Crypto Industry News & Market Trends

OFAC Targets Irans Crypto-Funded Toll Scheme in Strait of Hormuz

The US Treasurys Office of Foreign Assets Control (OFAC) sanctioned two firms accused of supporting an IRGC-backed scheme that allegedly extorted commercial vessels transiting the Strait of Hormuz by requiring them to purchase maritime insurance.　　Wednesdays designations hit the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe. Treasury says the policies extract revenue while covering risks that Iran itself creates.　　Sponsored　　Sponsored　　Follow us on X to get the latest news as it happens　　How Irans Hormuz Insurance Scheme Drew US Sanctions　　The IRGC reportedly began collecting transit fees from tankers passing through the Strait of Hormuz in April, with charges starting at approximately $1 per barrel.　　The Treasury said the insurance scheme was created to offset revenue lost following Operation Epic Fury. Treasury Secretary Scott Bessent linked the initiative to Irans worsening economic conditions.　　“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” he said.　　According to the department, Iran established the “illegitimate schemes” through the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority.　　It said Irans Ministry of Economy developed HormuzSafe. It offers insurance, traffic control, security, and emergency response services to vessels transiting the strait.　　Sponsored　　Sponsored　　The firm accepts payments in Bitcoin

07-30Industry

Gold Electronics Demand Rises 4% on AI Infrastructure Boom

Gold demand from the electronics sector rose to 68.3 tonnes in the second quarter. This marked a 4% year-over-year increase.　　The rise came as artificial intelligence (AI) infrastructure spending offset a slump in consumer device shipments.　　AI Infrastructure Lifts Gold Electronics Demand　　The electronics sector accounts for the majority of gold used in technology. Demand there climbed from 65.8 tonnes in the same quarter of 2025, the World Gold Council reported.　　Sponsored　　Sponsored　　Growth came from AI server mainboards, integrated circuit substrates, and printed circuit boards for low-earth orbit satellites. Memory and semiconductor use also rose, driven by the same AI memory demand surge reshaping chipmaker valuations.　　Automotive lighting added more. Gold wire and gold-tin bonding remain standard in vehicle head and tail lamps, where heat and vibration demand durable materials.　　Follow us on X to get the latest news as it happens　　“Gold usage in the electronics space very much remained on a two-speed setting: strong AI infrastructure investment offset weakness in smartphone and laptop shipments, primarily due to surging memory costs. High gold prices also continued to accelerate thrifting and substitution in many low- and midrange applications, adding further pressure to some traditional consumer electronic applications,” the report read.　　The consumer end moved in the opposite direction. IDC

07-30Industry

Primit Wraps Up Season 1 Trading Campaign on Avalanche

The two-week campaign brought thousands of traders on-chain, with daily $500 prize pools and fully transparent, publicly verifiable winner selection.　　Primit, the decentralized perpetual exchange built on Avalanche, today announced the successful conclusion of its Season 1 trading campaign, a 14-day event that rewarded traders with daily prize pools and marked the platforms first major community milestone since launch.　　Running from July 15 to July 28, the campaign invited traders of all sizes to participate with a deliberately low barrier to entry: anyone generating at least $200 in daily trading volume was automatically entered into that days draw. Each day, 20 winners split a $500 prize pool, with rewards distributed directly to their wallets.　　By the Numbers　　Over the course of Season 1, Primit recorded:10,000+ participating wallets across the campaignOver 500 wallets qualified for every single one of the 14 daily actions14 daily draws completed, with 280 total winners$100,000 will be distributed directly to traders wallets　　In a space where campaign fairness is often questioned, Primit published every days winner list — with masked wallet addresses — on its official blog, allowing anyone to verify results on-chain. This transparency-first approach became a defining feature of the campaign and a foundation of trust with its early

07-30Industry

BitMart Shutdown Sparks Withdrawal Concerns: $3.7 Million in User Assets Reportedly Affected — WikiB

