Crypto World
At Least 15 Attackers Exploited Coldcard Vulnerability: Report
Galaxy Digital’s research team says the Coldcard wallet exploit has been used by at least 15 different attackers, based on new victim reports submitted after the incident. In remarks shared this week, Alex Thorn, head of research at Galaxy Digital, suggested that these additional reports helped identify variants that might otherwise have remained hidden.
Thorn also indicated that losses tied to the exploit have risen as investigators mapped multiple waves of activity. Galaxy Research estimates the confirmed thefts total about $100 million across three waves, with an additional suspected fourth wave that could lift the figure to roughly $130 million in Bitcoin.
Key takeaways
- Galaxy Digital reports at least 15 distinct attackers behind the Coldcard exploitation, based on newly received victim accounts.
- Galaxy Research estimates confirmed losses at about $100 million across three attack waves, with a potential fourth wave raising the estimate to ~$130 million.
- Security debate is returning to cold storage practices, particularly how much safety comes from self-custody versus wallet design.
- Industry discussion highlights how emerging AI capabilities could lower the time and cost of vulnerability discovery—though independent validation remains limited.
- Researchers point to wallet entropy and firmware behavior as potential factors that make exploitation easier under certain conditions.
Coldcard thefts widen as investigators compare victim reports
In a Tuesday post on X, Thorn said that new victim reports enabled Galaxy to identify additional attacker activity. He framed the significance of the new reporting as both quantitative and technical: the exploit behavior differed from typical theft patterns seen in hacks against centralized exchanges, making careful attribution and investigation more dependent on detailed victim information.
Thorn wrote that even a relatively small report—less than 1 BTC stolen from a victim—was sufficient to detect a new attack pattern. He noted that this new attack involved roughly 12 BTC siphoned from 126 addresses, underscoring how the same underlying vulnerability could be used in different operational ways.
Earlier coverage of the Coldcard exploitation described multiple “waves” of activity. Galaxy Research’s current figures build on that approach by tracking confirmed incidents and assessing whether activity patterns resemble a further wave of exploitation.
Loss estimates: three confirmed waves, plus a suspected fourth
According to Galaxy Research, the total losses from the Coldcard exploit have grown to approximately $100 million across three confirmed attack waves. Thorn’s research also points to a suspected fourth wave that, if validated, would bring the potential total to about $130 million in Bitcoin.
For users and investors, the practical value of this breakdown is that it turns an incident that initially looked like a one-off event into something closer to an evolving campaign. Waves of theft imply repeated operational access—either through different attacker infrastructure, different timing, or different exploit paths that still converge on the vulnerable behavior.
Debate over “AI hardening” and whether models can rediscover exploits
The renewed attention has also reopened a broader debate: whether AI tools can meaningfully compress the time between disclosure and exploitation, and whether “AI hardening” could have prevented the attack.
Dragonfly managing partner Haseeb Qureshi argued on X that “$2 of AI hardening” could have stopped the Coldcard exploit, citing social media claims that some AI models rediscovered the underlying vulnerability in under 20 minutes. His comments referenced reports that a model named Claude could regenerate the vulnerability in eight minutes, as well as a separate claim that an open-source model (GLM 5.2) could rediscover the exploit in 20 minutes even with web access disabled.
However, Tokenomist data lead Tatsapat Saerejittima told Cointelegraph that it is unlikely AI models would have independently found the vulnerability before it became public. Saerejittima argued that the most prominent “fast rediscovery” claim appears to stem from a pseudonymous user who scanned code after the vulnerability was already known, without a blind test, a documented methodology, or an assessment of false-positive rates.
“The claim that AI found it in 2 mins came from a pseudonymous Reddit user who scanned the code after the vulnerability had already become public. There was no blind test, no documented methodology, and no assessment of the model’s false-positive rate.”
That distinction matters. If “rediscovery” is based on post-disclosure inputs, then the timeframe reflects reuse of known information rather than a model’s ability to autonomously uncover unknown vulnerabilities under real-world conditions. For wallet users, builders, and auditors, the difference affects how confidently security teams can treat AI-assisted testing as a substitute for formal review and threat modeling.
Private key setup and entropy may have made exploitation easier
Another line of analysis focuses less on AI capabilities and more on the cryptographic design and implementation details of the device’s key generation process.
