News Heat Trend
JackYi: Narrative collapse and soaring listing fees: the crypto primary market is being crippled by four major issues
Jackyi, founder of Liquid Capital, pointed out in a post that the crypto primary market is accelerating into a downturn, driven by four core reasons: first, market narratives are collapsing, leaving whitepapers and institutional endorsements unable to secure investor backing; second, project supply is severely imbalanced, making it extremely difficult for high-quality projects to break through; third, the "1+3" token unlock mechanism specifically harms VCs, enabling project teams, market makers, and exchanges to profit and exit first; fourth, listing fees at top-tier exchanges reach tens of millions of dollars, inflating project valuation bubbles. He called on industry leaders to improve their listing screening mechanisms, abolish the "1+3" unlock clauses, and push projects back toward real revenue generation and buyback mechanisms, thereby attracting long-term participation from secondary market investors.
Bitcoin Pioneer Adam Back's Multiple Ventures Hit Setbacks: BSTR Ordered to Pay $15 Million Breakup Fee
Odaily News — Multiple Bitcoin ventures associated with Bitcoin pioneer and Blockstream co-founder Adam Back have recently suffered a series of setbacks: the merger between BSTR Holdings, the Bitcoin treasury project he championed, and a SPAC under Cantor Fitzgerald has been terminated, with BSTR ordered to pay a $15 million breakup fee; Blockstream Mining, the Bitcoin mining operation he co-founded and in which he holds a minority stake, along with its partner Exacore, has faced multiple lawsuits following its spin-off from Blockstream, accused of owing equipment payments, electricity bills, and customer deposits, with related financing totaling approximately $2 billion; meanwhile, Liquid Network, the Bitcoin sidechain initiated by Blockstream, suffered a hack in which approximately 4,000 BTC were stolen, of which 3,400 have been returned, with the hacker still retaining approximately $47 million worth of Bitcoin. (Bloomberg)
Rockawayx Acquires Relayer Capital, Adding Long/Short Strategy with ~70% Returns Since 2026
Odaily News: Digital asset investment platform Rockawayx has acquired digital asset hedge fund Relayer Capital, incorporating its directional long/short strategy into its approximately $2 billion investment platform. Relayer Capital founder Austin Barack will continue to oversee the strategy and assume the role of Chief Investment Officer of the newly renamed Rockawayx Liquid Opportunities Fund.Rockawayx CEO Viktor Fischer stated that the fund will invest in highly liquid crypto tokens and digital asset-related equities, with a focus on identifying assets that are mispriced relative to their business fundamentals, market position, or growth prospects. The fund is currently open to new external investors.Rockawayx disclosed that the strategy's estimated net return from the start of 2026 through August 21 stands at approximately 70%, outperforming a weighted portfolio of Bitcoin, Ethereum, and Solana by 86 percentage points. Major contributing positions include Venice AI, Hyperliquid, Grass Network, Pump.fun, and Zcash, with investment themes centered on AI and tokenized real-world asset markets.The acquisition adds a directional liquid strategy to Rockawayx's venture capital and market-neutral businesses. Rockawayx also operates infrastructure and onchain liquidity divisions, noting that these capabilities support its team in identifying blockchain market opportunities across stages—from early-stage funding and token issuance to public market trading. (Bitcoin.com News)
RockawayX Acquires Relayer Capital, Plans to Raise $150 Million to Expand Active Investment Business in the U.S.
According to The Block, crypto investment firm RockawayX announced the acquisition of crypto hedge fund Relayer Capital to integrate long/short and pairs trading strategies into its existing business and expand its presence in the U.S. market. Relayer will be renamed the RockawayX Liquid Opportunities Fund, focusing on investments in undervalued liquid tokens and crypto-related stocks; its founder, Austin Barack, will serve as the fund's CIO. RockawayX currently manages approximately $2 billion in assets, and the new fund plans to raise $150 million.
Liquid, a cryptocurrency derivatives exchange, announced the completion of its $18 million Series A funding round, co-led by Neo and Left Lane Capital.
