls Mallers' role 'ceremonial'

Quick TakeIn an interview on The Starting Block, Swan Bitcoin CEO Cory Klippsten was critical of Tether-backed Twenty One Capital and of Jack Mallers role as chief executive of the BTC treasury company.Twenty One Capital is used to “line pockets where needed for political reasons in the U.S.,” and Mallers position at the company was “only ceremonial,” according to Klippsten.  Swan Bitcoin CEO Cory Klippsten sharply criticized stablecoin giant Tether and Jack Mallers, who recently stepped down as CEO of Twenty One Capital.  Although Klippsten said Tether had “obfuscated it to some degree,” he argued that the company effectively controls Twenty One, a publicly traded U.S.-based bitcoin treasury company.  Klippsten also alleged that Twenty One is being used as a vehicle to advance Tethers interests in the U.S. “Its kind of their U.S. entity for them to do U.S. things and, you know, line pockets where needed for political reasons,” he said during an interview on The Starting Block podcast on Thursday.  The Swan Bitcoin CEO didnt offer any evidence to support his claim about Tether using Twenty One for political reasons. Tether didnt immediately respond to a request for comment.  USDT, the worlds largest stablecoin, is primarily oriented toward markets outside the United States.

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$460 billion Bitcoin risk draws BlackRock, Coinbase and Strategy into $15M quantum defense mission

BlackRock, Coinbase and Strategy are backing a $15 million effort to prepare Bitcoin against future quantum-computing attacks.  The companies are among nine founding members of the Bitcoin Security Consortium, announced July 23 to support developers and researchers working on the networks long-term security.  The consortium also includes Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy, bringing together asset managers, custodians, exchanges, infrastructure providers and companies with substantial businesses or holdings tied to Bitcoin.  Quantum computing will be the groups first focus as advances in the technology draw greater attention to cryptographic systems that could eventually become vulnerable.  Phong Le, Chief Executive Officer of Strategy, said:  “As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute.”  Quantum advances raise pressure on Bitcoins security timeline  The institutional funding push comes as governments and technology researchers step up preparations for cryptography that can withstand future quantum computers.  Over the past year, researchers, including teams involving Google Quantum AI, have lowered estimates of the computing resources that could eventually be needed to break the type of cryptography Bitcoin uses.  Bitcoin relies on elliptic-curve cryptography

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