Live Feed

Two Thai businessmen have sued Tether in the U.S. District Court for the Southern District of New York over the freezing of 42,417,785 USDT without a court warrant, fintech lawyer Ariel Givner said on X. According to the complaint, Tether blacklisted the address on Oct. 30 last year following an informal request from a U.S. Homeland Security Investigations agent, and there was no warrant or court order against Tether at the time. The plaintiffs argue the U.S. government later issued a seizure warrant in February this year directing that the USDT be burned and the same amount reissued to a government-controlled wallet, but the lawsuit contends the warrant also did not grant Tether authority to freeze or burn the tokens. The plaintiffs are seeking to lift the freeze, block any burn, recover damages, and force Tether to disgorge interest income allegedly earned while continuing to manage the reserves backing the frozen USDT. These claims are allegations by parties to the lawsuit, and no court ruling has been made.

U.S. spot Bitcoin ETFs recorded a net outflow of $35.29 million on Sept. 1, reversing to net withdrawals after one trading day of inflows, according to SoSoValue. - Fidelity FBTC: -$43.67 million - Bitwise BITB: +$8.38 million

U.S. spot Ethereum ETFs recorded a net inflow of $10.95 million on Sept. 1, extending their streak to 12 straight trading days, according to SoSoValue. The inflow trend continued, although the amount has been declining noticeably. - BlackRock staking ETHB: +$11.2 million - Grayscale ETHE: -$7.4 million - Fidelity FETH: +$4.81 million - Morgan Stanley MSSE: +$2.34 million

SVM layer-one chain FOGO said it has restarted its mainnet, which had been halted after a vulnerability exploit, and is now operating normally. The project said it recovered 237 million of the 400 million FOGO stolen in the attack and permanently burned the tokens from the total supply. It added that efforts are under way to recover the remaining assets in coordination with centralized exchanges and investigative authorities. FOGO had previously said 400 million FOGO was stolen in a vulnerability attack on Aug. 29, after which block production on the mainnet was halted.

An anonymous Bitcoin whale address beginning with 1279iP appears to have sold 95 BTC worth $7.32 million through an over-the-counter trade about two hours ago, according to Onchain Lens. Bitcoin was trading at $77,564.92, down 1.6%, at the time of writing, according to CoinMarketCap.

Nearly $2.13 million in fees was generated on Arbitrum-based Ethereum layer-two network Robinhood Chain yesterday, with one analyst arguing the concentration of revenue on layer-two networks is weakening Ethereum’s revenue base. On-chain analyst ai_9684xtpa said Robinhood Chain, described as a business layer, recorded 888.39 ETH in daily fee revenue, or about $2.13 million, while Arbitrum, the protocol layer, also takes 10% of those fees as compensation for providing the technology. By contrast, Ethereum, the settlement layer, posted daily fee revenue of just 53.32 ETH, or about $128,000. The analyst added that as revenue becomes concentrated on layer-two networks, value that would otherwise accrue to Ethereum is being dispersed across layer-two ecosystems.

A permissions-check vulnerability in the GebProxyActions contract of Reflexer Finance’s GEB stablecoin system appears to have been exploited, resulting in the theft of collateral worth about 5.9436 ETH, according to blockchain security firm SlowMist. SlowMist said the issue arose when the victim directly called the quitSystem function to close a collateral position, or SAFE, instead of going through the required DSProxy. That incorrectly recorded the SAFE’s owner as the GebProxyActions contract, allowing the attacker to bypass the SAFE access-control check and withdraw the collateral to the attacker’s own address.

The value of overseas cryptocurrency holdings reported this year by South Korean residents and domestic corporations fell to 10.5 trillion won, down 600 billion won, or 5.4%, from 11.1 trillion won a year earlier, Dailian reported. The number of filers, however, rose 1.8% to 2,362 from 2,320. South Korea’s National Tax Service attributed the decline to a broader drop in cryptocurrency prices. Dailian said reported overseas stock holdings reached a record 61.3 trillion won.

Combined August trading volume at prediction markets Kalshi, Polymarket and PolymarketUS fell 14.5% from a month earlier to $45.33 billion, marking the first month-over-month decline in a year, The Block reported. Kalshi accounted for about 82% of the total with $37.17 billion in volume, while Polymarket and PolymarketUS posted a combined $8.16 billion. The combined figure had climbed above $50 billion in July before turning lower in August.

South Korean exchange Bithumb announced it will temporarily suspend MINA deposits and withdrawals at 5:00 a.m. UTC on Sept. 3 to support the Mina network upgrade.

Solana has a lower overall decentralization score than Bitcoin and Ethereum, but it is harder for a small group of participants to collude and influence block production, according to a joint report by ARK Invest and Glassnode. The report said Solana’s Nakamoto coefficient, or the minimum number of entities needed to reach a threshold capable of influencing the network, stood at 19, higher than Bitcoin and Ethereum, which both scored three. The calculation used a 51% hash-rate threshold for Bitcoin and a 33% staking-share threshold for Ethereum and Solana. However, Solana was more geographically concentrated in terms of network infrastructure, with 68% located in Europe. Bitcoin was split between Europe at 47% and North America at 35%, while Ethereum was distributed across North America at 41%, Europe at 30%, and Asia-Pacific at 26%.

PONS, a non-custodial token launchpad on Arbitrum-based layer-two Robinhood Chain, said cumulative trading volume has surpassed $4.54 billion in less than two months since launch. The platform operates on a token creation fee of 0.0005 ETH and a 1% swap fee, while its reliance on token burns means downside volatility in PONS could increase if token issuance and trading volume decline sharply.

