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Blockchain News
Blockchain News
Browse all Blockchain related articles and news. The latest news, analysis, and insights on Blockchain.
NEAR Hit by $3.8 Million Exploit: Transactions Restricted Across 11 Blockchains
Cross-chain trading platform NEAR Intents halted services on Thursday, October 1, following a security exploit that caused approximately $3.8 million in losses. The team said it had patched the smart contract vulnerability and would reimburse all affected funds.According to the initial statement, the exploit stemmed from a bug in how the Omni deposit and withdrawal infrastructure interacted with the NEAR Intents smart contract. Following the incident, the platform temporarily restricted deposits and withdrawals across several blockchains.NEAR Intents pledges to cover all lossesThe NEAR Intents team said it suspended services as a precaution after detecting the security incident. A preliminary investigation estimated total losses at approximately $3.8 million.The team said it had patched the contract-side vulnerability and would fully reimburse affected users. However, its initial statement did not provide details about the repayment timeline or process.Statements about the incident’s scope point to NEAR Intents’ cross-chain infrastructure. The information disclosed does not indicate a security breach of the underlying NEAR Protocol blockchain.This distinction matters when assessing how different services within the same ecosystem were affected. Current findings focus on the interaction between the Omni infrastructure and the trading contract.Deposits and withdrawals affected across 11 blockchainsIn its initial announcement, the platform said it aimed to restore core services on NEAR Intents and Near.com within approximately one hour. However, it anticipated a longer disruption to deposits and withdrawals on certain networks.The statement indicated that these transactions could remain unavailable across 11 blockchains for roughly another 12 hours. That timeframe reflects the team’s initial estimate and does not confirm that services have resumed.The restrictions cover BNB Smart Chain, Polygon, TON, Optimism, Avalanche and Stellar. Monad, X Layer, ADI, Scroll and Plasma are also among the affected networks.Restoring the platform’s core trading services therefore does not mean deposits and withdrawals will resume simultaneously across every network. The team outlined a separate schedule for completing fixes to those channels.ZachXBT reports funds moved to KuCoin and BitcoinBlockchain investigator ZachXBT said he identified irregular outflows from a BNB Chain hot wallet linked to NEAR Intents. Hot wallets remain connected to the internet and support platforms’ transfer needs.According to the investigator, the stolen assets were subsequently sent to cryptocurrency exchange KuCoin and bridged to Bitcoin. These movements form part of the investigation into the funds’ path following the exploit.NEAR Intents said it had reported the incident to law enforcement. The team added that it was working with security companies and blockchain analytics platforms to trace the assets and would publish a detailed incident report in the coming days.NEAR falls as attention turns to service restorationThe NEAR token was trading lower on the day as reports of the security incident emerged. Market data showed the token down approximately 6.7%, trading near $4.94. The exploit occurred two days after Bitwise launched its NEAR exchange-traded fund. Following the arrival of the new investment product, attention shifted to a security issue affecting the ecosystem’s cross-chain infrastructure.NEAR Intents aims to simplify transactions between different blockchains. Users specify the transaction they want, while independent market makers known as “solvers” compete to execute it.According to figures published on its website, NEAR Intents has processed more than $30 billion in total volume across 35 blockchains. The team’s forthcoming incident report is expected to explain how the vulnerability was exploited and what changes have been made to prevent similar attacks.
Citi and Coinbase Team Up on Digital Payments
Citi and Coinbase announced a collaboration to develop digital asset payment solutions for institutional clients. The companies’ announcement, dated October 27, 2025, outlines plans to simplify conversions between traditional currencies and digital assets and explore stablecoin payment options.The initial phase focuses on fiat deposits and withdrawals, alongside payment orchestration. By combining Citi’s international payments network with Coinbase’s digital asset infrastructure, the companies aim to offer institutional clients a smoother transaction experience.Easier Access to Crypto for Citi’s Institutional ClientsThe project centers on channels that allow users to convert money held within the traditional financial system into digital assets. Known as “on-ramps,” these channels give clients access to the digital asset ecosystem using traditional currencies.“Off-ramps” work in the opposite direction. Institutions can use this infrastructure to convert their digital assets back into traditional currencies.Citi and Coinbase plan to simplify these conversions in both directions. Coordinating payment processes also ranks among the collaboration’s initial priorities.According to Citi’s announcement, the companies will also explore alternative methods for converting traditional currencies into stablecoin payouts on blockchains. The bank aims to make these transitions smoother and accessible around the clock.Stablecoin Payments and Treasury Management in FocusIn its announcement, Coinbase highlights institutions’ ability to transfer value through blockchains. The company says conversions between traditional money and digital assets play an important role in payments, treasury management, and the efficiency of financial infrastructure.The collaboration therefore covers payment solutions involving stablecoins, alongside other infrastructure initiatives. The companies aim to develop tools that allow institutions to incorporate digital assets into their existing financial processes.Coinbase says it is exploring options with Citi to make these tools faster, more reliable, and available 24/7. The announcement thus outlines the direction of the payment infrastructure the companies intend to develop for institutional use.Citi’s Global Network Meets Coinbase’s InfrastructureAccording to Coinbase’s announcement, Citi’s payments network spans 94 markets and more than 300 payment clearing systems. The collaboration aims to combine this international reach with Coinbase’s technology and infrastructure expertise in digital assets.The companies are working on payment solutions for institutions operating at scale. Coinbase also says its work with banks, asset managers, and payment service providers aims to expand the use of digital assets across the financial system.The Announcement Does Not Mean All Services Are LiveThe October 27, 2025 announcement outlines the collaboration’s initial scope and the areas the companies intend to explore. Citi said it would share details of specific initiatives in the following months, while noting that the work remained subject to further exploration and relevant regulatory considerations.The announcement therefore does not establish that stablecoin payment services have become available to all Citi clients. Its focus is on developing digital asset payment capabilities for institutional customers.