According to Fortune, cryptocurrency derivatives exchange Liquid has announced the completion of an $18 million Series A funding round, co-led by Neo and Left Lane Capital, with participation from Haun Ventures, K5 Global, SV Angel, AntiFund, and Sunflower Capital. This comes less than six months after its $7.6 million seed round, which was led by Paradigm.
JackYi: The past wave of failures among crypto VCs and projects stemmed from incorrectly benchmarking against Web2; AI + finance represents the new opportunity.
JackYi, founder of Liquid Capital, posted on X: “The recent wave of failures among crypto VCs and projects had one core cause: funding was largely spent on maintaining teams that built useless Web3 products. The biggest misconception was trying to replicate Web2 products. In essence, Web3 is a financial industry—it doesn’t require re-creating Web2 products. Historically, the most successful crypto companies have all been financial products: stablecoins, exchanges, payment solutions, etc. Now, with the AI era arriving, two things are clear: first, massive fundraising and large teams are no longer necessary; second, AI + finance presents a new opportunity. We believe exceptional founders, backed by just a few elite team members, can build world-class companies—this represents the single largest opportunity in today’s primary market.”
Indra hit by denial-of-service attack, forward swaps temporarily disabled
According to Bitcoin News monitoring, JAN3 has stated that its newly launched swap infrastructure Indra has suffered a denial-of-service attack, and the team has temporarily disabled forward swaps while investigating. Swaps already in progress may experience delays. Indra, developed by JAN3, is designed to replace Boltz in Aqua, enabling users to move Bitcoin between Lightning and Liquid, though Liquid peg operations remain restricted.
Liquid Network Releases Emergency Fix: Elements v23.3.4 Patches Proof Validation Cache Vulnerability
Odaily News: Liquid Network announced that the emergency release Elements v23.3.4 is now live, with Functionary nodes having immediately begun upgrades. All Liquid node operators are advised to update accordingly. This release addresses a previously identified Proof validation cache vulnerability by strengthening the cache keys used for Range Proofs.Regarding network recovery, Blockstream stated that a recovery plan is still being formulated, expected to proceed in three phases: **resume block production while continuing to pause Peg operations; replay verified valid transactions; restore Peg operations after the network state is fully recovered and fund returns are confirmed.** Currently, the first two phases are being tested in parallel, and any phase will only advance once confirmed secure.Liquid Network stated that Elements v23.3.4 has undergone multiple rounds of internal and external reviews, with participants including the Bitcoin Red Team, Alpen Labs, and other teams. Meanwhile, Liquid Network reminds users to be wary of fake upgrade websites exploiting this incident for scams. Information should only be obtained through official Liquid Network and Blockstream channels, and users should never send funds to strangers or disclose private keys or seed phrases.
Liquid Network: In discussions with white hat to recover remaining 598.5 BTC, network restoration efforts also underway
Liquid Network's official security incident report: On September 6, a vulnerability related to the range proof verification method in Liquid node caching within the open-source software Elements was exploited, resulting in the creation of approximately 4,000 LBTC tokens not backed by bitcoin reserves. The exploiter subsequently exchanged them for approximately 4,000 BTC via SideSwap and the Liquid standard Peg-out mechanism. Prior to the incident, Liquid's reserves stood at approximately 4,205 BTC. After the relevant Peg-out and other withdrawals completed before the network halt, reserves fell to 197 BTC.According to the official statement, the incident did not involve the compromise of Functionary nodes or private keys, and other issued assets on Liquid such as USDT were also unaffected by the vulnerability. The exploiter claimed to be a white hat security researcher and returned 3,400 BTC to the Liquid Federation Peg wallet on September 7. Approximately 598.5 BTC (about 15% of the funds involved) remain unrecovered, and Blockstream is in communication to recover the remaining assets.At present, the top priority is to recover the remaining funds and restore Liquid Network to normal operation as quickly and safely as possible. A fix for the vulnerability has been developed and is currently undergoing multiple rounds of internal and external review. Blockstream is preparing to urgently release Elements v23.3.4, which is expected to be rolled out as soon as preparations are complete, with a target launch within approximately 48 hours. Following the software update, Liquid Network Functionary operators will make further adjustments to restore full network functionality and resume a corrected network state, including rejecting previously invalid Peg-outs.
