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Citigroup's Stablecoin and Crypto Attack: Wall Street's Race Continues
Citigroup, the third-largest bank in the US, is preparing to make another move into the cryptocurrency space. According to a Reuters report, the bank's CEO, Jane Fraser, stated during its latest earnings call that they are evaluating the possibility of developing their own stablecoins and tokenized deposit solutions.According to Fraser, a potential asset called the "Citi stablecoin" is central to the bank's cryptocurrency strategy. However, Fraser emphasized that the real opportunity lies in tokenized deposits.However, Citigroup is not only considering issuing its own assets; it is also considering providing reserve management services for stablecoins and developing custody solutions for cryptocurrencies. This aims to become both an infrastructure provider and a custodian for digital assets.JP Morgan has made a similar moveThese developments indicate the growing interest in stablecoins not only from Citigroup but also from Wall Street in general. As we recently reported, Jamie Dimon, CEO of the renowned Wall Street bank JPMorgan Chase, made a similar statement, stating that the bank, which had long distanced itself from cryptocurrencies, would now participate in stablecoin and deposit token projects. It was even reported that JPMorgan plans to launch a digital asset called "JPMD" on the Base blockchain.Another important institution joining the stablecoin race is the Depository Trust & Clearing Corporation (DTCC), the leading US financial clearing and settlement agency. Last month, it was revealed that this institution is also working on its own stablecoin project.This momentum on Wall Street parallels political pressures in the US to regulate and institutionalize stablecoins. Former President Donald Trump has openly expressed his support for stablecoins and continues to rally support by meeting with Republican members of Congress. The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), which passed the Senate last month, is currently on the House floor. Although the initial vote failed to progress, it is expected to be resubmitted to a vote in the coming hours thanks to pressure from Trump.Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, stated that 90% of his recent discussions in Washington, New York, and Boston have been about stablecoins. According to Kendrick, when the stablecoin market reaches $750 billion by the end of 2026, these assets will begin to directly impact the traditional financial system. Currently, the total market capitalization of stablecoins is $257 billion. Biggest stablecoins
$27 Million Attack on Crypto Exchange: These 11 Coins Were Stolen!
Cryptocurrency exchange BigONE announced that it suffered a loss of approximately $27 million following an attack on its hot wallets on July 16, 2025. However, the platform stated that user funds were safe and that all losses would be covered.According to BigONE's statement, the attack was discovered early in the morning thanks to "unusual activity." Technical investigations revealed that the incident was a third-party attack, carried out through the hot wallet infrastructure. The company reported that it had identified the attack path and isolated the vector. Extensive loss: BTC, ETH, SHIB, and moreAmong the assets lost in the attack were large volumes of cryptocurrencies. According to the statement, the stolen assets include:120 BTC350 ETH9.5 billion SHIB7.1 million USDT (multi-chain)538,000 DOGE1,800 SOL1 WBTC20,730 XIN15.7 million CELR25,487 UNI16,071 LEOIt was determined that the attackers attempted to move the funds across multiple blockchain networks, including Bitcoin, Ethereum, Tron, Solana, and BNB Chain. Blockchain security firm SlowMist stepped in at this point and began tracking the assets and is working with the exchange to manage the process.Although the attack targeted the hot wallet infrastructure, according to BigONE and SlowMist, the private keys of the wallets were not affected. SlowMist stated in a statement that the attackers gained access to the exchange's infrastructure and altered the logic of some risk control systems, enabling unauthorized transfers. This is described as a "supply chain attack": external malware has been inserted into the system, manipulating transaction logic.Full compensation to usersBigONE has pledged to cover all losses through its own internal reserves and external borrowing. User balances will be fully protected, particularly through the use of high-liquid assets such as BTC, ETH, SOL, USDT, and XIN. The exchange stated that deposits and trading operations will be reactivated soon. However, it was stated that withdrawals will be postponed until additional security updates are completed. The exchange also expressed its regret for the impact of this incident on users and emphasized that all details of the investigation will be shared transparently.ZachXBT, a well-known on-chain researcher in the crypto world, showed little empathy towards BigONE. In a post on X (formerly Twitter), he claimed that the exchange had previously processed significant volumes of illegal activities such as "pig butchering" scams, fake investment projects, and romance scams. Therefore, he stated that he did not regret the losses suffered by the exchange. Meanwhile, according to market data, BigONE attracted attention with a trading volume of $684 million in the 24 hours following the incident. Founded in China in 2017, the exchange currently operates from the Seychelles.
ETHFI Comments and Price Analysis July 16, 2025
ETHFI/USDT Technical OutlookLooking at the ETHFI chart, we see that the wide-angle downtrend pattern previously analyzed has broken upwards. Additionally, it is clear that the price of the coin has consolidated sideways for a while after the breakout. Moreover, the price has tested a new downtrend line running at a tighter angle. This area is a key zone for determining the short-term direction.The price is now trading at the downtrend resistance level of $1.16 and is having difficulty breaking above it. In case of a breakout, the levels of $1.43 and $1.56 will be the next resistance targets. These levels correspond to previous formation peaks and horizontal resistance zones.In the event of a possible pullback, the price is expected to hold around the $1.12 level initially, followed by $1.00 as a psychological support. Below this, the support levels of $0.880 and $0.807 should be monitored. These two final levels are important as they coincide with horizontal support and previous price action zones.A broader upward movement could emerge for ETHFI if the current downtrend breaks with momentum. Otherwise, this trendline will continue to act as resistance. Falling Channel Formation Summary:The wide descending trend was broken, and the price is now testing a tighter trendline.Current resistance: $1.16 → If broken, targets are $1.43 and $1.56Support levels in case of pullback: $1.12 → $1.00 → $0.880 → $0.807If the current trend breaks, bullish momentum could accelerate; if not, downward pressure may continue.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
OP Comment and Price Analysis July 15, 2025
OP Technical AnalysisIt is clearly seen on the chart that the falling wedge formation has been broken to the upside. Following this breakout, the coin pulled back to the upper border of the wedge and completed a perfect retest. It is evident that Optimism is now accumulating and trading sideways without strong momentum.The technical outlook of the coin can be considered positive as long as it holds above the trend zone where the retest occurred. Resistance levels of $0.720 → $0.743 → $0.817 → $0.880 can be targeted if the price regains momentum in the short term.In the event of a correction, the first support level to monitor would be $0.660, which aligns with the retest area after the breakout. Below this support, the levels of $0.605 → $0.587 → $0.544 could serve as additional support zones.It is well known that a wedge formation is inherently a reversal pattern, and after a successful breakout, targets can typically extend upward by the length of the formation. Therefore, the bullish outlook remains valid as long as the price stays above the trendline. Falling Wedge Fracture Summary:Falling wedge formation broke upwards.A perfect retest followed the breakout.The price is currently accumulating.If held above, the price can trend higher.Resistance levels to watch: $0.720 → $0.743 → $0.817 → $0.880Support levels in case of a pullback: $0.660 → $0.605 → $0.587 → $0.544These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
WLD Comments and Price Analysis July 15, 2025
WLD/USDT – Daily Technical AnalysisLooking at the WLD chart on the daily timeframe, we see that the price is rising within a falling wedge formation and reconnecting with the upper resistance line of this pattern. It is well known that such a formation usually tends to break out upwards in the end. The price is currently trading around $1.127, which coincides with this trend resistance.A breakout of this resistance could trigger a bullish rally toward higher levels such as $1.225 → $1.550 → $1.960 → $2.130 in the short term. If these resistance levels are broken with strong momentum, we can say that $4 could be the mid-term price target.However, if the price gets rejected and pulls back from this resistance level, the first support to follow would be $0.916, below which lies a strong support at $0.792.If the falling wedge formation breaks upward and holds, then WLD could enter a strong mid-term uptrend. Summary:A falling wedge formation is visible on the chart.The price just tested the upper border trend resistance.If broken above, resistance levels of $1.225 → $1.550 → $1.960 → $2.130 should be followed.The wedge formation’s mid-term target is $4.In case of a pullback, $0.916 and $0.792 should be watched as key supports.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
What is SPX6900 (SPX)?
