Chain shutdown strips BounceBit token utility after authorization flaw exposes 286M tokens

BounceBit will retire its standalone Layer 1 and reissue BB on BNB Chain after the company said an authorization flaw moved about 286.5 million BB from nine accounts.  Related Asset BounceBit #824 BB · $0.01 24-hour change: up 2.29% Price history is not available. 24H Up 2.29% 7D Down 7.30% 30D Down 42.31%  For holders, the immediate remedy is a 1:1 reconstruction of balances. The larger consequence is unresolved BounceBit token utility: its previous gas, staking, rewards and governance roles belonged to a network that will not return.  BounceBit attributed the incident to protocol-level authorization logic inherited from the Evmos stack. It said the flaw let a caller identify another account as the funding source without the required approval, while private keys, signatures and wallets remained uncompromised. The response ends the network instead of patching and restarting it, making BBs remaining economic role the central question.  A replacement ledger for BounceBit token utility, not a rollback  BounceBit is using block 20,697,260, timestamped 21:02:35 UTC on Aug. 19, as the cutoff for the BEP-20 reissue. Transactions made after that block will not carry over to the replacement ledger.  The retired chain will stay retired. BounceBit is recognizing an earlier account state on a different network, leaving both

2 دن پہلےانڈسٹری

Saylor sat out Bitcoins 20% rally while Tom Lee bought Ethereum after a 30% surge

Bitcoin and Ethereum surged last week as falling Treasury yields, renewed US crypto optimism, and a wave of short liquidations sent digital assets sharply higher.  Related Asset Bitcoin #1 BTC · $79,019.25 24-hour change: up 2.09% 24H Up 2.09% 7D Up 23.36% 30D Up 23.22%  Bitcoin climbed more than 20% and approached $80,000, while Ethereum gained about 30% in its strongest weekly advance since May 2025.  The rally drew fresh $2.6 billion in ETF inflows, forced billions of dollars in bearish positions out of the market, and pushed both assets to multi-month highs.  Interestingly, the breakout produced a sharp split between the companies behind cryptos two largest corporate treasuries.  Related Asset Ethereum ETH · $2,474.72 24-hour change: up 0.88%  Strategy, the largest corporate holder of Bitcoin, used the strength to raise capital without adding to its BTC holdings, while BitMine Immersion Technologies, the largest ETH holding company, continued buying the digital asset into the rally.  Strategy uses the rally to build a $6.7 billion cash buffer  Strategys decision to sit out Bitcoins breakout coincided with one of its largest capital raises, leaving the company with more cash to deploy than at any point in its Bitcoin-buying campaign.  Related Company Strategy Business intelligence software  Between Aug. 17 and Aug. 23, Strategy

2 دن پہلےانڈسٹری

XRP ETF Inflows Hit $1.55 Billion Record Amid 70% Price Surge

Spot XRP ETFs recorded their best week since May, gaining $39.78 million as the token exploded to a seven-month high following months of stagnant demand.  The rally lagged the broader crypto market by a day before catching up with force.  Sponsored  Sponsored  XRP ETF Inflows Finally Break Their Streak  Investors returned to the funds on August 18, pouring $5.81 million in what became the biggest daily net inflow of the month at that point, following a painful streak in which seven of the months first eleven trading days saw no inflows at all.  Wednesday brought only $2.35 million, even as the US Treasury announced a major monetary pivot and Trump hosted a White House Crypto Summit, the catalysts widely credited for that days broader market revival across Bitcoin and Ethereum.  Both assets saw immediate inflow spikes that session, while XRP was noticeably slower to join the rally despite the same underlying catalysts.  Inflows picked up Thursday at $13.24 million, then jumped to $18.38 million on Friday, the single-best day for the funds since May 14, according to SoSoValue data. The cumulative total net inflows hit a new all-time high of $1.55 billion.  Follow us on X to get the latest news as it happens.  Daily XRP ETF Inflows During the