Crypto research company Castle Labs co-founder Francesco said that increasing AI capabilities could reduce the cost and time needed to discover cryptocurrency vulnerabilities. He also suggested that Coldcard’s private key may have played a role in why the exploit worked.
Francesco pointed to a “level of private key entropy (40 bits) much lower than the standard adopted by other wallets (a 12-word seed is 128 bits).” He attributed this discrepancy to a firmware bug, which he said would make exploitation easier because the search space is smaller than it would be under typical seed-based entropy assumptions.
He further stated that he expects the cost of bug discovery to continue decreasing as AI models improve and become more embedded in both cybersecurity workflows and exploitation attempts. Even without relying on any single “AI rediscovery” claim, the underlying idea—that automation can accelerate identification and exploitation—aligns with the broader security trend toward faster vulnerability discovery and weaponization.
In practice, these findings shift attention to what should change next for hardware wallet security: not only whether vulnerabilities are found quickly, but how wallet firmware handles entropy, key generation, and edge cases that could alter the effective security assumptions.
As the industry digests Galaxy’s expanding attribution data and the ongoing discussion of exploit mechanics, readers should watch for whether additional theft activity continues to be classified into further waves—and, just as importantly, what technical mitigations are recommended or adopted to address the entropy or firmware conditions implicated by researchers.
Crypto World
Philadelphia Fed President Paulson content with current rates, but keeping an open mind
Philadelphia Federal Reserve President Anna Paulson said Tuesday that she thinks the current level of interest rates is sufficient to keep inflation moving toward the central bank’s goal.
In her first CNBC interview, the policymaker insisted she has an open mind about where monetary policy should go, but was confident in her vote last week to keep the Fed’s benchmark borrowing rate anchored at its current target level of 3.5%-3.75%.
“I think we need … policy that’s mildly restrictive, and I think policy has been mildly restrictive to get underlying inflation back down to 2% in an acceptable time period,” Paulson told CNBC’s Steve Liesman during a “Squawk Box” interview. “I need to see progress from here.”
The level of restriction that the current policy level is having on the economy is a key debate point for Fed officials, who have held rates steady all year as inflation has stayed well above the 2% target.
At last week’s meeting, the Federal Open Market Committee, of which Paulson is a voting member, opted by a 9-3 tally to keep the hold on rates. Dissenting voters questioned whether the current rate level is sufficiently restrictive to bring inflation lower.
However, Paulson said voting with the majority wasn’t a tough decision.
“For me, it was not a close call,” she said, adding that she thinks underlying inflation outside of energy supply shocks, tariffs and other factors is around 2.4%-2.8%. The core inflation level that the Fed uses as its primary forecasting tool was 3.3% in June, the Commerce Department reported Thursday.
If that level doesn’t move lower, then Paulson said she’ll be open to adjusting rates.
“Maybe there was a little bit of mild progress over the last several months, but I want to see more progress on that, and that’s what I’m really focused on,” she said. “If we don’t see that progress, then we have to be open to recalibrating monetary policy. You know, we need to get to 2%.”
Paulson added she is keeping an “open mind” about some of the changes Chairman Kevin Warsh has discussed, including the potential to reduce the frequency of FOMC meetings from the current level of eight per year.
“It’s healthy to have a discussion about that,” she said.
You’ve probably heard that getting some morning light can help you feel more awake during the day and sleep better at night—from your doctor, your sleep app, and roughly 900 podcasts. But you might not realize just how much it matters. “Morning light is arguably more important than your coffee,” says Mariana Figueiro, director of the Light and Health Research Center at the Icahn School of Medicine at Mount Sinai.
Morning light shifts the body clock earlier, which can make it easier to feel sleepy at night and alert when it’s time to wake up. In a study of more than 400,000 adults, people who spent more time in outdoor light during the day reported fewer insomnia symptoms, less tiredness, and an easier time getting up in the morning.
What you may not have heard is exactly how to get it: where to position yourself, how early in the morning to start basking, and how long to take in the rays. Without that knowledge, the advice to “get more morning light” is surprisingly hard to put into practice.
Here’s what researchers say about how to get the right dose of morning light.
How morning light helps you wake up—and sleep at night
The amount of light reaching your eyes is measured in lux, and by that measure, most morning routines happen in near-darkness. A dimly lit bedroom might clock in at 30 to 40 lux. A brightly lit kitchen might reach 500. Step outside on an overcast morning, and you’re standing in 5,000 to 10,000. “You’re looking at orders of magnitude more light when you’re outside,” says Jamie Zeitzer, a circadian physiologist and professor of psychiatry and behavioral sciences at Stanford University.
