Crypto Industry News & Market Trends

Metaplanet moves 3,881 BTC as paper loss nears $1.4B

Metaplanet moved 3,881 Bitcoin worth about $247.3 million from wallets tracked by onchain analysts on Aug. 12, drawing attention to the Japanese companys large corporate treasury as Bitcoin traded near $63,600.　　SummaryLookonchain tracked 3,881 BTC leaving Metaplanet linked wallets, worth roughly $247 million during Wednesday transfers.Metaplanet officially reported 43,000 BTC holdings in July and has not announced any Bitcoin sale.The transferred amount equals about 9% of Metaplanets last officially disclosed 43,000 BTC treasury balance.Bitcoin traded near $63,600, leaving Metaplanets reported acquisition costs deeply underwater on a mark-to-market basis.Hut 8 separately transferred 493 BTC worth about $31 million during the same trading window.　　Lookonchain first reported a 1,473 BTC transfer worth about $93.8 million, then said total outflows over roughly three hours had reached 3,881 BTC in a later post.　　Metaplanet was not the only corporate Bitcoin holder moving funds. Lookonchain also reported that Hut 8 transferred 493 BTC worth about $31.36 million roughly three hours earlier. The analyst did not identify the purpose of Hut 8s transfer, and the company had not announced a related Bitcoin sale.　　Neither transfer establishes that Bitcoin was sold. Metaplanet had not published a disclosure announcing a sale or explaining its wallet movements when checked Wednesday, while Hut 8

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Erebor Bank nears $1.5B raise at $8B pre-money valuation

Crypto friendly Erebor Bank is nearing a roughly $1.5 billion funding round at an $8 billion pre-money valuation, according to people familiar with the discussions cited by the FT.　　The talks come only six months after the Columbus, Ohio lender received final approval to open as a U.S. national bank. Erebor has not announced the financing and declined to comment to the newspaper, meaning the size, valuation and investor commitments remain subject to change.　　Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to make commitments, while existing investors 8VC and Haun Ventures are also reportedly participating. The $8 billion figure is before the proposed new capital is added. If the full $1.5 billion closes on those terms, the resulting valuation would be about $9.5 billion.　　Erebor Bank deposits have climbed above $4 billion　　Regulatory figures give some support to the growth behind the fundraising talks. Erebors latest call report showed about $4.06 billion in deposits and roughly $4.66 billion in assets at the end of June, compared with around $1.1 billion in deposits at March 31.　　The FT reported that deposits increased further to $4.6 billion by the end of July, citing a person familiar with the figures. That

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Here's what bitcoin and ether traders are doing ahead of the binary U.S. CPI print

The demand for this bullish exposure suggests some investors expect the ongoing choppy price action in BTC to end with a decisive move toward $70,000. Perhaps, they expect the CPI to come in softer-than-expected, lifting risk assets higher.　　Economists currently expect the July report to show headline CPI rising 0.1% month-over-month and 3.4% year-over-year. Core CPI, which strips out food and energy, is forecast to rise 0.2% month-over-month and 2.5% year-over-year, according to consensus estimates from Reuters, Dow Jones, and Bloomberg surveys.　　Other traders are less focused on direction and more interested in a jump in volatility.　　“We reiterate our recommendation to accumulate December optionality, leveraging depressed implied volatility across the curve ahead of several key catalysts, notably updates on bipartisan Clarity Act negotiations, shifts in Middle East geopolitical risks, and potential monetary policy pivots,” quant-driven trading firm TDX Strategies said.　　“Structurally, we favour December strangles on BTC and SOL,” the firm added.　　A strangle involves buying both a call and a put with the same expiration. The position profits if the price makes a large move in either direction. The maximum loss is limited to the combined premium paid and occurs only if the market stays relatively flat.　　Volatility could expand quickly once bitcoin breaks

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Korea Sheds $6.2 Billion in August as Asia Rotates Away From AI