New York Sues Polymarket, Seeks to Halt Its Operations
New York Attorney General Letitia James has sued prediction market platform Polymarket US, alleging that it operates an unlicensed gambling business. State authorities are seeking to stop the company from operating in New York without the required licenses.The lawsuit, announced on September 24, targets QCX LLC, the company behind Polymarket’s US operation. The attorney general is seeking fines, the forfeiture of allegedly unlawful gains, and restitution for affected users.New York Classifies Prediction Contracts as GamblingThe attorney general’s office argues that Polymarket’s contracts fall within the definition of gambling under state law. According to the lawsuit, users wager money on events whose outcomes are beyond their control.New York authorities say these activities require a license from the New York State Gaming Commission. They also allege that the company has avoided taxes paid by licensed gambling businesses.Age restrictions are another focus of the case. The attorney general’s office says Polymarket allows users aged 18–20 to participate, while New York requires mobile sports betting users to be at least 21.The state is also asking the court to impose fines equivalent to three times the company’s gains from its allegedly unlawful activities. These requests do not constitute a final court ruling; filing the lawsuit does not automatically ban the platform.Polymarket Says It Is Staying in New YorkPolymarket Chief Legal Officer Neal Kumar said the company would maintain its presence in New York following the lawsuit. Kumar said the company had been working with authorities to address their concerns.Kumar noted that Polymarket was founded in a small New York City apartment and now employs more than 350 people in the city. His statement signaled that the company does not intend to leave its home state.New York’s action forms part of a broader regulatory dispute over prediction markets. The state filed a lawsuit against Kalshi in July over similar allegations.At the center of the dispute is whether these platforms should primarily fall under state gambling laws or federal financial market regulations. The latest lawsuit brings that disagreement back into focus through Polymarket’s US operations.Polymarket US Differs From the International PlatformAlthough Polymarket is widely known in the crypto market, there are important differences between its US business and international platform. The international platform uses blockchain infrastructure and crypto assets, while Polymarket US operates through a more centralized structure and traditional dollar payments.Polymarket US describes itself as a designated contract market regulated by the US Commodity Futures Trading Commission (CFTC). The lawsuit therefore focuses on the US business’s position under state law, despite its shared branding with the international platform.The international platform’s connection to crypto extends beyond offering predictions about Bitcoin or Ethereum. Its infrastructure on Polygon allows positions tied to event outcomes to be represented as tokens.Users can buy “yes” or “no” shares on an event. Shares corresponding to the correct outcome become redeemable for one dollar when the market resolves, while losing shares become worthless; users can also sell their positions before the outcome is determined.This distinction also matters when assessing the lawsuit’s implications for the crypto sector. New York’s request does not include a blanket ban on Polygon or the platform’s international blockchain infrastructure; the announced legal action concerns the services Polymarket US offers within the state.The case could help shape which licenses and user eligibility requirements apply to prediction markets operating in the United States. For now, the central developments are the state’s request to halt operations and Polymarket’s statement that it intends to remain in New York.
UAE Brings Avalanche to Digital ID System With 12 Million Users
The United Arab Emirates is preparing to use the Avalanche blockchain in its national digital identity infrastructure. The integration will involve UAE PASS, which serves more than 12 million people.Avalanche announced the development through its official social media account on September 14. The network’s technology will support the UAE’s identity verification and digital document signing infrastructure. However, the technical scope of the integration has not yet been disclosed. It also remains unclear which UAE PASS processes will operate on Avalanche.Avalanche will be integrated into UAE PASSAvalanche said in its post that the UAE would use its technology within the country’s national digital identity infrastructure. The announcement noted that UAE PASS serves citizens, residents and visitors.UAE PASS allows users to verify their identities digitally. The platform also provides access to electronic document signing and government services. The system is available across digital services offered by government agencies and private companies. Users can therefore verify their identities across different platforms without creating separate accounts.The Avalanche integration will bring blockchain technology into a national public infrastructure. However, the announcement did not provide a detailed description of Avalanche’s role within UAE PASS.It remains unclear whether Avalanche will directly store identity information. The network could instead be used solely for document verification, transaction records or specific infrastructure components.The integration will cover more than 12 million usersUAE PASS serves more than 12 million users. This figure includes UAE citizens, foreign residents and visitors.The scale of the project could make the integration one of Avalanche’s most significant institutional use cases. The network has previously focused on finance, tokenization and enterprise blockchain projects.Its use in digital identity will connect Avalanche technology directly with public services. The integration could also expand the use of blockchain beyond cryptocurrency transactions.The UAE has increased its investments in digital public services and blockchain projects in recent years. The country aims to consolidate identity verification processes under a single digital platform.UAE PASS operates as a core component of this strategy. The Avalanche integration could create a new technological layer for verifying identity and document-related transactions within the system.The role of the AVAX token remains unclearThe announcement did not explain what role Avalanche’s native token, AVAX, would play in the integration. It also remains unclear whether transactions will take place on the public Avalanche network or a private blockchain.This distinction is important when assessing the integration’s potential effect on demand for AVAX. If the UAE uses a private Avalanche-based network, the system’s direct connection to the token could remain limited.Transactions conducted on the public network could support AVAX usage through network fees and validation mechanisms. However, the available information does not provide enough technical detail to reach that conclusion.UAE authorities have not yet released a detailed announcement about the integration timeline. The launch date, expected transaction capacity and data privacy model remain unknown.
