Daily News: BTC Hits 112K ATH, Pump.fun Launches PUMP on July 12th, Perp Dex GMX Hacked For $42 Million, and More

BTC Hits Record High of $112K, ETH Reclaims $2700

BTC surges past resistance levels after hovering in the $100,000 range for nearly two months since May 19, climbing back to the $110,000 range and setting a new all-time high with a 24-hour gain of 3.39%. ETH sees a 24-hour increase of 6.45%, marking its first return to $2700 since June.

Trump Sends Trade Letters to Multiple Countries

US President Trump issued trade letters on the 9th addressing several nations. The letters indicate a 20% tariff on goods from the Philippines, a 25% tariff on goods from Brunei, a 30% tariff on goods from Algeria, a 25% tariff on goods from Moldova, a 30% tariff on goods from Iraq, and a 30% tariff on goods from Libya.

SEC Issues Statement on Tokenized Securities: Tokenized Securities Remain Securities and Must Comply with Existing Regulations

The US SEC issues a statement on tokenized securities, stating that blockchain technology has introduced new methods for issuing and trading securities in a "tokenized" form. Tokenization has the potential to facilitate capital formation and enhance investors' ability to use their assets as collateral. However, despite the significant potential of blockchain technology, it does not possess "magical abilities" to alter the fundamental nature of the underlying assets. Tokenized securities remain securities. Therefore, market participants must carefully consider and comply with applicable federal securities laws when dealing with such instruments.

Sometimes, issuers tokenize their own securities. Investors purchasing such third-party tokens may face unique risks, such as counterparty risk. Issuers of tokenized securities must also consider their disclosure obligations under federal securities laws and may refer to the recent staff statement issued by the SEC’s Division of Corporation Finance.

Additionally, market participants involved in the issuance, purchase, and trading of tokenized securities should carefully consider the characteristics of these securities and the compliance issues they raise under securities laws. While blockchain-based tokenization is an emerging technology, the act of "issuing an instrument representing a security" is not new. The legal requirements applicable to such instruments remain the same, whether they are issued on-chain or off-chain. As such, market participants should consider engaging with the SEC and its staff when designing their tokenization proposals. The SEC expresses its willingness to collaborate with market participants to develop reasonable exemptions and advance regulatory modernization.

Pump.fun to Launch $PUMP token with ICO on July 12

Pump.fun, the biggest launchpad on Solana, announced token launch plan of Pump.fun native token $PUMP on X. PUMP will have a total supply of 1 trillion (1,000,000,000,000), with 33% sold in the public token sale across Bybit, Kraken, Bitget, Mexc, Kucoin and Gate.io at the price of $0.004 ($4 billion FDV). Users must complete KYC verification either on token.pump.fun or on the aforementioned exchanges. US and UK citizens will be exclued from participation.

The public sale will start at 14:00 UTC on July 12th until all 150,000,000,000 tokens are sold or at 14:00 UTC on July 15th.

The complete $PUMP tokenomics are as follows:

• 33% - Initial Coin Offering

• 24% - Community & Ecosystem Initiative

• 20% - Team

• 13% - Existing Investors

• 3% - Livestreaming

• 2.6% - Liquidity & Exchanges

• 2.4% - Ecosystem Fund

• 2% - Foundation

IOSG Ventures Partner: Pump.fun ICO May Be "Exit Liquidity" Rather Than Value Investment

IOSG Ventures partner Jocy published an analysis highlighting concerns surrounding Pump.fun. Despite its past success in generating $700 million in protocol revenue, recent data shows its daily revenue has plummeted by 92%, with market share dropping to 39.9%, now surpassed by competitor LetsBonk. The analysis points out significant issues with the current $4 billion valuation ICO, including a lack of transparency in governance structure, unclear token release terms, and excessive valuation depletion during the altcoin downturn.

The team has already amassed substantial wealth through transaction fees, and this ICO appears more like a move for "exit liquidity" rather than a plan for long-term development. Investors are advised to:

1. Treat this as a highly speculative gamble, not a fundamental investment.

2. Wait patiently for one week after the token launch before making decisions.

3. Use a phased participation strategy to reduce risk exposure.

Bedrock Responds to $BR Volatility: Commits to Maintaining Liquidity Short-Term to Support Price Stability

The official Bedrock DeFi account issued an announcement on July 9, alerting users to the significant price volatility of the $BR token and urging the community to remain rational and trade cautiously. The announcement also revealed the PancakeSwap liquidity pool address and pledged to maintain liquidity in the short term to support price stability.