Foreign investors pulled $6.2 billion out of South Korean stocks in August. Taiwan drew $1.7 billion, ending a six week selling streak, Bloomberg-compiled data shows.　　The split points to a broader pattern. Money is rotating out of Koreas chip-heavy KOSPI toward markets seen as steadier bets on artificial intelligence (AI).　　Sponsored　　Sponsored　　A Wider Asian Reshuffle　　The Korea-Taiwan swing is part of a larger regional shift. Foreign investors sold a net $25.48 billion of Asian equities in July. It was the ninth straight month of net outflows.　　Taiwan and South Korea alone lost more than the region‘s entire net outflow in July. Taiwan shed $22.95 billion that month, separate from August’s swing back to inflows. Korea shed $6.26 billion in July, a July total distinct from the $6.2 billion August outflow cited above.　　Inflows into India, Thailand, Indonesia and the Philippines only partly offset those July losses.　　While still up 17% in the past 6 months, the KOSPI has seen a clear spike and drop. Image Source: Trading View　　Sponsored　　Sponsored　　Bloomberg-compiled data also shows analysts raised Taiwan‘s 12-month earnings estimates faster than Korea’s last month. It was the first time in nearly a year that Taiwans revision moved ahead.　　“The unusually high swings in AI-related sectors are making global investors diversify.”　　Herald

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Harmony confirms exploit involving unauthorized minting of 4 billion ONE tokens

Quick TakeLayer 1 blockchain platform Harmony confirmed that it had been exploited.X user Juiceberg reported earlier that an attacker had minted 4 billion ONE tokens without authorization.Harmonys Horizon cross-chain bridge was exploited for nearly $100 million in 2022.　　Layer 1 blockchain platform Harmony confirmed on Wednesday that it had been exploited, following a report of an unauthorized minting of its ONE cryptocurrency.　　Earlier in the day, an X user named Juiceberg reported that an attacker had minted 4 billion ONE (ONE) tokens by using empty blocks. The token price subsequently plunged, while the totalSupply endpoint did not immediately reflect the increase in supply, according to the X user.　　“The attacker has roughly 115M ONE left to sell onchain — about 2.9% of the ~4B they minted,” Juiceberg wrote. “The overwhelming majority (~97%) is already on exchanges and has either been sold or is sitting in deposit wallets ready to sell.”　　ONE token is down 34% in the past 24 hours, trading at around $0.0008. This puts the stolen amount at a current value of roughly $3.2 million.　　Harmony directly addressed Juicebergs post in its X statement, confirming the exploit and saying it is working with its team and relevant exchanges to stop and freeze the

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Nasdaq targets 24 hour trading with LeveL acquisition

Nasdaq agreed on Aug. 11 to acquire all equity interests in LeveL Markets LLC, adding one of the largest U.S. alternative trading systems to a broader strategy built around longer trading hours, tokenized securities and digital market infrastructure.　　SummaryNasdaq agreed to acquire LeveL Markets, the third largest U.S. alternative trading system by volume.LeveL reaches more than 2,500 clients and trades across more than 7,000 symbols each day.Nasdaq created Digital Liquidity Networks to combine tokenization, liquidity platforms and digital asset technology capabilities.The SEC approved Nasdaq tokenized securities rules in March, then longer trading hours during April.LeveL will remain FINRA regulated and separately managed after closing, subject to required regulatory approvals.　　Financial terms were not disclosed in the companys release.　　The deal comes after two major U.S. regulatory approvals for Nasdaq this year. The SEC approved its tokenized securities rules in March and its plan for 23 hour weekday trading in April. Nasdaq now plans to launch the longer trading schedule on Dec. 6, while the newly created Digital Liquidity Networks unit will bring LeveL into the same organization as its digital asset and tokenization capabilities.　　You might also like:　　Plume joins DTCC group with Nasdaq and Schwab　　LeveL gives Nasdaq a larger U.S. off exchange foothold　　Nasdaq says

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MoneyGram brings Solana cash ramps to 170+ markets

