Daily News 19

Category: Coins

Digital assets, cryptocurrencies, blockchain, and currency news.

  • Cronos Halts Blockchain After $75 Million Exploit Hits Lending App Tectonic

    Cronos Halts Blockchain After $75 Million Exploit Hits Lending App Tectonic

    Cronos halted its entire blockchain on Sunday after an attacker exploited Tectonic, its largest lending platform, in an incident estimated to have drained roughly $75 million.

    How the Tectonic attack unfolded

    Cronos was launched by Crypto.com in 2021 and remains closely linked to the exchange, which uses the blockchain to provide lower-cost transactions for its products. CRO is the token Crypto.com promotes as the centre of its ecosystem. The network also hosts a small group of lending and trading applications, led by Tectonic.

    Tectonic allows users to deposit cryptocurrency and borrow other assets against it, similar to using a house as collateral for a loan.

    One of the tokens accepted as collateral was TONIC, Tectonic’s native token. TONIC had approximately $1.34 million in liquidity and around $11,000 in daily trading volume. Tectonic’s documentation warns that assets with low liquidity can be especially vulnerable to price manipulation.

    Blockchain data indicates that this weakness may have enabled the attack. The attacker drove TONIC’s price up by roughly 100 times in about 20 minutes, deposited the suddenly more valuable tokens into Tectonic and borrowed real assets against them.

    Source: cryptonews.net

  • Bitcoin Falls Below $77K as US-Iran Strikes Resume: Who Else Could Be Behind the Drop?

    Bitcoin Falls Below $77K as US-Iran Strikes Resume: Who Else Could Be Behind the Drop?

    Bitcoin fell sharply at the start of the new business week after briefly rising above $79,000 on Sunday evening. The cryptocurrency dropped below $77,000 within roughly an hour as renewed geopolitical tensions weighed on global financial markets.

    The sell-off followed fresh fighting between the United States and Iran after nearly a month of relative calm, during which the US reportedly focused on increasing economic pressure. US forces struck two Iranian launchers on Larak Island on Sunday, while Iran retaliated with attacks on military targets in Jordan.

    US President Trump’s AI video depicting Iran’s key oil region, Kharg Island, as being “blown to smithereens” also did little to ease tensions.

    Oil Prices Rise as Asian Markets Fall

    Brent crude rose nearly 3% to above $90 per barrel, reviving concerns about another energy-driven inflation shock. The increase comes shortly after Fed Chair Kevin Warsh delivered a hawkish speech at Jackson Hole on Friday, making higher oil prices particularly concerning for the inflation outlook.

    Asian stock markets moved lower after news of the attacks emerged. Japan’s Nikkei fell by about 2%, while South Korea’s Kospi and Chinese equities also declined. US and European stock futures followed the broader risk-off trend, and the Japanese yen weakened beyond 160 against the US dollar.

    Bitcoin lost more than $2,000, falling below $77,000. Additional selling pressure came from Wintermute after on-chain data showed that the entity had transferred 5,100 $BTC, worth nearly $400 million, to Binance over the previous two days. The transfer may indicate an intention to sell.

    Although the transaction does not confirm that Wintermute sold its holdings, similar activity by the market maker last week preceded another decline in $BTC and altcoins.

    You may also like:

    • From Record Short Squeezes to Massive ETF Inflows: Everything Driving Bitcoin Right Now
    • US Secures 65 Billion Barrels of Venezuelan Oil: Could This Be Bullish for Bitcoin?
    • Bitcoin Suddenly Dumped by $3K as Liquidations Hit $200M Hourly: Is the Fed to Blame?

    Ethereum performed even worse, dropping from above $2,500 to below $2,400 within an hour. Lookonchain reported that a whale or institution had deposited nearly 41,000 $ETH, worth more than $100 million, onto exchanges. Such transfers are typically made ahead of a potential sale.

    Crypto Liquidations Surge

    The sharp market decline resulted in more than $400 million in liquidated positions over a 24-hour period, with most of the losses occurring earlier in the morning. According to CoinGlass, $ETH long positions accounted for nearly $100 million of the liquidations, while $BTC longs represented $62.60 million.