ether.fi selects Nexus Mutual to provide slashing coverage for up to 15,000 ETH
: On-chain digital asset management neobank ether.fi has selected Nexus Mutual to provide ETH slashing coverage, covering slashing penalties for its validators up to 15,000 ETH. ether.fi stated that it operates a large-scale validator set on Ethereum, and slashing is a tail risk. This coverage is used to cover validator losses, with a scale exceeding the total historical ETH slashing losses. ether.fi currently manages over $6 billion in assets across products such as Cash, Stake, and Liquid. Since 2019, Nexus Mutual has provided over $7 billion in coverage for smart contract attacks, slashing, and other digital asset risks. (Decrypt)
ZachXBT: AscendEX Has Almost No Available Liquid Assets to Cover User Withdrawals
on-chain investigator ZachXBT has released verification information, stating that crypto exchange AscendEX has officially announced its cessation of operations, and the platform's current liquid assets are almost insufficient to cover user withdrawal demands. According to the platform announcement, the shutdown is primarily due to market conditions and the EU MiCA regulatory framework. Starting July 1st, all services including account opening, trading, and deposits will be fully suspended, with only basic functions such as account inquiry and withdrawals remaining open. After July 6th, all withdrawal channels will cease automatic processing and switch entirely to manual review. The official team has candidly warned that withdrawals may be significantly delayed or even impossible to process.ZachXBT’s investigation found that pending user claims amount to millions of dollars, yet the platform’s available liquid assets in hot wallets are severely insufficient. AscendEX is currently evaluating its financial status and a plan for handling user assets, with subsequent arrangements to be announced separately.
Zcash Foundation Q1 Report: Total Liquid Assets Reach Approximately $36.7 Million, ZEC Holdings Exceed 85,000 Coins
The Zcash Foundation released its Q1 2026 report, disclosing total liquid assets of approximately $36.7 million, including roughly $12.11 million in cash, 506,556 USDC, 85,412 ZEC (valued at ~$21.2 million), 41.8 BTC (valued at ~$2.85 million), and 12.02 ETH (valued at ~$25,000). The Zcash Foundation added that, although the first quarter of this year saw personnel changes within the Electric Coin Company’s development team and governance-related disputes, network operations remained unaffected, with transactions and block production continuing normally. On the regulatory front, the U.S. Securities and Exchange Commission (SEC) has concluded its investigation without taking any enforcement action, thereby resolving long-standing regulatory uncertainty.
Liquid Attack Leaves L-BTC Redemptions Paused, Attacker Holds Over $51 Million in Bitcoin
Odaily News: Canadian Bitcoin exchange and wallet company Bull Bitcoin stated that due to the Liquid Network attack on September 6, users are temporarily unable to redeem L-BTC back to Bitcoin through the platform, and redemption operations are still pending resumption.Bull Bitcoin expects the related redemption service to potentially resume within 30 days, but stated that this expectation is not guaranteed. Due to its reliance on the L-BTC redemption mechanism to balance inventory, the platform has temporarily closed inbound Lightning Network payments.In this attack, the attacker transferred out nearly 4,000 Bitcoin from the protocol, later returning approximately 3,400; currently still holding 598.50 Bitcoin, valued at over $51 million. Liquid Network stated on September 17 that block production, network transactions, and L-BTC transfers have returned to normal. (Bitcoin.com News)
SlowMist Discloses Liquid Vulnerability Details: Attacker Minted 3,998.5 L-BTC Without Collateral, Approximately 598.5 BTC Still Not Returned
SlowMist has disclosed that the Liquid Network was attacked on September 6 via a Rangeproof verification cache key collision vulnerability. The attacker minted approximately 3,998.5 L-BTC without collateral — with no corresponding BTC peg-in — and then within minutes converted them to BTC on the Bitcoin mainnet via peg-out. After the incident, approximately 3,400 BTC was returned to the Liquid Federation peg wallet, but approximately 598.5 BTC remains under the attacker's control.SlowMist noted that the root cause of the vulnerability lies in the fact that the Rangeproof verification cache key in Elements did not include length prefixes when concatenating multiple variable-length fields, allowing different parameter combinations to potentially generate the same cache key. The attacker triggered a cache collision by constructing transactions, causing nodes to hit a "verification passed" cached result, thereby bypassing secp256k1_rangeproof_verify and the minimum amount check, ultimately accepting outputs not backed by real assets and completing the L-BTC minting. SlowMist stated that it has traced the fund flows on the Bitcoin side and completed its analysis of the incident.