After BitMart announced its orderly shutdown on July 26, an increasing number of users have reported issues in recent days, including withdrawal difficulties, delayed withdrawals, abnormal account balances, and unresponsive customer support.　　On July 30, affected BitMart users with significant asset exposure established a joint communication group and completed an initial registration process. According to the preliminary records, 27 users reported being unable to withdraw their funds normally, with total affected assets reaching approximately 3,704,214 USDT.　　The largest reported individual asset amount reached 700,000 USDT, while several other users reported account balances ranging from 100,000 USDT to 600,000 USDT.　　Screenshots from the original accounts of just seven users showed a combined balance of 1,692,203.67 USDT.　　Screenshot of BitMart Users Unable to Withdraw Funds (Source: @MINGLIbtc)　　Centralized exchanges (CEXs) play a critical role in custodying user assets, facilitating trades, and providing withdrawal services. However, over the past few years, the crypto industry has witnessed multiple exchange risk events. From the collapse of major exchanges to withdrawal difficulties faced by smaller platforms, ordinary users are often the ones who suffer the greatest impact in the end.　　When such incidents continue to occur, how can users better protect their asset rights and interests？BitMart Shutdown: $3.7 Million in User Assets

07-30Industry

Will WEEX Become the Next BitMart or BitMEX? An In-Depth Risk Assessment Based on Real Data and User

Last week, with veteran crypto exchanges BitMart and BitMEX announcing their shutdowns amid a harsh market environment, negative sentiment spread rapidly across the industry. Investors and market observers began asking one question: which exchange could be next to face a crisis？　　WEEX, an eight-year-old crypto exchange, has also come under the spotlight after a series of negative claims surfaced online. An industry insider who had previously warned about BitMarts potential collapse two months earlier shared a prediction on X, stating: “WEEX is going to shut down.”　　Some users have also filed complaints on FX110, claiming that they experienced issues such as unauthorized fund deductions, account freezes without explanation, and being asked to “delete their posts before withdrawals could be processed.”　　Recently, an individual claiming to be a “former BitMart employee and current WEEX employee” posted on social media, accusing the company of poor internal management and misleading employees.　　On one side, WEEX presents itself as a platform with strong financial backing and regulatory credibility — an official partner of LaLiga, a 1,000 BTC protection fund, and multiple regulatory registrations, creating the image of a well-funded and legitimate exchange.　　On the other side, there are allegations including “funds deducted without notification,” “withdrawals only approved after deleting

07-29Industry

Under the Deep Bear Market, Veteran Exchanges Are Falling One After Another: The Risk Warning Behind

On July 23, BitMEX, the pioneer of perpetual contracts, announced that it would officially shut down operations on September 23.　　On July 26, BitMart, once ranked among the worlds top 10 cryptocurrency exchanges, announced that it would officially cease platform operations on January 31, 2027.　　Neither of these exchanges was an unknown small-scale platform. One had been operating for 11 years, while the other had been in operation for 8 years. Both were veteran exchanges that grew alongside the explosive expansion of the cryptocurrency industry and could be considered witnesses to the evolution of the crypto market.　　However, before BitMEX and BitMart announced their shutdowns, warning signs and risk forecasts had already emerged in the market.　　For example, WikiBit, a global cryptocurrency exchange regulatory verification and risk assessment platform, had already assigned relatively low risk scores to both exchanges: 5.48 for BitMEX and 5.16 for BitMart.　　Within a short period, both exchanges accumulated multiple risk alerts — 3 risk indicators for BitMEX and 6 for BitMart — including user complaints, significant increases in capital outflows, and cryptocurrency regulatory concerns.　　BitMEX and BitMart Risk Data (Source: WikiBit)　　Regardless of the reasons, the collapse of two relatively large exchanges within just one week has sent a chilling message throughout

07-29Industry

Countdown to the Fed Rate Decision: BTC Has Reached a Critical Turning Point

At 2:00 AM Beijing Time on July 30, the Federal Reserve will announce its fifth interest rate decision of 2026, putting global financial markets to the test.　　This is not an ordinary FOMC meeting — several institutions have described it as “one of the most difficult rate decisions to predict in recent years.”　　On one hand, the surge in oil prices, the implementation of new tariffs, and the AI investment boom have collectively disrupted the previous inflation narrative. As a result, the probability of a Fed rate hike has surged from 13% to 36% within just one week. On the other hand, the “silent revolution” led by new Fed Chair Waller has completely abandoned Powell‘s long-standing practice of forward guidance, leaving the market without the policy compass it had relied on for more than a decade. This has made the Fed’s interest rate decisions increasingly difficult to forecast.　　For Bitcoin, which has been trapped in a tug-of-war between $61,000 and $66,000 for more than three weeks, this rate decision could become the most important short-term catalyst for a market breakout. A major move may be imminent, and crypto investors need to clearly understand the risks and prepare accordingly.Fed Rate Decision: 3 Scenarios, 3

