This week in the mad, mad world of cryptocurrency, GMX went and had a minor financial hiccup to the tune of $42 million – a sum that could make a dragon blush. Meanwhile, President Trump’s Truth Social decided that perhaps what the world really needed was another utility token, as if our wallets weren’t already bursting at the seams with the digital equivalent of glitter. And across the seas in South Korea, it seems they’ve finally decided crypto firms are okay to invite to the cool kids’ table (read: venture capitalists). But enough rambling; let’s dig in!
Bitcoin
In what can only be described as a geopolitical display of “Look Ma, no hands!”, Bhutan’s sovereign investment fund, Druk Holding and Investments, made waves on Wednesday by lobbing 213.5 BTC (worth about $23.73 million) into a Binance deposit address. This marks two weeks of hearty transfers from the land of the Thunder Dragon—perhaps they’re hoarding Bitcoin like it’s a limited edition collectible trading card. Who knew the Himalayas could be so economically adventurous?
Business
Truth Social, the social media platform that makes your aunt’s Facebook rants seem logical, is gearing up to unfurl a utility token tied to their subscription-based rewards program. Because nothing says “I care” quite like a vague promise of rewards in this digital age!
Then there’s DigitalX, the Australian fund manager that just snagged $13.5 million from a consortium of digital asset investors, signaling a renewal of… well, whatever it is fund managers do. It’s all very important, I’m sure.
Meanwhile, BlackRock’s flagship spot Bitcoin ETF, IBIT, is now in a three-way tie for the third-highest revenue-generating fund. It’s only bested by the iShares Russell 1000 Growth ETF and the iShares MSCI EAFE ETF. Because why not have ETFs racing each other like a bunch of over-caffeinated turtles?
Web3
In a twist that not even a soap opera could script, SharpLink Gaming went ahead and purchased 10,000 ETH from the Ethereum Foundation for a tidy sum of $25.7 million. This marks the first time a publicly listed company has pulled a direct ETH purchase from the Ethereum equivalent of a candy store. Sweet!
The rise of AI OS has people in a tizzy to redefine work as we know it. It’s not so much about replacing our beloved software, which, let’s be honest, most of us would sell our houses to get rid of—it’s about allowing us to avoid manual labor while we sit back and proclaim we’re being “efficient.”
In other news, South Korea has decided it’s time to take crypto regulation seriously. Who knew this would come before they could find an appropriate place to park their K-Pop idols?
Security
Decentralized derivatives exchange GMX is reeling from a bit of a calamity as they confirmed a $42 million exploit targeting their GMX V1 GLP pool on Arbitrum. Trading went belly up faster than a washed-up fish, and they even attempted to woo the malicious perpetrator with a white-hat bounty. How charming!
Meanwhile, in a feat of technological subterfuge, hackers are trying to con owners of dormant Mt. Gox-linked Bitcoin wallets with the most charming phishing messages embedded in blockchain transactions. It’s like they think the blockchain is a giant message board for scammy love notes!
Regulation
Jonathan Gould’s newfound title as Comptroller of the Currency should shake things up in the U.S. banking landscape, raising both hopes and pit-in-the-stomach concerns over the impending federal oversight of crypto. It’s like a game of regulatory hot potato!
South Korea’s government looks set to reclassify cryptocurrency firms as venture companies. It’s a David and Goliath story, with David wearing a sharp suit while Goliath fumbles for tax breaks and loans. Bravo, South Korea!
And finally, Brad Garlinghouse has landed a hot seat before the Senate Banking Committee this week. Rumor has it he’ll be passionately urging lawmakers to expedite crypto market structure reforms, likely while they scroll through their phones, pretending to listen.
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2025-07-13 16:49