Sitting directly beside a window and looking out might expose you to around 1,000 lux. That’s a fraction of what’s available outdoors, but, as Zeitzer puts it, “even by a window, it’s much brighter than what you’re going to get from most interior lighting sources.”
Light can have an immediate effect, too. It’s “an alerting stimulus to the brain,” Figueiro says, which can help you feel more awake in the moment.
Its longer term effect comes down to a small structure in the brain called the suprachiasmatic nucleus, which serves as the body’s central circadian clock. When light reaches the retina, it sends a signal directly to that clock—and early in the morning, the signal helps nudge it forward. It needs that nudge: The average human clock runs about 24 hours and 11 minutes, which means it would naturally drift a little later each day without light and other signals keeping it synchronized with the outside world.
A well-synced clock does more than govern sleep. Its real job, Zeitzer says, “is allowing your body to anticipate things as opposed to responding to them”—preparing you to wake up, eat, exercise, and wind down instead of scrambling to adjust after the fact. Without that anticipation, your body still functions, of course; just a little less efficiently. “It’s not like if you didn’t have a clock, you drop dead,” he says. “But it’s all less well optimized.”
Many people aren’t giving their clocks much natural light to work with. We tend to overestimate how much time we spend outside, Zeitzer says; for many of us, outdoor exposure amounts to little more than walking to and from the car.
How to get enough morning light
Try to get light within an hour of waking. “You want to have it as soon as you get up,” Figueiro says. What matters is how soon you get it after waking, not the particular time on the clock.
Going outside is best. But if you’re sitting near a window, position yourself close to the window and face it, rather than having it be beside or behind you. “You want to get it at the back of the eye, not at the back of the head,” Figueiro says. Light levels drop quickly as you move away from the glass: You might get around 1,000 lux right beside a window, compared with only a few hundred lux from several yards away. If you work from home, simply turning your desk toward the window can make a meaningful difference.
How long should you stay there? There’s no magic number, but both researchers agree that longer is better. Figueiro recommends at least 30 minutes and ideally an hour. Zeitzer considers 15 minutes a practical minimum. “Technically, with 5 minutes you can get a good effect, but that’s in a lab, and it’s probably not in the field,” he says.
If you want one simple target, aim for 30 minutes of morning light, Figueiro says. Sitting beside a window counts, but going for a half-hour walk after daybreak is even better. “That’s ideal,” she says. “You get your exercise, you get your light, you’re all set for the day.” And wear sunscreen as usual: It won’t blunt the circadian effect, which is driven by light reaching cells in the retina rather than the skin.
Try to get that light at roughly the same time every morning. “Your clock likes that regularity,” Figueiro says. She also leaves her sunglasses off during her morning commute when the light is comfortable, allowing her to take advantage of that exposure.
Give the habit some time to work. Your body clock will begin adjusting within a few days, Zeitzer says, but it might take a few weeks before you notice a difference in your sleep.
How to get morning light when the sun isn’t up
What if you wake up at 5 a.m., work in a windowless office, or look out at what Zeitzer describes as “a brick wall 15 feet across an alley”? You’ll need to create more light indoors.
The easiest place to start is with a brighter bulb. Bulb packages list brightness in lumens, a measure of how much light the bulb produces. A standard one typically produces about 800 to 1,000 lumens; Figueiro recommends looking for one that produces at least 3,000. Place the lamp no more than an arm’s length away, and make sure its shade is translucent, not opaque, so the light can reach your eyes. The bulb doesn’t need to give off cool or bluish light. If you prefer warm light, that’s fine, Figueiro says—the brightness is what matters most.
If a brighter lamp isn’t enough, or you don’t have access to a window, consider a light-therapy box. Zeitzer prefers natural light—“it’s much nicer looking out your window,” he says—but considers a light therapy box a reasonable alternative. Turn it on while you drink your coffee or eat breakfast so it becomes part of your usual routine.
And don’t assume an overcast morning is too dark to be useful. Most of us underestimate how much brighter it is outside: In one study, researchers found that even under cloudy or partly cloudy skies, outdoor light was dozens of times brighter than indoor light. If you can’t go out, sit close to the window and face it; turning on the room’s other lights can help, too.