MoneyGram expanded its blockchain payments strategy on Aug. 11 by launching MoneyGram Ramps on Solana, giving wallets, exchanges and developers access to its cash network through one API.　　The companys release says the integration supports cash deposits in more than 25 countries and cash withdrawals in more than 170 countries and territories.　　Rift is the first Solana wallet to integrate the service. The launch builds on MoneyGrams June entry into Solana as a validator and participant in the Solana Developer Platform, extending the relationship from network infrastructure into customer facing payment access.　　MoneyGram Ramps gives Solana cash access in 170+ markets　　MoneyGram says developers can obtain API credentials, use a sandbox and integrate software development kits without building separate banking connections. Solana has embedded Ramps in the payments module of its Developer Platform, allowing apps to connect onchain activity with MoneyGrams physical cash network.　　MoneyGram says its wider network serves more than 60 million active customers and includes nearly half a million retail locations. Solanas announcement lists international payouts, stablecoin payroll and aid distribution as possible applications. Those are proposed use cases, not announced customer deployments.　　MoneyGrams corporate site says its broader network spans more than 200 countries and territories, with more than 480,000 retail locations

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MoneyGram expands crypto cash ramps to Solana

Global remittance company MoneyGram has expanded its Ramps service to Solana, allowing wallets, exchanges and developers on the network to offer cash-to-crypto and crypto-to-cash conversions through its payments network.　　Ramps previously operated on Stellar, making Solana its second supported blockchain. Rift is the first Solana (SOL) wallet to integrate the service, allowing users to move between crypto and local currencies through MoneyGram.　　In an X post announcing the launch, Solana said MoneyGram serves more than 60 million customers through nearly 500,000 retail locations across more than 170 countries, with the network now accessible to Solana developers through a single API.Source: Solana　　Ramps supports cash deposits in more than 25 countries and withdrawals in more than 170 countries and territories, according to MoneyGram. The service, also integrated into the Solana Developer Platform‘s payments module, lets developers add MoneyGram’s fiat on- and off-ramp infrastructure without building their own banking integrations.　　The company said the Solana launch is part of a broader effort to make Ramps available across multiple blockchain ecosystems. In June, MoneyGram became a Solana validator, staking SOL and processing transactions on the network. It also joined the Solana Developer Platform as part of that expansion.　　Magazine: Bitcoin will never fall below $60K again: Nansen founder

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FlightAware sues Kalshi over flight cancellation data

FlightAware, a company that offers real-time status and information about flights globally, filed a lawsuit against Kalshi in a New York federal court over the prediction markets platform using its “data and name to run gambling markets on flight cancellations.”　　In a Monday filing in the US District Court for the Southern District of New York, the company said that despite repeated demands for Kalshi to stop using its registered trademark and offering bets “verified by FlightAwares data,” the prediction market has continued to list event contracts based on flight cancellations.　　The lawsuit cited authorities‘ claims that event contracts on prediction market platforms like Kalshi were “wagers” in violation of state laws, adding that the company’s expansion to trading on commercial flights starting in July was associating FlightAware with activities potentially harming its reputation. FlightAware sought to “stop Kalshis illicit behavior before there is any harm to public safety.”　　“[T]here was widespread outrage and concern that the markets would incentivize unsafe tactics to impact cancellations, threatening public safety and creating the potential for massive disruption of air travel. Airlines condemned the markets,” said the lawsuit. “And due to Kalshi‘s unauthorized use of FlightAware’s data and mark, customers immediately assumed that FlightAware was involved

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Coinbase-backed Flowdesk secures full broker-dealer license in Dubai

Flowdesk, an institutional crypto market maker backed by Coinbase Ventures and BlackRock, has received a full broker-dealer license in Dubai, expanding its ability to serve institutional investors in the emirate.　　On Tuesday, Flowdesk said Dubais Virtual Assets Regulatory Authority granted the license to its local entity, Flowdesk Omega FZE, allowing it to provide regulated broker-dealer services to qualified and institutional investors in and from Dubai.　　The approval follows Flowdesk‘s broader regulatory expansion, with the company receiving authorization in France as a Crypto-Asset Service Provider under the European Union’s Markets in Crypto-Assets framework.　　Broker-dealers are playing an increasingly important role in the cryptocurrency market, bridging traditional finance and digital assets while providing liquidity, custody services and regulatory compliance. Earlier this month, crypto market maker Wintermute launched a US broker-dealer, allowing it to trade stocks and options.　　Digital asset infrastructure provider BitGo and securities marketplace operator OTC Markets announced in July that they plan to provide digital asset trading and custody infrastructure for more than 150 broker-dealers using OTS Link ATS, an alternative trading system.　　Related: SoFi taps BitGo to provide infrastructure for bank-issued stablecoin

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