Crypto Briefs

Shanghai-based insurance-tech company Zhibao, trading on Nasdaq below $1 per share, announced plans to build a bitcoin treasury by selling $220 million in new stock directly for BTC rather than fiat currency. The move mirrors corporate treasury strategies adopted by larger firms seeking bitcoin exposure.

Ripple launched an institutional minting platform for its RLUSD stablecoin and integrated it into Notabene's compliance network, while holder growth continued despite monthly transfer volume declining 25% to $10.95 billion. The moves target institutional adoption and regulatory infrastructure as the stablecoin navigates scaling challenges.

Dogecoin fell 4.5% and ether declined 2.5% as major cryptocurrencies retreated broadly but modestly on the week. Most assets remain higher for the period ahead of next week's Federal Reserve meeting.

TRON's gasless USDT transfer feature has processed $3 billion in volume, reducing transaction friction on the blockchain. The development signals growing adoption of stablecoin payments on TRON as the network improves user experience through zero-gas transfers.

Solana decentralized exchanges reached $17 billion in trading volume, reflecting sustained activity on the blockchain's on-chain trading ecosystem. The metric underscores continued user engagement with Solana-based DEX protocols despite broader market conditions.

Franklin Templeton has selected BNB Chain as the primary network for its Benji USD stablecoin, expanding the asset's presence across blockchain infrastructure. The move positions Benji on one of the largest blockchain networks by transaction volume, potentially broadening institutional access to the stablecoin for payments and settlement use cases.

The XRP Ledger network released version 3.2.0, which includes a rebranding of the core server software from rippled to xrpld. The change reflects a shift in the ledger's infrastructure naming conventions. The upgrade is a routine maintenance release for the XRP Ledger codebase.

Charles Hoskinson, Cardano founder, compared the blockchain's methodical development approach to Anthropic's cautious AI strategy, arguing the measured pace is vindicated as the crypto industry faces repeated attacks and exploits. Hoskinson suggested Cardano's deliberate engineering posture positions it favorably relative to networks moving faster but encountering more security issues.

Odos, a decentralized exchange aggregator, is ceasing operations with a July 30 deadline for users to manage their funds. The platform provided guidance on common questions users face during the shutdown process, though the specific operational reasons for the closure were not detailed in the announcement.

Pi Network's token fell below $0.09, signaling potential weakness in its recent recovery momentum. The decline has prompted market concerns about the sustainability of PI's broader uptrend and near-term price outlook.

Ethereum is currently trading below its realized price, suggesting a valuation discount, according to CryptoQuant analysis. However, analysts suggest the token may not have reached its bottom and could experience a final capitulation phase before establishing support.

Abraxas Capital established $783 million in short positions on the Hyperliquid derivatives platform and withdrew $173 million in ETH as a hedge, according to Crypto Briefing. The large positions highlight potential for market volatility through concentrated hedging and arbitrage strategies on decentralized trading venues.

A Polymarket account registered under the name of a Nigel Farage backer received $9 million in cryptocurrency from unknown sources and bet the funds on Donald Trump's 2024 election victory, according to Financial Times reporting. The account cashed out profits after Trump's win, but the origin of the funds and ultimate beneficiary remain unclear, raising questions about prediction market transparency and fund provenance.

BitMEX announced it will shut down on September 23 after completing a business review, with no reported balance-sheet issues or withdrawal restrictions. The exchange's market share had fallen below 0.01% with daily volume near $400,000, according to Kaiko data.

The US Treasury Department has finalized a rule exempting certain US businesses from Corporate Transparency Act (CTA) reporting requirements, potentially reducing compliance costs for affected entities. The exemption may, however, limit transparency efforts and complicate financial crime prevention, raising concerns among regulatory observers about the effectiveness of beneficial ownership disclosure rules.

Mirae Asset has completed its acquisition of controlling stake in South Korean crypto exchange Korbit and rebranded it as Digital X, according to Herald Business. The move positions the platform as central to Mirae Asset's digital asset strategy.

