KLEA Crypto Daily: Thursday, July 10, 2025

Published: July 11, 2025 – 17:40 UTC

Here’s a look back at the key stories from July 10, 2025.

GMX Hacker Converts Stolen Loot into 11,700 ETH

Following a major exploit where GMX lost $42 million in assorted cryptocurrencies, the hacker has converted most of the stolen funds into 11,700 ETH. The breach involved stealing various cryptocurrencies like Frax Dollar, wrapped Bitcoin, and DAI stablecoin, with the majority of the funds now exchanged into ETH.

Bitcoin Price Tops $116,000, Massive Short Squeeze Approaches $1 Billion

Bitcoin's price surged to a new all-time high of around $116,400, causing a massive short squeeze that led to the liquidation of around $940 million worth of shorts in the past day. This upward momentum, with buyers dominating the market, has pushed BTC up over 4.6% in the last 24 hours, with a significant increase in trading volume.

Binance CEO Speaks Out as Exchange Approaches Major Milestone

CEO Richard Teng of Binance emphasized the exchange's success, attributing it to its vast global user base of 280 million as Binance nears its eighth anniversary since founding in 2017. Teng highlighted the platform's growth, reaching milestones of 250 million users by the end of 2024 and 275 million users in May 2025, showcasing Binance as a leading cryptocurrency exchange prioritizing user experience and innovation.

US Senate confirms ex-Bitfury exec to lead OCC banking regulator

Jonathan Gould has been confirmed by the US Senate to lead the OCC as Comptroller of the Currency, appointed by President Donald Trump for a five-year term.

Crypto scammer’s sentence bumped to 12 years from 18 months for welshing on debt

Nicholas Truglia, a convicted crypto scammer, has had his sentence increased to 12 years for failing to pay $20 million in restitution after carrying out SIM-swapping attacks against crypto investors.

PEPESCAPE Launches Crypto Presale, Combining Memecoin Culture with Decentralized Finance Ecosystem

PEPESCAPE has officially launched the presale of the $PESC token, priced at $0.000356 each, amid the ongoing crypto bull run. The platform offers a decentralized finance (DeFi) ecosystem on the Ethereum blockchain, featuring AI-driven governance, community profit-sharing, and automated trading strategies.

Securities On-Chain? There’s Only One True Way, Says BlackRock-Backed Firm’s CEO

Securitize CEO Carlos Domingo emphasizes the importance of "native" tokenization for representing securities on-chain. This approach ensures a genuine representation of securities within the blockchain ecosystem.

The IRS announced it has removed a controversial DeFi-focused rule from the U.S. tax

The IRS has eliminated a contentious DeFi-focused rule from the U.S. tax code, marking a significant development in the regulatory landscape for decentralized finance. This move could have implications for how DeFi activities are taxed and regulated in the future.

Coinbase Partners with Perplexity AI for Real-Time Crypto Insights

Coinbase has collaborated with Perplexity AI to offer traders direct access to real-time crypto market data. This integration aims to provide users with reliable information for price discovery and analysis, enabling smarter decision-making in the crypto market.

IRS and US Treasury Repeal Controversial Crypto Broker Tax Rule

The US Treasury Department and IRS have officially nullified a rule that would have required non-custodial crypto service providers to report customer transactions. This decision marks the end of a regulatory dispute and brings relief to the crypto industry by removing a burdensome reporting requirement.

S&P 500 Reaches New Intraday Record High

The S&P 500 index has risen by 0.4%, hitting a new intraday record high. This milestone reflects positive market sentiment and investor confidence, signaling a strong performance in the stock market.

Fidelity Values ETH as Money

Fidelity has introduced a valuation model for Ethereum (ETH) as part of its assessment of "blockchain GDP." This move signifies a growing recognition of cryptocurrencies and blockchain assets as legitimate forms of value and investment.

Ant Group to Bring USDC Stablecoin to Its Blockchain, Pending U.S. Approval

Ant Group's international arm plans to integrate Circle's USDC stablecoin into its blockchain pending U.S. regulatory approval. This move would make Ant one of the largest corporate users of a U.S.-based stablecoin outside America, aiming to create a globally compliant financial infrastructure supporting various digital currencies.

Nexo Sees 72% Jump in Crypto-Backed Borrowing as Card Users Retain Over 100,000 BTC

Nexo, a digital asset wealth platform, reports a 72% increase in crypto-collateralized borrowing through its Nexo Card. Clients are opting to borrow rather than sell assets, with over 100,000 BTC and 750,000 ETH saved in 2024. The rise in borrowing indicates a shift in behavior among crypto holders towards utilizing borrowing options.

Aptos Labs Expands Leadership with New Chief Business Officer

Aptos Labs appoints Solomon Tesfaye as Chief Business Officer to drive enterprise partnerships as the company hits new growth milestones. With over $540 million in tokenized assets and increased institutional integrations, Aptos aims to accelerate adoption with regulatory clarity expected to further boost engagement.