Getting enough light in the morning is only part of the equation for better sleep. Figueiro also recommends dimming the lights about two hours before bedtime. Your body clock responds to the contrast between day and night, she says, so too much evening light can “in a way cancel out the benefits of the morning light.”
Think of the formula as brighter mornings and darker evenings. Tomorrow, you can start by turning your coffee—and yourself—toward the window.
At least 15 different attackers have exploited the Coldcard vulnerability, according to Galaxy Digital’s head of research, Alex Thorn, citing new victim reports received since the incident.
Thorn said Tuesday that the victim reports helped the company label new attackers that would have gone undiscovered, as the nature of the exploit was different from a hack on a centralized exchange.
“Due to one single victim’s report of less than 1 BTC stolen, we identified a new attack with 12 BTC siphoned from 126 addresses,” Thorn wrote in a Tuesday X post.
The estimated losses from the Coldcard exploit have grown to $100 million across three confirmed attack waves, according to Galaxy Research. The company also identified a suspected fourth wave that could bring total losses to about $130 million in Bitcoin (BTC).
The ongoing attack reignited debate about the security of cold storage wallets and whether users are safer by holding their own Bitcoin.
$2 worth of AI hardening could have prevented the exploit: Dragonfly partner
Roughly “$2 of AI hardening” could have prevented the Coldcard exploit, wrote Dragonfly managing partner Haseeb Qureshi, citing social media reports that some AI models rediscovered the vulnerability that led to the attack in less than 20 minutes.
Qureshi’s remarks came in response to multiple social media users claiming that Claude was able to regenerate the vulnerability in just eight minutes. He argued that these results may have been contaminated by web search and added that open-source AI model GLM 5.2 was able to rediscover the attack in 20 minutes with web access turned off.
However, it is unlikely that AI models would have independently discovered this vulnerability before it was made public, crypto analytics platform Tokenomist’s data lead, Tatsapat Saerejittima, told Cointelegraph. He said:
“The claim that AI found it in 2 mins came from a pseudonymous Reddit user who scanned the code after the vulnerability had already become public. There was no blind test, no documented methodology, and no assessment of the model’s false-positive rate.”
Related: AI has not triggered DeFi ‘hackpocalypse,’ Dragonfly partner says
Vulnerability seen in private key setup
Crypto research company Castle Labs’ co-founder, Francesco, said that the growing capabilities of AI models are drastically reducing the cost and time it takes to discover new cryptocurrency vulnerabilities, but added that Coldcard’s private key may have played a role in the vulnerability.
Coldcard used a “level of private key entropy (40 bits) much lower than the standard adopted by other wallets (a 12-word seed is 128 bits), a result of a firmware bug, making the job easier,” he told Cointelegraph.
Francesco, who asked that Cointelegraph not use his last name, said he expects the cost of bug discovery to continue decreasing as AI models gain more capabilities and become more prominent in both cybersecurity and exploits.
Magazine: Does Botanix’s failure prove Bitcoiners don’t care about DeFi?
Bitcoin saw new August highs into Tuesday’s Wall Street open as markets bet on US-Iran tensions again easing.
Key points:
- Bitcoin (BTC) edges higher as optimism over the Strait of Hormuz reopening pushes stocks to new all-time highs.
- Oil prices drop to their lowest levels since July 13 with oil traffic potentially returning on Wednesday.
- BTC acts between two daily moving averages as analysis sees “strong accumulation.”
S&P 500 tops $70 trillion market cap to new high
Data from TradingView showed BTC/USD climbing to $64,176 on Bitstamp, marking maximum daily gains of around 1%.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Oil prices reacted immediately after US Treasury Secretary Scott Bessent suggested that traffic through the Strait of Hormuz could restart as soon as Wednesday.
Bessent told CNBC that there was “a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position” in the US-Iran war amid ongoing talks between the two sides.
The comments came a day after US President Donald Trump confirmed the waterway reopening dialogue, saying that this could happen “as soon as tomorrow.”
WTI and Brent crude traded 4.8% and 4.6% lower, respectively, at the time of writing, hitting their lowest levels since July 13.
CFDs on US WTI crude oil four-hour chart. Source: Cointelegraph/TradingView
US stocks futures gained prior to the open, which in turn saw the S&P 500 index hit a new record high of 7,713, with its market cap reaching $70 trillion for the first time.