Liquid Network white hat hacker returns 3,400 BTC, keeps about 598 BTC as bounty
According to on-chain monitoring by analyst PeckShield (@PeckShieldAlert), the Liquid Network was targeted by white-hat hackers. Approximately 4,000 BTC (roughly $320 million) were transferred from a Liquid Federation wallet. The funds were consolidated into address bc1ql4mfu6aundtkksxklfajs2h3t9nzcd6gyqjlte, accompanied by an on-chain message: "We are white hats, please contact us on-chain." Subsequently, the hackers completed on-chain negotiations with Blockstream, returning 3,400 BTC (approximately $315 million, or 85% of the total) while retaining around 598.5 BTC (about $47.38 million) as a bug bounty.
ZachXBT: AscendEX Has Almost No Available Liquid Assets to Cover User Withdrawals
on-chain investigator ZachXBT has released verification information, stating that crypto exchange AscendEX has officially announced its cessation of operations, and the platform's current liquid assets are almost insufficient to cover user withdrawal demands. According to the platform announcement, the shutdown is primarily due to market conditions and the EU MiCA regulatory framework. Starting July 1st, all services including account opening, trading, and deposits will be fully suspended, with only basic functions such as account inquiry and withdrawals remaining open. After July 6th, all withdrawal channels will cease automatic processing and switch entirely to manual review. The official team has candidly warned that withdrawals may be significantly delayed or even impossible to process.ZachXBT’s investigation found that pending user claims amount to millions of dollars, yet the platform’s available liquid assets in hot wallets are severely insufficient. AscendEX is currently evaluating its financial status and a plan for handling user assets, with subsequent arrangements to be announced separately.
Liquid Launches Co-Invest App, Enabling Users to Execute Live Trades Directly Within ChatGPT and Claude
According to The Block, multi-asset trading platform Liquid launched its Co-Invest application on Tuesday, enabling users to directly top up their accounts, conduct market analysis, and execute live trades within the ChatGPT and Claude chat interfaces—without leaving the AI assistant.
Bit Digital stakes nearly 30,000 ETH via Liquid Collective, valued at approximately $65.3 million
According to on-chain analyst Onchain Lens (@OnchainLens), publicly listed mining company Bit Digital (@bitdigital_btbt) has staked 29,900 ETH via Liquid Collective (@liquid_col), valued at approximately $65.3 million.
Bitcoin Pioneer Adam Back's Multiple Ventures Hit Setbacks: BSTR Ordered to Pay $15 Million Breakup Fee
Odaily News — Multiple Bitcoin ventures associated with Bitcoin pioneer and Blockstream co-founder Adam Back have recently suffered a series of setbacks: the merger between BSTR Holdings, the Bitcoin treasury project he championed, and a SPAC under Cantor Fitzgerald has been terminated, with BSTR ordered to pay a $15 million breakup fee; Blockstream Mining, the Bitcoin mining operation he co-founded and in which he holds a minority stake, along with its partner Exacore, has faced multiple lawsuits following its spin-off from Blockstream, accused of owing equipment payments, electricity bills, and customer deposits, with related financing totaling approximately $2 billion; meanwhile, Liquid Network, the Bitcoin sidechain initiated by Blockstream, suffered a hack in which approximately 4,000 BTC were stolen, of which 3,400 have been returned, with the hacker still retaining approximately $47 million worth of Bitcoin. (Bloomberg)
Liquid Attack Leaves L-BTC Redemptions Paused, Attacker Holds Over $51 Million in Bitcoin