The crypto world has been attracting attention with its entertaining and creative projects in recent years. One of the most striking examples of this is meme coins. These projects, often emerging with humorous themes, thrive on community power and often offer an alternative perspective to the seriousness of traditional finance.In this context, one project that has recently stood out with its name and approach is SPX6900 (SPX). So, why is "SPX" in this project's name? In the traditional finance world, the abbreviation "SPX" is known as the ticker symbol of the S&P 500 index, which represents the 500 largest companies in the US and is closely followed by investors. This index, which includes giants such as Apple, Microsoft, Amazon, and Tesla, is considered a key indicator reflecting the overall performance of the American economy.SPX6900, however, makes a direct reference to this symbol. The addition of "6900" to its name offers an ironic and exaggerated comparison to the S&P 500. This approach lends the project a humorous touch while also mocking traditional financial structures. But SPX6900 isn't just about its name. Its references to technology, easily spreadable content on social media, and community-centric structure have attracted attention. This has both generated interest within the crypto community and attracted the attention of a wider audience.In this article, we'll take a closer look at what SPX6900 is, its technical structure, and the reasons for its widespread popularity. Rather than praising or criticizing the project, we'll attempt to objectively understand its approach.Definition and Origin of SPX6900If you're wondering what SPX6900 is, it's a meme-focused cryptocurrency project. SPX6900 (SPX) is a cryptocurrency operating on the Ethereum network. With a total supply of 1 billion tokens, approximately 930 million of these tokens are currently in circulation. This highly volatile token can be bought and sold on various platforms, including decentralized exchanges like Uniswap V2 and Aerodrome. With a market capitalization of approximately $10 million, SPX's price fluctuates largely based on market sentiment and general cryptocurrency trends.SPX6900 (SPX) is primarily used as a buy-sell token. This means investors aim to profit from price fluctuations by buying and selling SPX on both centralized and decentralized cryptocurrency exchanges. Additionally, it offers opportunities to generate interest through spot trading or use tokens as collateral. However, high-risk investment instruments like perpetual (futures) or ETF/leveraged transactions are not recommended for inexperienced users.Users wishing to trade SPX must first create a crypto wallet (e.g., Trust Wallet). Then, Ethereum (ETH) is transferred to the wallet from an exchange like Binance. These ETH can be exchanged for SPX tokens by connecting to a DEX like 1inch. spx6900.com The SPX token can also be easily added to a MetaMask wallet. This allows users to view their token balances and easily trade on DEXs. SPX can also be traded with other cryptocurrencies on platforms like Uniswap V2 and Aerodrome.In short, the primary use of the SPX6900 is investment and trading. Users aim to profit by capitalizing on price fluctuations and actively trade the SPX token on various exchanges for this purpose.The History of the SPX6900: Major MilestonesBehind every successful project is a story worth telling and unforgettable milestones. The SPX6900 has also quickly gained a unique and colorful history. Here are the key milestones of the SPX6900 and the answer to the question of when it was released:August 2023 - Launch and initial community growth: The SPX6900 was released in August 2023 by the mysterious development team. This launch was a critical time for the project's first seeds and the formation of its community. Although initially launched with a small audience, the project's humorous concept and the humorous narrative behind it spread quickly by word of mouth.Viral posts on social media platforms like X (Twitter) and Telegram: Social media played a key role in the SPX6900's growth. Platforms like X (Twitter) and Telegram, in particular, were the primary channels that enabled the project to become a viral cryptocurrency. The SPX6900's creators and community attracted attention with humorous posts, memes, and sarcastic commentary on traditional financial markets. Concepts like "flipping the S&Ps" quickly became an inside joke within the community. Humorous content featuring references to figures like Elon Musk, the US Federal Reserve (Fed), and even US President Donald Trump exponentially increased the project's reach on social media.Starting trading on DEXs: Following its launch, SPX6900 began trading on decentralized exchanges (DEXs). Listing on leading DEXs like Uniswap, Jupiter, and Aerodrome increased the token's liquidity and allowed it to reach a wider investor base. This gave anyone curious about the SPX6900 coin the opportunity to experience firsthand the benefits of the coin.Short-term market capitalization increase and remarkable volumes: One of SPX6900's most striking achievements was its rapid market capitalization increase and remarkable trading volumes after its launch. Despite the high volatility inherent in memecoins, SPX6900 has established a solid market position thanks to its strong community support and constantly updated humorous content. This rapid rise has caught the attention of many experts and investors analyzing SPX tokens, prompting them to place SPX6900 on their watchlists.Why is SPX6900 Valuable?What is the value of a meme coin based on? For many, this question may sound like a lighthearted joke. However, answering the question of why is the SPX6900 valuable helps us understand the dynamics of the modern crypto ecosystem and the unique appeal of memecoins. Several key features distinguish the SPX6900 from others and add value to it:Strong Community and Viral GrowthSPX6900's greatest asset is undoubtedly its strong community support. Known as the "people's coin" in the crypto world, memecoins thrive when their communities unite around a shared sense of humor and shared goals. SPX6900 perfectly fits this principle. The community's energy, creativity, and desire to share the project's humor fuel its potential for viral growth. This, in turn, attracts new participants and continually expands the project's reach. As a community-based coin, the SPX6900's value is directly proportional to the strength and activity of its community. Social media-friendly with its humorous and technology-themed content that pokes fun at the S&P 500The SPX6900 pokes fun at the seriousness of the traditional financial world by blending its unique humor and technological references. The concept of "flipping the S&Ps to 6900" is not only humorous but also tells a memorable story that spreads easily on social media. The number "6900," referring to GPU model numbers, attracts the attention of tech enthusiasts, while the project's overall technology-themed humor makes it more shareable and engaging on social media platforms. This is a key marketing strategy that shouldn't be overlooked when analyzing the SPX6900 project.The S&P 500 is a frequently used index in the traditional financial world, representing the performance of the 500 largest companies traded on the US stock exchange. This indicator, used for many years by investors to track the general direction of the market, is a symbol of corporate seriousness and established financial structure. The SPX6900 stands out as a project that clearly breaks with this structure, ironically questioning the meaning of the S&P 500. The phrase "6900 is more than 500" on the official website is also noteworthy. Other content on the site continues this approach. With phrases like "Go check for SPX6900 behind your walls. Go look for SPX6900 in your heart," the project claims to become a cultural phenomenon rather than a financial instrument.Low Supply, High Volatility ModelSPX6900 has a limited total supply of 1 billion (1,000,000,000) tokens. Its circulating supply is approximately 931 million. This limited supply could potentially put upward pressure on the price if demand