    The largest individual liquidation involved Ethereum, with a trader losing $6.12 million on Aster. More than 100,000 overleveraged traders were liquidated during the past day.

    Liquidation Data on CoinGlass

  • Bitcoin Barely Moves as U.S. Hits Iran, Sending Oil Prices Higher and Stocks Lower

    Bitcoin Barely Moves as U.S. Hits Iran, Sending Oil Prices Higher and Stocks Lower

    Geopolitical tensions have returned to financial markets, pushing oil prices higher. Bitcoin, however, remained steady during Asian trading hours, demonstrating resilience and continuing to outperform gold and equities—a trend that has persisted throughout August.

    Oil prices climbed on both sides of the Atlantic after the United States attacked an Iranian island in the Strait of Hormuz, a major oil-tanker route that has faced disruption since the conflict began six months ago. Iran responded with retaliatory action.

    Oil rises as markets react to Strait of Hormuz tensions

    WTI crude futures jumped nearly 2% to $85.10, while Brent crude rose 1.9% to $92.39, according to TradingView. Gold fell 0.8% to $4,418 per ounce, and Nasdaq futures slipped 0.5% amid declines across Asian equity markets.

    Bitcoin outperforms gold and stocks

    Bitcoin traded near $77,580, remaining largely unchanged since midnight UTC, according to CoinDesk. $BTC’s price has risen 23% this month, compared with a 9% gain for gold and a 4% increase for the Nasdaq.

    Other major cryptocurrencies traded slightly lower. Payments-focused $XRP ($XRP) declined 0.8%, while Solana (SOL) fell 0.6%.

    Bitcoin’s continued outperformance may be linked to strong inflows into spot exchange-traded funds and expectations of aggressive Federal Reserve intervention following the Treasury’s bond buyback program.

  • Vietnam’s 17 Million Crypto Users Face New Licensing Crackdown: Latest Crypto News

    Vietnam’s 17 Million Crypto Users Face New Licensing Crackdown: Latest Crypto News

    Vietnam’s new cryptocurrency enforcement regime will take effect on September 1, introducing fines of VND 30 million to VND 50 million ($1,140-$1,900) for domestic investors who use unlicensed crypto trading platforms. The penalties are established under Decree No. 284/2026/ND-CP and represent the first enforcement measures linked to the country’s five-year crypto regulatory pilot, which began in September 2025 and is scheduled to run through 2030.

    Five Companies Pass Vietnam’s Initial Crypto Licensing Assessment

    Five companies have cleared Vietnam’s initial licensing assessment: VIX Crypto Assets Exchange JSC, Loc Phat Vietnam Crypto Assets Exchange, Vietnam Prosperity Crypto Assets Exchange, Techcom Crypto Assets Exchange, and Vietnam Digital Assets JSC.

    According to Wu Blockchain, the group consists of three bank-affiliated companies, one stockbroker, and one major conglomerate. No crypto-native company is included among the initial approvals.

    Before receiving full operating licenses, each company must satisfy two additional requirements set by Vietnam’s Ministry of Finance:

    • Obtain Level 4 information system security certification
    • Maintain minimum charter capital of VND 10 trillion, or approximately $383 million

    Vietnam’s Crypto Framework Focuses on Tokenized Real-World Assets

    The regulatory framework is based on Government Resolution No. 05/2025/NQ-CP, signed on September 9, 2025. Under the pilot program, every tokenized asset traded on a licensed platform must be backed by a real-world asset and issued by a Vietnamese entity.

    Securities and fiat currencies are expressly excluded from the definition of tokenized assets. All transactions must also be settled in Vietnamese dong.

    Foreign investors will receive market access first. Domestic investors will not be required to trade exclusively through licensed platforms until six months after the Ministry of Finance issues its first exchange license. None of the five companies has yet reached that stage.

    Other rules under the framework include:

    • Foreign ownership in any licensed exchange is capped at 49%
    • No exchange license had been issued as of the report
    • Operations could begin as early as the third quarter of 2026, subject to final approval

    Why Vietnam’s Crypto Penalties Matter

    Vietnam currently ranks among the world’s top seven countries for cryptocurrency adoption. An estimated 17 million people hold crypto assets in the country, with most trading through platforms that lack formal domestic licenses.