Odaily News: Canadian Bitcoin exchange and wallet company Bull Bitcoin stated that due to the Liquid Network attack on September 6, users are temporarily unable to redeem L-BTC back to Bitcoin through the platform, and redemption operations are still pending resumption.Bull Bitcoin expects the related redemption service to potentially resume within 30 days, but stated that this expectation is not guaranteed. Due to its reliance on the L-BTC redemption mechanism to balance inventory, the platform has temporarily closed inbound Lightning Network payments.In this attack, the attacker transferred out nearly 4,000 Bitcoin from the protocol, later returning approximately 3,400; currently still holding 598.50 Bitcoin, valued at over $51 million. Liquid Network stated on September 17 that block production, network transactions, and L-BTC transfers have returned to normal. (Bitcoin.com News)
Liquid Network hacker still holds 598.5 bitcoins, L-BTC-to-bitcoin redemption channel paused for 11 days
Odaily News: The Liquid Network attacker has returned 3,400 bitcoins after the September 6 exploit, accounting for approximately 85% of the transferred assets; they currently still hold 598.50 bitcoins, worth over $45 million.Blockstream, the digital asset infrastructure company responsible for maintaining the Liquid Network, has refused to pay a ransom for the remaining assets and is demanding the return of the relevant bitcoins. The network shows 4,234.76 L-BTC in circulation, while the bitcoin reserves stand at only 3,632.23.The L-BTC-to-bitcoin redemption function has still not been restored, with Sideswap stating that redemptions are currently unavailable; Blockstream founder Adam Back said that L-BTC will be backed 1:1 by bitcoin reserves and reminded holders not to sell L-BTC off-market at a discount.As of now, Blockstream has not yet issued an announcement that "redemptions are live." The attacker's wallet continues to receive on-chain messages and has been subjected to address poisoning attacks and scam messages, with the related attacks inducing transfers by generating visually similar addresses. (Bitcoin.com News)
Indra hit by denial-of-service attack, forward swaps temporarily disabled
According to Bitcoin News monitoring, JAN3 has stated that its newly launched swap infrastructure Indra has suffered a denial-of-service attack, and the team has temporarily disabled forward swaps while investigating. Swaps already in progress may experience delays. Indra, developed by JAN3, is designed to replace Boltz in Aqua, enabling users to move Bitcoin between Lightning and Liquid, though Liquid peg operations remain restricted.
Liquid hacker may receive a bounty if remaining stolen funds are returned
Bitcoin News posted on X platform stating that Samson Mow said Blockstream refuses to pay a ransom and does not rule out offering a bounty if the hacker returns the remaining stolen funds. Mow stated that the stolen funds belong to Liquid users, and Blockstream cannot negotiate over these funds; any bounty would need to be an independent and reasonable arrangement.
Liquid Network hit by major exploit, Bitcoin News publishes security incident newsletter
Odaily News: According to Bitcoin News monitoring, its latest newsletter reviewed multiple security incidents over the past eight weeks involving projects that Bitcoin users rely on in their daily activities, with a focus on the latest major exploit targeting Liquid Network.
Liquid Network Advances Security Audit and PAK List Update to Prepare for Resuming Fund Migration Operations
Liquid Network has officially released an ecosystem progress update. It is currently undergoing an independent external security audit of Elements v23.3.4 to provide additional security verification. Meanwhile, the Liquid Consortium is coordinating updates to the Emergency Key (PAK) list, including replacing existing entries, and ensuring all peg-out keys are securely stored in cold storage. These measures aim to restore fund peg-out functionality while maintaining security, and the team expects to announce further progress on the restoration operations in the near future.