S&P 500 index one-hour chart. Source: Cointelegraph/TradingView
Analysts noted resolution of the Hormuz closure as one factor apt to influence market sentiment when it came to future Federal Reserve policy decisions. Amid an emerging hawkish split between Fed officials on interest rates, markets see 56.7% odds of central bank policymakers approving a 0.25% rate hike at its September meeting, per data from CME Group’s FedWatch Tool.
“Chairman Kevin Warsh’s limited guidance on the Fed’s reaction function means upcoming data, oil prices and the bond market will have a greater influence on the market’s expectations for the policy path,” Bloomberg macro strategist Michael Ball said.
Fed target-rate probabilities for September FOMC meeting.
Source: CME Group
BTC accumulation “strong” in stubborn local range
Bitcoin price action remained comparatively subdued compared to stocks as BTC/USD passed $64,000.
Related: US yen intervention puts Bitcoin, risk assets on notice for liquidity flux
The pair remained held in check by its 21-day simple moving average (SMA) at $64,388, while its 50-day SMA functioned as support on hourly time frames.
BTC/USD one-hour chart with 21-day, 50-day SMA.
Source: Cointelegraph/TradingView
With price rangebound, analysis from onchain analytics platform CryptoQuant reported “strong accumulation” among investors. 0.7% of the BTC supply, equivalent to around 155,000 coins, now belongs to investors with a cost basis between $62,000 and $65,000.
“This points to absorption rather than capitulation, as buyers accumulated into weakness,” it reported on Monday.
Magazine: How Fake World Assets and onchain gacha became crypto’s latest craze
Kalshi has partnered with compliance technology provider Comply to help financial firms monitor employee activity on prediction markets as the platform expands its institutional business while fighting a multibillion-dollar lawsuit in New York.
Summary
- Comply clients will be able to monitor employee trades placed through Kalshi’s prediction markets.
- The tools aim to detect possible trading based on material non-public information.
- Kalshi plans to extend the monitoring system to its proposed perpetual futures products.
- New York is seeking at least $36 billion from Kalshi in a separate lawsuit.
Kalshi adds employee trade surveillance
The partnership will integrate Kalshi trading data into Comply’s regulatory software, according to CNBC. Financial firms using the compliance platform will be able to track whether employees are trading event contracts and determine if those positions comply with internal policies.
The monitoring tools are designed to help employers identify suspicious activity, including trades that may involve material non-public information. Companies can also use the system to enforce restrictions on contracts linked to events that employees could influence or know about before the public.
Kalshi already operates an internal market surveillance program. However, conversations with institutional clients showed that firms wanted direct access to employee trading data through the compliance systems they already use.
The planned integration would place prediction market contracts alongside assets such as stocks, bonds and cryptocurrencies that are routinely covered by workplace trading controls. Kalshi also expects the system to monitor its planned perpetual futures products once those contracts become available.
Why compliance matters for prediction markets
Employee monitoring could address a major concern for banks, asset managers and other regulated financial firms considering prediction market exposure. Event contracts can cover elections, economic data, corporate developments and other outcomes that may involve sensitive information.
Traditional financial firms generally require employees to disclose brokerage accounts and receive approval for certain trades. Applying similar controls to prediction markets could make it easier for those companies to permit limited participation without creating an unmonitored source of regulatory risk.
The partnership also gives Kalshi a way to present its contracts as regulated financial products rather than conventional bets. Chief Executive Tarek Mansour recently compared the company’s structure to Nasdaq while defending its business during an Aug. 3 CNBC interview.
However, stronger private surveillance does not settle the wider legal debate over whether certain event contracts fall under federal derivatives rules or state gambling laws. That dispute has become central to Kalshi’s expansion in the United States.
Kalshi faces $36B New York lawsuit
New York Attorney General Letitia James sued Kalshi on July 31, seeking at least $36 billion in damages, penalties and other relief. Mansour said the state’s allegations could threaten the broader event contract industry.
Kalshi removed the proceeding from state court to the U.S. District Court for the Southern District of New York shortly after the complaint was filed.
New York Supreme Court Justice Melissa A. Crane then treated the state’s request for a preliminary injunction as moot because the case was no longer before her court, according to records shared by gaming law attorney Daniel Wallach. The procedural decision did not dismiss or reject the state’s allegations.
