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Crypto & Web3CoinDesk ·

Robinhood Chain hits $1.9M daily revenue record, boosting ARB token by 30%

Robinhood Chain has set a new 24-hour revenue record of $1.9 million, marking a significant milestone for the recently launched crypto network. The strong performance triggered a sharp 30% rally in ARB, the native token of Arbitrum, the blockchain infrastructure underlying Robinhood Chain. Traders moved quickly to capitalize on the network's growing activity, driving speculative demand for the associated token. The surge highlights growing user engagement on Robinhood's crypto platform and investor interest in its underlying technology stack.

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Crypto & Web3CoinDesk ·

X Users Report Unsolicited Password Reset Emails, No Breach Confirmed

Several cryptocurrency industry professionals and CoinDesk staff members received unexpected password reset emails from X on Tuesday. The emails were unsolicited, meaning users had not requested any password changes. There is currently no evidence suggesting that X's systems have been compromised or breached. The cause of the unusual email activity remains unclear at this time.

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Crypto & Web3CoinDesk ·

Firelight Raises $8M to Bring DeFi Hack Protection to Fintechs

Firelight, a decentralized finance protocol, has raised $8 million as it expands its services beyond the XRP ecosystem. The platform is designed to help fintechs and investors recover losses more quickly in the event of DeFi hacks or exploits. To fund this protection layer, holders of XRP, Bitcoin, and Stellar (XLM) can earn yield by backing the coverage. The move reflects growing demand for risk-mitigation tools as institutional interest in DeFi continues to rise.

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Crypto & Web3CoinDesk ·

Bitcoin Faces Historically Weak September Amid Renewed Rate-Hike Concerns

Bitcoin is entering September, a month that has historically delivered poor returns for the cryptocurrency. The combination of seasonal weakness and renewed fears of interest rate hikes is putting pressure on the asset. Risk assets broadly tend to underperform during this period, and bitcoin is no exception to that trend. Traders and analysts are cautioning that the ongoing rally could face significant headwinds in the weeks ahead.

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Crypto & Web3CoinDesk ·

Ethena Pay Launches 6% Savings Rate and 5% Cashback Card on Avalanche

Ethena has introduced Ethena Pay, a product aimed at bringing stablecoins into everyday financial use. The offering includes a dollar-denominated savings account yielding 6% annually, significantly above traditional bank rates. Users also receive 5% cashback on card spending, making it competitive with mainstream fintech products. Ethena uses the Avalanche blockchain for transaction settlement. The move signals growing ambition among crypto-native firms to challenge conventional retail banking services.

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Crypto & Web3CoinDesk ·

UK Crime Agency Freezes £10.7M Premier League Account in Crypto Probe

The UK's National Crime Agency has frozen a Premier League bank account holding approximately $13.5 million as part of a cryptocurrency crime investigation. The funds in question are linked to a $140 million sponsorship agreement between the Premier League and fantasy sports crypto platform Sorare. Authorities clarified that the Premier League itself is not suspected of any wrongdoing in the matter. The freeze appears to target the origin or movement of the funds rather than any alleged misconduct by the league.

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Crypto & Web3CoinDesk ·

Hut 8 Texas site anchors Anthropic's $35B AI infrastructure deal

Bitcoin miner Hut 8 has found itself at the center of a major AI infrastructure deal, with its Texas power campus included in Anthropic's $35 billion agreement. The site carries two long-term leases valued at $19.6 billion, a figure that dwarfs Hut 8's latest quarterly revenue by more than 260 times. The deal underscores the intensifying race among AI companies to lock in reliable power sources and data-center capacity. Anthropic's massive commitment reflects growing demand for energy-intensive computing infrastructure to support large-scale AI development.

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Crypto & Web3CoinDesk ·

Singapore proposes full reserves and yield ban for stablecoin issuers

Singapore's financial regulator has put forward new rules requiring stablecoin issuers to hold 100% reserves against their issued tokens. The proposed framework also prohibits issuers from offering yields to holders. Authorities say the rules are designed to align with regulatory approaches already adopted in the United States and the European Union. The proposal additionally creates a pathway for foreign-issued stablecoins to receive official recognition in Singapore.

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Crypto & Web3CoinDesk ·

Bitcoin Steadies Near $78,000 While Arbitrum Jumps 30% on Robinhood Chain Fee Surge

Bitcoin pulled back from its recent weekly high of $81,428, consolidating around the $78,000 level. Meanwhile, Arbitrum's ARB token emerged as a standout performer in the decentralized finance space, surging approximately 30%. The rally in ARB was driven by growing revenue activity on Robinhood Chain, which recorded daily fees exceeding $2 million. This fee milestone signaled rising user activity on the network, boosting investor confidence in the Arbitrum ecosystem.

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Crypto & Web3CoinDesk ·

Strategy Spends $635M Repurchasing STRC as Preferred Stock Trades Below Par

Strategy has deployed $635 million to buy back its perpetual preferred stock STRC, which continues to trade at $97.34, below its $100 par value. Despite the significant repurchase activity, the buybacks have not been sufficient to lift STRC back to par. In contrast, Strategy's other preferred stock, SATA, has managed to hold steady at its $100 par value. Analysts attribute SATA's relative stability to its higher dividend rate, which has made it more attractive to investors. The divergence between the two instruments highlights how dividend yield can play a critical role in sustaining preferred stock valuations.