increases. This low supply, high volatility token model is a typical characteristic of the memecoin market and presents an attractive opportunity for speculative investors. Due to market dynamics, price movements can be quite rapid and sudden, carrying both high profit potential and risk. Furthermore, the project's roadmap includes deflationary mechanisms such as token burns, which could contribute to a further decrease in supply and an increase in value in the long term.SPX6900 Token FeaturesThe SPX6900 token features also contribute to the project's value. The coin goes beyond being just a memecoin and offers some important functionalities:Governance: SPX holders can vote on decisions regarding the future of the project, giving them the authority to direct it.Transaction Fees: SPX tokens can be used as fees for certain intra-ecosystem transactions.DeFi Integration: SPX has the potential to integrate with decentralized finance (DeFi) protocols, creating opportunities such as liquidity pools and lending/borrowing.Cross-Chain Functionality: Although based on Ethereum, SPX can be transferred between different blockchains, such as Solana and Base, via the Wormhole Bridge, increasing its accessibility.Staking: The inclusion of staking (token locking) mechanisms in the project's future roadmap could offer SPX holders the opportunity to earn passive income. This allows them not only to hold tokens but also to earn rewards by contributing to the ecosystem.These features indicate that the SPX6900 coin has the potential to offer tangible benefits for the future. Embracing meme coin culture and offering an entertaining investment experienceSPX6900, embracing the philosophy that "cryptocurrency doesn't have to be serious," offers investors not only a financial instrument but also a fun and interactive experience. It represents a more accessible and humorous side of the cryptocurrency market than traditional finance. This is increasing its popularity, especially among a young and dynamic investor base. With its unique humor and community spirit, SPX6900 allows investors to become part of a "movement."When all these factors come together, it becomes clear that SPX6900 is more than just a digital asset; it's a cultural phenomenon and offers a unique value proposition. When asked what SPX coin is, it wouldn't be wrong to say it's the embodiment of a community, a sense of humor, and a market stance.SPX6900 goes beyond being just another meme coin and offers a fresh perspective on the crypto market. When examining the SPX6900 project, it's clear how the humorous and technological elements underlying the project are intertwined. The project's central theme is a playful and exaggerated narrative that pokes fun at the S&P 500 index, the symbol of Wall Street. The idea of "flipping the 6900 S&Ps" is essentially a rebellion against the complexity and sometimes tedium of traditional finance.The secret to the project's success lies largely in its absurdist humor and the construction of its self-referential universe. Memes, witty posts, and the concept of "meme math" spread across social media platforms quickly made SPX6900 popular. The community revels in being a part of this humorous narrative, further fueling the project's virality.As an ERC-20 memecoin, SPX6900 leverages the reliability of the Ethereum network and, with cross-chain support, opens up to different ecosystems. This technical flexibility increases the project's accessibility, while exaggerated science fiction-themed whitepaper titles like "Quantum-Infused Financial Paradigms" reinforce the project's overall humorous identity. In fact, even the whitepaper reflects the project's playful spirit; Expressions like "creating virtual experiences that mimic the real world" convey the message that the SPX6900 is not just an investment tool, but also a form of digital performance art. Ultimately, the SPX6900 is a memecoin that eases the seriousness of the crypto world, prioritizing fun and community.Who is the Founder of SPX6900?In the crypto world, anonymity can sometimes increase a project's mystique, while other times it can raise questions about transparency. So, who is the founder of SPX6900? The answer to this question, as with many meme coin projects, is somewhat mysterious.Developer team is anonymous: The development team behind SPX6900 is anonymous. This is quite common in the meme coin ecosystem and can reinforce the perception of the project as an "investor project." Keeping the identities of the developers secret underscores the project's decentralization and community-driven structure. Anonymity can also be seen as a factor that encourages community ownership and growth without dependence on any central figure.A decentralized governance approach has been adopted: This means that development and direction decisions for the project are made by a broad community, not by a single person or group. This structure makes the project more resilient and more resistant to censorship.It has a structure driven by community contributions: The existence of an anonymous team doesn't mean that the SPX6900's development rests entirely on the shoulders of the community. On the contrary, the project thrives on community contributions. This means community members can directly contribute to the project's progress with their ideas, content creation, marketing efforts, and even support for technical development. This makes the SPX6900 a truly vibrant and dynamic ecosystem.DAO-like decision-making mechanisms are planned: To further reinforce the SPX6900's decentralized governance approach, DAO-like decision-making mechanisms are planned. This means SPX token holders will be able to participate in governance processes by voting on protocol changes, network upgrades, and other important decisions. This democratic approach allows the SPX6900 ecosystem to evolve according to the needs and preferences of the community. In other words, the future of the project is shaped in the hands of its holders. This is also one of the most striking features of the SPX6900 token. Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about the SPX6900:What is SPX6900, and what network does it run on?: SPX6900 is a memecoin-focused cryptocurrency project that humorously references the S&P 500 index. It was originally developed on the Ethereum network using the ERC-20 memecoin standard, but can also be traded on other networks like Solana and Base via the Wormhole bridge.What is the purpose of SPX6900?: The main goal of SPX6900 is to bring humor and entertainment to the crypto world while also uniting a strong community. By offering a humorous perspective on traditional financial markets, it aims to provide users with an investment experience that embodies fun and viral cryptocurrencies.A serious investment or just humor?: SPX6900 is a highly volatile memecoin, making it a speculative investment. While its primary purpose is to provide humor and community-driven entertainment, it also offers significant investment potential due to its limited supply and active community. However, like any memecoin, it also carries risks.Who is behind SPX6900?: The development team behind SPX6900 is anonymous. The project adopts a decentralized governance approach and, as a community-based coin, develops through community contributions and DAO-like decision-making mechanisms.Where can I buy it? Which wallets are compatible with it?: SPX6900 can be traded on decentralized exchanges (DEXs) such as Uniswap, Jupiter, and Aerodrome. As an Ethereum-based token, it can be used with all Ethereum-compatible wallets such as MetaMask and Trust Wallet. It is also compatible with wallets on the Solana and Base networks thanks to the Wormhole Bridge.What is the supply and circulation of SPX6900?: The total supply of SPX6900 is limited to 1 billion (1,000,000,000) tokens. Its circulating supply is approximately 931 million. The project's roadmap includes token burns (deflationary mechanisms), which could lead to a further supply reduction in the future. This places it in the low-supply, high-volatility category.Follow the JR Kripto content series for detailed guides on notable memecoin projects like SPX6900.