The Commodity Futures Trading Commission has also sought federal court intervention to prevent state enforcement against federally registered prediction market operators. Meanwhile, court disputes involving sports event contracts continue to test where federal oversight ends and state gaming authority begins.
Santos case shows surveillance stakes
Kalshi’s monitoring push follows a CFTC settlement involving former U.S. Representative George Santos. Regulators found that Santos made misleading public statements while holding contracts tied to whether he would attend President Donald Trump’s State of the Union address.
Under a July 31 order, Santos agreed to return $17,569.98 in trading gains, pay a $17,500 civil penalty and accept a three-year ban from trading through CFTC-registered entities. He neither admitted nor denied the agency’s findings or legal conclusions.
Kalshi referred Santos’ activity to regulators, showing how platform surveillance can lead to federal enforcement. The Comply partnership would extend part of that oversight to employers, giving institutional clients another way to detect conflicts before they develop into regulatory cases.
The rollout comes as Kalshi seeks approval for additional derivatives products. Its ability to attract financial firms will likely depend on both the effectiveness of its compliance tools and the outcome of legal challenges over prediction markets in the U.S.
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Jeff Bezos wants to sell 15 million Amazon shares. The price tag is about $4.07 billion. Amazon.com Inc. (AMZN) fell more than 2% on Tuesday.
The timing stands out. Amazon had just closed at a record and passed $3 trillion in value for the first time.
Bezos Amazon Stock Sale Was Priced Before the Record
Bezos filed a Form 144. That is the notice an insider files before selling restricted shares.
The notice puts the total value at $4,073,700,000. Divide that by 15 million shares and you get $271.58 each. That was Friday’s closing price, not Monday’s.
Amazon then rose 4.58% on Monday and closed at $284.02, an all-time high. It touched $287.20 during the day.
At Monday’s close, the same shares were worth roughly $4.26 billion. Bezos priced his sale before the record, not after it.
Morgan Stanley Smith Barney will handle the trades on Nasdaq. Bezos received the shares as founder stock in July 1994.
The sales follow a Rule 10b5-1 plan he set up on November 14, 2025. These plans lock in trades months ahead. That shields insiders from claims they traded on private information.
AMZN changed hands near $277.41 late Tuesday morning, down 2.33%. A year ago it closed at $211.65.
Follow us on X to get the latest news as it happens
He Is Selling Less Stock Than He Did Last Year
None of this is new for Bezos. He has filed the same kind of notice repeatedly since 2024.
Here is how his last three compare.
- August 2026, 15 million shares for $4.07 billion, or $271.58 each
- June 2025, 25 million shares for $5.43 billion, or $217.12 each
- November 2024, 16.35 million shares for $3.05 billion, or $186.40 each
So this is his smallest sale by share count. It is his second biggest by dollars.
The stock did that work, not Bezos. Each plan used the same broker and was set months in advance.
AWS Is Why the Price Got This High
Amazon’s second quarter earnings beat started the rally. Sales rose 20% to $200.6 billion. Operating income jumped to $27.5 billion from $19.2 billion.
Amazon Web Services (AWS) is the company’s cloud arm. It grew 37% to $42.2 billion. Its operating income climbed to $16.6 billion from $10.2 billion.
Banks moved fast. More than a dozen raised Amazon price targets. Benchmark went to $400, roughly 44% above Tuesday’s price.
That growth costs money. Amazon spent $54.2 billion on property and equipment last quarter. Over 12 months the bill reached $169 billion.
Free cash flow turned negative, an outflow of $7.6 billion. Other big tech names face the same AI capex draining cash.
Bezos still owned 880,948,653 shares in early May. That is close to 8% of Amazon. This sale trims about 1.7% of his stake.
It reads as diversification, not a warning. The next Form 4 filing will show what the shares actually sold for.
The post Amazon’s $3 Trillion Record Lasts One Day as Stock Takes Big Hit appeared first on BeInCrypto.
Italy’s largest banking group, Intesa Sanpaolo, sharply reduced its reported exposure to BlackRock’s iShares Bitcoin Trust (IBIT) in the second quarter.
While its BTC-related position changed, the bank more than tripled its holdings in staked ETH.