MANTRA Security Crisis: All Transactions Halted
MANTRA Chain, an RWA-focused Layer 1 network, completely halted its blockchain after discovering that an attacker had exploited a vulnerability in third-party software. Transactions, validators, public endpoints and some bridge services are currently unavailable.The MANTRA team did not initially disclose details about the incident. However, according to the latest update published on the project’s status page, the attacker exploited a vulnerability in an external dependency used by the network.The team identified the vulnerability and began preparing a patched software release. The full impact of the incident and the status of user funds remain unclear.Why did MANTRA Chain halt transactions?MANTRA Chain stopped block production as a precaution after detecting the incident. As a result, the network cannot process new transactions and no assets can move on-chain.The disruption affects MANTRA Chain validators, public blockchain endpoints, Migrate bridge operations and MANTRA-managed IBC relays. Some cryptocurrency exchanges have also temporarily suspended MANTRA deposits and withdrawals.In its initial statement on X, MANTRA advised users against submitting new transactions. The team said it would not restart the network until it was confident that doing so was safe.The network will require a coordinated restartMANTRA engineers are preparing and testing an update designed to close the identified vulnerability. The project’s own validators will remain offline until this process is complete.Other validators will also need to install the patched release before the network can resume operations. The team will therefore coordinate the restart with the wider validator set.MANTRA also said it was tracing fund movements connected to the attack and communicating with cryptocurrency exchanges. However, no verified information is available on how many assets the attacker accessed or whether users suffered any losses.The team said users do not need to take any action at this stage. It also warned against scammers claiming to offer “recovery” or “support” services related to the incident.MANTRA price falls more than 9%The network halt increased selling pressure on MANTRA. According to market data, MANTRA coin was trading at around $0.00448 when the article was prepared. The price fell approximately 9.5% over the past 24 hours. The token dropped as low as $0.004126 during the day, while its 24-hour trading volume surged by more than 500% to over $25 million.MANTRA replaced the former OM token as part of a transition completed in March 2026. The project distributed 4 MANTRA for every 1 OM and increased the maximum supply to 10 billion tokens.The network remains offline. The MANTRA team will issue another update after testing the patch and completing coordination with validators.
Visa and Mastercard Step Up Stablecoin Competition
Visa and Mastercard, two of the world’s largest payment companies, announced separate partnerships on the same day to expand their stablecoin infrastructure. Visa is integrating zerohash technology into the Visa Direct network, while Mastercard has launched a new pilot aimed at improving trust and compliance in cross-border stablecoin payments.The two initiatives focus on different areas. Visa is expanding stablecoin funding and payout capabilities, while Mastercard aims to verify participants in blockchain transactions.Visa Direct Opens Up to Stablecoin PaymentsVisa will expand the stablecoin capabilities of Visa Direct through a collaboration with blockchain infrastructure provider zerohash. Eligible Visa Direct clients will be able to prefund merchant accounts with stablecoins and send stablecoin-denominated payouts to recipients.zerohash will provide both the technical infrastructure and regulatory compliance support for the service. However, the companies have yet to disclose which stablecoins and blockchain networks will be supported or where the service will initially become available.Visa Direct connects to more than 18 billion endpoints across over 195 countries and territories, including cards, bank accounts and digital wallets. The integration could therefore bring stablecoin-based payments to a broader group of institutional clients.Mastercard Focuses on Trust and ComplianceMastercard, meanwhile, has launched a Crypto Credential pilot with Borderless.xyz. The companies will test Mastercard’s existing framework to verify participants and standardize compliance checks in cross-border stablecoin transactions.Crypto Credential generates assurance signals confirming that institutions involved in blockchain transactions meet specific security and compliance standards. Companies participating in the Borderless.xyz network will be able to incorporate these signals into transaction approvals, risk management and compliance procedures.Infinia, Walapay and Koywe are among the first stablecoin payment companies to join the pilot. Borderless.xyz says its infrastructure connects more than 15 licensed stablecoin providers across over 100 countries.Stablecoin Payments Race AcceleratesVisa’s initiative aims to simplify stablecoin funding and transfers, while Mastercard is strengthening the trust and identity verification layer surrounding these transactions. The two payment giants are therefore addressing different challenges within the stablecoin market.Mastercard recently completed its acquisition of stablecoin infrastructure company BVNK. Visa, meanwhile, introduced the Visa Stablecoin Platform in July, enabling financial institutions to issue, manage and transfer stablecoins.The series of developments shows that stablecoins are becoming increasingly embedded in traditional payment networks. Visa and Mastercard are moving beyond crypto-linked cards, creating a place for stablecoins within the underlying infrastructure of cross-border money transfers.