Liquid Network hacker still holds 598.5 bitcoins, L-BTC-to-bitcoin redemption channel paused for 11 days
Odaily News: The Liquid Network attacker has returned 3,400 bitcoins after the September 6 exploit, accounting for approximately 85% of the transferred assets; they currently still hold 598.50 bitcoins, worth over $45 million.Blockstream, the digital asset infrastructure company responsible for maintaining the Liquid Network, has refused to pay a ransom for the remaining assets and is demanding the return of the relevant bitcoins. The network shows 4,234.76 L-BTC in circulation, while the bitcoin reserves stand at only 3,632.23.The L-BTC-to-bitcoin redemption function has still not been restored, with Sideswap stating that redemptions are currently unavailable; Blockstream founder Adam Back said that L-BTC will be backed 1:1 by bitcoin reserves and reminded holders not to sell L-BTC off-market at a discount.As of now, Blockstream has not yet issued an announcement that "redemptions are live." The attacker's wallet continues to receive on-chain messages and has been subjected to address poisoning attacks and scam messages, with the related attacks inducing transfers by generating visually similar addresses. (Bitcoin.com News)
Liquid Network hit by major exploit, Bitcoin News publishes security incident newsletter
Odaily News: According to Bitcoin News monitoring, its latest newsletter reviewed multiple security incidents over the past eight weeks involving projects that Bitcoin users rely on in their daily activities, with a focus on the latest major exploit targeting Liquid Network.
Hacker Exploits Symbiosis Bitcoin Bridge Vulnerability to Mint ~$46.1 Billion in Face Value syBTC, Cashes Out Only $336,000
Odaily News: On-chain security platform Blockaid has discovered a vulnerability in the Bitcoin bridge of cross-chain protocol Symbiosis. The attacker minted approximately 2^62 syBTC to a newly created externally owned account, with a face value of roughly $46.1 billion calculated at 8 decimal places, and sold approximately 4.39 WBTC on Uniswap V4 on Ethereum, realizing a cash-out of about $336,000.Symbiosis stated that the attack occurred at around 4:28 AM on September 11. The team has paused the BTC route, while other routes remain operational and unaffected. The team has recovered approximately 15 BTC and deposited them into a multisig wallet controlled by the team. They have also offered the attacker a 20% white-hat bounty, with a deadline of September 13.In recent weeks, Liquid Network, Nomic, and Symbiosis have all experienced security incidents involving the inflation of supply through the minting of tokens without real asset backing. As of September 13, Symbiosis has not yet publicly released a BridgeV2 technical post-mortem, the final loss amount, or confirmation of whether the attacker has accepted the bounty. (Bitcoin.com News)
SlowMist Discloses Liquid Vulnerability Details: Attacker Minted 3,998.5 L-BTC Without Collateral, Approximately 598.5 BTC Still Not Returned
SlowMist has disclosed that the Liquid Network was attacked on September 6 via a Rangeproof verification cache key collision vulnerability. The attacker minted approximately 3,998.5 L-BTC without collateral — with no corresponding BTC peg-in — and then within minutes converted them to BTC on the Bitcoin mainnet via peg-out. After the incident, approximately 3,400 BTC was returned to the Liquid Federation peg wallet, but approximately 598.5 BTC remains under the attacker's control.SlowMist noted that the root cause of the vulnerability lies in the fact that the Rangeproof verification cache key in Elements did not include length prefixes when concatenating multiple variable-length fields, allowing different parameter combinations to potentially generate the same cache key. The attacker triggered a cache collision by constructing transactions, causing nodes to hit a "verification passed" cached result, thereby bypassing secp256k1_rangeproof_verify and the minimum amount check, ultimately accepting outputs not backed by real assets and completing the L-BTC minting. SlowMist stated that it has traced the fund flows on the Bitcoin side and completed its analysis of the incident.
Liquid Network Vulnerability Disclosure Handling Sparks Public Dispute Between Samson Mow and Bitcoin Red Team
Bitcoin News posted on X stating that Samson Mow and Bitcoin Red Team researcher Calle are engaged in a public dispute over whether security warnings related to a Liquid Network exploit were properly handled. Calle claims that Blockstream did not act on the Red Team's email, ultimately resulting in a loss of 600 BTC; Mow responded by saying "no email was ignored." Calle stated that once Blockstream restores normal Liquid operations and publishes a post-mortem report, the Red Team will release a full account of the disclosure process. Mow separately warned against blindly trusting AI-generated security reports, saying that unverified fixes could introduce new vulnerabilities, and criticized researchers who prioritize pursuing "clout" over protecting Bitcoin.