PENGU Comments and Price Analysis July 15, 2025
Pengu Technical Analysis: A Pause at the Resistance Following the RisePengu has been drawing attention recently with a series of corporate interactions on social media. Following a tweet by Justin Sun the founder of TRON the price of the coin jumped swiftly. Later, Coinbase’s profile photo change to Pudgy Penguins NFT on its X account, and today’s use of the same theme by Trust Wallet, were among the developments triggering interest. Also, the acceptance of the spot ETF application for PENGU and the transfer of 265M tokens (approximately $6M) from the project wallet are among the other key factors influencing its price. As a result of these actions, the price of the token has approached critical levels. Now, let’s analyze the chart. Upward Channel Structure As seen on the chart on a daily timeframe, the price of the token has broken out of the downtrend with a Breakout of Structure (BOS) and then a Market Structure Breakout (MSB). The market structure’s complete upward reversal has thus been confirmed. It is clearly seen that this pattern, beginning in April, moved parabolically in July, reaching the upper border of the ascending channel and being rejected by the resistance level of $0.0330. This level is a key zone as it has historically been an area of concentrated sell pressure. If the price can break this resistance and see daily closings above it, the levels of $0.035–$0.04 and $0.047 could be the next price targets.In case of a pullback, on the other hand, the first support level to follow will be $0.0191, which is technically a strong support as it is the zone of a Support Resistance Reversal (SR Flip). In case of deeper corrections, the levels of $0.0171 and $0.0131 will be major support levels.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
Arcadia Finance Targeted: $3.5 Million DeFi Attack
Decentralized finance (DeFi) protocol Arcadia Finance was attacked for approximately $3.5 million due to a vulnerability discovered in the "Rebalancer" smart contract on the Base blockchain. This incident marked the platform's second major security breach, following a $455,000 hack last year.The attack was first detected by blockchain security firm Certik on the morning of July 15th. Certik announced that they detected suspicious transactions on the Base network and that the attacker initially seized approximately $1.6 million worth of assets. As time went by, the extent of the damage grew, reaching a total loss of $3.5 million. What is behind the Arcadia Finance attack?The attack stemmed from the improper validation of the swapData parameter in Arcadia's "Rebalancer" contract. According to a statement by security firm Hacken, the attackers exploited this vulnerability to execute unauthorized transactions and drain user funds. The seized assets included 2.3 million USDC, 227,000 USDS, and various amounts of WETH, EURC, AERO, and WELL tokens.The attacker began their operation by anonymously transferring funds via Tornado Cash on the Ethereum network. These funds were then bridged to the Base network, the attack contract was deployed, and exploitation operations were initiated within seconds. The obtained cryptocurrencies were converted to Wrapped Ethereum (WETH) and moved to the Ethereum mainnet. During this process, the attacker transferred 199 WETH and approximately 965 million AERO tokens. These transactions were spread across 12 different wallet addresses, making them difficult to trace.The Arcadia Finance team confirmed the attack in a statement on social media platform X, warning users to remove all asset manager permissions. They also recommended immediately disconnecting Rebalancer and Compounder connections.This latest incident has once again highlighted concerns about security vulnerabilities in the DeFi sector. In the first half of 2025, a total of $2.47 billion in losses were reported across just 344 incidents. Of these losses, $1.7 billion resulted from direct wallet attacks and $410 million from phishing attacks.Arcadia's operations on the Base network were shaped by the support of major investors like Coinbase Ventures. Each attack is critical to DeFi's institutional adoption, especially as enterprise-focused blockchains like Base integrate with major names like JPMorgan and Shopify.
BONK Comments and Price Analysis July 15, 2025
BONK Technical OutlookLooking at the chart, we see that the price of the coin is currently testing the ascending trendline, which has worked as both support and resistance for the fourth time since 2024. This trendline has now merged with the horizontal resistance at approximately $0.00002958—in other words, the price is now under pressure from both the trendline and the horizontal resistance. If this zone breaks upwards, the level of $0.00003210 first and then the level of $0.00004137 could be targets.On the other hand, the support level of $0.00002350 should be followed if the price gets rejected from this key level and pulls back. If the price can’t hold this level, then the levels of $0.00001867 and then $0.00001720 should be followed, and in case of deeper correction, the level of $0.00001335 will be the final support level. However, if the price can climb above the trendline and hold there, the upward movements can gain momentum. Otherwise, this zone could work as a strong resistance. Trending Theme Summary:The support of the ascending trend now works as resistance.The fourth contact with this resistance has occurred on the chart on a daily timeframe.If this trendline, combining with horizontal resistance, breaks upwards, it can gain much momentum.If the price can hold above the level of $0.00002958, it can then target the levels of $0.00003210 and $0.00004137.In case of possible pullbacks, the support levels of $0.00002350 → $0.00001867 → $0.00001720 → $0.00001335 should be closely followed.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the trades.