    When the September 1 penalty regime takes effect, those users will face a choice: move to licensed platforms once they become available or continue trading in a market where activity outside the approved framework is explicitly classified as illegal.

  • Cronos Halts Network After Tectonic Exploit Estimated at $75 Million

    Cronos Halts Network After Tectonic Exploit Estimated at $75 Million

    Cronos Halts Blockchain After Tectonic Exploit Estimated at $75 Million

    Cronos halted its blockchain after an exploit targeting decentralized lending protocol Tectonic involved an estimated $75 million, with most of the funds still on the Cronos network at the time of writing.

    Cronos said on Sunday that it had identified an exploit in Tectonic and paused the network while investigating the incident. Tectonic separately warned users not to interact with the protocol. Neither project has confirmed the cause of the exploit or the amount lost, and no timeline for restarting the network had been announced at publication.

    Attacker exploited TONIC collateral factor and liquidity

    Researcher Weilin Li said the attacker exploited TONIC’s 20% collateral factor and limited liquidity. According to Li, the attacker drove the governance token’s price up 100-fold within 20 minutes before borrowing other assets. Li described the incident as a “Mango-market style” pump-and-borrow attack.

    Li initially estimated that $66 million was affected. He said the attacker bridged approximately $6 million to Ethereum before Cronos halted the network, leaving about $60 million on Cronos.

    Li later identified another attacker-controlled address holding approximately $8 million, raising his estimated loss to roughly $75 million.

    Crypto.com says its services were unaffected

    Crypto.com CEO Kris Marszalek said the company’s app and exchange were operating normally and were not affected by the exploit. He added that funds held on those services were safe.

    Cronos and Tectonic have not said whether they will restrict the attacker’s addresses, recover the assets or compensate affected users. Cointelegraph contacted both projects and Crypto.com for comment.

  • LayerZero Under Pressure as Selini Capital Moves $2.18M in ZRO: Can the $1 Level Hold?

    LayerZero Under Pressure as Selini Capital Moves $2.18M in ZRO: Can the $1 Level Hold?

    LayerZero (ZRO) has come under renewed selling pressure after failing to break above $1.30 several days ago. The token subsequently fell below its long-term 200-day exponential moving average (EMA), reaching a low of $1.04.

    At press time, LayerZero was trading near $1.80, up 1.48% on the daily chart. However, its trading volume fell 35% over the same period to approximately $38 million.

    LayerZero has underperformed other major crypto assets during the recent decline. CoinMarketCap data shows that ZRO was the worst-performing asset among the top 100 tokens, falling 13% over the past week.

    Selini Capital Deposits 2 Million ZRO to Binance

    Despite the broader market weakness, institutional activity around LayerZero has increased. Nazoku reported that Selini Capital deposited 2 million ZRO, worth approximately $2.18 million, to Binance.

    Two days earlier, Selini Capital received 2.1 million ZRO from the multisig wallet 0x907. That wallet had previously received 8.5 million ZRO from LayerZero two years ago.

    The exchange deposits could have several implications. Nazoku noted that the tokens may have completed their lock-up period before being transferred to Binance for a potential sale.

    So far, the wallet has deposited more than 4 million ZRO to exchanges for sale and still holds another 4 million tokens.

    Can LayerZero Whales Support the Price?

    Although LayerZero has recorded significant losses, spot-market traders appear to be holding their positions. According to CoinGlass data, spot netflow remained positive for four consecutive days.

    Source: CoinGlass

    At press time, netflow stood near -$203,000, indicating that more ZRO had left exchanges over the previous 24 hours. However, whale activity accounted for much of the buying pressure.

    Spot Average Order Size data from CryptoQuant showed large whale orders emerging between $1.10 and $1.00, making those levels important potential accumulation zones.

    Source: CryptoQuant

    Negative spot netflow combined with visible whale orders suggests that large investors may have been accumulating ZRO. Historically, sustained whale demand has helped strengthen market structure and create room for potential gains.