Decentralized satellite internet project Spacecoin on Sept. 2 unveiled the technical architecture of SOLAR, a communications routing protocol for satellite internet data transmission, and Lumen, a billing and settlement layer for usage fees. Unlike the conventional model in which a single telecom operator manages both data routing and fee settlement, the structure allows multiple independent operators to participate in a single network while enabling users to choose data transmission paths and verify each operator’s contribution for settlement. A Spacecoin official said, "SOLAR" creates the routes through which data travels and handles communications delivery, while "Lumen" verifies how much each operator contributed to building those routes and distributes the corresponding fees. The official added the system is designed to connect infrastructure run by different operators into a single satellite internet network without relying on a central operator for route decisions or usage-fee settlement.

Coinbase co-founder Fred Ehrsam is seeking to secure operating rights at more than three oil fields in Venezuela, Bloomberg reported, citing people familiar with the matter. The fields are currently operated by Alborada Heavy Industries, while U.S. authorities are reviewing whether to cancel the existing contract. Ehrsam has visited Venezuela several times recently and met with senior U.S. and Venezuelan officials as he explored investment opportunities in oil and gas as well as fintech and digital payments, according to Bloomberg. He has also co-founded an investment firm called Primavera for investments in Venezuela.

Taiwanese singer Jeffrey Huang, better known as Machi Big Brother, cut part of his ETH and BTC long positions as their liquidation prices drew closer, on-chain analyst EmberCN said. EmberCN said ETH was about $50 away from its liquidation price and BTC was about $1,800 away. Huang had repeatedly added to the long positions during the earlier price surge, increasing his capital from $150,000 to $11 million, but the recent pullback reduced it to about $4.5 million, EmberCN said. According to Hypurrscan data, Huang currently holds a $93.53 million ETH long and a $35.02 million BTC long.

Koscom has signed a memorandum of understanding with Hyundai Motor Securities for the use of a joint tokenized securities platform and broader business cooperation, The Asia Business Daily reported. According to Koscom on Sept. 2, the agreement was arranged to establish shared infrastructure and a service system to support tokenized securities issuance and related operations in a stable manner ahead of the rollout of the tokenized securities framework in February next year. The two sides plan to cooperate on the following: - business and system integration for the use of Koscom’s joint tokenized securities platform - identifying underlying assets and products for tokenized securities - detailing issuance and account management processes - conducting joint tests reflecting legal, regulatory, and investor protection requirements - exchanging information to help invigorate the tokenized securities market

U.S. President Donald Trump denied an ABC report that he is trying to bring Iran to the negotiating table. In a Truth Social post, Trump said he does not care whether Iran signs a deal that has no value for the United States, while claiming the U.S. now has near-complete control of the Strait of Hormuz and Iran’s economy is collapsing.

Pump, a Solana-based memecoin issuance platform, announced the launch of a limit order feature in its app. Users can preset target prices to place take-profit and stop-loss orders.

The team address for memecoin TRUMP deposited 2 million TRUMP worth $4.78 million into Binance six hours ago, EmberCN reported. The address had moved 11.01 million TRUMP worth $26.65 million to an external address yesterday.

Two coin-only crypto exchanges, Guardian Holdings and CoreDAX, were uninsured as of Aug. 14, Maeil Business TV reported, citing data South Korean lawmaker Park Sang-hyuk of the Democratic Party received from the Financial Supervisory Service on Sept. 2. Both exchanges had previously carried insurance policies providing 500 million won coverage for one year from July 19 last year, but did not renew after those policies expired. The other 26 operators had either set aside reserves internally or purchased insurance with coverage of at least 500 million won from insurers.

Uniswap (UNI), a decentralized exchange, recorded more than 7 million daily swaps for the first time, marking an all-time high, Blockworks Research’s Marc Arjoon said. The past two days were the first- and second-busiest trading days in Uniswap’s history by swap count. According to a chart Arjoon shared, swap volume topped 7 million yesterday, with most of the recent increase coming from Uniswap V3 and V4.

BTCB2, a coin on a separate chain created by changing Bitcoin’s proof-of-work algorithm from SHA-256d to BLAKE2b, was trading at about $82 on Neoxa Exchange, roughly 99.9% below BTC’s price of about $77,000 at the same time, Bitcoin News reported. According to an order book shared by Bitcoin News on X, the highest bid was $82 and the lowest ask was $190, leaving a $108 spread, or 131.7%. Ask prices went as high as $389, suggesting that in a thinly traded market, even small orders could trigger sharp price moves. Amid earlier debate over Bitcoin BIP-110, some supporters had pushed for a separate chain using the BLAKE2b proof-of-work algorithm.

Hyperliquid trader James Wynn was liquidated on a 1.86 BTC position shortly after switching a Bitcoin short to a long yesterday, according to Lookonchain. The position was worth about $147,000.

Circle’s dollar-backed stablecoin USDC had recorded $32 trillion in transfer volume through August this year, CryptoSlate reported, citing Coin Metrics. The outlet said annualizing transfer volume relative to circulating supply implies each USDC token moved an average of 741 times. It explained that repeated transactions involving the same USDC have sharply inflated transfer volume, while Circle’s revenue still depends heavily on interest from reserve assets. In the second quarter, 95.2% of revenue and reserve income came from interest on reserve assets. As a result, a key question is how much fee revenue Circle can generate from USDC activity through the public mainnet of its native blockchain Arc, which is scheduled to launch on Sept. 16.

A whale that deposited 154,300 ETH to major exchanges on Aug. 31 has sent a total of 109,806 ETH to exchanges over the past three days, EmberCN reported. The wallet currently holds 58,048 ETH, bringing the estimated total sell volume to 167,864 ETH ($406 million). If all of it is sold, the whale is expected to realize about $122 million in profit based on a purchase price of $1,700 from two years ago.