Standard Chartered Launches Bitcoin and ETH Trading for Institutional Investors
Standard Chartered, the UK-based multinational bank, has made another move into the cryptocurrency sector. The bank announced the launch of a spot trading service for Bitcoin (BTC) and Ethereum (ETH) for its corporate clients.Standard Chartered stated in a statement that it is the first "globally systemically important" bank to offer a regulated, secure, and scalable spot trading service for Bitcoin and Ethereum. This new service allows institutions to trade digital assets through familiar foreign exchange (FX) interfaces. Additionally, non-deliverable forwards (NDF) will be available for crypto assets in the near future. The bank's CEO, Bill Winters, stated:"As client demand grows rapidly, we want to ensure they can execute crypto asset transactions safely and efficiently, within regulatory frameworks."Crypto transactions will be facilitated through FX infrastructureOne of the most striking aspects of the new service is its integration with Standard Chartered's existing FX trading infrastructure. This allows institutional investors to trade digital assets using the systems they are already familiar with. This allows for a seamless transition to cryptocurrency.The bank also offers investors flexibility regarding where and how they store their crypto assets. Clients can choose a custody service of their choice or utilize the bank's own developed custody solutions. This multi-custodial infrastructure offers investors a wide range of options in terms of both security and regulation.Custody service previously launched in the UAEStandard Chartered accelerated its cryptocurrency efforts in 2023. Last September, the bank launched a regulated custody service for Bitcoin and Ethereum in the United Arab Emirates. This move demonstrates the institution's long-term vision for the crypto space, and this vision has now been further advanced with the launch of a spot trading service in the UK.Cryptoassets, once considered speculative instruments, are now becoming integrated financial products that can be traded at an institutional level. This move by the bank could serve as an example for other major financial institutions.
Joint Crypto Statement from the Fed, FDIC, and OCC to Banks
Three major banking regulators in the United States have issued an important statement regarding banks' relationship with crypto assets. The Federal Reserve (Fed), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) reiterated that banks must comply with existing laws and risk management principles when custodial crypto assets on behalf of their customers.The statement emphasized that the risks banks may face when offering crypto asset custody services should be carefully evaluated, just as with any other new product or service. The institutions clarified in their statements that this statement does not create any new regulatory expectations. Instead, it aims to remind banks of how existing laws and regulations should apply to crypto asset custody activities.Critical issues banks should be aware of include cybersecurity vulnerabilities, cryptographic key protection, and the management of sensitive data. The agencies' joint statement stated, "A banking institution planning to provide crypto asset custody services should consider the continuous evolution of the crypto asset market and the technology underlying these assets and establish a flexible risk management framework accordingly."Regulators also emphasized that effective anti-money laundering regulations, audit processes, software infrastructure, and governance controls are required to ensure these activities operate within legal frameworks."Crypto Week" has begunThis announcement came as part of the US House of Representatives' "Crypto Week." Various cryptocurrency-related bills are expected to be voted on this week, and comprehensive regulations are expected to take shape. The new legal frameworks aim to establish clearer rules for the cryptocurrency market.Meanwhile, US crypto policies are being reshaped with the change of presidency. The regulatory changes introduced by the Trump administration indicate a significant easing of restrictive regulations implemented during the previous Biden administration. Notable examples of these changes include the OCC's announcement in May that US banks could trade crypto assets for their own accounts, and the FDIC's lifting of the requirement for banks to provide advance notice for crypto activities.The appointment of individuals known to be crypto-friendly to the helm of regulatory bodies is another indicator of this political shift. Jonathan Gould, appointed to the OCC by the Senate last week, previously served as general counsel at Bitfury.The increasing involvement of banking institutions in the crypto space demonstrates the increasingly clear-cut nature of the US's approach to the crypto industry. However, regulators continue to emphasize the need for banks to exercise caution and effectively manage technology-based risks during this process.
LDO Comments and Price Analysis July 14, 2025
LDO/USDT Technical AnalysisLooking at the LDO chart, we see that the price has broken above the narrowing triangle formation at last, and the price jumped above the level of $0.849 without retreating to the previous level. A retest has occurred successfully. Formation Breakdown This level is technically a key area in terms of breakout and horizontal resistance.The first resistance level for the time being is the level of $0.917, and if breached, $0.943 and then the psychological threshold of $1.00 is promising.The level of $0.849 is the first support in case of a pullback, and the levels of $0.785, $0.744, and $0.701 respectively will be other supports if the price goes below $0.849. On the other hand, the price rise is highly possible as it has not pulled back in the triangle formation again.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
Grayscale Takes First Step Towards IPO: Confidential Filing with SEC
Grayscale Investments, one of the cryptocurrency markets' most established digital asset managers, has taken a significant step toward initiating its IPO process. The company announced on Monday, July 15th that it has filed a confidential registration statement with the U.S. Securities and Exchange Commission (SEC). This move joins Grayscale among crypto-focused companies seeking to list on U.S. exchanges.Grayscale files with the SECAccording to the company's statement, the number of shares to be registered as part of the IPO or the price range per share have not yet been finalized. These details will be determined after the SEC's due diligence process is complete and based on market conditions. Grayscale's IPO plan will be launched after receiving regulatory approval and when the market environment is favorable.The confidential filing is made possible by a special provision in U.S. capital markets legislation. This provision allows companies to conduct their pre-IPO processes without public disclosure. The same method has been used previously by Coinbase, Robinhood, and many other technology companies. Circle's success inspiresGrayscale's move signals a renewed IPO momentum in the crypto sector. Indeed, this development follows Circle's initial public offering (IPO) on the New York Stock Exchange (NYSE) last month. Circle, the company behind the USDC stablecoin, launched its shares on the stock exchange under the ticker symbol CRCL on June 5th and quickly saw its share price surge by over 500%.According to Yahoo Finance, Circle's IPO gave the company a valuation of approximately $6.9 billion. This highlighted the significant potential for crypto-focused startups in traditional financial markets.Opening the door to new financing avenuesGrayscale's IPO not only brings prestige but also could open the door to new sources of capital. Among the advantages of being a public company are financial strategies such as selling shares on the stock exchange, issuing convertible bonds, and greater access to institutional investors. For example, MicroStrategy founder Michael Saylor used this strategy to fund his company's Bitcoin acquisitions. Similarly, GameStop attracted attention with its $2.25 billion convertible bond sale in June.Grayscale's move, along with the IPO plans of other major crypto companies like Kraken and Gemini, signals the start of a new IPO season in the sector. After a period of stagnation following the IPO excitement of 2021, markets are reviving as we enter 2025. It's not surprising that crypto companies are turning to Wall Street, especially at a time when regulatory uncertainty is diminishing and investor interest is increasing.
