Latest Crypto News & Market Updates

City of Baltimore goes after prediction markets for sports betting

The City of Baltimore and its mayor, Brendan Scott, filed lawsuits against Kalshi and Polymarket over allegations that the companies violated local gambling laws.　　In a Thursday notice, the Baltimore mayor‘s office said that the two prediction market companies operated “illegal, unlicensed sports-betting platforms” and misled users about the “legality and regulatory status of their products.” The lawsuits are centered on claims disputing Kalshi’s and Polymarkets characterization of event contracts, arguing that the trades amount to unlawful wagers under state laws.　　“These companies are running sportsbooks without licenses and betting that a new label will put them above the law,” said Scott. “It wont. Baltimore will not let multibillion-dollar companies put profits over people and harm our communities through illegal gambling.”　　Notably, the citys complaint against Kalshi included Robinhood, Webull and Coinbase as partners with the prediction market platform. All companies were accused of deceptive practices by marketing sports contracts as something that can “lawfully be purchased and traded in Maryland.”　　The legal action against prediction market companies was the latest conflict between US state and federal authorities, and many experts expect it to end with an appeal to the Supreme Court. The US Commodity Futures Trading Commission (CFTC), under Chair Michael Selig, and

08-14Industry

Tether says it completed long-promised 'Big Four' audit of finances behind $180 billion USDT stablecoin

The audit is a step up from the quarterly attestations Tether has published for years after settling an investigation with the New York Attorney Generals office. An attestation checks specific information, such as the amount and composition of reserves at a given date. A financial audit takes a broader look at a companys books, testing transactions, assets, liabilities, income, cash flows and the evidence supporting them.　　Tether said in March that it had hired a “Big Four” accounting firm to conduct its first full audit. KPMG is one of the Big Four, the group of accounting giants that also includes Deloitte, EY and PwC and audits many of the worlds largest companies.　　KPMG examined Tethers transactions, systems, valuations, counterparties and ownership records, according to the company. Auditors also physically counted and inspected its gold bars.　　Tether has repeatedly promised a full audit while relying on reserve attestations, leaving critics asking why a company of its size hadnt undergone the same level of scrutiny common among large financial firms.　　Concerns about the stability and backing of its USDT token, a key piece of infrastructure for crypto trading and markets, have surfaced from time to time as a potential systemic risk for digital assets. The recurring

08-14Industry

How Pokémon Cards Outpaced the S&P 500 and Bitcoin

Pokémon trading cards outperformed both the S&P 500 and Bitcoin over the past three months, posting a 22.8% gain while the cryptocurrency fell sharply.　　The divergence highlights how collectibles are behaving as an asset class largely disconnected from financial markets.　　Sponsored　　Sponsored　　The Numbers Behind the Outperformance　　A card index tracks the aggregate value of graded collectibles, functioning like a stock index but built around physical items. Rand Group compiled the figures behind this comparison.　　The three-month numbers show a wide gap. Pokémon cards climbed 22.8% while the S&P 500 advanced 4.7% and Bitcoin declined 20.7%.　　Follow us on X to get the latest news as it happens.　　The pattern extends across the year. Card indices posted gains of nearly 28% year-to-date, compared with roughly 13% for the S&P 500 and losses of 27%-29% for Bitcoin.　　Retail data confirms the underlying demand. Target reported trading-card sales jumping nearly 70% during 2025, tracking toward more than $1 billion.　　Sponsored　　Sponsored　　Pokémon drove much of that volume. Walmart‘s marketplace registered even steeper increases in sales of the franchise’s products. Two forces explain the appetite. Nostalgia among millennials and Gen Z adults who grew up with the franchise combines with the genuine scarcity of high-grade vintage cards.　　High-profile sales amplified the attention. Influencer Logan Paul sold