    Can the $1 Support Level Hold?

    LayerZero is facing intense bearish pressure. Its Relative Strength Index (RSI) has formed a bearish crossover and declined to 58.

    Although the RSI has turned lower, it remains within the bullish zone, suggesting that bears have not yet fully regained control of the market. If selling pressure persists, the RSI could fall below 50, confirming a stronger bearish trend.

    Source: TradingView

    LayerZero is currently testing the $1 support level. A continuation of the downtrend could push the token below this level, potentially sending it toward the 20-day EMA near $0.94.

    To invalidate this bearish outlook, LayerZero would need to close above its long-term moving average near $1.20.

    Key Takeaways

    • Selini Capital deposited 2 million ZRO, worth approximately $2.18 million, to Binance.
    • LayerZero fell 13% over the past week, making it the worst-performing token among the top 100 assets tracked by CoinMarketCap.
    • Whale activity has emerged between $1.10 and $1.00 as ZRO tests the critical $1 support level.
    • A break below $1 could expose ZRO to the 20-day EMA near $0.94, while a close above $1.20 would weaken the bearish outlook.
  • Ethereum Reclaims Key Level After 108 Days: Why $2,500 Matters Next

    Ethereum Reclaims Key Level After 108 Days: Why $2,500 Matters Next

    Ethereum’s 30% weekly rally has brought its first major conviction test at $2,500. The level remains important because demand had been building for months near the lower end of the $1,900-$2,050 range.

    After that supply was absorbed, buyers moved quickly through $2,568 as trading volume surged, signaling stronger participation behind the breakout. However, Ethereum’s advance stalled just below $2,458, suggesting that bulls had not yet established a firm support floor at $2,500.

    Ethereum faces key support and resistance levels

    The pause remains significant because price is currently absorbing activity near the approach to the breakout highs. Even so, the market structure does not yet indicate that the rally has triggered widespread profit-taking.

    Ethereum’s Relative Strength Index also appeared to support this view. The RSI declined from above 90 to 70.81 at the time of writing without a corresponding drop in price.

    If buyers can reclaim $2,500, Ethereum could gain momentum for a continuation toward the previous breakout area near $2,568. Conversely, a decline below $2,426 could signal increasing bearish pressure.

    Ethereum reclaims realized price after 108 days

    Ethereum’s move toward $2,500 has also changed the position of holders relative to their average cost basis. After spending 108 days below it, ETH reclaimed its realized price—the average amount collectively paid by all holders for their ETH.

    When the market price moves back above the realized price, holders are collectively positioned with at least some unrealized gain. This can reduce selling pressure because investors near breakeven have less incentive to sell merely to recover their initial capital.

    With fewer holders underwater, Ethereum could see lower selling pressure and stronger buying demand. However, this shift will become meaningful only if ETH remains above its realized price. Sustained closes above that level would reinforce the recovery, while a renewed decline could place sellers back into an unrealized-loss position.

    Ethereum ETF inflows strengthen institutional demand

    Institutional investors are adding fresh capital to Ethereum as the broader market trend improves. Weekly inflows into Ethereum investment products reached $824.42 million, up from $697.18 million the previous week.

    These inflows indicate that institutions increased their exposure as ETH approached $2,500 rather than reducing their positions after the rally.

    SoSoValue data shows that total ETF assets rose from $10.52 billion on August 14 to $15.23 billion, representing a reported 5.28% increase and strengthening institutional ownership.

    Sustained ETF buying can absorb available supply and help buyers defend higher prices during pullbacks. However, the strength of recent inflows has not yet secured a lasting move above $2,500.

    Continued inflows combined with closes above that level would provide stronger evidence that institutional demand is supporting lasting price acceptance.

    Ethereum has reclaimed its realized price as ETF demand supports the recovery. Rising institutional inflows and improving holder profitability are strengthening ETH’s attempt to break above $2,500.