What is Pyth Network (PYTH)?
The field of decentralized finance (DeFi) is opening the door to a whole new world by blending the capabilities of traditional financial systems with the transparency and ease of access offered by blockchain. But at the heart of this transformation lies a crucial issue: the blockchain's ability to connect with external data. This is precisely where oracle systems come into play. Pyth Network stands out with its unique and innovative approach. So, what is Pyth Network? And what is its token, PYTH coin? Let's answer all your questions in this detailed guide.Definition and Origins of the Pyth NetworkFor DeFi ecosystems to function effectively, decentralized oracle systems that can seamlessly transfer dynamic external financial information, such as stock market prices, exchange rates, or commodity data, to the blockchain are necessary. For smart contracts to be functional and reliable, they must securely access this external data. Blockchains are inherently limited to their own internal data; they cannot directly access external data such as prices and interest rates. This demonstrates the need for an interconnectivity to implement complex DeFi solutions, particularly those involving lending, derivatives, or synthetic assets. This is where oracles come into play, bringing this data onto the chain and enabling the automated execution of smart contracts based on real-world conditions. Without this connectivity, DeFi's reach would be significantly limited, making it virtually impossible to offer the same complex products offered by traditional finance. Therefore, oracles are a fundamental building block for the growth and development of the DeFi world.The Pyth Network stands out as a first-party oracle network that receives data directly from powerful industry players such as exchanges, market makers, and financial services firms. Unlike traditional oracle systems, it aggregates data from multiple independent sources rather than a single source. This both enhances security and eliminates the risks associated with data coming from a single source.One of the most striking aspects of Pyth is that it receives data directly from financial institutions. While traditional oracles typically pull information from third parties like CoinMarketCap or CoinGecko, additional layers are added, which can lead to latency or data accuracy issues. Pyth, however, takes the data directly from the source; it comes directly from the markets. This makes the data both faster and much more reliable. Furthermore, the institutions providing the data contribute to the system by risking both their own reputations and the tokens they deposit into the network. This makes data manipulation extremely difficult. This structure is particularly advantageous for applications like high-frequency trading or lending protocols, where even seconds matter.Pyth is a network that directly provides data to over 120 major players, including giants like Jane Street, CBOE, Binance, OKX, and Bybit. This allows applications to directly access highly accurate, low-latency, and detailed data from these institutional sources.Pyth Network History: Key MilestonesDespite its short history, Pyth Network has evolved rapidly and achieved significant milestones in the DeFi world:2021: First integration and data stream launched on Solana: This year, Pyth Network emerged within the Solana ecosystem and began providing its first data streams. Solana's high-performance architecture played a key role in Pyth achieving its goal of providing real-time data. During this period, despite its relatively new nature, Pyth signaled its potential to make a significant difference in the industry by directly receiving data from first-party data providers (exchanges and trading firms). Initially, price data for key crypto pairs such as BTC/USD and ETH/USD began to be provided. This paved the way for DeFi protocols to access more reliable and up-to-date price information.2022: Connecting to other chains via wormholes: In 2022, Pyth Network signaled that it would not be limited to Solana. This year, a critical step was taken to migrate Pyth data to other blockchains: the integration of the Wormhole bridge system. Wormhole is a decentralized platform that enables asset and data transfer between different blockchains. Using this technology, Pyth began migrating its data to Ethereum, BNB Chain, Arbitrum, Avalanche, and many other EVM-compatible chains. This development exponentially expanded Pyth's usability, making it a truly multi-chain oracle solution. DeFi applications across different blockchains could now also benefit from Pyth's reliable and low-latency data. This expansion increased Pyth's overall impact and importance within the ecosystem.2023: PYTH token announced and airdrop completed: Embracing the importance of decentralization and community governance, Pyth Network announced its native cryptocurrency, the PYTH token, in 2023. This announcement was a significant step in the project's decentralization journey. The PYTH token was designed to be used in the governance of the network, giving token holders the right to vote on the future of the protocol. The launch of the PYTH token was supported by a large-scale airdrop process. This airdrop was distributed to early adopters, data providers, and other stakeholders in the ecosystem who contributed to the development of the Pyth Network in various ways. The Pyth airdrop aimed to encourage community participation and make token distribution more decentralized. The launch of the PYTH token allowed the project to adopt a more transparent and community-focused structure.2024: Became one of the largest oracle networks, active on over 40 networks: By 2024, the Pyth Network continued its growth and experienced incredible expansion. Active on over 40 different blockchains at the beginning of the year, Pyth quickly became one of the largest oracle networks. Today, this number has surpassed 100! This success has proven the validity of Pyth's multi-chain strategy. DeFi protocols, NFT platforms, games, and other Web3 applications across various ecosystems have become dependent on Pyth's real-time, reliable price data. This expansion demonstrates that Pyth has moved beyond being a mere oracle and has become a critical component of the entire Web3 data infrastructure. With its diverse data feeds (including stocks, commodities, forex, cryptocurrencies, etc.), Pyth has become one of the most comprehensive financial data providers in the market. This bodes well for the future of PYTH.Why Is the Pyth Network Valuable?We now know what the Pyth Network is, how it emerged, and its place in the oracle world. However, it's worthwhile to elaborate on why this structure is so important, and why it's so highly valued, particularly in Web3 and traditional finance. Today, DeFi applications gain meaning not only with on-chain code but also with real-world data. Many processes, such as the accuracy of real-time price data, rapid liquidations, and the current values of synthetic assets, depend on the health of the oracles running in the background. This is precisely where the Pyth Network stands out: It retrieves data directly from the source, ensures high accuracy without compromising decentralization, and can present this simultaneously across dozens of different chains. Now, let's take a closer look at the details that make Pyth so special.It provides real-time price data (stocks, commodities, forex, cryptocurrencies, etc.)What makes the Pyth Network so special isn't just what it does, but how it does it. One of the greatest needs in the DeFi world is accurate and instant price data. The reliability of this data is fundamental to transaction protocols. Pyth Network isn't limited to cryptocurrencies; it also sources data from traditional markets like stocks, commodities like gold and oil, and foreign exchange