08-14Industry

'Bitcoin Is Burning': Red Team Turns to Chinese AI to Find Flaws

In briefThe Bitcoin Red Team is using Chinese AI models to search Bitcoin projects for security flaws.Calle said developers have confirmed numerous critical and high-severity vulnerabilities.They warned that unmaintained projects should not be trusted.　　The Bitcoin Red Team is using Chinese AI models to search nearly the entire Bitcoin open-source ecosystem for security flaws, according to pseudonymous developer and Red Team lead Calle.　　The volunteer group combines AI tools with human review to examine wallets, Lightning applications, software libraries, and other Bitcoin projects. Researchers privately report credible findings to developers so the flaws can be fixed before details are released.　　Myriad: Bitcoins next move？ Click to make your prediction.　　“Were experiencing a massive collision between decades of human open source slop against 2 weeks of Kimi K3,” Calle wrote Thursday on X. “Everything is broken, Bitcoin is burning.”　　Kimi K3 is an AI model from Chinese startup Moonshot AI that developers can download and run on their own systems. It can analyze large codebases and complete lengthy software tasks with little supervision.　　The Bitcoin Red Team has also used Chinese developer Z.ai‘s GLM 5.2, as well as models from OpenAI and Anthropic. American models, though, come with limitations, and developers frequently run up against restrictions imposed

08-14Industry

Bitcoin holds steady near $64,000 as monero, hyperliquid outperform

SummaryBitcoin has added 0.30% since midnight UTC, though the crypto market cap has shed 0.54% over the past 24 hours to $2.18 trillion.CoinMarketCaps Fear and Greed index sits at “fear” level of 38 out of a possible 100.HYPE and XMR are among the altcoins outperforming bitcoin, adding 2.7% and 3.2% respectively since midnight.　　Bitcoin held near $63,600 after Wednesdays in-line U.S. inflation print proved enough to calm nerves, but not enough to move markets decisively in either direction.　　The largest cryptocurrency has added 0.30% since midnight UTC, while the broader crypto market capitalization dropped 0.54% over 24 hours to $2.18 trillion.　　July CPI came in at 3.4% year over year, matching forecasts. Core inflation also eased, with the annual reading slipping to 2.5% from 2.6%. The producer price inflation figure due at 12:30 UTC may provide more impetus to a lackluster market.　　As for U.S. equities, Ss a silver lining, though: The annualized perpetual funding rate is near 8%, pointing to a bias toward bullish bets.ADA and BCH show heavy bearish tilt:Both coins are seeing funding rates of -10% or lower, pointing to a clear investor preference for bearish positions. They both also show negative 24-hour CVD, indicating aggressive selling. This is particularly notable

08-14Industry

Fed July rate hold was ‘absolutely’ right, Kaplan says

Goldman Sachs Vice Chairman Rob Kaplan has backed the Federal Reserves 9–3 decision to hold interest rates at 3.50%–3.75% in July while urging policymakers to keep their options open before September.　　Why Kaplan supports the Feds July rate hold　　Bloomberg reported that Kaplan, a former president of the Federal Reserve Bank of Dallas, described the decision not to raise rates in July as “absolutely” correct because officials still have time to study inflation and economic activity before their next meeting.　　“If I see meaningful improvement, I might be willing to stay put, but I want to make full use of every moment before September to make judgments, avoiding rigidity or preconceived notions,” Kaplan said.　　Serving as Goldman Sachs vice chairman, Kaplan also sits on the banks management committee. His comments represent his assessment of monetary policy and should not be treated as a formal Federal Reserve position because he is no longer a policymaker.　　The Federal Open Market Committee voted 9–3 on July 29 to maintain its target range at 3.50%–3.75%. Presidents of the Cleveland, Dallas, and Minneapolis regional Fed banks preferred a 25-basis-point increase, according to the July rate decision previously covered by crypto.news.　　Before the announcement, markets had assigned roughly a one-in-three probability to

08-14Industry

Anthropic's AI Agents Started a Virtual War. The Chat Logs Are Unhinged

In briefAnthropics Frontier Red Team set Claude agents to work together and recorded them sabotaging, colluding, and waging what it calls “turf wars.”In one test, agents deployed self-replicating malware and locked each other out; newer models often “win” by revoking access first.The behavior tracks real incidents Decrypt covered: Claude hacked three companies during internal testing, and price-fixed in a business simulation.　　Anthropics own AI agents turned on each other and proved they like to go rogue—again.　　In a test the companys Frontier Red Team published Aug. 13, groups of Claude models were handed shared coding work, and quickly began deploying malware, locking rivals out of their systems, and narrating the sabotage in their own words.　　Myriad: When will OpenAI release GPT-6？ Click to make your prediction.　　Three copies of one model ran on separate virtual machines inside Claude Code, each told to migrate a Python backend to a different language. None was told the others existed. They found out fast.　　“We consistently saw a multiagent turf war,” Anthropic wrote. Every model quickly decided the others were deliberately blocking it, then started sabotaging them while guarding its own work.　　The sabotage escalated to self-replicating malware: agents disabled each others Unix accounts, wrote scripts that hunted and killed