World’s Largest Asset Manager Brings $311 Billion Fund Suite to Ethereum
BlackRock, the world’s largest asset manager, launched its first tokenized fund access in Europe on Tuesday. Working with JPMorgan’s Kinexys platform, the company created onchain share classes on the Ethereum blockchain.The initiative covers funds from BlackRock’s Institutional Cash Series (ICS) money market range. These funds held a combined $311 billion in assets under management as of June 30, so this is far from a small pilot project.According to BlackRock, Kinexys acts as a translation layer between onchain transactions and the funds’ traditional recordkeeping systems. Each token represents a share in an ICS fund, while the official shareholder register remains with the fund’s transfer agent.In other words, blockchain does not change the legal ownership structure. It digitizes the access and transfer layer.A total of 12 tokenized share classes across six fund families are now available: Euro Government Liquidity, Sterling Government Liquidity, U.S. Treasury, Euro Liquidity, Sterling Liquidity and U.S. Dollar Liquidity.Smart contracts allow approved investors to transfer shares directly between wallets around the clock, seven days a week. The structure continues to generate yield, while fund movements can be tracked onchain in near real time.Hannah Winter, head of BlackRock’s Digital Cash business, said tokenized money market funds bring short-term investment instruments into a digital format without compromising capital preservation, liquidity or risk management standards.How will institutions use the funds?According to the announcement, the tokenized share classes can support institutional cash management, digital collateral management, bank distribution channels and integration with broader tokenized financial ecosystems. Access is currently limited to 15 markets.The onchain share classes are available to investors in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, Singapore and the United Kingdom.Lithuania’s inclusion on the list indicates that the country’s digital asset infrastructure is also becoming an attractive destination for institutional players.Tokenization has been on BlackRock’s agenda for yearsThis step is not a one-off experiment for BlackRock. In an article published by The Economist in December 2025, CEO Larry Fink and COO Rob Goldstein argued that tokenization could accelerate transaction settlement, reduce operational friction in private markets and expand investment access by recording asset ownership on blockchain-based ledgers.The European launch came only one day after BlackRock unveiled two tokenized money market products designed for stablecoin reserves. BRSRV is a newly established fund, while BSTBL tokenizes share classes of the company’s existing Select Treasury Based Liquidity Fund.Both products invest primarily in cash, short-term U.S. Treasury bills and overnight Treasury-backed repurchase agreements.The move also aligns with the objective outlined last month by BlackRock Chief Financial Officer Martin Small. During the company’s second-quarter earnings call, Small said BlackRock’s ultimate goal was to allow investors to access tokenized Treasury funds, iShares ETFs and private-market investments through digital wallets alongside crypto assets and stablecoins.
Mastercard Officially Completes Acquisition of Stablecoin Firm
Mastercard has completed its acquisition of stablecoin infrastructure provider BVNK as part of its effort to strengthen the connection between crypto assets and traditional payment systems. Mastercard's PR In an announcement published on Tuesday night, Türkiye time, the company said it would use BVNK’s technology and expertise to help financial institutions, fintech companies and corporate clients expand use cases involving stablecoins and tokenized assets. These include business-to-business payments, payouts, settlement and treasury management.Mastercard did not disclose the final financial terms of the deal. The company announced in March that it had agreed to acquire BVNK for up to $1.8 billion.Building a bridge between payment systemsMastercard Chief Product Officer Jorn Lambert said fiat currencies, stablecoins and tokenized deposits now coexist. He added that the future of payments would depend on how effectively these different forms of money and payment rails could work together.Founded in 2021, BVNK provides infrastructure that allows businesses to send and receive payments across major blockchain networks. In a blog post published on Monday, the company stressed that the acquisition would not affect its existing operations or customer relationships.BVNK also said it would soon begin making Mastercard’s broader capabilities available to its clients. These include wider payment access, card functionality and new methods for moving funds globally.An active period for Mastercard’s crypto strategyMastercard has gradually expanded its activities in the crypto sector over recent months. In June, the company broadened its settlement capabilities to include regulated stablecoins alongside fiat currencies.Under the expansion, USDC, PYUSD and RLUSD were added to card settlement processes across Mastercard’s global payment network.In March, Mastercard also launched a global crypto partnership program with more than 85 crypto-focused companies, including Binance and Ripple. The program aims to develop institutional use cases involving money transfers, settlement and payouts.Viewed against this broader strategy, the BVNK acquisition appears to be more than an isolated move. It marks the latest stage in Mastercard’s effort to integrate stablecoin infrastructure directly into its payment rails.Over the past year, the company has continued to strengthen its position in this market through both partnerships and acquisitions.Analysts say moves by traditional payment giants to own stablecoin infrastructure directly reflect an effort to reduce their dependence on third-party crypto service providers. Mastercard rival Visa has also continued investing in crypto and stablecoin infrastructure.