rates. This makes it indispensable for many applications, including decentralized exchanges, lending protocols, and synthetic asset platforms. Pyth's low-latency data makes a significant difference, especially in situations where timing is crucial, such as evaluating arbitrage opportunities or ensuring the proper operation of liquidation mechanisms.Provides reliable and low-latency data flow to decentralized applicationsAnother strength of Pyth is that it receives data directly from the source—that is, from actors like exchanges, market makers, or large financial firms. This eliminates the need for additional data aggregators, making data both faster and more reliable. Furthermore, thanks to Pyth's "pull oracle" structure, applications can pull data onto the chain themselves when they need it. This minimizes latency and prevents significant losses. This is one of the most important elements underlying the Pyth oracle's functionality.Off-chain data providers directly participate, increasing accuracyThe Pyth Network has over 100 major data providers. Each one sends its own price information to the network, along with a "confidence interval" indicating how reliable that price is. Pyth then aggregates this data into a single price feed. This way, even if a single source provides inaccurate data, the overall accuracy of the system remains intact. Furthermore, data providers risk losing their staked PYTH tokens if they provide inaccurate information, encouraging them to be more vigilant and honest. Multi-chain oracle solutions offer broad adoption.Running on Solana, Pyth is currently deployed on over 100 blockchains. Its wormhole landscape makes it active on Ethereum, Arbitrum, Optimism, Avalanche, BNB Chain, Polygon, and many more. This makes Pyth a powerful infrastructure for decentralized applications across multiple chains. Number of data feeds, applications, blockchains, and updates supported by Pyth. Source: Pyth.Network Today, Pyth's more than 1,300 price charts can operate with the same quality across more than 100 blockchains. In addition to large networks like Solana and Ethereum, they can also be saved in ecosystems like Optimism, zkSync Era, Base, Aptos, Sui, NEAR, and Cosmos. This broad compatibility offers great freedom for developers. A separate oracle will be registered for each chain, allowing them to move forward with a single solution that operates with the same performance everywhere. For example, one might prefer Solana's members and the other Ethereum's: if Pyth is closed, it provides the same quality data to both, allowing those in between to live.The PYTH token plays a central role in the ecosystem.The PYTH token, the native cryptocurrency of the Pyth Network, plays a crucial role in the network's operation. It provides a voice in governance and influences pricing for data providers. In other words, it's not just a technical detail; it's a unified platform. One of the most fundamental uses of the PYTH token is its management. Token holders can stake their PYTH tokens and become part of the Pyth DAO, voting on decisions that shape its future. These decisions include who will be listed, how prices will be set within the protocol, how much will be paid to data providers, and even approving software updates. In short, PYTH holders directly influence how the protocol operates. A sample PYTH governance panel. Source: Pyth.Network On the Pyth Network, it's crucial for data providers to provide accurate and reliable data. This is achieved through a system called "Oracle Integrity Staking." Data providers stake a certain amount of PYTH tokens to contribute to the network. If someone submits false or manipulated data, a portion of their staked tokens is slashed by the system. This system rewards those who provide accurate information and penalizes malicious behavior. Furthermore, token holders can support data providers they trust by delegating their PYTH, making the network more secure and robust.Pyth's plans include allowing data consumers to pay with PYTH to use oracle services. While not yet active, this is a development that could increase the token's value by providing a new use case.The total supply of PYTH tokens is 10 billion. According to the project's whitepaper, this supply is distributed among various stakeholders in varying proportions:Publishers: 23.29%Ecosystem Growth: 22.92%Protocol Development: 22.75%Private Sale: 16.89%Community and Early Contributors: 14.15%This last portion also includes airdrops to early community members and Pyth contributors. These tokens weren't released all at once. There's a distribution (vesting) plan that gradually unlocks them. The first release took place six months after the token launch. The remaining tokens were or will be released gradually over the 18th, 30th, and 42nd months. This prevents a sudden surge in supply in the market.PYTH's Working PrincipleThe core operation of the Pyth Network is based on an innovative architecture that differs from traditional oracle solutions. This architecture aims to optimize both data quality and cost-effectiveness.The oracle model used by Pyth is one of the most significant differences that distinguishes it from traditional systems. Many oracles use the "push" model. In this system, price data is sent to the chain at regular intervals. Whether the application uses that data or not, on-chain gas fees are paid for each update. Especially if there are hundreds of different price streams and frequent updates, this can be both expensive and unsustainable for the system. Pyth, however, completely reverses this approach and adopts the "pull" model. In this system, data is only called onto the chain when needed. In other words, if a user or application requests price data, it is pulled onto the chain immediately. This way, gas costs are incurred only when needed, eliminating the need for unused data. This solution is both more economical and prevents unnecessary load on the chain.Pyth achieves this through its off-chain service called "Hermes." Hermes stores the most up-to-date price data and activates when the application wants to pull it. This allows applications to first update the data and then execute the transaction logic in a single transaction. This structure is both more efficient and less expensive for the user. On-chain/off-chain architecture of blockchain applications. Source: ResearchGate - Recent Advances of Blockchain and Its Applications Additionally, the "pull" model allows for much more frequent updates than "push" systems. In the Pyth example, this time is only 400 milliseconds! This means instant access to low-latency data. Furthermore, Pyth's architecture performs very well not only on chains with high gas fees like Ethereum, but also on fast chains like Solana. Oracle architecture of Pyth network. Supported blockchains and runtimes: Universal accessOne of Pyth's biggest advantages is its ability to deliver over 1,300 price streams with the same performance across more than 100 blockchains. This means that whether you're running on Solana, EVM-based networks like Ethereum or Arbitrum, or one of the Aptos, Sui, NEAR, or Cosmos ecosystems, Pyth data is available with the same quality everywhere.This allows developers to easily scale their applications to different chains. There's no need to look for Oracle integration to migrate to a new network, as Pyth is already built in. This not only simplifies things but also provides significant time and cost advantages for DeFi projects. For example, a developer might want to leverage the speed of Solana and the security of Ethereum. The consistent and reliable data streams offered by Pyth make these transitions or multi-chain use cases seamless.Pyth's "same performance, every stream" approach both improves the user experience and supports the overall growth of the DeFi world. In this respect, Pyth is becoming not only a data