The U.S. State Department is debuting a Freedom Tech Program in partnership with the Bitcoin Policy Institute and Palantir, aimed at protecting free expression online. The initiative represents a government endorsement of Bitcoin and cryptocurrency technology as tools for digital rights, though specific implementation details were not disclosed in the announcement.

Three unnamed crypto industry advocacy groups sent a letter to Senate leaders supporting the Clarity Act, a crypto market structure bill. The letter represents the latest industry push for the proposed legislation, though specific details of the groups' arguments and the bill's provisions were not provided in the article.

The National Fraternal Order of Police has announced support for the Clarity Act, a legislative proposal governing cryptocurrency regulation. The endorsement follows similar backing from other organizations this week, signaling growing institutional alignment behind the bill's framework.

Fidelity, managing $7 trillion in assets, has endorsed the Crypto Clarity Act, joining other major institutional players supporting the bill. The legislation aims to clarify regulatory framework for digital assets. The backing of a major traditional finance firm signals growing institutional support for crypto regulatory clarity.

Poolin, once a major Bitcoin mining pool, has filed for bankruptcy after failing to recover from a 2022 withdrawal freeze that stranded users. The Singapore-based operation is auctioning off its Texas mining sites to compensate approximately 11,700 users still holding IOUs from the frozen period.

The UK's Her Majesty's Revenue and Customs (HMRC) has issued approximately 81,000 tax warnings to cryptocurrency holders, targeting unreported gains from recent market activity. The enforcement action reflects increased regulatory scrutiny of crypto taxation compliance in Britain.

MicroStrategy, led by Michael Saylor, has overhauled its bitcoin metrics to give common shareholders clearer visibility into net bitcoin exposure after accounting for preferred stock and convertible debt obligations. The new framework provides a more transparent view of the company's bitcoin holdings relative to its capital structure amid the ongoing bear market.

LMAX, an institutional cryptocurrency trading platform, is evaluating strategic options including a potential sale or initial public offering, according to CoinDesk. The firm has retained Morgan Stanley and investment bank KBW to advise on the process.

Brazilian farmers have begun tokenizing dairy cows as collateral to obtain loans while circumventing traditional bank lending caps. Smart collars monitor herd health in real-time to prevent fraud, enabling local agricultural businesses to secure funding backed by livestock assets on blockchain infrastructure.

Federal investigators identified Zyaire Dontaevious Zamarion Wilkins as the alleged financier of a Steam malware campaign by combining Bitcoin transaction tracking with Google cookies, phone records, and over 500 Uber Eats orders, according to a 15-page criminal complaint. A subsequent search recovered a Monero seed phrase linked to approximately $382,000 in cumulative funds. The case illustrates law enforcement's ability to trace cryptocurrency transactions and tie them to real-world identities through ancillary digital forensics.

US-listed cryptocurrency ETFs tracking assets outside Bitcoin and Ethereum attracted nearly $90 million in net inflows during the week ended August 21, with XRP products leading at $39.78 million—their strongest week since May 15. The inflows coincided with sharp price rallies in XRP, Solana, Chainlink, and Hyperliquid, signaling retail and institutional appetite for diversification beyond major cryptocurrencies.

Zilliqa has halted native transactions following discovery of a vulnerability in the Zilliqa Ledger app that allows attackers to reconstruct a private key from just five Schnorr signatures in seconds. The bug affects only non-EVM native transactions and creates a key recovery risk that standard transfers cannot safely address.

Senate Republicans released a revised CLARITY Act draft that would prohibit federal officials from issuing or sponsoring digital assets, creating unusual divisions across Wall Street and the crypto industry. Goldman Sachs has broken ranks with other major banks on the legislation, while Cardano founder Charles Hoskinson backs Senator Elizabeth Warren's position on the proposed regulatory framework.

The Office of the Comptroller of the Currency has granted a banking charter to a Trump family stablecoin trust company, marking the family's entry into cryptocurrency banking. The development raises questions about potential regulatory conflicts of interest and could influence stablecoin adoption patterns.