Binance sues RedotPay over alleged $473 million user losses: Report

Binance-affiliated companies have sued Hong Kong-based cryptocurrency payments company RedotPay, alleging it diverted more than 470,000 users from Binance Card in breach of their commercial agreement.  The plaintiffs seek nearly $473 million in damages, arguing the alleged conduct helped fuel RedotPays growth as the company pursues a potential initial public offering (IPO), Bloomberg reported Wednesday, citing a Hong Kong court filing it obtained.  RedotPay said it is defending the proceedings and rejected what it described as “unfounded allegations” against the company and its co-founders. “RedotPay is strenuously defending the proceedings,” a RedotPay spokesperson told Cointelegraph, adding that it will respond through the appropriate legal process.  The legal dispute comes as crypto payments companies compete to expand stablecoin-based spending products, with RedotPay reporting rapid growth and a user base of more than 8 million customers globally.  Binance alleges RedotPay violated an agreement  According to the report, Binance alleged that RedotPay diverted more than 470,000 users from Binance Card in breach of a commercial agreement by allowing users to fund RedotPay stablecoin payment cards with Binance Pay outside the agreed terms.  Binance Holdings-affiliated entities, including Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore reportedly filed a petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. Chaintecs

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World Chain becomes first production L2 to ship streaming Block Access Lists via Flashblocks

Quick TakeWorld Chain will become the first production Layer 2 to stream full EIP-7928 block access lists every ~200 ms inside every flashblock, according to an announcement shared with The Block.The upgrade lets validators verify independent transactions in parallel while blocks are still being built, aiming for up to 1 gigagas per second of throughput without needing more powerful hardware.The L2 will activate the feature on mainnet on Aug. 17 ahead of Ethereums Glamsterdam upgrade planned for later this year.  World Chain plans on becoming the first production Layer 2 blockchain to stream full EIP-7928 Block Access Lists inside every flashblock, with the feature rolling out on mainnet on Aug. 17, according to an announcement on Wednesday.  The upgrade enables validators to verify blocks in parallel while they are still being built, targeting throughput of up to one gigagas per second without requiring more powerful hardware. (A gigagas is a performance metric representing the processing of one billion gas units.)  “Traditionally, validators must re-execute every transaction in a block sequentially before confirming its validity,” the statement reads. “Full block access lists instead provide a record of the blockchain state each transaction reads and writes, allowing independent transactions to be verified simultaneously across multiple

08-05انڈسٹری

Mastercard expands stablecoin push with Crypto Credential pilot

Quick TakeMastercard has partnered with Borderless.xyz to pilot its Crypto Credential framework for cross-border stablecoin payment flows.The pilot marks Mastercards latest stablecoin initiative following its BVNK acquisition, regulated stablecoin settlement rollout, and crypto partner program.  Mastercard is expanding its stablecoin payments infrastructure through a new pilot with global liquidity network Borderless.xyz that will test how its Crypto Credential framework can support trusted interactions across cross-border stablecoin payment flows, the companies announced Wednesday.  Mastercard Crypto Credential provides a framework for verifying participants in blockchain transactions through standardized assurance signals that can be integrated into compliance and risk processes, according to a statement shared with The Block.  The companies said they will use the pilot to evaluate how the framework performs across Borderless.xyzs stablecoin payments network, with participating firms incorporating its assurance signals into their approval, compliance, and risk workflows.  Our relationship with Borderless.xyz began through Start Path and has continued to grow as the digital asset ecosystem has matured,“ Raj Dhamodharan, executive vice president, Blockchain re excited to take the next step together, exploring how Mastercard Crypto Credential can help bring greater trust and confidence to stablecoin payment flows across a growing network of participants.  Borderless.xyz operates a stablecoin orchestration and liquidity network and says it