provider but also a strong infrastructure partner for blockchain projects and a tool that simplifies the development process.Who is the Founder of Pyth Network?The team and organization behind Pyth Network are crucial to the project's reliability and robustness. Rather than focusing on a single founder, Pyth was developed through a consortium and an open-source community approach.Pyth Network was initially developed under the leadership of Jump Crypto. Jump Crypto is a research and development firm focused on quantitative trading and infrastructure development with deep experience in both traditional financial markets and the Web3 ecosystem. They played a key role in shaping Pyth's initial vision and establishing its initial infrastructure.The team working on Pyth at Jump Trading was restructured as Douro Labs in July 2023. Douro Labs was founded by Michael Cahill, Jayant Krishnamurthy, and Ciarán Cronin. In addition, the governance of the Pyth Network is handled by the decentralized, autonomous organization called the Pyth DAO. The Pyth DAO provides PYTH token holders with voting rights in governance processes. PYTH token holders can influence the future development of the network by staking their tokens. This means they have the power to vote on matters such as listing new data streams, determining fee structures, setting data provider rewards, and protocol upgrades. This structure transforms Pyth into a community-driven and truly decentralized protocol.The Pyth Network's core infrastructure and codebase are open-source. This means anyone can review, audit, and even contribute to the code on Pyth's GitHub repositories. Thanks to its open-source nature, vulnerabilities can be identified more quickly, and it is continuously improved with innovative ideas from the community. This transparency and community participation are critical to the project's long-term sustainability and security. Frequently Asked Questions (FAQ)Below, we've answered a few frequently asked questions about the Pyth Network (PYTH) and the PYTH coin:What is the Pyth Network and what does it do?: The Pyth Network is an oracle network designed for decentralized finance (DeFi) applications, providing real-time financial market data. Its goal is to provide reliable and accurate price feeds to blockchain-based applications, enabling the development of more complex and secure DeFi products. The network aggregates high-frequency financial data directly from first-party sources and bridges this data to various blockchains.What does the PYTH token do?: The PYTH token is the native governance token of the Pyth Network. Token holders have a say in the decentralized governance of the platform by voting on the future development of the network, fee structures, and other important parameters. Additionally, in some cases, PYTH tokens can be staked by data publishers to provide data of a certain quality.What's the difference between Pyth and Chainlink?: Both Pyth and Chainlink are oracle networks that provide data to blockchains, but their key differences lie in their data sources and architecture. While Chainlink typically uses aggregated data sources to provide a broader range of data, Pyth collects high-frequency data directly from first-party financial institutions (trading firms, exchanges, etc.). This makes Pyth particularly well-suited for real-time, high-precision financial data.Where does Pyth get real-time prices?: The Pyth Network receives real-time price data directly from first-party financial institutions. These data providers include leading trading firms, market makers, and exchanges. This approach aims to increase the accuracy and reliability of data because the data is generated and published directly at the source. Which chains can it be used on?: The Pyth Network is designed for use on a variety of blockchains and layer-2 solutions. Supported chains include Solana, Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, and many other EVM-compatible chains. This broad integration allows Pyth to provide price data in various DeFi ecosystems.How to buy the Pyth token?: The PYTH token can be traded on various centralized and decentralized cryptocurrency exchanges. You can find the PYTH token on major centralized exchanges such as Binance, Kraken, KuCoin, and Bybit, as well as decentralized exchanges like Jupiter (in the Solana ecosystem). To purchase the token, you must first register on one of these exchanges and fund your account.Before investing in real-time and reliable data infrastructures in the Web3 world, discover how the Pyth Network works with the JR Kripto guide.
Nasdaq-Listed Company Launches HYPE Treasury with Hyperliquid
Nasdaq-listed biotechnology firm Sonnet BioTherapeutics has attracted attention by embarking on a new crypto-focused strategy. The company announced its merger with Rorschach I LLC. The resulting entity will operate under the name "Hyperliquid Strategies, Inc." With its treasury of HYPE tokens, it aims to become a strategic player in the crypto world.$888 million valuationAccording to the press release, after the merger, Hyperliquid Strategies will hold 12.6 million HYPE tokens and $305 million in cash reserves. The total value of these assets will be approximately $888 million at closing.This major merger and transformation is being led by Rorschach I LLC, which is backed by prominent investment firms such as Atlas Merchant Capital LLC and its affiliate Paradigm Operations LP. The new company will continue to be publicly listed on Nasdaq as a crypto treasury management firm but will trade under a new ticker symbol.Backing from giants like Paradigm, Galaxy, and PanteraThis move is backed by some of the crypto industry's largest investors. Investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital participated in the merger. Paradigm co-founder Matt Huang said of Hyperliquid:“Hyperliquid is a well-established crypto project with a strong core team, high-quality product development, and rapid growth. We support this treasury strategy because HYPE tokens are difficult to access in the US. We believe this move will significantly contribute to the Hyperliquid ecosystem in the long term.”Goal: Accumulate more HYPEThe $305 million in cash in the new structure will be used directly to purchase more HYPE tokens. This will increase Hyperliquid Strategies' token holdings, and the firm is expected to hold one of the largest strategic reserves for HYPE, the native token of the Hyperliquid protocol.The Hyperliquid protocol generated over $1.5 trillion in perpetual trading volume over the past year. The platform also continued its growth, recently reaching a new high of $11.3 billion in open interest.With the closing, Atlas Merchant Capital founder and CEO Bob Diamond will become Chairman of Hyperliquid Strategies. Atlas founder and investment director David Schamis will assume the new CEO role. Additionally, former Boston Fed President Eric Rosengren and two independent Sonnet board members will join the new board. Diamond commented on the strategy:“Partnering with Sonnet to build a robust crypto treasury management strategy is a great opportunity for us. HYPE and the Hyperliquid protocol offer differentiating factors in the crypto asset world. We believe we will maximize these opportunities with our experienced team of investors and operators.”Sonnet: Transitioning from Biotech to CryptoSonnet BioTherapeutics operates as a cancer-focused biologics developer. With this merger, Sonnet will become a subsidiary of Hyperliquid Strategies. The company will continue to focus on its existing biotech projects and will offer shareholders a contingent value right (CVR), which entitles them to receive payments if these projects generate future revenue.Following the news, Sonnet shares surged significantly on Monday. In pre-market trading, the company's market capitalization surpassed $16 million.
