The stablecoin payments company said client funds were unaffected and that the financial impact would be absorbed through its treasury reserves. Stablecoin payments firm Triple-A confirmed that unauthorized access to its treasury wallets resulted in the loss of company-owned digital assets. On Monday, the Singapore-based company said it detected the unauthorized access on Saturday and temporarily placed certain services into maintenance mode for about three hours while it secured the affected infrastructure. Triple-A said client funds were not affected because it does not custody digital assets on behalf of customers and keeps client funds separately in trust accounts with safeguarding institutions. Triple-A did not disclose the amount lost or explain how the wallets were compromised. Onchain investigator Specter previously estimated the losses at about $11.8 million. Read more
Users reported withdrawal delays and freeze notices as wallets attributed to BitMart fell to about $69 million and its BMX token extended an 81.5% weekly decline. Withdrawals from crypto exchange BitMart appeared to slow after it announced plans to wind down its operations. On Monday, blockchain analytics account Lookonchain reported that only 58 wallets withdrew about $805,000 in over 24 hours. It added that the exchange had not processed any withdrawals during the latest eight-hour period it tracked. X users also continued to report withdrawal difficulties. One user said they received an email stating that a USDT withdrawal had been completed even though the transaction had not been processed and their account displayed an “on-chain withdrawal freeze.” Another user said a $30 test withdrawal remained pending for over 30 minutes. These are individual claims and could not be verified. Read more
The decentralized storage provider says its network will continue operating during Chapter 11 as it explores a court-approved ownership mechanism for STORJ holders. Decentralized cloud storage provider Storj Labs has filed for Chapter 11 bankruptcy protection. The company said it plans to keep its network running while restructuring legacy liabilities and exploring an ownership pathway for STORJ tokenholders. On Sunday, Storj said it filed the voluntary case in the US Bankruptcy Court for the Northern District of West Virginia. The company said ordinary operations and customer services would continue during the process, subject to court oversight, while its parent company, Inveniam, would continue to support the business. The restructuring could become an unusual test of whether utility-token holders can participate in the ownership of a company emerging from bankruptcy. Read more
Despite support from Goldman Sachs, Fidelity and law enforcement bodies, the Clarity Act’s chances dim. BitMEX to close as crypto consolidates into five big players. Despite wealthy memecoin entrepreneur President Donald Trump agreeing to an ethics deal, the Clarity Act (CLARITY) is floundering as the August recess deadline looms. Senate Majority Leader John Thune said he doesn’t believe the act has the votes to pass just yet, but may bring it to a vote anyway to “get Clarity started. We’ll see where the votes are.” The ethics deal would prohibit all US officials from issuing or sponsoring digital assets, but contains some “get out of jail free” provisions for the President that the Democrats are unhappy with, including the fact the rules expire the day he is scheduled to leave office in 2029. Read more
WEMIX suspended bridges, liquidity-pool trading and several services after an attacker compromised a WEMIX$-linked contract and moved 724,198 USDC.e. Layer-1 blockchain network WEMIX said an attacker moved about 724,000 in USDC.e tokens after compromising ownership of a contract linked to its WEMIX$ stablecoin and issuing tokens without authorization. The abnormal transactions occurred on Sunday at 9:17 UTC, according to a preliminary incident update from WEMIX. The attacker issued about 5.23 million WEMIX$, which was converted into 30,736 WEMIX and 724,198.27 USDC.e. The USDC.e was then bridged to Ethereum and BNB Smart Chain before being exchanged for assets including Ether and Tether’s USDT and distributed across multiple addresses. WEMIX said some of the funds were deposited into centralized exchanges. The company identified the attacker’s wallets and requested asset freezes and assistance from exchanges and stablecoin issuers, adding that some exchanges had already frozen addresses linked to the inciden...