2 دن پہلےانڈسٹری

Zondacrypto boss seeks leniency for testimony on political ties: Report

Przemysław Kral, the head of the collapsed cryptocurrency exchange Zondacrypto, has reportedly been charged with participating in an alleged large-scale fraud and has begun cooperating with Polish prosecutors.  Kral is seeking a reduced sentence in exchange for testimony that could include details about Zondacryptos funding of right-wing politicians, Polish outlet Onet reported Monday.  According to Onet, prosecutors estimate Zondacrypto customers lost at least 2.4 billion Polish zlotys ($650 million). Investigators said the exchange used only part of customer funds to buy crypto, while the rest was transferred to private accounts controlled by Zondacrypto managers.  Onet reported Friday that Kral had been negotiating the terms of possible cooperation with prosecutors for six months. He reportedly held informal meetings with prosecutors in Poland, Sicily and Persian Gulf countries to discuss a potential deal.  Kral has remained silent on X since publicly disclosing in mid-April that Zondacrypto could not access a cold wallet holding about 4,500 Bitcoin. He has denied accusations of misappropriating funds and said the wallets private keys were supposed to have been transferred by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022.  Zondacrypto was the main sponsor of the Conservative Political Action Conference (CPAC) held in Poland days before the

2 دن پہلےانڈسٹری

Crypto advocacy groups oppose Illinois digital asset tax in court

The Crypto Council for Innovation (CCI) and Blockchain Association (BA) filed a lawsuit against Illinois officials regarding the states 0.2% tax on cryptocurrency, expected to be enforced starting in January 2027.  In a lawsuit filed Friday in the Circuit Court of the Seventh Judicial Circuit for Sangamon County, lawyers for the two crypto advocacy groups challenged Illinois‘ digital asset tax on the grounds it violated the US Constitution, the state’s constitution, federal and state due process laws and the federal Internet Tax Freedom Act. Illinois Governor JB Pritzker signed the measure into law as a “privilege tax” in June as part of the states fiscal year 2027 budget, requiring crypto users to be taxed as applied to transaction volume rather than income.  On the due process claim, CCI and BA argued that the tax was “unconstitutionally vague” by placing the burden on residents and brokers “under the threat of serious civil and criminal penalties” to determine what and how such assets were taxed. Notably, the crypto organizations arguments under the US Constitution were based on alleged violations of the Commerce Clause covering interstate commerce, claiming that the state tax “creat[ed] the specter of duplicative taxation.”  “States have an important role to play in

2 دن پہلےانڈسٹری

llinois 0.2% crypto tax faces new industry lawsuit

Two U.S. crypto trade groups have sued three Illinois officials to stop a 0.2% digital asset tax from taking effect on Jan. 1, 2027.  Illinois crypto tax faces six legal claims  The 39-page complaint, filed by the Blockchain Association and Crypto Council for Innovation in Sangamon County Circuit Court, seeks declaratory and injunctive relief against the Digital Asset Tax Act.  Filed against Illinois Department of Revenue Director David Harris, Attorney General Kwame Raoul, and Sangamon County States Attorney John Milhiser, the case challenges the officials responsible for implementing, collecting, and enforcing the tax.  According to the filing, Illinois would impose the levy on the full value of a customers digital assets whenever a covered broker exchanges, transfers, or stores them. The groups said a customer could owe the tax even without selling an asset, transferring ownership, or earning a profit.  The complaint sets out six counts under federal and state law. CCI and the Blockchain Association allege that the measure violates the federal Internet Tax Freedom Act, the Commerce Clause, and due process protections under the U.S. Constitution.  At the state level, the groups claim the tax violates Illinois Uniformity Clause, unlawfully delegates tax policy to an administrative agency, and fails to meet a state constitutional