IBIT Holdings Plunges
According to its latest Form 13F, Intesa Sanpaolo held 40,723 IBIT shares as of June 30, which was down 93.7% from the 646,809 reported for March 31. The filing also revealed a major change in its reported call position in the fund. The underlying-share amount linked to its held-call row fell from 2,496,500 shares to 18,000, over a 99% decline.
Meanwhile, a new put position equivalent to 500,000 IBIT shares appeared in the June 30 disclosure. The reported figures, however, do not show that the bank adopted a net bearish strategy on Bitcoin.
Its iShares Staked Ethereum Trust ETF holding rose from 116,200 shares to 349,600. On the other hand, its position in the Bitwise Solana Staking ETF dropped from 2,817 to just seven.
The latest filing comes more than a year after Intesa Sanpaolo made its first direct Bitcoin purchase in January 2025. It bought 11 BTC for about $1.03 million. Back in July 2024, it also used the Polygon network to underwrite Italy’s first on-chain digital bond, worth $25.6 million. Later that year, it began offering options, futures and spot ETFs linked to digital assets through a dedicated desk.
Investors Turn to Ethereum ETFs
The bank’s move is significant as some BlackRock clients have recently made a similar shift. For instance, BSCN said customers of the asset management giant had sold around $60 million worth of the IBIT last week. At the same time, they bought more than $20 million worth of its ETHA spot Ethereum ETF.
While Intesa cut its IBIT position, the broader US spot Bitcoin ETF market has recently moved in the other direction. These funds saw a record monthly net outflow of about $4.5 billion in June. The trend reversed in July, when the funds raked in $172.4 million. That marked a turnaround after two straight months of heavy withdrawals and helped BTC’s prices move back toward $64,000 in the middle of the month.
This sentiment appears to have continued into August, as the ETFs have attracted another $170 million so far. BlackRock’s IBIT remains the leading fund, with almost $61 billion in total inflows since it was first listed.
The post Italy’s Biggest Bank Cuts IBIT Exposure by 94% While Buying More Staked Ethereum appeared first on CryptoPotato.
“By doing so, Samsung Wallet becomes the foundation for an interconnected financial ecosystem across Galaxy devices and services — where it combines payments, rewards, and digital assets into a single unified experience,” he said.
If it follows through, over 800 million would potentially have access to Galaxy’s stablecoin features and other crypto without requiring a separate crypto app or exchange account. Already, there are over one billion active Samsung smartphones worldwide.
Stablecoins and infrastructure
During its Q2 earnings call last week, Samsung SDS CEO Lee Jun-hee said that the company’s stake in crypto exchange Upbit operator Dunamu is a strategic investment to enter the digital asset infrastructure business, including stablecoins and AI-powered payments.
Three Samsung affiliates agreed in May to acquire a 4% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, for $408 million. Samsung Securities, Samsung SDS and Samsung Card are the affiliates involved in the deal.
“This is the other half of the same strategy, and from a deal perspective, it is the more telling half,” said Goh. “The wallet announcement secured distribution; SDS and Dunamu will secure the infrastructure beneath it.”
Goh said he believes Samsung is aiming to build the infrastructure itself, rather than rely on a third-party provider. “Their goal is to be positioned in both dollar and won stablecoins while Korea’s framework is still being discussed. The timing is deliberate.”
Crypto World
Wall Street predicts XRP ETFs will attract $8 billion in inflows, with XRP holders potentially earning up to $9,000 per day
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
XRP ETF inflows surpass $1.5 billion as investors increasingly explore alternative strategies, including EX DeFi cloud mining, for long-term crypto exposure.
Summary
- XRP ETF inflows surpass $1.5B as institutional demand grows and investors explore new digital asset opportunities.
- XRP ETF milestone boosts market confidence, while EX DeFi attracts attention from investors seeking alternative yield options.
- Institutional XRP demand accelerates with ETFs crossing $1.5B in inflows amid evolving investment strategies.
According to previous forecasts from JPMorgan and Standard Chartered, spot XRP ETFs are expected to attract $4 billion to $8 billion in inflows in the long term.
While current inflows into XRP ETFs have not yet reached the high levels previously predicted by Wall Street, the cumulative net inflows have already reached approximately $1.51 billion, successfully surpassing a significant milestone and further strengthening market confidence in XRP’s long-term prospects.
With ETFs continuing to receive funding support, and XRP prices not yet showing a significant increase, many investors are beginning to consider a practical question: besides waiting for price appreciation, are there more efficient and sustainable ways to participate in XRP’s long-term value growth?