BNY Moves $59 Trillion Asset Servicing Business to Blockchain
BNY, one of the world’s largest custodian banks, is moving a core part of its business onto blockchain infrastructure. According to a Financial Times report published Thursday, the bank will bring its transfer agency services onchain, positioning itself within the infrastructure taking shape on Wall Street for tokenized funds.For BNY, which oversees more than $59 trillion in assets under custody and administration, this represents far more than a routine technology upgrade. Carolyn Weinberg, the company’s chief product and innovation officer, said the bank is modernizing a function that sits behind every fund transaction, with the goal of recording ownership directly onchain.Millions of accounts, one ownership recordThe scale of the project becomes clearer when considering that the 242-year-old bank services $8.6 trillion in assets across 7.6 million accounts. Today, information about who owns a fund and how much they hold is often stored separately across multiple systems. This structure requires constant reconciliation, adding both time and cost to transactions.By moving transfer agency services to blockchain, BNY plans to create a single record of ownership and reduce the number of intermediaries involved in the process.Emily Portney, global head of asset servicing at BNY, highlighted the more realistic side of the transition. She acknowledged that trillions of dollars in fund assets will remain on traditional financial rails for a long time. The shift, therefore, will take place gradually rather than overnight.The first clients have been identifiedBaillie Gifford, which manages more than $261 billion in assets, is among the first institutions expected to use the system. The companies describe the project as the first fully domestically regulated tokenized fund in the United Kingdom.BlackRock and Dreyfus, BNY’s money market and cash management division, are also expected to use the infrastructure for planned funds.Tokenized money market funds are not a new concept. Major asset managers such as BlackRock and Franklin Templeton have already launched similar products in recent years. These funds hold cash and short-term debt instruments, while issuing ownership shares in the form of blockchain-based tokens.The trend extends beyond BNYEdwin Mata, CEO of tokenization platform Brickken, expects Wall Street to operate entirely on blockchain infrastructure by 2030. Other developments across the banking industry also point in this direction.Some of the largest US banks, including JPMorgan, Citi and Bank of America, reportedly plan to establish a shared tokenized deposit network by the first half of 2027. The initiative comes as banks assess the potential threat that stablecoins could pose to traditional deposits.BNY does not expect legacy systems to disappear immediately. The bank will continue operating its traditional transfer agency infrastructure alongside the blockchain-based system.The transition also carries clear risks. Errors in smart contracts, vulnerabilities in bridges connecting different blockchain networks and broader cybersecurity concerns could complicate the adoption process.BNY is betting that a single blockchain-based ownership ledger can eliminate some of the reconciliation work that still creates significant costs in fund administration. The speed of that transformation will depend on how smoothly blockchain infrastructure can operate alongside traditional financial systems.
1inch Opens New Protocol to Users Across 13 Chains
Decentralized exchange (DEX) aggregator 1inch has opened its shared liquidity protocol Aqua to users across 13 Ethereum Virtual Machine (EVM)-compatible chains.How Aqua worksAqua allows liquidity providers to use the same wallet balance across multiple positions instead of dividing their assets among separate pools. Tokens remain in the provider’s wallet until a matching swap takes place.1inch co-founder Sergej Kunz explained that tokens remain in the provider’s wallet and under their control instead of being split among smart contract deposits. A single balance can therefore support several positions across different strategies.In an example provided by 1inch, a $100,000 balance can support three separate positions offering a combined $300,000 in quoted liquidity. This does not mean that additional capital has been created; the figure represents the total amount of liquidity quoted across the positions.Orders can only be executed against assets that are actually available in the wallet. If the balance is insufficient, the swap fails.Unveiled last year1inch first introduced Aqua in November last year, releasing a software development kit, libraries and documentation alongside the protocol.The newly launched public interface allows users to create full-range, concentrated liquidity or fixed-rate positions across several networks. Supported chains include Ethereum, Base, BNB Chain, Arbitrum and Robinhood Chain.The idle liquidity problemThe launch follows research commissioned by 1inch into capital efficiency across concentrated liquidity exchanges.The study found that 85% of the $1.84 billion in liquidity tracked across major concentrated liquidity exchanges was underutilized during the first half of 2026.During an average week, around $542 million remained entirely outside active trading ranges. According to the research, this inactivity resulted in an estimated $150 million in lost annual trading fees.Aqua aims to improve capital efficiency by allowing liquidity providers to deploy the same wallet balance across several strategies without transferring their assets into separate pools.Security and incentives1inch said Aqua has undergone eight independent security audits. Liquidity providers nevertheless remain exposed to risks including price volatility, impermanent loss and smart contract vulnerabilities.A liquidity incentive program distributed through Merkl has also gone live alongside the protocol.The 1inch Foundation has committed 10 million 1INCH tokens over a three-month period, while the 1inch DAO is adding another $500,000 in USDC. At current prices, the token allocation is worth approximately $870,000, bringing the total value of the incentive program to around $1.37 million.Impact on the 1INCH priceThe 1INCH token, which will fund part of the incentive program, was trading at $0.0838 at the time of writing. The token had lost 1.59% over the previous 24 hours.Its price moved between $0.0818 and $0.0863 during the day. The broader performance presents a different picture, with 1INCH gaining 23% over the past 30 days and 5.69% over the past week.The dollar value of the foundation’s 10 million 1INCH commitment may therefore fluctuate from day to day depending on short-term changes in the token’s market price.