08-05انڈسٹری

BlackRock stablecoin reserve fund secures top S&P rating

S&P Global Ratings assigned its highest principal stability fund rating to BlackRocks new tokenized money market fund on Aug. 3, recognizing its expected ability to maintain principal stability and limit losses caused by credit risk.  SummaryS&P assigned BlackRock‘s BRSRV its highest AAAm principal stability fund rating after Monday’s official launch.BRSRV held $50 million and maintained a $1.00 NAV as of Tuesday, according to BlackRock.The fund holds cash, short-term Treasuries and overnight repurchase agreements secured by Treasury instruments exclusively.USDT remains rated five, or weak, under S&Ps separate stablecoin stability assessment framework as published.BRSRV targets stablecoin issuers seeking eligible reserves under the GENIUS Act and future federal regulations.  The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, received an “AAAm” rating on the same day it began operating. BlackRocks official fund page showed $50 million in assets and a $1.00 net asset value as of Aug. 4.  S&P based the rating on the creditworthiness of the fund‘s investments and counterparties, its maturity structure and BlackRock Advisors’ policies for maintaining a stable net asset value. The agency said it identified “no weaknesses” in its assessment of management, credit research, risk controls and compliance.  You might also like:  S&P and Pantera exclude Bitcoin from new revenue-based crypto index  BlackRocks AAAm

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The $120 million Coldcard hack lights up Bitcoin's memory pool

Increasing network activity is often said to support valuations for the networks native coin, bitcoin . So far, the token has neither rallied nor dropped significantly and remains boxed in the recent range of $62,000–$65,000.  Analysts continue to point to the fate of the Clarity Act as the immediate catalyst while citing longer-duration government bond yields as a more macro and longer-lasting one.  “CLARITY is still the immediate policy binary. The Senate has a three-day window before its August 10 recess, while the implied probability of passage by year end has fallen to 23% from around 75% in mid-May. A push to attach prediction-market restrictions adds another process risk,” analysts at Marex said.  Meanwhile, Bitfinex said the bullish macro case for bitcoin could collapse if the real or inflation-adjusted yield on the U.S. 10-year Treasury note tops 2.5%.  “The 10-year real yield has not stayed above 2.5% since before Bitcoin existed, so there is no price history above that line. It is now at 2.41%, nine basis points below,” the exchange said.  Stay alert!

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S&P gives BlackRock tokenized reserve fund top stability rating

S&P Global Ratings assigned its highest principal stability fund rating to BlackRocks new tokenized money market fund.  The ratings provider assigned an “AAAm” rating to the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) on Monday, citing the creditworthiness of its investments and counterparties, its maturity structure and managements ability to maintain a stable net asset value.  S&P said it identified “no weaknesses” in its qualitative assessment of BlackRock Advisors management and organization, credit research and analysis, risk management and compliance.  The ratings provider also described the funds tokenization framework as operationally resilient, citing controls intended to mitigate cyber, smart contract and blockchain network risks. The fund uses a permissioned architecture that restricts transactions to whitelisted wallets.  BRSRV launched on Monday as an open-end management investment company, which seeks to operate so that its shares qualify as eligible reserve assets for payment stablecoin issuers under the GENIUS Act.  The fund will hold cash, US Treasury securities maturing in 93 days or less and overnight repurchase agreements secured by Treasury instruments. It will maintain a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.  Related: Jim Cramer plans to sell his Bitcoin over quantum fears as BTC

08-05انڈسٹری

Circle Q2 revenue falls short of Wall Street estimates

Stablecoin issuer Circle reported $701 million in revenue for the second quarter of fiscal year 2026 on Wednesday, narrowly missing preliminary Wall Street estimates.  Circle reported $701 million in total revenue and reserve income, up 7% year-over-year, according to its announcement. It also reported net income from continuing operations of $48 million, marking a $530 million year-over-year increase.  Circle also reported $668 million in reserve income, which increased 5% year-over-year, primarily due to a 25% increase in average USDC (USDC) circulation.  The earnings results narrowly missed the average consensus of $713.32 million, according to Wall Street analyst estimates compiled by Yahoo Finance. Circles shares rose 5.7% in pre-market trading on Wednesday to change hands above $66.5, but remain down 20% year-to-date, according to Yahoo Finance data.  The earnings report comes weeks ahead of the public mainnet launch of Circles Arc blockchain, scheduled for Sept. 16. Ahead of the debut, the blockchain has more than 100 ecosystem and institutional builders, the company said.  Circle also revealed the founding validator cohort for Arc, which includes BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa, according to a separate announcement on Wednesday.  Management hiked its guidance for several key metrics, including other