Related news
JackYi: Narrative collapse and soaring listing fees: the crypto primary market is being crippled by four major issues
Jackyi, founder of Liquid Capital, pointed out in a post that the crypto primary market is accelerating into a downturn, driven by four core reasons: first, market narratives are collapsing, leaving whitepapers and institutional endorsements unable to secure investor backing; second, project supply is severely imbalanced, making it extremely difficult for high-quality projects to break through; third, the "1+3" token unlock mechanism specifically harms VCs, enabling project teams, market makers, and exchanges to profit and exit first; fourth, listing fees at top-tier exchanges reach tens of millions of dollars, inflating project valuation bubbles. He called on industry leaders to improve their listing screening mechanisms, abolish the "1+3" unlock clauses, and push projects back toward real revenue generation and buyback mechanisms, thereby attracting long-term participation from secondary market investors.
BitMart Plans to Settle User Payables via Court Plan: Options Include Liquid Assets or Two Types of Recovery Tokens
BitMart announced a preliminary non-binding proposal to settle users' outstanding balances through a court-approved arrangement, allowing users to choose to receive liquid assets on a pro-rata basis or convert their balances into Restitution Token or Continuum Token.
Yi Lihua: If Bitcoin Can't Hold $82,000, It May Face a Larger-Scale Correction
Yi Lihua, founder of Liquid Capital, posted on X: "The current market is in a pullback within the daily uptrend channel, which doesn't yet count as a trend reversal. However, this kind of short-term fake breakout is a typical bull trap. The key correction level is at 82K. If 82K holds, the correction is over and the uptrend continues; if 82K can't hold, we may face a larger-scale correction. When we anticipated the correction a few days ago, we made progress on one thing: not chasing the money from speculation, not going after the last penny, and patiently waiting for new opportunities with certainty. That said, with US stocks weak, interest rates high, and gold falling, the crypto market has been relatively resilient, and I'm more inclined to believe this is a normal correction after a rally."
Bitcoin Pioneer Adam Back's Multiple Ventures Hit Setbacks: BSTR Ordered to Pay $15 Million Breakup Fee
Odaily News — Multiple Bitcoin ventures associated with Bitcoin pioneer and Blockstream co-founder Adam Back have recently suffered a series of setbacks: the merger between BSTR Holdings, the Bitcoin treasury project he championed, and a SPAC under Cantor Fitzgerald has been terminated, with BSTR ordered to pay a $15 million breakup fee; Blockstream Mining, the Bitcoin mining operation he co-founded and in which he holds a minority stake, along with its partner Exacore, has faced multiple lawsuits following its spin-off from Blockstream, accused of owing equipment payments, electricity bills, and customer deposits, with related financing totaling approximately $2 billion; meanwhile, Liquid Network, the Bitcoin sidechain initiated by Blockstream, suffered a hack in which approximately 4,000 BTC were stolen, of which 3,400 have been returned, with the hacker still retaining approximately $47 million worth of Bitcoin. (Bloomberg)
Liquid Network Advances Security Audit and PAK List Update to Prepare for Resuming Fund Migration Operations
Liquid Network has officially released an ecosystem progress update. It is currently undergoing an independent external security audit of Elements v23.3.4 to provide additional security verification. Meanwhile, the Liquid Consortium is coordinating updates to the Emergency Key (PAK) list, including replacing existing entries, and ensuring all peg-out keys are securely stored in cold storage. These measures aim to restore fund peg-out functionality while maintaining security, and the team expects to announce further progress on the restoration operations in the near future.
Ether.fi to sever last structural tie with EigenLayer this quarter, restaking assets to fall below 1%
Odaily – Liquid staking protocol Ether.fi will dissolve its last structural link with EigenLayer this quarter, at which point its restaking assets will account for less than 1% of its total. CEO Mike Silagadze said the exit is due to the persistent risks of restaking and the lack of meaningful returns.Restaking currently secures $10 billion in assets, yet generates only $99,977 in fees per week; on a per-dollar-of-secured-assets basis, ordinary liquid staking yields are roughly 53 times higher. The top five remaining liquid restaking tokens generated a combined gross profit of $953,400 last quarter, down from $2.18 million three quarters earlier. (CoinDesk)