Circle Acquires IBM’s Blockchain Patent Portfolio
Digital finance platform Circle Internet Group (NYSE: CRCL) announced that it has acquired a significant portion of IBM’s blockchain patent portfolio. The deal adds more than 680 patent families and approximately 1,000 granted patents worldwide to Circle’s intellectual property holdings.The portfolio covers a broad range of areas, including core blockchain technologies, banking and financial services, insurance, enterprise infrastructure, supply chain verification systems and secure cloud operations. With the acquisition, Circle has become the largest holder of blockchain patents in the United States.How the deal could affect Circle’s productsIn its announcement, Circle said the expanded patent portfolio supports the USDC stablecoin, its cross-border payment infrastructure Circle Payments Network, the enterprise blockchain network Arc, and the company’s broader range of onchain products and autonomous financial tools.Circle and IBM also plan to explore further commercial partnerships in the future, although neither company has shared specific details at this stage.Circle General Counsel and Corporate Secretary Sarah Wilson said intellectual property plays an important role in the company’s goal of accelerating the adoption of onchain infrastructure. According to Wilson, IBM’s long-standing technology expertise strengthens Circle’s ability to develop global financial infrastructure.The companies have not disclosed the financial value of the patent portfolio or the amount Circle paid for the acquisition.IBM’s blockchain history and the background to the saleIBM’s blockchain patent portfolio is the result of years of research and development. Beginning in 2015, the company played a leading role in Hyperledger Fabric, an open-source project hosted by the Linux Foundation. IBM also invested heavily in bringing enterprise blockchain solutions to banking, insurance and supply chain management.Over the past several years, however, IBM has scaled back its blockchain operations and shifted its focus toward artificial intelligence and cloud services. Against this backdrop, the patent sale can be viewed as an effort to monetize intellectual property in an area that is no longer among the company’s main priorities.For Circle, the acquisition comes as cryptocurrency companies place greater emphasis on patent strategies. Rivals such as Coinbase and Ripple have also increased their patent applications in recent years. These portfolios can serve as a defensive shield against intellectual property disputes while potentially creating additional revenue through licensing agreements.Circle is a financial technology company operating across digital assets, payment applications and programmable blockchain infrastructure. Its platform includes a stablecoin network anchored by USDC, the Circle Payments Network for global money transfers and the Arc enterprise blockchain network.The company provides the infrastructure that businesses, financial institutions and developers use to build blockchain-based financial products.
Solana-Based Bridge Protocol Hit by $1.65 Million Exploit
Cross-chain stablecoin bridge Allbridge Core has paused its protocol after approximately $1.65 million was drained from its liquidity pools on Solana. Blockchain security firms CertiK and PeckShield confirmed the exploit.Allbridge enables users to transfer assets between blockchains that do not communicate directly with each other. Its Core product moves native stablecoins such as USDC and USDT from one network to another through liquidity pools, without creating wrapped versions of the assets. How did the attack happen?According to Onchain Lens, the attacker took out a $1.12 million flash loan from Solana-based lending protocol Kamino. A flash loan is an uncollateralized loan borrowed and repaid within the same transaction, meaning the attacker did not need to provide any capital upfront.The attacker then used the borrowed funds to execute a series of trades between USDC and USDT in an Allbridge Core stablecoin pool, disrupting the pool’s internal pricing balance.According to analyst DBCrypto, the sequence was straightforward: borrow the funds, distort the exchange rate, withdraw assets at the manipulated price, repay the loan and keep the difference. Simple, yet effective. A single withdrawal transaction was reportedly worth approximately $2.24 million.The stolen assets were bridged to Ethereum and distributed across multiple addresses. Some reports suggest that the funds are being routed through privacy-focused infrastructure, which could make them more difficult to trace. It remains unclear how much the attacker still holds.Allbridge responds to the exploitAllbridge announced that it had paused the protocol as a precaution while investigating the incident. The team also urged liquidity providers in the affected pools to withdraw their funds.The manipulation created a temporary imbalance in the pools, allowing some traders to profit from arbitrage opportunities. Allbridge is now asking these traders to return the funds so they can be used to compensate liquidity providers.Spot On Chain analyst Hupzy described the rapid movement of funds from Solana to Ethereum as a common money-laundering tactic and said it could complicate recovery efforts.Still, Hupzy noted that the loss remains small compared with Solana’s total market capitalization. Therefore, the exploit is expected to have only a limited direct impact on SOL’s price.Solana market remains calmAt the time of writing, SOL is trading at $76.66, up 1.06% over the past 24 hours. Its daily trading volume has reached $1.43 billion.The main concern centers on trust rather than price. Incidents of this kind weaken confidence in cross-chain bridges, which have repeatedly become targets for hackers because of the large amounts of liquidity they hold.Whether the exploit will accelerate withdrawals from Solana-based bridges and how it will affect the total value locked in these protocols should become clearer in the coming days.This is not the first timeAllbridge suffered a similar flash loan attack targeting its BNB Chain pools in 2023. That incident resulted in losses of approximately $650,000.The company later said it had recovered most of the stolen funds and reviewed its liquidity and withdrawal calculation mechanisms.Allbridge also raised $2 million in 2022 to expand its bridge infrastructure and allocate more resources to security audits. The fact that the same type of attack proved effective again three years later raises fresh questions about how much progress the protocol has made in addressing this vulnerability.