Against this backdrop, a growing number of investors are turning their attention to EX DeFi cloud mining platforms, hoping to explore more diverse long-term returns on digital assets amidst market volatility, rather than solely relying on XRP’s price appreciation.
XRP ETF inflows surpass $1.5 billion, market attention continues to rise
According to market data cited by TradingView, driven by continuous net inflows, XRP-related exchange-traded funds (ETFs) have seen cumulative inflows exceeding $1.5 billion, marking a significant milestone for XRP.
Meanwhile, overall market liquidity continues to improve. Although XRP trading activity has slowed somewhat, and many retail investors remain relatively cautious, institutional investor demand has maintained a slight increase, contributing to continued net inflows for most trading days.
ETF inflows continue, XRP investors focus on more diverse participation methods
With the continued inflow of ETF funds, more and more XRP investors are focusing on EX DeFi, exploring more robust and sustainable ways to grow the value of digital assets through its automated cloud mining system and yield aggregation mechanism.
Compared to highly volatile leveraged trading or ETF investments, EX DeFi offers a more convenient way to participate in digital assets, helping users engage with the XRP ecosystem even in volatile markets and further improve the efficiency of digital asset utilization to generate returns. For users with a certain amount of capital, different asset management solutions can be chosen according to their needs to explore long-term value growth opportunities.
About EX DeFi
Headquartered in the UK, EX DeFi strictly adheres to local laws and regulations and operates under European regulatory frameworks such as MiCA and MiFID II. It continuously strengthens platform governance, security measures, and operational transparency to create a safe, reliable, and sustainable cloud mining service for users.
The platform employs a multi-layered security architecture, including:
- PwC annual financial and security compliance audit
- Lloyd’s of London digital asset custody insurance
- Cloudflare enterprise-grade cybersecurity protection and McAfee® security system
- Cold and hot wallets, multi-layered encryption architecture, and two-factor authentication (2FA).
Currently, EX DeFi supports multiple mainstream digital assets such as XRP, BTC, ETH, USDT, USDC, DOGE, LTC, and SOL, providing users with more flexible and convenient choices.
How to earn daily yields with EX DeFi
EX DeFi is easy to use; even beginners can get started in minutes with just four steps:
1: Register an Account
2: Deposit Cryptocurrency
On the Deposit Center page, select XRP (or other cryptocurrencies), copy the corresponding deposit address on the platform, and then transfer the XRP through a wallet or exchange. (No tags required)
3: Choose a Mining Contract
Choose a mining plan that suits a particular budget; mining will start automatically after system activation.
4: Automatically Receive Daily Rewards
The platform provides 24/7 intelligent mining services, with rewards automatically settled to an account 24 hours a day. Users can easily earn passive income without any user intervention.
Popular profit contracts
BTC (Beginner Trial Contract): Investment of $100, Term: 2 days, Daily Yield: $4, Total Profit: $100 + $8
DOGE (Golden Shell Mini Dogecoin Pro): Investment of $500, Term: 6 days, Daily Yield: $6.5, Total Profit: $500 + $39
BTC (Canaan-Avalon-A1466): Investment of $1,000, Term: 10 days, Daily Yield: $13.4, Total Profit: $1,000 + $134
LTC (Bitmain Antminer L7): Investment of $5,000, Term: 20 days, Daily Yield: $73.5, Total Profit: $5,000 + $1,470
BTC (Bitmain S19K-Pro): Investment of $10,000, Term: 30 days, Daily Yield: $161, Total Profit: $10,000 + $4,830
Click here for more details on popular EX DeFi mining contracts.
Summary
While the inflow of funds into the XRP ETF still falls short of Wall Street’s previous expectations, continued institutional inflows, an improving regulatory environment, and the development of the XRP ecosystem continue to provide strong support for its long-term value. In the future, XRP’s market performance will still depend on fund flows, application implementation, and changes in the overall market environment.
Against this backdrop, more and more investors are focusing on long-term allocation and return management of digital assets, rather than just price fluctuations. EX DeFi aims to provide users with more diverse participation methods through smarter and more efficient cloud mining services, meeting the needs of different investors for long-term digital asset value growth.
Instead of chasing price increases, visit the official EX DeFi platform as soon as possible to start mining with one click and easily earn XRP.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
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