    Source: cryptonews.net

  • Sberbank Predicts Russia’s Legal Crypto Trading Market Could Reach $46 Billion in Its First Year

    Sberbank Predicts Russia’s Legal Crypto Trading Market Could Reach $46 Billion in Its First Year

    Regulated cryptocurrency trading in Russia could reach at least 4 trillion rubles ($46.43 billion) during its first year, according to estimates from Sberbank, after the Bank of Russia approved draft rules allowing investors to purchase crypto assets legally through licensed brokers from September 1.

    Sberbank Deputy Chairman of the Executive Board Anatoly Popov said the forecast was conservative because only a portion of Russia’s existing cryptocurrency activity is expected to shift to regulated brokers initially.

    The bank projects that regulated crypto trading could gradually increase to approximately 7.5 trillion rubles ($87.06 billion) by 2029 as investors move toward official exchange channels.

    “According to Finance Ministry data as of February, the daily volume of cryptocurrency transactions in Russia is around 50 billion rubles, or roughly 18 trillion rubles a year. SberCIB Investment Research analysts have a fairly conservative estimate: in the first year after legalization, around 20% of this volume, or 3.5-4 trillion rubles a year, will be traded on exchanges. This figure could rise to 4.75-5.25 trillion rubles by 2028 and to 7.5 trillion rubles by 2029,” Popov told TASS.

    Limits on Russia’s regulated crypto market

    Continued use of unregistered cryptocurrency exchange services is one factor that could limit regulated trading volumes. Other constraints include statutory investment caps and the narrow range of crypto assets currently available through official channels.

    Non-qualified investors may purchase up to 300,000 rubles (about $3,800) in cryptocurrency per year through a single licensed intermediary after completing a risk-awareness test. The Bank of Russia has justified the restriction as an investor-protection measure.

    Although the central bank recently relaxed the requirements for qualified investor status, those investors remain limited to cryptocurrency investments of up to 3 million rubles (about $38,000), restricting their ability to conduct large-volume trades.

    At present, only Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) have been approved by the Bank of Russia for trading on official Russian exchanges. Other major altcoins therefore remain unavailable through the regulated market.

    Exchanges can register by July 1, 2027, following the transition period.

  • Interactive Map Reveals Exactly Where 67 Million U.S. Crypto Holders Live

    Interactive Map Reveals Exactly Where 67 Million U.S. Crypto Holders Live

    An interactive map from the National Cryptocurrency Association (NCA) estimates where approximately 67 million U.S. crypto holders live, with data available for all 50 states, Washington, D.C., and the 435 U.S. House districts in the 119th Congress.

    The nonprofit crypto education organization presents the figures through a map hub featuring state-level and congressional district views. Users can explore estimated cryptocurrency ownership across individual areas.

    Ripple Chief Legal Officer and NCA President Stuart Alderoty highlighted the maps in an Aug. 24 post on X, stating:

    “67 million Americans hold crypto. 232,000 American jobs are supported by the industry. The National Cryptocurrency Association built two maps so you can see the data by state and district.”

    California has the highest estimated number of crypto holders, at approximately 9.5 million. Texas follows with 5.94 million, ahead of Florida with 4.71 million, New York with 4.66 million, and Illinois with 2.64 million.

    The estimates are based on the 2026 State of Crypto Holders Report, which found that roughly one in four American adults owns cryptocurrency. At the regional level, ownership generally follows the distribution of the U.S. population. The South accounts for 38% of holders, the West represents 27%, and the Midwest and Northeast each account for 18%.

    This distribution suggests that crypto ownership is spread across the country rather than concentrated solely in major technology and financial centers.

    The NCA’s interactive map estimates crypto ownership by state, with California leading at 9.5 million holders, followed by Texas, Florida, New York, and Illinois.

    Crypto Holder Figures Are Modeled Estimates

    The map does not provide verified counts of individually identified crypto owners. Instead, its figures are statistical estimates based on a national demographic model and district-level signals. The model uses a sample of 10,000 U.S. crypto holders to produce a posterior mean and a 95% credible interval for each geographic area.

    The posterior mean is the model’s central estimate after incorporating the available evidence. The credible interval shows the range in which the model calculates that the actual figure is likely to fall. California’s estimate, for example, ranges from approximately 9.09 million to 9.92 million holders.