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Crypto & Web3CoinDesk ·

Bitcoin ETFs Return to Inflows With $217M; Ether Funds Hit 11-Day Streak

Bitcoin exchange-traded funds recorded $217 million in inflows on Monday, resuming a positive run after a single session of outflows had broken their nine-day streak. The one-day interruption proved brief, with buyers returning swiftly to the bitcoin funds. Meanwhile, ether ETFs continued their own impressive run, extending their streak of positive inflow days to 11 consecutive sessions. The ether funds have not recorded a single day of net outflows since mid-August. Together, the two trends signal sustained institutional and retail appetite for crypto ETF products.

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Crypto & Web3CoinDesk ·

London Stock Exchange Partners With Kraken's Payward to Tokenize UK Stocks

The London Stock Exchange (LSE) has announced a collaboration with Payward, the parent company of crypto exchange Kraken. The partnership aims to bring leading UK-listed stocks onto the blockchain using Payward's xStocks tokenized equities framework. xStocks is a system designed to represent traditional equities as digital tokens on a blockchain network. The move signals a significant step toward integrating traditional financial markets with decentralized blockchain infrastructure.

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Crypto & Web3CoinDesk ·

TIME's OpenAI Cover Revives the Classic Magazine Indicator Debate

TIME magazine recently featured OpenAI on its cover, prompting discussion about the so-called magazine-cover indicator among investors. The indicator is a long-standing informal theory suggesting that when a topic reaches mainstream magazine covers, its peak hype may already be near. The OpenAI cover is seen as checking several classic boxes of this pattern, including a mainstream publication, a broadly understood subject, and years of building investor enthusiasm. However, analysts note that the magazine-cover indicator has an inconsistent and debated track record. The development has reignited caution among some AI market observers, even as enthusiasm for the sector remains strong.

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Crypto & Web3CoinDesk ·

Bitcoin Holds Above $78,000 as Altcoins Dip on Hawkish Fed Expectations

Bitcoin remained steady above $78,000, posting little change over the week following a strong 24% surge in August. Major altcoins including Ether, Solana, Tron, and Dogecoin all recorded losses over the past 24 hours. Hyperliquid's HYPE token bucked the downward trend, gaining approximately 4% while broader markets slipped. The weakness in altcoins was largely attributed to growing market expectations of a more hawkish stance from the U.S. Federal Reserve.

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Crypto & Web3CoinDesk ·

Trump Jr.'s 1789 Capital leads $1B Polymarket funding round at $21B valuation

Prediction market platform Polymarket is raising $1 billion in a new funding round that values the company at $21 billion, up from its previous $15 billion valuation. Donald Trump Jr.'s investment firm, 1789 Capital, is leading the round with a contribution of approximately $300 million. This new investment adds to 1789 Capital's existing stake of around $200 million in the platform. The fundraise marks a significant jump in Polymarket's perceived market value within a short period.

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Crypto & Web3CoinDesk ·

CME Captures Bigger Share of XRP Futures Market as Token Surges 40%

XRP has rallied approximately 40% over the past week, pushing its price toward $1.40. During this period, the Chicago Mercantile Exchange (CME) saw its XRP futures open interest grow by around 36%. Meanwhile, outstanding XRP futures positions on exchanges outside CME dropped by more than 500 million tokens over two weeks. The shift suggests traders are increasingly moving toward the regulated U.S. venue for XRP derivatives exposure. This trend highlights growing institutional interest in XRP as the token gains momentum.

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Crypto & Web3CoinDesk ·

Lazarus Group moves $30M in Bitcoin on Hyperliquid amid US onshoring push

Blockchain data reviewed by CoinDesk reveals wallets linked to North Korea's Lazarus Group have sold over $30 million in Bitcoin on the crypto trading platform Hyperliquid over the past three weeks. The activity comes as the Trump administration is reportedly pushing for Hyperliquid to establish a stronger onshore US presence. Lazarus Group is a state-sponsored hacking collective widely attributed to the North Korean government. The movement of such significant funds on the platform raises security and regulatory concerns for the exchange. The timing has drawn attention to potential vulnerabilities in decentralized trading platforms to sanctioned actors.

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Crypto & Web3CoinDesk ·

Kalshi issues lifetime ban to ex-Congressman George Santos for market manipulation

Prediction market platform Kalshi has permanently banned former U.S. Congressman George Santos, marking the platform's first-ever lifetime ban. Santos was removed due to market manipulation, according to the company. The move is part of broader efforts by the prediction market industry to demonstrate accountability and self-regulation. Kalshi's decision signals a firm stance against misconduct as the sector seeks to build credibility with regulators and the public.

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Crypto & Web3CoinDesk ·

ICE Acquires Stake in tZERO to Build Tokenized Securities Market via NYSE

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has taken an equity stake in blockchain-based trading platform tZERO. The partnership is aimed at advancing ICE's ambitions to launch a tokenized securities market affiliated with the NYSE. As part of the deal, tZERO will contribute its transfer-agent and settlement infrastructure to support the initiative. The move signals a significant step by a major traditional exchange operator toward integrating blockchain technology into mainstream securities trading.

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