NEAR Protocol Price Analysis: Bullish Signals and Recent Gains

NEAR Protocol surged 4.25% in 24 hours, trading at $2.35, supported by bullish momentum indicators and facing key resistance levels ahead. Traders are advised to monitor potential breakout opportunities as the price approaches $3.5 resistance.

XRP Glitches Expose Significant Vulnerabilities in Market Tracking Platforms

Recent XRP glitches, including a price error showing XRP at $691,667 per token, have raised concerns about blockchain vulnerabilities and market reliability. These incidents highlight the uncertainty and risks faced by traders in digital asset markets due to price inaccuracies.

K Wave Media Secures $1 Billion to Buy Bitcoin

K Wave Media, a publicly traded company, has successfully secured $1 billion to invest in Bitcoin. This significant move indicates growing institutional interest and investment in the cryptocurrency market, potentially influencing Bitcoin's price and market dynamics.

BIT Mining Expands into Solana Ecosystem with $300 Million Initiative

Crypto mining firm BIT Mining (NYSE: BTCM) has revealed plans for a strategic expansion into the Solana ecosystem, intending to build a substantial SOL treasury of up to $300 million. This move signals the company's commitment to diversifying its operations and investments within the rapidly evolving crypto landscape.

Tether Mints 1 Billion USDT on Tron

Tether has minted a significant amount of USDT, totaling 1 billion, on the Tron blockchain. This move could have implications for the Tron ecosystem and the broader cryptocurrency market, impacting liquidity and trading volumes.

Snoop Dogg's Telegram NFT Drop Sells Out Quickly

Snoop Dogg's NFT drop on Telegram sold out within half an hour, indicating continued interest in celebrity-led NFT projects. This successful sale showcases ongoing demand for digital collectibles and the potential for further collaborations in the NFT space.

Shorts wrecked from $539M worth of liquidations as Bitcoin reaches new ATH

In the past 24 hours, the crypto derivatives market saw $539 million in liquidations, with an overwhelming $469.87 million of that coming from short positions. This wipeout coincided with Bitcoin reaching a new all-time high of $111,936 on Binance, causing significant losses for traders betting against the cryptocurrency.

KuCoin Completes Independent Hacken-Audited Proof of Reserves

KuCoin announced the successful completion of its latest Proof of Reserves (PoR) audit conducted by blockchain security firm Hacken. The audit covered various assets across multiple blockchain networks, demonstrating KuCoin's commitment to transparency and user trust with reserves exceeding liabilities for over 32 consecutive months.

Circle’s USDC Is Being Adopted by Jack Ma Payment Giant Ant Group

Reports indicate that Ant International, a subsidiary of China's Ant Group, is partnering with Circle to integrate the USDC stablecoin into its blockchain platform. This move follows regulatory approval and showcases the growing adoption of stablecoins in the blockchain industry.

Bitcoin Legend Max Keiser Predicts BTC to Hit $220K in 2025

Max Keiser, a prominent Bitcoin evangelist, has reiterated his prediction that Bitcoin will reach $220,000 by the end of 2025. Keiser first made this forecast in 2022, and with Bitcoin's recent surge to $112,152, his prediction seems increasingly plausible, given the 700% increase in Bitcoin's price since his initial call.

Spot Bitcoin ETFs Surpass $50 Billion in Cumulative Net Inflows Amid Institutional Demand Surge

Spot Bitcoin ETFs have exceeded $50 billion in cumulative net inflows, driven by a surge in institutional demand. This milestone highlights the growing interest from institutional investors in Bitcoin as a key asset class, signaling a significant shift towards mainstream adoption.

Apple Approves First iOS Game to Integrate Bitcoin Lightning Payments

Apple has greenlit its first iOS game to incorporate Bitcoin Lightning payments, marking a significant step towards mainstream acceptance of cryptocurrency in the gaming industry. This move not only showcases Apple's openness to crypto integration but also paves the way for wider adoption of Bitcoin payments in various applications.

Nvidia Hits $4 Trillion Mark, Becomes First Publicly Traded Company to Achieve Milestone

Nvidia made history by becoming the first publicly traded company to reach the $4 trillion mark as its share price surged to a record high of $164.27, showcasing its strong performance and market value.

CZ’s YZi Labs Supports Launch of BNB Treasury Company Targeting IPO

YZi Labs, led by CZ, is backing 10X Capital in the launch of "The BNB Treasury Company," focusing on BNB assets and planning to list on a major U.S. exchange, with David Namdar as CEO, signaling a significant move in the crypto market.

BNB Chain Partners with xStocks for Blockchain Expansion

BNB Chain's partnership with xStocks for blockchain expansion signifies a strategic collaboration aimed at enhancing the capabilities and reach of BNB Chain, potentially leading to further developments and growth in the blockchain ecosystem.

Bitcoin Treasury Companies Acquire Record 159,107 BTC

In Q2, corporate Bitcoin holdings surged as companies acquired a record 159,107 BTC, bringing total holdings to over 847,000 BTC. This significant increase in Bitcoin holdings reflects growing institutional interest in the cryptocurrency.

Source: KLEA News