GMX Confirms Attack: Approximately $40 Million in Assets Stolen

GMX officially confirmed on July 9 that its GMX V1 GLP pool on the Arbitrum platform suffered an exploit, resulting in approximately $40 million worth of tokens being transferred to an unknown wallet.

To prevent further losses, GMX has suspended trading functionality and halted GLP minting and redemption operations on both the Arbitrum and Avalanche networks.

The team emphasized that the exploit is limited to GMX V1 and its GLP pool, with no impact on GMX V2, its markets, liquidity pools, or the GMX token itself.

GMX and its security partners are actively investigating the cause of the incident and have pledged to release a detailed report once more comprehensive information becomes available.

ZKSpace Suspected of Hack: Approximately $4 Million in Assets Drained

Blockchain security monitoring platform Cyvers Alerts detected a suspected hack targeting ZKSpace, resulting in the transfer of approximately $4 million in assets.

The attacker reportedly used Tornado Cash on the BNB Chain to fund a specific address, which then repeatedly interacted with ZKSpace's proxy contracts. Subsequently, the attacker obtained around $4 million worth of assets on the Ethereum network. Of these, approximately $1.3 million (including USDT and USDC) were converted into ETH and deposited back into Tornado Cash, while the remaining assets were transferred to two separate addresses.

Kraken and Backed Expand xStocks to BNB Chain

Cryptocurrency exchange Kraken and tokenization infrastructure provider Backed announced today that they are expanding the xStocks service from Solana to the BNB Chain. This expansion will allow eligible non-US Kraken users to trade tokenized US stocks and ETFs, such as AAPLx and TSLAx, in the form of BEP-20 tokens.

The BNB Chain was chosen as the expansion platform due to its high transaction throughput, low fees, and approximately $10 billion in total value locked. Kraken Co-CEO Arjun Sethi stated that tokenized stocks are not merely digital wrappers for traditional assets but represent a fundamental upgrade to the financial system, enabling atomic settlement, real-time global transfers, and composability with on-chain lending products.

Coinbase Launches Onramp API for Fiat Deposits, Supporting Apple Pay

Coinbase has introduced a new fiat deposit API, Onramp API, enabling developers to build customized fiat-to-crypto conversion experiences within their applications without requiring pop-ups, redirects, or account logins.

The API has already been implemented on the Moonshot platform, allowing US users to purchase cryptocurrency via Apple Pay without needing to create a Coinbase account. Unlike traditional widget-based or hosted processes, Coinbase's headless API allows applications to fully customize the user interface, reducing deposit steps and improving conversion rates.

Key features of the API include:

• Fast integration: Developers can quickly integrate the API into their applications.

• Apple Pay support: Users can seamlessly purchase crypto using Apple Pay.

• No Coinbase account required: Users can complete transactions without logging into Coinbase.

The service is for now only available to US users.

BTCS Inc. Increases Funding Target to $225 Million

BTCS Inc. (NASDAQ: BTCS) announced a funding target increase to $225 million to accelerate its Ethereum accumulation strategy. The Company aims to scale ETH per share through its capital-efficient approach, leveraging solo staking via validator nodes and block building to generate recurring revenue and enhance long-term shareholder value. CEO Charles Allen highlighted the importance of this strategy amidst a maturing crypto regulatory environment and institutional focus on Ethereum.

Bitwise Report: ETH, SOL, XRP, LINK Are Top Investment Picks for Asset Tokenization Trend

Matt Hougan, Chief Investment Officer highlights in an memo that Ethereum (ETH), Solana (SOL), XRP, and Chainlink (LINK) as the "clearest" investment options in the asset tokenization trend. With Robinhood and Kraken launching tokenized stock trading, Coinbase applying to the SEC for related services, and Wall Street firms investing $135 million into the Canton Network blockchain, the tokenization wave is accelerating.

Matt also emphasized that the global stock and bond markets have a combined size of $257 trillion. Even if only 1%-5% of these assets are tokenized, the resulting value would far exceed that of other crypto use cases. The memo advises investors to focus on leading blockchain projects and companies likely to benefit from this trend, such as Robinhood, Coinbase, and Circle.

YZi Labs Backs 10X Capital’s BNB Treasury Initiative

YZi Labs announced its support for 10X Capital in establishing the BNB Treasury Company, a U.S.-based initiative focused on digital asset treasury management on the BNB Chain. The company aims to provide U.S. investors exposure to BNB, the fourth-largest digital asset by market cap, while emphasizing transparency, ecosystem engagement, and institutional access. With plans for a public listing, the initiative is led by seasoned professionals from Galaxy Digital, CalPERS, and Kraken, combining expertise in asset management and capital markets.