2 دن پہلےانڈسٹری

US Dollar: Weakness may stabilize as US growth advantage persists

Brown Brothers Harriman‘s (BBH) Elias Haddad notes that the Treasury’s buyback announcement initially pushed longer-term Treasuries lower, weakened the Dollar and boosted Gold. He argues the USD slump should stabilize this week, with the US growth advantage offsetting fiscal concerns. Futures imply modest further Fed tightening, but BBH sees risks skewed toward a dovish repricing as inflation and labor data remain contained.  USD slump expected to stabilize  “The Treasury‘s buyback announcement dominated market action last week. Longer term Treasury yields initially fell but the relief proved fleeting, USD weakened against all major currencies and gold rallied. The Treasury’s intervention blurred the lines between improving market functioning and suppressing borrowing costs to contain fiscal stress.”  Discover more  Selecting An Online Payment Gateway  Subscribing To Digital Newspaper Outlets  exchange-traded funds  “Regardless, we expect the USD slump to stabilize this week. The widening US growth edge over other major economies, reflected by the composite PMIs, can offset some of the structural drag to USD from worsening US fiscal credibility.”  “ADP private employment change for the week ending August 8 will be of interest (Tuesday). While the weekly ADP is poor at predicting monthly NFP change, it does a better job at capturing the broad direction of travel. And it currently points

2 دن پہلےانڈسٹری

Tesla Stock Analysis: Daily Neutral, Hourly Bullish Insights

Tesla stock is caught between daily resistance and rising support. The hourly chart leans bullish while the daily timeframe remains neutral. This divergence defines the setup as Tesla navigates robotaxi regulatory news and broader market caution ahead of Nvidia earnings.  TSLA — daily chart with candlesticks, EMA20/EMA50 and volume.Key TakeawaysTesla stock closed at 357.78, sitting almost exactly on the daily pivot at 357.50— a level reflecting indecision.The hourly chart shows a bullish alignment with price above the 20, 50, and 200-hour EMAs, diverging from the neutral daily picture.Daily RSI at 55.38and a positive MACD histogram at 6.20suggest downside momentum is fading, though the trend has not yet flipped bullish.Resistance sits at 358–363(50-day EMA and daily highs); failure there risks a slide toward the daily EMA20 at 343.59.Robotaxi safety data and analyst Market Perform ratings provide a mixed fundamental backdrop ahead of Nvidia earnings.  Daily Structure: Tesla Stock Stuck Between Support and Resistance  Tesla stock is boxed in. The daily chart shows price caught below medium-term resistance while holding above near-term support — a classic consolidation pattern.  Moving Averages Frame the Ceiling  The session closed at 357.78after printing a high of 363.13 and a low of 351.60. Price sits almost exactly on the daily pivot at

2 دن پہلےانڈسٹری

PrimeXBT: Is this the start of a Bitcoin bull run? A 2022 signal appeared before the rally

Tony “The Bull” Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.  A seasoned Chartered Market Technician, Tony‘s prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.  Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.  In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter,

2 دن پہلےانڈسٹری

Bessent steps in on bonds — Yields fall, Gold and Bitcoin rally

The week of August 17–21 was a game changer for Gold and Bitcoin, and the trigger was the Treasury bonds market as Scott Bessent had tried to stop a long-end selloff that had already pushed the Nasdaq through five red sessions.  The core of the week was simple. After the 30-year yield touched a 19-year high near 5.34%, the Treasury said it would at least double liquidity-support buybacks of 10- to 30-year debt — from $2 billion to at least $4 billion per operation, starting September 9. In response, the 30-year yield dropped about 10 basis points toward 5.19% immediately weakening the US dollar and lifting Gold.  The absolute winner of the week was Bitcoin which had grown to $79000, soaring for 20% to 25% within a single week.  Equities were slower to join: they needed Fridays rebound to stop the Nasdaq bleed.  The Bessent put, and why yields still matter  Bessent framed the move as market-making in a thin Augusts market, not as real quantitative easing. The extra buybacks are small versus the stock of outstanding debt. The market did not care about the size. It cared about the signal: if the long end yields rise again, the Treasury is willing to lean against

2 دن پہلےانڈسٹری
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