08-05انڈسٹری

Visa expands stablecoin capabilities on Visa Direct with zerohash collaboration

Quick TakeVisa is integrating stablecoin functionality into its Visa Direct platform through a partnership with zerohash, allowing eligible clients to prefund merchant accounts and send payouts in stablecoins.Visa Direct reportedly connects to more than 18 billion endpoints, including cards, bank accounts and digital wallets.  Visa is expanding stablecoin functionality on its Visa Direct platform through a new collaboration with onchain infrastructure provider zerohash.  Eligible Visa Direct clients will soon be able to prefund merchant accounts and send payouts using stablecoins, with zerohash supplying the underlying technology and regulatory support, according to a press release on Wednesday.  Visa Direct reportedly connects to more than 18 billion endpoints — including cards, bank accounts, and digital wallets — across over 195 countries and territories, according to the announcement.  “Stablecoins are creating new opportunities to make money movement faster and more flexible, particularly for cross-border use cases,” Global Head of Product at Visa Mark Nelsen said in a statement. “Working with zerohash helps us bring stablecoin capabilities to our clients at scale, in a way thats reliable and interoperable with the financial systems they already rely on today.”  The integration is intended to give businesses greater flexibility in managing liquidity and settling transactions around the clock, particularly for cross-border

08-05انڈسٹری

Bitcoin onchain activity surges to yearly high as Coldcard attack unfolds

Bitcoin onchain activity has reached its highest level of 2026 as researchers have linked the surge to the ongoing Coldcard wallet exploit, warning that similar spikes have historically coincided with local market turning points.  K33 Research said nearly 890,000 BTC has moved onchain over the past seven days, the highest seven-day active supply recorded this year, even as Bitcoin has continued trading within one of its tightest price ranges in recent years.  The research note arrives as investigators continue expanding the scope of the Coldcard hardware wallet breach. Galaxy Research said on Tuesday that at least 15 different attackers have now exploited the vulnerability, while its latest confirmed estimate stands at 1,596 BTC stolen from roughly 7,300 addresses across three verified attack waves. The firm added that losses could reach around 2,055 BTC, or about $130 million, if a fourth suspected wave is confirmed through additional victim reports.  Although earlier blockchain observations suggested larger losses, Galaxy said it refined its estimates after separating confirmed victim reports from suspected onchain activity. The research team also said about 90% of the stolen Bitcoin has not moved since the attacks, giving investigators additional time to monitor the funds while coordinating with cryptocurrency exchanges, blockchain security firms

08-05انڈسٹری

'Panic visible onchain': Bitcoin activity hits 2026 high amid Coldcard attack as K33 flags potential bottoming pattern

Quick TakeBitcoins seven-day active supply climbed to a 2026 high with about 890,000 BTC moved over the past week amid the ongoing Coldcard attack, according to K33.Head of Research Vetle Lunde said periods of such elevated onchain activity have historically coincided with local market tops and bottoms.  Bitcoin onchain activity has climbed to its highest level of 2026 as the ongoing Coldcard attack continues to unfold, with K33 arguing that the surge in coin movement during the past week resembles a pattern historically seen around local market tops and bottoms.  The research and brokerage firms report comes as the number of attackers and funds stolen from the exploit continues to expand. Galaxy Research said Tuesday that victim reports continue to uncover new theft patterns, with the firm now estimating that at least 15 different attackers have exploited the vulnerability. Galaxy previously estimated Coincard-related losses had exceeded $100 million, rising to about $130 million, or roughly 2,000 BTC, including suspected but unconfirmed thefts. K33 estimates the exploit has so far resulted in about 1,596 BTC being stolen from roughly 7,300 addresses.  BTC active supply, past seven days. Image: K33.Panic is visible onchain  In the report, K33 Head of Research Vetle Lunde said around 890,000 BTC

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