07-29Industry

Ondo drops tokenized asset blockchain plans for private, high-speed trading network

The pivot comes as tokenization gathers momentum across Wall Street. Tokenization — the process of representing traditional assets such as stocks, bonds and funds as blockchain-based tokens — is gaining traction as firms look to modernize capital markets with faster settlement and around-the-clock trading. At the same time, perpetual futures, once largely confined to crypto markets, are expanding to traditional assets such as stocks and commodities like oil and gold.　　Beyond issuing tokenized assets　　Ondo has emerged as one of the sectors largest issuers, with about $2.6 billion in tokenized U.S. Treasury products across OUSG and USDY and roughly $850 million in tokenized equities, according to rwa.xyz. The firms broker-dealer last week FINRA approval to launch regulated markets and services for tokenized securities.　　The new network represents the companys next step in moving beyond issuing tokenized assets to building the infrastructure for trading them.　　Ondo Network separates trade execution from settlement instead of processing every trade on a public blockchain. Orders are executed privately for greater speed, while finalized asset transfers settle on public blockchains.　　The approach is designed to address a key concern for institutional investors, who want the benefits of blockchain settlement without exposing their trading activity, positions or order flow to competitors.

07-29Industry

European financial institutions launch RL1 cooperative blockchain network

Ten European financial institutions have launched Regulated Layer One (RL1), a jointly owned blockchain cooperative designed for regulated financial markets and tokenized assets.　　On Tuesday, the group announced that RL1 had been established as a European Cooperative Society in Luxembourg and had begun operations with founding members including ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures and Seturion.　　RL1 said each member will have equal decision-making rights over the networks governance and development.　　The private, permissioned network is based on infrastructure developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has now transferred ownership of the network to the cooperative.　　SWIAT said the platform has processed more than 50 transactions worth over 700 million euros (about $808 million) during three years of production use.　　The blockchain is designed to support institutional use cases including digital money, tokenized bonds, collateral and blockchain-based settlement. RL1 said the shared network could reduce fragmentation caused by financial institutions operating separate distributed ledger systems.　　Former SWIAT Managing Director Henning Vollbehr will lead RL1. KfW and L-Bank will continue supporting the initiative, while RL1 said it is in discussions with additional institutions, including NatWest, about joining the network.　　Related: CoinShares debuts Bitcoin

07-29Industry

Kraken opens Jersey Mikes IPO to retail investors through tokenized shares and direct allocations

Crypto exchange Kraken is offering retail investors access to the planned Jersey Mike‘s initial public offering, allowing eligible US customers to request allocations of the sandwich chain’s shares and users in more than 110 countries to request tokenized shares backed 1:1 by the underlying stock.　　Eligible US customers can submit interest in book-entry Jersey Mikes shares at the IPO price, while global customers can request JMKEx, a tokenized version of the stock with the backing shares held in regulated custody. Allocations are determined by the IPO underwriter and are not guaranteed.　　JMKEx will begin trading 24 hours a day, five days a week on Kraken and participating xStocks Alliance platforms once the IPO closes, while the underlying Jersey Mikes shares will trade during regular US market hours.　　Kraken said tokenized shares can be transferred across participating xStocks Alliance platforms, moved onchain and integrated with compatible decentralized finance applications, extending access to public equities beyond traditional brokerage accounts.　　Jersey Mike‘s is a US sandwich chain with more than 3,300 locations. According to the company’s IPO announcement, it expects to price the offering between $21 and $25 per share and list its Class A shares on the New York Stock Exchange under the ticker JMKE.　　Related: Kalshi

07-29Industry

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