Major Partnership in Japan: SBI and Solana Join Forces
Japanese financial giant SBI Holdings has formed a strategic partnership with the Solana Foundation to build a Japan-based onchain financial market. Under the agreement, the Solana Foundation will acquire a stake in SBI’s blockchain subsidiary, SBI R3 Japan, directly aligning the interests of the two parties under the same structure.According to an announcement released by the company on Monday, SBI R3 Japan plans to change its name to SBI Solana Global. The new company will continue its growth strategy with SBI Holdings and Sumitomo Mitsui Financial Group as shareholders. The involvement of two major financial groups gives the initiative considerable weight in terms of both capital and institutional credibility.The company’s priorities include issuing and distributing stablecoins, particularly the group’s yen-denominated stablecoin JPYSC. It also plans to structure, tokenize and distribute assets such as corporate bonds, commercial paper, investment funds and real estate.The company will also work on cross-border payment infrastructure. This initiative stands out as an attempt to accelerate trade flows, particularly within Asia.The new venture will provide onchain financial services for institutional investors and develop payment infrastructure for artificial intelligence agents. The latter is especially notable. Building a system in which AI agents can independently make payments remains an area that only a small number of companies currently take seriously.All products will operate on the Solana blockchain.The second major move following JPYSCThe announcement came only a few weeks after SBI launched JPYSC, described as Japan’s first yen-denominated stablecoin backed by a trust bank.On the same day, the group announced that applications would open on July 16 for a 12-week product offering an annual return of 3% on JPYSC deposits through SBI VC Trade. The product indicates that SBI is attempting to position JPYSC as more than a payment instrument, turning it into an investment product capable of generating yield.SBI’s recent expansion has continued at a rapid pace. Last week, the company became the sole investor in Gauntlet’s $125 million Series C funding round. During the same week, it also single-handedly funded EDX Markets’ $76 million Series C round.The fact that both investments occurred within the same week, with SBI acting as the only investor in each deal, highlights both the group’s financial strength and its confidence in crypto infrastructure.In June, SBI also acquired Japanese cryptocurrency exchange Bitbank for approximately $289 million. The acquisition gave the group a direct presence in the retail crypto trading market.Taken together, SBI’s intentions are becoming clearer. The group does not want to remain an investor that simply provides capital to crypto companies. It aims to become a major operator controlling tokenization and stablecoin infrastructure.Bitbank covers the retail market, while Gauntlet and EDX Markets strengthen the infrastructure side. SBI Solana Global completes the picture by establishing a presence in institutional onchain finance.From the Solana Foundation’s perspective, the partnership provides a direct route into Japan, a market with a relatively mature regulatory framework, at an institutional level.Japan’s decision to move relatively early on cryptocurrency regulation also makes the partnership with an established financial group such as SBI a strategic gain for the broader Solana ecosystem.At the time of writing, Solana’s SOL token was trading at around $76.