    The broader ownership estimate comes from an online survey conducted by The Harris Poll for the NCA between Feb. 12 and March 3. Researchers weighted the survey results supporting the 67 million estimate and extrapolated them to the wider U.S. crypto-owning population. The sample data has a margin of error of 0.7 percentage points at a 95% confidence level.

    Separate research provides a narrower comparison focused on bitcoin. A July study estimated that 49.6 million Americans hold bitcoin, equivalent to 18.6% of the adult population. The NCA’s figure covers cryptocurrency ownership broadly, while the bitcoin study measures ownership of one digital asset.

    Crypto ownership may include assets held through software wallets, hardware devices, or accounts managed by centralized platforms. The different storage arrangements determine how holders store and access their digital assets.

    Crypto Industry Supports Nearly 232,000 U.S. Jobs

    A separate NCA dataset measures the crypto industry’s economic impact in individual states. Nationwide, the industry supports 231,845 jobs, generates $55.4 billion in economic activity, and contributes $30.8 billion in worker income, according to an analysis by the Pragmatic Policy Group commissioned by the association.

    The employment total includes approximately 34,000 direct jobs at crypto companies, 75,000 indirect positions at suppliers, and 123,000 induced jobs supported by employee spending. The analysis estimates that each direct crypto job supports roughly six additional roles in industries including professional services, health care, insurance, food service, and logistics.

    The NCA launched in March 2025 with a $50 million grant from Ripple to promote cryptocurrency education and public awareness. At the time, Alderoty said the association’s purpose was to provide Americans with facts, resources, tools, and support for engaging with crypto.

    California also leads the employment map, with approximately 57,600 crypto-supported jobs, $16.9 billion in economic impact, and $7.7 billion in worker income. New York follows with 53,800 jobs, while Texas supports 26,500, Washington accounts for 15,100, and North Carolina has approximately 9,500.

  • New GOLD Token Wallets Sell 224.5 Million Tokens in $330,000 Solana Exit

    New GOLD Token Wallets Sell 224.5 Million Tokens in $330,000 Solana Exit

    Lookonchain reported on Aug. 29 that 15 newly created wallets linked by the tracker to the GOLD token team sold 224.5 million GOLD tokens for 3,178 $SOL, worth approximately $330,000. The sale reportedly generated a profit of about $312,000. The original data post is available on X.

    What the GOLD Token Sale Data Shows

    The report provides a limited snapshot of market activity rather than a forecast of future prices. Its figures relate to the wallets, products or market segments identified in the post, and the timing is significant because cryptocurrency activity can change rapidly.

    For the Aster move, the reported return was unrealized. In the GOLD case, the wallet attribution was based on on-chain tracking. The $SOL withdrawals show transfers from named exchanges but do not identify the owners or reveal their intentions. ETF exchange-balance and volume figures are measurements from the named data providers, not official statements from every market participant.

    Why the Developments Matter

    These developments illustrate how trading activity, custody decisions and liquidity can influence digital-asset markets. A new perpetual listing may attract both leverage and attention. A coordinated-looking token sale may raise questions about token concentration and disclosure.

    Large withdrawals can reduce immediately visible exchange balances, but they do not automatically indicate accumulation. ETF inflows may expand regulated access to digital assets, while exchange outflows can result from several factors, including self-custody, staking or transfers between trading venues. Volume dominance measures participation, not the quality or durability of the assets being traded.

    What the Report Does Not Establish

    The posts do not establish that any of the reported moves will continue. They also do not, by themselves, prove intent, ownership or a completed change in market structure. Readers should distinguish realized gains from unrealized positions and observed transfers from wallet labels.

    Indicators to Watch Next

    Follow-up evidence will include whether the activity continues after the initial move, whether additional wallets or filings clarify attribution, and whether liquidity remains available across venues. In the ETF and exchange-balance cases, subsequent daily flows will help show whether the reported direction was temporary or part of a longer-term trend.

    Until further evidence emerges, these developments remain dated market observations. BlockchainReporter will continue to separate sourced on-chain data from interpretation rather than treating a single reading as a forecast. Additional context is available in earlier market coverage.

    Source: cryptonews.net