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Inside the brutal 2-minute flash crash sending a $400M South Korean market plunging on Hyperliquid

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A two-minute price shock in a Hyperliquid market tied to South Korea’s SK Hynix has put the mechanics and oversight of equity-linked perpetuals under scrutiny. SKHX, a TradeXYZ-operated perpetual on Hyperliquid that tracks the US dollar value of one Korean SK Hynix share, briefly sank to $927 during South Korea’s pre-market window before recovering within … Read more

Federal court shields Kalshi and Polymarket from Minnesota’s felony crackdown days before deadline

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A federal judge has temporarily barred Minnesota from enforcing its new prediction-market felony law against federally regulated exchanges designated by the Commodity Futures Trading Commission as contract markets, including Kalshi and Polymarket US, days before the statute takes effect on Aug. 1. Judge Katherine Menendez granted preliminary-injunction motions filed by the CFTC, KalshiEX and QCX, … Read more

Crypto holders face a July 29 Maine deadline as state manual conflicts on when abandoned funds trigger seizure

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Maine’s new virtual-currency unclaimed-property rules take effect July 29 with a five-year dormancy clock, while the State Treasurer’s current reporting manual still shows three years. The mismatch leaves businesses that hold customer crypto without published transition instructions as the statute becomes effective. Public Law Chapter 675, approved April 13, creates section 2067-A of Maine’s Revised … Read more

How a crypto exchange secretly hid $53M in stolen crypto to prevent a bank run – as the SEC targets its directors

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Thailand’s Securities and Exchange Commission has filed a criminal complaint against Bitkub Online and two former directors, alleging that the crypto exchange submitted daily net-capital reports, known as Form DA 1, that failed to show the effect of a 2021 theft involving about 1.7 billion baht (roughly $53 million) in customer assets. The July 23, … Read more

SEC warning over crypto yield vaults puts DeFi’s secret human controllers in the crosshairs

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SEC Commissioner Hester Peirce has warned that crypto vaults may face federal securities-law scrutiny when people control how assets earn yield. Morpho Vault V2 offers a clear case study because its architecture divides the same powers Peirce highlighted. Curators choose the strategy and appoint allocators, while allocators move assets within those limits. Morpho is a … Read more

Bitcoin’s $65,000 rebound looks like a relief rally, but Wednesday’s Fed decision could turn it into a trap

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Bitcoin reclaimed $65,000 on Monday as a pause in US-Iran strikes revived demand for risk assets ahead of a pivotal Federal Reserve meeting. Data from CryptoSlate showed that the largest cryptocurrency rose about 1% to $65,155, while Ethereum gained 4% to around $1,964, its highest level since early June. The move came as Washington temporarily … Read more

Trump jokes about 4th term as $17 million in TRUMP tokens move onto exchanges

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President Donald Trump joked about seeking a fourth term as millions of dollars in his namesake meme coin moved toward exchanges. Trump used the White House Correspondents’ Association dinner to revive one of his longest-running political provocations, pulling out a red “Trump 2028” hat and declaring that he intended to run again. He joked: “I’m … Read more

Why two public companies quietly liquidated 511 Bitcoin in 24 hours to escape $31.7 million in debt

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KULR Technology Group, a US-listed battery technology company, and The Smarter Web Company, a UK-listed web services group with a Bitcoin treasury strategy, have sold approximately 511 BTC and used the proceeds to retire approximately $31.7 million of obligations in disclosures published one day apart. The total comprises $20 million of KULR principal and Smarter … Read more

Crypto promised to eliminate stockbrokers, but 94% of its tokenized market now relies on an Alpaca

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Alpaca says it custodies more than $1.5 billion of shares backing tokenized equities, which, by public tracker measurements, would represent most of the market. With DTCC preparing to launch its own tokenization service in October and the SEC warning that third-party stock tokens can expose investors to additional ownership and intermediary risks, the numbers reveal … Read more

Lawsuit claims 3.8M dormant BTC using police lost-and-found rules as Congress races to stop it with CLARITY

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Section 20216 of the latest CLARITY draft states that a self-custodied digital asset cannot become abandoned, unclaimed, or forfeited. It also cannot become subject to adverse possession or finder’s title solely because its owner has not moved it or otherwise shown continued interest. The language overrides state and local laws that treat years of wallet … Read more