Hyundai Tests Stablecoin Transfers With Tether and Avalanche
Hyundai Card has completed the first phase of a cross-border stablecoin remittance test carried out in cooperation with Tether and Avalanche. According to the announcement made on Thursday, the test was not conducted on paper. It involved a real money transfer between Hyundai Motor’s U.S. and Mexico units.Hyundai Motor America converted a $20,000 amount into USDT on the Avalanche network. The amount was then sent to the Mexico office and converted back into dollars there. The transaction took about seven minutes. The same transfer would take three to four hours if processed through traditional interbank channels.In traditional cross-border transfers, this delay is usually caused by the transaction passing through multiple intermediary banks. Each intermediary bank carries out its own control and settlement process, which extends the total transfer time. In a stablecoin-based transfer, the number of intermediaries decreases because the transaction takes place directly on the blockchain.Hyundai Card emphasized that the test was not a theoretical trial and was designed around a real settlement need between the company’s overseas units. The company handled the regulatory review, legal and tax checks, and the design of the remittance structure itself. Blockchain payment infrastructure company Axiym also took part in the process.Hyundai Card is one of South Korea’s leading credit card companies and operates under Hyundai Motor Group. The company’s test came at a time when Korean financial institutions are increasing their experiments with blockchain infrastructure. As a similar example, KB Card had also carried out a stablecoin-focused project with Avalanche in recent months.Second Test in EuropeHyundai will launch a second test between its European units later this month. Visa and USDC issuer Circle will also participate in this round.In the second test, real stablecoin transfers will be tested using various local currencies besides the dollar. The goal is to see how much cost advantage stablecoin-based money transfers can provide.While USDT and the Avalanche network were preferred in the first test, the involvement of Circle’s USDC and Visa’s payment infrastructure in the second phase shows that Hyundai Card wants to test different stablecoin and network combinations. This will allow the company to compare which infrastructure is more suitable at an institutional scale using its own data.Institutional stablecoin use has recently attracted growing interest in sectors such as automotive, retail and logistics. For companies, the main appeal is cost as much as speed. In the traditional banking system, commissions and foreign exchange costs can accumulate even in intra-group transfers. Hyundai Card’s two-phase test approach aims to measure these costs with concrete data.The company will decide in the coming period whether to open stablecoin-based payment infrastructure to broader use based on the results of the PoC process.
BNB Chain Builds Its Fourth Chain for Artificial Intelligence Trading
BNB Chain is working on a new layer-1 blockchain designed for agent-based trading and transactions. The project aims to bring transaction pre-confirmation below 50 milliseconds and make front-running attacks harder by operating without a public mempool.The new chain will run alongside the existing BNB Chain infrastructure. According to The Block, the project is part of a technical roadmap covering the second half of 2026. It has been under development for months and is now being shared in this level of detail for the first time. The testnet is planned for the end of 2026, while the mainnet is expected to go live in the first months of 2027.The goal of the project is to offer an experience close to centralized exchanges while allowing users to retain control of their own assets when trading on a decentralized platform.The Gap With Centralized Exchanges Is Not Closing, but It Is NarrowingBNB Chain Chief Technology Officer David Z said a centralized matching engine can operate within microseconds, but no real-world trader actually feels that speed. According to him, round-trip times for co-located market makers remain in the single-digit millisecond range, while the delay is even longer for other users. A pre-confirmation time below 50 milliseconds matches the range that a typical exchange user actually experiences.Z acknowledged that centralized exchanges still lead in co-located high-frequency trading. “For co-located HFT, CEX still wins today. For everyone else, this is a CEX-like experience without custody risk,” he said.Mempool-Free ArchitectureA feature called TxStream routes transactions directly to the block leader instead of sending them to a public mempool. According to Z, this removes the window in which an attacker could see a pending transaction and build a sandwich attack around it, because ordering is locked before the transaction becomes publicly known.This design raises the question of whether the block leader itself creates a monopoly or censorship risk. Z said validators rotate every 200 milliseconds and that this period is not long enough for any validator to build a business around its position. “TxStream does not eliminate MEV. Nothing can. It makes the dominant attack types practically ineffective,” he said.A second component called PriorityLane reserves block space for oracle, liquidation and bridge transactions through an on-chain managed mechanism.BNB Chain said it is targeting more than 100,000 transactions per second and sub-second block finality through jointly optimized consensus, parallel execution and LtHash-based storage. These figures are still targets for a chain that has not yet reached testnet.The Bottleneck Is in the Execution LayerZ said the performance gap is not in consensus or storage, but in the execution layer. He noted that popular smart contracts, such as a DEX swap or a token transfer, repeat the same operations millions of times. As a solution, the team is highlighting just-in-time compilation, known as JIT, and strength reduction methods, techniques that have been used in software development for decades.Regarding the risk that the new chain could split liquidity with BSC, Z said an official native bridge will connect it to BSC, that BSC will remain the settlement hub, and that BNB will function as a unified asset across all chains. The new chain will become the fourth member of the BNB Chain family after BNB Smart Chain, opBNB and Greenfield.The roadmap comes amid a broader competitive landscape in which projects such as Solana’s Firedancer, Monad and MegaETH are also trying to overcome execution-layer bottlenecks.Quantum Security and H1 DataBNB Chain is also running quantum-resistant security tests. Instead of replacing existing cryptography, the project is following a hybrid approach that adds a post-quantum protection layer on top of it. Z said no one in the industry has a full quantum migration plan yet, and that BNB Chain is no exception. He added that the lattice-based LtHash structure used for chain state integrity is already post-quantum today.Updating the signature scheme without changing wallet addresses is a harder problem. Z described the “harvest-now-decrypt-later” scenario as an open issue for the entire industry. If the public key of any account has been exposed, that account could theoretically be at risk once a sufficiently powerful quantum computer emerges.The roadmap also included data on BNB Smart Chain’s performance in the first half of 2026. The block interval dropped to 450 milliseconds, while reference throughput nearly doubled to approximately 5,200 transactions per second.