08-14Industry

Ether.fi upgrades neobank with stocks and 4% loans

Ether.fi has upgraded its non-custodial neobank with tokenized stocks and metals, portfolio-backed loans near 4%, payments in over 30 currencies, and programmatic ETHFI buybacks.　　SummaryEther.fi users can trade tokenized assets and hold them inside self-custodial vaults.An Aave market on Optimism supports loans against portfolios at rates currently near 4%.Cash card users receive 3% cashback, while higher membership tiers remove certain foreign-exchange fees.Tokenized stock trading remains unavailable in the United States and some other markets.　　Ether.fi neobank combines trading, loans, and payments　　According to Ether.fis Thursday announcement, the “Summer” release places crypto trading, tokenized real-world assets, portfolio borrowing, and global payments inside one app designed as an alternative to a traditional bank account.　　Through an integration with xStocks, eligible users can buy tokenized equities and commodities alongside their crypto holdings. The assets remain in self-custodial vaults rather than accounts controlled by a centralized exchange, while a social recovery feature gives users a way to restore access if they lose their usual credentials.　　Ether.fi said the updated interface uses less crypto-focused language as the project seeks users who may want blockchain-based financial services without navigating several decentralized applications. Instead of moving assets between a wallet, lending protocol, trading platform, and payment provider, customers can access the functions

08-14Industry

Gemini shares slide after $108 million loss as Winklevoss says 'we still have work to do'

Quick TakeGeminis credit card revenue surged 231% to $16.2 million, offsetting weakness in crypto trading.Its prediction market volume jumped 93% quarter over quarter, with cumulative contracts surpassing 225 million.　　Gemini shares slid more than 7% in after-hours trading on Thursday after the crypto exchange reported a $107.7 million net loss for the second quarter, despite revenue growing 37%　　The company recorded $45.5 million in total revenue, up from $33.3 million a year earlier. Its net loss narrowed 19% from $133.2 million over the same period.　　“While we still have work to do as a company, this quarters results reflect our ongoing efforts to reduce operating expenses while diversifying revenue,” Gemini CEO Tyler Winklevoss said in a statement.　　Geminis credit card revenue jumped 231% to $16.2 million, while staking revenue grew 50% to $4 million.　　However, exchange revenue fell 38% to $12.5 million amid a total trading volume drop to $3.8 billion from $11.3 billion a year earlier.　　Prediction market volume　　Geminis prediction market generated $500,000 in revenue during the quarter, up slightly from the $400,000 it disclosed following its December launch. Despite a meager jump in revenue, the number of event contracts traded on the platform rose 93% from the first quarter.　　The company activated its derivatives clearinghouse

08-14Industry

Neutrl halts NUSD redemptions over reserve concerns

Neutrl has suspended minting, redemptions, and other protocol functions while it assesses an unspecified reserve issue affecting roughly $53.7 million of NUSD in circulation.　　SummaryNeutrl stopped core protocol functions after circumstances affected its reserves.Legal counsel advised the suspension while the team determines the scale of the impact.NUSD continues to trade near $0.998 despite limited secondary-market volume.Neutrls reserve dashboard says its financial figures are being recalibrated.　　Neutrl pauses redemptions during reserve assessment　　Neutrl said in an Aug. 13 X post that it had temporarily paused minting, redemptions, and other protocol functions following circumstances that affected the protocols reserves.　　Neutrl has temporarily paused minting, redemptions, and other protocol functions following circumstances affecting protocol reserves. These measures have been taken in the interest of our users, after advice from legal counsel, to preserve an orderly process while the impact is…　　Acting on advice from legal counsel, the team said it imposed the restrictions to protect users interests and maintain an orderly process while assessing the impact. Neutrl did not provide an expected date for restoring the affected functions.　　Users will receive a “clear and orderly process” at the appropriate time, according to the announcement. Details covering the timeline and next steps will be published once they become available.　　No reserve

08-14Industry

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